: ## THE CWMBRAN TRUST (REGISTERED CHARITY NUMBER 505855 ) | ## TRUSTEES' ANNUAL REPORT and ## ACCOUNTS For the Year ended 31 DECEMBER 2025 + **----- Start of picture text -----**
, THE CWMBRAN TRUST
CONTENTS Page No
Trust Status, Serving Trustees’ & Administration details !
Trustees' Annual Report 2/7
Annual Investment Report 8/9
Independent Examiner's Report 10
Annual accounts
5 Year Financial performance graphs I
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statements - (a) Operating (b) Investment 14
Notes to the accounts 15/17
Supporting schedules to the accounts
I Profit/(losses) on sale of investments 18
2 Investments purchased 18
3 Capital restructuring of investments 18
Investment by market segment & geographical graphs 19
4 Listed investments held at the year-end 20/23
5 Investments by market segment 24
6 Portfolio structure by % holdings 25
Proposed Annual Budget for 2026 26
Notice of Special Mecting 27
Notice of Annual General Meeting 28
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4 : : | ‘ : | ## THE CWMBRAN TRUST TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 ## TRUST STATUS, SERVING TRUSTEES AND ADMINISTRATION DETAILS Charity name The Cwmbran Trust RegisteredOther namescharitythe charityNumberis known by The505855Girling Trust : Charity's Principal address C/O Cummins Drive train & Braking Systems Grange Road Cwmbran, Gwent NP44 3XU ## Names of Trustees who manage the charity Dates acted Current Trustee Names Office if not for term Name of Person Co-opted Trustees Held whole year ends to(orappoint body) Trusteesentitled M Poulton Chairman March 2027 Co-opted Trustees D J Bassett March 2029 Co-opted Trustees B J Cunningham. MBE. KSG March 2029 Co-opted Trustees K L Maddox. Secretary March 2027 Co-opted Trustees A Williams March 2026 Co-opted Trustees Nominated Trustees Councillor F Cross (Ms) March 2029 Torfaen County Borough Council Councillor J Gauden (Mrs) March 2027 Tortaen County Borough Council Custodian Trustees For Investments Investment Portfolio Managers Bank of New York Mellon, Charles Stanley &Company Limited New York (under Investment Policy Statement) 240 Greenwich Street 7/8 Park Place New York 10286 USA Cardiff CF10 3DP Administration Staff P Smith Gift Research Officer and Assistant Secretary Independent Examiner Mr P Nash MPA, CPFA Lyncrest Pentrepiod Road Pontnewynydd Pontypool NP4 6RG Bankers. Lloyds TSB Bank Pic CAF Bank Limited 1 Gwent Square 25 Kings Hill Avenue Cwmbran Wes! Malling NP44 1 XN Kent ME19 4JQ Page 1 THE CWMBRAN TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 ° : The Trustees take pleasure in submitting their Annual Report and Accounts for 2025, which is supported by the separate Investment report on pages 8/9, which deals with the performance of[the][investment][portfolio.] STRUCTURE, GOVERNANCE and MANAGEMENT ## Governing Document and Constitution The Cwmbran Trust was created out of the former Girling (Cwmbran) Trust in March 1998 by way of a “Scheme” provided by The Charity Commissioners for England and Wales under the power given in the Charities Act 1993. The “Scheme” amended the original Girling (Cwmbran) constituted Trust Deed registered under the Charities Act 1960 only in respect of: (1) Changing the name to The Cwmbran Trust (2) Enlarging the area of its operation to Cwmbran Town, postal district NP44 (3) A requirement that both nominated and co-opted Trustees be elected to serve for a term of four years, although they may offer themselves to serve further terms. (4) The Chairperson to be appointed from one of[the][ co-opted][Trustees][ for][ a][ term][ of][one][ year][ at][ the][first][ management][ meeting][in][the][ calendar] year. These combined Trust Deeds govern the policies and procedures on which the Trust is to be administered. ## Summary of objectives The Cwmbran Trust aims to benefit the community of Cwmbran Town (NP44) in such charitable ways as the Trustees think fit and the advancement of education, the provision of social amenities and the relief of poverty, distress, or sickness. Trustee selection and training The power of appointing new Trustees is vested in the surviving co-opted Trustee or Trustees. Such appointments can only be made at a special meeting convened for the purpose. However, at least three Trustees and no more than five must be co-opted from people of some standing in society and two Trustees are to be nominated by Torfaen County Borough Council who must be Councillors elected to represent a ward within the area of (NP44) Cwmbran Town. Induction and training of Trustees is an ongoing process aided by The Charity Commission newsletters, and updated publications. From time to time, Trustees may also attend seminars on important topics relevant to the Trust’s operations. Use is made of information made available from our investment advisers, which helps to ensure that Trustees are kept informed and up to date with the latest proposed changes to both legal and recommended practices before their required implementation date. All Trustees have been provided with a copy of the Trust Deeds and appropriate Charity Commission publications relative to the Trust’s operations, together with a copy of the Investment Policy Statement. New Trustees receive comprehensive induction training on all aspects of the Trust Deed and amendments, the history and background to the Trust, the organisation structure, financial reporting and investment policies in place and the gift application procedure to achieve the Trust’s objectives. ## Statement of Trustees Financial & Other Responsibilities The Trust Deed requires the Trustees to prepare financial statements for each annual year which give a true and fair view of the situation of the Trust as at the financial year-end of the income and expenditure and portfolio valuation of the Trust for that period. In preparing those financial statements, the Trustees are required to: - a) Select suitable accounting policies and then apply them consistently. b) Make judgements and estimates that are reasonable and pertinent. c) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust’s operations will continue. The Trustees are responsible for keeping proper accounting records which disclose. with reasonable accuracy, at all times of the financial position of the Trust. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## Organisation structure The administration of the Trust is overseen by the Secretary who is also a Trustee supported by an Assistant Secretary. 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 purposes and with earning yields presently above average, changes to the portfolio are decided by a subcommittee of Trustees against a previously agreed Investment Policy Statement. The Trustees have elected to subject this report and accounts to an independent examination. Page 2 Trustees’ Annual Report — continued . _ :: : i * Major risks and procedures to manage them. - The major risk to the Trust is a reduction in the value of its investments, reduced income, or a combination of the two. The Trust therefore maintains a close watch on all investments to mitigate these risks as far as possible. The performance and changes to the portfolio are reported at each meeting of[the][Trustees][with][all][changes][made][during] the year reported separately together with the effect on income and comments on the state of the world markets and economic climate. Each year the Investment Policy Statement is reviewed and agreed to ensure that it retains relevance to the Trust’s Objectives and the investment market environment. ## Summary of main activities in relation to the objectives From the beginning, the Trustees have adopted the policy ofdisbursing, by way of charitable gifts, the surplus income from the Trust Fund, which derives from dividends and interest received from its investments less expenses which are kept to a minimum with no Trustee receiving any form of payment. Interest free loans can also be provided-where the quality of life of beneficiaries can be improved. Prudent past investment policies also enable the Trustees to make substantial donations to major projects from capital without detracting from their normal practice regarding spending the Trust Fund’s surplus income. The Trustees plan to hold five meetings annually but can meet more frequently should the nééd arise. Applications for gift aid are investigated on behalf of the Trustees by the Assistant Secretary, and the information provided this way assists the Trustees in deciding whether to make a gift or not. When the Trustees judge it would be helpful to improve their understanding of the request, applicants are invited to put their case to the Trustees in person. Where an application must be dealt with urgently, for example, because of the pressure of time or of need, Trustees may be contacted by email or telephone in order that a prompt decision can be made. Items dealt with in this way are then ratified and recorded in the minutes at the next meeting of the Trustees. The Trustees have complied with their guidance duty as published by the Charity Commission on public benefit. ## ACHIEVEMENTS and PERFORMANCE Four meetings were held in 2025 when 85 applications were considered including 7 between meetings a decrease of2 over 2024. We continue to offer help in completing people’s applications by either arranging visits or inviting them to our office. Despite our efforts of contacting people several times not all applicants took up our offers of help leading to some 12 cancellations. Whilst in total applications slightly decreased so did the number rejected to 15 with 5 withdrawn resulting in 65 being successfulsignificant ansurplusincreasefundsofenabling2 see tablethem below.to easily The mainpay reasonfor the itemfor rejectionsthey wereisrequesting due to morethe applicantsTrust to fund. having The total net value of gifts increased in the year by £22,887 (24.5%) to £116,422 which represents 87% ofnet income. Actual gross gifts awarded in 2025 were a record £130,883 being reduced by £14,461 from the year 2024, The Trust provided reading book grants to 19 schools in the year plus the Accelerated Reading Programme to one costing a total of £28,466. There were 7 gifts awarded which were £10,000 or over with the highest being £13,500. Funds provided to individuals remain mostly for carpets, curtains, furniture, and white goods. There were three unpaid gifts at the year-end totalling £15,128. ## Summary of gifts by beneficiary category |Summary of giftsgifts by beneficiary category||||| |---|---|---|---|---| ||2024|||| |Beneficiaries|NoofGifts|Amount|No ofGifts|Amount| |Charitable& Religious Organisations|Provided
