## **Cardiff Further Annual Education Trust R rt epo Charity No. 525512**
## **Charity No. 525512**
## Report for the Year Ended 31 March 2023
## **1 Administration**
1.1 The charity’s full name is The Cardiff Further Education Trust Fund. It incorporates the Craddock Wells Charity, a name that is still sometimes used.
1.2 Its registered charity number is 525512.
- 1.3 The charity’s principal office is at County Hall, Atlantic Wharf, Cardiff, CF10 4UW.
1.4 The charity’s sole trustee is The County Council of the City and County of Cardiff, otherwise known as the City of Cardiff Council. There was no change during the year.
1.5 The above Council has delegated responsibility for the day-to-day management of the Charity to the Corporate Director Resources and Section 151 Officer (reference FS5 in the Council’s list of delegations).
1.6 The charity’s legal adviser is the Director of Governance and Legal Services of County Hall, Atlantic Wharf, Cardiff, CF10 4UW; its banker is the Nat West Bank Plc, 96 Queen Street, Cardiff, CF10 2GR and its auditor is Cardiff Council Internal Audit.
## **2 Structure, Governance and Management**
2.1 The Governing Document of this Charity is a scheme dated 9 November 1955 as varied by a Scheme made by the Secretary of State for Education on 9 May 1966.
2.2 The scheme lists certain endowments and specifies that the income from these be administered by Cardiff County Borough Council acting as Local Education Authority as Trustee. The County Council of the City and County of Cardiff is the successor authority of Cardiff County Borough Council.
2.3 Given the above, no arrangements exist for the recruitment and appointment of new trustees.
2.4 The day-to-day administration of the Charity is carried out by Council staff answerable to the officer specified in paragraph 1.5.
## **3 Objectives and Activities**
- 3.1 The objectives of the Charity are:
3.1.1 Provision of financial and other assistance to pupils who, for at least two years, have attended a secondary school in Cardiff to enable them to partake in further education or vocational training.
3.1.2 Payment of a grant of £800 a year to University of Wales, Cardiff to enable the university to award grants, to be known as Craddock Wells Exhibitions, to its students.
3.1.3 Provision of maintenance allowances to allow pupils who are in need of financial assistance to finish a course at a secondary school in Cardiff.
3.1.4 Provision of grants to young men and women resident in Cardiff to enable them to travel or to attend special courses in connection with their education.
- 3.1.5 Provision of specified educational premises to Cardiff Council.
- 3.2 The main activity in 2022/23 was to assist in the financial support given to students attending courses of further education for students meeting the following criteria:
## 3.2.1 Over 16 years of age,
- 3.2.2 Attended a Cardiff Secondary School,
- 3.2.3 Attending a Further Education course,
- 3.2.4 Resident in the area of Cardiff.
In order that applications could be kept within the amount of income available annually from the Trust Fund.
## **4 Achievements and Performance**
4.1 During the 2022-2023 financial year the Trust approved funding for 4 young people to support them to attend special courses in connection with their education **.** The total value of assistance approved to former and current pupils was £14,330.74
4.2 Pupils of Cardiff High School benefited generally from the provision of land and buildings by the Charity for the purpose of the school.
## **5 Financial Review**
5.1 Income, in 2022/23, amounted to £156,662 which was entirely attributable to investment earnings. Expenditure was £17,541, resulting in a net expenditure of £139,121.
5.2 At the start of the year, the Charity held investments valued at £3,725,429. The value of these investments has reduced by £207,486 during the year, to £3,517,943.
5.3 The Charity also had land and property valued at £21,294,225.00 but this is held for charitable purposes and did not generate income.
5.4 The Charity has no official policy on reserves. However, the practice is to make short term deposits into a loan account held by Cardiff Council, which pays interest at 0.04% below the London Inter-bank Bid Rate (LIBID). If and when funds accumulate in this account, they are used to purchase investments, which are expected in the longer term to offer better returns. To minimise risk, funds are spread between a number of investment companies and between equity-based and fixed interest stocks.
## **6 Plans for Future Periods**
6.1 There are no current plans to change the Charity’s objectives.
## **7 History of the Charity**
7.1 The _Craddock Wells Charity_ was founded in 1710 when Alderman Craddock Wells donated two houses in High Street, Cardiff and 18 acres of land in the Canton district of Cardiff, the proceeds of which were to be used for educational purposes. The houses were later sold. In 1884 the land in Canton was spilt into building plots and let on 99-year leases.
7.2 The _Howells Charity_ was founded by Thomas Howell around 1540 and latterly comprised a boys school in Newport Road and a girls school and three other properties in The Parade, Cardiff.
