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2021-12-31-accounts

THE CWMBRAN TRUST THE CWMBRAN TRUST THE CWMBRAN TRUST
CONTENTS Page No
Trust Status, Serving Trustees' & adminisitration details 1
Trustees' Annual Report • •2/7
Annual Investment Report 8/9
Independent Examiner's Report 10
Annual accounts
5 Year Financial performance graphs 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statements −(a) Operating (b) Investment 14
Notes to the accounts 15/17
Supporting schedules to the accounts
1
Profit/(losses) on sale of investments		 18
2
Investments purphsed_ _
−−−−
−−−−.−−−−−−−−−−
' '', '...,..; .„ , ,
l•j!
Edaiiiidi iAlr−tic'airifigdfink)difulentsi		 18
18
11nA4sii.riiti`i−.by?rn—irr&−i'eg:inent & get:graphical graphs
"I		 19
4
Listed investments held at the year−end.		 − 20/23
5
Investments'byqriarket segment		 24
6
Portfolio structure by % holdings		 25
••,−;:‘,
−N
Notice ofSpeciiPMeetink−'−− 26
Notice of Annual General Meeting 27

Dates acted Current Current Current
Trustee Names Office if not for term Name of Person
Held whole year ends ' (or body).entitled
Co−opted Trustees to appoint Trustees
D J Bassett Chairman March 2025 Co−opted Trustees
B J Cunningham. MBE. KSG March 2025 Co−opted Trustees
M Poulton March 2024 Co−opted Trustees
K L Maddox. Secretary March 2022 Co−opted Trustees
L Virgo (Mrs) March 2023 Co−opted Trustees
Nominated Trustees
Councillor F Cross (Ms) March 2025 Torfaen County Borough Council
−Councillor J Gauden (Mrs) . March 2063 − Torfaen County Borough Council
Custodian Trustees For Investments
Rock (Nominees) Limited 55 Bishopsgate Charles Stanley &Company Limited
which is wholly guaranteed London (under Investment Policy Statement)
by Charles Stanley & Co Limited EC2N 3AS
Administration Staff
P W Gifford Assistant Secretary
M G Williams Gift Research Officer
Names and addresses of advisers
• Investment Portfolio Managers. Charles Stanley & Co Limited
7/8 Park Place • • −• ' • •
Cardiff
CF10 3DP
Independent Examiner Mr P Nash MPA, CPFA
Lyncrest
Pentrepiod Road
Pontnewynydd
Pontypool NP4 6RG
Bankers. Lloyds TSB Bank Plc CAF Bank Limited
1 Gwent Square • 25 Kings Hill Avenue
Cwmbran West Mailing
NP44 1)(N Kent ME19 4JQ

2020 2021
Beneficiaries ,
No of Gifts		 Amount No of Gifts Amount
& Loans £ & Loans £
Charitable & Religious Organisations 1 2,000 0 0
Education Establishments 1 5,000 1 2,000
Arts/Entertainment 3 4,532 2 18,700
Sporting Associations 1 1,000 0
•		 0
Local Groups for Pensioners/Disabled 9 10,132 7 7,318
Individuals 44 21,534 20 10,604
Total Gifts 59 44,198 30 38,622
,Interest free loans provided
.		 0 0 . 0 0 ,
. .
•
Total ,59 44,198 30 38,622

2020 2021 Increase/ Increase/ Change
£ £ (decrease) %
Total income from all sources 85,509 100,187 . 14,678 17.2
Special Dividend 0 16,000 16,000 100.0
Total Income 85,509 116,187 30,678 35.8
Less operating expenses 9,106 8,281 (825) (9.1)
Income available for gift aid 76,403 107,906 31,503 41.2.
Charitable gifts awarded 44,198 38,622 (5,576) (12.6).
Numberof beneficiaries 59 30 (29) (49.2)
'Surplus income over expenditure 32,205 ' 69,285 ' 37,080 115.1.
Operating Cash at year end 100,714 168879 68,165 67.7.
Amount transferred to Investments in year
From operating cash		 25,000 −25,000 0 0
'
Debtors at year end 4,799 3,351 (1,448) (30.2)
Creditors at year end 9,889 32,321 22,432 (226.8)
Net Current assets 95,624 139,909 44,285 46.3
Investments Comparable amounts 2,489,063 2,748,957 259,894 10.4
New money invested in year 25,000 25,000 100.0
Value of Investments at year end 2,489,063 2,773,957 (284,894) 11.4
NET WORTH OF TRUST AT YEAR END 2,584,687 2,913,866 329,179 12.7

