||**THE CWMBRAN TRUST**|| |---|---|---| |**CONTENTS**||**Page No**| |**Trust Status, Serving Trustees' & Administration 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 o f 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 o f investments|18| |2|Investments purchased|18| |3|Capital restructuring o f investments|18| ||Investment by market segment & geographical graphs|19| |4|Listed investments held at the year−end|20/23| |5|Investments by market segment|24| |6|Portfolio structure by % holdings|25| |**Proposed **|**Annual Budget for 2023**|26| |**Notice o f**|**Special Meeting**|27| |**Notice of**|**Annual General Meeting**|28| ## ## ## |||**Dates acted**|**Current**|| |---|---|---|---|---| |**Trustee Names**|**Office**|**if not for**|**term**|**Name of Person**| |**Co−opted Trustees**|**Held**|**whole year**|**ends**|**(or body) entitled**
**to appoint Trustees**| |M Poulton|Chairman||March 2024|Co−opted Trustees| |D J Bassett|||March 2025|Co−opted Trustees| |B..1 Cunningham. MBE. KSG|||March 2025|Co−opted Trustees| |K L Maddox.|Secretary||March 2023|Co−opted Trustees| |A Williams|||March 2025|Co−opted Trustees| |**Nominated Trustees**||||| |Councillor F Cross (Ms)|||March 2025|Torfaen County Borough Council| |Councillor J Gauden (Mrs)|||March 2023|Torfaen County Borough Council| |**Custodian Trustees For Investments**||**Investment Portfolio Managers**||| |Bank o f New York Mellon,||Charles|Stanley &Company Limited|| |New York||_(under_ Investment Policy Statement)||| |240 Greenwich Street|||7/8 Park Place|| |New York 10286 USA|||Cardiff CF 1 0 3DP|| ## ## ## ## ## ## ## ## ## ## ## |**Summary o f gifts by beneficiary category**||||||| |---|---|---|---|---|---|---| |||**2022**|||**2021**|| |**Beneficiaries**|**No **|**o f Gifts**|**Amount**|**No o f Gifts**||**Amount**| ||**& Loans**||**£**|**& Loans**||**£**| |Charitable & Religious Organisations||2|9,200||0|0| |Education Establishments||2|18,750||1|2,000| |Arts/Entertainment||3|1,150||2|18,700| |Sporting Associations||3|5,573||0|0| |Local Groups for Pensioners/Disabled||4|5,396||7|7,318| |Individuals||30|15,180||20|10,604| |**Total Gifts**||**44**|**55,249**||**30**|**38,622**| |Interest free loans provided||0|0||0|**0**| |**Total**|**44**||**55,249**||**30**|**38,622**| ## ## ## ## ## ## ## ## ## ## ## ## ||2022|2021||Increase/|Change|| |---|---|---|---|---|---|---| ||£|£||(decrease)|%|| |Total income from all sources|118,507|100,187|,|18,320|18.2|| |Special Dividend|8,601|16,000||(7,399)|(46.2|| |Total Income|127,108|116,187||10,921|9.4|| |Less operating expenses|9,158|8,281||(877)|(10.6)|| |Income available for gift aid|117,950|107,906||10,044|9.3|| |Charitable gifts awarded Net|55,249|38,622||16,627|43.1|| |Number of beneficiaries|44|30||14|46.7|| |Surplus income over expenditure|62,701|69,285||(6,584)|(9.5)|| |Operating Cash a t year end|105;446|168,879||_03,443|(37.6)|,| |Amount transferred to Investments in year|100,000|25,000||75,000|300.0|| |From operating cash||||||| |Debtors a t year end|3,383|3,351||32|1.0|| |Creditors at year end|6,219|32,321||(26,102)|80.8|| |Net Current assets|102,610|139,909||(37,299)|(26.7)|| |Investments Comparable amounts|2,679,992|2,773,957||03,965)|(3.4)|| |New money invested in year|100,000|||100,000|300.0|| |Value o f Investments a t year end|2,779,992|2,773,957||6,035|1.1|| |NET WORTH OF TRUST AT YEAR END|2,882,602|2,913,866||(31,264)|1.1|| ## ## ## ## ## ## ## ## |**Market**|**Number**|**Year End**|**Original**||**2022**|**Income**|**Income**| |---|---|---|---|---|---|---|---| |**Segment**|**of**|**Market**|**Cost**||**Income**|**Return**|**Return**| ||**Holdings**|**Valuation**||||**on**|**on**| |||**December**||||**Market**|**Original**| |||**2022**||||**Value**|**Cost**| ||**Number**|**£000**|**£000**||**E**|**%**|**%**| |**Bonds**|**7**|**145−**|**157**||**6**|**4.1**|**3.8**| |**FTSE 100**|**49**|**1853**|**1041**||**−90−**|**4.9**|**8.6**| |**Companies**|||||||| |**FTSE250**|**31**|**440**|**424**||**19**|**4.3**|**4.5**| |**Companies**|||||||| |**FTSE 