7.3 In 1893, the two charities were combined for administrative purposes and in 1910 were renamed the _Cardiff Intermediate and Technical Education Fund_ . In 1955 they legally merged under the name of the latter and on 9 May 1966 the combined Charity was renamed the _Cardiff Further Education Trust Fund_ .
7.4 Under the terms of this deed, the Craddock Wells properties continue to be treated as a separate endowment. Between the late 1970s and the mid 1990s, the freeholds of the Canton properties were gradually sold and the proceeds reinvested.
7.5 The boys school moved to Llandennis Road, Cyncoed, becoming Cardiff High School, the trust’s interests moving with it. Part of the girls school’s premises became occupied by Coleg Glan Hafren (now the University of Wales Institute Cardiff) and, on 9 June 1999, ownership of these was transferred to the newly formed Coleg Glan Hafren Further Education Trust. The remainder of these premises, 28 The Parade and the Caretaker’s House, are occupied by Cardiff Council for the purpose of their English for Speakers of Other Languages (ESOL) service.
## **Director, Education & Lifelong Learning Service**
## CARDIFF FURTHER EDUCATION TRUST
## Charity Registration No. 525512
## Annual Accounts for the year ended 31 March 2023
## 1) Statement of Financial Activities
|Barclays Wealth (Note 3)
Black Rock - Charinco fixed-interest (Note 3)
COIF Charities Fund equities (Note 3)
COIF Charities Fund fixed interest (Note 3)
Invesco equities (Note 3)
M & G - Charibond fixed interest (Note 3)
M & G - Charifund equities (Note 3)
Cardiff Council temporary loan
**Total funds brought forward**
**Total funds carried forward**
**Net incoming/(outgoing) resources before transfers**
**Gross transfers between funds**
**Net incoming/(outgoing) resources before other recognised**
**gains/(losses)**
**Unrealised loss on fixed assets**(Note 2)
**Unrealised gains on investment assets**(Note 3)
**Net movements in funds**
**Total incoming resources**
**Resources expended -**
Costs of generating funds
Charitable activities
Governance costs
**Total resources expended**
**Incoming resources -**
Investment income|**Unrestricted**
**Funds**
**Expendable**
**Endowment**
**Funds**
**Endowment**
**Funds**
**Total This Year**
**£**
**£**
**£**
**£**
12,324.47
0.00
0.00
12,324.47
17,005.88
0.00
0.00
17,005.88
4,455.60
0.00
0.00
4,455.60
22,732.72
0.00
0.00
22,732.72
13,046.59
0.00
0.00
13,046.59
4,030.87
0.00
0.00
4,030.87
57,109.02
0.00
0.00
57,109.02
25,957.43
0.00
0.00
25,957.43
**156,662.58**
0.00
0.00
156,662.58
0.00
0.00
0.00
0.00
**14,330.74**
0.00
0.00
14,330.74
**3,210.51**
0.00
0.00
3,210.51
17,541.25
0.00
0.00
17,541.25
139,121.33
0.00
0.00
139,121.33
0.00
0.00
0.00
0.00
139,121.33
0.00
0.00
139,121.33
0.00
0.00
-11,000.00
-11,000.00
-95,096.24
0.00
-112,389.69
-207,485.94
44,025.09
0.00
-123,389.69
-79,364.61
-2,910,048.06
0.00
27,759,297.57
24,849,249.51
**-2,866,022.98**
**0.00**
**27,635,907.87**
**24,769,884.90**|**Total Last**
**Year**
**£**
4,293.09
17,005.88
4,455.60
22,446.88
10,671.45
3,416.95
51,295.50
0.00|
|---|---|---|
|||113,585.35|
|||0.00
28,554.24
3,460.51|
|||32,014.75|
|||81,570.60
0.00|
|||81,570.60
0.00
163,166.37|
|||244,736.97
24,604,512.54|
|||**24,849,249.51**|
## 2) Balance Sheet
|Freehold land and buildings (Note 2)
Investments
Barclays Wealth (Note 3)
Black Rock - Charinco fixed-interest (Note 3)
COIF Charities Fund equities (Note 3)
COIF Charities Fund fixed interest (Note 3)
Invesco equities (Note 3)
M & G - Charibond fixed interest (Note 3)
M & G - Charifund equities (Note 3)
Sundry debtors
**Net current assets/(liabilities)**
Cardiff Council temporary loan
Cardiff Council cash balance
**Total current assets**
Less: Creditors - Amounts falling due within one year
**Total assets less current liabilities**
**Fixed assets -**
**Total fixed assets**
**Current assets -**|**Unrestricted**
**Funds**
**Expendible**
**Endowment**
**Funds**
**Endowment**
**Funds**
**Total This Year**
**£**
**£**
**£**
**£**
0.00
0.00
21,294,225.00
21,294,225.00
307,025.57
354,543.85
28,440.67
690,010.09
191,598.70
-9,747.39
234,791.97
416,643.28