Market Number Year End Original Original 2021 Income Income
Segment of Market Cost Income Return Return
Holdings Valuation on on
Market Original
Value Cost
Number £000 £000 i % cyo
Bonds 7 196 180 6,908 3.5 3.8
FTSE 100
Companies 54 1,880 1,090 93,349 5.0 8.6
FTSE250
Companies 21 316 , 266 5,776 1.8 2.1
FTSE 350
Companies 9 188 115 3,397 1.8 3.0
Overseas
companies 8 151 81 5,356 3.6 6.7
Property _
Companies 3 33 27 1,392 4.2 5.2
Cash _
Awaiting 10 10 0 0 0
Investment
Income
from Sales 0.00
Total 102 2,774 1,769 116,178 4.2 6.6
_
FTSE December December Change % %Trust %
INDICES 2021 2020 In Year Change Market Income
Values
100 7385 6461 924 14.3 78.9 91.1
250 23481 20488 2993 14.6 13.2 5.6
350 4228 3698 530 14.3 7.9 3.3
All Share 4208 3674 534 14.5 100.0 100.0

S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S −Y E **A R ** E N D E E N D E **D ** 31. D E C E 31. D E C E M B E R 2021
2.021 2,020
Page No' :,
• .• .		 .4;
INCOMING RESOURCES −Allunrestricted funds
Investment Income
Gross dividends from Equities 0 9 2 7 0 78,094
Gross Interest from Government and Corporate Bonds 4 6,908 7,370
Interest on cash awaiting Investment within the Portfolio ; 0
Incoming Resources from Investments 20/23 `• ,
116;178		 85,463
Interest on Operating Cash Deposits
From Lloyds Plc and CAF Bank 46
Incoming Resources from Operating Cash Deposits 46
TOTAL INCOMING RESOURCES −All unrestricted funds 85,509
RESOURCES EXPENDED −All on unrestricted funds
Investment Management Costs 2,370
Charitable Activities 44,198
Governance Costs
Administration Charges 4,200
Researching Requests for Gifts 1,750
Sundry Expenses 286
Independent Examination Fee 500
Total Governance Costs 6,736
TOTAL RESOURCES EXPENDED −All on unrestricted funds 53,304
NET INCOMING (OUTGOING) RESOURCES BEFORE
OTHER RECOGNISED GAINS/(LOSSES) 32,205
OTHER RECOGNISED GAINS AND LOSSES e.'
Gains/(losses) on Revaluation o f Investments held at year end II243;689 −278,775
Profit/(losses) on sale o f investments in current year 18 16,205 −21
•
NET MOVEMENT O F FUNDS IN THE YEAR 3 2 9 1 7 9 −246,591
Total Funds Brought Forward −All unrestricted funds •
1,
2,584687		 2,831,277
;
TOTAL UNRESTRICTED FUNDS CARRIED FORWARD 2 , 1 3 ; 8 6 6 2,584,687
THE CWMBRAN TRUST
B A L A N C E S H E E T −31 D E C E M B E R 2021
**All amounts relate to unrestricted ** funds '127,6;1 2,020
Schedule
FIXED ASSETS (Managed by Charles Stanley)
Listed Investments at Market Value ',;2,763,517 2,469,628
Cash on deposit awaiting Investment 10,440 19,435
TOTAL FIXED ASSETS 10/13 112,743,97 2,489,063
CURRENT ASSETS
Debtors
Interest free loans granted 7 ,.o
Taxation recoverable
Amount due from Charles Stanley		 8
8		 ' 0
.1		 0
4,799
Total Debtors " 4,799
Operating Cash Deposits • 71.:'
Bank balance at Lloyds TSB Plc 6,402 17,770
Bank balance at CAF Bank : 142477 82,944
Total Cash at Bank J.' 168,879 100,714
.111
TOTAL CURRENT ASSETS 172,230 105,513
, ,•
CREDITORS: falling due within one year
Charitable gifts		 1 i I:−•
31 021
−		 −8,639
Interest free loans not paid at year end 9 '!O 0
Amount due re: Independent Examination 9 t:
550		 500
Amount due to Charles Stanley 9 !. 750 750
TOTAL CREDITORS 32,321 9,889
•
NET CURRENT ASSETS **1 ** 139;909 95,624
**i!! ** •
.
NET ASSETS :!2,943,806 2,584,687
FUNDS O F THE CHARITY
CAPITAL ACCOUNT 11 i 2 832 493 2,547,600
INCOME ACCOUNT 12 **' ** **' −vii. ** ..81,373 ' 37,087
TOTAL UNRESTRICTED FUNDS 2,9,13„866 2,584,687
„
Signed on behalf of the Trustees
• D J Bassett B J Cunningham MBE, KSG **K L ** Maddox
Trustee & Chairman Trustee Trustee & Secretary

