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CHARITY COMMISSION | _ FIRST CONTACT -6 MAR 2024 ACCOUNTS RECEIVED
THE CWMBRAN TRUST
(REGISTERED CHARITYNUMBER 505855 )
TRUSTEES' ANNUAL REPORT
and
ACCOUNTS
For the Year ended
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31 DECEMBER 2023
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|Pils|tl|4|THE CWMBRAN TRUST|
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|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|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|purchased|18|
|3|Capital|restructuring|of 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 2024|26|
|Notice|of Special|Meeting|27|
|Notice|of Annual|General|Meeting|28|
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THE CWMBRAN TRUST TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
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TRUST STATUS, SERVING TRUSTEES AND ADMINISTRATION DETAILS
Charity name The Cwmbran Trust Other names the charity is known by The Girling Trust Registered charity Number $05855 Charity's Principal address C/O Cummins Meritor HVBS (UK) Ltd Grange Road Cwmbran, Gwent NP44 3XU
Names of Trustees who manage the charity
Dates acted Current Trustee Names Office if not for term Name of Person Held whole year ends (or body) entitled Co-opted Trustees to appoint Trustees M Poulton ‘ Chairman March 2024 Co-opted Trustees D J Bassett March 2025 Co-opted Trustees B J Cunningham. MBE. KSG March 2025 Co-opted Trustees K L Maddox. Secretary March 2026 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 2027 Torfaen County Borough Council Custodian Trustees For Investments Investment Portfolio Managers Bank of 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 CF10 3DP
Administration Staff
MG Williams Gift Research Officer Independent Examiner Mr P Nash MPA, CPFA Lyncrest . . Pentrepiod Road Pontnewynydd Pontypool NP4 6RG Bankers. Lloyds TSB Bank Ple CAF Bank Limited 1 Gwent Square 25 Kings Hill Avenue Cwmbran West Malling NP44 1XN Kent ME19 4JQ
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TRUSTEES’_THE CWMBRAN TRUSTANNUAL REPORT . FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees take pleasure in submitting their Annual Report and Accounts for 2023, which is supplemented by the separate Investment report on pages 8/9, which deals with the performance of the investment portfolio.
STRUCTURE, GOVERNANCE and MANAGEMENT
Governing Document and Constitution
The Cwmbran Trust was created out of the former Girling (Cwmbran) Trust in March 1998 by way of a “Scheme” provided by The Charity Commissioners for England and Wales under the power given in the Charities Act 1993. The “Scheme” amended the original Girling (Cwmbran) constituted Trust Deed registered under the Charities Act 1960 only in respect of: (1) Changing the name to The Cwmbran Trust (2) Enlarging the area of its operation to Cwmbran Town, postal district NP44 (3) A requirement that both nominated and co-opted Trustees be elected to serve for a term of four years, although they may offer themselves to serve further terms. (4) The Chairman to be appointed from one of the co-opted Trustees for a term of one year at the first management meeting in the calendar year. These combined Trust Deeds gover the policies and procedures on which the Trust is to be administered.
——--—-- —-Summaryof objectives”
ST
The Cwmbran Trust aims to benefit the community of Cwmbran Town (NP44) in such charitable ways as the Trustees think fit and the advancement of education, the provision of social amenities and the relief of poverty, distress or sickness.
Trustee selection and training
The power of appointing new Trustees is vested in the surviving Trustee or Trustees. Such appointments must be made at a meeting specially convened for the purpose. However, at least three Trustees and no more than five must be co-opted from people of some standing in society and two Trustees are to be nominated by Torfaen County Borough Council who must be Councillors elected to represent a ward within the area of (NP44) Cwmbran Town.
Induction and training of Trustees is an ongoing process aided by The Charity Commission newsletters, and updated publications. From time to time, Trustees may also attend seminars on important topics relevant to the Trust’s operations. Use is also made of information made available from our investment advisers, which helps to ensure that Trustees are kept informed and up to date with the latest proposed changes to both legal and recommended practices before their required implementation date.
All Trustees are provided with a copy of the Trust Deeds and appropriate Charity Commission publications relative to the Trust’s operations, together with a copy of the Investment Policy Statement. New Trustees receive comprehensive induction training on all aspects of the Trust Deed and amendments, the history and background to the Trust, the organisation structure, financial reporting and investment policies in place and the gift application procedure to achieve the Trust’s objectives.
Statement of Trustees Financial & Other Responsibilities
The Trust Deed requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the situation of the Trust as at the financial year-end of the income and expenditure of the Trust for that period. In preparing those financial statements, the Trustees are, required to:
- a) Select suitable accounting policies and then apply them consistently. b) Make judgements and estimates that are reasonable and pertinent. c) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust’s operations will continue.
The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy, at all times, the financial position of the Trust. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Organisation structure
The administration of the Trust is overseen by the Secretary who is also a Trustee supported by a Gift Research Officer. The Trustees have engaged an investment company who transact al! changes to the portfolio with individual investments registered in the name of a nominee company. As the principal objective is to maximise income for distributing for charitable purposes and with earning yields presently above average, changes to the portfolio are decided by a subcommittee of Trustees against a previously agreed Investment Policy Statement. The Trustees have elected to subject this report and accounts to an independent examination.
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Trustees’ Annual Report — continued
Major risks and procedures to manage them
The major risk to the Trust is a reduction in the value of its investments, reduced income, or a combination of the two. The Trust therefore maintains a close watch on all investments to mitigate these risks as far as possible. The performance and changes to the portfolio are reported at each meeting of the Trustees with all changes made during the year reported separately together with the effect on income and comments on the state of the world markets and economic climate. Each year the Investment Policy Statement is reviewed and agreed to ensure that it retains relevance to the Trust’s Objectives and the investment market environment.
Summary of main activities in relation to the objectives
From the beginning, the Trustees have adopted the policy of disbursing, by way of charitable gifts, the surplus income from the Trust Fund, which derives from dividends and interest received from its investments less expenses which are kept to a minimum with no Trustee receiving any form of payment. Interest free loans can also be provided where the quality of life of beneficiaries can be improved.
Prudent past investment policies also enable the Trustees to make substantial donations to major projects from capital without detracting from their normal practice regarding spending the Trust Fund’s surplus income.
The Trustees plan to hold five meetings annually but can meet more frequently should the need arise.
Applications for gift aid are investigated on behalf of the Trustees by the Gift Research Officer, and the information provided this way assists the Trustees in deciding whether to makea gift or not. When the Trustees judge it would be helpful to improve their understanding of the request, applicants are invited to put their case to the Trustees in person. Where an application must be dealt with urgently, for example, because of the pressure of time or of need, Trustees __ May be contacted by e mail or telephone in order that an early decision can be made. Items dealt with in this way are then ratified and recorded in the minutes at the next meeting of the Trustees.
The Trustees have complied with their guidance duty as published by the Charity Commission on public benefit.
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ACHIEVEMENTS and PERFORMANCE
Although only four meetings were held rather than the usual five in 2023, we have dealt with sixteen applications by email between meetings. We have increased our support to applicants where required in order to complete their applications by offering to visit them. It is a concern to us that individuals ask for an application form with some never completing one, despite constantly being offered our help. Unfortunately, we are not the only charity who encounters the same issues. Last year we mentioned that in December of that year, a donation to the Torfaen Citizens Advice bureau of £10,000 took effect for them to provide vouchers towards those suffering fuel poverty in the NP44 area. Following a successful review of the programme we again in October of 2023 provided a further £10,000 of . support. At the end of December 2023, the number of people receiving support vouchers was 188 costing £11,447.
A total number of 67 direct gift applications were received in the year with of which 55 beneficiaries (82%) were successful totalling £87,600 an increase of 11 additional gifts (25%) compared with 44 costing £55,249 in 2022 resulting in an increase of £32,351 (59%) in 2023. We also supported local food banks and individuals with food vouchers again in 2023 and a number of applicants for carpets, curtains, furniture white goods and building work.
There were four unpaid gifts at the end of 2023 totalling £26,709 for The Oakfield with Nature project £11,150, a wet room for a severely disabled person £10,682, one for a disabled person to create a safe outside area costing £4,577 and a gift to The Cwmbran Pensioners club of £300. Together these total 23.3% of the £114,673 of net income.
Summary of gifts by beneficiary category
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2022 2023
Beneficiaries No of Gifts Amount | No of Gifts Amount
Provided £ Provided £
Charitable & Religious Organisations 2 9,200 2 22,763
Education Establishments 2 18,750 1 3,750
Arts/Entertainment 3 1,150 2 950
Sporting Associations 3 5,573 1 2,833
Local Groups for Pensioners/Disabled 4 5,396 10 12,950
Individuals 30 15,180 39 44,354
Net Total Gifts 44 55,249 55 87,600
Number of Gifts Applications Rejected 10 0 12 0
Total Gift Applications a ee 87,600
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THE CWMBRAN TRUST
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Gift & Loan Awards 2019 to 2023
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« Trustees’ Annual Report — continued Key aims and objectives set for the future
In 2024 we will again be working alongside the Torfaen Citizens Advice Bureau in order to alleviate fuel poverty and seeking out new opportunities to help the residents living in the Trust area via the agencies of The Torfaen County Borough Council local organisations and schools etc. We recognise the need to provide aid for food banks as food donations by supermarkets, (removal of sell by dates on many products), are falling.
