Charity Commissioners Number 202939 

## **SYLVANUS LYSONS CHARITY** 

**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 



## **SYLVANUS LYSONS CHARITY** 

## **REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

|**CONTENTS**|**Page**|
|---|---|
|Trustees' Report|2 - 7|
|Statement of Trustees' Responsibilities|8|
|Independent Auditors' Report|9-12|
|Statement of Financial Activities|13|
|Balance Sheet|14|
|Statement of cash flows|15|
|Notes to the Financial Statements|16- 29|



Page 2 



## **SYLVANUS LYSONS CHARITY** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

The Trustees present their report and financial statements for the year ended 30th September 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's governing document, the Charities Act 2011, and Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. 

## **1 Origins** 

The Charity was established by the Will of Sylvanus Lysons of Hempsted, Gloucester who died in 1731. The Charity came into existence on the death of his widow in 1750. The charity is registered with the Charity Commission in England and Wales, its registered number is 202939. 

## **2 Objects** 

The original objects of the Charity were to pay pensions to poor widows of clergy of the Diocese of Gloucester and to pay the remainder of the income to the Rector of Hempsted in augmentation of his stipend. 

The objects of the Charity have been varied from time to time by schemes made by the Charity Commission. The scheme presently governing the regulation of the Charity was made in 1980. It continues to make provision for the payment of grants to clergy widows. Provision is also made for the payment of the stipend of the Priest in Charge of Hempsted Parish. 

The residue of the income is to be applied in furthering the religious and other charitable work of the Church of England in the Diocese of Gloucester. 

## **3 Grant making policy** 

The Trustees' present policy is to provide financial support for projects that fall within the Charity's objects. Such projects may include initiatives taken by the Diocese of Gloucester, individual parishes and other Christian organisations designed to further the work of the Church within the Diocese. The Trustees' policy is to give assistance to establishing projects and to support them through the initial years before they can become self-funding. 

Grants have been given in the past to assist with the following types of projects:- working with disadvantaged/disabled young persons and adults, and support in the local community. 

The grants are normally made either as a single payment or by seed corn funding by quarterly instalments over a specified period of time for an ongoing project. In such cases the applicant is required to produce annual progress reports. 

Applications are also considered from individuals in need falling within the scope of the Charity's objects, including support for education, training and welfare of members of the clergy. 

It is not the Trustees' present policy to make grants towards the cost of repairs of churches or other buildings, other than in exceptional circumstances. 

Page 2 



## **SYLVANUS LYSONS CHARITY** 

## **TRUSTEES' REPORT (Continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

## **4 Trustees** 

The Trustees during the year were: 

The Right Reverend R.W. Springett Ian J. Templeton Chair The Venerable Phil Andrew (resigned 15th November 2024) Rev Liz Palin (resigned 17th November 2023) Michael G Angell Vice Chair Stuart Hutton Rev Lara Bloom 

Bishop of Tewkesbury Chartered Insurance Practitioner Archdeacon of Cheltenham Clerk in Holy Orders Chartered Insurer Investment Manager Clerk in Holy Orders 

## **Method of appointment/election** 

Trustees are appointed for a term of five years by the current board of trustees. The board must consist of a maximum of nine competent persons, the majority of which must be beneficed clergy, the remainder are laity. The trustees already have the experience and expertise necessary to carry out the work of the Charity. There is an initial consultation and interview process to introduce prospective trustees to the work of the charity. 

Advisers: 

Tayntons Solicitors Llanthony Warehouse The Docks, Gloucester, GL1 2EH 

Secretary and Principal Adviser, this address is also the Principal Place of Business 

Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU 

Investment Managers 

Bruton Knowles Chartered Surveyors Bisley House Green Farm Business Park Bristol Road Gloucester   GL2 4LY Pitt Godden & Taylor LLP Auditors Unit 3 Ambrose House Meteor Court Barnett Way Barnwood Gloucester GL4 3GG 

Property Advisers 

Page 3 



**SYLVANUS LYSONS CHARITY** 

**TRUSTEES' REPORT (Continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

## **4 Trustees - continued** 

The Trustees meet regularly throughout the year. A review of the investment portfolio takes place periodically with the external investment manager. Grant applications that have been received since the last meeting are also considered and determined. Applications for grant aid that cannot be deferred until the next meeting are determined by consultation with each of the Trustees or, in the case of small scale applications, by a committee of any two Trustees. 

