Annual report



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THE JAMES PANTYFEDWEN FOUNDATION
(Registered Charity No: 1069598)

ANNUAL REPORT

1 APRIL 2016 – 31 MARCH 2017
Trustees

Miss Gwerfyl Pierce Jones (Chair of the Foundation and Chair of the Examining Committee)

Professor Derec Llwyd Morgan (Chairman of the Executive Committee)

Professor Jane Aaron

Mr Alun Charles (from July 2016)
Rt Reverend John Davies
(from February 2017 – taking Archbishop duties temporarily)

Reverend Dr R Alun Evans

Mrs Melda Grantham

Dr Rhidian Griffiths

Mr Eifion Lloyd Jones (until December 2016)

Mr Geraint R Jones

Mr Richard Morris Jones (from January 2017)

Mr Wyn Penri Jones

Mr David Gwynder Lewis

Ms Enid Lewis

The Most Reverend Dr Barry C Morgan (retired January 2017)

Reverend Judith Morris

Reverend Meirion Morris

Mr Ken Richards

Mr Roy Frederick Sharp

Reverend Dr Geraint Tudur

Dr Eryn White

Executive Secretary - Mr. Richard H Morgan (retired July 2016)

Gwenan Creunant (from August 2016)



Administrative Assistant - Mrs Nel Williams
Bankers - HSBC plc
Auditors - Francis Gray (Aberystwyth)
Investment Managers - Tilney Bestinvest (Liverpool)
Office - Pantyfedwen, 9 Market Street,

Aberystwyth, SY23 1DL

Tel: (01970) 612806

E-mail: post@jamespantyfedwen.cymru

Website: www.jamespantyfedwen.cymru
History
The James Pantyfedwen Foundation began its operations on 1 April 1998 being the successor to two former Foundations – the Catherine and Lady Grace James Foundation (established in 1957) and the John and Rhys Thomas James Foundation (established in 1967). Both these Foundations had been set up by the late Sir D J James whose aim was to create a permanent endowment to benefit the people of Wales. All the purposes of the original two Foundations have been safeguarded within the provisions of the James Pantyfedwen Foundation.
Trustees
The work of the Foundation is undertaken by six ex-officio Trustees and thirteen Ordinary Trustees. During the course of the year, a number of changes occurred among both these groups of Trustees.
The Most Reverend Dr Barry Morgan retired from his post in January 2017, his continuous support for Pantyfedwen during his fourteen years as Archbishop of Wales was greatly appreciated, and the Trustees wished him well on his retirement. The Church in Wales are yet to appoint the next Archbishop, but the Right Reverend John Davies, Bishop of Swansea and Brecon, has taken over the duties for the time being. Eifion Lloyd Jones, in his role as Chair of the National Eisteddfod of Wales’ Council, had served as an ex-officio Trustee for three years until the end of December 2016, and he was thanked for his valuable contributions to the Examining Committee. He was replaced as Council Chair by Mr Richard Morris Jones who attended his first meeting in March 2017.
The Trustees agreed to appoint Mr Alun Charles as an Ordinary Trustee, and he was welcomed to his first meeting in November 2016. As a former teacher and schools’ inspector, Alun Charles will bring a wealth of experience from the field of education in Wales; he is also an author and a committed member of the Welsh Congregational Priordy Church in Carmarthen.
Finance
The total incoming resources of the Foundation during 2016-17 were £635,295. Direct charitable expenditure amounted to £549,508. The fund management charges amounted to £36,215, with governance costs being £5,310.
The provision of property repairs at the start of the year was £60,336. Property costs of £6599 were incurred during the year, and a further sum of £30,000 was added from the 2016-17 income. This leaves a provision of £83,737 in the Building and Equipment Fund by the end of the year, in case of any work and developments needed in Pantyfedwen over the next few years.
Investments
The Trustees seek to secure a balance between income and enhancing the capital from the investments within a diversified portfolio. The level of risk remains at a medium/high level, consistent with an assset distribution heavily loaded in equities. In March 2016, the Trustees agreed to continue their relationship with Tilney Bestinvest, and following confirmation of discussions in July 2016 meetings, the advisory model of management was changed to a

discretionary model. A new Statement of Investment Principles was agreed and signed by the Trustees, giving the Investment Managers full responsibility for any further decisions, made in accordance with the Statement.