OPERATING CASH FLOW STATEMENT 2021
—17−2−,1521 2,020
CASH GENERATED
Excess/(Deficit) of Income over expenditure . 69,285 32,206
Investment cash withdrawn from Charles Stanley 0
Loans repaid/withdrawn 650
TOTAL CASH GENERATED 69,285 32,856
CASH USED/(GENERATED)
Cash transferred to Charles Stanley for Investment „•
: •25,00O		 25,000
Sundry Debtors
Increase/(Decrease)		 −448 −841
Tax Recoverable
Increase/(Decrease)		 I!'
:0		 0
Creditor Charitable gifts
(Increase)/Decrease		 −22,382 −273
Sundry Creditors
(Increase)/Decrease		 −750
Interest Free Loans Paid in Year
Increase/(Decrease)		 0
TOTAL CASH USED/(GENERATED) 4,120 23,136
NET CASH INFLOW/ (OUTFLOW) 441;
68;165		 9,720
BANK RECONCILIATION ,•
Opening Bank Balance 1st January 2021 • 100,70 90,993
Net cash (outflow) inflow in 2021 689165 9,720
Closing Bank Balance 31 December 2021 10,87$ 100,713

−−17−25−21 −−17−25−21 2,020
CASH GENERATED Note .!
t		 £
Investments sold at market value 4 ..
.:100,304		 31
Transfers from operating cash '); 25,000 25,000
TOTAL CASH GENERATED '125,304 25,031
CASH USED •
.i •
Investment Purchased at cost 49,433
Transfers to operating cash 0
TOTAL CASH (GENERATED)/USED ;!134,29,3 49,433
NET CASH INFLOW/ (OUTFLOW) 4/5 −24,402
CHARLES STANLEY INVESTMENT ACCOUNT
Opening Bank Balance 1st January 2021 19,435 43,837
Net cash (outflow) inflow in 2021 ••,994 −24,402
Closing Bank Balance 31 December 2021 i! 10,441 19,435
_ ,

Date Company/Investment Quantity '' −Values
Changes **' ** at Cost E
Stobart Group Name Change to: −22,666 −21,592
Esken Limited 22,6661 , 21,5921
Tesco scheme arrangements −13,025 .
−−		 _ −24,635j
Tesco scheme arrangements 10,282 24,635
Standard Life Aberdeen Name change to −5,337 −17,869,
ABRDN 5,337 I, 17,8691
Merian Investment UK Small Companies Name change −28,699 −3,490
Jupiter Fund Manager Uk Small Companies 28,699 • 3,490
**NET ** EFFECT OF CHANGES 0.

