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