GLAMORGAN FURTHER EDUCATION TRUST FUND LEWIS AND ALDWORTH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 REGISTERED CHARITY NUMBER: 525509
GLAMORGAN FURTHER EDUCATION TRUST FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2020 The Glamorgan Further Education Trust Fund Scheme 1965, is a Registered Charity number 525509. The registered address is.. Neath Port Talbot County Borough Council Finance & Corporate Services Directorate Civic Centre Port Talbot The Glamorgan Education Trust Fund was established by a trust deed in 1912. Since Local Government Reorganisation in 1996, responsibility for the Trust Fund has fallen to Neath Port Talbot Council as the largest authority, in terms of acreage, in the former County of Glamorgan. Trustees Neath Port Talbot County Borough Council, who have delegated responsibility to the Cabinet {Finance) Sub-committee The following advisors have assisted the Trustees in the year.. Honorary Treasurer Mr. H. Jenkins Director of Finance and Corporate Services Neath Port Talbot County Borough Council Civic Centre Port Talbot SA13 1PJ Independent Examiner Stephen Davies Internal Audit Section Neath Port Talbot County Borough Council Civic Centre Port Talbot SA13 1PJ Fund Manager Fiske PLC Salisbury House London Wall London EC2M 5QS
Glamor an Further Educalion Trust The Glamorgan Further Education Trust Fund is a registered Charity intended to benefit those who have attended a secondary school in the area of the former County Council of Glamorgan. Aims and Ob. ectives During 2020121 the Glamorgan Education Trust Fund met its aims and objectives. The aim of the Trustees, via the Education Trust Fund Sub-committee, is to make education grant payments for charitable purposes in accordance with objectives and rules of the Fund. The rules of the fund state that the annual income available for distribution during each academic year shall be the income accrued up to 31st March of the preceding financial year which shall be distributed during the following academic year providing that applications of sufficient merit are received to make such a distribution possible. Payment of grants is the sole activity and the income from the Trust Fund is intended to benefit.. (a> those attending approved courses not provided for under the normal award scheme, including professional and technical courses. and (b) towards the purchase of outfits , clothing, tools, instruments or books for those leaving school or college to assist their entry into a profession. trade or calling. A copy of the objects and rules of the Trust Fund are attached at the end of this report. Review of Financial Activities. The Cash Fund balance as at 31st March 2020 was £420,641. The Charity made grant payments of £19,503 to individuals during 2020121, out of a total expenditure of £31,126. Income generated was £43,465, therefore the surplus of income over expenditure for 2020121 was £12,339. The Cash fund balance as at 31sI March 2021 is £432,980. The value of investments held at 31st March 2021 is £1,637,388.
Statement of Total Fund Resources held as at 31$t MarGh 2021: Pro Freehold Reversions CAF Baland Growth Fund COIF Investments Cash 17.400 470,772 1,149,216 432,980 TOTAL 2,070,368 Polic on Reserves The rules of the fund require the use of the annual income for grants payments, although, accrued income balances may be used to supplement the annual income when the income provides insufficient to provide grants for all applicants regarded as deserving. Performance Granl funding available for distribution is based on the investment income of the fund for the previous financial year. Non take-up of grants. after approval, means that actual expenditure may not meet f ully utilise available funds. Grant enditure Investment Income Investment Income ( /0} Ex 2019120 £23,763 £48,770 49% 2020121 £19,503 £43,465 Power of investmenL The Trustees may, out of the Fund, invest income in any investment, from time to time, sanctioned by law for the investment of trust funds or in authorised security, created by the Local Authority. The decision over the last few years has been to invest fixed interest redemption proceeds in the NPTCBC loans fund, in addition to the investment opportunities in the fixed interesvequities market.
As at 3181 March 2021 our investments in the Fiske PLC Investment Management porffolio had a split based on market value of: COIF Charity Funds Investment CAF Equity Income Funds 71° 290/0 For and on Behalf of the Trustees. (Honorary Treasurer) 3 September 2021 (Date)
Report of the independent examiner to the trustees of Glamorgan Further Educatlon Trust Fund Lewis and Aldworth I report on the accounts of Glamorgan Further Educalion Trust Fund Lewis and Aldworth for the year ended 31st March 2021, which are set out on pages 1 to 4. Respective responsibilities of trustee[s] and independent 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 14412) of the Charities Acl 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility: to examine the accounts under section 145 of the 2011 Act., to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5llb) of the 2011 Act., and to state whether particular matters have come to my attention. Basls of Independent examiner's report My examination was carried out in accordance with the General Directions given by the Charily Commission. An examination includes a review ofthe accounting records kept by the charily and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all 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. Examiner's statement In connection with my examination, no matter has come to my attention: which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with Section 130 of the 2011 to prepare accounts which accord with Ihe accounting records and comply with the accounting requirements of the 2011 Act,. have not been met., or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts lo be reached. stephen Davies Internal Audit- NPTCBC Date
Charity Name N Glamorgan Further Education Trust Fund 52
Receipts and payments acco
Period start date
For the period from
To
04/01/2020
Section A Receipts and payments
Unrestricted Restricted Endowment funds funds funds
to the nearest £
to the nearest £ to the nearest £
A1 Receipts
----- Start of picture text -----
Investment income 42,702 - -
Interest on short term deposits 757 - -
estate rental income 6 - -
- - -
- - -
- - -
- - -
- - -
43,465 - -
Sub total (Gross income for AR)
A2 Asset and investment sales,
(see table).