350**|**4**|**65**|**71**||**2**|**3.1**|**2.8**| |**Companies**|||||||| |**Overseas**|**9**|**191**|**123**||**8**|**4.2**|**6.5**| |**companies**|||||||| |**Property**|**3**|**44**|**44**||**2**|**4.1**|**4.1**| |**Funds**|||||||| |**Cash**||**42**|**42**||||| |**Awaiting**|||||||| |**Investment**|||||||| |**Total**|**103**|**2780**|**1902**||**127**|**4.6**|**6.7**| |**FTSE**|**December**|**December**|**Change**||**%**|**%Trust**|**%**| |**INDICES**|**2021**|**2022**|**In Year**||**Change**|**Market**|**Income**| |||||**,**||**Values**|| |**100**|**7385**|**7452**|**67**||**0.9**|**78.6**|**81.1**| |**250**|**23481**|**18853**|**−4628**||**−19.7**|**18.7**|**17.1**| |**350**|**4228**|**4114**|**−114**||**−2.7**|**2.7**|**1.8**| |**All Share**|**4208**|**4075**|**−133**||**−3.2**|**100.0**|**100.0**| ## ## ## ## ## ## ## ## ## ## ## |||**2,022**|**2,021**| |---|---|---|---| ||Page No'|t
•|| |**INCOMING RESOURCES −All unrestricted funds**|||| |**Investment Income**|||| |Gross dividends from Equities||120,871|110,302| |Gross Interest from Government and Corporate Bonds||5,876|5,877| |**Incoming Resources from Investments**|**20/23**|**126,747**|**116,178**| |**Interest on Operating Cash Deposits**|||| |From Lloyds Plc and CAF Bank||−
233|9| |From Charles Stanley||128|0| |**Incoming Resources from Operating Cash Deposits**||**' 361**|**9**| |**TOTAL INCOMING RESOURCES −All unrestricted funds**||**127,108**|**116,187**| |**RESOURCES EXPENDED −All on** **_unrestricted funds_**|||| |**Investment Management Costs**|||**1,377**| |**Charitable Activities**||**55,249**|**38,622**| |**Governance Costs**|||| |Administration Charges||4,200|4,200| |Researching Requests for Gifts|||1,750| |Sundry Expenses||280|404| |Independent Examination Fee||556,|550| |**Total Governance Costs**||•6;780|**6,904**| |**TOTAL RESOURCES EXPENDED −All on unrestricted funds**||**.6007**|**46,902**| |**NET INCOMING (OUTGOING) RESOURCES BEFORE**|||| |**OTHER RECOGNISED GAINS/(LOSSES)**||**62,701**|**69,285**| |**OTHER RECOGNISED GAINS AND LOSSES**|||| |Gains/(losses) on Revaluation of Investments held at year end||−107,442|243,689| |Profit/(losses) on sale of investments in current year|**18**|13,477|16,206| |**NET MOVEMENT OF FUNDS IN THE YEAR**||**−31,264**|**329,180**| |Total Funds Brought Forward −All unrestricted funds||• **2,913,866:**|**2,584,686**| |**TOTAL UNRESTRICTED FUNDS CARRIED FORWARD**||**2;882,602**|**2,913,866**| ## ## |**BALANCE SHEET −31 DECEMB**|**ER 2022**|||||| |---|---|---|---|---|---|---| |All amounts relate to unrestricted funds|||||2,021|| |FIXED ASSETS (Managed by Charles Stanley)||||||| |Listed Investments at Market Value|||||2,763,516|| |Cash on deposit awaiting Investment|||||10,440|| |TOTAL FIXED ASSETS||10/13|||2,773,957|| |CURRENT ASSETS −•||||||| |Debtors||||||| |Interest free loans granted||7||||| |Taxation recoverable||8||||| |Amount due from Charles Stanley||8|||3,351|| |Total Debtors|||||3,351|| |Operating Cash Deposits||||||| |Bank balance at Lloyds TSB Plc|||||26,402|| |Bank balance at CAF Bank|||||142,477|| |Total Cash at Bank|||||168,879|| |TOTAL CURRENT ASSETS||||||| |CREDITORS: falling due within one year||||||| |Charitable gifts||1|||31,021|| |Interest free loans not paid at year end||9|||0|| |Amount due re: Independent Examination||9|||550|| |Amount due to Charles Stanley||9|||750|| |TOTAL CREDITORS|||||32,321|| |NET CURRENT ASSETS|||||139,909|| |NET ASSETS|||||2,913,866|| |FUNDS OF THE CHARITY||||||| |CAPITAL−ACGOUNT|||;5.2||−2,832494−|—| |1NCOME−ACCOUNT||12|:034:||81,372|| |||||—|—|| |:FOTAL UNRESTRICTED FUNDS|−−||||2,913,866|| |Signed on behalf of the Trustees||||||| ## |OPERATING CASH FLOW ST|ATEMENT 2022|| |---|---|---| |||2,021| |CASH GENERATED||| |Excess/(Deficit) o f Income over expenditure||69,285| |Investment cash withdrawn from Charles Stanley||| |Loans repaid/withdrawn||| |TOTAL CASH GENERATED||69,285| |CASH USED/(GENERATED)||| |Cash transferred to Charles−Stanley|for Investment|25,000| |Sundry Debtors|I ncrease/(Decrease)|−1,448| |Tax Recoverable|Increase/(Decrease)|| |Creditor Charitable gills|(Increase)/Decrease|−22,382| |Sundry Creditors|(I ncrease)/Decrease|−50| |Interest Free Loans Paid in Year|Increase/(Decrease)|0| |TOTAL CASH USED/(GENERATED)||1,120| |NET CASH INFLOW/ (OUTFLOW)||68,165| |BANK RECONCILIATION||| |Opening Bank Balance 1st January|2022|100,713| |Net cash (outflow) inflow in 2022||68,165| |Closing Bank Balance 31 December 2022||168,878| ## ## ||||2,021| |---|---|---|---| |CASH GENERATED|Note||| |Investments sold at market value|4||100,304| |Transfers from operating cash||000|25,000| |TOTAL CASH GENERATED||9.4413|125,304| |CASH USED|||| |Investment Purchased at cost|5||134,298| |Transfers to operating cash|||| |TOTAL CASH (GENERATED)/USED|||134,298| |NET CASH INFLOW/ (OUTFLOW)|4/5||−8,994| |CHARLES STANLEY INVESTMENT ACCOUNT|||| |Opening Bank Balance 1st January 2022||40.|19,435| |Net cash (outflow) inflow in 2022|||−8,994| |Closing Bank Balance 31 December 2022||05.4:|10,440| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |**te**|**Company/Investment**|**Quantity**