0|£
0|Provided
2|£
3,000| |Education Establishments
Arts/Entertainment|3
7|26,138
6,814|22
2|43,766
5,000| |SportingAssociations|4|10,090|4|18,651| |Local Groups for Pensioners/Disabled
Individuals|6
43|16,200
34,303|6
29|13,200
47,266| |Net Total Gifts|63|93,545|65|130,883| |Amounts withdrawn from previous year.||0||(14,461)| |Number ofGifts Applications Rejected/withdrawn|24||20|| |TotalGiftApplications||93,545||116,422| Page 3 ral ## THE CWMBRAN TRUST Gift & Loan Awards 2022 to 2025 **----- Start of picture text -----**
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Page4 ## Trustees’ Annual Report — continued ## Key aims and objectives set for the future. In 2026 we have still to identify two initiatives to support throughout the year which will be decided soon. We have allocated a gift aid budget of £120,000 for 2026 but this can be increased if needed. Despite a 3.8% increase in benefits from April 2026 there is little doubt that with food inflation stubbornly remaining at around 4.5%, expected to rise further, against a reported overall lower inflation headline of3.8%, (at the time of writing) food prices are taking much longer to reduce. In addition, energy cost increases remain a major concern which for all take effect in January 2026 with the average spend indicator to £1,758pa, although 30% lower than the £2,500 opening amount it still represents payment challenges to many. Interest rates whilst reducing to 3.75%, a 1% reduction in the : year, there is hope that further reductions will take place in 2026. The recent budget announcement cancelling the two children limit for benefit claimants in the year could see large increases for some which could restrict the number of successful Cwmbran Trust claimants. We know from letters of thanks that the gifts we make truly make an improvement to the lives of recipients. and their families particularly when we supply items such as carpets, curtains, fridges and washing machines which often they have gone without. Such gifts not only improve their lives considerably but enable them to take more pride in their surroundings. In recent years, such gifts have addressed an increasing request for help, one we expect to continue. One of our main aims from our strong financial position, for a number of years now, is to maximise our income from the investments held and keep our operating costs to the lowest level possible which has been successful. ## Policy on reserves The ability to hold reserves and provide for annua! increases in gifts/loans requires not only protecting income levels but taking opportunities to increase it, whilst at the same time growing/protecting the capital value of[the][portfolio.] ## Investment policy A comprehensive Investment Policy Statement is drawn up each year and agreed by the Trustees. The main clauses from this policy are as follows: ## Objectives The Trustees intend that the real value of the Trust’s assets be maintained and enhanced over the long term by an investment in a portfolio comprising excellent quality equities, fixed income (bonds), and cash, having a split appropriate to the predicted future market conditions. The income earned on the assets is to be transferred monthly to the Trust’s operating bank account so that the surplus after expenses may be applied for charitable purposes. Level of return and attitude towards risk The Trustees adopt a medium risk level with the portfolio arranged in such a way as to deliver above average income levels. The time horizon of the Trust The Trust is organised and administered as an ongoing concern based on a policy ofdistributing, by way of charitable gifts, the surplus income from the Trust Fund. Investments should therefore be held as medium to long term. ## Restrictions on Single Holdings & Ethical Constraints Except by prior agreement, no investment at the time of purchase should represent a market value level above 5% of the total portfolio value see note 10.3 page 17. The Trustees have not identified any ethical constraints but do keep this aspect under review. ## Review of financial schedules | | : : The notes to the accounts and accounting schedules found on pages 15 to 25 provide supporting details to the Statement of Financial Activities, Balance Sheet and Cash Flow Statements on pages 12 to [4 which enable a yearon-year comparison to be made. There have been no changes to accounting policies or procedures in the year under review. The account formats and notes comply with the latest Charity Commission’s Statement of Recommended Practices (SORP) and The Charities Act. Full details of[individual][investments][at][their][market][values][and][cost][at][the] year-end, together with the 2025 actual and projected 2026 incomes, are listed on pages 20/23. The balance sheet includes all commitments (gifts/loans) made by the Trustees irrespective of their payment timing with amounts due to the Trust also included. The five-year financial results are shown in selected graphical format, on pages 4, 11 and 19. Page 5 **----- Start of picture text -----**
||||||||| |---|---|---|---|---|---|---|---| |:| |Trustees’|Annual|Report — continued| |Overview|of the|financial|position|of the Trust|:| |2024|2025|increase/|Change| |£|£|decrease)|%| |Total|income|from|all|sources|130,263|138,434|8,171| |TotalSpecialIncome Dividend|130,2630|138,4340|8,1710 So| |4.437|(186)|||_(4.2)| |Income|available|for|gift|aid|125,826|134,183|8,357| |Charitable|gifts|awarded|Net|93,545|116,422|22,877| |Operating|Cash|at|year|end|134,740|140,457| |Amountear|from transferredoperating tocash Investments in|oul|co| |Debtors|at|year|end|4,986|5695| |Creditors|at|year|end|(27,762)|(16,428)|(11,334)|(40.8)| |[Net|Currentassets||S,|9664 ||129,725|17,761| |Investments|Comparable|amounts|2,990,908|3,443,109|452,201| |[New|money invested inyear|S|OT| |Value|of Investments|at|year|end|2,990,908|3,443,109|452,201| |NET WORTH|OF TRUST AT YEAR END|||3,102,872|3,572,834|469,962| **----- End of picture text -----**
## Comments The total 2025 income at £!38,434 is the highest recorded in the 49-year operation of the Trust bettering the previous year by £8,171 (6.3%) The higher income shows a mix by category with dividends from investments and Bonds up £8,030 (6.3%) with bank interest higher at £141 (5.8%) Bank interest received in total was £2,581 exceeding 2024 despite interest rates being reduced late in the year aided by an increase in monthly cash holdings on deposit during the year. Operating expenses in 2025 reduced to £4,251 representing 3.1% of total income a reduction over 2024 of £186 (4.2%). The operating surplus of £17,761 in 2025 was lower than the previous year’s £32,281 a decrease of[£][ 14,520][as][a] result of increased income of£8,171, plus lower operating expenses of £186 less an increase in gifts of £22,877. ## Creditors decreased during the year to £16,428 from £27,762 a reduction of £11,334 (40.8%). Operating cash at the year end at £140,457 was better than 2024 by £5,717 which covers creditors by eight times. The remaining net current asset valuation of £129,725 provides sufficient funds for a number of months before new income, which accrues monthly, arrives. The value of investments increased in 2025 to a record high of £3,443,109 an increase of[£452,201][(15.1%)][which] when added to investment income of £135,853 provides a total return of £588,054 this represents a return 19.7% in the year over 2024 opening balance. The net worth of the Trust is at a record of £3.573 million. ## Looking ahead to 2026 2026 remains full of uncertainties both economic and political which will see challenges to both companies and individuals alike. Companies will be reporting for the first time since the autumn 2024 budget when the effect of increases in NI, living wage and business rates will be included, which could see lower dividends. Whilst recent reductions in interest rates will provide some relief to companies and individuals, continuing high energy costs and further increases in the minimum wage and changes by age group will have a further impact. Page 6 . " Trustees’ Annual Report— continued As in previous years the Trust stands ready to help such people or the organisations serving these groups in our area. In 2026 as mentioned earlier, we have initially allocated up to £120,000 for gift aid but more can be made available should the gift requests support it. We intend to build on the work already started to encourage more people needing help to apply to the Trust by offering help in completing applications by either visiting our office or paying them a visit. ## Acknowledgement As Chairperson, I particularly want to take the opportunity to thank Mike Williams, our retiring Gift Research Officer, for his 14 years of sterling commitment to the work of the Trust. We all wish Mike and his wife all the best for their future happiness. My gratitude also goes to all the Trustees some of whom undertake additional .outside charity work and the Administration Staff who served in the year often under trying circumstances. Their dedication and support provided to the Trust over many years has enabled the Trust to build up a successful reputation which is recognised by many outside bodies and individuals alike. 1 would like to welcome Philip Smith to the Trust’s administration team who will’ become the Assistant Secretary. Yet again my thanks are due to the Directors of Cummins Drivetrain and Braking Systems for their continued support of the work of the Trust over many years. The provision of essential office accommodation and-services, at no cost, allows the Trust to operate efficiently and provide additional gifts to local organisations and individuals alike. Notice of the Special & Annual General Meetings can be found on page 27 and 28. **----- Start of picture text -----**
M Poulton