Following the changes made after the Governance Review, the expanded board are working well. Applicants are appreciating the help and support in the preparation of their applications and the continued development of the website. 

## **5 Investments** 

The investment powers are contained in a scheme sealed by the Charity Commissioners on 6 September 2000. The objective of the investment policy is to create sufficient income and capital growth to enable the charity to carry out its purposes consistently year on year. 

The trustees have an agreed investment performance benchmark with Sarasin based on: the trustees' requirements for cash to make grants; the trustees' attitude to investment risk; and the expected life of the Charity. Based on the answers to these questions they have agreed a bespoke benchmark with the investment managers of: 7.5% ICE BofA Sterling Corporate & Collaterized Index; 7.5% ICE BofA UK Gilts All Stocks; 60% MSCI All countries World Daily (Net Total Return); 10% MSCI AC World (Local Currency) (GBP); 5.0% MSCI All Balanced Property Funds - One quarter Lagged; 10.0% SONIA +2% (Alternative Assets). This allocation is classified as as being 4- 7 on a risk scale of 1 (low risk) to 9 (high risk) and there are agreed limitations as to the minimum and maximum amounts of each asset class that can be held. The trustees understand that over the long term this agreed format will allow the capital value of the portfolio to be retained in real terms and will generate a good level of income to fund grants. The trustees also understand that investments do not move in a linear fashion and there will be years and periods perhaps longer than a year when the portfolio value may fall. However, they also understand that, based on historical returns, equity investment is necessary if the value of both the capital of the fund and income is to maintain its purchasing power when compared with inflation. 

The trustees moved to a total return basis from October 2023. Note 26 provides further information on the agreed initial gift , and transfers made in the year. 

The endowment portfolio returned 9.7% against a benchmark of 10.2% for the year ended 30th September 2024. For the same period, the unrestricted portfolio returned 4.5% against a benchmark of 4.9%. 

The portfolio mix will normally fall within the following ranges:- 

|Property<br>Cash<br>Non-UK equities<br>Fixed interest<br>Infrastructure<br>UK equities|%<br>50-75<br>0-10<br>0-10<br>0-10<br>5-20<br>0-10|
|---|---|



Some investments are excluded on ethical grounds having regard to the guidelines of the General Synod of the Church of England. 

Page 4 



**SYLVANUS LYSONS CHARITY** 

**TRUSTEES' REPORT (Continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

## **5 Investments  - continued** 

The land and properties held by the Charity may be realised for the benefit of the Charity as and when the opportunity arises. 

## **6 Financial Review** 

Market values of the investment portfolios increased during the year to £13,033,628 from £11,433,082. 

The portfolio mix at 30 September 2024 was:- 

|Others<br>Cash<br>Fixed interest<br>Equities|2024<br>2023<br>%<br>%<br>73.78<br>63.02<br>12.55<br>15.12<br>11.28<br>9.41<br>2.39<br>12.45<br>100.00<br>100.00|2023<br>%<br>63.02<br>15.12<br>9.41<br>12.45|
|---|---|---|



The yield on the investment portfolio for 2024 was 2.5% (2023: 3.6%). Total income generated by the charity was £388,138 (2023: £501,185), which includes income from land and properties of £62,350 (2023: £65,276). 

During the year the charity had commitments to pay grants of £317,783 (2023: £213,323). The grants paid out are listed on pages 19 to 20. 

The Charity has unrestricted reserves of £665,805 (2023: £645,866) including designated funds of £26,283 (2023: £26,283). 

## **7 Public Benefit** 

The Trustees have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission on public benefit statements. The projects that have received grants from Sylvanus Lysons Charity during the year provide support, education, employment and training designed to benefit local communities. 