**Changes**|**Values**
**,ai Cost £.;**| |---|---|---|---| ||31/3/22 M & G Investment High Yield Corporate Bond|−2,462|−25,374.| ||M & G Investment High Yield Corporate Bond|25,720|25,374| ||01/06/22 Merger o f BNP's Oil & Gas Porfolios with Woodside|0|0| ||Energy Group by an all stock Merger. There has been|0|.0| ||no dilution o f BHP shares held|676|12,168,| ||1/8/22 Threadneedle Investment Emerging Markets Bond|−24,345|−23,169| ||CT Investment Funds UK / C T Emerging Markets|24,345|23,169| ||Renaming||| ||1/8/22 GSK|−4,040|−36,790,| ||GSK|3,248|30,110.| ||Haleon Demerger from GSK|4,060|,6,680| |**NET **|**EFFECT O F CHANGES**||**12,168,**| ## ## ## ||THE CWMBRAN TRUST|THE CWMBRAN TRUST|THE CWMBRAN TRUST|THE CWMBRAN TRUST|THE CWMBRAN TRUST|THE CWMBRAN TRUST|THE CWMBRAN TRUST||||| |---|---|---|---|---|---|---|---|---|---|---|---| ||4. INVESTMENTS HELD A T THE PERIOD END −31 DECEMBER 2022||||||||||| |||||||||2022|Gross Dividend||2,023| ||Holding
Stock Description
FIXED INCOME|||||Marketr:.:•Origin−#
value ,;1:.. .. CO,St;
il.;,";
.;II
Gross
income
L|||on M k t
value
%|on
Cost
%|Gross
income
L| ||Corporate
16,852||Bonds
lnvesco Fund Managers IP Bond|||29,036 !i.'|,2..,32.1i,|468|1.61|1.85|1,032| |||233 I Shares Core CiBP||||28,049.,|25,262)
.
.'|723|2.58|2.86|771| ||High Yield
43,236
25,720||Barclays Global Access CiBL High Yield
M & Ci Investment High Yield Corporate||Bond|25,510
',.
20,979 .k••|,
•,,
3,0,,686
'.25,37,41|1,459
1,203|5.72
5.73|4.75
4.74|1,459
1,266| |.|Global / Strategic
9,006 Aviva Investors European Property Funds
40,000 Jupiter UT Mgrs. Strategic Bond
−
23;882 −Schroder Unit Trust Strategic Credit|||||6
:,
21,404 .''
20 176I,−f'|,
,
_181
2;60041
: 24,588|0.00
970
1,054|0.00
4.53
5.22|0.00
3.79
4.28|0
970
1,053| ||Total Corportite Bonds & Bond Funds •|||_|−−−−−|•.−145;160−rtiln85._31−||5,876.|_ _.4.05.|.
3,75:...,. 6,5S1|| ||U.K. EQUITIES
•||||||._•||||| ||||O i l & Gas Producers||||||||| |||12,000|BP
•|||56,9881:|'67;689(|2,235|3.92|3.30|2,397| |||4,065
906|Shell Plc
*
Woodside Energy Group **|||94,5521:−. ,
18,029l'..|1,7,1:371|3,271
636|3.46
3.53|14.31
3.71|3,379
2,233| ||||Oil & Gas|Producers||169,569:|107,6844:|6,142|3.62|5.70|8,009| |||||||.**'**".|:.'. •;.−
,.',||||| |||2,800|Oil Equipment _&_ Services
Wood Group (John) −|||'−'
**.** "−' •'
3,784
−; 10,045||0|0.00|0.00|| ||||Chemicals||||•||||| |||700|Victrex
Chemicals|||11,179j|15,3001|438|3.92|2.86|417| |||3,741|Mining −
BHP Billiton
"|||96,144 i."|45;5901|9,870|10.27|21.65|13,957| |||4,250|Glencore
*|||23,477−|8;2,244|0|0.00|0.00|918| |||3,425
10,750|Rio Tinto
*
South 32 Mining
**||Mining|198,5821 .
24,348 ...
342,551 '. .|70201!
19,145;
143,1601|19,658
1,854
31,383|9.90
7.62
9.16|28.00
9.69
21.92|18,096
3,281
36,252| ||||Construction & Materials||||||||| |||6,828
8,450|Baltbur Beatty
*•
lbsstock **|||23,051 ; :'•
13,081 i1..|„
20,437!
1.0,−170/,|649
440|2.81
3.36|3.17
2.18|649
701| ||||Construction & Materials|||36,132;•−•40,607I||1,089|3.01|2.68|1,350| |||2,000|Aerospace & Defence
Babcock International Group **|||1
5,644 i•.•|10,570:,|0|0.00|0.00|0| |||6,490
4,000|BAE Systems
"
Rolls Royce *
Aerospace|& Defence||55,555r • • 20,075;
3,7284
−'4,986;
64,927:..,'
35−,631)||1,661
0
1,661|2.99
0.00
2.56|8.28
0.00
4.66|1,661
0
1,661| ||||General Industrials||||||||| |||3,111|Bunzl
*|||85,833|•14;200'|1,773|2.07|12.49|1,807| |||14,598
5,200|Melrose Industries •
Smith (DS) *|||I9,634
−•
• .
16,718
•|.
'8 466:
„
20,1421|266
780|1.36
4.67|3.15
3.87|267
842| |||1,333|Smiths Group
•
General Industrial|||21,308 i
143,493|• 8,088
50,9161|528
3,348|2.48
2.33|6.53
6.57|528
3,444| |||1,347|Industrial Engineering.
