THE CWMBR4N TRUST (REGISTERED CHARITYNUMBER 505855) TRUSTEES'AN]VUAL REPORT and ACCOUNTS For the Year ended 31 DECEMBER 2024
THE CWMBRAN TRUST coNrENrs Pag¢ No Trust Status, Serving Trustees, & AdmiDi5tration details Trustees, Annu21 Report 217 Annu¥l Investment Report Independent Examiner's Report 10 Annual 8ecounts 5 Year Financial perforniance grnphs Statement of Financial Activities 12 Balance Sheet 13 C&sh Flow Statements- (a) Operating (b) Investrnent 14 Note5 to the accounts 15117 Supporting schedules to the accounts ProfiV(1055es) on sale of investments 18 Inveslments purchased Capital restructuring of investments Investment by market segment & geographical grdph5 Listed investments held at the year-end Investments by mthet segment Portfolio Structure by vo holdings 18 18 19 20123 24 25 Proposed Annual Budget for 2025 Notice of Spe¢i41 M¢¢ting 26 27 Notice of Annual General Meeting 28
THE CWMBIi4N TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 TRUST STATUS, SERVENG TRUSTEES AI4D ADMINISTRATION DETAILS Cb.-.IB ty Eam¢ Oth. _ es th• charity is kDOWD by Reg551ered ¢barity Number .J'S Princi1 addre55 The Lknbrao Tnt The Gllling Tn 505855 CIO cun1 Drive tsaiti & BTaking Systems GTangeR(ia(I Cmrytsbr Gwent NP44 3XU N4mes OA F.n15teei wbo manage the tbarity D*te5 aded if not for whole ytar CurreD¢ ltr tnds Trustee Ngmes Offjee Held Ngme of Person (or body) etttttltd 10 Appoint Trustse5 COpted T¢¢5 M Po10 March 2027 Cwjted Tnlee5 D J Bassett MCh 2025 Cfropied Tn B J CyrnTDg1n. MBE. KSG 2025 clOpled TnL5tees IC L Maddox. sce18ry March 2027 C04)pted Tntee$ A Wiiliarns March 2025 copd ThLstr Councillor F Cros5 Ihts) Mar¢h 2025 Torfaen County Borough Council .cOL¢]110r J Gauilen (Mrs) MaTch 2027 Torfaen County Borough Council Cvstodian Trustees For Jnve5(ments Invtstment Portfolio MAn8gers Bpnk of Ncw Yod( Mello New York 240 Greenwtch Street ew York 10286 USA Chorles Stanley &Company Litnited (under Investment Policy Sthiemenl) 718 P&k Place Cardi(fcFIO 3DP AdMiJii5trntion Stsff M G Williams Gift RLs¢aJch Officer Independ¢nt Examiner Mr P N&5h MP& CPFA Lyncrest Pentrepiod Road Ponthewjnydd PootyEwI NP4 6RG Bankers. Ll(yds 73B Bathk Pk l Gweni Square CAF BaDkLimited 25 Kings 11 Avenue Westmauing K¢ntME19 4JQ NP44 IXN Pago 7
THE CWMBRAN TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The TrLe¢S take pleasure in submitting their Annual Report and Accounts for 2024, which is supplemented by the separate Investtnent report on pages 819, which deals with the perforn]ancc of the investrnent portfolio. STRUCTURE GOVERNANCE and MANAGEMENT Governing Document and Constitution The Cwmbran Trust was created out of the fomier Girling (Cwmbrdn) Trust in March 1998 by way.of a'scheme" provlded by The Charity Commissionets foi England and Wales under the power given in the Charities Act 1993. The "Scheme" amended the original Girling (Cwrnbran) constituted Trnst Deed registered under the Cbarities Act 1960 only in respect of., (l) Changing the name to The Cwmbran Trust (2) Enlarging th¢ area of its operation to CwmbTaTh Townj Postal district NP44 (3) A Tequirement that both nominated and co-opted Trustees be elected to serve for a term of four years, although they may offer themselves to serve fiuther teims. {4) The Cbairyerson to be appointed from one of the COThOPted Trn51ees for a tenn of one year at the first management meeting in the calendar year. These combined TTUSt Deeds govern th¢ policies and procedure5 on whith the TTUSt is to be administered. Surnmary of objectives The Cwmbran Trust aims to benefjt the comjnunty of Cwmbran Town (NP44) in such charitable ways as the Trustees think fit and the advancement of education, tbe provision of social amenities and the rejief of povety, distress, or sickness. Trustee selection 2nd trainlng The power of appointing new Trustee5 is vest¢d in the surviving Tnlee or TTuslees, Such appointtnents must be made at a meeting specially convened for the purpose. However. at least three Tte¢S and no more than five must be co-opted frorn 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 a150 attend seminars on important tOPlCS Televant to tbe Trnst's operations. Use is also made of inforniation made available from our investment advisers, which helps to ensure that Trustees are kept infornied and up to date with the latest proposed changes to both legal and rornMended practices before their required implementation date. All Trustees are provided with a copy of the Trust Deed5 and appropriate Charity Commission publications relative to the Trust's operations, together with a copy of the Investment Policy StatemenL New Trnstee5 receive comprehensive induction tratning on all aspects of the Trnst Deed and amenthnent4 the history and background to the Trnst, the organisation structure. financial reporting and investment policies in place and the gift application pmcedure lo achieve the Trust's objectives. Statement of Truste Financial & Other Responsibilities The Trust Deed requires the Trustees to prepare financial ststernents for each annual year which give a true and fair view of the situation of the Trust &s at the financial year-¢nd of the income and expenditure of the Trust for that perio¢L In preparing those fancIal StaterneD the Tn)stees are, required to: a} Select suitable accounting policie5 and then apply them CODSlStently. b) Make judgements and estimates that reasonable and pertinent. c) Prepare the fanCIal statements on the going concern b&sis unless it is inappropriate to presume that the Trust's -rations will continue. The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy, at all times. the fmancial position of the Trust. They are also responsible for safeguarding the wets of the Tnjst and hence for taking r¢asoDable steps for the prevention and detection of fraud and other irregularities. OrganisaÉion structure The athninistration of the Trnst is overseen by the Secretsry who is also a Tjwtee supported by a Gift Research Officer. The Trustees have engaged an investment company who transact all 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 pUoseS and with earning yields presently above average, changes to the portfolio are decided by a subcommittee of Trustees against a PTeviously agreed ]nvestment Policy Statement. The Trustees have elected to subject tbis report and accounts to an independent examination. Pa2e 2
