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 Princi￿1 addre55
The Lknbrao Tn￿t
The Gllling Tn
505855
CIO cun￿1￿ 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
CO￿pted T￿￿¢¢5
M Po￿10￿
March 2027
Cwjted Tn￿lee5
D J Bassett
M￿Ch 2025
Cfropied Tn
B J CyrnTDg1￿n. MBE. KSG
2025
cl￿Opled TnL5tees
IC L Maddox.
sc￿e18ry
March 2027
C04)pted Tn￿tee$
A Wiiliarns
March 2025
co￿p￿d 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 TrL￿e¢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 Tn￿lee or TTuslees, Such appointtnents must be
made at a meeting specially convened for the purpose. However. at least three T￿￿te¢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 r￿ornMended 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 f￿ancIal 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 f￿anCIal 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 pU￿oseS 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￿ Th￿teeS 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 ca￿ets.
Summary of gifts by beneficiary category
2024
No of Gifts
Provided
2023
No of Gifts
Provided
Beneficiaries
AmouDt
Amount
Charitable & Religious Organisations
Education Establishments
Art￿Entertainment
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 AU￿rntt 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 grOwin￿prOteCtIllg the capital value of the portfolio.
Investwent policy
A CO￿￿prehenSive 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
tL￿e 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 Tn￿leeS irrespective of their pa￿nellI 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 SI￿allOn, 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 SL￿dS 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 Tn￿t 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 TTh￿t 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
r￿St 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
bo￿OWing 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 po￿011￿ 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 rest￿sible 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 DIre￿lOn$ 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 Examine￿5 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 Twulr￿c￿ts.
lo keep accounting record5 in accorthce with section 130 of the ch￿ltieS 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 prO￿r 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, PonIncw￿ydd, PontyP￿1 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}O￿lD¢lj￿e2O20tQ 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
I￿00
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
93￿12
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 mOVEmE￿r 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 CRED￿oRs
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
(￿cre￿eyDecre&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 v￿5 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 inV￿tMellt 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 CUS￿dIan
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 B￿d
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:.
Glo￿1 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 Destripti￿lI
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. Stt*egi¢ Bond
23.¥82 5chroder Unit TEUSt Strategic l￿dI1
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 Hart￿UrE￿eTSy.
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
O￿lOur Oeatty
Ibsstock"
LtsnstrucliDn & M*lviats
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 Ind￿trieS '
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
S￿3
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

4. 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 B￿ratt Rairoiv '
1525 Perninllnon '
75
Rickett B¢n¢kts¢r'
12.000 Taylor Wimpey
llousehold Good$ & Home C(ln￿nIetlts
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 Bnus11￿JIeTi¢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 CoMp￿S 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$. Ivater & MultiD&tiortaLs
3.250 Bare]ays
6.020 HSBC Holdings
51.110 Lloyds TSB Group
4,014
Standard Charter •
8.715
47.275
27.998
757
3.888
1,482
944
7,071
8.68
8.22
5.29
2.38
5.72
5.53
267
9.57 2.895
2.38
1.482
944
4.62 s￿88
B8nlts
'Noii-.!if¢:til"$UtgA<4".:.
I,OOC A(IryI￿al 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 Inswr*n¢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 J￿p￿ter 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 G￿enCoat 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 (EXtI￿al￿g 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 T￿￿1 **
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 Sub￿ltute 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
si1￿Mpe￿rIprfo￿
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<mspace& Defence
Gcnernl Industi]￿S
Indwthuj Eogincering
IndusknalTra￿sPQrtat1tsTr
Support Suvic¢s
Aviomobiles &PthS
179
4.59
1.21
3.79
1.704
9.513
"¥"_3Tr"45D
3JO8
1.307
3.637
1202
3.775
6.574
2.423
1,708
Beweras¢s
Food Pr￿UCerS
Hwschold Co￿j$- Holpe CunStmui¢iii
pe￿[&11 Good$
134.712&-.::=
40,714 ¢..
3.21
5.13
5.59
294.78
9.38
9.70
3.95
2.99
3.89
3.657
2.202
3.806
3.842
1423
l J34
2.692
2.746
6&220
7.36
2.95
PIIsrni4¥*.I cals & Bios¢ttmloEY
FGod & D￿8R￿￿]ErS
Gth¢rJl Remilets
l¢dia
TrdTr¢l L. Leisurt
Fixed L1n¢Telecommll￿jCa1IOn5
blpbdeT¢1rwJ￿Wll&It1frA5
Elf¢tricity
222.4911.:
8&035E
3.81
3.66
1.91
5.55
68.792
2.517
2.545
1.672
1949
5_41
6.36
5.03
7.99
986
1,029
0.396
5.588
1.403
9,46
.407
5,493
1.833
1.042
2.927
26,963I.'-
125.185j-'
123,670
3.74
4.57
S.724
7.071
l J69
&691
626
5,288
1.752
2.042
2.464
J29
104,504
-15•j53i
3.89
9.87
2.06
6.98
5.54
NDTrlife In5URll¢t
Lifr th$￿aNCe
Rtai E%Ea* & Ptoperty Inv¢sth*DIS
FinJuEi>l Svwces& Equity
£quiylnNrs%meni IDStrumenis
138.39)1.:
.!8&(1) jl
6.28
2.55
79.841
88.281
5.21
2.31
9.12
O.DO
IEfrL%tPJ¢tsJtt& RcDÈwllblt EnetBy
D•Yidend ftomJJivesullentsSold iDyeJr
TofAL UK £QUJTY
4.12
6J4
103047
I￿￿ERNATIO￿AL Eourri.
N05th Ainw¢a
EwopelExcludin8
Pacific
420
2.023
2.04)
3284
3.214
1.255
1.552
2A50
26fi15
5.21
6.88
523
12.37
Global
2.589
li.038
TOTALJrfrEBNATIONAL EQUITY
13,l77
S65
3,435
PROVERTY
PROPERTY
3317
6Ji
CASH A)YAITING INV¥STP*fENr
218
TOTAL OF ALL INvisfhiENTS
.I,V560fjt.. 117J13
4.27
22
128J76
P*g¢ 24

6. 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￿(Im0b￿C$ & Parts
Bev¢rp8e5
Food Producer5
Household Goods- Home Construttion
Persona] Goods
Tobacco
Phannaceuucals & Biok¢hnolo8y
Food & DWE Retailers
General Retatlers
Mgdia
Travel & I*isUTe
FiA¢d Line TeleComm￿1¢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 Servi￿5 & 14ival¢ Equity
Equity Inyesttnent Inst￿￿ellts
Funds
fr&struclvrc & Re￿WablE 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 for￿lOdS 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 ￿ll￿g digible has u)nfirnKdhis wiuiogn
serve for & foUrYearter￿L
2. TOr¢￿t£* Mr B J CunDiDgham MBE KSG as a C(￿0p¢￿1 TFUSte¢ who bCiDgdl￿￿cb&1 l￿Dr￿ed 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 CWMB￿lN TRUST
No￿r.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