- - -
- - -
Sub total [ - ] - -
Total receipts 43,465 - -
A3 Payments
scholarship awards 19,503 - -
advertising - - -
professional fees 2,108 - -
payments to other Local Authorities 3,500 - -
admin support npt 6,015 - -
- - -
- - -
- - -
- - -
Sub total 31,126 - -
A4 Asset and investment
purchases, (see table)
- -
- - -
Sub total - - -
Total payments 31,126 - -
Net of receipts/(payments) 12,339 - -
A5 Transfers between funds - -
A6 Cash funds last year end 420,641 - -
----- End of picture text -----
Cash funds this year end 432,980 - -
Section B Statement of assets and liabilities at the end of
| Unrestricted | Unrestricted | Unrestricted | ||||
|---|---|---|---|---|---|---|
| Categories | Details | funds | ||||
| to nearest £ | ||||||
| B1 | Cash funds | cash at bank and short term investment Total cash funds |
432,980 - - 432,980 |
|||
| (agree balances with receipts and payments account(s)) |
OK | |||||
| Unrestricted | ||||||
| funds | ||||||
| B2 | Other monetary assets | Details | to nearest £ |
- | ||
| - - |
||||||
| - | ||||||
| - | ||||||
| - | ||||||
| Fund to which | ||||||
| Details | asset belongs | |||||
| B3 | Investment assets | Freehold reversion | 46 Norbury Road | L&A | ||
| CAF balanced growth fund | L | |||||
| COIF investment 1 | L | |||||
| COIF investment 2 | L | |||||
| COIF investment 3 | L | |||||
| CAF balanced growth fund | A | |||||
| COIF investment 1 | A | |||||
| COIF investment 2 | A | |||||
| COIF investment 3 | A | |||||
| COIF investment 4 | A |
Details
Fund to which asset belongs
B4 Assets retained for the charity’s own use
B5 Liabilities
Signed by one or two trustees on behalf of all the trustees
----- Start of picture text -----
Fund to which
Details liability relates
Signature Print N
Hywel Je
----- End of picture text -----
o (if any) 25509
ounts
CC16a
Period end date 03/31/2021
Total funds
Last year
to the nearest £
to the nearest £
----- Start of picture text -----
42,702 -
757 -
6 -
- -
- -
- -
- -
- -
43,465 -
----- End of picture text -----
----- Start of picture text -----
-
- -
- -
43,465 -
19,503 -
- -
2,108 -
3,500 -
6,015 -
- -
- -
- -
- -
31,126 -
----- End of picture text -----
----- Start of picture text -----
-
-
- -
31,126 -
12,339 -
- -
420,641 -
----- End of picture text -----
432 980
the period
----- Start of picture text -----
Restricted Endowment
funds funds
to nearest £ to nearest £
- -
- -
- -
- -
OK OK
Restricted Endowment
funds funds
to nearest £ to nearest £
- -
- -
- -
- -
- -
- -
----- End of picture text -----
----- Start of picture text -----
Current value
Cost (optional)
(optional)
- 17,400
360,119
355,302
459,902
30,312
110,653
187,838
96,874
- 11,098
- 7,891
- -
----- End of picture text -----
----- Start of picture text -----
Current value
Cost (optional)
(optional)
- -
- -
- -
- -
- -
- -
- -
----- End of picture text -----
----- Start of picture text -----
Amount due When due
(optional) (optional)
-
-
-
-
Date of
Name
approval
enkins 30.09.2021
----- End of picture text -----
GLAMORGAN FURTHER EDUCATION TRUST FUND LEWIS AND ALDWORTH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 REGISTERED CHARITY NUMBER: 525509
GLAMORGAN FURTHER EDUCATION TRUST FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2020 The Glamorgan Further Education Trust Fund Scheme 1965, is a Registered Charity number 525509. The registered address is.. Neath Port Talbot County Borough Council Finance & Corporate Services Directorate Civic Centre Port Talbot The Glamorgan Education Trust Fund was established by a trust deed in 1912. Since Local Government Reorganisation in 1996, responsibility for the Trust Fund has fallen to Neath Port Talbot Council as the largest authority, in terms of acreage, in the former County of Glamorgan. Trustees Neath Port Talbot County Borough Council, who have delegated responsibility to the Cabinet {Finance) Sub-committee The following advisors have assisted the Trustees in the year.. Honorary Treasurer Mr. H. Jenkins Director of Finance and Corporate Services Neath Port Talbot County Borough Council Civic Centre Port Talbot SA13 1PJ Independent Examiner Stephen Davies Internal Audit Section Neath Port Talbot County Borough Council Civic Centre Port Talbot SA13 1PJ Fund Manager Fiske PLC Salisbury House London Wall London EC2M 5QS
