|**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<br>Profit/(losses) on sale of investments|||18|
|2<br>Investments purphsed_ _<br>−−−−<br>−−−−.−−−−−−−−−−<br>' '', '...,..; **.**„ , ,<br>l•j!<br>Edaiiiidi iAlr−tic'airifigdfink)difulentsi|||18<br>18|
|11nA4sii.riiti`i−.by?rn—irr&−i'eg:inent &|get:graphical graphs<br>"I||19|
|4<br>Listed investments held at the year−end.||−|20/23|
|5<br>Investments'byqriarket segment|||24|
|6<br>Portfolio structure by % holdings|||25|
|••,−;:‘,<br>−N||||
|**Notice ofSpeciiPMeetink−'−−**|||**26**|
|**Notice of Annual General Meeting**|||27|





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||||**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||





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|||**2020**||**2021**||
|---|---|---|---|---|---|
|**Beneficiaries**||**,**<br>**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<br>•|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<br>.||0|0|. 0|0 ,|
|.|.|||||
||||•|||
|**Total**||**,59**|**44,198**|**30**|**38,622**|





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||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).|
|**Number**of 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<br>From operating cash|25,000|−25,000|||0|0<br>'|
|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|



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|**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**|





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|**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' :,<br>• .• .|||||.4;||
|**INCOMING RESOURCES −All****_unrestricted_ 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**||**`•**|,<br>**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||||**•**<br>**1,**<br>**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<br>Amount due from Charles Stanley||**8**<br>**8**|**'**||||0<br>**.1**||**0**<br>**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**<br>Charitable gifts||1|||**i**||I:−•<br>31 021<br>−||−8,639|
||Interest free loans not paid at year end||**9**|||||'!O||0|
||Amount due re: Independent Examination||**9**|||||t:<br>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|**„•**<br>**: •**25,00O|25,000|
|Sundry Debtors<br>Increase/(Decrease)|−448|−841|
|Tax Recoverable<br>Increase/(Decrease)|**I!'**<br>**:0**|0|
|Creditor Charitable gifts<br>(Increase)/Decrease|**−22,382**|−273|
|Sundry Creditors<br>(Increase)/Decrease||−750|
|Interest Free Loans Paid in Year<br>Increase/(Decrease)||**0**|
|**TOTAL CASH USED/(GENERATED)**|4,120|**23,136**|
|**NET CASH INFLOW/ (OUTFLOW)**|441;<br>**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**||**.!**<br>**t**|**£**|
|Investments sold at market value|**4**|**..**<br>**.:100,304**||31|
|Transfers from operating cash||');|**25,000**|25,000|
|**TOTAL CASH GENERATED**||**'125,304**||**25,031**|
|**CASH USED**|||**•**<br>**.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**|
|||**_**|**,**||









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## 

|**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|.<br>−−|_||−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.**|





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|||||||||**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||
|.<br>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<br>*|||39,660||67,689|1,865|4.70|2.75||1,935||
||4,065|Royal Dutch Shell<br>*|||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<br>ViCtrex I";<br>**Chemicals**|||**9,776**||**10,051**|**238**|**2.44**|**2.37**||**238**||
|||rMiiiiiig−7777177,17−,||||||||||||
||3,741|BHP−Billiibii<br>*|||82,284||45,590|8,132|9.88|17.84||8,132||
||4,250|Glencore<br>*|||15,935||9,556|183|1.15|1.91||377||
||3,425|Rio Tinto<br>*|||167,551||70,201|23,726|14.16|33.80||21,439||
||8,700|South 32 Mining<br>**||**Mining**|18,879 <br>**284,649**|•|• 14,166<br>**139,513**|,−−434 −• 2.30 −−−−.3.07<br>**32,475**<br>**11.41**<br>**23.28**||||620<br>**30,568**||
||**6,828**|**ICOiii−ti;i1EtionT&TRit−tail§777777.77771−77−1**<br>**Bit** foni−.11−iatTy−**−−−−−<br>−−−−−−−<br>−|||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<br>6,490|**1** **_it_ FrTii:OW781.17gfelireT123**<br>Babcock International Group **<br>BAE Systems<br>*|||6,372<br>35,682||10,571<br>20,075|0<br>1,571|0.00<br>4.40|0.00<br>7.82||o<br>1,571||
||4,000<br>4,000|Meggin<br>*<br>Rolls Royce *|||29,520<br>4,915||5,189<br>4,986|0<br>0|0.00<br>0.00|0.00<br>0.00||o<br>**0**||
|||**Aerospace & Defence**|||**76,489**||**40,821**|**1,571**|**2.05**|**0.01**||**1,571**||
|||rG.etiel4TlirdifitTliq777||||||||||||
||3,111|13tinzi<br>•|||89,752||14,200|1,683|1.88|11.85||1,696||
||14,598<br>5,200|Melrose Industries *<br>Smith (DS) *|||23,342<br>19,958||8,466<br>•20,162|231<br>629|0.99 •<br>3.15|2.73<br>3.12||231<br>671|•|
||1,333|Smiths Group<br>*|||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<br>**|||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||•<br>595||
||4,600|Royal Mail<br>**|||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 & Sma**l** Cap||||||||||||





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||||||||||||||||**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<br>*|||||||||||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<br>*|||||||||||**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<br>*|||||||||||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<br>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)<br>*|||||||||||19,030|20,324|731||3.84|3.60|731|
|10,282||Tesco<br>*|||||||||||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<br>*|||||||||||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' & **Leisure**IliF71||||||||||||||||||
|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<br>**|||||||||||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<br>*|||||||||||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<br>*||||||||||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,**<br>' Vodaf.one Group<br>*|||||**'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<br>*||||||||||6,148|19,804|0||0.00|0.00|0|
|5,066|National Grid<br>*||||||||||53,689|22,267|2,490||4.64|11.18|2,501|
|2,055|Severn Trent<br>*||||||||||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<br>*||||||||||6,078|13,679|98||1.60|0.71|97|
|6,020|HSBC Holdings<br>*||||||||||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<br>*||||||||||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**<br>*****||||||||||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<br>*||||||||||23,393|20,112|1,616||6.91|8.03|1,217|
|17,700|Legal & General<br>*||||||||||52,658|20,542|3,154||5.99|15.35|3,154|
|7,525|**Old Mutual**<br>**•**||||||||||4,586|2,449|178||3.88|7.27|222|
|1,833|Phoenix Group<br>*||||||||||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<br> **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<br>**||||||||||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<br>1,931||Merchantsfr−ust−diilinarY";;;‘−<br>31 Group<br>*|||||||11,180<br>27,980|10,369<br>10,136|544<br>743||.4.87<br>2.66||5.25<br>7.33||544<br>777||
|||||.<br>**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<br>[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 r**1|||||||||||||||||
||||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**|||
|||||**.,**<br>**.**<br>**raOTAL INTERNATIONAL EQUITY 711 **||||**'**|**_−%._ **|**•,.. **|**150,8447**|71r. **80,348**|**.5,356**||**ii.16.12.**|**'38.26 **<br>**.....**||**−..`5,7431**|||
|•|||||||||||||||||||||
|||||**. [ 1 x 1 1 7 7 : 7 1 1**<br>**',**|||||||||||||||||
|||||**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:.**<br>**1;11−in'i**||||**•**||•<br>**.**|||**T**|**10,440**|**10;440;**|**.** 9||0.00||7,c<br>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<br>•||||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|,<br>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<br>.|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%**|||





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