We have allocated a gift aid budget of £90,000 for 2024 but this can be increased if needed. Despite a 6.7% increase in benefits from April 2024 there is little doubt that with food inflation stubbornly remaining at around 10% against a reported overall lower inflation headline of 4%, food prices are taking much longer to reduce. In addition, energy cost increases take effect in January 2024 together with the end of the three annual £300 cost of living support payments from April 2024. These together with no sign of interest rates reducing in 2024, will likely see an increasing number of people struggle to pay their bills. In addition, job vacancies are falling leading to an increase in unemployment levels.
We know from letters of thanks that the gifts we make truly make an improvement to the lives of recipients and their families particularly when we supply items such as carpets, curtains, fridges and washing machines which often they have gone without. Such gifts not only improve their lives considerably but enables them to take more pride in their surroundings. In recent years such gifts have played an increasing request for help, one we expect to continue. ~
One of our main aims from our relatively strong financial position, for several years now, is to maximise our income from the investments held and keep our operating costs to the lowest level possible which has been successful.
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. Policy on reserves "The ability to hold reserves and provide for annual increases in gifts/loans requires not only protecting income levels “but taking opportunities to increase it, whilst at the same time growing/protecting the capital value of the portfolio. Investment policy ; A comprehensive Investment Policy Statement is drawn up each year and agreed by the Trustees. The main clauses from this policy are as follows:
Objectives
‘The Trustees intend that the real value of the Trust’s assets be maintained and enhanced over the long term by an investment in a portfolio comprising excellent quality equities, fixed income (bonds) and cash, having a split appropriate to the predicted future market conditions. The income earned on the assets is to be transferred monthly to the Trust’s operating bank account so that the surplus after expenses may be applied for charitable purposes.
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Level of return and attitude towards risk
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The Trustees adopt a medium risk level with the portfolio arranged in such a way as to deliver above average income levels.
The time horizon of the Trust
The Trust is organised and administered as an ongoing concern based on a policy of distributing, by way of charitable gifts, the surplus income from the Trust Fund. Investments should therefore be held as medium to long term.
Restrictions on Single Holdings & Ethical Constraints
Except by prior agreement, no investment at the time of purchase should represent a level above 5% of the total portfolio value see note 10.3 page 17. The Trustees have not identified any ethical constraints but to keep this aspect under review.
Review of financial schedules
The notes to the accounts and accounting schedules found on pages 15 to 25 provide supporting details to the Statement of Financial Activities, Balance Sheet and Cash Flow Statements on pages 12 to 14 which enable a yearon-year comparison to be made. There have been no changes to accounting policies or procedures in the year under review. The account formats and notes comply with the latest Charity Commission’s Statement of Recommended Practices (SORP) and The Charities Act. Full details of individual investments at their market values and cost at the year-end, together with the 2023 actual and projected 2024 incomes, are listed on pages 20/23. The balance sheet includes all commitments (gifts/loans) made by the Trustees irrespective of their payment timing with amounts due to the Trust also included. The five years financial results are shown in selected graphical format, on pages 4, 11 and 19.
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Trustees’ Annual Report — continued
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)
Overview of the financial position of the Trust
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|2022|2023|Increase/|Change|
|£|£|decrease|%|
|Total|income from|all sources|118,507|120,585|2,078|f|18|
|Special|Dividend|8,601|0|(8,601)|(100.0)|
|Total|Income|127,108|120585|(6,523)|(5.1)|
|Less|operating|expenses|9,158|5,912|3,246|
|Income available|for|gift aid|117,950|114,673|3,277)|||[(2.8)]|
|Charitable|gifts awarded|Net|||-§5,249|||87,600|32,351)||(58.6)||
|Number of beneficiaries|PaaS25|
|62,701|27,073|35,628)|||[(56.8)]|||
|——~——|Operating|Cash|at|year|end|105,446|103,697|1,749|
|a|
|Amountear|from transferredoperating|cashto Investments|in|100,000|-||50,000gs0001|0.000150,000|150.0)|||
|a|
|3,383|3,995| 612||18.0|
|a|
|6,219|28,009|21,790)|||[(450.4)]|_||
|ee|
||NetCurrentassets|||102,610|||79,683|22,927|
|Investments Comparable|amounts|2,679,992|2,906,361|226,369|||[8.4]|
|100,000|50,000|50,000|
|Value|of Investments|at|year|end|2,779,992|2,956,361|176,369|
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Comments
The total 2023 income at £120,585 was lower than 2022 by £6,523 (5.1%). The lower income shows a mix by category with dividends from Equities down by £10,622 (8.8%) due to the loss of special dividend payments from mining and reductions from life insurance of particular note. Partially offsetting the Equity loss was an increase in Bond income of £1,481, higher interest receipts £1,608 and a one-off payment from Barclays following the close of the account some years back of £1,008.
Following the retirement of the Assistant Secretary who has not been replaced and lower portfolio management charges total operating costs at £5,912 were lower than the previous year by £3,246 (35.4%)
The operating surplus of £27,073 in 2023 compares to £62,701 in 2022 a reduction of £35,628 occasioned by lower income of £6,523, plus higher gifts granted of £32,351which were partially offset by lower operating costs of £3,246
Creditors increased during 2023 from £6,219 to £28,009 which includes four unpaid gifts of £26,709.
Operating cash at the year end at £103,697 shows a small decrease of £1,749 but still covers creditors by 3.7 times. The remaining net current asset valuation of £79,683 provides a sufficient margin of safety for a number of months before new income which accrues monthly is taken into account.
_ The value of investments increased by £176,369 (6.3%) which when added to investment income of £119,022 to give £295,391 represents a return 10.6% in the year 2023
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For the first time since the Trust was formed the net worth has exceeded the £3million mark at £3,036 million.
Looking ahead to 2024
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We expect 2024 to be every bit as challenging as 2023 and possibly more so as Cost of Living Grants are withdrawn energy costs increase and the world political situation shows no signs of abating with the shipping issues in the Middle East likely to increase inflation and possible disrupt availability of some items. As in previous years the Trust stands ready to help such people or the organisations serving these groups in our area in the coming year.
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« Trustees’ Annual Report — continued
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In 2024 we have initially allocated up to £90,000 for gift aid but more can be made available should the gift requests support it. We intend to build on the work already started to encourage more people needing help to apply to the Trust by offering help in completing applications by either visiting our office or paying thema visit.
Acknowledgement
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As Chairman I again wish to record my gratitude to all the Trustees some of whom undertake additional outside charity work and the Administration Staff who served in the year often under difficult circumstances. Their dedication and support provided to the Trust over many years has enabled the Trust to build up a successful reputation which is recognised by many outside bodies and individuals alike.
Yet again my thanks to the Directors of Cummins Meritor for their continued support of the work of the Trust over many years. The provision of essential office accommodation and services, at no cost, allows the Trust to operate efficiently and provide additional gifts to local organisations and individuals alike.
Notice of the Special & Annual General Meetings can be found on page 27 and 28
» NW. Vo JL. M Poulton Chairman and Trustee Date: 4" March 2024
B J Cunningham MBE, KSG Trustee Date: 4" March 2024
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THE CWMBRAN TRUST
PORTFOLIO PERFORMANCE REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023
Portfolio Performance Overview 2023
At the year end the Trust held investments in 111 individual companies eight more than 2022, having lost | toa takeover, purchasing 6 new investments plus 3 demergers. The total market value of investments at the period ended 31° December 2023 was £2.956 million (original Cost £1.947 million an uplift over market values of £1milion (51.8%) which includes an additional investment made in the year of £50,000 and cash awaiting investment of £3,438: a total increase of £176,369 (6.3%) over 2022 or £126,369 (4.5%) after allowing for the £50,000 of new investment made in 2023. During the year, one company Micro Focus was subject to a takeover, together with returns of capital from Glencore and Aviva UK Property realising a total of £12,941. Six new investments were made in 2023 in Tritax Euro Box, Digital 9 Infrastructure, ITV, Octopus Renewables, Somero Enterprises and Harbour Energy, with five investments in existing holdings totalling £101,201.
The 2023 income generated from the portfolio dividend receipts and interest was £119,022 3.99% on-market——-—— ——_————— -value-and’6-1% on original cost comparedto the 2022 income of £126,875, a decrease of £7,853 (6.2%) Included in the income was a one-off benefit of £1,008 received following the closure of the Barclay investment account. Excluding this sum, income was below the 2022 level by £8,861 (7.0%) which is attributed to the loss of special dividends received in 2022.
The number of holdings by valuations and income by financial markets at the year-end were as follows:.