Tru5tees¥ Annual Re ort- continued MajnT risks and procedures to manage tbem. The major risk to the Trust is a redurtion in th¢ valu¢ of its investmeDE reduced incom4 or a combination of the two. The Trust therefore maintsins a close watch on all investments to mitigate these risks as far as p055ible. The performance and changes to the portfolio are reported at each meeting of the Trustees with a]1 changes made during the reported separately together ivith the effect on income and comments oll th¢ state of the world markets and economic Climate. Each year the ]nv¢slment Policy Staten)ent is revlewed and agreed to ensure that it relains ' relevance to the Trnst's Objectives and the investment market environmenL Summary of main activities in relatiOD to the objectives From the beginning? the Trust¢es have adopted the policy of disbuTsin& by way of charitable gifts, the SUTplus income from the Trust Fund, which derives from divideDds and interest received from its investments less expenses which are kept lo a minimum with no Trustee receiving any fortn of payment. Interest free loans ran also be provkded where the quality of life of beneficiaries can be inJproveiL Prndent past investment policies also ¢nable the TTU5tees to n)ake substantial donation5 to major projects from capital without detracting from their noTmal prdctice regardiDg spending the Trust Fund's surplus income. The Truste¢5 plan to hold five meetings abnually but can meet more frequendy should the Deed arise. ApplicatlDns for gkft aid are investigated on behalf of the Tnistees by the Gift Resear¢h Officer, and the infonnation provided this way sists the TTU5tees in deciding whether to make a gift or noL When the Tn)Ste judge it would be helpfvl to improve their understanding of the reques¢ applicants are invited Put their case to the Trustees in person. Where an application must be dealt with urgently, for example, because of the pressure of time OT of nee ThteeS may b¢ ¢ontacted by e mail or telephone in order that a prompt decision can be EDade. Items dealt with Sn this way are then ratified and recorded in the minutes at the next meeting of the TTUStees. The Trn5tees have Complied witb their guidance duty as published by the Charity Commission on public benefit. .4CHIEVEMENTS and PERFORMANCE Five meetings were held in 2024 wben 87 applications were considered an Incre of 20 (300/0) over 2023 which followed a concerted increased effort of help in completing people's applications by either arranging visits or inviting them to our office. Unfortunately, despite our efforts of contacting p¢ople several time5 not au applicants took up our offers l¢ading to some 15 Gancellations. It is sad that we are not the only ¢harity who encounters the same issues PQSSkble by p¢opl¢ who tn05t need our help. Whilst in total applications increased so did the Dumber rejected by IOOYO lo 24 regjlting in 63 being successful an increase of 8 (14010) see table below. The main rea50n rejects increased wa£ due to more applicants having significant surplus fvads enabling them to easily pay for the item they were requesting the Trll5t to fwid. The totsl value of gifts increased in the year by £5,945 (6.8%) to £95245 wbich represents 74.3 % of net income. Although no additional fundin8 was provided to the Torfaen CAB for energy vouchers for those in energy povety following th¢ late gift in 2023 of £10,000 there remained a at the year-end of £8,553 this ha5 been used during 2024 helping 156 people reducing the still available to £l.117 for use ID 2025. Funds Provided to individuals are mostly for carpets, curtains, fillniture, and white goods. There were six unpaid gifts at the end of 2024 totslling £26,462 (28.40/0) of the gills awarded due to Cyfannol Women's Aid. Croesyceiliog Higb School, Torfaen Indoor Bowls Club and three individua15 for caets. Summary of gifts by beneficiary category 2024 No of Gifts Provided 2023 No of Gifts Provided Beneficiaries AmouDt Amount Charitable & Religious Organisations Education Establishments ArtEntertainment Sporting Associations Local Groups for PensionerslDisabled ndividuals Net Total Gifts Number of Gifts Applications Rejected 22,763 3,750 950 2,833 12.950 44,354 87,600 26.138 6,814 10,090 16,200 34,303 93,545 io 39 55 12 43 24 Total Gift A lications 87 67 Page 3
ThE CWMBRAN TRUST Gift & Loan Awards 2020 to 2024 Gifts as /0 of Net Income 2020 to 2024 80Y. 7(1% 60Y• 50% 3D• 20• (P/0 2020 2021 2022 2023 2024 }-.-4.¥Tr.:_... ".I VALIJE OF GIFTS AWARED £OOOs 2020 to 2024 Operating Cash Generatedl-used 2020 to 2024 £000 £68 81) £40 £2V IVJPAIWWIKEll' 50 £10 40 £211 io -£60 -£80 2020 2021 2022 2023 2024 202 0?4 £68 Page 4
Trustees. ADnu21 Re ort- continued Key aims and objeetives set for the flltu In 2025 we have so far selected Iwo initiatives to support local schoots with the Accelerated Readiiig Ptogramme as Wales has the lowest reading age of the four UK coulltries and secondly domestic violence by providing funds to help victims Tesettle etc. We will of COUTse still be supporting direct applications from individuals and local groups and agencles working for Torfaen County Borough Council and others such as Cilizens Advice Bureau. We have allocated a gift aid budget of £IOO,000 for 2025 but this can be increased if needed. Despite a 6.7 % increase in benefits from April 2024 there is little doubt that Ivith food inflation stubbornly remaining at around 5 % against a reported overall lower inflation hea(lline of 2.60/0, (at the time of writing) food prices are taking rnuch longer to reduce. In additioJ], energy cost increases take effect in January 2025 taking the averdge spend indicator to £1.738pa which is 30ty/0 lower than the £2,500 opening amount, Jnterest rates whilst reducing in 2024 to 4.75 %, still have a long way to reduce to help individuals and companies, this will likely see an increasing number of people struggle to pay their bills &8 the effect of the AUrntt budget increases price infiation fvrther. We ktsow from letters of thanks that the gifts we make trnly make an improvement to tbe lives of recipients and their families particularly when we supply items such as carpets. curtaiDS, fridges and washing machines which often they have gone without. Such gÈfts not only improve their lives considerably but enables thenk to take more pride in their SWToundings. In recent years. such gifts have addressed an increasing request ftir help, one we expect to continue. One of our main aims from our relatively strong financial p)sition, for several yean now, is to muimise our income from the inve51ments held and keep our operdting costs to the lowest level possible which has been successful. Policy on reserves The ability lo hold ieserves and provide for annual increases in giftslloans requires not only PTOtecting income leve15 but taking opportunities to increase il whilst at the same time grOwinprOteCtIllg the capital value of the portfolio. Investwent policy A COprehenSive ItLveslment Policy StstemeDt is drawrj up each year and agreed by the TnL%tees. The main ¢lauses