2021 Gross Dividend Gross Dividend 2,022
Holding Stock Description Market Original **Gross ** on Mkt on Gross
value cost income value Cost income
FIXED INCOME £ £ £ % % £
**Corporate ** Bonds
16,852 lnvesco Fund Managers IP Bond 34,742 25,321 945 2.72 3.73 940
233 1 Shares Core GBP 35,261 25,262 553 1.57 2.19 725
itifiliii'filiti
2,462 M & G Investment High Yield Corporate Bond 25,035 25,374 1,011 4.04 3.98 1,224
43,236 Barclays Global Access GBL High Yield 29,963 30,686 1,399 4.67 4.56 1,399
.
l c		 lli47:Sii=n7teiii771−1:1, .
24,345 Threadneedle Investment Emerging Markets Bond 21,870 23,169 1,003 4.59 4.33 1,003
40,000. Jupiter UT Mgrs. Strategic Bond 26,436 25,604 1,020 3.86 . 3.98 1,020
23,882 Schroder Unit Trust Strategic Credit 23,063 24,588 977 4.24 3.97 977
aiital Coilibialte'Bolidi:Fiffilli−77c7F−7777−71:1196;37077180;004727_6;9q 3.52 3.84 [ 7,288
[1,1;K:EQU1TIS−17−7111
l O i l & Gas ,P7iii−das72 •
12,000 BP
*		 39,660 67,689 1,865 4.70 2.75 1,935
4,065 Royal Dutch Shell
*		 65,951 22,858 2,425 3.68 10.61 2,682
**Oil ** & Gas Producers 105,611 90,547 4,290 4.06 4.74 4,617
pirrcjiiiiiiier−iir&−_§.FRiFii77−
2,800 Wood Group (John) "' 5,351 10,046 0 0.00 0.00 o
400 rchemicw, "7−791 , ,I
ViCtrex I";
Chemicals		 9,776 10,051 238 2.44 2.37 238
rMiiiiiig−7777177,17−,
3,741 BHP−Billiibii
*		 82,284 45,590 8,132 9.88 17.84 8,132
4,250 Glencore
*		 15,935 9,556 183 1.15 1.91 377
3,425 Rio Tinto
*		 167,551 70,201 23,726 14.16 33.80 21,439
8,700 South 32 Mining
**		 Mining 18,879
284,649		 • • 14,166
139,513		 ,−−434 −• 2.30 −−−−.3.07
32,475
11.41
23.28		 620
30,568
6,828 ICOiii−ti;i1EtionT&TRit−tail§777777.77771−77−1
Bit foni−.11−iatTy−**−−−−−
−−−−−−−
−		 17,889 20,437 307 1.72 1.50 307
5,300 lbsstock ** 10,802 15,149 182 1.69 1.20 218
Construction & Materials 28,691 35,586 489 1.71 1.38 525
2,000
6,490		 1 it FrTii:OW781.17gfelireT123
Babcock International Group *
BAE Systems
 6,372
35,682		 10,571
20,075		 0
1,571		 0.00
4.40		 0.00
7.82		 o
1,571
4,000
4,000		 Meggin
*
Rolls Royce *		 29,520
4,915		 5,189
4,986		 0
0		 0.00
0.00		 0.00
0.00		 o
0
Aerospace & Defence 76,489 40,821 1,571 2.05 0.01 1,571
rG.etiel4TlirdifitTliq777
3,111 13tinzi
•		 89,752 14,200 1,683 1.88 11.85 1,696
14,598
5,200		 Melrose Industries *
Smith (DS) *		 23,342
19,958		 8,466
•20,162		 231
629		 0.99 •
3.15		 2.73
3.12		 231
671		 •
1,333 Smiths Group
*		 21,055 8,088 503 2.39 6.21 503
General Industrial 154,107 50,916 3,046 1.98 5.98 3,101
600 Weir Group ** 10,269 10,146 69 0.67 0.68 69 •
1,347 IMI
**		 23,384 3,502 308 1.32 8.81 309
Total Industrial Group 33,653 13,648 377 1.12 2.77 378
[ I 41 iii..f I−i ii I I f Fificiployfalii5i−−−r−−7−−−−−y.−−77−7−−−−7,
8,500 Braemar Shipping Services *** 23,077 20,363 595 2.58 2.92 •
595
4,600 Royal Mail
**		 23,276 20,374 460 1.98 2.26 920
22,666 Esken Limited *** 3,205 21,592 0 0.00 0.00 0
Industrial Transport 49,558 62,329 1,055 2.13 1.69 1,515
[SkiyjiinTSiTvieFir−7= •
1,854 De La Rue *** 2,881 10,875 0 0.00 0.00 0
Denotes FTSE 100 ** VISE 250 & " ' VISE 350 & Smal Cap