1M1
"|||z
17,350 f':,|3,02!|325|1.87|9.27|325| |||600|Weir Ciroup *
Total Industrial Group|||10,014 ;,:
27,364|16,1461
.1346481
•. ,; , I|155
479|1.55
1.75|1.53
3.51|155
480| ||||Industrial TrarispOrtaben||||||||| |||8,500
22,666
4,600|Braemar Shipping Services
•••
Esken Limited ***
Royal Mail (International Distribution) **
Industrial Transport|||25,075 ; −
20,363!
1,156 .., : 21,5921
9,798" • ,
0,374!
36,029; .' •62,320
I||595
0
1,840
2,435|2.37
0.00
18.78
6.76|2.92
0.00
9.03
3.91|935
0
920
1,855| |||||||.|.||||| |||1,854|Support Services
De La Rue ***|||1,455|10,874!|0|0.00|0.00|0| |||1,050|Travis Perkins **|||. ,
9,339 **•**•|10,072|0|0.00|0.00|404| ||||Support Services|||10,794
t|20,9461|0|0.00|0.00|404| ||||• Denotes FTSE 100 i t FTSE 250 & *** FTSE 350 & Small|||Cap|||||| ## ||4. INVESTMENTS HELD|4. INVESTMENTS HELD|AT|THE PERIOD END|THE PERIOD END|THE PERIOD END|THE PERIOD END|THE PERIOD END|THE PERIOD END|31 DECEMBER 2022 −CONTINUED|31 DECEMBER 2022 −CONTINUED|31 DECEMBER 2022 −CONTINUED|31 DECEMBER 2022 −CONTINUED|31 DECEMBER 2022 −CONTINUED|||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||Shares
Held|Stock Description|||||||||||M a r k e t
Origiñal
value!
costl|2022
Gross
income|Gross Dividend
on Mkt
on
value
Cost||2,023
Gross
income| ||U.K. EQUITIES −• CONTINUED||||||||||||||||| |||Beverages|||||||||||||||| ||7,965|Britvic **|||||||||||61,888
20,3391|2,031|3.28|9.99|2,310| ||1,200|Diageo
*|||||||||||43,800L
10.;1111|914|2.09|9.04|914| ||||||||||Beverages||||105,688;
30;150|2,945|2.79|9.67|3,224| ||1,850|Food Producers.
Hilton Food:**|||||||||||1
10,305: −−**.**
9,94T,|0|0.00|0.00−.|−529| ||3,685|Tate & Lyle
**|||||||||||26,207! ' ; ' 15,193|5460|2083.|35.94|671| ||||||_Food_ Producers||||||||36,512
• −5,134|5,460|14.95|21.72|1,200| ||4,000|Household Goods −Home_Construction_
Barratt Developments
*|||||||||||_._
_:_
15,872
'20,218|1,476|9.30|7.30|1,476| ||2,525
175|Persimmon
*
Rickett Benckiser *|||||||||||30,729' '‘' • 14:4501
10,070 • . :• 10,1321|4,171
306|13.57
3.03|28.87
3.02|5,934
306| ||12,000|Taylor Wimpey
Household|*
Goods &|||Home Construction|||||||12,198 . 2 ; 20,6171
68,869: **.**−−. ' 65,417!|1,087
7,040|8.91
3.17|5.27
3.34|1,087
8,803| |||•Pe−rsnria1.0i.ods|||||||||||||||| ||1,500|Unilever *|||||||||||62,730;•|2,182|3.48|292.11|2,182| |||Tobacco|||||||||||• :−:,
.1||||| ||1,160|British American|Tobacco|||*|||||||,
38,065 f
20,3891|2,520|6.62|12.36|2,526| ||700|Imperial Brands|*||Tobacco||||||||14,4971
−•:19;8471
52,5621. .2.•40,2361|982
3,502|6.78
6.66|4.95
8.70|988
3,514| ||||||||||||||,
• .−.−._.,||||| ||1,990
3,248|pbaiitiaceutieals _&_
AstraZeneca Group
GSK*||Biotechnology.
*|||||||||223,238 t'
.
34,−.554;
46,69311
36,1101|4,412
2,801|1.98
6.00|12.77
9.30|4,412
1,989| ||5,760|Haleon Plc Ord*||||||||||18,855 .
11,646;
288,786
' i76;)1.0,1||0
7,213|0.00
2.50|0.00
9.45|0
6,401| |||Pharmaceuticals|||||&|Biotechnology|||||||||| ||6,900|Food &−. Drug Retailers
Sainsbury (J)
*|||||||||||15,021 ';**'**
726,324|952|6.34|4.69|952| ||10,282|Tesco
*|||||||||||23,053 '.•,. '„.24',635.i|1,188|5.15|4.82|1,188| ||||||Food &|||Drug|Retailers||||38,074;, −'44,959i|2,140|5.62|4.76|2,140| ||6,270 ,__
1,600|G eifirat Reru Her's−
Halfords Group.* −
Howden Joumery **|||−|−−−−||||||**−**−−−−−−−4731−2.78
564−
0
0.00
0.00
_
' "1 • −−
−−−−−−1371.041f−f−ri2,0;:3161
8,9861.........:99801|||||564
318| |−|4,500
Kingfisher *
7,800−−Mark−s &Spencer||**|||||||−|−||10,625 :', 2.,„..9,8674
_
−9,617'77:1 6;4151|558_
0|_ _ 5.25.__5.66−558
0.00
0.00||118| ||1,300|W H Smith **|||||||||||**.**
**.**
.
19,299'
.203−35;|0|0.00|0.00|0| ||||||||General Retailers||||||61,631
'' C76,9•13!|1,122|1.82|1.46|1,558| ||1,550
1,400|Media
Auto Trader *
Pearson
*|||||||||||....•, .., •
7,992 i ..:−. 10,1−661
13,1481::
13;8561|127
291|1.59
2.21|1.26
2.10|129
291| ||1,700|WPP Plc *|||Media||||||||13,943 ' .
