GLAMORGAN FURTHER EDUCATION TRUST FUND
LEWIS AND ALDWORTH
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
REGISTERED CHARITY NUMBER: 525509
GLAMORGAN FURTHER EDUCATION TRUST FUND
ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
The Glamorgan Further Education Trust Fund Scheme 1965, is a Registered
Charity number 525509.
The registered address is..
Nealh Port Talbot County Borough Council
Finance Directorate
Civic Centre
Port Talbot
The Glamorgan Education Trust Fund was established by a trust deed in 1912.
sin Local Government Reorganisation in 1996, responsibility for the Trust Fund
has fallen lo Neath Port Talbot Council as the largest authority, in terms of
acreage, in the former County of Glamorgan.
Truste88
Neath Port Talbot County Borough Council. who
have delegated responsibility to the
Cabinet (Finance) Sub-committee
The following advisors have assisted the Tru81ees in the year..
Honorary Treasurar
Mr. H. Jones
Director of Finance
Neath Port Talbot County Borough Council
Civic Centre
Port Talbot
SA13 1PJ
Independent Examlner
Stephen Davies
I nternal Audit Section
Nealh 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 Education 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'ectlves
During 2024125 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 accordan 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 lo 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
distribution possible.
Payment of grants is the sole activity and the income from the Trust Fund is
intended to benefit..
lal those attending approved courses not provided for under the normal award
scheme,
induding professional and technical courses., and
Ib} 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.
Revlew of Financlal Actlvltl
The Cash Fund balan as at 31$t March 2024 was £992,933.
The Charity made grant payments of £18,557 to individuals during 2024125, out of
a total expenditure of £25,637.
Investmenl income generated was £127,503 therefore the surplus of income over
expenditure for 2024125 was £101,866.
The Cash fund balance as at 31, March 2025 is £1,094,800.
The value of investments held at 31SI March 2025 is £1,275,207.
Statement of Total Fund Resources held as at 31sI March 2025-
Pro
ert Freehold Reversions
CAF Balanced Growth Fund
COIF Investments
Cash
23,800
1,251,407
1094,800
TOTAL
2,370,007
Pollc
on Reserves
The rules of the fund require the use of the annual income for grants payments,
allhough, 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
Grant 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 expendilure may not fully ulilise available funds.
Grant
endlture
Investment
Income
Investment
Income
Ex
2023124
£22,294
£83,193
2024125
£18,557
£127,504
15%
Power of Investment
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 addits'on to the investment opportunities in
the fixed interesuequities market.
As at 31st March 2025 our investments in the Fiske PLC Investment Management
portfolio had a split based on market value of..
COIF Charity Funds Investment
100¥ts
For and on Behalf of the Trustees.
741•
(Honorary Treasurer)
2910112026
(Date)
Report of the independent examiner to the trustees of Glamorgan Further
Educatlon Trusl Fund Lewis and Aldworth
I report on the accounts of Glamorgan Further Education Trust Fund Lewis and
Aldworth for the year ended 31, March 2025, which are set out on pages 1 to 5.
Respectlve responslbilities of trustee[s] and independent examlner
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) ofthe Charities Act 2011 (the 2011 AGI) and that an independent examlnation
is needed.
It is my responsibility:
to examine the accounts under section 145 of the 2011 Act.
to follow the procedLJres laid down in the general Directions given by the
Charity Commission under section 145{5)(b) of the 2011 Act., and
to state whether particular matters have come to my attention.
Basis of Independent examinor's report
My examination was carried out in accordance with the General Directions given by
the Charity Commission. An examinalion includes a review ofthe accounting records
kept by the charity 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 Ihal would be required in an
audit and consequently no opinion is given as lo whether the accounts present a
'true and fair view, and the report is limited to those matters set out in the statement
below.
Examlner'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 accordan wilh Section 130 of the 2011
Act,. and
to prepare accounts which accord with the accounting records and
comply with the accounting requirements of the 2011 Acl;
have not been met., or
to which, in my opinion, attention should be drawn in order to enable a
proper understanding of the accounts to be reached.