2021 Gross Dividend Gross Dividend Gross Dividend 2,022
Shares Stock Description Market Original Gross **on ** M k t on Gross
Held value cost income value Cost income
EV.K. EQUITIES −O N T I N U E D c71, 7−−El
7,965 Britvic ** 73,278 20,339 2,238 3.05 11.00 1,928
1,200 Diageo
*		 48,432 10,111 871 1.80 8.61 871
Beverages 121,710 30,450 3,109 2.55 10.21 2,799
LOYOT−11'iliiiii−e−affil
4,300 Tate & Lyle
*		 28,440 15,199 1,324. 466 8.71, 1,333
RI i n TO
4,000 Barratt Developments * 29,920 20,218 1,176 3.93 5.82 1,176
1,775 Persimmon
*		 50,694 4,280 4,171 8.23 97.46 4,171
175 Rickets Benckiser * 11,099 10,132 0 0.00 0.00' 306
12,000 Taylor Wimpey * 21,060 20,617 745 3.54 3.61 994
**Household ** Goods **& ** Home Construction 112,773 55,247 6,092 1.96 4.01 6,647
1,500 Unilever * 59,183 747 2,214 3.74 296.41 2,214
1,160 [013 CY; 7111
British American		 Tobacco * 31,709 20,389 2,486 7.84 12.19 2,501
700 Imperial Brands * 11,315 19,847 970 8.58 4.89 973
Tobacco 43,024 40,236 3,456 8.03 8.59 3,474
• ffi Viii6faiii7jTOF 1.1701' •1
1,990 AstraZeneca Group * 172,692 34,554 4,024 2.33 11.64 4,024
4,060 GlaxoSmithKline * 65,228 36,790 3,248 4.98 8.83 3,248
237,920 71,344 7,272 3.06 10.19 7,272
Pharmaceuticals & Biotechnology
6,900 Sainsbury (J)
*		 19,030 20,324 731 3.84 3.60 731
10,282 Tesco
*		 29,808 24,635 7,574 25.41 30.75 941
**Food ** & Drug Retailers 48,838 44,959 8,306 17.01 18.47 1,672
6,270 Halfords Group ** 21,657 20,316 314 1.45 1.54 564
4,500 Kingfisher * 15,223 9,867 542 3.56 5.50 419
7,800 Marks & Spencer * 18,049 16,415 0 0.00 0.00 0
1,300 W H Smith ** 19,240 20,335 0 0.00 0.00 0
General Retailers 74,169 66,933 856 1.15 1.28 . 983
1,550 Auto Trader * 11,470 10,106 78 0.68 0.77 119
1,400 . Pearson
*		 8,585 13,856 277 3.23 2.00 277
1,700 WPP Plc * • 19,032 15,565 451 2.37 2.89 451
, Media 39,087 39,527 805 2.06 2.04 847
leav e l' & LeisureIliF71
640 Carnival * ' •8,855 19,989 0 0.00 0.00 0
2,218 Compass Group * 36,619 13,904 0 0.00 0.00 311
1,626 Easy Jet ** 9,040 12,712 0 0.00 0.00 0
2,155 ' First Group ** 2,202 5,294 0 0.00 0.00 0
20,800 Marston's
**		 16,016 20,106 0 0.00 0.00 0
4,850 Stagecoach Group ** • 4,353 9,931 0 0.00 0.00 0
1,500 Whitbread
*		 44,925 19,752 0 0.00 0.00 0
Travel & Leisure 122,010 101,688 0 0.00 0.00 311
* Denotes FTSE 100 ** FTSE 250 & *** FTSE 350 & Small Cap

