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2024-12-31-accounts

Trustees' Annual Report and Financial Statements

For the year ended 31 December 2024

South Wales Miners' Welfare Trust Fund Scheme

Unincorporated Charity

Charity Registration Number: 507439

Page 1 of 27

South Wales Miners' Welfare Trust Fund Scheme

Contents

Page(s)
Administrative Information 3
Trustees' Report 4 - 9
Auditors' Report 10 - 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Financial Statements 15 - 27

Page 2 of 27

South Wales Miners' Welfare Trust Fund Scheme

Reference and Administrative Information

Charity Registration Number: 507439
Principal (Registered) Office: NUM
Unit 2 Maritime Offices
Woodland Terrace
Maesycoed
Pontypridd
CF37 1DZ
Convalescent Home: Court Royal Convalescent Home
Southcliff Road
Bournemouth
Dorset
BH2 5BE
Trustees: Christopher Earland
Kevin Thomas Williams
Martin Roy Parsons
Peter Lawrence
Wayne Thomas
Secretary: Danielle Edwards
Auditors: R H Jeffs & Rowe
27/28 Gelliwastad Road
Pontypridd
CF37 2BW
Bankers: Unity Trust Bank PLC
Nine Brindley Place
Birmingham
B1 2HB
Investment Advisors: Sarasin & Partners LLP
Juxon House
100 St Pauls Churchyard
London
EC4M 8BU

Page 3 of 27

South Wales Miners' Welfare Trust Fund Scheme

Trustees' Annual Report for the year ended 31 December 2024

The Trustees present their report and audited financial statements for the year ended 31 December 2024.

Objectives and Activities

The Trustees of the Charity hold the Trust monies upon trust to pay and apply the income arising there from in accordance with the provisions of the Trust Deed.

The Trust Fund retains its consolidated status following the transfer into the Trust Fund of four other South Wales mining related Convalescent and Trust Funds on their subsisting Trusts, these being the Convalescent Home for the South Wales Mining Industry, David Davies Memorial Trusts, Hafod Miners' Welfare Women's Convalescent Home & Girls Camp and the South Wales & Monmouthshire Convalescent Home Endowment Fund Scheme. The objects of the largest of these charities, being the Convalescent Home charity, previously registered under registration number 206608, remain that of a convalescent home for beneficiaries of the South Wales Mining Industry, to include mineworkers, former mineworkers and their dependants, all of whom are eligible upon having worked a minimum of 5 years in the South Wales mining industry.

Governing Document

The unincorporated Charity is governed by a Declaration of Trust dated 20th March 1978, as amended by a Supplemental Trust Deed dated 4 November 2013, and registered as a Charity with the Charity Commission with the number 507439.

Recruitment and Appointment of Trustees

New Trustees of the Charity are selected by the Trustee board taking into account the skills and life experience of the effects of the mining industry and mining communities. Trustees are equally representative of employers and employees and all new appointments are endorsed by CISWO. Upon appointment, the Trustees serve in office indefinitely or until vacation of their particular employed office, or voluntary resignation.

Trustee Induction and Training

The Charity has a structured induction policy, whereby any new Trustees are invited and encouraged to attend a mini series of short training sessions to familiarise themselves with the Charity and the context within which it operates. These are jointly lead by a deputation of the Trustees and the Secretary of the Charity and cover :-

A question & answer pack has also been prepared drawing information from the various Charity Commission publications signposted through the Commission's guide "the essential trustee" as a follow up to these sessions. This is distributed to all new Trustees along with the governing documents and the latest financial statements.

Risk Management

The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirms that systems have been established to enable regular reports to be produced so that necessary steps can be taken to lessen these risks.

Page 4 of 27

South Wales Miners' Welfare Trust Fund Scheme

Trustees' Annual Report

for the year ended 31 December 2024

Organisational Structure

The Charity has a Trustee body of 5 members who meet quarterly and are responsible for the strategic direction and policy of the Charity.

The Convalescent Home Manager has responsibility for the day to day operational management of the Home, the supervision of the Home's general staff team and client care.

Achievements and Performance

The Consolidated charity's achievements and performance is best described under two headings, Coalfield Schemes of Benefit and Convalescence.

Coalfield Schemes of Benefit

The Trustees were pleased to offer capital support to Abergorki Hall, enabling this well used community building to purchase batteries for their solar panels in order to store any excess energy for their use at their premises. Also, Cefn Fforest Miners' Institute for the purchase of fixtures and fittings allowing the hall to progress to opening.