frorn this policy are as follows: Objectives The Tnjstees intend that the real value of the Tntst's awts be maintsined and enhanc over the longtem] by an investment in a txirtfolio comprising excellent qualtty equiti4 fixed income (bonds) and Cas having a split appTopriate to the predict¢d tLe matket cAinditions. The income eamed on the assets ts to be transferred monthly to the Trust's operating bank account so thatthe surplus after eXFK1 may be applied for charitable pur) Level of return alld attitude towan]s risk The Tn]stees a4opt a medium Ti5k level with the porfolio amnged in such a way as to deliverabove average income levels. The time horizon of the Trust Ilie fillst 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 sbould therefore be held as rnedium to long teEm. Restrictions on Single Holdings & Ethieal Co]LStraints Except by prioT agreemenL no investtnentar the iirne ofpurcbase thou]d r<present a mthet value level above 50/0 of the total portfolio value see note 103 page 17. The Trustees have not identified ally ethÉca] consknts but do keep this aspect under review. Review of financial schedules The notes to the accounts and accounting sthedules found on pages 15 to 25 provide supportlng details to the Statement of FiDan¢ial Activities, Balance Sheet and Cash Flow Statements on pages 12 to 14 which enable a year- on-year comparison to be made. There have been no changes to accounting policies or procedures in the year under reiiiew. The account fom]ats and notes comply with the latest Charity Commission's Statement of Recommended PratrLices (SORP) arjd The Charities Act. Full details of individual investments at their market values and cost at the year-eiul, tog¢ther with the 2024 acthal and projected 2025 incomes, are listed on pages 20123. The bajance sheet includes all commitments @itlsnoan5) made by the TnleeS irrespective of their panellI tirning with amounts due to the Trust also included. The five-year fmancia] results are sbown in selected grdphical forn)aL on pages 4, 1 l and 19. Page 5
Trustees? Annual Re ort- continued Overview of the financial osition of the Trust 2024 2023 Increasel decrease Change Total income from all source5 Special Dividend Total Income Less o eratin ex enses Income available for ift aid 120 85 130 63 120585 24.9 114 673 Charitable ifts awarded Net Number of beneficiaries net 93¥5 45 6.8 14.5 55 Sur lus income over ex enditure 32.281 27.073 08 19.2 eratin Cash at ear end 134 740 103 697 29.9 Amount transferred to Investments in ear from o erati cash 50.000 ioo.o Debtors at ear end 991 24.8 Creditors at ear end 247 Net Current assets iii 32 81 40.5 Investments Com arable amounts New mone invested in ear Value of lllvestments at earend 2 990 908 84547 ioo.o 1.17 08 2.95 61 34547 Tr4£f WORTH OF TRUST AT YEAR END 872 044 66828 Comments The total 2024 income at £130.263 was better than 2023 by £9.678 (8.OYo). The higher income shows a mix by category ivith dividends from Equitie5 and Bonds up £9,999 (8.50/0) less reduction of £190 in interest on the portfolio and £1.008 of ODe-off re¢¢ipts in 2023 resulting in a net increase in investment income of £8,801 (7.40/0). Bank interest received in total wa5 £2,440 an increase of £877 (56.IOA) over 2023 due to interest rates remaining high thToughout the year and an increase in cash holdings on deposit. Operating expenses in 2024 reduced to £4.437 representing 3.40/• of total income a reduction over 2023 of £1.475 (24.90/.). The operating Su[pl of £32,281 in 2024 Compares to £27,073 in 2023 an increase of £5,208 occasioned by increased income of £9,678. lower operdting expenses of £1475 partially offset by increas¢d gifL8 of £5,945. Creditors decreased during 2024 from £28,009 in 2023 to £27,762 in 2024. Operating cash at the year end at £134,740 was higher than 2023 by £3 J.042 which covets cr¢ditors by approximately. five times. The remaiDiDg net Current asset valuation of £1 11,964 provides a sufficient margin of safety for 5everdl months before new income, which accrues monthly is Considered. The value of investments increased by £34,547 (1.20/0) which when added to investment income of £127,823 provides total return of £162,370 represents a return 5.50/ts in the year 2024.The net worth of the Thist has increased to £3.102,872 from £3,036.044 an increase of £66,828 (2.2/0 Looking ahead to 2025 2025 will see more challenges to both companies and individuals particularly when the Autumn 2024 budget changes effecting employers Nl. the increases in the living wage and Business Rates which are likely to increase inflation particularly food, as not all cost increases will be able to be offset by cost savings. This scenario is likely to delay fijrther interest Tate reductions affecting both companies and individuals with mortgages. This together with the unstable world political SIallOn, which shows no signs of abating, could also contribute to cost increases. Page 6
Trustees. Annual Re ort- continued As in previous years the TnLSt SLdS ready to help suth people or the organisations serving tbese groups in our area. In 2025 as mentioned earlier. we have initia]ly allocated up to £IOO,000 for gift aid but more Gin be made available should,the gift requests support IL We intend to build on the work already started to encourdge more people needing help to apply to the Tn by offering help in completing applications by either visiting our office or paying them a visit. Acknowled ement As Chairperson, 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 ID the year often under difficult ¢ircumstaJ)ces. Their dedication and support provided to the Tn over many years has enabled the Trust to build up a successfi]I reputation which is recognised by many outside bodies and Éndividuals alll(e. Yet again my thanks are due to the Directors of Cummins DrivetrdiD and Braking Systems for their continued support of the work of the Tnt over many yews. The provision of essential otTice accommodation and services, at no cosL allows the Trust to operate efficiently and provide additional gifts to local organisations and individuals alike. Notice of the S eci21 & ArLnu21 General Meetin s eaD be found OD e 27 and 28. mp. M Poulton Chairperson and Trustee Date: 3 March 2025 B J Cunningham MBE, KSG Trustee Dats" 3rd March 2025 Page 7