**4. INVESTMENTS H E L D A T T H E PERIOD ** **4. INVESTMENTS H E L D A T T H E PERIOD ** **4. INVESTMENTS H E L D A T T H E PERIOD ** **4. INVESTMENTS H E L D A T T H E PERIOD ** **4. INVESTMENTS H E L D A T T H E PERIOD ** **4. INVESTMENTS H E L D A T T H E PERIOD ** **4. INVESTMENTS H E L D A T T H E PERIOD ** **END 31 ** **END 31 ** **END 31 ** **DECEMBER 2021 ** **DECEMBER 2021 ** −CONTINUED −CONTINUED
2021 Gross Dividend 2,022
Shares Stock Description Market Original Gross on M k t on Gross
Held value cost income value Cost income
QUiTIES−721,TTIONTINUED ""−−777−1 ,71
[PiZed − ;:E771
20,900 BT Group
*		 35,436 30,904 0 0.00 0.00 1,609
**Fixed Line ** Communications 35,436 30,904 0 0.00 0.00 1,609
17,668 rMObile TelecomMunications,
' Vodaf.one Group
*		 '7 ''.' • 7 , 1 19,834 21,208 1,381 6.96 6.51 1,335
.
FEleiiiic:it−y]
1,681 Scottish & Southern Energy * 27,720 20,056 1,362 4.91 6.79 1,380
[C as, W a f e r & Multinationals'.
8,598 Centrica
*		 6,148 19,804 0 0.00 0.00 0
5,066 National Grid
*		 53,689 22,267 2,490 4.64 11.18 2,501
2,055 Severn Trent
*		 60,561 20,007 2,087 3.45 10.43 2,092
**Gas; Water ** **& ** Multinationals 120,398 62,078 4,578 3.80 7.37 4,593
1131a:41.7.7:1
3,250 Barclays
*		 6,078 13,679 98 1.60 0.71 97
6,020 HSBC Holdings
*		 27,009 40,634 958 3.55 2.36 978
51,110 Lloyds TSB Group * 24,431 62,284 634 2.59 1.02 634
4,014 Standard Charter
*		 17,999 36,356 348 1.94 0.96 348
Banks 75,517 152,953− 2,038 −• /70 1.33 2,057
[ón−life Insurance , I
1,000 Admiral Group
*		 31,570 20,380 2,470 7.82 12.12 2,930
5,650 Direct Line Insurance Group * 15,764 19,910 1,260 7.99 6.33 1,260
**Non−life ** Insurance 47,334 40,290 3,730 7.88 9.26 4,190
5,700 Aviva
*		 23,393 20,112 1,616 6.91 8.03 1,217
17,700 Legal & General
*		 52,658 20,542 3,154 5.99 15.35 3,154
7,525 Old Mutual
•		 4,586 2,449 178 3.88 7.27 222
1,833 Phoenix Group
*		 11,973 13,187 884 7.38 6.70 884
5,700 Prudential Corporation * 72,647 9,731 661 0.91 6.79 661
**• ** Life Insurance 165,257 66,021 6,493 3.93 9.83 6,138
ram estate InVestnient Trugts .; "
3,780 Capital & Counties ** 6,366 6,062 17 0.27 0.28 19
450 Land Securities Group * 3,494 4,106 153 .4.38 3.73 137
6,500 Primary Health Properties ** 9,841 9,951 0 . 0.00 0.00 403
530 Safestore ** 7,468 5,003 40 0.53 0.79 107
Real Estate Investment Trusts 27,169 25,122 210 0.77 0.83 666
**L_ triancial Serv!ees ** r
4Ic Pnvate EqyityiLL____L_,
520 Hargreaves Landowne * 7,046 9,987 263 3.73 2.63 262
5,700 M & G Plc *** 11,372 1,554 1,128 9.92 72.59 1,045
7,510 M A N Group
**		 17,075 20,216 613 3.59 3.03 613
2,508 Quilter PLC ** 3,724 1,238 133 3.57 10.74 132
5,337 ABRDN Plc * 12,857 17,869 779 6.06 4.36 779
**Financial Services & ** Private Equity 52,074 50,864 2,916 5.60 5.73 2,831

**4. ** IN VEST MENTS H E L D A T T H E PERI OD E ND 3 **1 ** DE CE MB **ER 2021 ** −CONTINU ED
2021 Gross Dividend 2,022
Shares Stock Description Market Original Gross on M k t on Gross
Held . value cost income value Cost income
QUILII.INI'Lc_g_sl_111.•111ID , . −I ' m L . ___,..1_ £ £ £ % oh, £
1,Equity,; Investnfeirt.Insyn men ts li '7:1
2,000
1,931		 Merchantsfr−ust−diilinarY";;;‘−
31 Group
*		 11,180
27,980		 10,369
10,136		 544
743		 .4.87
2.66		 5.25
7.33		 544
777
.
Equity Investment Instruments		 39,160 20,505 1287 3.29 6.28 1,321
Funds
28,699 Jupiter Fund Manager U K Small Companies *** 68,337 3,490 194 0.28 5.56 194
34,619 Schroder U/T U K mid 250k" 44,312 18,896 414 0.93 2:19 '414
Funds 112,649 22,386 608 0.54 2.72 608
' Software and Computer Services
1,590 **Micro Focus International Plc ** * 6,644 12,385 172 2.59 1.39 281
Infrastructure & Renewable Energy
11,799 Greencoat U K Wind Plc *** 16,589 15,495 350 2.11 2.26 847
Dividends Received from Investments Sold in Year 423
Aggreko £27 & Morrison Super Market
I t o j a r i i . I . I t T i t ) i i i T
[iTLri02,,523		 07',121;
.
1INTERNATION−A−MIJITY
635 Verizon Communications Fixed Line 24,362 6,157 979 4.02 15.90 1,200
: L..: •
nir−7O−pprxcludingyKb
200 Daimler AG Ord 11,364 8,584 169 1.49 1.97 227
100 Daimler Truck Holding 2,712 1,590 0 0.00 0.00 0
300 Societe Generale 7,607 10,152 105 1.38 1.03 138 .
Total Europe (Excluding UK) 21,683 20,326 274 E.−j.2−6−−7−1.351 365
51,784 Schroder Asian Income Fund A Inc 40,744 19,919 1,318 3.23 6.62 1,318
;Ei_nerging M a r k e t s r1
340 Ned Bank Group 2,753 2,805 41 1.50 1.47 68
4800 Utilico Emerging Markets Trust Plc 10,152 10,216 332 3.27 3.25 380
Total Emerging Markets 12,905 13,021 373 2.89 2.87 448
KW−4−7g
: 4,425 . Murray International Trust 51,153 20,925 **2,412 ** ' 4.71 11.53 2,412
.,
.
**raOTAL INTERNATIONAL EQUITY 711 **		 ' **−%. ** **•,.. ** 150,8447 71r. 80,348 .5,356 ii.16.12. '38.26
.....		 −..`5,7431
•
. [ 1 x 1 1 7 7 : 7 1 1
',
1PEopeily Fumy__jin
23.354 Aviva Investors European Property 18 47 0 0.00 0.00 o
. 7,742 Aviva InvestorsUK Property Feeder 6,051 6,698 249 4.12 3.72 151
28,571 Mayfair Capital Substitute Line Charities 26,530 20,295 1,143 4.31 5.63 1075
T O T A L PROPERTY FUNDS 32,599 27,041 1392 4.27 "5.15 1,226
[TOTAL FUNDS UNDER INVESTMENT ,2,763,517 1;758;322' 116;178 4.20 **6.61. ** 112,1781
.
I I O T A L CASH DEPOSITS:.
1;11−in'i		 • •
.		 T 10,440 10;440; . 9 0.00 7,c
0.00		 "Of.
[TOTAL FLUNHS UNDER INVESTMENT Ii f 2,713,957 1c768;76 116,178 −'2 4.19 • .6.57 112,1781