Chairperson and Trustee
Date: 2"! March 2026
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B J\GQunningham MBE, KSG
Trustee
Date: 2nd March 2026 :
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Page 7 THE CWMBRAN TRUST _ . ## PORTFOLIO PERFORMANCE REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 ## Portfolio Performance Overview 2025 At the year end the Trust held investments in 107 individual companies 5 less than 2024, having lost 5 to takeovers | company to liquidation and acquired 1 new holding in Magnum Ice Cream following its demerger from Unilever. There were no new investments in the year with the income from sales of£134,840 plus a cash reduction of £22,363, a total of £157,203, all invested in 15 existing holdings to increase income. The£83,000This portfolioofthevaluation increase onoccurred31st Decemberin the month2025ofwasDecember £3,443, alone 109 an mostlyincrease attributedof£452,201to FTSE(15.1%) of100 companies. which the resulted in the increase in the year (see bottom of page) in the FTSE 100 holdings of 15.3% compared to index growth of 21.6%. The performance of the FTSE 250 delivered a return of 11.0% against an index growth of 9.0% with the FTSE 350 returned a lowly 3.4% against the index of growth 19.9% which is due to having only 5 companies in this index. The 2025 income generated from the portfolio dividend and interest receipts was a record £135,853 an increase over 2024 of£8,030 (6.3%) and 3.95% of market value at the year end and 6.47% on original cost. The number of holdings by valuations and income by markets segments at the year-end were as follows: **----- Start of picture text -----**
Market Number | Year End Original 2025 | Income Income
Segment of Market Cost Income | Returnon | Return
Holdings: | Valuation. MarketValues on
December Excluding | Original
2025 cash not Cost
o yet :
|Number
| Invested
fT
[Bonds | £000 £000
FTSE 100 50 2312 1092 84009 3.6 7.6
| Com anies
| FTSE250 28 441 453 21801 4.9
Companies
FTSE 350 5 140 103 3633 2.6 3.5
Companies
Australis, 5 140 93 5793 4.1 6.2
South Africa
NL & Aim
Markets
Overseas 199 140 8145 4.1 5.8
Holding
Property a) 57 3472 6.1
Funs
Bonds 153 157 $210 5.4 5.2
Cash 4 4 790
FTSE December | December % % Trust “Trust %
INDICES 2024 2025 Change |_ portfolio Market; Income
Change Values
8173 9931 15.3
206224511 2470/905409 ||126 | 486
All Share 4468 5350
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» - PORTFOLIO PERFORMANCE REPORT FOR THE YEAR ENDED 31° DECEMBER 2024 The increase in the portfolio over cost represents an uplift of £1,343 million (64%) . When the 2025 2025 income at £135,833 £135,833 is added to the growth added to the growth to the growth the growth growth in investments of £452,201 a a total of £588,054 £588,054 results in a return of 19.7% on the 2024 closing balance. ‘There were 4 companies were 4 companies 4 companies companies not paying dividends paying dividends dividends in 2025 down 2025 down down from88 in 2024. 2024. a When the 2025 2025 income at £135,833 £135,833 is added to the growth added to the growth to the growth the growth growth in investments of £452,201 a a total of £588,054 £588,054 results in a return of 19.7% on the 2024 closing balance. ‘There were 4 companies were 4 companies 4 companies companies not paying dividends paying dividends dividends in 2025 down 2025 down down from88 in 2024. 2024. a As mentioned on the previous page the portfolio performance increase of 15.1% underperformed the All-Share Index by 4.6% worth £131,000. This is not surprising as we hold investments in 33 different market segments in UK Equities, 5 in internation companies which increased by 19.3% and 6 bonds of +1.8% which are not expected to increase and property which increased by 5.1%. ## Selected companies where the valuation were lower in 2025 compared to 2024. Victrex £6569 (51%), Bunz! £24,400 (37%), Somero £5,723 (32%) Tate and Lyle £10,123 (42%) WPP Advertising £11,758 (59%) and W H Smith £7,150 (46%) Investment Segments where Increases in market values was achieved in 2025. Mining (22%), Construction (31%), Defence (57%) Tobacco (38%) Electricity (36%), Pharmaceuticals (29%), Banks (69%), European holdings (45%) global (31%) and international companies (19.3%) ‘ Although a disappointing result it does demonstrates both the benefit and downside ofa diversified portfolio. ## Forecast for 2026 We are still living in an uncertain world both economically, with UK companies and individuals facing major challenges with high taxation, Business Rates, wage inflation, plus rising unemployment. The good news is any further reductions in interest rates will help individuals and companies based on expected reducing inflation levels although food inflation remains a major issue. Politically there are major conflicts around the world, with unrest is some countries all having uncertain outcomes. Added to which is what Trump will do on tariffs. With the FTSE 100 passing the 10,000 level since the start of the new year the question remains as to how it will perform in 2026 with some analysts concerned that a correction could be coming as they believe that some company valuations have improved on sentiment rather than their performance outlook which are likely to see downward adjustments. Whist some analysts still see value in the UK. others are more cautious that there could be a large downward correction. Substantial amounts of money are being invested in Al promising a bright future tomorrow, but Al iS not at present delivering much, if any, growth. There is therefore the need to adopt a cautious approach to 2026 as there is a danger of any new investment being overpriced. Overseas markets particularly Japan and India are worthy of consideration but in unit trust form. Forecast dividend and interest income for 2026 is £139,871 compared to £135,063:in 2024 an-increase of £4,808 (3.6%) The plan for the year is to take profit from companies showing a large profit over cost but having low dividend yields to increase income further but identifying new alternative investments with higher yields will require lots more research and risk. K L Maddox Trustee & Secretary February 2026 Page 9 ” wt : **----- Start of picture text -----**
Independent Examiner's Report to the Trustees of The Cwmbran Trust Charity Number 505855
On the accounts for the year ended 31st December 2025 set out on pages 12 to 17
Respective Responsibilities of Trustees and Examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that
an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that
an independent examination is needed.
It is my responsibility to:
* examine the accounts under section 145 of the Charities Act
* to follow the procedures laid down in the General Directions given by the Charity Commission (under section
143(5)(B) of the Charities Act), and
* to state whether particular matters have come to my attention.
Basis of Independent Examiner’s Statement
My examination was carried out in accordance with general directions given by the Charity Commission. An
exainination includes a review ofthe accounting records kept by the Charity and a comparison of the accounts
presented with those records. It also includes consideration ofany unusual items or disclosures in the accounts,
and seeking explanation from the trustees concerning any such matters. The procedures undertaken do not
provide all of the evidence that would be required in an audit and consequently no opinion is given as to whether
the accounts present a ‘true and fair' view and the report is limited to those matters set out in the statement below.
Independent Examiner's Statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that, in any material respect, the requirements:
* to keep accounting records in accordance with section 130 ofthe Charities Act;
* To prepared accounts which accord with the accounting records and comply with the accounting requirements
requirements of the Act have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts
to be reached.
.
Signed Ch, NW Date: 2nd March 2026
Name: Philip Nash
Reievant professional qualification: MPA, CPFA.