THE CWMBRAN TRUST PORTFOLIO PERFORMANCE REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 Portfolio Performance Overview 2024 At the year end the TTht held investments in 112 individual companies two more than 2023, having lost 3 to takeovers. and purchasing 5 new investments. The total market value of investments at the perÈod ended 31" December 2024 was £2.99] Million a disappointing increase of £34,548 1.2% cornpaT¢d to an increase in the all-share index of 5.60h. The original cost of investments held was £2.056 million an uplift over market values of £935,000 (45.50/0). There was no additional investment made to the portfolio in the year. Three companies were taken <Jver or sold in 2024 namely IMI. D S Smith and Tritax Eurobox and enterlng the portfolio for the rSt time were Custodian, Mondi, Zigup) AEW (Reit} and TP Jcap. The 2024 income generated from the portfolio dividend and inteT¢St receipts was £127,823 4.27% of market value at th¢ year end and 6.20/0 on Original cost. Compared to the 2023 income of£l19.022, an increase of £8.801 (7.40/0) and before the loss of the one-off benefit of £1.008 received following the c105UTe of the Barclay invesknent account ID 2023, the gross increase was £9.809 (8.3Yo) The income received at £127.823 and the £34.548 increase in the portfolio makes a total of £162,371 a return of 5.51J/o on the January opening valuation. The number of holdings by valuations and income by finamcial markets at the year-end were as follows: Market, Segment Number Year End Market Valuation December 2024 Original Cost 2024 Income Return on Market Values Exeluding Cgsh not yet Invested Income Return on Original Cost Income Holdings Number £000 151 1867 £000 157 1050 Bonds FTSE 100 Com FTSE250 Com FTSE 350 Com anies Australis, South Africa & Aim Markets Overseas Holdin Property Funs 5.66 4.30 5.44 7.65 52 80,280 anies 31 536 445 18,092 3.37 4.06 anies 85 97 3,252 3.83 3.35 110 83 5,769 5.24 6.95 165 141 8,449 4.92 5.99 51 57 3,217 6.31 5.64 26 26 218 Cash Total 112 2991 2056 127 823 4.27 6.22 FTSE INDICES December 2023 December 2024 Change In Year /oTrust Market Vaju 62.5 17.9 Change Income 100 250 350 All Share 7733 19690 4274 8173 20622 4511 440 932 237 61.5 14.0 83.2 78.0 Page 8
PORTFOLIO PERFORMANCE REPORT FOR THE YEAR ENDED 31$£ DECEMBER 2024 , There were eight companies where no dividend was received in 2024 down from thirteen in 2023. Sale5 of investtnents in 2024 totalled £167.506 of which £144,824 was reinvest¢d with an increase in cash awaiting investment of £22.482. As mentioned on the previous page the portfolio perfonnance incr&8se of1.20/o underperfornied the All-share Index of 5.6% the difference representing a shortfall of £131,000. The FTSE 100 Fell toivards the year end by 1.30/0 compared to increasing in previous year ends. The year end values of the Trust's investments had a mixed perforniance a selection of which are shown below: Investment Segment ReductlOD in rnarket values year on year Oil-£29,601, Mining-£74,453. Construction -£13.744, GeneTrl retailers £-6247, Life insurance £-10595 and ikInfi7 structure-£7897. Total £142W7. These companies corktinue to provide elevated levels of dividends totalling £40,463 in 2024 and have a market value of £731,018 against a eost of £520,422 an increase of £210,596 (40.5 /0) Items marked wlth a . are below cosL Investment Segment Increases in market value5 year on year. Aerospace +£14,671, Beverages +£33.494, Persona] Goods +£11220, Tobacco £+£12,005, Media + £15,238, Banks +£29,293, *Real Estate +£11,432, Equity thvestments +£21.931, Funits +£6,315 International companies +£30,992 Total £174.900. Dividends received in 2024 totalled £36,904 2nd have market value of £811,220 against a eost of £455,619 all inereas¢ of LI55,601 (78.20/fr). Items marked with are below costs. Although a disappolnting result it goes some way to recognising the benefit ora diversified portfolio. Fore¢ast for 2025 The FTSE 100 which accounts foT only 40/0 of world markets celebraled its 40th birthday in early January 2024 but fjnds itself in a quagmire having made no progress since the start of the century and in the last decade ha5 been total eclipsed by the US mark¢t where new technology companies ar¢ quole(l as con]pared to older industries in the FTSE 100. The Londoj) Stock Exchange (LSE) had perfoTmed badly in recent yew5 falling th from 4lh in the world into 20 p051tion4 lower than some of the Asian slock markets. The fall in the LSE since 20J5 h&s seen 585 companies- a redurtion of £713 billion. In 2024, 60 companies left the LSE either by take overs or mergers being replaced by only 13 with n)ore to follow in 2025. This will affect the Trust's portfolio as agr¢¢d bids for International Distribution (Royal Mail), Britvic, Direct Line and Hargreav¢s Lansdown will leave, generating a cash sum of £140,000 which will require reinvesting as £4.449 of dividends will also require replacing. In addition. in January 2025 a bid for De La Rue has been made which the board are considering. The one company nunoured to be joining the LSE is the China fashion group Shein valued at £50 billion but this is not certain Ls MPS have not Teceived Lssurances regarding poor labour conditions. There are also concerns tbat Shell valued at £150 billion could leave the LSE for New YO where its competitors Chevon, and Exxon Mobil are valued much higher. Shell have delayed any decision until 2026 having launched a cost cutting progrdmme worth £1 billion following which they will revsw the company valuation. There is concern that should Shell leave the LSE then others such a5 Rio Tinto Glencore could follow suit but most likely to Australian market as did BHP Billiton a few years back. As we enter 2025 the UK economic situation is poor with business confidence at a low level the cost of UK botrowing heading for 5 1 and the value of the pound falling which together with the Autum 2024 budget taking effect suggests higber interest rntes for mortgages and companies and incre&sirJg inflation with food being particularly vulnerable. There are also the unknown Trump possJl)le tariff increases. The higher UK boOWing if not rectified quickly could lead to higher Govenunent Departmenta] savings or higher tsxes, assulming no increase in the Government's boTrowing limits. Financial analysts differ An the change in the 2005 FTSE 100 as increasing from 8500 to 9000 at the end of th¢ year. Although all agree that the market is under valued and wortb investing in. The forecast dividendlinteTest for 2025 is £128.576 a slight increase over 2024 ofjust £753 (0.6%) so reinvesting sale fimds quickly will be fundamental as its not planned to add any further investhients to the po011 at this stage. There is much uncertainty in 20?_5 to be managed as best we can. K L Maddox Trustee & Secretary January 2025 Page 9