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Market Number | Year End Original 2023 | Income | Income
Segment of Market Cost Income | Return Return
Holdings | Valuation on on
December Market | Original
2023 Value Cost
| |Number [£000 sooo] et] % |
FTSE 100 1890 1004 72,5867,357| 4.843.84 | 4.697.23 |
Companies
FTSE250 31 420 419 16,511 3.93 3.94
‘Companies
FTSE 350 7 127 116 2,942 2.32 2.54
Companies
Australis, 3 125 6,166 9.07
South
Africa &
Aim Markets
Overseas 191 128 9,380 4.92 7.33
Holding
Property 52 2,665 §.11
Funs
3 3 408
Cash
2956 1947| 118,014| 3.99| 6.06 |
FTSE December | December Change %| “Trust %
INDICES 2022 2023 In Year Change Market | Income
Values
7452 7733| 281] 3.8] 63.9 | 61S |
18853 19690| 837] | 142 | 14.0
All Share 4 114075 42 74|31 60 | 89 |S
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. PORTFOLIO PERFORMANCE REPORT FOR THE YEAR ENDED 31" DECEMBER 2022
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There were thirteen company investments held throughout the year who failed to make any dividend payments, although again Glencore did return £2,277 as capital to the investment account. There was however better news on this front as M&S, Babcock International and Easy Jet all declared dividends which although small at £185 payable in 2024 with hopefully more to come later in the year. In addition, most market segments improved in 2023 with a number of individual company share values recording big increases such as Rolls Royce +£8,260 (221%), BAE Systems +£16,516 (30%), Easy Jet +£3,014 (57%) whilst Travel & Leisure as a group improved by +£27,065 (28%), IMI +£5334 (31%), Royal Mail +£2719 (31%) but remain well below cost. All builders recovered by +£15,838 (23%) Supermarkets +£24,305 (51%), Financial Services and Private Equity increases by +£15,248 (29% with 31 Group improving by +£20,786 (56%). As can be concluded most market segments improved during 2023 with a few disappointments, namely Diageo -£9528 (22%), Tobacco -£13,288 (23%), General Retailers -£7,827 (13%) with Life Insurance lower by -£8,738 (6%). In conclusion market improvements were encouraging being mostly across the board with a few disappointments.
There were fifty investments in the FTSE 100 at the year-end one more than in 2022 with notable companies leaving the Index being BHP who joined the Australian market, with demotion to the FTSE 250 for Persimmon, Hargreaves Lansdown and ABRDN, (financial services company) with promotion for IMI, Howden Joinery and returning was M&S. There were no changes to the number of holdings in Bonds, FTSE 250 or Overseas investments and Property.
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Investments by main market grouping were Bonds £152,059 (2022 £145,160) +4.8%, UK Equities £2,562,522 (£2,357,989) +8.7% or +6.1% ignoring the additional £50,000 investment, Overseas Investments £190,698 (£190,724) a small minus and Property £47,644 (£44,420) +7.2%. The portfolio in total increased as previously reported by 6.3%.
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The return on the opening investment (income £119,022 and gains of £176,369) at £295,391 =a return of 10.6% or 8.8% discounting the additional investment of £50,000 in the year. The total portfolio growth of 6.3% in the year compares favourably with the All Share Index Growth of 3.8%. After allowing for BHP leaving the FTSE 100 in 2023 the remaining FTSE investments held by the Trust improved by 7.1% compared to the increase in the total index of all FTSE one hundred shares increased by 3.8%. The FTSE 100 reached a record in February 2023 of 8014 which it was unable to sustain, trading then for most of the year to the middle of November at circa 7450, the same level as December 2022. It was only from mid, November that the index improved to finish the year on 7733, an increase of 281 points 3.8%.
With many of the Trust’s FTSE 100 investments trading with as much as 75% of turnover in international markets provides a good spread in both value and income protection. The portfolio can therefore be considered reasonably well balanced, offering good opportunities for further recovery, more so as the index is considered by most analysts as undervalued. The Trust had two investment holdings at the year-end that exceeded the Trusts 5% market value policy, Rio Tinto (6.8%) and AstraZeneca (7.1%) occasioned by the large increases over cost in both these valuable holdings.
. Forecast for 2024
The FTSE 100 which accounts for only 4% of world markets celebrates its 40" birthday in early January 2024 but finds itself in a quagmire having made no progress since the start of the century and in the last decade has been total eclipsed by the US market where new technology companies are quoted as compared to older industries in the FTSE 100.
In 2023 a number of companies left the London market for the US which is a snub of London. These companies include ARM, CRH and Smurfit have moved their main listings to New York with TUI (Frankfurt) and Person Press suggesting it may move also. There has been limited Public Offerings in the last two years which needs to be actively addressed, but two possible new comers Air Astana and the Kazaks Sovereign Wealth Fund plan to raise funds through listings. Despite these comments all London FTSE indices continue to provide above average income levels often increasing by 8% year on year with the Trust’s income forecast to increase by £9,289 (7.9%) in 2024. Financial analyists are forecasting the FTSE 100 to end 2024 at 8,000 but much will depend on world political events particularly in the Middle East where disruption to shipping is driving up both inflation and product shortages. Inflation and interest rates will also be a major issue in 2024.
Future Investment Consideration
At the time of writing there is no recommendation to transfer money from the operating cash to the investment account. Such transfer will be considered as the year 2024 progresses.
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K L Maddox Trustee & Secretary January 2024
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Independent Examiner's Report to the Trustees of The Cwmbran Trust Charity Number 505855 On the accounts for the year ended 31st December 2023 set out on pages 12 to 17
Respective Responsibilities of Trustees and Examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
my[responsibilityto:]
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examine the accounts under section 145 of the Charities Act
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to follow the procedures laid down in the Genera! Directions given by the Charity Commission (under section 145(5)(B) of the Charities Act), and
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to state whether particular matters have come to my attention.
Basis of Independent Examiner’s Statement
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanation from the trustees concerning any such matters. The procedures undertaken do not provide all of the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent Examiner’s Statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act;
-
To prepared accounts which accord with the accounting records and comply with the accounting requirements requirements of the Act have not been met; or
-
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts
to be reached.
----- Start of picture text -----
Signed “Oh \.) . Date: 4th March 2024
----- End of picture text -----
Name: Philip Nash
Relevant professional qualification: MPA, CPFA.
Address; Lyncrest, Pentrepiod Road, Pontnewynydd, Pontypool Torfaen NP4 6RG
Page 10
“
.
Historical Financial Performance 2019 to 2023
1 Revenue Performance
----- Start of picture text -----
Trust Income in £000's 2019 to 2023 Surplus/(Deficit) Over Income 2019 to 2023 £000's
| oe Ea Me Ee) SES Spree 2021 ET] £69 |
! eee aes et ce Bead Ea eg ae fee eee nC]— TT
| eas os 2078 beecd pope ae oh pie aS raes 2020 FREER Se
| Be Ua geareeanee eeCe 2019 See ] £72 |
2 2019 © 2020 2 2021 2022) 2023 £0 £10 £20 £30 £40 £50 £60 £70 £80
Operating Expenses 2019 to 2023 % Return on Investments 2019 to 2023
< Average Valuation
|
i
2023 SoomREPRO REGS Oe pages pg ieeeRR EEN . . 5.0% 44% 4.6%9, 42.04
: 2022 a . 4.0%. ree ee a a Lae EL ig
|| non (ewho 3.0% eeee be
————————— ee on 2.0% BeCree RE eS Ee ISid
| 2020 Bee ee er ED OG Re ee ees he PLEO lig igiL RO ee POPE ee nd
| a ”
2019 [ee ee eaeeG 0.0% (SN eee
| £0 £2,000 £4,000 £6,000 £8,000 £10,000 2020 021 0
|
2 Asset Performance
| .
|: Net Current Assets £000's£140, 2019 to 2023 Investments at Market Value £000's
!:. ee[oePETGROaalaeeeGES, TeooeeS |e,ee[eee eSRRR | seineeeRan cenaTeeee SL eeeeee ages eee 3,00022.800900. -eeeeeerSeeEEee eee2 TAhe eeae
Loea ae | , PeONGg a ae
A ee perelles te Ce celia) Maarten) | ENB sear 2,600
| eee oe oeoe 2,500 |NN Gagg
eesoo |Sapaeh |CAE SESS NR aeddeePema PSG aedeeFee ed cos eeeEee Lege ee eeBEA , 2SROTATE EAGLEce oasis it
ee ee ee ee ee 2300 -——_
eS coe Beer ecstatic Me ed a ec Me Re Bee ee eeeee ee ae ee
'; Pelea Pareee Pee co eeee a USee OARee 220 ———— — :
iene Sieiseos PCH gah [SESS Ee | ae SS Ba ai pened Ree eaves 2019 2020 2021 2022 2023
2019 2020 2021 2022 2023
clamberne ite iad Annual Net Assets % Change 2019 to 2023
20.0 (based on average capital employed) :
ey40oeee ee ee
2023 A A A a 15.0 j-ae ie Rel EEG POCRe ee ee me
036 10.0 oo ee eeee
2022 2,88 5.0 pdt eee eee : eee We aADs
2021 £2,93. PoeFeito rrecrmmcd TAR Eat tice oe eeeie EgeEe fyceaece ee teeOE faleTree echoes ¢ 2
2020 5 50 (oea ce
2019 TES 831 10.0 aBactinccimiitenns ee a ee :
£2,300 £2,400 £2,500 £2,600 £2,700 £2,800 £2,900 £3,000 £3,100 2019 2020 2021 022 2023 :
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Page 11
; eee
wee .