Address; Lyncrest, Pentrepiod Road, Pontnewynydd, Pontypool Torfaen NP4 6RG
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Page 10 & : : THE CWMBRAN TRUST . ; ## Historical Financial Performance 2022 to 2025 **----- Start of picture text -----**
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Page 11
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, ## THE CWMBRAN TRUST ## STATEMENT OF FINANCIAL ACTIVITIES - YEAR ENDED 31 DECEMBER 2025 ; **----- Start of picture text -----**
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2,025|2,024| |Page No'|£|£| |INCOMING|RESOURCES|-|All|unrestricted|funds| |Investment|Income|:| |Gross|dividends|from|Equities|126,853|119,059| |Gross|Interest|from Government|and|Corporate|Bonds|8,210|8,546| |Deposit|Interest|from Money|Awaiting|Investment|790|218| |Incoming|Resources|from|Investments|20/23|135,853|127,823| |Interest|on|Operating|Cash|Deposits| |From|Lloyds|Ple|21|52| |From CAF|Bank|2;560|2,388| |Incoming|Resources|from|Operating Cash|Deposits|2,581|2,440| |TOTAL INCOMING|RESOURCES-|[All]|[unrestricted]|[funds]|~|138,434|130,263| |RESOURCES EXPENDED-|All|on|unrestricted|funds| |Investment Management|Costs|901|1,750| |Charitable|Activities|116,422|93,5445| |Governance|Costs| |Administration|Charges|65|0| |Researching Requests|for Gifis|2,000|1,750| |Sundry|Expenses|735|387| |Independent|Examination|Fee|550|550| |Total|Governance|Costs|3,350|2,687| |TOTAL|RESOURCES|EXPENDED|-|Allon|unrestricted|funds|120,673|97,982| |NET|INCOMING|(OUTGOING)|RESOURCES|BEFORE| |OTHER RECOGNISED GAINS/(LOSSES)|17,761|32,281| |OTHER|RECOGNISED|GAINS AND|LOSSES| |Gains/(losses)|on|Revaluation|of|[Investments]|[held]|[at][ year][ end]|460,406|12,714| |Profit/(losses)|on|sale of investments|in|current|year|18|-8,205|21,833| |NET MOVEMENT|OF FUNDS|IN THE YEAR|469,962|66,829| |Total|Funds|Brought|Forward|-|All|unrestricted|funds|3,102,872|3,036,044| |TOTAL|UNRESTRICTED|FUNDS CARRIED|FORWARD|3,572,833|3,102,872| **----- End of picture text -----**
Page 12 | ## THE CWMBRAN TRUST **----- Start of picture text -----**
||||||||||| |---|---|---|---|---|---|---|---|---|---| |BALANCE|SHEET|-|31|DECEMBER|2025| |All|amounts|relate|to|unrestricted|funds|2,025|2,024| |£|£| |FIXED|ASSETS|(Managed|by|Charles|Stanley)| |Listed|Investments|at|Market|Value|3,439.35 1|2,964,788| |Cash|on|deposit|awaiting|Investment|“3,758|26,120| |TOTAL|FIXED|ASSETS|3,443,109|2,990,908| |CURRENT|ASSETS| |Debtors| |Interest|free|loans|granted|0|0| |Taxation|recoverable|0|0| |Amount|due|from|Charles|Stanley|5,695|4,986| |Total|Debtors|:|5,695|4,986| |Operating|Cash|Deposits| |Bank|balance|at|Lloyds TSB|Plc|2,946|2,925| |Bank|balance|at CAF|Bank|137,512|131,815| |Total|Cash|at|Bank|140,457|134,740| |TOTAL CURRENT ASSETS|146,153|139,726| |CREDITORS:|falling|due|within|one|year|“SS|a| |Charitable|gifts|15,128|26,462| |Interest|free|loans|not|paid|at|year|end|0|0| |Amount|due|re:|Independent|Examination|3550|550| |Amount|due|to|Charles|Stanley|750|750| |TOTAL|CREDITORS|16,428|27,762| |NET CURRENT ASSETS|129,725|111,964| |NET ASSETS|3,572,834|3,102,872| |FUNDS|OF THE|CHARITY| |CAPITAL ACCOUNT|3,401,645|2,949,444| |INCOME ACCOUNT|171,189|153,428| |TOTAL UNRESTRICTED|FUNDS|3,572,834|3,102,872| |Signed|on|behalf of|the|Trustees| **----- End of picture text -----**
**----- Start of picture text -----**
4 .
«
0, tos. unre lam
M Poulton B J’Cunningham MBE, KSG K L Maddox
Trustee & Chairman Trustee Trustee & Secretary
**----- End of picture text -----**
Page 13 ## THE CWMBRAN TRUST |||OPERATING CASH FLOW STATEMENT 2025||||| |---|---|---|---|---|---|---| ||||2,025||2,024|| |||CASH GENERATED|£||£|| |||Excess/(Deficil) ofIncome over expenditure|17,761||32,281|| |||Investment cash withdrawn from Charles Stanley|0||0|| |||Loans repaid/withdrawn|0||0|| |||TOTALCASH GENERATED|17,761||32,281|| |||CASHUSED/(GENERATED)||||| |||Cash transferred to Charles Stanley for Investment|0||0|| |||Sundry Debtors
Increase/(Decrease)|709||992|| |||Tax Recoverable
Increase/(Decrease)|0||0|| |||Creditor Charitable gifts
(Increase)/Decrease|11,334||247|| ||:|Sundry Creditors
(Increase)/Decrease
Interest Free Loans Paid in Year — Increase/(Decrease)|0
0||0
0|| |||TOTAL CASH USED(GENERATED)|12,043||1,239|| |||NET CASH INFLOW/(OUTFLOW)|5,718||31,043|| |||BANK RECONCILIATION||||| |||Opening Bank Balance Ist January 2025|134,740||103,697|| |||Net cash (outflow) inflow in 2025|5,718||31,043|| |||Closing Bank Balance 31 December2025|140,457||134,740|| |||THECWMBRAN TRUST||||| |||INVESTMENT CASH FLOWSTATEMENT- 2025||||| ||||2,025||2,024|| |:||CASH GENERATED|£||£|| |||Investments sold at market value|134,840||167,507|| |||Transters from operating cash|0||0|| |||TOTALCASH GENERATED|134,840||167,507|| |||CASH USED||||| |||Investment Purchased at cost|157,203||144,824|| |||Transfers to operating cash|0||0|| |||TOTALCASH (GENERATED)/USED|157,203||144,824|| |||NETCASH INFLOW/(OUTFLOW)|-22,363||22,682|| |||CHARLES STANLEYINVESTMENTACCOUNT|=|||| |||Opening BankBalance IstJanuary2025
Netcash (outflow) inflow in 2025|. 26,121,
-22,363|2|3,438
22,683|¢| |||ClosingBankBalance31December2025|3,758||26,121|| Page 14 w. é **----- Start of picture text -----**
THE CWMBRAN TRUST
NOTES TO THE ACCOUNTS - YEAR ENDED 31 DECEMBER 2025
1, Basis of preparation
1.1 Basis of Accounting
These accounts have been prepared on the basis of historic cost (except for investments which
are shown at market value) in accordance with :
- Accounting and Reporting by The Charity Commission's - Statement of Recommended
Practice and with General Accounting Standards
- and with the Charities Act 2011
12 Change in the Basis of Accounting
There has been no change to the accounting policies (valuation rules and methods of
accounting) since last year
1.3 Changes to Previous Accounts
No changes have been made to accounts for previous years
2. Accounting Policies
2.1 Incoming Resources
Investment Income
This is included in the accounts when either received or advised.
Investment Gains and Losses
This includes any gain or loss on the sale ofinvestments and any gain or loss resulting
from revaluing investments to market value at the year end.
Tax Reclaims
The Trust is able to recover UK tax on interest received provided it is applied to charitable
purposes. The Trust is not liable for Capital Gains tax. Tax on dividends is not recoverable.
2.2. Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing
the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of Trustee
meetings and cost of any legal advice to Trustees on governance and constitutional matters.
Gift Payable Conditions
Gifts are granted against a specified need and may only be used for that purpose. However
if the need on which the original gift was made is no longer required or appropriate then a
further gift application can be submitted.
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:
i
:
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Page 15 **----- Start of picture text -----**
THE CWMBRAN TRUST
NOTES TO THE ACCOUNTS - CONTINUED - YEAR ENDED 3] DECEMBER 2025
2.3 Assets
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year
marketend. Othervalue. investment assets ifapplicable are included at the Trustees’ best estimate of
3. Analysis of Incoming Resources
The analysis is provided in the Statement of Financial Activities on page 12.
4. Analysis of Resources Expended
The analysis is provided in the Statement of Financial Activities on page 12.
5. Support Costs
The Charity has no Tequirement to analyse its expenses by activity,
6. Details of Certain Items of Expenditure
6.1 Trustee Expenses
There were no expenses paid to Trustees during the year under review.
6.2 Fees for Exa mination or Audit of the Accounts
The amounts paid for the examination or audit of the accounts are shown for both
duringyears inthe theyear. Statement ofFinancial Activities on page !2. No other fees were paid
7. Paid Employees
The Charity has no paid employees,
8. Grant/Gift Making
8.1 Total Value of Gifts
8.2 An analysis ofgifts by beneficiary Category appears on page 3 of the Trustees Annual Report.
Gift Making Costs
pageAll costs12, incurred by the Charity are detailed in the Statement ofFinancial Activities on
8.3 Grants Made to Institutions
Report.Gifts that are material in the context of its total gift making appear on page 3 ofthe Trustees .
9. Tangible fixed assets
The Charity has no tangible fixed assets
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Page 16 **----- Start of picture text -----**
THE CWMBRAN TRUST
NOTES TO THE ACCOUNTS - CONTINUED - YEAR ENDED 31 DECEMBER 2025
10. Investment Assets
10.1 Market Value of Investments
Details by individual investment showing their market values and costs can be found on
pages 20 to 23.
10.2. Breakdown of the Income from Investments
Income by individual investment can be found on pages 20 to 23.
