Annual ReportHybu Cig Cymru - Meat Promotion Wales (HCC) is the body responsible for the development, 1 April 2019 - 31 Marchpromotion 2020 and marketingwww.jamespantyfedwen.cymru of Welsh red meat. Trustees 2019-20 Miss Gwerfyl Pierce Jones (Chair of the Foundation and Chair of the Examining Committee) Professor Derec Llwyd Morgan (Chair of the Executive Committee) Professor Jane Aaron Mr Alun Charles The Rt Reverend John Davies, Archbishop of Wales Reverend Dr R Alun Evans Mrs Melda Grantham Dr Rhidian Griffiths Mr Geraint R Jones Mr Richard Morris Jones (until December 2019) Miss Siân Lloyd Jones Mr Wyn Penri Jones Mr David Gwynder Lewis Reverend Judith Morris Reverend Meirion Morris Reverend Dyfrig Rees Mr Ken Richards Mr Roy Frederick Sharp Mr Gethin Thomas (from January 2020) Dr Eryn White Executive Secretary Gwenan Creunant Administrative Assistant Nel Williams Bankers HSBC plc Auditors Francis Gray (Aberystwyth) Investment Managers Cwmni Tilney (Liverpool) Office address Pantyfedwen, 9 Market Street, Aberystwyth, SY23 1DL Tel (01970) 612806 E–mail [email protected] Website www.jamespantyfedwen.cymru 1 History Investments The James Pantyfedwen Foundation began its operations on 1 April The Trustees seek to secure a balance between income and enhancing 1998 being the successor to two former Foundations – the Catherine the capital from the investments within a diversified portfolio. The and Lady Grace James Foundation (established in 1957) and the John level of risk remains at a medium/high level, consistent with an and Rhys Thomas James Foundation (established in 1967). Both these asset distribution heavily loaded in equities. During 2019-20, the Foundations had been set up by the late Sir D J James in memory of his Foundation decided to review the work of the Investment Managers parents, his wife and his brother, and his aim was to create a permanent and five companies were invited to tender for the contract. Further endowment to benefit the people of Wales. All the purposes of the to the interviews and detailed discussions, the Trustees decided original two Foundations have been safeguarded within the provisions unanimously to continue the relationship with Tilney for another five of the James Pantyfedwen Foundation. Since 2015, the Foundation years, subject to satisfactory annual performance. Pantyfedwen has interpreted its aims to include support for three specific groups continues under the discretionary model of management agreed in of beneficiaries, being students undertaking postgraduate study, July 2016, which gives the Investment Managers full responsibility for individual chapels and churches for the improvement and repair of the any investment decisions, made in accordance with the Investment fabric, with priority given to improvements linked to local mission and Policy Statement. outreach projects, and national and local Eisteddfodau. During 2019-20, the Foundation’s portfolio saw a steady increase in Trustees value during the first nine months of the financial year, but the first The work of the Foundation is undertaken by nineteen Trustees. Six quarter of 2020 was dominated by the Covid-19 pandemic. By 31 March of these are ex-officio Trustees, representing various denominations 2020 therefore, the Foundation’s portfolio was valued at £13,841,729 in Wales (the Church in Wales, the Presbyterian Church of Wales, (compared with the figure of £16,037,973 twelve months previously). the Union of Welsh Independents, the Baptist Union of Wales and the Unitarians in Wales), and the National Eisteddfod of Wales. There are The income secured from investments during 2019-20 continued to also thirteen Ordinary Trustees. be well over the target and the Foundation saw an income of £617,263 from investments. With the effect of the Covid-19 on markets During 2019-20, there was one change amongst the ex-officio throughout the world however, the next twelve months will prove Trustees. Richard Morris Jones, in his role as Chair of the National difficult with a very negative effect on the income on dividends during Eisteddfod of Wales’ Council, had served as an ex-officio Trustee for 2020-21. three years until the end of December 2019, and he was thanked for his valuable contributions to the Examining Committee during that Reserves period. He has been replaced by Gethin Thomas, who attended his first Trustees have determined that they will retain as reserves a sum meeting in March 2020. which is not less than the equivalent of one year’s full income. Finance Risk Register The total incoming resources of the Foundation during 2019-20 were In line with the requirements set by the Charity Commission, the £709,057. Direct charitable expenditure amounted to £577,827. The Trustees have compiled a register of potential risks to which the fund management charges amounted to £68,669, with governance charity is exposed, and systems have been established to