The Trustees provided financial support to a select number of OAP groups to enable them to pursue their social activities.

The Trustees were pleased to support a number of colliery re-unions enabling ex colleagues to socialise together. Grant assistance was provided to Cwm & Llantwit Welfare Scheme to cover insurance costs for the premises, Wattstown RFC to assist with the purchase of flood lights to benefit the wider usage of the club and Beaufort Hill Miners Welfare to assist with running costs.

The Trustees provided financial support for a community fun day in Treharris, bringing the local communities together.

The Trustees continued to grant aid the approved studies of twenty three students meeting the eligibility criterion, utilising available unrestricted funds from the Hafod Miners' Welfare Womens' Convalescent Home and Girls Camp fund.

Convalescence

The trustees proceeded with the rolling refurbishment programme of the upstairs lounge, which provided a much needed upgrade.

During 2024 the number of convalescent weeks taken was 2,035 out of a maximum possible number of convalescent weeks of 2,310, equating to an overall capacity utilisation factor of 88.1% (2023 - 85.2%).

The following page gives an itemisation of the intake numbers on a weekly basis, along with comparatives for the previous year;

Page 5 of 27

South Wales Miners' Welfare Trust Fund Scheme

Trustees' Annual Report for the year ended 31 December 2024

Week Commencing TUES 2024 Week Commencing TUES 2023
JANUARY 2 CLOSED JANUARY 3 10
9 30 10 28
16 16 17 20
23 16 24 20
30 14 31 14
FEBRUARY 6 13 FEBRUARY 7 25
13 46 14 29
20 40 21 34
27 33 28 36
MARCH 5 31 MARCH 7 39
12 38 14 39
19 40 21 13
26 42 28 19
APRIL 2 41 APRIL 4 45
9 38 11 45
16 43 18 42
23 45 25 42
30 46
MAY 7 45 MAY 2 46
14 48 9 46
21 44 16 46
28 46 23 45
30 40
JUNE 4 48 JUNE 6 45
11 47 13 47
18 45 20 45
25 46 27 44
JULY 2 45 JULY 4 41
9 46 11 45
16 47 18 47
23 48 25 45
30 47
AUGUST 6 47 AUGUST 1 45
13 47 8 46
20 45 15 43
27 46 22 47
29 45
SEPTEMBER 3 45 SEPTEMBER 5 46
10 46 12 46
17 45 19 45
24 45 26 43
OCTOBER 1 43 OCTOBER 3 43
8 46 10 44
15 45 17 44
Page 6 of 27

South Wales Miners' Welfare Trust Fund Scheme

Trustees' Annual Report for the year ended 31 December 2024

22 43 24 43
29 43 31 46
NOVEMBER 5 42 NOVEMBER 7 45
12 46 14 47
19 47 21 47
26 47 28 45
DECEMBER 3 46 DECEMBER 5 46
10 47 12 30
17 CLOSED 19 CLOSED
24 CLOSED 26 CLOSED
31 CLOSED
TOTALS 2,035 TOTALS 1,968

The cost of accommodating an individual at the Home during 2024 was £536.41 (2023 - £511.29). The following table gives a breakdown of component costs:-

Rate Per
2024
Convalescent
Amount
Week
£
£
1. Provisions
149,198
73
2. Salaries and Wages
449,816
221
3. Establishment Costs
147,705
73
4. Administration Expenses
39,454
19
786,173
386
5. Convalescents Travel
134,560
66
6. Entertainment
23,143
11
7. Depreciation
37,995
19
981,871
482
BUILDING FUND*
8. Refurbishment, Repairs and Maintenance
109,733
54
1,091,604
536		 Rate Per
2023
Convalescent
Amount
Week
£
£
151,697
77
428,059
218
153,227
78
45,244
23
778,227
396
124,384
63
21,232
11
37,995
19
961,838
489
44,373
22
1,006,211
511		 Rate Per
Convalescent		 Rate Per
Convalescent		 Rate Per
Convalescent
Week
£
77
218
78
23
396
63
11
19
489
22
511
396
63
11
19
489
22
511

Page 7 of 27

South Wales Miners' Welfare Trust Fund Scheme

Trustees' Annual Report

for the year ended 31 December 2024

Financial Review

Incoming resources in the period amounted to £695,654 (2023 - £897,889) with all identified income streams identified in note 2 of the financial statements.