Independent Examiner's Report to the Trustees ofThe Cwmbran Trust Charity Number 505855 On the accounts for the year ended 31st December 2024 set out on pages 12 to 17 Respective Responsibililies of Trnstees Es#mlDer The charitys tnjstees are restsible for the PTcp8ration of the cOunts. The Ghariws trustces con5i(kr that an audit is not required for this year undcr se¢tion 144 of t1 Charities Act 2011 (t Charities Act) 8nd th an inoependent exgmination is needeiL It is my responsibility to.. • examine the accounts under seclion 145 of the Charities Act to follow the procedures laid down in the General DIrelOn$ given by Charity Commission {un(kr section 145(5)(B) of the Charities Act). and • 10 stal¢ whether particular matters have come to my attention. B&si5 of Independent Examine5 Statement My examination ivas ¢arricd out in accord with g¢neT31 directions given by the Charity Commission. An ¢xaminalion includes a revieiv ofthe accounting records kept by the Charity and 8 comparison of the accounts presented with those records. It also includes consideration of any uausual item5 or disclosures in the accounls, and seeking explanalion from thc trustee5 concerning 8ny such matters. The pmcedures undertaken do not provide 311 of the evid¢nG¢ that would be required in an audit and consequently no opinion is given a5 to whether the Counts presenl a'twe and fairf view and the report is limii¢d to those matt¢T5 set out in the statement below. IDdependent Examiner's Ststtment In connection iyith my examination, no matter h&8 come to my attention: (l) which gives me re&sonabl¢ Cau lo b¢li¢ve that. in any material resp¢ the Twulrcts. lo keep accounting record5 in accorthce with section 130 of the chltieS A . To prepared CoUnts which accord with the accounting records and comply with the accounting requirements requirements of the Act have not been rn or (2) to iyhich, in my opinion. attention should be drdwn in order to enable a prOr understsnding of the accoL)nts to be reache(L Signed Date: 3rd March 2025 Name: Philip N&8h Relevant prof¢s5ional qualification: MPA, CPFA. Address. Lyncr¢sL Pentrepiod Road, PonIncwydd, PontyP1 Torfaen NP4 6RG Paye 10
E CWMBRAN TRUST Historical Financial Performance 2020 to 2024 l Revenue Performance Tnz51 llltome in £OUD's 1010 to 2Q24 Surpjurytit}OlD¢lje2O20tQ 2024£1M)O's 2024 £27 £69 £32 2020. 21J21- 2022..: 2Q23 2024..:. Do £70 t80 OperA(iDg Exwse$ 2020 102024 % Return on IDVtst]u¢nts 2020 to 2024 AveragE Val•110 2fv24 2023 2022 2011 -2 2020 2 Asset Performance Net CurreDt Asstts £OOO's 2020 to 2024 £141J Inve51ments at Market Value £OOO's 3.500 3.000 2500 2.(JOO I00 I,ooo 5110 £103-:5. 21J20 2021 2022 2023 2024 2020 2021 2022 2D23 2024 Tot¥1 Trust Wortb£OOD' 2020 to 2024 AnrtllAI Net Ass¢ts % Change 2020 to 2024 (bastd Dn Avernge tapital tmployedl 2Q24 2U23 2022 ,883 2,914 iozi 2020 2020 2021 2022 2023 2024 £0 £S(K) £I,OOD #,000 £2JOts ÉY* Page JI
ThE CWMBRAN TRusr STATEMENT OF FINANCIAL ACTIVITIES- YEAR EIYDED 31 DECEMBER 2024 2,023 INCOMJNG RESOURCES- All unrestrieted fllnds Investment Income Gross dividends from Equities Gross Interest from Government and CoTpWe Bonds Deposit Interest from Money Awaiting Inv¢s¢ment Barclays Wealth Management Account Closure Incoming Resources from Investments 110,249 7,357 408 1,008 20r23 Interest on Operating Cisb Deposits From Lloyds PIC From CAF Bank Ineoming Resources from Operating Cash Deposits 51 1,512 1,563 TOTAL INCOMING RESOURCES- All unrestricted funds 120,58S RtSOURCES EXPENDED - All on unrestricted funds Investment Management Costs Charltable Activlties Governance Costs Admintstration Charges Researching Requests for Gifts Sundry Expenses Independent Examination Fcc Total Goverknance Costs 90J 87,600 1,750 1.750 960 550 5,011 TOTAL RESOURCES EXPENDED- All on unrestritted funds 9312 NET fNCOMJNG (OUTGOING) RESOURCES BEFORE OTHER RECOGNISED GAINSI(LOSSES) 27.073 OTHER RECOGNJSED GAINS AND LOSSES GaIn(lO$seS) on Revaluation of Investments held at Ye end ProfJV(Iosse5) on sale of inveslments in current year 127,685 -1.316 18 NET mOVEmEr OF FUNDS JN THE YEAR Total Fund5 Brought Fonvard- All unrestricted funds 153,442 2,882,602 TOTAL UNRESTJucfED FUNDS CARRIED FORWARD 3,036,044 Page 12
THE CWMBRAN TRUST BALANCE SHEET- 31 DECEMBER 2024 All amounts relate to unrestricted fwids 2,023 &hedule FIXED ASSETS (MaDaged by Cbarl&s StaDley) Listed Investments at Market Value Cash on dcp051t awaiting Investment 1952,922 3,438 TOTAL FIXED ASSETS ion3 1956J61 CURRENT ASSETS Debtor5 Interest free loans granted Taxation recoverable Amouftt due from Charles Stanley Totgl Debtors 3,995 3,995 Operating Cash Deposits Bank balance at Lloyds TSB PIC Bank balance at CAF Bank Total Casb at Bank 16,231 87,466 103,697 TOTAL CURRENT ASSETS 107,692 CREDITORS: falling due within one year Charitable gi118 Interest free loans not paid at year end Amount due re: Independent Examination Amount due to Charles Stanley 26,709 550 750 TOTAL CREDoRs 28,009 NET CURRE]YT ASSETS 79,683 NET ASSETS 3.111.'$?2' 3,036,044 FUNDS OF THE CHAIUTY CAPITAL ACCOiINT INCOME ACCOUNT li 2,914.897 121.147 TGTAL UNRESTRIcfED FUN'DS 3,036,044 Signed oll bebalf of-tb¢ Tru51ees M Poulton Trustee & Chairman B J Cunnlngham MBE, KSC K L Maddox Trystce Trustee & Secretsry Page 13
OPERATING CASH FLOW STATEMEiYf 2024 2,023 CASH GENERATED Excessl(Deficit) of Income over expenditure Investment cash withdrdwn from Charles Stsnley Loans repaidlwithdrawn TOTAL CASH GENERATED 27.073 27,073 CASH USEDI(GENERATED) Cash transferred to Charle5 Stanley for Investtnent Sundry Debtors Increasel(DecTease) Tax Recoverable IncreaseJ(Dectease) Creditor Charitable gifts (creeyDecre&4¢ Sundry Creditors (IncreaseyDecrease Interest Free Loan5 Paid in Yrdr Increasel(De¢rease) TOTAL CASH USED/(CENERATED) 50,000 612 -21,540 -250 28,822 NET CASH INFLOWI (OUTFLOW) -1,749. BANK RECONCILIATION Opening Bank Balance 1st January 2024 Net Cash (oufflow) int]ow in 2024 Closing Bank Balance 31 December 2024 105.446 -1,749 103,697 THE CWMBRAN TRUST INVESTMENT CASH FLOW STATEMENT- 2024 2,023 CASH GENERATED Investments sold at market vaIue Transfers from operatin8 cash TOTAL CASH GENERATED 12,941 50,000 62,941 CASH USED Investment Purchased at cost Transfers to operating TOTAL CASH (GENERATED)IUSED i44:,£24.' 101,201 ioi?oi NET CASH INFLOWI (OUTFLOW) -38260 CHARLES STAJYLEY INVESTMEF4T AccouNr Opening Bank Balance 1st January 2024 Net cash (ouffloiv) inflow in 2024 Closing Bank Balance 31 December 2024 41,699 -38,260 3,438 Page 14