mitigate costs being £4,673. these risks. The risk register is now reviewed on a regular basis and was last reviewed in November 2019. During 2019-20, there have been developments within the Pantyfedwen building. Two new boilers have been installed, with new pipes and radiators on the top floor of the building, providing a better and more sustainable source of heat. The Board Room is being totally refurbished, with the aim of completing the project by September 2020. Further to the previous refurbishment of the Committee Room, a variety of groups and committees have been using the facility, and once the Board Room is again available for use, the aim is to publicise and market the available facilities at Pantyfedwen for meetings and conferences and subsequently secure further income. 2 Awards Grants authorised during the year amounted to £467,307. Grants paid in the year came to £470,049. The total amount paid was distributed as follows: Religious Buildings £72,000.00 Morlan-Pantyfedwen Lecture £221.00 Educational Purposes (Students) £308,555.00 Urdd Gobaith Cymru £20,000.00 Eisteddfodau £69,273.00 £470,049.00 A list of grants paid to churches and Eisteddfodau are shown in the appendices to this Annual Report, alongside a selection of reports and photographs received from recent beneficiaries. Under educational purposes grants were paid to 57 postgraduate students to support their Masters’ and PhD tuition fees, and again, a selection of student reports is included in this report. List of grants paid to churches in 2019/20 Church in Wales St John's Church, Birchgrove 1,500.00 St John's Church, Nelson 4,000.00 St David's Church, Tonyrefail 4,000.00 St Cybi's Church, Holyhead 5,000.00 St Elvan's Church, Aberdare 12,000.00 St Mary's Church, Fishguard 10,000.00 £36,500.00 Baptist Adulam Baptist Church, Felinfoel 2,000.00 Cwmifor Chapel, Llandeilo 500.00 Aenon Baptist Church, Morriston 8,000.00 Bethlehem Baptist Church, Spittal 1,500.00 £12,000.00 Welsh Congregational Caersalem Chapel, Pontyberem 1,000.00 Saron Chapel, Creunant 1,000.00 Salem Chapel, Caernarfon 2,000.00 Nanternis Chapel 1,000.00 £5000.00 Methodist Wesley Methodist Church, Swansea 1,500.00 £1,500.00 Unitarian Highland Place Unitarian Church, Aberdare 4,000.00 £4,000.00 Other Churches Bethel Apostolic Church, Carmarthen 10,000.00 New Life Church, Cardigan 3,000.00 £13,000.00 3 List of grants paid to Eisteddfodau in 2019/20 Abergorlech (Capel Newydd) £275.00 Llandyfaelog £231.00 Abergynolwyn £374.00 Llandyrnog £269.00 Aberystwyth (Calan Mai) £390.00 Llanegryn £358.00 Aelhaearn £121.00 Llanfachreth £490.00 Bancffosfelen a Crwbin £157.00 Llangadog a'r Cylch £500.00 Bethel, Caernarfon £229.00 Llangollen International Eisteddfod £10,000.00 Bethel, Melin y Coed £216.00 Llanllyfni £354.00 Betws yn Rhos (Calan Mai) £136.00 Llanrhaeadr ym Mochnant £346.00 Bodffordd, Llangefni £500.00 Llanuwchllyn £439.00 Bontnewydd £154.00 Llawrplwy a Phenstryd £436.00 Bro Aled, Llansannan £500.00 Maenclochog £190.00 Capel Cenarth £210.00 Marianglas £296.00 Capel Uchaf/Upper Chapel, Brecon £500.00 Môn £1,518.00 Castell Newydd Emlyn £380.00 National Eisteddfod of Wales, Conwy £18,000.00 Chwilog, Pwllheli £500.00 Pumsaint £307.00 Ciliau Aeron £173.00 Pwllglas £250.00 Crymych £422.00 Rhydlewis £146.00 Cwmystwyth £500.00 Stesion, Trawsfynydd £224.00 Deiniolen a'r Cylch £275.00 Swyddffynnon (2019) £322.00 Dihewyd £208.00 Swyddffynnon (2020) £315.00 Dyffryn Ceiriog (2019) £122.00 Talaith a Chadair Powys £1,278.00 Dyffryn Ceiriog (2020) £130.00 Talgarreg (2019) £261.00 Dyffryn Elwy £218.00 Talgarreg (2020) £333.00 Eisteddfod Goffa John James, Cardigan £10,000.00 Talwrn £489.00 Eisteddfod Rhys Thomas James Lampeter £10,000.00 Trallong, Sennybridge £500.00 Eisteddfod y Cymoedd £500.00 Trefeglwys £299.00 Felinfach £249.00 Tregaron £473.00 Foel, Llangadfan £184.00 Treuddyn £191.00 Garndolbenmaen a'r Cylch £235.00 Tymbl £399.00 Groeslon, Caernarfon £260.00 Uwchmynydd, Aberdaron £500.00 Kerry, Newtown £158.00 Y Fenni £472.00 Llanarth £79.00 Yr Hen Gapel, Llanbrynmair £325.00 Llandegfan £407.00 £69,273.00 Urdd Gobaith Cymru 2019 National Eisteddfod £3,000 2019 Regional and Local Eisteddfodau £10,200 2020 Regional and Local Eisteddfodau £6,800 £20,000 4 Grants for STUDENTS The student grant applications increase in number every year, and during 2019-20, the James Pantyfedwen Foundation supported 57 postgraduate students, those being either Masters or PhD students in various universities in Wales and beyond. Below, some of those student beneficiaries share their experiences of their postgraduate courses and the difference the Pantyfedwen grants have made to their student lives. Please visit the Pantyfedwen website to read many more of these stories: www.jamespantyfedwen.cymru. Dewi Sion Alter I was so grateful to receive a grant from the James Pantyfedwen Foundation to help with my MA Welsh and Celtic Studies at Cardiff University.