Total resources expended in the period amounted to £1,178,886 (2023 - £1,108,795), and which are best considered under the same two headings of Coalfield Schemes of Benefit and Convalescence.

Coalfield Schemes of Benefit

Grant assistance provided to Miners' Welfare Schemes amounted to £17,444 (2023 - £26,500). Other Grants and Donations during the year totalled £28,663, enabling social, cultural and educational activities. Administration and Governance costs amounted to £34,236 with the majority of these costs relating to Fund Manager's fees in administering five portfolios with a combined market valuation of £4.286 million at year end.

Convalescence

Total resources expended in the period amounted to £1,096,104 (2023 - £1,010,711), representing the second year where costs topped £1m. The cost per week therefore of operating the Convalescent Home during 2024 was £21,079, an increase of 8.4% in comparison to the previous year (£19,437).

Statement of Net Investment Gains/(Losses)

The consolidated Charity recorded net investment gains of £378,139 which when combined with the operational deficit of £483,257, resulted in an overall reduction in asset value of £105,093, reducing the Trust Fund's asset value from £8,232,009 to £8,126,916.

All investments are administered by Messrs Sarasin LLP through their Alpha Fund, which generated a total return for the year of 11.8% against a benchmark of 14.3%. In terms of a rolling three year performance, the Alpha Fund returned 9.8% against a benchmark return of 18.9%. The Trustees will assess their future direction during the course of 2025.

Statement of Investment Principles

The Funds' discretionary management agreement with Sarasin & Partners LLP provides for obtaining "reasonable long-term overall return at modest risk within specific restrictions on investment".

1.1 Investment Principles

1) The Trustees have appointed an investment manager, Sarasin & Partners LLP, to manage the assets of the Funds in accordance with the principles set out in this Statement and within the guidelines set down from time to time by the Trustees.

2) The Trustees will monitor the performance of the investment manager against stated Performance Objective. Performance reports and valuations will be obtained quarterly. Attendance by the manager at client meetings is by client request.

3) The Trustees do not impose any restrictions whether in respect of ethical, social or environmental matters, or voting policy, or otherwise, with the exception of the points listed in the "Current Investment Arrangements" below, believing that this course is in the best interests of the objectives of the Funds.

1.2 Investment Objectives

4) The primary objective of the Trustees is to ensure that the Funds are invested so as to provide as high an annual income as possible within the parameters of agreed asset allocation. Income targets may be set by the Trustees from time to time. The current income target of the Fund (after managements fees deducted at source from the 3 main funds) is £130,000.

Page 8 of 27

South Wales Miners' Welfare Trust Fund Scheme

Trustees' Annual Report for the year ended 31 December 2024

8) A further objective (the Performance Objective) of the Trustees is for the manager to achieve, over rolling three-year periods, a total return on investments which is above average when compared to the specific benchmarks of the Fund.

1.3 Current Investment Arrangements

9) Sarasin & Partners LLP have been appointed the discretionary investment manager of the Fund. The Investments are held in the name of a nominee vehicle.

10) The investment in the Funds are restricted to the following ranges: 90% Alpha Common Investment Fund for Endowments & 10% Alpha Common Investment Fund for Income and Reserves.

Reserves Policy

The reserves of the charity at 31 December 2024 stood at £8,126,916. The Trustees regard demand for social welfare assistance to still be in the region of ten to fifteen years, and are therefore committed to a conscious draw down from reserves on a gradual basis with the intention of assisting mining beneficiaries during their remaining lifetime.

Plans for Future Periods

The Trustees are evaluating current spending policy and striving to reconcile longevity of demand.

Statement of Trustees' Responsibilities

The Charities Act requires the Trustees to ensure that financial statements are prepared for each financial year which give a true and fair view of the state of affairs of the Charity and of the financial activities of the Charity for that period. In the preparation of those financial statements the Trustees are required to ensure that:-

  1. Suitable accounting policies are selected and applied consistently;

  2. Judgements and estimates are reasonable and prudent;

  3. Preparation of the financial statements is on the going concern basis unless it is inappropriate.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees confirm that as far as they are aware, there is no relevant audit information of which the Charity's auditors are unaware. They have taken all the steps that ought to have been taken in order to make themselves aware of any relevant audit information and to establish that the Charity's auditors are aware of that information.