THE CWMBRAN TRUST
STATEMENT OF FINANCIAL ACTIVITIES - YEAR ENDED 31 DECEMBER 2023
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|INCOMING|RESOURCES|
|-|All unrestricted|funds|SORE|EeRTEE|
|Investment|Income|Serre|eee:|
|Gross|dividends from Equities|2|910,249:|120,871|
|Gross|Interest from Government|and|Corporate|Bonds|ast:|5,876|
|es|Deposit Interest from.Money. Awaiting Investment|AB|tg|_|
|Barclays|Wealth Management|Account|Closure|e008:|0|
|Incoming Resources from Investments|20/23|2:|419,022|26|BIS.|
|Interest on Operating Cash Deposits|oe|
|Incoming Resources|from Operating Cash Deposits|ET|S68:|234|
|TOTAL|INCOMING|RESOURCES|
|-|All|unrestricted|funds|120,585|127,108|
|RESOURCES|EXPENDED|
|-|All on unrestricted funds|ee|
|Investment Management|Costs|EE|908|2,378|
|Charitable Activities|87600:|55,249|
|Governance Costs|errr|
|Administration|Charges|E90:|4,200|
|Researching Requests|for Gifts|Eee|80.|1,750|
|Independent Examination Fee|E850:|550|
|Total Governance|Costs|SOLE|6,781|
|TOTAL RESOURCES EXPENDED|- Allon|unrestricted funds|93,812|64,408|
|NET INCOMING (OUTGOING) RESOURCES BEFORE|ee|
|OTHER RECOGNISED GAINS/(LOSSES)|27,073:|62,701|
|OTHER RECOGNISED GAINS AND LOSSES|ee|
|Gains/(losses) on Revaluation of|Investments held|at year end|ADT|OBS.|-107,442|
|Profit/(losses)|on|sale of investments|in current year|18|E16.|13,478|
|NET MOVEMENT OF FUNDS IN THE YEAR|153,402|-31,263|
|Total Funds Brought Forward|- All|unrestricted|funds|29,882,602|2,913,865|
|TOTAL UNRESTRICTED FUNDS CARRIED FORWARD|=3,036,044|2,882,602|
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Page 12
|
,
:
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||||||||||
|---|---|---|---|---|---|---|---|---|
|THE|CWMBRAN|TRUST|
|BALANCE|SHEET|-|31|DECEMBER|2023|
|All amounts|relate|to|unrestricted|funds|HE|2028.|2,022|
|FIXED ASSETS (Managed by Charles Stanley)|eee|
|Listed Investments|at Market Value|#8|2,952,923|2,738,293|
|Cash on|deposit|awaiting|Investment|eee|SAB:|41,699|
|TOTAL FIXED ASSETS|10/13|3,986,361|—-2,779,992|
|Interest|free|loans granted|7|0|0|
|Taxation|recoverable|8|Hea!|0|
|Amount due|from|Charles|Stanley|Beng|995:|3,383|
|Operating Cash|Deposits|eee|
|Bank balance|at Lloyds TSB|Plc|Hed GO3 4|24,432|
|Bank|balance|at CAF|Bank|EBT|466.|81,015|
|Total Cash|at Bank|03,697.|105,447|
|TOTAL CURRENT ASSETS|107,692|108,829|
|CREDITORS:|falling due within one year|ee|
|Charitable|gifts|1|36,709|5,169|
|Interest|free|loans|not paid|at year end|9|eee|0|
|Amount due|re:|Independent Examination|9|ees|550)|550|
|Amount|due|to|Charles|Stanley|9|see|30:|500|
|NET CURRENT ASSETS|9083|102,610|
|NET ASSETS|||3,036,044|2,882,602|
|FUNDS OF THE CHARITY|ee|
|CAPITAL ACCOUNT|V1|2914897:|2,738,529|
|INCOME ACCOUNT|12|eee|147:|144,073|
|TOTAL UNRESTRICTED FUNDS|©3036,044|—-2,882,602|
|||
|Signed|on|behalf of the|Trustees|
|NAN|CSaA|.|Unum|la|
|,||NW|ctice|
|M|Poulton|BJ|Cunningham|MBE, KSG|KL Maddox|
|Trustee &|Chairman|Trustee|Trustee|&|Secretary|
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Page 13 :
| | | | |
|
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||||||||
|---|---|---|---|---|---|---|
|THE CWMBRAN|TRUST|
|OPERATING|CASH FLOW STATEMENT|2023|
|Oe|
|CASH GENERATED|oe|£|
|Excess/(Deficit)|of Income over expenditure|ET|OTS.|62,701|
|Investment cash withdrawn|from|Charles|Stanley|Seeaetes||e|0|
|Loans|repaid/withdrawn|eo|0|
|TOTAL CASH GENERATED|E2073|62,701|
|CASH USED/(GENERATED)|ee|
|Cash|transferred|to Charles|Stanley|for Investment|230,000:|100,000|
|Tax Recoverable|Increase/(Decrease)|8|0|
|Creditor Charitable|gifts|(Increase)/Decrease|21540,|25,852|
|Sundry Creditors|(Increase)/Decrease|E20:|250|
|Interest Free Loans|Paid|in Year|Increase/(Decrease)|eeeeetet|0|
|TOTAL CASH USED/((GENERATED)|2|2B822|126,133|
|NET CASH INFLOW/ (OUTFLOW)|03,432|
|Opening Bank Balance|1st January 2023|22105446:|168,878|
|Net cash|(outflow)|inflow|in 2023|Ta|-63,432|
|Closing Bank Balance 31|December 2023|103,697|105,446|
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THE CWMBRAN TRUST
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|||||||
|---|---|---|---|---|---|
|INVESTMENT CASH FLOW STATEMENT|[-]|[2023]|ee|
|CASH GENERATED|Note|£|
|Investments|sold|at market value|4|2,941|59,482|
|Transfers|from|operating cash|©|£30,000:|100,000|
|TOTAL CASH GENERATED|2|@2941.|159,482|
|Investment|Purchased|at cost|5|104,201.|128,224|
|Transfers to|operating cash|oo|0|
|TOTAL CASH (GENERATED)/USED|045203:|128,224|
|NET CASH INFLOW/ (OUTFLOW)|45|38,260|31,258|
|CHARLES STANLEY INVESTMENT ACCOUNT|Oe|
|Opening Bank Balance|Ist January 2023|en|15098:|10,440|
|Net cash|(outflow)|inflow|in 2023|238.260.|31,258|
|Closing Bank Balance 31 December 2023|so|ae|41,698|
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Page 14
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THE CWMBRAN TRUST
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----- Start of picture text -----
NOTES TO THE ACCOUNTS - YEAR ENDED 31 DECEMBER 2023
----- End of picture text -----
----- Start of picture text -----
1. Basis of preparation
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1.1 Basis of Accounting
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These accounts have been prepared on the basis of historic cost (except for investments which
are shown at market value) in accordance with :
- Accounting and Reporting by The Charity Commission's - Statement of Recommended
Practice and with General Accounting Standards
- and with the Charities Act 2011
1.2. Change in the Basis of Accounting
There has been no change to the accounting policies (valuation rules and methods of
accounting) since last year
1.3 Changes to Previous Accounts
No changes have been made to accounts for previous years
)
2. Accounting Policies
2.1. Incoming Resources
Investment Income
This is included in the accounts when either received or advised.
Investment Gains and Losses
This includes any gain or loss on the sale of investments and any gain or loss resulting
from revaluing investments to market value at the year end.
Tax Reclaims
The Trust is able to recover UK tax on interest received provided it is applied to charitable
purposes. The Trust is not liable for Capital Gains tax. Tax on dividends is not recoverable.
2.2. Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing
the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of Trustee
meetings and cost of any legal advice to Trustees on governance and constitutional matters.
Gift Payable Conditions
Gifts are granted against a specified need and may only be used for that purpose. However
if the need on which the original gift was made is no longer required or appropriate then a
further gift application can be submitted.
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Page 15
|
| |
THE CWMBRAN TRUST
NOTES TO THE ACCOUNTS - CONTINUED - YEAR ENDED 31 DECEMBER 2023
- 2.3 Assets
Investments Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets if applicable are included at the Trustees' best estimate of market value.
- Analysis of Incoming Resources - Theanalysis is[provided][in][the][Statement][of][ Financial][Activities][on][page][12.]
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- - _
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- Analysis of Resources Expended
The analysis is provided in the Statement of Financial Activities on page 12.
- Support Costs
The Charity has no requirement to analyse its expenses by activity.
6. Details of Certain Items of Expenditure
6.1 Trustee Expenses
There were no expenses paid to Trustees during the year under review.
6.2 Fees for Examination or Audit of the Accounts
The amounts paid for the examination or audit of the accounts are shown for both years in the Statement of Financial Activities on page 12. No other fees were paid during the year.
- Paid Employees
The Charity has no paid employees.
-
Grant/Gift Making
-
8.1 Total Value of Gifts
An analysis of gifts by beneficiary category appears on page 3 of the Trustees Annual Report.
8.2 Gift Making Costs
All costs incurred by the Charity are detailed in the Statement of Financial Activities on page 12.
8.3. Grants Made to Institutions Gifts that are material in the context of its total gift making appear on page 3 of the Trustees Report.
- Tangible fixed assets The Charity has no tangible fixed assets
Page 16
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THE CWMBRAN TRUST
NOTES TO THE ACCOUNTS - CONTINUED - YEAR ENDED 31 DECEMBER 2023
10. Investment Assets
10.1 Market Value of Investments
Details by individual investment showing their market values and costs can be found on
pages 20 to 23.
10.2. Breakdown of the Income from Investments
Income by individual investment can be found on pages 20 to 23.
10.3. Material Investment Holdings
At the year end two investment holdings RioTinto Mining at 6.8% and AstraZeneca at
7.1% had increased market values greater than 5% of the total portfolio valuation as laid down
by the Trustees. Both companies were considered sound investments worth holding.
11. Endowment and Restricted Income Funds
The Charity has no endowment or restricted income funds.