10.3. Material Investment Holdings
At the year end two investment holdings RioTinto Mining at 6.0% and-AstraZeneca also at
6.0% had increased market values greater than 5% of the total portfolio valuation as laid down
by the Trustees. Both companies are considered sound investments worth holding.
11. Endowment and Restricted Income Funds
The Charity has no.endowment or restricted income funds.
12. Transactions with Related Parties
The Charity has no transactions with related parties.
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Page 17
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|||THE CWMBRAN TRUST|||||| |---|---|---|---|---|---|---|---| |I. PROFIT/(LOSSES) ON SALE OF INVESTMENTS - YEAR ENDED 31|||DECEMBER 2025||||| |Item|Date|Company/Investment||Mkt Value||Sales|Profit| |No'|||sold|Dec 25||value|(loss)| |||||£||£|£| |1|17/01/25|TakeoverofBritvic byCarlesberg|7965|= 104,262||=—-:102,749|-1,514| |2|25/02/25|Liquidation ofEsken Ltd|22666|0||0|0| |3|09/04/25|= Scheme ofArrangement Hargreaves Lansdown|520|5,710||3,772|62| |6|14/05/25|Take over ofInternational Distribution (The Royal|4600|16,735||16,560|-175| |7|11/07/25|—Take overofDirect LinebyAviva|5650|14,419||7,328|-7,091| |8|16/07/25|Take over ofDe La Rue|1854|1,919||2,410|491| |9|11/07/25|Directline/Aviva Schemeofarrangement||||5|5| |10|17/12/25|Unilever demerger ofMagnum IceCream cash fraction||||16|16| |TOTALSALES||||143,045|=|134,840|-8,205| |2. INVESTMENTS PURCHASED
- YEAR ENDED 31 DECEMBER 2025|||||||| |Item =Date|Date|Company/Investment||Quantity|Purchase||| |No!||||Purchased||costs|| |1|15/01/25|Aviva||2100||10,284|| |2|15/01/25|Legal& General||4400||10,268|| |3|25/02/25|Mondi Plc||800||10,097|| |4|25/02/25|Braemar ple||3700||10,129|| |5|#REF!|Merchants Trust Plc||1900||10,297|| |6|25/02/25|Greencoat UK Wind Ple||9701||10,576|| |7|09/04/25|Aberdeen Group Plc||7963||10,127|| |8|09/04/25|Persimmon||880||10,028|| |9|09/04/25|Murry International||4125||10,054|| |10|275/25|M&G||4400||9,903|| |im|27/05/25|Zigup||2800||10,016|| |i2|04/06/25|Mercedes Benz||230||10,236|| |13|11/06/25|Admiral Group||300||10,041|| |l4|11/06/25|TP ICAP||1950||5,266|| |15|27/08/25|=Ned Bank Group||1030||10,039|| |16|27/08/25|Mondi Ple||900||9,841|| |TOTAL PURCHASES||||||157,203|| |||Operating cash transfered to Investment account||||0|| |NET INCREASE/(DECREASE) IN CASH AVAILABLE FOR INVESTMENT||||||-22,363|| |||THE CWMBRAN TRUST|||||| |3. CAPITAL RESTRUCTURING OF INVESTMENTS - YEAR ENDED 31 DECEMBER 2025|||||||| |Date|Company/Investment|||Quantity|||Values| |||||Changes|||at Cost£| |00/01/1900|ABRDN Ple Name change|||-5,337|||-17,869| |05/03/2025|Aberdeen Group|||5,337|||17,869| |NETEFFECTOFCHANGES|||||||0| Page 18 “« # **----- Start of picture text -----**
mee
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## INVESTMENTS BY MARKET SEGMENT DECEMBER 2025 **----- Start of picture text -----**
Corporate & Global
UK Cash Bonds 4.5%
Holdings 0.1%
| acesey Property gaye Speen,
SRS:
GEOGRAPHICALANALYSIS DECEMBER 2025
|property’ trrrtrti‘— _ #ALLBONDS * oi r—“‘COCOCOCOCOCOCOC*CN
——“—i—s—s SC ER UCC=Ci“‘i;”™SCs*COC;i;C;i:C;ié;é;C
( ——=—“‘=éiCOCOCO a é we — Ff...
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‘ Page 19 : i ! **----- Start of picture text -----**
THE CWMBRAN TRUST
4. INVESTMENTS HELD AT THE PERIOD END - 31 DECEMBER 2025
Holding Stock Description Market Original. Gross2025 Grosson MktDividendon Gross2026
FIXED value cost income value Cost income
INCOME ££ 6£ £ % % £
Corporate Bonds : S S
233 | Shares Core GBP 28,713 25,262 1,383 4.82 5.48 1,383
16,074.53 Invesco Fund Managers IP Bond 31,332. 25,321 1,331 4.25 53.25 1,33]
43,236.49 Barclays Global Access GBL High Yield 27,282. 30,686 = 1,623 5.95 5.29 1,623
25,719.626 M & G investment High Yield Corporate Bond 22,222. 25,374. 1,393 6,27 5.49 1,393
40,007.66 Jupiter UT Mgrs. Strategic Bond 21,720. 25,604 1,165 5.36 455° 1,165
23,882.35 Schroder Unit Trust Strategic Credit: 22,082 24/588 «1,315 5.95 5.35 1,315
Total Corporate Bonds & Bond Funds’ =) 153,351 —156,835. 8,210 3.35. 5.23.) 8,210
12,000 ‘Oil & Gas Producers; | :
5,200 BP * 51,936 67,689 2,941 5.66 4.34 2,912
4,065 Harbour Energy ** 10,223. 15,119 - 2122 20.75 14.03 1,030
Shell Pic * L138) 22,857 > 3,285 2.95 14.37 4,377
Oil-& Gas Producers 173,540 105,665. 8,348 4.81 7.90 8,319
2,800 Woed Group (John) * 664 10,045 0 0.00 0,00 0
1,200 VictrexChemicals** Chemicals 7,860 20,583S 75 9.09 3.47 715
3,741 BHPGroup A 84,509 45,590. 3,123 3.70 6.85 4,532
6,350 Glencore * 25,816 15,341. 475 1.84 3.10 472
3,425 Rio Tinto * 205,295. 70,201 9,746 475 13.88 9,747
10,750 South 32 Mining ** 19,028 19,145. 492 2.59 2.57 704
Mining = 334,647_—_—-150,277. 13,837 4.13 9.21 15,455
Construction & Materials
6,828 Balfour Beatty ** 48,547. 20,437 881 1.81 431 881
8,450 Ibsstock ** 11,796. 20,170: 338 2.87 1.68 338
Construction & Materials 60,343 40,607, 1,219 2.02 3.00 1,219
2,000 Aerospace & Defence ao oe
6,490 Babcock International Group * 24,860. 10,570 130 0.52 1.23 140
4,866 — BAE Systems. * 111,239---°20,075 2,213 1.99 414.02 2,213
4.000 Melrose.Rolls RoyceIndustries* * 46,00028,632 4,9866,596 420311 0.911.09 4.728.42 420312
Acrospace & Defence 210,730 42,227. 3,075 1.46 7.28 3,085
2,000 Bunz * 41,520. 9,129. 1,478 3.56 16.19 1,480
2,400 Mondi * 21,797 29,886 902 4.14 3.02 1,467
1,333 SmithsGroup * : 31,352. 8,088 613 1.96 7.58 613
General Industrial 94,669 47,103 2,993 3.16 6.35 3,560
5,450 Somero Enterprises AIM Market 11,990. 19,635. 582 4.85 2.96 $23
600 Weir Group * . 17,076. -10;146 250 1.47 2.47 250
Total Industrial Group 29,066 29,781... ..832 2.86 2.79 773
12,200 Industrial Transportation ee ee .
2,155 Braemar Shipping Services *** 26,230. 30,492 688 2.62 2.25 610
4,100 ZigupFirst Group** ** 15,724-4,107. 15,100$295 836151 3.675.32 2.855.54 1,082151
Industrial Transport 46,061. 50,887. 1,674 3.64 3.29 1,843
Support Services =
1,050 Travis Perkins ** 6,673 10,072 142 2.12 141 142
Support Services 6,673 10,072 142 2.12 141 142
* Denotes FTSE 100 * FTSE 250 ** FTSE 356 *** (Smali Cap) **** A Austria SA Souh Artica Netherlands & AIM
**----- End of picture text -----**
Page 2U ||:||THECWMBRANTRUST|THECWMBRANTRUST|||||| |---|---|---|---|---|---|---|---|---|---| ||4, INVESTMENTS HELDATTHEPERIODEND31 DECEMBER2025 -CONTINUED||||||||| ||||||2025|Gross Dividend||2026|| ||Shares
Held|Stock Description||Market:Original
value
cost|Gross
income|on Mkt
value|on
Cost|Gross
income|| |||||£
o£|£|%|%|£|| ||U.K. EQUITIES - CONTINUED||||||||| |||Automobiles & Parts|||||||| ||11,766|Dowlais Group
**||9,883
6,895|329|3.33|4.78|494|| ||1,200|Beverages
Diageo
*|Beverages|2
19242
10,111
19,242.‘10,11|9953,
953|4.95
4.95|9.42953
9.42
953||| ||1,850
300.