Approved by the Trustees on 30 October 2025 and signed on their behalf by:

Wayne Thomas Trustee 30 October 2025

Page 9 of 27

Independent Auditors' Report to the Members of South Wales Miners' Welfare Trust Fund Scheme Unincorporated Charity

Opinion

We have audited the financial statements of South Wales Miners' Welfare Trust Fund Scheme (the 'charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 10 of 27

Independent Auditors' Report to the Members of South Wales Miners' Welfare Trust Fund Scheme Unincorporated Charity

Matters on Which we are Required to Report by Exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the trustees' responsibilities statement (set out on pages 10-11) the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is located on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of Our Report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

R. H. Jeffs & Rowe Chartered Accountants and Statutory Auditor 27/28 Gelliwastad Road Pontypridd CF37 2BW Date:

Page 11 of 27

South Wales Miners' Welfare Trust Fund Scheme

Statement of Financial Activities for the year ended 31 December 2024

Unrestricted
Notes
& Endowment
Restricted
£
£
Income & Endowments
Charitable Activities:
Grants & Donations
2
13,065
6,790
Investment Income
2
49,282
116,836
Convalescence Scheme Income
2
-
509,628
Employees Contributions
2
53
-
Total Incoming Resources
62,400
633,254
Expenditure
Costs of Raising Funds:
Investment Management Costs
3
9,654
22,408
Expenditure on Charitable Activities
3
24,162
1,113,240
Governance Costs
3
1,949
7,473
Total Resources Expended
35,765
1,143,121
Net Income/(Expenditure)
26,635
509,867
Net Gains/(Losses) on Investments
2
113,601
264,538
Net Movement in Funds Before Transfers
140,236
245,329
Transfers Between Funds
-
-
Fund Balances Brought Forward
1,343,244
6,888,765
Fund Balances Carried Forward
1,483,480
6,643,436		 Total
2024
£
19,855
166,118
509,628
53
695,654
32,062
1,137,402
9,422
1,178,886
483,232
378,139
105,093
-
8,232,009
8,126,916		 Total
2023
£
212,845
168,503
516,459
82
897,889
32,096
1,067,624
9,075
1,108,795
210,906
255,234
44,328
-
8,187,681
8,232,009

The Statement of Financial Activities includes all gains and losses during the year. All Income & Endowments and Expenditure derive from continuing activities.

Page 12 of 27

South Wales Miners' Welfare Trust Fund Scheme

Charity Registration Number: 507439

Balance Sheet as at 31 December 2024

Notes
Fixed Assets
Tangible Assets
8
Investments
9
Current Assets
Stocks
Debtors
10
Short-term Investment Deposits
Cash at Bank and in Hand
Creditors: Amounts Falling
Due Within One Year
11
Net Current Assets
Total Assets Less Current
Liabilities
Net Assets
Funds
Unrestricted Funds
13
Restricted Funds
13
Total Funds		 2024
£
£
1,217,867
6,633,606
7,851,473
1,689
225,863
6,065
130,473
364,090
88,647
275,443
8,126,916
8,126,916
1,483,480
6,643,436
8,126,916		 2023
£
£
1,255,862
6,849,976
8,105,838
1,412
146,463
1,961
56,239
206,075
79,904
126,171
8,232,009
8,232,009
1,343,244
6,888,765
8,232,009		 2023
£
£
1,255,862
6,849,976
8,105,838
1,412
146,463
1,961
56,239
206,075
79,904
126,171
8,232,009
8,232,009
1,343,244
6,888,765
8,232,009
8,105,838
126,171
8,232,009
8,232,009
1,343,244
6,888,765
8,232,009

The notes on pages 15 - 27 form part of these accounts.

The financial statements were approved by the Trustees on 30 October 2025 and signed on its behalf by:

Wayne Thomas Trustee

Page 13 of 27

South Wales Miners' Welfare Trust Fund Scheme

Cash Flow Statement

for the year ended 31 December 2024

Notes 2024 2023
£ £
Cash Flows from Operating Activities:
Net Movement in Funds for the Year (105,093 ) 44,329
Depreciation 3 37,995 37,995
(Gains)/Losses on Investments 2 (378,139 ) (255,234 )
(Increase)/Decrease in Stocks (277 ) (1,314 )
(Increase)/Decrease in Investments 9 216,370 (12,924 )
(Increase)/Decrease in Debtors 10 (79,400 ) (73,641 )
Increase/(Decrease) in Creditors 11 8,743 9,664
Net Cash Flows from Operating Activities (299,801 ) (251,125 )
Cash Flows from Financing Activities:
Gains/(Losses) on Investments 2 378,139 255,234
Net Cash Flows from Financing Activities 378,139 255,234
Cash Flow Statement
Net Cash Flows from Operating Activities (299,801 ) (251,125 )
Net Cash Flows from Financing Activities 378,139 255,234
Increase/(Decrease) in Cash in the Year 78,338 4,109
Cash & Cash Equivalents at Start of the Year 58,200 54,091
Cash & Cash Equivalents at End of the Year 136,538 58,200