12. Transactions with Related Parties
The Charity has no transactions with related parties.
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Page 17
| | ||
| | | | | | | | | |
THE CWMBRAN TRUST
1, PROFIT/((LOSSES) ON SALE OF INVESTMENTS - YEAR ENDED 31 DECEMBER 2023
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|||Item|Date|Company/Investment|Mkt Value|Sales|#55|Profit|
|||No'|sold|Dec21|value 22:|(oss):|
|||1|25/01/23|Part redemption of|Aviva UK Property Feeder|2871.081|2,233,|2,205|a8|
|||2|14/02/23|Take over of Micro Focus|1590|8,417|8,459|ad|
||!|3|01/06/23|Glencoe Return|ofCapital|4250|750|750|EEO|
|||TOTAL4|27/09/23 SALES|Glencoe Return of|Capital|6350|14,257)2,857|12,9411,527|25eBBBG:S30:|
|2.|INVESTMENTS|PURCHASED|- YEAR ENDED|31|DECEMBER|2023|
|I|
|Item|Date|Company/Investment|Quantity|“Purchase!|
|No'|Purchased|2::):e0st£:|
|1|22/02/23‘|Tritax Eurobox Plc|15000 2:|40:250:|
|2|22/02/23|_ Digital|9 Infrastructure|12500 10,176:|
|3|07/03/23.|«ITV|11200|22595993:|
|||4|07/03/23|Octopus Renewables|10200 10,074:|
|||5|31/07/23.|Somero|Enterprises|2650|:5:9,689:|
|||6|26/07/23|ITV|7100|22::.5,009:|
|||7|26/07/23|«ITV|;|7100|25255500.|
|||8|26/07/23|Aviva|1200|©|2:2545899:|
|||9|26/07/73|M&G|5000 10414:|
|||10|31/07/23|Ned Bank|500|eeSad|
|||11|31/07/23.|Woodside Energy|254 S18:|
|:|12|31/07/23|Glencore|2100|2:10,037:|
|13.|31/07/23|Harbour Energy|1935|25|S,09F|
|||TOTAL PURCHASES|cE|RO20E|
|:|Operating cash transfered|to|Investment account|250,000:|
|||NET INCREASE(DECREASE) IN CASH AVAILABLE FOR INVESTMENT|938,260|
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THE CWMBRAN TRUST
|
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||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|3.|CAPITAL RESTRUCTURING OF INVESTMENTS|- YEAR ENDED 31 DECEMBER 2023|
|Date|Company/Investment|Quantity|He|Values:|
|01/03/2023|Capital Counties|Properties|- Name Change|-3,780|
|EE|6,062:|
|0120|/0|34|/2023|MelroseShaftesburyIndustr Cap|i|tales|Demerger of|Dowlais Group|-143|,|780598 226,062)eH|8466:|
|20/04/2023|Revised Melrose|Industries|holdings|following demerger of|Dowlais Group|4,866|iG, 996:|
|20/04/2023|Dowlais|Group|demerger from|Melrose|Industrial Group|4,866|S820.|
|01/06/2023|Woodside|Energy|reduction|in|cost|following demerger from BHP|0|EE.|
|30/04/2023|Murray International Trust|-4,425|80,925.|
|01/09/202330/04/2023|JupiterMurray InternationalUnit|Trust Managers Trust|Ltd|Global|bond|-40,00022,125|2|90.995-25,604|
|01/09/2023|Jupiter Unit|Trust Managers|Ltd|Global|bond|40,008|25,604|
|14/09/2023|Jupiter|Investments|Series|1|&|Jupiter|small|companies|-28,699|-3,490|
|14/09/2023|Jupiter Investments|Series|1|&|Jupiter|small|companies|30,229|3,490|
|NET EFFECT OF CHANGES|epeeeecaa|
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Page 18
|
----- Start of picture text -----
o
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INVESTMENTS BY MARKET SEGMENT DECEMBER 2023
Corporate & Global
UK Cash Bonds 5.1%
Holdings 0.1%
Property \ -
A
ve. a“x ws a! oaa 1.6% ag - a &° ——s Pn
See) Non UK Investments fee oe a ® wo . ome
; Sook 6.5% “S .
re . ow UK Equities 86.7% a
. . es
; . a he mein in, camer no il ~
GEOGRAPHICAL ANALYSIS DECEMBER 2023
ERoein a eSOS2ST PropertyhEeme easCO A remem |KielTER Ltmre Asia 1.3 eaeFe esaeTe aeSER INaeORE a eeeRL bedES
ae ee ee On rn oe, 0 CASH 0.1 ae acne % PGE ge TER la UA Ce ia
ee ee OPO Pe eat Fh Ee Set cee on cee eer oe ee
Nees pteb os “oJ ALL BONDS F- | a - ee ee
Bee =~ ify America 0.6% & ae
ee oe “ td EuropenonUK [i ee
eee : a
oe wee L| UK quoted Equities —
Peers sash i ag __ ct . : fg ea : eS EE eo Be ay bey — Se mae e . — - = 7 : i aa . a
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:
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Page 19
| |
| THECWMBRAN TRUST | THECWMBRAN TRUST | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4. INVESTMENTS HELDAT THE PERIODEND - 31 DECEMBER 2023 | |||||||||||||
| 2023 | Gross Dividend | 2,024 | |||||||||||
| Holding StockDescription FIXEDINCOME |
Market[-“Originialf vaiue[ ~~. cost} 3 ee |
Gross income £ |
onMkt —vaiue % |
on Lost % |
Gross income £ |
||||||||
| CorporateBonds 16,852 InvescoFundManagers IPBond 233 |
Shares Core GBP | ;A- - 31,119}.225,321 29,176) 25;262 |
1,128 1,090 |
3.63 3.74 |
|||||||||
| wena: ean: 43,236 25,720 |
Barclays Global AccessGBLHigh Yield M&G InvestmentHigh Yield CorporateBond |
LSE 26,634} ©°.30,686 21,697) -3225,374 |
1,567 1,287 |
5.89 5.93 |
5.11 5.07 |
1,567 1,288 |
|||||||
| 9 40,008 23,882 |
Aviva Investors European Property Funds JupiterUTMgrs. StrategicBond Schroder Unit Trust Strategic Credit |
Skose 218 22,120) :25:604) 21,308) °24,588 |
0.00 1,113 1,170 |
0.00 0.00 5.034.350 5.49 4.76 |
0 1,117 1,170 |
||||||||
| __- | Tata] Corporate: Bonds Bond Bunds 22002522S EeTSR |
TSR 05902 SB BSS | eSB | AA | MOR | ||||||||
| 12,000 1,935 4,065 1,160 |
BP HarbourEnergy Shell Ple WoodsideEnergyGroup ** Oil&GasProducers |
55,938] « - "67,689 5,971 be8 553091 104,532]. ®..22,858 19,29) 21,538 185,732 “1175176 |
2,679 186 4,046 1,830 8,741 |
4.79 3.12 3.87 9.49 4.71 |
3.96 3.66 17.70 8.50 7.46 |
||||||||
| 2,800 | OikEquipment Nerviees en WoodGroup (John) ** |
Se Be 4,819) 10,045 |
0 | 0.00 | |||||||||
| 700 | Victrex ** Chemicals |
10,654] -15,300, | = 417, | 3.91 | 2.72417 | ||||||||
| ! | . | 3,741 6,350 3,425 10,750 |
BHP Group A Glencore RioTinto South32Mining ** Mining |
100,614} <45;590] 29,978 )) 15,985 200,089}. 70,201, 19,114)""19,145 349,795] 150,921] |
5,179 0 11,063 715 16,958 |
5.15. 0.00 5.53 3.74 4.85 |
11.36 0.00 15.76 3.74 11.24 |
7,478 2,590 11,064 = 1,022 22,154 |
|||||
| 6,828 8,450 — |
‘Construction & Materials::2 208 225008 Balfour Beatty" EEE EES Ibsstock Construction & Materials |
pee DONA20,437 12,802] -"" 20,170 35,416; *, 40,607 |
117—0o3.17,— 752 5.87 1,469 4.15 |
3.51 3.73 3.62 |
|||||||||
| 2,000 ‘Babcock Intemational Group * 6,490 BAE Systems |
7,900 [-2:." 10,570 72,071,* 20,075 |
0 1,824 |
0.00 2.53 |
0.00 9.08 |
34 1,823 |
||||||||
| 4,866 Melrose Industries * 4,000 —-RollsRoyce * |
27,610}. 6,596 11,9881" 4;986 |
292 0 |
«(1.06 0.00 |
4.43 0.00 |
(146 0 |
||||||||
| Aerospace& Defence | 119,569 # 42,227 |
2,116 | 1.77 | §.01 | 2,003 | ||||||||
| 3,111 5,200 1,333 |
Bunzl Smith(DS) Smiths Group * General Industrial |
99,241 |
.,14,200) 15,980 |
."20/162 23,507}. 85088 138,728}. 42,450 |
1,951 936 555 3,441 |
«1.97 5.86 2.36 2.48 |
|||||||
| 1347. | Electronic&ElectricalEquipment IMI * |
ee we 22,684). “533502 |