3,685|Food Producers
— Hilton Food:**
=Magnuin IceCreamCoN/L
Tate&Lyle
**|N/L|fo
9,324
-O94t
3,533,38
13,811
18,193|648
~=— oon)
730|6,94
0.00)
$28|6.51
0.00
480|648
0
737|| ||||Food Producers|26,668
25,172|«1,377|5.16|5.47|«1,385|| ||4,000
3,405
175
12,000|HouseholdGoods -HomeConstruction
BarrattRedrow *
Persimmon
*
RickettBenckiser*
TaylorWimpey
**
Household Goods& Home Construction||ee
15,24420,218
46,25724.479
10,50410,132)
12,90020,617.
84,904 75,446|704
2,043
361
1,120
«4,227.|«4462
348
704
4.42835
2,043
«3.43
3.56361
8.68
5.43
1,120
2..74
3.08
4,228|||| ||1,333|Personal Goods
Unilever *||ee
64,777
693-2326||3.59|335.63|2,325|| |||Tobacco||:|||||| ||1,160
700|British American Tobacco
*
Imperial Brands *||48,882
20;389
21,833
19,847|= 2,773
1,222|5.67
5.59|13.60
6.15|2,787
1,122|| ||||Tobacco|70,715
~-° 40,236|3,995|3.65|9.93|3,909|| ||1,500
3.248
5,760|Pharmaceuticals&Biotechnology
AstraZeneca Group *
GSK*
Haleon PleOrd*
Pharmaceuticals & Biotechnology||oo
206,850:
26,046
59,26030,109
21,588 11.646
287,698
67,801|3,671
2046
«= 3392,
6,108|1.77
14.09
3,671
345
680
2,078
ss813.3639
2.12
9.01
6,140|||| ||7,800
6,900
10,282|Food&DrugRetailers
Marks&Spencer *
Sainsbury (J) *
Tesco
*|Food & Drug Retailers|ee
25,740.16,415
22.425.20324
45,426|24,635
93,591
61,374|281
«1711
1,465
3,457|1,09
763
3.23
3.69|1.71
296
842
952
5.95
1,465
5.632.713||| ||6,270
1,600
4,500
1,300|GeneralRetailers
HalfordsGroup ***
Howden Joinery *
Kingfisher *
W H Smith **||—
8,82820316
13,320. 9;980°
14,072, -_-9,.867
8,307
20,335"|552
625
341
2.56
5583.97
44]
5.31||272
552
3.41
341
5.66558
2.17
225||| ||||General Retailers|44,527
60,498|1,891|4.25|3.13|1,676|| |||Media||:|||||| ||1,550|Auto Trader *||9,089
10;106|164|LS|1.63|169|| ||25,400
1,400
2,400|ITV **
Pearson
*
WPP Pic **||20,917
20,012
14,700 = =
213,856
8,100. 20,727|1,270
342
766|6.07
2.32
945|6.35
2.47
3.69|1,270
342
765|| ||||Media|52,806. 64,701|2,542|4.81|3.93|2,546|| |*|640
2,218
1,626
20,800
1,500
Denotes|Travel &. Leisure
Carnival **
CompassGroup *
EasyJet *
Marston's ***
Whitbread
*
Travel&Leisure
FTSE 100 * FTSE 250 ** FTSE 350 *** (Small Cap)||oe
14,51519,989,
52,43413,905
8302.12,712
12.393._20,106
38,250.19,752
125,79486,464
****AAustrlia
SA Souh|0
0.00
1,067
2.04
«1972.37
0
0.00
1,455
3.80
2,719
2.16
Arfica Netherlands&||0,00
7.68
1.55
0.00
7.37
3.14
&AIM|0
1,087
214
0
= 1,455
2,756|| |||||Page21,0|||||;| **----- Start of picture text -----**
THE CWMBRAN TRUST
**----- End of picture text -----**
|4.INVESTMENTS HELDATTHEPERIOD END31 DECEMBER2025- CONTINUED|4.INVESTMENTS HELDATTHEPERIOD END31 DECEMBER2025- CONTINUED|4.INVESTMENTS HELDATTHEPERIOD END31 DECEMBER2025- CONTINUED|4.INVESTMENTS HELDATTHEPERIOD END31 DECEMBER2025- CONTINUED|4.INVESTMENTS HELDATTHEPERIOD END31 DECEMBER2025- CONTINUED|4.INVESTMENTS HELDATTHEPERIOD END31 DECEMBER2025- CONTINUED|4.INVESTMENTS HELDATTHEPERIOD END31 DECEMBER2025- CONTINUED||||| |---|---|---|---|---|---|---|---|---|---|---| |Shares
Held|StockDescription||2025. Gross Dividend
Market.Original)
Gross onMkt
on
value
—__cost income
—_-value
Cost
f£
£
%
%||||||2026
Gross
income,
gre|a| |U.K. EQUITIES
- CONTINUED|||||ae|||||| ||Fixed Line Telecommunications||||Ae|||||| |20,900|BTGroup
*||38,466||~>"30,904|1,705|4.43|5.52|1,716|| ||Fixed Line Communications||38,466||30,904|«1,705|4.43|$.52|1,716|| ||Mobile Telecommunications|||||||||| |17,668|Vodafone Group
*||17,470||23,208|679|3.88|3.20|694|| |1,68]|Electricity
Scottish& Southern Energy|*|36,629||oes
—
20,056|1,079|2.95|5.38|1,083|| |8,598
6,543
2,055|Gas,Water&Multinationals
Centrica *
National Grid *
Severn Trent
*
Gas,Water& Multinationals||14,578
74,688
57,314
146,58073,005,|— /_
19,804
3i794
- 20,007
73,005,||415
3,057
2,501
5,973|2.85
4.09
4.36
4.08|2.10
9.61
12.50
8.34|415
3,090
2,537
6,042|| |3,250
6,020
51,110|Barclays
*
HSBC Holdings
*
LloydsTSBGroup
*||15,468 13,679.