. 2021 Gross Dividend Gross Dividend 2,022
Stock Description Market Original Gross on Mkt on Gross
value cost income value Cost income
FIXED INCOME I I I V. % f
Corporate Bonds 70,003 50,583 1,498 1.57 2.19 1,665
High Yield 54,998 56,060 2,410 4.38 4.30 2,623
Global / Strategic 71,369 73,361 3,000 4.20 4.09 3,000
TOTAL FIXED INCOME 196,370 180,004 6,908 3.52 3.84 7,288
U.K. EQUITIES
Oil & Gas Producers 105,611 90,547 4,290 4.06 4.74 ' 4,617
Oil Equipment & Services 5,351 10,046 0 0.00 0.00 0
Chemicals
•		 9,776 10,051 238 0 2 238
Mining 284,649 139,513 32,475 11.41 23.28 30,568
Construction & Materials 28,691 35,586 489 ,
1.71		 1.38 525
Aerospace & Defence 76,489 40,821 1,571 2.05 . . 3.85 1,571
General Industrials 154,107 50,916 3,046 1.98 5.98 3,101
Industrial Engineering 33,653 13,648 377 1.12 2.77 378
Industrial Transportation 49,558 62,329 1,055 2.13 1.69 1,515
Support Services 2,881 10,875 0 0.00 0.00 0
Beverages 121,710 30,450 3,109 2.55 10.21 2,799
Food Producers 28,440 15,199 1,324 4.66 8.71 1,333
Household Goods −Home Construction 112,773 55,247 6,092 5.40 11.03 6,647
Personal Goods 59,183 747 2,214 3.74 296.41 2,214
Tobacco 43,024 40,236 3,456 8.03 8.59 3,474
Pharmaceuticals & Biotechnology 237,920 71,344 7,272 3.06 10.19 7,272
Food 8: Drug Retailers 48,838 44,959 8,306 17.01 18.47 1,672
General Retailers 74,169 66,933 856 1.15 1.28 9.83
Media 39,087 39,527 805 2.06 2.04 847
Travel Az Leisure . 122,010 101,688 0 0.00 0.00 311
Fixed Line Telecommunications 35,436 30,904 0 0.00 0.00 1,609
Mobile Telecommunications 19,834 ' 21,208 1,381 6.96 6.51 1,335
Electricity 27,720 20,056 1,362 4.91 6.79 1,380
Gas, Water & Multinationals 120,398 62,078 4,578 3.80 7.37 4,593
Banks 75,517 152,953 2,038 2.70 1.33 2,057
Non−life Insurance 47,334 40,290 3,730 7.88 9.26 ' 4,190
Life Insurance 165,257 66,021 6,493 3.93 9.83 6,138
Real Estate Investment Trusts 27,169 25,122 210' 0.77 0.83 666
Financial Services & Private Equity 52,074 50,864 2,916 5.60 5.73 2,831
Equity Investment Instruments . 39,160 20,505 1,287 4.87 5.25 1,321
Funds 112,649 22,386 608 0.54 2.72 608
Software and Computer Services 6,644 12,385 172 0.0Q 0.00 281
Infrastructure & Renewable Energy . . 16,589 15,495 350 0.00 0.00 847
Dividend Received from Investments Sold in year 423
TOTAL UK EQUITY 2,383,701 1,470,929 102,523 4.30 6.97 97,921
INTERNATIONAL EQUITY '
North America 24,362 6,157 979 4.02 15.90 − 1,200
Europe (Excluding UK) 21,683 20,326 274 1 1 365
Asia Pacific 40,744 19,919 1,318 3.23 6.62 1,318
Emerging Markets 12,905. 13,021 373 2.89 2.87 . 448
Global 51,153 20,925 2,412 4.71 11.53 2,412
TOTAL INTERNATIONAL EQUITY 150,847 80,348 5,356 3.55 6.67 5,743
PROPERTY PROPERTY 32,599 27,041 1,392 4.27 5.15 1,226
CASH AWAITING INVESTMENT 10,440 10,440 0 0.00 0.00 0
TOTAL OF ALL INVESTMENTS 2,773,957 1,768,762 116,178 4.19 6.57 112,178