3571.57 | 10.19 | 357 | ||||||||
| 2,650 600 |
‘Somero EnterprisesAIMMarket Weir Group* ‘Total industrial Group |
9,938] °9689) 11,319} 22."10,146 21,2574 19,835) |
182 223. qs |
1.83 «197 1.90 |
1.88 577 2.19223 2.04 SVU |
||||||||
| 8,500 22,666 2,155 4,600 |
BraemarShippingServices * Esken Limited FirstGroup Royal Mail (international Distribution) * Industrial Transport |
23,375} - 20,363 27343. . 213592) 3,771fs, — $;295 12,517}... 20'374 39,936 “0!O7,624 |
340 0 63 0 403 |
1.45 0.00 1.66 0.00 1.01 |
1.67 0.00 1.18 0.00 0.60 |
= 1,020 0 95 0 = 1,115 |
|||||||
| ‘Support Sefvices!eo ae 1,854 DeLaRueaes 1,600 eo 10,874 1,050 Travis Perkins 8,700b. 10;072; Support Services 10,3001"~ 20:946 Denotes FI'SE 100 ** FYSE 250 *** FISKE 350 Small Cap * A= Australia SA= South Alrica&AIM |
0 410 410 |
0.00 4.7) 3.98 |
0.00 4.07 1.96 |
0 410 410 |
|||||||||
| , | |||||||||||||
| Page20 |
I
THE CWMBRAN TRUST
;
----- Start of picture text -----
4, INVESTMENTS HELD AT THE PERIOD END 31 DECEMBER 2023 - CONTINUED
2023 Gross Dividend 2,024
Shares Stock Description Market]-Originall Gross on Mkt = on Gross
Held value] “= “cost] income value Cost income
U:Ks ROURTIES 2 CON FINUED (2 ou endigian aia Oe
Automobiles & Parts ae
4,866 Dowlais Group ** 5,199]!-, 1,870 68 «131 03.64 0
Beverages: oe oe
7,965 Britvic — 66,946) 520,339} 2,342 «3.50 «11.51 2,453
1,200 Diageo * 34,272| >. 10,411 960 280 9.49 960
Beverages 101,218)>,.30,450| 3,302 3.26 10.84 3,413
Peod Producers 2583 Bots
3,6851,850 — HiltonTate&Lyle Food: 24,284].14,800] (715,193°°, 9,941 585682 3.95281 5.88449 585711
Food Producers 39,084]: 225,134] 1,266 3.24 «= 5.04 1,296
Household (Goods : Home Construction 45%: oe
4,000 Barratt Developments * 22,504]: 20,218} 1,348 5.99 6.67 1,348
2,525 Persimmon ** 35,072| >14,450, 2,020 $5.76 13.98 2,020
175 Rickett Benckiser * 9,485}. 10,132 327 3.45 9 3.23327
12,000 Taylor Wimpey * 17,646] 20,617] 1,148 «651 5.57 1,148
Household Goods & Home Construction 84,707 (265,417, 4,843 2.66 3.44 4,843
1,500 PersonaliGoody!Unilever 20% 57,000}.. oe747] 2,252 3.95 301.41 2,252
1,160 British American Tobacco * 26,628{ = 20,3891 2,640 992 12.95 2,678
700 Imperial Brands * 12,646} -:19,847} 1,010 7.99 5.09 1,028
Tobacco 39,274|° 40,236] 3,651 9.29 9.07 3,706
1,990 Pharmaccuticals'& Biotechiolegy filings OEE:
3,248 AstraZeneca Group * 210,940] 2:34;554; 4,669 2.21 13.51 4,669
5,760 GSK Haleon Plc Ord 47,1034"18,527] -.. -30;109|115646 1,803242 3.83«131 5.992.08 1,835242
Pharmaceuticals & Biotechnology 276,570|""76,309| 6,713 2.43 8.80 6,746
7,800 ‘Feod:Marks && DrugSpencerRetailers* : 21,247} ages16415 0 0.00 0.00 78
6,900 Sainsbury (J) * 20,880 [':s2..20;324 904 433 445 904
10,282 Tesco * 29,869} 245635 1,121 3.75 4.551121
Food & Drug Retailers 71,996 |:61374] 2,025 2.81 3,302,103
6,270 ‘General Retailers 2: aay ee
1,600 Halfords Group 12,496} 520/316 627 5.02 3.09627
4,500 Howden Joinery * 13,018}. 9:980 331 2.54 3.32 331
1,300 KingfisherWH Smith *** 10,94817,342 b3220;335[522=9:867; 558224 5.10«1.29 5.661.10 558376
General Retailers §3,804|.;='60;498] 1,740 3.23 2.88 1,892
1,550 Medias Fea tee
25,400 Auto Trader * 11,181 2%, 10,106 1301.16 1.29 136
1,400 ITV ** 16,073} 20,012 801 499 4.00 1,270
1,700 Pearson WPP Plc ** 13,49912,801}...|2913:85615,565 3072.27)670 5.23 2.21430 307670
Media 53,554|.: 59,539} 1,908 3.56 = 3.20—-2,383
640 Travel ® beisdve 2: Sey
2,218 Camival ** 8,403 | 19/989 0 0.00 0.00 0
1,626 Compass Group * 47,598}. 13;905 823. 1.73 5.92 956
20,800 Easy Jet ** 8,292 2s 12,712 0 0.00 0.00 2B
1,500 Marston'sWhitbread * 54,8407,030} |e"19:752|20406 . 1,2590 2.290.00 6.370.00 1,2580
Travel & Leisure 126,163] 86;464; 2,081 «11.65 = -2.41_—2,287
Denotes FI'SE 100 ** FISE 250 *** FI'SE 350 Small Cap A = AustraliaSA =South Atrica & AIM
Page 21 [ee om|
----- End of picture text -----**
~~
THE CWMBRAN TRUST
)
----- Start of picture text -----
||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|4.|INVESTMENTS|HELD|AT|THE PERIOD|END|31|DECEMBER|2023|- CONTINUED|
|2023|Gross|Dividend|2,024|
|Shares|Stock Description|Market|Original|Gross|on Mkt|on|Gross|
|Held|value|‘:":;|cost}|income|value|Cost|income|
|WK|EQUITIES|5|CONTINUED:|foes|ogBae:|
|20,900|BTGroup||25,833|30,904}|1,609»|6.23.|5.21|‘1,609|
|Fixed|Line Communications|25,833||:5-30,904|1,609|6.23|5.21|1,609|
|P|17,668|Vodafone Group||12,113|Pee: 21,208|1,382|11.41|6.52|1,378|
|‘Blecteteity|ines|
|1,681|Scottish & Southern|Energy||31,199 2420056|1,626|§.21|8.10|1,474|
|8,598|Centrica||12,093]|=.19,804|286|237|145|286|
|5,066|National|Grid||53,598]?|/122;267||2,809|5.24|12.61|2,888|
|2,055|Severn|Trent||52,999|wens 20,007|2,195|4.14|10.97|2,277|
|Gas, Water & Multinationals|118,690|Ls 62,078|5,290|4.46|8.52|5,451|
|Banke:|pe|Be|
|3,250|Barclays||4,998|non|13:679|250|5.01|1.83|250|
|6,020|HSBC|Holdings||38,257|[940,634|2,553|6.67|6.28—1,417|
|51,110|Lloyds TSB Group||24,385".|62;284,|1,288|=|5.28|2.07|1,288|
|4,014|Standard|Charter||26,757||:|365356|649|2.42|1.78|648|
|Banks|94,397|. 1525953|4,740|§.02|3.10|3,603|
|1,000|Admiral|Group||26,840|few|20/379|1,030|3.84|5.05|885|
|5,650|Direct Line|Insurance|Group||10,280f-|19,910|0|0.00|0.00|0|
|Non-life Insurance|37,120|she,|40,289|1,030|2.77|2.56|885|
|5,532|Aviva||24,048}|7193919|1,51)|6.28|7.58|1,759|
|17,700|Legal &|General||44,444|b5,°20;542]|3,476|7.82|16.92|3,476|
|27,525|Old|Mutual|SA|15,166}:|-:12;689|805|5.31|6.34|1,006|
|1,833|Phoenix|Group||9,810].|13187]|953.|«9.727.238|983|
|5,700|Prudential|Corporation||50,571|pe|“OTL|890|1.76|9.15|890|
|Life|Insurance|144,039|Ss:|76,068|7,635|§.30|10.04|8,084|
|450|Land|Securities|Group||3,172|ee|“4:106|176|5.53|4,27|176|
|530|Safestore Holdings||4,685 ||:5,004|121|258|8242|©|161|
|3,780|Shaftsbury|Capital||5,220|pee “ 6,062|161|3.08|2.65|121|
|Real|Estate Investment|Trusts|13,077|on|153172|457|3.50|3.01|458|
|5,337|Abrdn|Plc||9,535}.|”|17869)|779|8.17|4.36|779|
|520|Hargreaves|Lansdown||3,817|9,987|216|5.65|2.16|216|
|15,700|M&GPlc||34,916P|21,924]|2,454|«=|7.03|«11.19|3,124|
|2,1497,510|QuilterMANGroup PLC||17,4682,209].|:20;216 737]|938«103,|4.675.37|14.00464|938103|
|Financial|Services|&|Private|Equity|67,9451|2"-.90:733|4,490|6.61|6.35|5,160|
||Denotes|FTSE|100||FTSE|250||FTSE|350|Small|Cap|*|A =|Australia SA =|South|Africa & AIM|
----- End of picture text -----
. , Page 22
|
,
THE CWMBRAN TRUST
| 4. INVESTMENTS HELD AT THE PERIOD END 31 DECEMBER 2023 - CONTINUED |
4. INVESTMENTS HELD AT THE PERIOD END 31 DECEMBER 2023 - CONTINUED |
4. INVESTMENTS HELD AT THE PERIOD END 31 DECEMBER 2023 - CONTINUED |