During the eight months since changing to the Discretionary Model, there has been a slight reduction in the number of holdings within the portfolio; some holdings have been sold in full (e.g. Caledonia, B-Sky-B, Dunhelm, Marks & Spencer, Rolls Royce), other holdings sold in part (e.g. Royal Dutch Shell, BAE Systems), others bought anew or further shares have been added to current holdings. Although few holdings were sold at a loss (Marks & Spencer, Dunelm and William Hill), others such as Rolls Royce, Caledonia and Newton Asian secured substantial profits.
At the end of 2016-17, the Foundation’s Main Fund was valued at £14,927,904 compared with a value of £13,247,829 twelve months previously. The Unallocated Fund also performed well and was valued at £1,916,733 at the end of the year. Although there were many discussions early in the year warning of possible dividend cuts, especially following all the political and economic changes and insecurity seen during 2016, the income from investments also saw a substantial increase of £46,000 on the previous year, securing an income of £611,961.
Reserves

Trustees have determined that they will retain as reserves a sum which is not less than the equivalent of one year’s full income.


Risk Register

In line with the requirements set by the Charity Commission, the Trustees have compiled a register of potential risks to which the charity is exposed, and systems have been established to mitigate these risks. The risk register is now reviewed on a regular basis and was last reviewed in March 2017.


Awards

(figures in parentheses are for 2015/16)


Grants authorised during the year amounted to £461,327 (£456,466). Grants paid in the year came to £499,583 (£430,998). Grants amounting to £12,500 (£3,945) were cancelled during the year.
The total amount paid was distributed as follows:
Religious Buildings 148,000

Educational Purposes (students) 262,904

Eisteddfodau 74,997

Morlan-Pantyfedwen Lecture 482

Urdd Gobaith Cymru 13,200

________
£499,583

________
A list of grants paid to Churches (buildings) and Eisteddfodau are shown in the appendices to this Annual Report.
Under educational purposes grants were paid to 54 postgraduate students to meet the cost of tuition fees up to a maximum of £7,000 in each case. This included two grants under the terms of the scheme administered on behalf of the former Undeb Cymru Fydd.

2016-2017 Changes

At the end of July 2016, Richard Morgan retired from his post as Executive Secretary after a period of thirty four years. His contribution to the work and developments at the Foundation over these decades has been exemplary; his unrivalled expertise in all aspects of the Foundation’s work, and in particular in the field of finance and investments, and his leadership and advice over the years has been greatly appreciated by all involved in the work of Pantyfedwen. In the July meetings, the Trustees noted their sincere gratitude to Richard for all his work, and thanked him also for his warm and generous welcome at Pantyfedwen, his ready advice, and for his special friendship. On behalf of the Trustees, the Chair presented Richard with a special tapestry of Gwynfryn Chapel, Ammanford, produced by Cefyn Burgess, and wished him a long and happy retirement.



Richard Morgan has been succeeded in the post of Executive Secretary by Gwenan Creunant, who started at the Foundation in early July. A native of Aberystwyth, Gwenan has held various administrative posts at Aberystwyth University during the eighteen years prior to the post at Pantyfedwen. In taking up this new role, Gwenan has benefited greatly from Richard’s expert guidance and the continuous support and efficency of Nel Williams as administrative assistant.

List of grants paid to church (buildings) in 2016/17
Church in Wales




All Saints Church, Oystermouth

£4,000.00










Cathedral of St Asaph

£5,000.00










Church of St Francis, Milford Haven

£3,000.00










Church of St Mary the Virgin, Butetown

£2,000.00










Church of the Holy Martyrs, Mathry

£4,000.00










Holy Cross Church, Abertawe

£4,000.00










St Cadoc's Church, Raglan

£7,000.00










St Catherine's Church, Pontypridd

£3,000.00










St Catwg's Church, Pentyrch

£6,000.00










St Chad's Church, Hamer

£4,000.00










St Dingat's Church, New Tredegar

£8,000.00










St George's Church,Tredegar

£4,000.00










St Mair's Church, Aberystwyth

£1,000.00










St Mary's Church, Brecon

£4,000.00










St Peter's Church, Peterston Super Ely

£3,000.00










St Theodore's Church, Kenfig Hill

£2,000.00










St Thomas Church, Neath

£3,000.00










St Thomas' Church, Overmonnow

£7,000.00










St Twrog's Church, Llanddarog

£4,000.00
















£78,000.00





Baptist
















Tabernacle, Newbridge

£10,000.00______Methodist'>£10,000.00
















£10,000.00





Methodist
















Eton Road, Swansea

£5,000.00
















£5,000.00





Presbyterian (and United Reformed Church)