Glamor an Further Educalion Trust The Glamorgan Further Education Trust Fund is a registered Charity intended to benefit those who have attended a secondary school in the area of the former County Council of Glamorgan. Aims and Ob. ectives During 2020121 the Glamorgan Education Trust Fund met its aims and objectives. The aim of the Trustees, via the Education Trust Fund Sub-committee, is to make education grant payments for charitable purposes in accordance with objectives and rules of the Fund. The rules of the fund state that the annual income available for distribution during each academic year shall be the income accrued up to 31st March of the preceding financial year which shall be distributed during the following academic year providing that applications of sufficient merit are received to make such a distribution possible. Payment of grants is the sole activity and the income from the Trust Fund is intended to benefit.. (a> those attending approved courses not provided for under the normal award scheme, including professional and technical courses. and (b) towards the purchase of outfits , clothing, tools, instruments or books for those leaving school or college to assist their entry into a profession. trade or calling. A copy of the objects and rules of the Trust Fund are attached at the end of this report. Review of Financial Activities. The Cash Fund balance as at 31st March 2020 was £420,641. The Charity made grant payments of £19,503 to individuals during 2020121, out of a total expenditure of £31,126. Income generated was £43,465, therefore the surplus of income over expenditure for 2020121 was £12,339. The Cash fund balance as at 31sI March 2021 is £432,980. The value of investments held at 31st March 2021 is £1,637,388.
Statement of Total Fund Resources held as at 31$t MarGh 2021: Pro Freehold Reversions CAF Baland Growth Fund COIF Investments Cash 17.400 470,772 1,149,216 432,980 TOTAL 2,070,368 Polic on Reserves The rules of the fund require the use of the annual income for grants payments, although, accrued income balances may be used to supplement the annual income when the income provides insufficient to provide grants for all applicants regarded as deserving. Performance Granl funding available for distribution is based on the investment income of the fund for the previous financial year. Non take-up of grants. after approval, means that actual expenditure may not meet f ully utilise available funds. Grant enditure Investment Income Investment Income ( /0} Ex 2019120 £23,763 £48,770 49% 2020121 £19,503 £43,465 Power of investmenL The Trustees may, out of the Fund, invest income in any investment, from time to time, sanctioned by law for the investment of trust funds or in authorised security, created by the Local Authority. The decision over the last few years has been to invest fixed interest redemption proceeds in the NPTCBC loans fund, in addition to the investment opportunities in the fixed interesvequities market.
As at 3181 March 2021 our investments in the Fiske PLC Investment Management porffolio had a split based on market value of: COIF Charity Funds Investment CAF Equity Income Funds 71° 290/0 For and on Behalf of the Trustees. (Honorary Treasurer) 3 September 2021 (Date)
Report of the independent examiner to the trustees of Glamorgan Further Educatlon Trust Fund Lewis and Aldworth I report on the accounts of Glamorgan Further Educalion Trust Fund Lewis and Aldworth for the year ended 31st March 2021, which are set out on pages 1 to 4. Respective responsibilities of trustee[s] and independent 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 14412) of the Charities Acl 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility: to examine the accounts under section 145 of the 2011 Act., to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5llb) of the 2011 Act., and to state whether particular matters have come to my attention. Basls of Independent examiner's report My examination was carried out in accordance with the General Directions given by the Charily Commission. An examination includes a review ofthe accounting records kept by the charily and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all 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. Examiner's statement In connection with my examination, no matter has come to my attention: which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with Section 130 of the 2011 to prepare accounts which accord with Ihe accounting records and comply with the accounting requirements of the 2011 Act,. have not been met., or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts lo be reached. stephen Davies Internal Audit- NPTCBC Date