70,663. 40,634
50,210562,284|||276
2,983
1,702|1.79
4.22
3.39|2,02
7.34
2.73|276
2,983
1,702|| |4,014|Standard Charter
*||73,135||36,356|1,210|1.65|3.33|1,210|| |||Banks|209,477||152,953.|6,171|2.95|4.03|6,171|| ||Non-life Insurance||||:|||||| |1,300|Admiral Group
*||41,288||30,420|2,705|6.35|889|2,683|| ||Non-life Insuranee||41,288||30,420|= 2,705|6.55|8.89|2,683|| |9,25]|Aviva
*||63,314||41,661|3,028|4.78|7.27|3,414|| |22,100
38,525
3,050
5,700|Legal & General
*
Old Mutual SA
Phoenix Group
*
Prudential Corporation
*|:|57,880
25,966
22,479
65,237|||=
30,810
17,635
20,194
| ee|4,747
8.20
1,158
446
1,668 = 7.42
1,026
1.57||15.41
6.57
8.26
10.54|4,747
1,447
—1,668
1,026|| |||Life Insurance|234,875||120,031.|11,627|4.95|9.69|12,302|| ||Real Estate.& Property Investments||||—|||||| |2,800
530|Land Securities Group *
SafestoreHoldings **||17,416
3,901|19,354
5,004||874
162|5.02
4.14|4.5]
3.23|1,142
162|| ||Real Estate InvestmentTrusts||26,798:||30,420|1,175|4.39|3.86|1,444|| ||Financial Services & Private|Equity||ee||||||| |13,300|Aberdeen Group Ple **||27,345||27,996:|1,361|4.98|4.86|1942|| |20,100
7,310|M&G Ple *
MAN Group
**||57,566
17,183||31,826
20,216|3,466
970|6.02
5.65|10.89
4.80|4,060
970|| |2,149|Quilter PLC **||3,933||737|133|3.39|18.08|133|| |4,000|TP Icap **||10,380||10,253|440|4.24|4.29|660|| ||Financial Services|& Private Equity|116,407||91,028|6,370|5.47|7.00|7,765|| |*Denotes|FTSE100*FTSE250**FTSE350***(SmallCap)||****AAustrliaSASouh|||ArficaNetherlands||&AIM||| Page 22 ‘ : **----- Start of picture text -----**
||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |THE CWMBRAN TRUST|_—| |4.|INVESTMENTS HELD AT THE|PERIOD END 31|DECEMBER 2025 -CONTINUED| |Shares|Stock|Description|Market|Original;|Gross2025|Grosson|MktDividendon|Gross2026| |Held|value cost|income|value|—-|Cost_|income| |U.K.|EQUITIES|-|CONTINUED|£0£|£|%|%|£| |Equity|Investment|Instruments|.| |3,900|Merchants|Trust|Ordinary|**|23,244|20,666|~—-1,000|4.30|484|1139| |1.931|31Group|*|63,009|10136|1,410|2.24|13.91|1,525| |Equity|Investment|Instruments|86,253|30,802|2410|2.79|7.82|2,664| |Funds|oe|os| |30,229.279|Jupiter|Fund|Manager UK|Small|Companies|***|43,439|3,490.|1,103|2.54|31.60|-|1,103| |34,618.57|Schroder|U/T|UK|mid|250|***|49,539|18,896.|1,291|2.61|6.83|1,291| |Funds|92,979.|=|22,386|2,394|2.57|10.69|=|2,394| |Infrastructure &|Renewable|Energy|oo| |12,500|Digital|9|Infrastructure|**|738|40,176|0|0.00|0.00|0| |25,000|Greencoat UK|Wind|Plc|**|24,525|31,047|2,325|9.48|749°|2568| |23,200|Octopus|Renewables|**|14,175|19,898|1,422|10.03|7AS|1431| |Infrastructure|&|Renewable Energy|39,438|61,121|3,747|9.50|6.13|3,999| |Dividends|Received|from Investments|Sold in Year|(ME, DS Smih,|Royal Mail|—|2,642| |TOTAL UK EQUITY|.|2,931,517, 1,689,572)|108,795|3.71|Gd|113,192| |INTERNATIONAL EQUITY| |935|NorthVerizonAmericaCommunications|Fixed|Line|28,330|;(15,878|1,649|5.82|10.38|1,919| |Europe (Excluding|UK)|.| |100|Daimler Truck|Holding|3,253.|1,590|7|3.59|7.35|166| |610|Mercedes|-|Benz|3211S|=|29,074|1,003|3.12|3.45|2,290| |300|Société|Générale|18,030|105152|322|1.78|3.17|0| |Total|Europe|(Excluding|UK)|53,398|40,816|1,442|2.70|3.53|2,456| |Asia|Pacific|SEE| |83,333.45|Schroder|Unit|Trust|Asian|Income|Fund|49,118|219,919|=|1,763|3,59|8.85|1,744| |1,160|Woodside|Energy Group A|13,558 == 21,538|930|6.86|4.32.|1,370| |Total|Asia|Pacific|62,676|41,457.|2,693|4.30|6.50|3,114| |Emerging|Markets|Soe| |24345.2267|Columbia THR|Inv Funds Emerging|Markets|19,788,|23,169|1,108|5.60|4.78|1,108| |3000|Ned|Bank|Group|35,847|303055.|1,733|4.84|5.77|2,868| |4800|—_|Utilico|Emerging|Markets Trust|Plc|12,912.|10,217|451|3.49|4.4]|451| |Total|Emerging|Markets|68,546 63,441|3,292|4.80|5.19|4,427| |26250|GlobalMurray|International|Trust|**|87,938|30,979|2,870|3.26|9.26|3,176| |TOTAL INTERNATIONAL EQUITY|300,888|192,571|11,945°|3:97|6.20|15,092| |PROPERTY| |1,726.982|PropertyAviva|InvestorsFundsUK &|InvestmentsProperty|Feeder|12452|;|1,494|14|114|0.95|14| |28,571.43|Mayfair|Capital|Substitute|Line|Charities|21,646|20,295|1,257|5.8]|6.19|U161| |4,750|— AEW|(Reit)|S121|2|4,862|380|7.42|7.82|380| |12,600|Custodian|10,899|10,209|756|6.94|74|756| |15,000|Primary|Health|Properties|**|14,685|-|20,072)|1,065|7.25|5.31|1,065| |Investment|sold|in|year|meee|0| |TOTAL|PROPERTY|FUNDS|53,595|56,932.|3,472|6.48|6.10|3,376| |TOTAL FUNDS UNDER INVESTMENT|3,439,352|2,095,910:|135,063|3.93|6.44|139,871| |*|Denotes|FTSE|100|*|FTSE 250|** FTSE 350|*** (Small Cap) **** A Austrlia|SASouh|Arfica Netherlands & AIM| **----- End of picture text -----**
Page 23 + 3k ## THE CWMBRAN TRUST 5, INVESTMENTS BY MARKET SEGMENT FOR PERIOD ENDED 31 DECEMBER 2025 ||||2025
Gross Dividend|2025
Gross Dividend|2025
Gross Dividend|2026| |---|---|---|---|---|---|---| |Stock Description
FIXEDINCOME
Corporate Bonds
HighYield
Global /Strategic|TOTALFIXED INCOME||Market
=
- Original
Gross
on
valuecot
inconic
SP
8
£
60,04530,583,
2,714
49,50456,060
3,016
43,802
50,192
2,480
153,381
156,835
8,210|Mké
value
%
4.82
6.09
5.66
5.35|on
Cost
%
348
538
4.94
5.23|Gross
income
£
2,714
3,016
2,480
8,210| |U.K. EQUITIES
Oi & GasProducers
OiEquipment& Services
Chemicals
Miming
Construction& Materials
Aerospace&Defence
General Industrials
Industrial Engineering
IndustrialTransportation
Support Services
Automobiles& Parts
Beverages
Food Producers
HouseholdGoods -HomeConstruction
PersonalGoods
Tobacco
Pharmaceuticals&Biotechnology
Food&Drug Retailers
General Retailers
Media
Travel& Leisure
Fixed LineTelecommanications
MobileTelecommunications
Electricity
Gas,Water& Multinationals
Banks
Non-life Insurance
LifeInsurance
RealEstate& Property Investments
Financial Services& Private Equity
EquityInvestment Instruments
Funds
Infrastructure&Renewable Energy
Dividend Received from Investments Sold in year||‘TOTALUKEQUITY|173.540
105,665
8.348
064
10,045
0
7,860
20,583
715
334,647
150;277,
13,837
60,343 2
40,607
«1,219
210,730.
42,227
«(3,075
94,669:
47,103.
2,993
29,066
29,781.
832
46,061 250,887
1,674
6673
10,072,
142
9,883
6,895
329
19,242,
AQLLY
93
26,668
25,172
1377
84,904 =a-78,446
4,227
64777
932.3268
70,715
40,236 «= 3,995
287,698
=67,801
6,108
93,59161374 «= 3,457
44,527
60,498.
1,894
52,806
64:701
2,542
125,794
86,464
2,719
38.466
30,904
1,705
17,470
21,208
679
36,629
20,056
1,079
146,580
71,605
§,973
209,477
152,953
6,171
44,288 30,420
2,705
234,875120,031
11,627
26,798
= 30,420.
1,175
116,407
91,028
«6,370
86,253 -30,802
2,410
92,979
22,386 = 2,394
39,438
6,121
3,747
: aS
=
2,642
2931517 1,689,872
111,436|481
o00
909
413
2.02
1.46
3.16
2.86
3.64
212
3.33
4.95
5.16
4.98
3.59
5.65
2.12
3.69
4.25
481
216
4.43
388
295
408
2.95
6.55
4.95
4.39
5.47
430
2.57
0.00
3.80|790
0.06
347
921
3.00
7.28
6.35
2.79
3.29
hal
4.78
9.42
547
5.60
335.63
9.93
9,01
5.63
3.13
3.93
314
$52
320
$38
$34
4.03
8.89
9.69
3.86
7.00
4.84
10.69
0.00
6.60|8.319
0
718
15,458
1,219
3,085
3,560
773
1,843
142
494
953
1,385
4,228
2,325
3,909
6,140
2,713
1,676
2,546
2,756
1,716
694
4,083
6,042
6,171
2,683
12,302
1444
7,765
2,664
2,394
3,999
113,192| |INTERNATIONAL EQUITY
NorthAmerica
Europe(ExcludingUK)
AsiaPacific
EmergingMarkets
Global|TOTAL|INTERNATIONALEQUITY|28,330
15878
1,649
53,398
«40,816
«1,442
62,676
-ALAST.
«(2,693
68,546.
63,441
3,292
87,938
30,979
—-2,870
300.888
192,571
11,945|582
3
4.30
4.80
326
3.97|1038
4
650
519
9.26
6.20|1,919
2,456
3,114
4,427
3,176
15,092| |PROPERTY||PROPERTY|53,595
56,932.
3,472|6.48|6.10|3,376| |CASH AWAITING INVESTMENT|||3.758.