For example the following significant grants were agreed in the year and in some cases will be paid in forthcoming years: 



**SYLVANUS LYSONS CHARITY** 

## **TRUSTEES' REPORT (Continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

## **7 Public Benefit (continued)** 

## Viney Hill Christian Adventure Centre 

The Trustees agreed to provide a grant of £20,000 to enable the Centre to subsidise the cost of activities for disabled and disadvantaged groups of people. This grant should cover a years worth of subsidies. 

## The Rock 

A grant of £15,000 to be paid over three years was given to The Rock to pay for youth work time to support the transition of children from primary to secondary school. 

A further grant of £25,000 was agreed later in the year to fund the increase in management hours to take advantage of opportunities in new partnerships and local youth provision. 

## Listening Post 

A grant of £12,000 over two years was agreed for the Listening Post to offer support for people on their six month waiting list for counselling, whilst they are on the waiting list. 

## Whole care GP Chaplaincy in Tewkesbury 

The Trustees agreed to a grant of £20,000 paid over two years to start a new chaplaincy in a new GP practice in Tewkesbury. The project has gone well in the original surgery. 

## Diocese of Gloucester 

The clergy counselling grant was approved for another year with £24,000 being agreed. This has a key role in Clergy wellbeing  in the Diocese. 

Another grant of £5,600 was given as a one off for 'holding crosses' for the annual leavers services. 

## IsingPOP 

The Trustees approved a grant of £20,000 over two years which was matched funding to deliver the 'Main Event' in 20 primary schools. 

## Beacon Benefice 

A grant of £13,500 over two years was approved for their 'BAAD' Beacon All Ages Development Minister. 

## All Saints Academy 

Funding was requested to allow a group of 13 students and 5 staff to visit the partner Diocese in Tanzania, This would involve visiting schools and to build on the success of previous trips in earlier years. The Trustees approved a grant of £20,000 for this. 

## Prestbury PCC 

This application was for funding for the Church to take over the lease of a shop to run a charity shop, house the church and provide rented office space. The Trustees approved a grant of £25,000 over two years. 

## St Catharine's Gloucester 

The Trustees approved a grant of £15,833 in total over two years, with funding loaded towards the second year to employ a children's connector. 

## Other grants 

In addition a total of £29,500 (2023: £28,990) small individual payments were given as educational or subsistence grants. 

Page 6 



**SYLVANUS LYSONS CHARITY** 

**TRUSTEES' REPORT (Continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

## **7 Public Benefit (continued)** 

The Charity takes a long term view in not only helping the projects to commence but also in enabling the projects to keep going over a number of years to provide maximum benefit. Where a project requires long term assistance, the Charity pays these grants on a quarterly basis subject to satisfactory annual reports from the beneficiary. 

## **8 Reserves Policy** 

The capital of the charity is endowed. Unrestricted revenue reserves are held by the charity to mitigate against the risk of unexpected reductions in income affecting its ability to respond to new grant applications and to provide to the extent possible, capacity to respond to future projects for which support on a large scale may be envisaged. 

As the charity makes commitments to pay grants over periods extending beyond one year, the charity must ensure there are sufficient reserves available at any time to meet these commitments. The Trustees have reviewed the level of Reserves to be held and as from 1 September 2022 agreed that the Reserve should be held at £225,000. This is calculated to provide for running costs and grants required by the Charity including payments to widows and widowers and for the Stipend of the Rector of St Swithun's Church Hempsted. 

The unrestricted reserves, of £665,805 (2023: £645,866) including designated funds of £26,283 (2023: £26,283) held at 30th September 2024, are higher than this. This figure includes long term investments. Liquid available assets are £414,440 (2023: £296,614). Following the move to a total return basis from the start of this year, the trustees can vary the amount of the transfer to the unrestricted income fund, in line with the level of reserves held, and the amount of grant applications received. Going forward the trustees will be looking at reducing the amount transferred from the unapplied total return to reduce the level of income funds. At the November 2024 Trustee meeting, grants of approximately £93,700 were agreed. 