Page 14 of 27

South Wales Miners' Welfare Trust Fund Scheme

Notes to the Financial Statements for the year ended 31 December 2024

Statutory Information

South Wales Miners' Welfare Trust Fund Scheme is an unincorporated charity, registration number 507439, operating in Wales in the United Kingdom. The principal office is NUM, Unit 2 Marintine Offices, Woodland Terrace, Maesycoed, Pontypridd, CF37 1DZ. The nature of the charity's operations and principal activities is disclosed within the Trustees Report.

The financial statements are presented in Sterling (£), the charities functional currency, and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1. Accounting Policies

1.1. Basis of Preparation and Assessment of Going Concern

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom (FRS 102) issued October 2019 and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the Trustees’ annual report for more information).

1.2. Funds Structure

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed.

The Charity has a single permanent endowment fund.

Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the Trustees, at their discretion, have created a fund for a specific purpose.

Further details of each fund are disclosed in note 13.

1.3. Income Recognition

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably

Donations, are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that those conditions will be fulfilled in the reporting period.

Page 15 of 27

South Wales Miners' Welfare Trust Fund Scheme

Notes to the Financial Statements

for the year ended 31 December 2024

Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the Charity.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

1.4. Expenditure Recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to the note below.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.

The provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Trust that would permit the Trust to avoid making the future payment(s), settlement is probable and the effect of discounting is material. The discount rate used is the average rate of investment yield in the year in which the grant award is made. This discount rate is regarded by the Trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the Trust.

1.5. Allocation of Support and Governance Costs

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.

Governance costs and support costs relating to charitable activities have been apportioned based on the number of individual grant awards made in recognition that the administrative costs of awarding, monitoring and assessing research grants, salary support grants and postgraduate scholarships are broadly equivalent. The allocation of support and governance costs is analysed in note 3.

Page 16 of 27

South Wales Miners' Welfare Trust Fund Scheme

Notes to the Financial Statements for the year ended 31 December 2024

1.6. Costs of Raising Funds

The costs of generating funds consist of investment management costs.

1.7. Charitable Activities

Costs of charitable activities include grants made, governance costs and an apportionment of support costs as shown in note 3.

1.8. Tangible Fixed Assets and Depreciation

Depreciation is provided on a basis to write off the cost or valuation less residual value of fixed assets over their expected useful economic life at the following rates:Freehold Land & Buildings - 2% straight line basis excluding the value of the land. No depreciaiton is provided on freehold land.

Equipment, Furniture & Fittings - Charged to Revenue as incurred on a renewals basis.

1.9. Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

1.10. Fixed Asset Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

1.11. Realised Gains and Losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

1.12. Pensions

The Convalescent Home for the South Wales Mining Industry operates one Defined Contributions pension scheme administered by Friends Provident. Contributions to the scheme are charged to the SOFA in respect of the period to which the contributions relate.

Page 17 of 27

South Wales Miners' Welfare Trust Fund Scheme

Notes to the Financial Statements

for the year ended 31 December 2024

1.13. Contingent Liabilities

A contingent liability is identified and disclosed for those grants resulting from:

1.14. Stock

Stock consists of purchased goods for future consumption. Stock is valued at the lower of cost and net realisable value.

1.15. Income tax refunds

90% of Income Tax refunded from covenanted contributions are passed over to the Convalescent Home for the South Wales Mining Industry. Such liabilities are included in the financial statements on the assumption that the refunds will continue to be paid over.

1.16. Taxation

As a registered Charity, South Wales Miners' Welfare Trust Fund Scheme is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of the Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.

1.17. Restricted Funds

The Trustees of four mining related Trusts, these being Hafod Miners' Welfare Womens Convalescent Home and Girls Camp, David Davies Memorial Trusts, South Wales & Monmouthshire Convalescent Home Endowment Fund Scheme and Convalescent Home for the South Wales Mining Industry, resolved on 4 November 2013 to transfer their residual assets as at 31 December 2013 to the Area Trust Fund on their respective subsisting Trusts.