THE CWMBRAN TRUST NOTES TO THE ACCOUNTS- YEAR ENDED 31 DECEMBER 2024 J. Basis ol preparation 1.1 Basis ofA¢countlng These accounts have been prepared on the basis of historic cost (except for investsnents which are shown at market value) in accordanrK with . Accounting and Reporting by The Charity Commission'5 - Statement of 0MMended Practice and with General Accounting Standards and with the Charities Act 2011 1.2 Change Én the Ba51$ of Accounting There h&$ been no change to the accounting pollcies (valuation rule5 and methods of accounting) since last year 1.3 ChaDges to Prevllous Aetounts No changes have l*en made to accounts for previous years 2. Accounting Policies 2.1 Incoming Resourco Investment Income This is included in th¢ accounts when either received or 1VIsed. Investment GaiTrs 2nd sseS This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing inve5ttnents to market value at the year end. Tax Reclaims The Trnst is able to recover UK tsx on interest received provided it is applied to charitable purposes. The Trust is not liable for Capital Gains tsx. Tax on dividends is not recoverdble. 2.2 Expenditure and Liabilities Liability Recognition Liabilities are recognised as soon a5 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 Trnstees on governance and constitutional matters. Gift Payable Conditions Gitis are grdnted against a specified need and may only be used for that purpose. However if the need on which the original gift v5 made is no longer required or appropriate therj a further gift application can be submitted. Pa9e 15
NOTES TO THE ACCOUNTS- CONTINUED - YEAR ENDED 31 DECEMBER 2024 2.3 Assets Investments Investments quoted on a recogry)ised stock exchange are valued at market vatue at the year end. Other investment assets if applicable are included at the Trustees, best estimate of market value. 3. Analysis of incoming Resources The analysis is provided in the Statelnent of Financial Activities on page 12. 4. Analysis of Resourcos Expended The analysi5 is provided in the Statement of Financial Activities on page 12. 5. Support Costs The Charity has no requirement lo 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 Teview. 6.2 Fees forExaminatioll orAudit of the Accounts The amounts paid for the examination or audit ofthe accounts are shown for both years in the Statement ofFinancial Adivities on page 12. No other fees were paid during the year. 7. P2Rd Employees The Charity ha5 no paid employee5. 8. CrantlGift 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 AII costs incutred by the Charity are detailed in the Statement of Financial Activities on page 12. 8.3 Grants Made lo In5titulions Gifts that are material in the context of its totat gifi making appear on page 3 of the Trustees Report. 9. Tangible fixed assets The Charity has no tangible fixed assets Page 16
THE CWMBRAN TRUST NOTE¢. TO THE ACCOUNTS- cowrtNUED - YEAR ENDED 31 DECEMBER 2024 ln inVtMellt Assets vfi.l Market Value ofInvestments Details by individual investsnent showin8 their market values and costs can be found on pages 20 to 2). Breakdown of the Income from Ini'estments tnco.wne by individual investment can be found on pages 20 to 23. 10.3 Matenal Investment Holdings At the year end two investment holdings RioTinto Mining at 6.80/0 and Astrazeneca at 1 O/LI had increased market vaIues grearer than 50A of the total portfolio valuation laid down by the Trustees. Both companies were onsidered sound investments worth holding. ! ! Endowment and Restricted Income Funds The Charity h&$ no endowment or restricted income funds. ?' .'I ransaetions Wlth Related Parties The Charity has no transactions with related parties. Pagei7
THE CWMBRAN TRUST I. PROFrri(LOSSES) ON SALE OF INVESTMENfs- YEAR ENDED JI DECEMBER 2024 Item Dale CompanylInvestmeot Mkt Valu¢ Dee 24 501d (lo$8j:. 03106124 Astrazenac& 06106124 Glencor¢ rctum of Capitsl 22107124 Aviva European tnvestnent Property Fund 28108f24 IMI 28108124 Bwyl 11109124 D S Smith 20109124 Glcncore Tctum of Capitsl 20112124 Tri Eurobox PIC Scheme of Amngement TOTAL SALES 490 6350 9006 1347 51.940 330 22.684 35.441 15.980 314 18,980 21,183 145,674 167506 38,312:. 23,121 5200 6350 30700 2. INVESTMENTS PURCHASED - YUR EP4DED 31 DECEMBER 2024 Item Date CompanyllDvestmeRt Quantity :. P.iir¢li4Sè. Purchased . . 05106124 Dowlais Group 05106r24 Land Securities 05106f24 Tritax Eurobox 05m6ll4 Harbour Enegy 30108124 Old Mutual Ltd NPV 05106124 Octopus Renewable5 05106124 Greencoat UK Wind 05106124 Somero Enterprises 07106124 Nation8] Grid io 28108124 CUSdIan li 30108124 IVPP 12 30108124 Ver&7A)n 13 30108124 Harbour Energy 14 30108124 Tritax Eurobox 15 30108124 Land Securiiies 16 30108r24 Victrex 17 30108124 Phoenix Group 18 02109124 Nedbank" Group 19 IW09n4 Mondi Pl 20 16109124 AEW (REET) PIC 21 16109n4 Zigup PIC 22 16109124 Tp Icap PIC TOTAL PURCHASES Operdting cash tratL8fered to Investment arcount 7700 1600 NET INCREASEI(DECREASE) IN CASH AVAILABLE FOR INVESTMENT THE CWMBRAN TRUST 3. CAPITAL RESTRUCTURIT4G OF INVESTVJENTS - YEAR ENDED 31 DECEMBER 2024 Date CompllnylInvestm¢nt Quantity Changes 16.852 16,075 :. 05105r2024 Invesco Fund MoDagers IP Bd 0510512024 Invesco Fund Maoa8¢rs IP Bond NET EFFECT OF CHANGES Page 18
INVESTMENTS BY MARKET SEGMEiYf DECEMBER 2024 Corpornte & GlobAI Bonds 5.IJY• UK Cwh Holdiogs 0.9• Prop¢rty 1.7•A Non UK Investments tiK Eqvities 85.04/0 GEOGRAPHICALANALYSIS DECEMBER 2024 '1 Pr•ptrty CA ALL BONDS:. Glo1 17%. Amtrics l.O•/r & Europe DOJL UK t)S% UK quoled Equltles 8SOY• Page 19
THE LIVMBRAN TRUST 4. INVESTMENTb HELD AT THE PERIUD END- 31 DECEMBER 2U24 2V24 Gross Dividend ".Urigillal Gross on Mkt Intomt value 2U2S Gross L051 Ititomt HoldiTrg FIXED INCUME LorporAte B•nds 16,U75 Inv¢s¢o Fund Managers IP Bond 233 1 Shares Lorc QIBP Slo¢k DestriptilI MArket!" vatller" I,¥Y3 1.642 6.21 5.110 7.4¥ 0.50 1,292 l.325 .43.236 . Bar¢lays lilobal A¢ws (JBL High Yield 25.720 M & ti knvesiment High Yield Lo•e Bond 41i.iiL18 Jupiter'UT M8TS. Sttegi¢ Bond 23.¥82 5chroder Unit TEUSt Strategic ldI1 26.lJ93 21255 1.15U 1.3511 4.2¥ 6.10 3.75 5.35 1.64 1.3513 1,1gu 1.312 5.7U 6.U3 4.65 5.34 1,1gU ,312 21.752 2.U(M) B'P" 5,20LI HartUrEeTSy. 4.065 Sh¢ll PIC 47.160 13.281 6.U4 4.2U 4.21 2,1146 3.69 ,D67 19.U3 4,466 7J4 IlJ7SI ij5- 1.19 55¥ 4,350 7.755 Uil Produeer5 161,UYi) 4.111 .uu 2.¥UU Wo Group lJohril "" Chem!¢aw"' treX - 2.03 71S 1,200 Chemicx 41? 5.711 o.uu 7.16 1.58 Y.26 4.134 u.00 659 16.49 11.576 4U8 1.4 10.70 16,777 3.741 31iP (iroup A tslcn¢ore 6.35U 3.425 Rio Tinlo IU.75U South 32 Mlljing 161.763 11.576 Z¥6 150.8.7.7. 16,085 MlnlBg 275J42 2.59 2.90 2.6Y 3.94 2.14 3.U5 ¥L16 431 1337 6,¥2¥ 11.450 OlOur Oeatty Ibsstock" LtsnstrucliDn & Mlviats 8U6 431 1,237 45,Y26y- -A'¢"r(ispA¢¢.:&":bel¢i!Q¢':' 2.uuo BalKock Iniemetional (iioup 6,4YU BAE Sysiems 4.860 Me]rose IndtrieS ' 4.ULIU Rol]s Royce. iu.uiu 74.53X 26.9481-: iuu U.95 Y.99 4.06 o.L)o 5.62 2,379 IU6 2.ULJ5 268 2.6Y 0.99 268 Aerospct & Defence 134,240;. 42321.. 2373 2,ouv 'Éiulll 700 Mondi. 1.333 bmiths (Iroup 2.125 3.22 23.2¥ I.4U4 42V u.uv 7.21 S3 Y.97 2,4U7 ¥.344 22.914 Y7,A711 5¥3 1708 2.55 179 GenernE IDdu51rial 5.450 'SoTiiero Enterpii5es AIMMatket 6UU "lolal Andu5tri41 tsroyp 17.713 1: JV,1117j=-_ 644 232 In6 3.63 3.211 2.29 2.Y4 Y22 232 1,154 ¥.5UU "Braemar Shipping S¢rvic¢s 22,660 Esk¢ll Limilcd ••* 2.155 Firni Group 4.60U Roy8J Majl (Jnternational Distributi()." 1,3UU Zi8up' l#du51riil Transport 1g.IWU 1.785 ¥.Y7 U #DIVIUI 124 3.59 123 U.73 ¥.77 u.u 2.35 V.6D 1.147 3,463 10.735 4.)¥U 123 92 342 2.751 1,7U4 2,1)32 4.5 1,1154 DtLa Rue I.J5U TrdVi5 Perkins ' Support bervice5 • Dttwie5 YISÈ IUU" b-13k 25U"" 35U""" (Small Lap)"""" U.(KJ 1.51 1.21 7.6541 Y.573-. A Awtriia SA Souh J4iJiix Lt Aim 116 116 1.15 11.55 116 116 Pagr 2