Gloddaeth United Church, Llandudno

£10,000.00
















£10,000.00





Welsh Congregational













Jerusalem, Burry Port

£3,000.00










Penybont (Ford), Wolfscastle

£6,000.00
















£9,000.00





Other Churches
















Cildwrn, Llangefni

£8,000.00










New Life Church, Cardigan

£4,000.00










New Life Community Church, Tonyrefail

£10,000.00










Tabernacle URC, Pembroke

£6,000.00










Underwood Free Baptist Church

£2,000.00










United Church, Rhyl

£6,000.00
















£36,000.00
















£148,000.00



List of grants paid to Eisteddfodau in 2016/17


Abergavenny

£487.00




Abergorlech (Capel Newydd)

£230.00




Aelhaearn

£134.00




Babel Hall, Llandovery

£35.00




Bancffosfelen a Crwbin

£159.00




Bethel, Caernarfon

£249.00




Bethel, Melin y Coed

£150.00




Betws yn Rhos (Calan Mai)

£117.00




Bodffordd, Llangefni

£500.00




Bontnewydd, Caernarfon

£110.00




Bro Aled, Llansannan

£498.00




Bryngwenith, Llandysul

£64.00




Calfaria, Garnant

£219.00




Cardigan

£9,500.00




Castell Newydd Emlyn

£474.00




Chwilog, Pwllheli

£363.00




Ciliau Aeron

£184.00




Deiniolen a'r Cylch

£377.00




Derwen, Corwen

£83.00




Dihewyd

£234.00




Dyffryn Ceiriog

£178.00




Dyffryn Conwy

£500.00




Dyffryn Elwy

£159.00




Dyffryn Ogwen

£500.00




Eisteddfod y Cymoedd

£176.00




Felinfach

£391.00




Ffôr, Pwllheli

£228.00




Foel, Llangadfan

£186.00




Garndolbenmaen a'r Cylch

£238.00




Groeslon, Caernarfon

£144.00




Hen Gapel, Llanbrynmair

£274.00




Hendy, Pontarddulais (2015-16)

£482.00




Hendy, Pontarddulais (2016-17)

£472.00




Kerry, Newtown

£201.00




Lampeter

£10,000.00




Llanarth

£86.00




Llandegfan

£383.00




Llandyfaelog

£252.00




Llandyrnog

£304.00




Llanegryn

£311.00




Llanfachreth, Dolgellau

£500.00




Llangadog a'r Cylch

£500.00




Llangollen

£10,000.00




Llanllyfni

£249.00




Llanrhaeadr ym Mochnant

£305.00




Llanuwchllyn

£500.00




Llawrplwy a Phenstryd

£425.00




Maenclochog

£159.00




Marianglas

£323.00



Môn, Paradwys a'r Fro



£1,314.00




Myddfai, Llanymddyfri

£87.00




Mynydd y Garreg

£59.00




National Eisteddfod of Wales

£18,000.00




Pandy Tudur

£190.00




Pontrhydfendigaid

£8,200.00




Pumsaint

£270.00




Pwllglas (2015-16)

£253.00




Pwllglas (2016-17)

£254.00




Stesion, Trawsfynydd

£182.00




Talaith a Chadair Powys

£1,095.00




Talgarreg (2015-16)

£191.00




Talgarreg (2016-17)

£330.00




Trallong, Sennybridge

£463.00




Trefeglwys

£266.00




Tymbl

£320.00




Upper Chapel

£500.00




Uwchmynydd, Aberdaron

£430.00










£74,997.00

Urdd Gobaith Cymru
National Eisteddfod £3,000

Area and Regional Eisteddfodau £10,200



£13,200

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