The motivation for transfer was to generate synergistic benefits in the administration of an amalgamated Charity where the governance rested in the same group of individual Trustees.

The four mining related Trusts have since been removed from the Register of Charities on the basis that the funds have been transferred.

Page 18 of 27

South Wales Miners' Welfare Trust Fund Scheme

Notes to the Financial Statements for the year ended 31 December 2024

2. Income & Endowments

Income & Endowments
Unrestricted Hafod MWW
David
South Wales &
Court
Total
Notes
Funds
CH & GC
Davies
Monmouthshire
Royal
2024
£
£
£
£
£
£
Charitable Activities
Grants & Donations
13,065
-
-
-
6,790
19,855
Investment income
49,282
13,401
7,358
95,316
761
166,118
Convalescence Scheme income
-
-
-
-
509,628
509,628
Employees Contributions
53
-
-
-
-
53
Total Income & Endowments
62,400
13,401
7,358
95,316
517,179
695,654
Other Income
Net Investment Gains/(Losses)
113,601
30,885
16,709
214,846
2,098
378,139		 Total
2023
£
212,845
168,503
516,459
82
897,889
255,234

Page 19 of 27

South Wales Miners' Welfare Trust Fund Scheme

Notes to the Financial Statements for the year ended 31 December 2024

3. Expenditure

Expenditure
Unrestricted Hafod David South Wales & Court Total Total
Notes Funds CH & GC Davies Monmouthshire Royal 2024 2023
£ £ £ £ £ £ £
Cost of Raising Funds
Investment Management Costs 9,654 2,625 1,439 18,235 109 32,062 32,096
Expenditure on Charitable Activities
Catering & Provisions - - - - 149,198 149,198 151,697
Wages & Salaries 5 - - - - 449,816 449,816 428,059
Establishment Costs 2,439 - - - 147,705 150,144 158,106
Administration Expenses 116 71 36 111 36,372 36,706 45,495
MWS and Community Projects 17,444 - - - - 17,444 26,500
Convalescents Travelling - - - - 134,560 134,560 124,385
Refurbishment, Repairs & Maintenance - - - - 109,733 109,733 44,373
Entertainment - - - - 23,143 23,143 21,232
Depreciation 8 - - - - 37,995 37,995 37,995
Hardship Assistance - - - - - - 4,600
Donations 4,163 23,000 - - - 27,163 23,682
Cultural Events - 1,500 - - - 1,500 1,500
Governance Costs 4 1,949 - - - 7,473 9,422 9,075
Total Expenditure 35,765 27,196 1,475 18,346 1,096,104 1,178,886 1,108,795

Page 20 of 27

South Wales Miners' Welfare Trust Fund Scheme

Notes to the Financial Statements

for the year ended 31 December 2024

4. Details of Expenses

Included within Governance and Support Costs

Details of Expenses
Included within Governance and Support Costs
Audit Fees
Trustees Expenses Claims
AGM Costs
Staff Costs
Staff costs during the year comprised of the following:
Staff Salaries (Including Social Security Costs)
Pension Costs		 2024
£
3,720
1,202
4,500
2024
£
426,904
22,912
449,816		 2023
£
3,600
975
4,500
2023
£
407,571
20,488
428,059

5. Staff Costs

The average number of employees during the year, calculated on the basis of full time equivalents, was as follows:

was as follows:
2024 2023
Number Number
Managerial and Administration 2 2
Ancillary 16 15
18 17

No employees received emolements of £60,000 or more during the year (2023 - Nil).

The Trustees were reimbursed for legitimate expenses incured during the year totalling £1,202 (2023 - £975).

The Trustees did not receive any remuneration or benefits in connection with the performance of their duties.

Page 21 of 27

South Wales Miners' Welfare Trust Fund Scheme

Notes to the Financial Statements

for the year ended 31 December 2024

6. Related Party Transactions

The Court Royal Convalescent Home Limited, company registration number 03533202, is supported by the Charity. The company and Charity share Trustees with the Charity which owns the building from which the company operates. A deed of covenant is in place whereby the company has agreed to make a donation to the Charity of all its taxable profits.

The Charity purchased the Atlantic Hotel Tenby in March 2022 which is structured as The Atlantic (South Beach) Tenby Limited, company registration number 13737497, with Trustees Christopher Earland and Wayne Thomas being the two Directors of this company. Investment in the company is detailed in note 9 to the accounts. A deed of covenant is in place whereby the company has agreed to make a donation to the Charity of all its taxable profits.