- INVESThIENTS HELD AT THE PERIOD END 3J DECEMBER 2024- CONTINUED 2024 Gross Diyldend 2025 Origio!: Gross on Mkt on Cr05S Cost incom¢ SbxFe5 Held Stock Description Auts)mobiles & Payts 11,766 Dowlais Group 3UI 3.79 4J7 4Y4 7,965 BTitvi 1,200 Diageo ** 104262'- 20,339. 1557 30.450 ._... .10-11.1 951 134.712¥ 3Q.450, 3,508 2.45 12.57 757 3.12 9.41 951 2.60 11.52 1.708 Beverjges 1.850 Hiitc>rA Foo(i, ' 3,085 Tats & Lyle 16.780 &:: 603 704 IJ07 3.59 2.94 6.07 4.63 603 Food ProdureTS IJ14 4,000 Bratt Rairoiv ' 1525 Perninllnon ' 75 Rickett B¢n¢kts¢r' 12.000 Taylor Wimpey llousehold Good$ & Home C(lnnIetlts 17.604 648 1.515 344 1.151 65.417.:: 3.657 3.68 5.01 4.06 3.21 648 10.48 1.515 3.39 343 5.58 1.151 3J7 3.657 14.652t-. . 3.10 1,500 iiEiaévér' 1202 323 294.78 2302 I,IfjO Bnus11JIeTi¢att T(i)acco 700 Imperi Brands • 2.719 .-19.847.. J.057 3,775 8.14 5.91 7.36 13.33 2,732 5.33 1.074 9.38 3.8116 17,871 51279 Tob4¢¢0 1.500 AstraZenec& Group 3,248 GSK• 5,760 Hal¢on PIC Ord Pharm8ceuti¢a]s & Biotethnology 157.020,: 43.734>. 21.738 F. 222.492 [- 4268 .949 357 6,574 2.72 4.46 1.64 2J5 16.39 3.504 6.47 1.981 3.07 357 9.70 5,842 7.800 MaTks'&'Si)enceT 6.900 Sainsbury (J) 10.282 Tesco 234 904 1,285 "61?74:, 1423 0.8Q 4.79 3.39 2.82 1.43 4.45 234 904 1.285 3.95 2.423 Food & Drug R¢tsil¢r5 6270 Hgifori15"Group 1.600 Howden Joinery 4,500 Kingfisher ' 1.300 WH Stnith ** 502 338 558 413 60,498.; 18IJ 6.11 2.66 2.47 502 3.38 337 5.66 558 2.03 437 2.99 1.834 11.191 U-" 15.457 1 47,557 2.67 3.81 Gentral RetaiJer5 1.550 Aulo TThder' 25,400 rrv •• 1.400 Pearson 2.400 WPP PI J49 1.270 323 775 2517 1.47 153 6.35 1,270 2.33 323 3.74 946 3.89 2.692 6.79 1.80 3.90 3.66 17,948-: Medi 640 2,218 CoMpS Group I',626 Easy Jet * 20.800 Mdrsion¥ •*** 1.500 WhitbTead * 0.00 1.66 0.80 0.00 3.37 1.91 0.00 7.07 1.059 0.58 197 0.00 7.54 2J4 983 73 12.7121 1.490 133.0881- ' :-86.461 2A45 A AustrliaSA Souli Arti & Al 1.490 2,746 Travel & Ixisllre ' Denofes Tr-IbE IOO" Tr-lbb 25L) •• P-ISE 35U (Small Cap)
THE CIVMBRAN TRUST 4. INVESTMENTS HELD AT THE PERIOD END 31 DECEMBER 2024- CONTINUED 2024 GrDSS Dlvldend M8rketF,-'::OriglD.al Gr05s on Mkt vxlues_: ". cost incom¢ vAlue 2025 Shar Iltld Sto¢k Deseription Gr(bsS Cost Ineowe 20,900 BT Group 30.1061-. 1.672 1.672 5.55 S.SS 5.41 5.41 1,691 1,691 Ftxed Lln¢ C•mmunlulions 17 668 i1<Jilafone Group 21208. 1 J49 11.18 6.36 986 1.681 Scottish & Soutlkni Ew ' 26,963 1.0119 3.74 5.03 1,029 8,598 Centri 6,543 National Grid 2.055 Sevem Trent 11.487 62.159 51.539 125,185 359 2,965 2,401 5,724 3.12 1.81 359 9.32 3.596 4.66 12.00 2.441 4J7 7.99 6J96 Cy$. Ivater & MultiD&tiortaLs 3.250 Bare]ays 6.020 HSBC Holdings 51.110 Lloyds TSB Group 4,014 Standard Charter • 8.715 47.275 27.998 757 3.888 1,482 944 7,071 8.68 8.22 5.29 2.38 5.72 5.53 267 9.57 2.895 2.38 1.482 944 4.62 s88 B8nlts 'Noii-.!if¢:til"$UtgA<4".:. I,OOC A(IryIal Gioup 5.650 Ditect Line Jn5uranre Glow) Non-life lDsur8net 1230 339 1,569 4.65 2.35 0.04 1.70 3.89 1,064 339 1,403 14,419 i L'.iftr.Ihisiitsri¢fy."" 5.532 17,700 Legal & General * 38,525 Old Mllwal SA 3.050 Phoenix Group 5,700 Prud¢ntiJJ CotPOTation 1.892 3.652 903 1.301 944 .88,021, 8,691 7.30 8.98 4.53 8.37 2.60 6.28 9.50 1.892 17.78 3,651 5.12 1,353 6.44 1.626 9.70 944 9.87 9,466 40.675 j..-=- 36.309i---: Life Inswrn¢e 2,800 Land Securitie5 Group ' 530 Safestoie Holdings 3.780 Shaftsbury Capiial • ReAI Eslate Invt5tmenl Trusts 16.352 3.413 339 62 224 62tS 2.07 1.75 1.120 160 3.70 127 2.06 1,407 4.73 2SS 5,337 Abfdo Pl¢ ' 520 Hargr¢aves Lansdown ' I5,700 M&G PIC 7,510 MAN Gloup 2,149 Quilter PLC •• 2.050 Tr l¢ap ' 779 10.34 225 3.93 3,109 10.01 961 5.97 iio 3.50 98 1.86 ,75,720". 5288 7.66 4.36 779 2.25 225 14.18 3,109 4.76 15.74 116 1.97 303 6.98 5,493 16,101 FiDanciAI Servit¢s & Privat¢ Equity 69,0091 * Denotes FTSE 100 • Ft3E 250 ** FfsE 350 • (Sma]I Cap) ***• A Au%triia SA Souh Arfica & AJM P8ge 22
THE CIVhlBRAN TRUST 4. INVESTMENTS HELD AT THE PERIOD Ef4D 31 DECEMBER 2024- coNfiNUED 21124 Gr055 Dividend Grnss on Mkt v4lur 2025 Gross Cost income Sharey Held St•ek De5CriPtiOD 2,000 "hq'erchants T'nLgt (irdinary" 1,931 31 Group 11.020 68.821 79,841 y. 574 1.178 1752 5.21 1.7 2.19 5.54 578 11.62 1.255 8.54 1.833 Equity Investment Imstrnmettts Fund5 30,229 Jpter Fund Manager UK Smatl Companies 34.619 Schrod¢f uir UK rnid 250 •**
965 1.077 2,042 2.12 27.65 2.51 5.70 2Jl 9.12 965 1,077 2,042 Funds Infrastructsre & ReDewgble Energy 12.500 Digital 9 tnfr&qtNcnre 15.299 GenCoat UK WiJ3d PIC 23,200 Octopus Renewables" lllfwtrueturn & Renew4ble Energy • 1363 19J3? 15.776 37,676 0.00 7.16 1530 5.02 1397 4.87 2,927 1,465 999 2464 7.50 6.33 6S4 Divtd¢nds Received from Investments Sold in Year Imt. DS Smth 1,329 935 V'errLoii tommunitatsons Fixed LiDe 20 7.90 2.023 100 380 300 118 1.262 171 3.88 7.50 2.54 157 6.70 1.665 1.68 223 s:.ot:. 2,1145 Mer¢edes- Benz Sociéié Générale Total Europe (EXtIalg UK) 16.8431_. 2I615k-. 51.784 Sclir¢idèr Asiaii iricome fiund A Jnc 1.160 Wood5ide EoEf8y Group ** Totsl Asia Patific 1,697 1.154 4.15 8.31 5.21 .52 1.697 5.36 1.587 6.88 3,284 13.878f ' 24345 Colurobta TIIR tnN' Funls EmuEing Markets 1gJO Ned Bank Gtoup 4800 Utsltco Emergtng Markets Tn Pl TotAI Emerging Markets 22125 Murray Iiiieinaiional T1 ** 1.114 1.257 421 2,792 5.64 5.34 4.12 5.22 4.81 1.114 6.28 1.662 4.12 438 5.23 3214 20,925- 2,589 4.54 12.37 1611 1.727 A'viva iiivestots iiK Property Feeder 28.571 Mayfair C¥pil8J Subltute Line Charities 4,750 AEW (Reit) 12.600 cust(18 15,000 PrimaryH¢alth Properties 20.700 Investment 501d in year Trithx Eurobox PIC TOTAL PROPERTY FUNDS 25 1,148 95 189 1.035 725 3217 1.92 5.42 1.99 1.95 7.40 1.68 5.66 1.95 1.85 5.16 25 1239 380 756 1,035 9.715; • 50,973 6Jl 5.65 3,435 6a¥..: J28.'576 L)enoies b"1Sb l(H) * F"IBE 25U"' F-13E 35U {Small Lap) A Au51riia S'A Souti Arti & Atm Page 23
TllE CIVMBRAN TRUST
INVFSrttr1ÉWTS BY TrIARKKT SEGTrIEWf IIOR PglilOD END£D31 DECKhfBER 20Z4
2024 GYos5 Diyithd
Grnss
.2025
si1MperIprfo
Ineomt
YAlue
C05t
FIXED DYCOME
Corw)r8ie Bonds
High Yield
CilobAII Stral¢gi¢
3.536
I.S08
2,502
5.80
5.10
6.50
4.47
2.617
5.87
&67
15D2
5,117
TOTAL VJXLD INCOME
45
U.K EourriES
4.81
0.00
7.34
8,379
I)IALGJg ProducerJ
011 Equiprneni & 5¢ryices
ChcmitDts
Mthing
16I.090F:"":."