4. INVESTMENTS HELD AT THE PERIOD END 31 DECEMBER 2023 - CONTINUED |
4. INVESTMENTS HELD AT THE PERIOD END 31 DECEMBER 2023 - CONTINUED |
||||
|---|---|---|---|---|---|---|---|---|
| 2023 | Gross Dividend | 2,024 | ||||||
| Shares StockDescription Held ceceogenigannammanin KEQUETEES |
[CONTINUEDfe | Market] Original] value |
cost} 3eae |
Gross income £ |
onMkt value % |
|||
| 2,000 1,931 |
Merchants TrustOrdinary* 31Group |
11,160 | 10,369" 46,750 |
... 16,1364 | 562 1,023 |
5.04 2.19 |
||
| Equity Investment Instruments | 57,910 |
: 20,505: | 1585 | 2.74 | 7.73 | |||
| Funds | ee . : |
|||||||
| 30,229 | JupiterFundManagerUK Small Companies *** | 43,158 | -;. 3,490 |
885 | 2.05 | 25.37 | ||
| 34,619 | SchroderU/T UKmid250 *** Funds |
38,808 | .°:318,896, 81,966}. 22,386, |
1,089 1,975 |
281 2.41 |
5.76 1,089 = 8.82_—2,015 |
||
| Infrastructure&RenewableEnergy | aewt | |||||||
| 12,500 11,799 10,200 |
Digital 9 Infrastructure GreencoatUKWindPlc Octopus Renewables ** Infrastructure& RenewableEnergy |
3,719 10,176 17,875 [15,495] 9,180 |
, 050753 30,774 [°.°35,746, |
375 1,003 443 1,821 |
10.08 5.61 4.82 5.92 |
3.69 562 = 6.471180 4.39 591 $.09 2,333 |
||
| Dividends Received fromInvestments SoldinYear | ete.s] | 0 | ||||||
| "OTA UK EQUITY os ater | miseaesaas: J e0g;709 | OR ROM | es g8a ie 6A | |||||
| 635 | TNTERNATIONAL EQUITY 22eceireiinns North America: 020008 Verizon CommunicationsFixedLine |
18,777 ah O97 | 1,127 | 6.00 | 18.31 | 1,325 | ||
| 100 380 300 |
Daimler TruckHolding Mercedes -Benz —-SociétéGénérale TotalEurope(ExcludingUK) |
2,958] >, 1,590 20,596] :5'18;838} 6,246 |
”10,152 29,800] 30,580] |
81 2.75 5.11 1,253 6.08 6.65 325.20 3.20 1,659 SEESSHES4a |
||||
| 51,784 | Schroder AsianIncomeFundA Inc | 38,522) °19,919} | 1,720 | 4.47 | 8.64 | 1,720 | ||
| 1740 4800 |
NedBank Group —_UtilicoEmergingMarkets TrustPlc TotalEmergingMarkets |
16,134] 16,983 10,992: °10,217, 27,126)" 227,200 |
888 413 1,301 |
5.51 3.76 4.80 |
5.23 = 44.04 © 4.78 |
1,296 413 «1,709 |
||
| 24345 22,125 |
ColumbiaTHRInvFundsEmerging Markets Murray International Trust ** |
19,391}2%23:169 | 57,082 fe 20;925, |
1,093 2,478 |
5.64 434 |
4.72 11.84 |
||
| TOTAL INTERNA TIONAE BOUIEY!! 02)! | EbyeR TRI 980 | ow aay | wo | er aa | LO SOR | |||
| PROPERTY! iffcniit | ||||||||
| 1,727 28,571 15,000 15,000 |
Aviva InvestorsUK PropertyFeeder |
MayfairCapital SubstituteLineCharities PrimaryHealth Properties TritaxEuroboxPlc TOTALPROPERTYFUNDS |
1,341 fo" 17494 21,763 [220,295 15,570 |
"=:" 20,072} 8,970].<*10;249 47,644 |
:52,110) | 0 1,339 1,005 321 2,665 |
||
| TOTAEFUNDS UNDER INVESTMENT! oot feider | er | aospona aaa ome) | 817 60622898 | 6055197, 305' | ||||
| TOTAB CASH DEROSETS#2252555 2 2 gS |
MBS BEB | TBO SE ROEHO) | HO) | |||||
| TOTAEFONDS UNDERINVESTMEN E22025 220 | 2956 3GEE SGT 120 8 | 11SOAE | 5.998 | 606 | 127,203: | |||
| *DenotesFTSE | FTSE 100 FTSE250 FTSE350 SmallCap***A | A=AustraliaSA =SouthAfrica | &AIM | AIM | ||||
| ) |
Page 23
.
THE CWMBRAN TRUST
- INVESTMENTS BY MARKET SEGMENT FOR PERIOD ENDED 31 DECEMBER 2023
----- Start of picture text -----
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|2023|Gross|Dividend|2,024|
|Stock Description|Market|pe|,|Original|Gross|on|Mkt|on|Gross|
|value fone|oi.|income|value|Cost|income|
|FIXED INCOME|7|er:|£|%|%|£|
|Corporate Bonds|60,2951"|$0;583|2,218|3.74|4.32|2,345|
|High Yield|48,331."|756,060:|2,855|5.91|5.09|2,855|
|Global|
|/|Strategic|43,433}.-|=.|$0,210|2,283|5.26|4.55|2,287|
|TOTAL|FIXED INCOME|152,059,“|186;883|7,357|4.84|4.69|7,487|
|U.K.|EQUITIES|
|-————-~ ]|—Oil.&.Gas. Producers—_———_-__|[185,732]|1176]|8,741|47.17.46 9,014] —_____.|
|Oil|Equipment & Services|4|B19f|10045|0|~—0.00|0.00|0|
|Chemicals|10,6541|“15,300|4173.91|2.72|417|
|.|Mining|349,795]|15021}|16,958|4.85|11.24|22,154|
|Construction &|Materials|35,416 ee 40,607|1,469|“A15|3.62|1,469|
|Aerospace&|Defence|119,569}%|©|“42,227|2,116|1.77|5.01|2,003|
|General|Industrials|138,728|~-|-.42:450|3,441|2.48|B11|3,469|
|Electronic &|Electrical|Equipment|22,684)|=|3,502|357|1.57|10,19|357|
|industrial|Engineering|21,257)":|19,835|405|1.90|2.04|800|
|Industrial|Transportation|39,9361"|3°|67/624|403|1.01|0.60|Lis|
|Support|Services|10,300}. "26546|410|3.98|1.96|410|
|Automobiles|
|&|Parts|51994-13870|68|131|3.64|0|
|Beverages|101,218f2,|-|° 30.450|3,302|326|=|10.84|Ss|3,413|
|Food|Producers|39,084» 35/134|1,266|3.24|5.04|1,296|
|Household Goods|-|Home Construction|84,707||655417|4,843|5.72|740|4,843|
|Personal|Goods|57,000},|95.747|2,252|395|301.42|2,252|
|Tobacco|39,2748|"2.40936|3,651|9.29|9.07|3,706|
|Pharmaceuticals|
|&|Biotechnology|276,570|'|76309|6,713|2.43|8.80|6,746|
|Food &|Drug|Retailers|71,996]|61374|2,025|2.81|3.30|2,103|
|General|Retailers|$3,804|)|-|-60:498|1,740|3.23|2.88|1,892|
|Media|53,554]|.|7|59.539|1,908|3.56|3.20|2,383|
|Travel&|Leisure|126,163};|2:|> 86,464|2,081|1.65|2.41|2,287|
|Fixed|Line Telecommunications|25,833|"30,904|1,609|6.23|5.21|1,609|
|Mobile|Telecommunications|12,113|ar|27,208|1,382|11.41|6.52|1,378|
|Electricity|31,199},|20,056|1,626|5.21|8.10|«1,474|
|Gas,|Water|&|Multinationals|118,690}|°°.|62,078|5,290|4.46|8.52|5,451|
|Banks|94,3977|°|152,953|4,740|5.02|3.10|3,603|
|Nop-life|Insurance|37,120].|2|40;289)|1,030|2.77|2.56|885|
|Life|Insurance|144,039|b|.|“596,068|7,635|5.30|10.04|—-8,084|
|Real|Estate &|Property|Investments|13,077||=|7|45172|457|3.50|3.01|458|
|Financial|Services|&|Private|Equity|67,945|: 4|70,733|4,490|6.61|6.35|5,160|
|Equity|Investment|Instruments|$7,910 |=" °20;505|1,585|5.04|5.42|4,654|
|Funds|81,966}|.|,|22:386|1,975|2.41|882|2,015|
|Infrastructure &|Renewable|Energy|30,774]|5|355746|1,821|0.00|0.00|2,333|
|Dividend|Received|from|Investments Sold|in year|— ee|0|
|TOTAL UK|EQUITY|2,562,522{|1,606,769]|98,204|3.83|6.11|106,233|
|INTERNATIONAL|EQUITY|
|North|America|1B, 277|Ee|°526,157,|1,127|6.00|18.31|1,325|
|Europe (Excluding|UK)|29,800[°°|.".,30,580|1,659|6|5|2,267|
|Asia|Pacific|38,522)|~|19,919|1,720|4.47|8.64|1,720|
|Emerging Markets|27,126|# oe|“97200|1,301|4.80|4.78|1,709|
|Global|:|76,473].|~|"44,094|3,571|4.67|810|3,571|
|TOTAL INTERNATIONAL|EQUITY|190,698|||-” 5-127,950)|9,380|4.92|733|10,592|
|PROPERTY|PROPERTY|47,644|52,110]|2,665|5.59|5.11|2,991|
|CASH AWAITING INVESTMENT|3,438 [3,438]|408|«11.86|‘11.86|0|
|TOTAL OF ALL INVESTMENTS|2,956,361.|1,947,120]|118,014|3.99|6.06|127,303|
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Page 24
q
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||||||||||