The Charity receives covenanted donations from The Court Royal Convalescent Home Limited and from The Atlantic (South Beach) Tenby Limited.

7. Comparatives for the Statement of Financial Activities

Unrestricted
Notes
& Endowment
Restricted
£
£
Income & Endowments
Charitable Activities:
Grants & Donations
2
-
212,845
Investment Income
2
46,352
122,151
Convalescence Scheme Income
2
-
516,459
Employees Contributions
2
82
-
Total Incoming Resources
2
46,434
851,455
Expenditure
Costs of Raising Funds:
Investment Management Costs
3
8,879
23,217
Expenditure on Charitable Activities
3
46,242
1,021,382
Governance Costs
3
1,800
7,275
Total Resources Expended
56,921
1,051,874
Net Income/(Expenditure)
)
(10,487
)
(200,419
Net Gains/(Losses) on Investments
2
71,698
183,536
Net Movement in Funds Before Transfers
61,211
)
(16,883
Transfers Between Funds
71,211
)
(71,211
Fund Balances Brought Forward
1,210,822
6,976,859
Fund Balances Carried Forward
1,343,244
6,888,765		 Total
2023
£
212,845
168,503
516,459
82
897,889
32,096
1,067,624
9,075
1,108,795
)
(210,906
255,234
44,328
-
8,187,681
8,232,009

Page 22 of 27

South Wales Miners' Welfare Trust Fund Scheme

Notes to the Financial Statements for the year ended 31 December 2024

8. Tangible Fixed Assets

Tangible Fixed Assets
Freehold
Land and
Buildings
£
Cost
At 1 January 2024 &
At 31 December 2024
1,899,764
Depreciation
At 1 January 2024
643,902
Charge for the year
37,995
At 31 December 2024
681,897
Net book values
At 31 December 2024
1,217,867
At 31 December 2023
1,255,862		 Total
2024
£
1,899,764
643,902
37,995
681,897
1,217,867
1,255,862

The freehold property, known as Court Royal Convalescent Home, was last revalued during 2015 by Messrs Goadsby, who valued the property at £990,000 on a current use basis. This is felt to be well below the true value of the property if it was to be sold and, in accordance with FRS102, the previous valuation continues to be used.

The Building was initially valued in 1993 when the estimated market value of the Property was £600,000 at which time the Net Book Value was £4,602. As a result of subsequent revaluations the Revaluation Surplus as at 1 January 2009, before depreciation, was the difference of £1,445,398.

The original permanent endowment was in the form of a grant of £20,000 in 1923, which was allocated by the Central Committee of the Miners' Welfare Fund which had been established under Section 20 of the Mining Industry Act 1920. These funds were used to acquire the Talygarn Mansion House, the original Convalescent Home. Subsequent events resulted in the disposal of Talygarn, and the purchase of Court Royal.

Due to the amalgamation of all South Wales mining related charitable funds, the Trustees agreed, by Deed, that as at 31 December 2013, all property of the Charity, ie the Court Royal Convalescent Home, be transferred to special trusts for future administration and management by the trustees of the South Wales Miners' Welfare Trust Fund, whilst the Trustees remain one and the same. The property registered at Land Registry under title number DT372460, and vested in the Official Custodian for Charities shall now be managed by the Trustees in their capacity as trustees of the South Wales Miners' Welfare Trust Fund, representing a transfer falling within section 117(3)(c)(ii) of the Charities Act 2011.

Page 23 of 27

South Wales Miners' Welfare Trust Fund Scheme

Notes to the Financial Statements for the year ended 31 December 2024

9. Investments

Restricted Funds:
David Davies Memorial Trusts - Investment Portfolio
South Wales & Monmouthshire Convalescent Home Endowment Fund - Investment Portfolio
Court Royal Convalescent Home for the South Wales Mining Industry - Investment Portfolio
Total Restricted Funds
Unrestricted Funds:
Area Trust Fund - Investment Portfolio
Hafod Miners' Welfare Womens' Convalescent Home & Girls Camp - Investment Portfolio
The Atlantic Hotel Tenby
Total Restricted Funds
Endowment Funds:
Hafod Miners' Welfare Womens' Convalescent Home & Girls Camp (Endowment) - Investment Portfolio
Total Endowment Funds
Total Investments*		 2024
£
212,095
2,254,087
-
2,466,182
1,431,327
238,749
2,347,008
4,017,084
150,340
150,340
6,633,606		 2023
£
192,393
2,738,600
41,358
2,972,351
1,317,402
219,797
2,202,019
3,739,218
138,407
138,407
6,849,976

Investment portfolios are managed by Sarasin & Partners LLP. The investment in the Funds are restricted to the following ranges: 90% Alpha Common Investment Fund for Endowments & 10% Alpha Common Investment Fund for Income and Reserves.