:`15.,565
35,083 '
39,52'7r|573
991|4.11
2.83|3.68
2.51|573
993| ||640
2,218
1,626|Travel & _Leisure_
Carnival **
Compass Group
Easy Jet **|*||||||||||•,
3,708:−• ' 19,9891
42,530 ;'... .
13,90
5,278i'',..i.1Z,7121|0
519
0|0.00
112
0.00|0.00
3.73
0.00|0
699
0| ||2,155
20,800|First Group *'
Marston's
**|||||||||||2 , 1 7 7 :
' 5,294'
8,232L
200061|43
0|1.98
0.00|0.81
0.00|58
0| ||1,500|Whitbread
*|||||||||||,
38,5501,
•
19,751!|887|2.30|4.49|887| ||||||||Travel||& Leisure|||100,475 l', 1−91,758'||1,449|1.44|1.58|1,644| |||* Denotes FTSE 100|** FTSE 250 8c *** FTSE 350 & Small|||||||||Cap|i' .−−'.
".||||| ## ## ||||||||||||**2022 **|**Gross Dividend**|**Gross Dividend**|**2,023**| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |**Shares**|**Stock Description**|||||**Market; **||**•Oriinal**|||**Gross**|**on Mkt**|**on**|**Gross**| |**Held**||||||**value**||||**cosIi**|**income**|**value**|**Cost**|**income**| |||||||||||**"**||||| |**U.K. EQUITIES −CONTINUED**||||||||||||||| ||**Fixed Line Telecommunications**|||||||||||||| |20,900|BT Group
*|||||23,418||:|. 30,9641||1,609|6.87|5.21|1,609| ||**Fixed Line **||**Communications**|||**23,418**||||**30.,,904**|**1,609**|**6.87**|**5.21**|**1,609**| ||||||||||**,**|||||| ||**Mobile Telecommunications**|||||||||||||| |17,668|Vodafone Group
*|||||**14,8841**||r**..**:−_ **1,2081**|||**1,333**|**_8.95**|**6.28**|**1,411**| |||||||||||||**.**||| ||**Electricity**|||||||||||||| |1,681|Scottish & Southern Energy|||*||**28,779;**|||**:20,0561**||**1,441**|**5.01**|**7.18**|**1,499**| ||||||||**'**|||||||| |||||||||||**' •!**||||| ||**Gas, Water** **_&_ Multinationals**|||||||||||||| |8,598|Centrica
*|||||8,299r,|||:|19,864l,|86|1.04|0.43|86| |5,066|National Grid
*|||||50,528 l.||||22,267i|2,582|5.11|11.60|2,614| |2,055|Severn Trent
*|||||54,478||||'20',007';|2,099|3.85|10.49|2,138| ||**Gas, Water & Multinationals**|||||**113,3051: **||**.**||**62,078j**|**4,767**|**4.21**|**7.68**|**4,838**| ||**Banks**|||||||||||||| |3,250|Barclays
*|||||5,152||||.
,
1'3,679,|203|3.94|1.48|203| |6,020|HSBC Holdings
*|||||31,045||||46,04:|1,306|4.21|3.22|1,351| |51,110|Lloyds TSB Group
*|||||23,209.|||.|62;84−1|1,089|4.69|1.75|1,089| |4,014|Standard Charter
*|||||24,983||||36,3.56:|424|1.70|1.17|424| ||||||**Banks**||||**10.2,953**||**3,022**|**3.58**|**1.98**|**3,067**| ||**Non−life Insurance**||||||**V**|||||||| |**1,000**|**Admiral Group**
*****|||||2 1 3 7 0|.|"||**2** i 9
0,37'9|2,230|10.44|10.94|1,472| |5,650|Direct **Line Insurance Group**|||******||12,503||||1991.01|1,283|10.26|6.44|1,283| ||||**Non−life **||**Insurance**|**33,873.40,289**|||||**3,513**|**10.37**|**8.72**|**2,755**| ||**Life Insurance**|||||||||||||| |4,332|Aviva
*|||||19,182|||'15,629i||1,284|6.69|8.55|1,343| |17,700
27,525|Legal & General
*
Old Mutual
**|||||44,162 ,,,
14,010||||20,5421
1−2.,69|3,312
231|7.50
1.65|16.12
1.82|3,312
1,055| |1,833|Phoenix Group
*|||||11,156||||13',T8−1.1|909|8.15|6.89|909| |5,700|Prudential Corporation|"||||64,267||||9,731,|822|1.28|8.45|822| ||||||**Life Insurance**|**152,777 '**
**%**||||**71,169.1**|**6,558**|**4.29**|**9.21**|**7,441**| ||**Real Estate & property Investments**|||||||||**,**||||| |3,780
450|Capital & Counties Properties
Land Securities Group *|||**||4,026 . −:.
6,6621
2,796'V",,4Vl06r|||||58
174|1.45
6.21|0.96
4.23|68
176| |530|Safestore Holdings **
**Real Estate Investment Trusts**|||||5,008
**11,830; **|**•:.**|||5994;
**1$−,172;**|143
**375**|2.86
**3.17**|2.86
**2.47**|143
**387**| ||**Financial Services & Private **|||**Equity**||||||**1**||||| |5,337|Abrdn Plc *|||||10,100|•|||17,69:|779|7.71|4.36|779| |520|Hargreaves Landowne *|||||4,452||.||.9,987:|206|4.64|2.07|207| |10,700|M&G Plc *|||||20,100'.|||.|i ii.51,Ci|1,049|5.22|9.11|1,969| |7,510
2,149|MAN Group
**
Quilter PLC **
**Financial Services **|||**& Private Equity**||16,048?
• 1,9977
**52,697 :, **|
|**.**
**' **|:20,216:
−,
..'737
**.60,319;**||859
124
**3,017**|5.35
6.19
**5.73**|4.25
16.77
**5.00**|859
124
**3,938**| ## ## ||||||||||||2022|Gross Dividend|Gross Dividend||2,023| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Shares
Stock Description
Held
U.K. EQUITIES −CONTINUED||||Market : ,
value I..