The designated funds relate to money released from the Capital Endowment Fund in 2022 for which permission was received from the Charity Commission. This money was initially to support three main charities, and the money is held in a specific investment which is released to fund these projects as the drawdown money is requested or in line with the grant application. 

## **9 Risk management** 

The Trustees are satisfied there are sufficient systems in place to mitigate any major risks to which the charity is exposed. The trustee have identifed three categories of risks: trusteeship, financial and relationship. Each category has been reviewed, the risks identified and an assessment made on the likelihood, and impact of those risks. Based on this assessment an appropriate control has been put in place. The risk register is reviewed annually at a Trustee meeting and updated as necessary. Any new risks arising are also considered at each meeting. 

BY ORDER OF THE TRUSTEES 

MR I. J. TEMPLETON 

MR. M. ANGELL 

4th April 2025 

Page 7 



## **SYLVANUS LYSONS CHARITY** 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: 

- Select suitable accounting policies and then apply them consistently; 

- Observe the methods and principles in the Charities Statement of Recommended Practice; 

- Make judgements and estimates that are reasonable and prudent; 

- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The Trustees are responsible for keeping sufficient accounting records that disclose, with reasonable accuracy at any time, the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

BY ORDER OF THE TRUSTEES 

MR. I.J. TEMPLETON 

MR. M. ANGELL 

4th April 2025 

Page 8 



**INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF SYLVANUS LYSONS CHARITY FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

## **Opinion** 

We have audited the financial statements of Sylvanus Lysons Charity for the year ended 30 September 2024. which comprise the Statement of Financial Activities, the Balance Sheet, the statement of cash flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

   - Give a true and fair view of the state of the charity's affairs as at 30 September 2024, and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis of opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

Page 9 



**INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF SYLVANUS LYSONS CHARITY FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the Trustees' Report; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of the Trustees** 

As explained more fully in the Statement of Trustees' Responsibilities set out on page 8, the trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, was as follows: 

• We identified the laws and regulations relevant to the charity from discussions with the secretary and from our knowledge of grant-making charities in similar sectors. The laws that we consider may have a direct material effect on the financial statements or the operation of the charity include the Charities Act 2011, & data protection. 

• We ensured that the audit engagement team collectively has the appropriate competence, capabilities and skills to identify non-compliance with the applicable laws and regulations noted above. 

• We assessed the extent of compliance with these laws and regulations through enquiries with the secretary and inspecting legal costs. 

Page 10 



**INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF SYLVANUS LYSONS CHARITY FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud may occur, by: 

• making enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of any actual, suspected  and alleged fraud; 

• considering the internal controls in place to mitigate fraud risks and non-compliance with laws and regulation. 

To address the risk of fraud through management bias and override of controls, we: 

• performed analytical procedures to identify unusual or unexpected transactions; 

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; 

• reviewed a sample of transactions from the clients records for authorisation from the Trustees; 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed 

procedures which included, but were not limited to: 

- agreeing the financial statement disclosures to the underlying supporting documentation; 

- reading the minutes as to actual and potential litigation and claims; 

- checking for correspondence from the Charity Commission. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 

## **Other matters which we are required to address** 

Your attention is drawn to the fact that the charity has prepared accounts in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. 

This has been done in order for the accounts to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019. 

Page 11 



**INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF SYLVANUS LYSONS CHARITY FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

## **Use of our report** 

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the (Charities Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditors' report and for no other purposes. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