*The Atlantic Hotel Tenby was purchased in March 2022 to provide income for the charity and contingency for the future. Profits from the hotel will be redirected to the charity.

Page 24 of 27

South Wales Miners' Welfare Trust Fund Scheme

Notes to the Financial Statements

for the year ended 31 December 2024

10. Debtors
2024 2023
£ £
The Atlantic (South Beach) Tenby Limited 184,395 95,005
The Court Royal Convalescent Home Limited - 14,621
Loan to Abertillery Miners' Institute 27,200 27,200
Prepayments 2,882 9,255
Other Debtors 11,386 382
225,863 146,463
11. Creditors: Amounts Falling Due
Within One Year 2024 2023
£ £
Bank Overdraft - 5,522
The Court Royal Convalescent Home Limited 4,861 -
Accruals and Deferred Income 83,786 74,382
88,647 79,904
12. Analysis of Net Assets Between Funds
Total
Unrestricted Restricted 2024
£ £ £
Fixed Assets 3,661,255 4,190,218 7,851,473
Net Current Assets/(Liabilities) (2,177,775 ) 2,453,218 275,443
NetAassets at 31 December 2024 1,483,480 6,643,436 8,126,916

Page 25 of 27

South Wales Miners' Welfare Trust Fund Scheme

Notes to the Financial Statements for the year ended 31 December 2024

13. Movement in Funds

Movement in Funds
At Incoming Outgoing Investment At
01/01/24 Resources Resources Gains/(Losses) 31/12/24
£ £ £ £ £
Restricted Funds:
Hafod Miners' Welfare Womens' Convalescent Home & Girls Camp 361,348 13,401 (27,196 ) 30,885 378,438
David Davies Memorial Trusts 195,464 7,358 (1,475 ) 16,709 218,056
S Wales & Monmouthshire Convalescent Home Endowment Fund Scheme 2,789,870 95,316 (18,346 ) 214,846 3,081,686
Court Royal Convalescent Home for the South Wales Mining Industry 3,542,083 517,179 (1,096,104 ) 2,098 2,965,256
Total Restricted Funds 6,888,765 633,254 (1,143,121 ) 264,538 6,643,436
Unrestricted Funds:
General Fund 1,286,847 62,400 (35,765 ) 113,601 1,427,083
Permanent Endowment Fund 56,397 - - - 56,397
Total Unrestricted Funds 1,343,244 62,400 (35,765 ) 113,601 1,483,480
Total Funds 8,232,009 695,654 (1,178,886 ) 378,139 8,126,916

Purposes of Restricted Funds

Hafod Miners' Welfare Womens' Convalescent Home & Girls Camp

The funds are restricted to such purposes connected with the social well being, recreation and living conditions of dependants of workers in or about coal mines in the districts of South Wales.

David Davies Memorial Trusts

The fund was set up with the intention of providing educational grants to qualified persons to enable them to persue educational courses, whether whole or part time, or other approved studies which they could not afford to persue without such grants.

Page 26 of 27

South Wales Miners' Welfare Trust Fund Scheme

Notes to the Financial Statements for the year ended 31 December 2024

S Wales & Monmouthshire Convalescent Home Endowment Fund Scheme

The fund was set up to provide grants to cover outgoings for the Court Royal Convalescent Home or towards the expenses of other social welfare activities for the benefit of the mining community in South Wales and Monmouthshire.

Court Royal Convalescent Home for the South Wales Mining Industry

The fund’s objects and principal activities are that of a convalescent home for beneficiaries of the South Wales Mining Industry, to include mineworkers, former mineworkers and their dependants. The funds are restricted to enabling as many qualifying beneficiaries, with a minimum service requirement of 5 years, to benefit from the facility.

Permanent Endowment Fund

Historic fund relating to two former Miners' Welfare Scheme wind ups, and which was contained within the old style accounts for the Area Trust Fund before it took consolidated form.

Page 27 of 27