|---|---|---|---|---|---|---|---|---|
|6.|PORTFOLIO|STRUCTURE|FOR|THE|PERIOD ENDED|31|DECEMBER|2023|
|Market|
|Market ||Original|Value|
|Value ||Cost|Income|in Category|
|FIXED INCOME|51%, 881%|6.2%|
|U.K.|EQUITIES|
|Oil & Gas Producers|6.3%] 6.0%|7.4%|7.3%|
|Oil Equipment & Services|0.2% 0.5%|0.0%|0.2%|
|Chemicals|0.4%]|0.8%|0.4%|0.4%|
|Mining|11.8% 78%|14.4%|13.8%|
|Construction & Materials|1.2%)|21%)|=|1.2%|1.4%|
|Aerospace & Defence|4.0%|[8|22%|1.8%|«4.7%|
|General|Industrials|AM 22%|2.9%|5.4%|
|Electronic & Electrical Equipment|0.8% bo|02%|0.3%|0.9%|
|Industrial Engineering|0.7%)|10%|0.3%|0.8%|
|Industrial Transportation|14%) 3.5%|0.3%|1.6%|
|Support Services|03%)|=11%|0.3%|0.4%|
|Automobiles & Parts|0.2%) 01%|0.1%|0.2%|
|Beverages|3.4% [228|1.6%|2.8%|3.9%|
|Food Producers|13%|13%|1.1%|1.5%|
|Household Goods|- Home Construction|2.9% Pe|34%|4.1%|3.3%|;|
|Personal|Goods|1.9%} 40.0%]|1.9%|2.2%|
|Tobacco|13%|21%|==|3.1%|1.5%|
|Pharmaceuticals & Biotechnology|9.4%|39%|5.7%|10.9%|
|Food & Drug|Retailers|2.4%|285|32%)|1.7%|2.8%|
|General Retailers|18%] 31%|1.5%|2.1%|
|Media|18%) 31%)|1.6%|2.1%|
|Travel & Leisure|42%] 44%)|=|1.8%|5.0%|
|Fixed Line Telecommunications|0.9% 1.6%|1.4%|1.0%|
|Mobile Telecommunications|0.4% lad|1.2%|0.5%|
|Electricity|L1%}|0%|«1.4%|1.2%|
|Gas, Water & Multinationals|4.0%|, 3.2%|4.5%|4.6%|
|Banks|3.2%} 19%|4.0%|3.7%|
|Non-life Insurance|13%} 21%|0.9%|1.4%|
|Life Insurance|49%] 3.9%)|6.5%|5.6%|
|Real Estate & Property Investments|0.4% 08%|0.4%|0.5%|
|Financial|Services|&|Private Equity|2.3% 2|36%|3.8%|2.3%|
|Equity Investment|Instruments|2.0% es|1.3%|2.3%|
|Funds|28%] 11%|=|1.7%|3.2%|
|Infrastructure & Renewable Energy|1.0%a|1.5%|1.2%|
|TOTAL UK EQUITY|86.7%||82.4%)|83.3%|100.0%|
|INTERNATIONAL|EQUITY|6.5%|71.9%|
|PROPERTY|16%27%]|2.3%|
|TOTAL|CASH|DEPOSITS|0.1%|0.3%|
|PORTFOLIO TOTAL|100.0% [::100.0%||100.0%|
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Page 25
80000875600
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THE CWMBRAN TRUST
----- End of picture text -----
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||||||||||
|---|---|---|---|---|---|---|---|---|
|ANNUAL OPERATING|BUDGET|2023|and|2024|
|2,023|2024|~—sw Beetttter/|
|Budget|Actual|Better/|Budget|(worse)|
|(worse)|Than 2023|
|£|£|£|INCOME|£|£|
|136,000|119,022|-16,978|Investment Income|127,703|8,681|
|50|1,563|1,513|Bank|interest|1,350|-213|
|136,050|120,585|-15,464|Total|Income|129,053|8,467|
|EXPENDITURE|
|7,600|Charitable|gifts90000-24000|
|550|550|0|Independent|Examination|Fee|550|0|
|2,400|901|1,499|Investment Management|fee|2,400|-1,499|
|4,200|1,750|2,450|Administration|Costs|0|1,750|
|1,750|1,750|0|Researching|grant|expenditure|2,000|-250|
|700|961|-261|Sundry|expenditure|600|361|
|89,600|93,512|-3,912|Total|Expenditure|95,550|-2,038|
|EXCESS|OF INCOME|OVER|
|46,450|27,073|-19,376|EXPENDITURE|33,503|—|6,430|
|GRANTS|DISTRIBUTED|AS|%|
|63.3%|76.4%|OF INCOME|NET|OF OPERATING|72.9%|
|EXPENSES|
|RECEIPTS|&|PAYMENTS|BUDGET|2023|and|2024|
|2023|2024|~—s—|Better/|
|Budget|Actual|Better/|Budget|(worse)|
|(worse)|Than 2023|
|£|£|£|RECEIPTS|£|£|
|132,000|113,611|-18,389|Investment Income|123,303|9,692|
|0|0|0|Tax|recovered|0|0|
|50|1,971|1,921|Bank|interest|received|1,350|-621|
|0|0|0|Loan|repayments|0|0|
|0|1,009|1,009|Sundry|income|0|-1,009|
|0|0|0|Transferred|from|investment|funds|0|0|
|3,380|3,383|3|General|Ledger|3,995|612|
|135,430|119,972|-15,457|Total|Receipts|128,648|8,675|
|PAYMENTS|
|4,618|4,618|0|Charitable|gifts|prior year|26,709|= -22,091|
|70,000|61,442|8,558|Charitable|gifts|current|year|80,000|-18,558|
|0|0|0|Loans|Paid|0|0|
|9,050|5,112|3,938|Expenses|5,000|112|
|50,000|50,000|0|Transfers|to|investment|funds|0|50,000|
|1,050|550|500|General|Ledger|550|0|
|134,718|121,721|12,997|Total|Payments|112,259|9,462|
|712|-1,749|-2,461|NET CASH (OUTFLOW) INFLOW|16,389|18,137|
|105,446|105,446|Opening Bank Balance|103,697|
|712|-1,749|2,461|NET CASH (OUTFLOW)|INFLOW|16,389|
|106,158|103,697|-2,461|CLOSING|BANK BALANCE|120,086|16,389|
----- End of picture text -----
Page 26
bd
|
Ay .
.
THE CWMBRAN TRUST
!
NOTICE OF SPECIAL MEETING
Notice is hereby given that a Special Meeting will be held at the Cummins Meritor Board Room on Monday 4th March 2024
Re-election of Trustees
:
The changes to the Trust Deed brought about by the "Scheme of Arrangement" which took effect in June 1998 provides for Trustee appointments for periods of four years. Existing Trustees may however offer themselves for re-election for a further four year term if they so wish.
Trustees resign by rotation in order to provide for continuity to Trust matters.
Business to be Transacted
- To re-elect Mr M Poulton as a co-opted Trustee, who being eligible has confirmed his willingness to serve for a four year term.
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K L Maddox
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Trustee and Secretary 12th February 2024 c/o Meritor HVBS (UK) Ltd Grange Road Cwmbran
Gwent
NP44 3XU
Telephone - 01633 834057 Fax - 01633 834051 E Mail + gifts@cwmbrantrust.co.uk Webb Site = wew.cwmbrantrust.co.uk
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THE CWMBRAN TRUST
NOTICE OF ANNUAL GENERAL MEETING
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Notice is hereby given that the Annual General Meeting of The Cwmbran Trust will be held in the Cummins Meritor Board Room on Monday 4th March 2024 commencing at 11:15 am in order to transact the following business:
1. Minutes of the 2023 AGM.
- Review of 2023 Financial Year
2.1 To receive a presentation on the operation highlights during 2023
2.2 To receive the report of the Independent Examiner. | 2.3 To re-appoint the Independent Examiner and to authorise the Secretary to fix his remuneration. |[.] |2.4 To approve the individual gifts awarded in the financial year.
2.5 Adoption of the Trustees’ Annual Report and Accounts.
- To approve the budget for the new financial year.
4. Future Investment Strategy
- 4.1 To determine the amount of any new investment to be made in 2024 by transferring funds from the operating account.
4.2 To develop and approve the Investment strategy for the coming year.
K L Maddox
Trustee and Secretary 12th February 2024
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c/o Meritor HVBS (UK) Ltd Grange Road ° Cwmbran Gwent NP44 3XU Telephone - 01633 834057 Fax - 01633 834051 E Mail - gifts@cwmbrantrust.co.uk Webb Site — www.cwmbrantrust,co.uk
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