£**,**||||Original!
.,. costi
'
C||Gross
income
£||on Mkt
value
%|on
Cost
%||Gross
income
£| |||Equity Investment Instruments|||||||||||||| |2,000
1,931||Merchants Trust Ordinary **
31 Group
*||11,220
25,904|,
:.|||,
.10,3..69 i
10;136 i|||548
898|4.88
3.47|5.28
8.86||548
975| |||Equity Investment Instruments||37,124||.||• 20,505.„!|||1446|3.89|7.05||1,523| |||Funds||||||'|||||||| |28,699
34,619||Jupiter Fund Manager UK Small Companies **
Schroder Uff UK mid 250 *** −||44,664 ,"
37,665||||18896||.|708
954|1.59_
2.53|20.29
5.05|−|._=:708
954| ||||Funds|82,329||||.42,386!|||1,662|2.02|7.43||1,662| |||Software and Computer Services||||||: −|||||||| |1,590||Micro Focus International Plc **||8,417|||||||353|4.19|2.85||353| |||Infrastructure & Renewable Energy||||||15,4951|||||||| |11,799||Greencoat UK Wind Plc **||17,935|||||||895|4.99|5.78||911| ||||||||.||||||||| |||Dividends Received from Investments Sold|in Year||||||||0||||| |||TOTAL UK EQUITY •||2,357,989|||1,536,06|||111,010||4,71|7.22|116,925'|| |||INTERNATIONAL EQUITY|||||||||||||| |||Nott.hArtierica:|||||||||||||| |635||Verizon Communications Fixed Line||20,802||||• .6,157ç|||1,109|5.33|18.01||1,378| ||||||.!'|||.,..
2: )|||||||| |||Europe (Excluding UK)|||||||||||||| |100
380
300||Daimler Truck Holding
Mercedes −Benz
Societe Generale||,
2,572:
20,701 il')
6,251 ,',..||||..,..
**.** rl'A90
.I.0371
10,152|||0
616
313|0.00
2.97
5.00|0.00
3.27
3.08||0
1,450
439| |||Total Europe (Excluding UK)||29,524|i ;
i||, • 30,579||||929|,3.15.−|: 3,04';||1,889| |||Asia Pacific|||||||||||||| |51,784||Schroder Asian Income Fund A Inc||38,895:||||19,919|||1,951|5.02|9.79||1,951| ||||||,|•|||||||||| |||Emerging Markets|||||||||||||| |1240||Ned Bank Group||||||1;543|||215|1.67|1.86||934| |4800||Utilico Emerging Markets Trust Plc||10,032||||−10;217i−|||391|−3.90|3.83||391| |||Total Emerging Markets||22,9244'."−'21;760;−−|||||||606|_2:.64____2.79|||1,325| ||_||||||||||||||| |−24345 −−−−CT−Investment−Funds UK / CT Emerging Markets−−−19549!−−.231'694" "||||||||||"1,032 −||5.28|−71.45||1,032| |4,425||Murray International Trust||59,030||||' '20;925||2,434||4.12|11.63||2,434| |||TOTAL INTERNATIONAL EQUITY||"190,'124;||||1 2 0 9||'8;069,||4.23|6.58|'−i000.|| |||PROPERTY|||||||||||||| |||ProPerty Funds & Investments|||||||||||||| |4,598
28,571||Aviva Investors UK Property Feeder
Mayfair Capital Substitute Line Charities||3,577.
24,223||||−3,9781
20;951'||162
1,217||4.53
5.02|4.07
5.99||121
1125| |15,000||Primary Health Properties **
TOTAL PROPERTY FUNDS||16,620;.
44,420 "||||20;072'
44;345,||423
1,801||2.54
4.05|2.11
4.06||975
2,221| |TOTAL FUNDS UNDER INVESTMENT||||2,738,2,93L111;fiqk3j1|||||126,747|||4.63|6.81|135,706|| |TOTAL CASH DEPOSITS||||41,699||||1;6591|||128|0.31|0.3.1||• 0| |TOTAL FUNDS.UNDER INVESTMENT||||.2,719,991EPPX0'4,11|||||126;875|||4.56|'6:67|135;70.6;|| ## ||||||||2022||_Gross Dividend_|_Gross Dividend_|_2,023_| |---|---|---|---|---|---|---|---|---|---|---|---| |Stock Description||Market .**,**'−•
value 4;||||Origirrial
;
'
cdiii|Gross
income||on Mkt
value|on
Cost|Gross
income| |F I X E D INCOME|||||||_£_||!4|16|£| |Corporate Bonds||57,085 ,−,;−**.**||||'.50,583|1,191||2.58|2.86|1,803| |High Yield||46,489 2..||||i
,56,060|2,662||5.73|4.75|2,725| |Global / Strategic|TOTAL FIXED _INCOME_|41,586 ,
_145,160 I._||||. ,50,2101
_15611531_|2,023
_5,876_||4.87
_4.05_|4.03
_3.75_|2,023
_6,551_| |U.K. EQUITIES|||||||||||| |tii I I Ofti Piticlucers||169,569 :;.,'||||,' ,11:6".84;|6,142||3.62|5.70|8,009| |Oil Equipment & Services
Chemicals||3,784 t.'−−'−10,045g
11,179
−.
15,300;|||||−−
.
_ 0
438||0.00
0|0.00
3|0
4−17| |Mining||342,551 ',||||−143,160|31,383||9.16|21.92|36,252| |Construction & _Materials_||36,132'||||..40,607,|_1,089_||3.01|2.68|_1,350_| |Aerospace _&_ Defence||64,927 •|:|||. • .