351,586.98
350,598.26
82,253.80
784,439.04
145,735.05
0.00
0.00
145,735.05
377,621.65
0.00
0.00
377,621.65
25,249.80
392.19
29,748.98
55,390.97
367,004.98
594,355.44
86,742.55
1,048,102.97
1,765,822.73
1,290,142.35
21,756,202.97
24,812,168.05
1,156,464.76
0.00
36,350.56
**1,192,815.32**
-1,302,625.32
0.00
0.00
**-1,302,625.32**
70,360.85
0.00
0.00
**70,360.85**
-75,799.71
0.00
36,350.56
-39,449.15
2,034.00
0.00
0.00
**2,034.00**
-77,833.71
0.00
36,350.56
-41,483.15
1,687,989.02
1,290,142.35
21,792,553.53
24,770,684.90|**Total Last**
**Year**
**£**
21,305,225.00
679,722.40
490,335.29
828,462.69
155,314.58
384,203.64
60,267.30
1,127,123.09|
|---|---|---|
|||25,030,653.99|
|||1,120,580.08
-1,288,428.49
22,243.93|
|||-145,604.48
35,800.00|
|||-181,404.48
24,849,249.51|
|Less:
**Represented by: Funds of The Charity**
Provision for Liabilities and Charges
**Net Assets**
Creditors - Amounts falling due after one year|800.00
0.00
0.00
800.00
0.00
0.00
0.00
0.00
**1,687,189.02**
**1,290,142.35**
**21,792,553.53**
**24,769,884.90**
**-2,866,022.98**
**0.00**
**27,635,907.87**
**24,769,884.90**|0.00
0.00|
|---|---|---|
|||**24,849,249.51**|
||||
|||**24,849,249.51**|
Christopher Lee, Honorary Treasurer
## 3) Notes to the Accounts
## **1 Basis of Accounting**
These accounts have been prepared on the basis of historic cost (except that investments are shown at market value) in accordance with Accounting and Reporting by Charities - Statement of Recommended Practice (SORP 2005). There has been no change to the accounting policies (valuation rules and methods of accounting) since last year.
## **2 Fixed Assets**
The Trust owns, but does not occupy, various properties, used for educational purposes but no income is received in respect of them. These were valued as at the dates shown below. Cardiff High School has been valued on a Modern Equivalent Value (MEA) whereas the other two properties have been valued on depreciated replacement cost valuation by the Chief Valuation Officer of the City of Cardiff Council.
|1) Cardiff High School, Llandennis Road, Cyncoed, Cardiff -
Premises occupied by the school (valued as at 1 April 2016)
Premises occupied by Ty Celyn Youth Centre (valued as at 2021/22)
2) 28 The Parade and the Caretakers Training Centre, Cardiff (valued as at 17 March 2015)|(£)
20,524,564
245,000
524,661|
|---|---|
||21,294,225|
No depreciation is charged in the accounts in respect of these properties as the Trust has no responsibility for maintaining them. The valuations are included in these accounts to give a complete picture of the Trust's financial position but any rises or falls in the figures are unlikely to have any practical effect upon the Trust's activities.
## **3 Investment Assets**
|Barclays MM UK Alpha Fund (A) Dis (Unrestricted Fd.)
Barclays MM UK Alpha Fund (A) Dis (Endowment Fd.)
Black Rock - Charinco fixed int. (Unrestricted Fd.)
Black Rock - Charinco fixed int. (Endowment Fd.)
COIF Charities Fund equities (Unrestricted Fund) *
COIF Charities Fund equities (Endowment Fund) *
COIF Charities Fund fixed int. (Unrestricted Fund) *
Invesco equities (Unrestricted Fund)
M & G - Charibond fixed interest (Unrestricted Fund)
M & G - Charibond fixed interest (Endowment Fund)
M & G - Charifund equities (Unrestricted Fund)
M & G - Charifund equities (Endowment Fund)|Market value at
start of year (£)
Acquisitions at
cost (£)
Disposals at
market value
(£)
Net gain/(loss)
on revaluation
(£)
302,447.98
0.00
0.00
4,577.59
377,274.42
0.00
0.00
5,710.10
225,486.91
0.00
0.00
-33,888.21
264,848.38
0.00
0.00
-39,803.80
371,318.46
0.00
0.00
-19,731.48
457,144.24
0.00
0.00
-24,292.18
155,314.58
0.00
0.00
-9,579.53
384,203.64
0.00
0.00
-6,581.99
27,472.66
0.00
0.00
-2,222.86
32,794.64
0.00
0.00
-2,653.47
394,674.75
0.00
0.00
-27,669.77
732,448.34
0.00
0.00
-51,350.35
3,725,428.99
0.00
0.00
-207,485.94|Market value at
end of year (£)
307,025.57
382,984.52
191,598.70
225,044.58
351,586.98
432,852.06
145,735.05
377,621.65
25,249.80
30,141.17
367,004.98
681,097.99|
|---|---|---|
|||**3,517,943.05**|
Investments marked with an asterisk are held in the name of the Craddock Wells Charity.