Stephen Davies
Internal Audit - NPTCBC
Date
2026
**Charity Name No (if any) Glamorgan Further Education Trust Fund 525509 Receipts and payments accounts**
**CC16a**
**For the period** Period start date Period end date **To from** 4/1/2024 3/31/2025
## **Section A Receipts and payments**
|**A1 Receipts**
Investment income
**62,860**
Interest on short term deposits
**64,639**
estate rental income
**6**
Repayment of investment
**-**
**-**
**-**
**-**
**-**
**127,504**
**Unrestricted**
**funds**
**to the nearest £**
**_Sub total_**_(Gross income for AR)_|**A1 Receipts**
Investment income
**62,860**
Interest on short term deposits
**64,639**
estate rental income
**6**
Repayment of investment
**-**
**-**
**-**
**-**
**-**
**127,504**
**Unrestricted**
**funds**
**to the nearest £**
**_Sub total_**_(Gross income for AR)_|**to the nearest £**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**Restricted**
**funds**|**to the nearest £**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**Endowment**
**funds**|**Total funds**
**to the nearest £**
**62,860**
**64,639**
**6**
**-**
**-**
**-**
**-**
**-**
**127,504**|**Last year**
**to the nearest £**|
|---|---|---|---|---|---|
|Investment income|**62,860**|**-**|**-**|**62,860**|**-**|
|Interest on short term deposits|**64,639**|**-**|**-**|**64,639**|**-**|
|estate rental income|**6**|**-**|**-**|**6**|**-**|
|Repayment of investment|**-**|**-**|**-**|**-**|**-**|
||**-**|**-**|**-**|**-**|**-**|
||**-**|**-**|**-**|**-**|**-**|
||**-**|**-**|**-**|**-**|**-**|
||**-**|**-**|**-**|**-**|**-**|
|**_Sub total_**_(Gross income for AR)_|**127,504**|**-**|**-**|**127,504**|**-**|
|**-**
**-**
**_Sub total_ -**
**_Total receipts_ 127,504**
**A2 Asset and investment sales,**
**(see table).**||**-**
**-**
**-**
**-**|**-**
**-**
**-**
**-**|**-**
**-**
**-**
**127,504**||
|||||||
||||||**-**|
||||||**-**|
|||||||
|||**-**|**-**|**127,504**|**-**|
|**A2 Asset and investment sales,**||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|**(see table).**||||||||||||
|||**-**||**-**||**-**||**-**||||
|||**-**||**-**||**-**||**-**||**-**||
|**_Sub total_**||**-**||**-**||**-**||**-**||**-**||
|||||||||||||
|**_Total receipts_**||**127,504**||**-**||**-**||**127,504**||**-**||
## **A3 Payments**
|**A3 Payments**||||||||||
|---|---|---|---|---|---|---|---|---|---|
|scholarship awards|**18,557**||**-**||**-**||**18,557**||**-**|
|advertising|**-**||**-**||**-**||**-**||**-**|
|professional fees|**- 196**||**-**||**-**||**- 196**||**-**|
|payments to other Local Authorities|**514**||**-**||**-**||**514**||**-**|
|admin support npt|**6,763**||**-**||**-**||**6,763**||**-**|
||**-**||**-**||**-**||**-**||**-**|
||**-**||**-**||**-**||**-**||**-**|
||**-**||**-**||**-**||**-**||**-**|
||**-**||**-**||**-**||**-**||**-**|
|**_Sub total_ **|**25,638**||**-**||**-**||**25,638**||**-**|
|**A4 Asset and investment**||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|**purchases, (see table)**||||||||||||
||||**-**||**-**||**-**|||||
||**-**||**-**||**-**||**-**|||||
|**_Sub total_ **|**-**||**-**||**-**||**-**|||**-**||
|||||||||||||
|**_Total payments_**|**25,638**||**-**||**-**||**25,638**|||**-**||
|||||||||||||
|**_Net of receipts/(payments)_ **|**101,866**||**-**||**-**||**101,866**||**-**|||
|**A5 Transfers between funds**|||**-**||**-**||**-**||**-**|||
|**A6 Cash funds last year end**|**992,933**||**-**||**-**||**992,933**||**-**|||
_**Cash funds this year end**_ **1,094,800 - - 1,094,800 -**
## **Section B Statement of assets and liabilities at the end of the period**
|**Categories**
**B1 Cash funds**
**B2 Other monetary assets**
**B3 Investment assets**
**B4 Assets retained for the**
**charity’s own use**|**Details**
cash at bank and short term investment
**Details**
**Details**
Freehold reversion 46 Norbury Road
CAF balanced growth fund
COIF investment 1
COIF investment 2
COIF investment 3
CAF balanced growth fund
COIF investment 1
COIF investment 2
COIF investment 3
COIF investment 4
**Details**
**_Total cash funds_**
(agree balances with receipts and payments
account(s))|**to nearest £**
**1,094,800**
**-**
**-**
**1,094,800**
OK
**to nearest £**
**-**
**-**
**-**
**-**
**-**
**-**
**L&A**
**L**
**L**
**L**
**L**
**A**
**A**
**A**
**A**
**A**
**Unrestricted**
**funds**
**Unrestricted**
**funds**
**Fund to which**
**asset belongs**
**Fund to which**
**asset belongs**|**to nearest £**
**-**
**-**
**-**
**-**
OK
**to nearest £**
**-**
**-**
**-**
**-**
**-**
**-**
**Cost (optional)**
**-**
**-**
**-**
**-**
**Cost (optional)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**Restricted**
**funds**
**Restricted**
**funds**|**to nearest £**
**Endowment**
**funds**|
|---|---|---|---|---|
|||||**-**|
|||||**-**|
|||||**-**|
|||||**-**|
|||||OK|
|||||**to nearest £**
**Endowment**
**funds**|
|||||**-**|
|||||**-**|
|||||**-**|
|||||**-**|
|||||**-**|
|||||**-**|
|||||**Current value**
**(optional)**|
|||||23,800|
|||||-|
|||||386,896|
|||||500,797|
|||||33,007|
|||||-|
|||||204,541|
|||||105,488|
|||||12,085|
|||||8,593|
|||||**-**|
|||||**Current value**
**(optional)**|
||||**-**|**-**|
||||**-**|**-**|
||||**-**|**-**|
||||**-**|**-**|
||||**-**|**-**|
||||**-**|**-**|
||||**-**|**-**|
## **B5 Liabilities**
Signed by one or two trustees on behalf of all the trustees
|**Details**
Signature|**-**
**-**
**-**
**-**
Print Name
**Fund to which**
**liability relates**
**Amount due**
**(optional)**|**When due**
**(optional)**|
|---|---|---|
||||
||||
||||
||||
|||Date of
approval|
||||
||||
# **Report of Internal Audit to the Director of Finance and Other Named Addressees**
## **Title of Report**
# **Glamorgan Further Education Trust Fund Independent Examination for 2024/25**
**Report No. 43 2025/26**
**Issue Date – 29[th] January 2026**
_Internal Audit Service_
## **1. Introduction**
An independent examination of the Glamorgan Further Education Trust Fund (the Charity) financial records 2024/25 has been undertaken in line with the Charities Act 2011 requirement. The Charity’s trustees consider that a full audit is not required for this year under section 145 of the Charities Act 2011 and that only an independent examination is required.