33758
790|(21.01|21.01|0| |TOTALOFALLINVESTMENTS|||3,443,109 .-23099,668:
135,853|3.95|6.47|139,871| ||||Page24|||| & **----- Start of picture text -----**
||||||||| |---|---|---|---|---|---|---|---| |6. PORTFOLIO STRUCTURE FOR THE PERIOD. ENDED 31 DECEMBER 2025|Market| |Value|Cost|income|in|Category| |FIXED INCOME|15%|15%|©|6.0%| |U.K.|EQUITIES|:| |Oil & Gas Producers|5.0%|5.0%|6.1%|6.0%| |Oil Equipment &|Services|0.0%|=|0.5%|0.0%|0.0%| |Chemicals|02%|1.0%|0.5%|0.3%| |Mining|97%|12%|10.2%|11.5%| |= 19%|= 0.9%|2.1%| |Construction.|&|Materials|18%| |Aerospace&|Defence|61%|2.0%|2.3%|7.2%| |General|industrials|2M%|2.2%|«2.2%|3.2%| |Industrial|Engineering|0.8%|14%|0.6%|1.0%| |Industrial|Transportation|1.3%2a|1.2%|1.6%| |Support Services|0.2%05%|0.1%|0.2%| |Automobiles & Parts|03%0.3%|02%|0.3%| |Beverages|0.6%|05%|0.7%|0.7%| |Food|Producers|0.8%12%|1.0%|0.9%| |Household Goods|- Home Construction|25%|3.6%|93.1%|2.9%| |Personal Goods|19%|0.0%|1.7%|22%| |Tobacco|21%|=|19%|2.9%|2.4%| |Pharmaceuticals &|Biotechnology|8AM 32%|45%|9.9%| |Food &|Drug Retailers|27%|29%|2.5%|3.2%| |General|Retailers|13%|29%|14%|15%| |Media|15%|3.1%|19%|1.8%| |Travel &|Leisure|3.7%.|4l%|=|=2.0%|44%| |Fixed|Line Telecommunications|118|15%|1.3%|1.3%| |Mobile Telecommunications|05%|“1.0%|0.5%|0.6%| |Electricity|11%|1.0%|0.8%|1.2%| |Gas, Water &|Multinationals|43%|34%|©=4A%|5.0%| |Banks|6.1%|73%|45%|7.1%| |Non-life|Insurance|12%|14%|=|2.0%|1.4%| |Life Insurance|6.8%51%|8.6%|8.0%|,| |Real|Estate &|Property|Investments|0.8%14%|0.9%|0.9%| |Financial|Services &|Private Equity|3.4%43%|«4.7%|34%| |Equity|Investment|Instruments|2.5%|o|15%|1.8%|2.9%| |Funds|27%|1AM|1.8%|3.2%| |Infrastructure &|Renewable|Energy|11% =|2.9%.|2.8%|13%| |TOTAL UK EQUITY|85.1%|80.4%.|82.0%|100.0%| |INTERNATIONAL|EQUITY|8.7%|<<|92%|8.8%| |PROPERTY|16%|27%|2.6%| |TOTAL CASH|DEPOSITS|01%|02%|0.6%| |PORTFOLIO TOTAL|100.0%|100.0%|99.9%| **----- End of picture text -----**
Page 25 ||:||||THECWMBRAN TRUST|||| |---|---|---|---|---|---|---|---|---| |||||ANNUAL OPERATING BUDGET 2025 and 2026||||| ||Budget||2025
Actual|Better/||2026
Budget|Better)
(worse):i|i| |||||(worse)||Than 2025||| ||£||£|£|INCOME|£|£|| ||128,576||135,853|7,277|Investment Income|139,871-|4,018|| ||1,899||2,581|682|Bank interest|2,000|-581|| ||130,475||138,435|7,959|TotalIncome|141,871|3,437|| ||||||EXPENDITURE|||| ||100,000||116,422|-16,422|Charitable gifts|120,000|-3,578|| |||550||550|0|Independent Examination Fee|600|-50|| ||2,400||901|1,499|InvestmentManagement fee|2,400|-1,499|| ||2,000||2,065|-65|Administration Costs|2,750|-685|| ||600||735|-135|Sundry expenditure|250|485|| ||105,550|=120,673|120,673|=-15,123|Total Expenditure|126,000|-5,327|| ||||||EXCESS OF INCOME OVER|||| ||24,925||17,762|-7,164|EXPENDITURE|15,871|-1,891|| ||||||GRANTS DISTRIBUTED AS %|||;| ||80.0%||86.8%||OF INCOMENET OF OPERATING|88.3%||| ||||||EXPENSES|||| |||||RECEIPTS & PAYMENTS BUDGET 2025 and 2026||||| ||||2025|||2026|Better/|| ||Budget
£|=Actual|Actual
£|Better/
(worse)
£|RECEIPTS|Budget
£|—(worse)
Than 2025
£|| ||128,576||130,158|1,582|InvestmentIncome|134,000|3,842|| ||0||0|0|Tax recovered|0|0|| ||1,800||2,582|782|Bank interest received|2,000|-582|| ||0||0|0|Loan repayments|0|0|| ||0||0|0|Sundry income|0|0|| ||0||0|0|Transferred from investment funds|0|0|| ||4,986||4,987|I|General Ledger|5,695|708|| ||135,362||137,726|2,364|Total Receipts|141,695|3,969|| ||||||PAYMENTS|||| ||26,462||12,001|14,46]|Charitable gifts prioryear|15,128|-3,127|| ||80,000
0||115,756
0|= -35,756
0|Charitable gifts current year
Loans Paid|110,000
0|5,756
0|| ||5,000||3,636|1,364|Expenses|4,800|-1,164|| ||0||0|0|Transfers to investment funds|0|0|| ||550||550|0|General Ledger|550|0|| ||112,012||131,942|-19,930|Total Payments|130,478|1,464|| ||23,350||5,784|-17,566|NET CASH(OUTFLOW) INFLOW|11,217|5,433|| ||134,739||134,739||OpeningBankBalance|136,000||| ||23,350||5,784|17,566|NETCASH(OUTFLOW) INFLOW|11,217||| ||158,089||140,523|-17,566|CLOSINGBANKBALANCE|147,217|6,694|| Page 26 Se ai é : **----- Start of picture text -----**
THE CWMBRAN TRUST
**----- End of picture text -----**
**----- Start of picture text -----**
NOTICE OF SPECIAL MEETING
Notice is hereby given that a Special Meeting will be held at the Cummins Board Room on Monday 2nd March 2026
commencing at 9am
Re-election of Trustees
The changes to the Trust Deed brought about by the “Scheme of Arrangement” which took effect
in June 1998 provides for Trustee appointments for periods of four years. Existing Trustees may
however offer themselves for re-election for a further four year term ifthey so wish.
**----- End of picture text -----**
## Trustees resign by rotation in order to provide for continuity to Trust matters. ## Business to be Transacted **----- Start of picture text -----**
1. To re-elect Mr-A J Williams as a co-opted Trustee, who being eligible has confirmed his willingness
to serve for a four year term. :
**----- End of picture text -----**
**----- Start of picture text -----**
K L Maddox
Trustee and Secretary
Oth February 2026
C/o Cummins Driveline and Braking Systems
Grange Road
Cwmbran
Gwent
NP44 3XU
Telephone - 01633 834057
E Mail - gifis@cwmbrantust.co.uk
Web - weave cranbrantrust.co.uk
**----- End of picture text -----**
Page 27 i | { |q | i ‘ se é **----- Start of picture text -----**
THE CWMBRAN TRUST
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the Annual General Meeting of The Cwmbran Trust will be held at
in the Cummins Board Room on Monday 2nd March 2026 commencing at 11:00am in order to
transact the following business:
1. Minutes of the 2025 AGM.
2. Review of 2025 Financial Year
2.1 To receive a presentation on the operation highlights during 2025
2.2 To receive the report of the Independent Examiner
2.3 To re-appoint the Independent Examiner and to authorise the Secretary to fix his remuneration.
2.4 To approve the individual gifts awarded in the financial year.
2.5 Adoption ofthe Trustees’ Annual Report and Accounts.
3. To approve the budget for the new financial year.
4. Future Investment Strategy
4 | To determine the amount of any new investment to be made in 2026 by transferring funds
from the operating account
4.2 To develop and approve the Investment strategy for the coming year,
K L Maddox
Trustee and Secretary
9th February 2026
C/o Cummings Driveline and Braking Systems
Grange Road
Cwmbran
Gwent
NP44 3XU
Telephone - 01633 834057
E Mail - gults@cwmibrantrust-co uk
Web - MAM cumbrantrust.co uk
**----- End of picture text -----**
Page 28