Market
Market Original Value
Value Cost Income in Category
FIXED INCOME 7.1% 10.2% 5.9%
U.K. EQUITIES
Oil & Gas Producers 3.8% '5.1% 3.7% 4.5%
Oil Equipment & Services 0.2% 0.6% 0.0% 0.2%
Chemicals 0.4% 0.6% 0.2% 0.4%
Mining
.		 10.3% 7.9% 28.0% 12.0%
Construction & Materials 1.0% 2.0% . 0.4% 1.2%
Aerospace & Defence 2.8% 2.3% 1.4% 3.2%
General Industrials 5.6% 2.9% 2.6% 6.5%
.
Industrial Engineering 1.2% 0.8% 0.3% 1.4%
Industrial Transportation 1.8% 3.5% 0.9% 2.1%
Support Services 0.1% 0.6% 0.0% 0.1%
. Beverages 4.4% 1.7% 2.7% 5.1%
Food Producers 1.0% 0.9% 1.1% 1.2%
Household Goods −Home Construction 4.1% 3.1% 5.2% 4.7%
Personal Goods 2.1% 0.0% 1.9% 2.5%
Tobacco 1.6% 2.3% 3.0% 1.8%
Pharmaceuticals & Biotechnology 8.6% 4.0% 6.3% 10.1%
Food & Drug Retailers 1.8% . 2.5% 7.1% 2.0%
General Retailers 2.7% 3.8% 0.7% 3.1%
Media 1.4% 2.2% 0.7% 1.6%
Travel & Leisure 4.3% 5.7% 0.0% 5.2%
Fixed Line Telecommunications 1.3% 1.7% 0.0% 1.5%
Mobile Telecommunications 0.7% 1.2% 1.2% 0.8%
Electricity 1.0% 1.1% 1.2% 1.2%
Gas, Water & Multinationals 4.3% 3.5% 3.9% 5.1%
Banks 2.7% 8.6% 1.8% • 3.2%
Non−life Insurance 1.7% 2.3% 3.2% 2.0%
Life Insurance 6.0% 3.7% 5.6%
Real Estate Investment Trusts 1.0% 1.4% 0.2% 1.1%
Financial Services & Private Equity 1.9% 2.9% 2.5% 1.9%
Equity Investment Instruments 1.4% 1.2% 1.1% 1.6%
Funds 4.1% 1.3% 0.5% . 4.7%
.
Software and Computer Services 0.2% 0.7% 0.1% 0.3%
Infrastructure & Renewable Energy 0.6% 0.9% 0.3% 0.7%
TOTAL U K EQUITY 85.9% 83.2% 88.2% 100.0%
INTERNATIONAL EQUITY 5.4% 4.5% 4.6%
PROPERTY 1.2% 1.5% 1.2%
TOTAL CASH DEPOSITS 0.4% 0.6% 0.0%
PORTFOLIO TOTAL 100.0% 100.0% 100.0%