105
7.755
417
2.03
10.70
3.05
5.62
9.97
2.94
2.79
D.55
4.37
11.52
715
12.912
27J.342
45.926
J34.240I-";.
97.t78
30.617
16,085
1,237
2,373
2.7D8
876
2.032
16.777
1,237
2J79
2.407
2.69
A
- PORTFOLIO STRucfiJRE FOR THE PERIOD ENDED 3] DECEMBER 2024 Marktt Market",'"Origln"81': --cost llltome V41ue CAtegory FLXED INCOME &7Y. U.K. EQUTfIES Oil & G&s Produc¢rs Oil Equipment & Service5 Chemi¢ds 5.4Yo 6.lyo O.OY• 0.3Yo 6.4% 0.1% 7.3%": I2./V Construction & Matuiais Aerospace & Defence Generat Industrials dustriol Enweering IDdu5tria] Trdnsponation Support Services A(Im0bC$ & Parts Bev¢rp8e5 Food Producer5 Household Goods- Home Construttion Persona] Goods Tobacco Phannaceuucals & Biok¢hnolo8y Food & DWE Retailers General Retatlers Mgdia Travel & IisUTe FiA¢d Line TeleComm1¢at1OnS Mobile TelecomDiuni¢ations Electricity Ga5, Water & Muttinationals 1.8DA 2.1% 0.7Y 1.6% 0.1% 3.80 1.2% i.p/ 0.4D 0.3Y i.o% 2.7Yo i.oy 19% 1.6Y• 2.4%F 2.30/ 2.7Yr 5.I•A 1.9% 1.4% 2.OY• 8.9fr/ 3.40A 1.9% 199/0 2.7Yo 2.A 1.3Yo 1.2Yo 0.4% .i.*:,'".l-.OYo' 0.50/0 42Q/ 4.5% 5.5% 1.2Y. 6.8% 0.5¥ 4.IOA 1.4% 4.W/ 4.9% Non-life Imsuran¢e Life Insumnce Real Estate & Pmperty Investments Financial Servi5 & 14ival¢ Equity Equity Inyesttnent Instellts Funds fr&struclvrc & ReWablE Energy TOTAL UK EQUITY 4.6Yoi 5.4Tr i.o% 3.SYo J.5Yo INTERb'ATIOTr"AL EQUITY &6Y• PROPERTY L7%-_:-""7.239h'. TOTAL CASH DEPOSITS .9% 2Yo PORTFOUO TOTAL IOD.O%:: iOII.OOjtr 999'h Page 25
THE CWMBRAN TRUST ANNUAL OPERATING BUDGET 2024 8nd 2025 2025 Bettsrl Budget (worse) Than 2024 2024 Actual Budget Betterl (worse) 753 -541 213 128,576 127,823 1,899 2,440 130,475 130,263 -753 541 -213 Jnve51ment Income Bank interest Totsl Income 128.576 1.899 130,475 EXPENDITURE Charitable gifts Jndependent Examination Fee Investment Management fee Administration Costs Researching grant expenditure Sundry expenditute Totsl ExpeDditure -6,455 ioo.ooo 550 2,400 93,545 550 1,750 6,455 i 00,000 550 2.400 -650 650 2.000 600 105,550 -250 -213 -7A68 2,000 600 IOS,550 1.750 387 97982 250 213 7A68 EXCESS OF INCOME OVER EXPENDITURE 7a55 24,925 -7,356 24,925 32,281 GRATrq'TS DISTRIBUTED AS O/ OF INCOME NET OF OPERATING EXPENSES RECEIpfs & PAYMENTS BUDGET 2024 and 2025 2025 Betterl Budget (worse) Than 2024 2024 Budget Actual Betterl (iYor5e) RECEIPTS Investment Income Tax recovered Bank interest received Loan repayments Sundry income Trdnsferred from iThvestmeDt funds General Ledger Totsl Receipts 123,576 122.836 -740 123,576 740 -641 1,800 2,441 641 1,800 4,986 3,995 130?62 129372 -991 -1,090 4,986 130,362 991 1,090 PAYMENrs Charitable gifts prior year Charilable gifts current year Loans Paid Expenses TraD5fers to investment funds General Ledger Totsl Payments 26,462 80,000 26,709 67,083 -247 12.917 26,462 247 80,000 -12,917 1.113 5,000 -1,113 5,000 3,887 550 112,OJ2 550 98229 550 112,012 -13,783 13,783 18?50 31,043 12,693 NET CASH {OUfFLOJY) LNFLOW 18?50 -12,693 134,740 134,740 18,350 31,043 -12,693 153,090 165,783 12,693 Opening Bank Balance NET CASH (oirrFLOW) ttrlFLOW CLOSING BANK BALANCE 165.783 18,350 184,133 J 8J50 Page 26
THE CWMBRAN TRUST NOTICE OF SPECIAL MEETING Nolice ishereby given th A Spe¢ial Mtttingwjll be held atthe cUMn Board Room£ Monday3rd Mar¢h2025 commencing at 9am Re-2leetion ofTrn5lee5 Th¢ chall8 io the Tnst Deedbrought abDut by tt'SeheMe of knangttrtuit" which look effect in June 1998 provRdc5 for Trustte aFWiDtmettts forlOdS offour y¢aES. ExiMingTnstee5 may hoThrvcroff¢rthemsElYts forT¢lee¢kOn for 8 fiwlhet fojjr year t¢Etll if they so wish. TnEstr¢s by rotation in ordtt to provide for (x)ntinuityto Tnw matta5. BusiDtss ¢0 be Transacted l. To r¢-El¢ct Mr D J B1$5ett a o)-OPted who llg digible has u)nfirnKdhis wiuiogn serve for & foUrYearterL 2. TOr¢t£ Mr B J CunDiDgham MBE KSG as a C(0p¢1 TFUSte¢ who bCiDgdlcb&1 lDred hi5 yrylliD8nes5 to serv¢ for a foury¢OXtrrnL 3. To re*led Councillor Mls Fiona Cross as anomine¢Tnts¢K ofTorfaeD County Bury Cowieii who being iwblehas wnfmedher Ivillinw lo serve foT a fouryeat temL K LM&ddD Truste¢ Secretary 3rd Febnwy 2025 Clo Driveline and Brakiog Sysients GTrnge Road Cwmb Gwent NP44 3XU Td¢phon¢- 01633 834057 E Mail awntranTwsI lor. Wtb bf3 p4e27
THE CWMBlN TRUST Nor.E OF ANNUAL GENERAL MErriNG Notice 15 hereby given that the Annual General Meeting ofThe CwmbrJn Ttust will b¢ held at in the Cummins Board Room on Monday 3rd March 2025 conim¢ncing at I 1:00am in order to transact the following busine. . Minutes of the 2023 AGM. 2. Review of 2024 Financial Year 2. 1 To Teceive a presentation on the operntion hi8htights during 2022 2.2 To receive the report of the Endqyendent Examiner. 2.3 To Te-appoint the Jndependenl Examiner Jnd to authwise the Secrctary to fix his remunerdlion. 2.4 To approve the individual gifts aivarded in thc f]nanciaJ year. 2.5 Adoption of the Trnstees, Annual Report and Accounts. 3. To approve the bu-.get for the new financial y¢ar. .. ulure Investment Strltegy 4.1 To detLr.nine the amount of any new investmenl to be made in 2022 by transferring funds from IhB operating account. 4.2 To develop and approve the InvestsTJent slrntegy for th¢ coming year. l< L,Tr5addox 'Intrfee and Secretary rd February 2025 Llo Cuminings Driveline and Braking Systems Grtmge Road Gwent NP44 3XU Telephone- 01633 834057 Fa-, 01633 834051 E Mail bran1 menlc(.axn Wcbb Page 28