The examination included review of the accounting records kept by the Charity and comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and sought explanations from the 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”.
The independent examination was completed by the Internal Audit team’s Senior Auditor.
## **2. Executive Summary**
The independent examination of the Glamorgan Further Education Trust Fund annual report and accounts for the year ended 31[st] March 2025 has been completed in accordance with the Charities Act 2011. No material matters were identified; and an unqualified independent examiner’s report has been issued.
At present, the value of the fund is growing annually due to the low value of grants awarded compared to investment income received. The Group Accountant confirmed that he is currently discussing ways of better advertising the grant and looking at the rules regarding the awarding of grant money to better utilise the funds available. Where successful, this action should impact grant take up from 2026/27 onwards.
This report must not be shared externally without the prior agreement of the Audit Manager.
_Page 2 of 5_
_Internal Audit Service_
## **3. Scope/ Background**
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. The Trust was established in 1912 and since Local Government Re-organisation in 1996, responsibility for the Trust Fund has fallen to Neath Port Talbot County Borough Council as the largest authority, in terms of acreage, in the former County of Glamorgan.
The aim of the fund is to make education grant payments for charitable purposes in accordance with the objectives and rules of the fund. Awards are available in the form of:
- Financial assistance for those attending approved courses not provided for under the normal student support scheme, including professional and technical courses; and
- Financial assistance 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.
The Annual Report and Financial Statements 2024/25 quote that the cash fund balance as at the 31[st] March 2025 year end is £1,094,800 and that the value of investments held at that date is £1,275,207.
The report states that during 2024/25 grant payments of £18,557 were made to individuals from a total expenditure amount of £25,638. It also states that income generated was £127,504 and therefore the surplus of income over expenditure for 2024/25 was £100,866.
## **4. Findings**
## **4.1 Previous Year Figures**
## Objective
Ensure all previous year balances have been brought forward correctly.
_Page 3 of 5_
_Internal Audit Service_
## Finding
The 2023/24 balances were found to have been brought forward correctly.
## **4.2 Income and Expenditure**
## Objective
All income and expenditure figures quoted in the annual report and the accounts presented for the year ended 31[st] March 2025 can be reconciled to supporting documentation.
## Finding
The income and expenditure figures recorded in the annual report and the accounts presented could be reconciled to the Authority’s Financial Information System (FIS).
At present the value of the fund is growing annually due to the low value of grants awarded compared to investment income received. The Group Accountant confirmed that he is currently discussing ways of better advertising the grant and looking at the rules regarding the awarding of grant money to better utilise the funds available. Where successful, this action should impact grant take up from 2026/27 onwards.
## **4.3 Grant Payments**
## Objective
To ensure that grant payments made in 2024/25 do not exceed the investment income of the fund, for the previous financial year.
## Finding
In 2024/25 the Charity made grant payments of £18,557, which is less than the investment income of £83,193 from 2023/24. The total
_Page 4 of 5_
_Internal Audit Service_
expenditure was, however, £25,638 when taking into account professional fees, payments to other Local Authorities and Neath Port Talbot Council’s administration support costs.
The expenditure in relation to professional fees in 2024/25 was substantially lower than previous years. This was as a result of a charging error by the investment management company that resulted in a refund.
## **5. Acknowledgements**
The co-operation of the Group Accountant – Education, Leisure and Lifelong Learning (ELLL) team was appreciated.
_________________
Steph Payne Audit Manager
## **29[th] January 2026**
Distribution List:
The Chief Executive Director of Finance Strategic Director of Education, Leisure and Lifelong Learning Strategic Manager – Finance Group Accountant – ELLL
Audit Wales (report distribution via the Audit Wales Inflo system only)
_Page 5 of 5_