These investments are listed on a recognised stock exchange or held in common investment funds, open ended investment companies, unit trusts or other collective investment schemes.
## **4 Transactions with trustees or related parties**
The sole trustee of this charity is the County Council of the City and County of Cardiff. The Council provides administrative support to the charity and, in 2022/23, charged £3,210.51. It also provides a loan facility to the Trust, which pays interest at the 7 day London inter-bank Bid Rate (LIBID). Interest of £25,957.43 was earned from this loan in 2022/23.
## **5 Expendable Endowment Funds**
On the advice of the Charity Commission, a new item "Expendable Endowment Funds" was established in 2008/09. This shows the cumulative increase in the value of Endowment Fund investments due to changes in the values of these investments, and was previously included under the heading "Endowment Funds". Although this money is available for spending on charitable purposes if needed, the intention is to retain it in the form of investments in order to maintain the Fund's real value in the face of anticipated future inflation.
## 4) Non-financial Information
## **1 Principal Address**
The principal address of the charity is County Hall, Atlantic Wharf, Cardiff, CF10 4UW.
## **2 Trustees**
The sole trustee of the charity is the County Council of the City and County of Cardiff, which is located at the above address.
## **3 Governing Documents**
Scheme made by the Minister of Education and dated 9 November 1955 as amended by a Scheme made by the Secretary of State for Education & Science on 9 May 1966 and further amended by an Order by the Charity Commissioners for England & Wales and dated 9 June 1999.
## **4 Objects**
1) The making of grants, subject to certain conditions, to students in Cardiff to enable them to continue their education.
2) The provision of premises to certain educational establishments.
- 3) The making of an annual grant, subject to certain conditions, to the University of Wales Cardiff.
## **5 Policy on Reserves**
The charity has no policy on reserves.
## **6 Historical Background**
The Howells Charity was founded by Thomas Howell around 1540. In 1910 it was renamed The Cardiff Intermediate and Technical Education Fund. By this time, it comprised a boys school in Newport Road, and a girls school and three other properties in The Parade. The Craddock Wells Charity was founded in 1710 when Alderman Craddock Wells bequested two houses in High Street, Cardiff and 18 acres of land in Canton, the proceeds of which were to be used for educational purposes. On 25 March 1884 the land in Canton was split into building plots and let on 99-year leases. From the late 1970s to the mid 1990s the freeholds of these properties were gradually sold and the proceeds invested.
In 1893, the two charities were combined for administrative purposes and, on 9 November 1955, a new trust deed legally merged them under the title of The Cardiff Intermediate and Technical Education Fund. Under the terms of this deed, the Craddock Wells properties continue to be treated as a separate endowment. A trust deed on 9 May 1966 changed the name to Cardiff Further Education Trust Fund. The boys school subsequently moved to Llandennis Road and became Cardiff High School, the Trust's interests moving with it. The girls school became part of Coleg Glan Hafren and, on 9 June 1999, was transferred to a new charity, the Coleg Glan Hafren Further Education Trust.
**Independent examiner's report on the accounts**
## **Section A Independent Examiner’s Report**
**Report to the trustees/** Cardiff Further Education Trust Fund / Craddock Wells Charity **members of On accounts for the year Charity no ended**[31/03/2023 ] **(if any)**[525512 ] **Set out on pages** 1-2 (remember to include the page numbers of additional sheets) I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended **31/03/2023** . **Responsibilities and** As the charity's trustees, you are responsible for the preparation of the **basis of report** accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
**Independent** I have completed my examination. I confirm that no material matters have **examiner's statement** come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
**Date:** 29/01/2024 **Signed: Name:** Chris Pyke **Relevant professional** CPFA **qualification(s) or body (if any): Address:** Cardiff Council Internal Audit Section, County Hall Atlantic Wharf, Cardiff CF10 4UW
**Oct 2018**
1
**IER**
**Section B Disclosure**
Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).
**Give here brief details of** We are advised that premises re-valuations are planned. **any items that the examiner wishes to disclose** .
**Oct 2018**
2
**IER**