35;6311|1,661||2.56|4.66|1,661| |General Industrials||,
143,493 **,** .,−||||,
..
.
..509161|3,348|,|2.33|6.57|3,444| |Industrial Engineering||27,364 ',::|||'''
,•13:,648||479||1.75|3.51|480| |Industrial Transportation||36,029:||,' ;' 6−2,3291|||2,435||6.76|3.91|1,855| |Support Services
Beverages||,
10,794 **.**,.
105,688 i' ;,|||,
'20i:9`4.6;
•
315,116;1||o
2,945||0.00
2.79|0.00
9.67|404
3,224| |Food _Producers_||36,512 **'**.−||||25,1341|5,460||14.95|21.72|1,200| |Household Goods −Home Construction||68,869 ;.'||−
65,417i|||7,040||10.22|10.76|8,803| |Personal Goods
Tobacco||62,730 ,
−
52,562 :...,.||.−•,,
747i
•
. •,,
". 40,236/|||2,182
3,502||3.48
6.66|292.11
8.70|2,182
3,514| |Pharmaceuticals & Biotechnology||288,786
!**.**||'.,6;310;|||7,213||2.50|9.45|6,401| |Food & Drug Retailers||38,074 ', %,||||,':..44;9.591|2,140||5.62|4.76|2,140| |General Retailers||61,631 ;.:**,**;|'..|||•:−76,9131|1,122||1.82|1.46|1,558| |Media||35,0831|.•.|||• 39,527)|991||2.83|2.51|993| |Travel & Leisure||100,475 i :|||−,
9I,75.81||1,449||1.44|1.58|1,644| |Fixed Line Telecommunications||23,4181 r||..||' ; 30,904i|1,609||6.87|5.21|1,609| |Mobile Telecommunications
Electricity||. 21 208•
14'8841'...−'
'
'
!..
:
.
(
2 8 , 7 7 9 :
'−'•,20:056'|||||1,333
1,441||8.95
5.01|6.28
7.18|1,411
1,499| |Gas, _Water &_ Multinationals||113,305 :,.'.1,'||||'. 62,978,r,|4,767||4.21|7.68|4,838| |Banks||84,389 '.,'|||•|1.52,951|3,022||3.58|1.98|3,067| |_Non−life Insurance_||33,873 ::.....'; 40289:|||||3,513||10.37|8.72|2,755| |Life Insurance||152,777 .|||';|...7I,169,|6,558||4.29|9.21|7,441| |Real Estate & Property Investments||11,830 r .|.|||.;15−;1721|•
375||3.17|2.47|387| |Financial Services & Private Equity||52,697.||||'.60,3.19,|3,017||5.73|5.00|3,938| |Equity Investment Instruments||37,124||||20,5051|1,446||4.88|5.28|1,523| |Funds||.
82,329;,||..||22,3861|1,662||2.02|7.43|1,662| |Software and Computer Services||8,417
'||||12,385|353||0.00|0.00|353| |_Infrastructure & Renewable Energy_||1 7 , 9 3 5|.|.||" 15;495|895||0.00|0.00|91/| |Dividend Received from Investments|Sold in year|• '|||||0||||| ||TOTAL UK EQUITY|2,357,989|||1,536,636,||111,010||4.71|7.22|116,925| |INTERNATIONAL EQUITY|||||||||||| |North America||20,802.,!||||6;1571|1,109||5.33|18.01|1,378| |Europe (Excluding UK)||29,524 :||||..,30,579|929||3|3|1,889| |Asia Pacific||38,895
.||||.r−,.19,919.i|1,951||5.02|9.79|1,951| |_Emerging_ Markets||22,924
**.**|':... 2,1,701||||_606_||2.64|.
2.79|1,325| |Global||78,579 !−.,.||||.14,04;|3,466||4.41|7.86|3,466| ||TOTAL INTERNATIONAL EQUITY|190,724 :..;||'||1.4,50.9/|8,060||**4.23**|**6.58**|10,009| |PROPERTY|PROPERTY|,
44,420 ,||||44,3451|1,801||**4.05**|**4.06**|2,221| |CASH AWAITING INVESTMENT||41,699||||43499;|128||**0.31**|**0.31**|0| |T O T A L O F ALL INVESTMENTS||,.
2,779,991||1,946'42,|||126,875||**4.56**|**6.67**|135,706| ## |**6. PORTFOLIO STRUCTURE FOR THE PERI**|**OD ENDED 31 DECEMB**|**E**|**R 2022**||||| |---|---|---|---|---|---|---|---| ||||||||**Market**| ||**Market**
**Original**||||||**Value**| ||**Value;**||**•−• C o t**||**Income**||**in Category**| ||**0/0!**||**ejc,**||||| |**FIXED INCOME**|5.2%||8.2%1||4.6%||| |U.K. **EQUITIES**|||||||| |Oil & Gas Producers|6.l%?.!•: •|'|5.7%1||4.8%||7.3%| |Oil Equipment & Services|0.1%; •||'..0.5%.]||0.0%||0.2%| |Chemicals|O.4%;...||**0**: ' o
:8%1||0.3%||0.5%| |Mining|12.3%||||24.7%||14.6%| |Construction & Materials|||||0.9%||1.5%| |Aerospace & Defence|2.3%||||1.3%||2.8%| |General Industrials|5.2%||−2:7;%.;!||2.6%||6.1%| |Industrial Engineering|1.0% •||0.7%;||0.4%||1.2%| |Industrial Transportation|1.3%;
•|'|:3:3%||1.9%||1.5%| |Support Services|||„||0.0%|•|0.5%| |Beverages|||||2.3%||4.5%| |Food Producers|1.3% v.||1:3%)||4.3%||1.5%| |Household Goods −Home Construction
Personal Goods|2.5%
2.3%1.:||:3.4%1
6.0%1||5.5%
1.7%||2.9%
2.7%| |Tobacco|1.9%||2.1%;||2.8%||2.2%| |Pharmaceuticals & Biotechnology||...40%|||5.7%||12.3%| |Food & Drug Retailers|1 . 4 % . .||||**1.7%**||1.6%| |General Retailers
Media|2.2%
t
1.3%1'||.4.0%1
•'.211%||0.9%
0.8%||2.6%
1.5%| |Travel & Leisure||'•|48%1||1.1%||4.4%| |Fixed Line Telecommunications|0.8%|.:,1,6%1|||1.3%||1.0%| |Mobile Telecommunications|0.5%||||1.1%||0.6%| |Electricity|||||1.1%||1.2%| |_Gas,_ Water & Multinationals|||||3.8%||4.8%| |Banks|||.13q||2.4%||3.6%| |Non−life Insurance||||−−2:8%|||−1.4%| |−Lifelnsurance
_
Real Estate & Property Investments|5.5%.1...:
0.4%r''|T4) ..
FO:8%)|||_5.2%.,
0.3%||0.5%| |Financial Servicgs.&_Priv.ate.Equity
Equity Investment Instruments
Funds
Software and Computer Services|1.9%,:−..f..−−,•.13**.**.2%••.....−−24%
1,3% **.**' .
•'−'/.
3,0% •−•
..E1%1
.,..,. ,•.,
,
OW
1.1%
1.3%
/,'.
0.3% r'i
0,7%;
0.3%||||||1.9%
1.6%
3.5%
0.4%| |Infrastructure & Renewable Energy|0.6%||6.854||0.7%||0.8%| |**TOTAL UK EQUITY**|.
**84.8% :_ „**|**Eif.i.i**|||**87.5%**||**100.0%**| |**INTERNATIONAL EQUITY**|**6.9% "**|**−6.46/0‘**|||**6.4%**||| |**PROPERTY**|**1.6%; .**|**. −**|||**1.4%**||| |**TOTAL CASH DEPOSITS**|**1.5%**|**−−**
**22%.**|||**0.1%**||| ||**,**||||||| |**PORTFOLIO TOTAL**|**100.0% VI**||**B%Oi**|**100.0%**|||| ## ## ||**2,022**||||**2,023**|**Better/**| |---|---|---|---|---|---|---| |**Budget**|**Actual**|**Better/**|||**Budget**|**(worse)**| |||**(worse)**||||Than 2022| |£|£|£||**INCOME**|**£**|**£**| |112,178|126,747|14,569||Investment Income|136,000|9,253| |12|361|349||Bank interest|50|−311| |**112,190**|**127,108**|**14,918**||**Total Income**|**136,050**|**8,942**| |||||**EXPENDITURE**||| |75,000|55;249|19,751|−|Charitable gifts|80,000|−24,751| |550|550|0||_
Independent Examination Fee|550|−0| |2,500|2,378|122||Investment Management fee|2,400|−22| |4,200|4,200|0||Administration Costs|4,200|0| |1,750|1,750|0||Researching grant expenditure|1,750|0| |400|280|120||Sundry expenditure|700|−420| |**84,400**|**64,407**|**19,993**||**Total Expenditure**|**89,600**|**−25,193**| |||||**EXCESS OF INCOME OVER**||| |**27,790**|**62,701**|**34,911**||**EXPENDITURE**|**46,450**|**−16,251**| |||||**GRANTS DISTRIBUTED AS %**||| |**73.0%**|**46.8%**|||**OF INCOME NET OF OPERATING**|**63.3%**|| |||||**EXPENSES**||| ||||**RECEIPTS & PAYMENTS BUDGET 2022**|||| ||**2022**||||**2023**|**Better/**| |**Budget**|**Actual**|**Better/**|||**Budget**|**(worse)**| |||**_(worse)_**||||Than 2022| |£|£|£||**RECEIPTS**|**' £**|**£**| |109,000|123,366|14,366||Investment Income|132,000|8,634| |0|0|0||Tax recovered|0|0| |12|361|349||Bank interest received|50|−311| |0|0|0||Loan repayments|0|0| |0|0|0||Sundry income|0|0| |0|0|0||Transferred from investment funds|0|0| |3,351|3,351|0||General Ledger|3,380|29| |**112,363**|**127,078**|**14,716**||**Total Receipts**|**135,430**|**8,351**| |||||**PAYMENTS**||| |31,021|22,400|8,621||Charitable gifts prior year|4,618|17,782| |60,000|58,701|1,299||Charitable gifts current year|70,000|−11,299| |0|0|0||Loans Paid|0|0| |8,000|8,109|−109||Expenses|9,050|−941| |100,000|100,000|0||Transfers to investment funds|50,000|50,000| |550|1,300|−750||General Ledger|1,050|250| |**199,571**|**190,509**|**9,062**||**Total Payments**|**134,718**|**55,791**| |**−87,208**|**−63,432**|**23,776**||**NET CASH (OUTFLOW) INFLOW**|**712**|**64,143**| |**168,879**|**168,878**|||Opening Bank Balance|105,446|| |−87,208|−63,432|−23,776||NET CASH (OUTFLOW) INFLOW|712|| |**81,671**|**105,446**|**23,775**||**CLOSING BANK BALANCE**|**106,158**|**712**| ## ## ## ## |K L Maddox|| |---|---| |Trustee and Secretary|| |15th February−2023−−−|−
−| |c/o Mentor HVBS (UK) Ltd|| |Grange Road|| |Cwmbran|| |Gwent|| |NP44 3XU|| |Telephone −
01633 834057|| |Fax
01633 834051|| |−|| |E Mail
−cwmbrantrustameritor.com|| |Webb
−
vAwi.cwmbrantrust.co.uk|| ## ## ## ## ## ##