**Pitt Godden & Taylor LLP Chartered Accountants Statutory Auditor** 

**Unit 3 Ambrose House Meteor Court Barnett Way Barnwood Gloucester GL4 3GG** 

**4th April 2025** 

Page 12 



## **SYLVANUS LYSONS CHARITY** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

|**Notes**<br>**Income:**<br>**_Investment income:_**<br>Net property income<br>2<br>Income from listed investments<br>3<br>Interest on bank deposits<br>**Total income**<br>**Expenditure**<br>**_Costs of raising funds:_**<br>Investment managers fees<br>4<br>**_Expenditure on charitable activities:_**<br>Grants<br>5<br>Stipend<br>6<br>Other costs<br>8<br>**Total expenditure**<br>**Net gains/(losses) on investments**<br>**Net income/(expenditure) before transfers**<br>Gross transfers between funds<br>Net movement in funds<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Total funds carried forward<br>Unrealised and realised gains/(losses) on<br>investments|**Unrestricted**<br>**income**<br>**funds**<br>**£**<br>62,350<br>20,177<br>-<br>82,527<br>(331)<br>326,862<br>46,003<br>32,767<br>405,301<br>17,596<br>(305,178)<br>325,117<br>19,939<br>645,866<br>665,805|**Capital**<br>**endowment**<br>**funds**<br>**permanent**<br>**£**<br>-<br>305,611<br>-<br>305,611<br>92,278<br>-<br>-<br>-<br>92,278<br>1,612,442<br>1,825,775<br>(325,117)<br>1,500,658<br>13,563,965<br>15,064,623|**Total**<br>**2024**<br>**£**<br>62,350<br>325,788<br>-<br>388,138<br>91,947<br>326,862<br>46,003<br>32,767<br>497,579<br>1,630,038<br>1,520,597<br>-<br>1,520,597<br>14,209,831<br>15,730,428|**Total**<br>**2023**<br>**£**<br>65,276<br>429,336<br>6,573|
|---|---|---|---|---|
|||||501,185|
|||||49,781<br>222,815<br>43,535<br>31,848|
|||||347,979|
|||||114,225|
|||||267,431<br>-|
|||||267,431<br>13,942,400|
|||||14,209,831|



Page 13 



## **SYLVANUS LYSONS CHARITY** 

## **BALANCE SHEET AS AT 30TH SEPTEMBER 2024** 

|**Notes**<br>9<br>10<br>11<br>12<br>13<br>TOTAL ASSETS LESS<br>CURRENT LIABILITIES<br>CREDITORS: amounts falling due in<br>more than one year<br>14<br>15<br>General unrestricted funds<br>16<br>Designated funds<br>17<br>THE FUNDS OF THE CHARITY:<br>UNRESTRICTED INCOME FUNDS<br>**TOTAL CHARITY FUNDS**<br>CAPITAL ENDOWMENT FUNDS<br>TOTAL NET ASSETS<br>NET CURRENT ASSETS/(LIABILITIES)<br>CURRENT ASSETS<br>Cash at bank<br>Debtors<br>CURRENT LIABILITIES: Amounts<br>Creditors<br>falling due in one year or less<br>FIXED ASSETS<br>Property<br>Listed securities<br>INVESTMENTS|**Unrestricted**<br>**income**<br>**funds**<br>**£**<br>-<br>255,888<br>255,888<br>25,105<br>665,509<br>690,614<br>(262,595)<br>428,019<br>683,907<br>(18,102)<br>665,805<br>-<br>639,522<br>26,283<br>665,805|**Capital**<br>**endowment**<br>**funds**<br>**permanent**<br>**£**<br>2,306,500<br>12,777,740<br>15,084,240<br>-<br>10,104<br>10,104<br>(29,721)<br>(19,617)<br>15,064,623<br>-<br>15,064,623<br>15,064,623<br>-<br>-<br>15,064,623|**Total**<br>**2024**<br>**£**<br>2,306,500<br>13,033,628<br>15,340,128<br>25,105<br>675,613<br>700,718<br>(292,316)<br>408,402<br>15,748,530<br>(18,102)<br>15,730,428<br>15,064,623<br>639,522<br>26,283<br>15,730,428|**Total**<br>**2023**<br>**£**<br>2,481,500<br>11,433,082|
|---|---|---|---|---|
|||||13,914,582|
|||||55,549<br>625,621|
|||||681,170|
|||||(298,321)|
|||||382,849<br>14,297,431|
|||||(87,600)|
|||||14,209,831|
|||||13,563,965<br>619,583<br>26,283|
|||||14,209,831|



The financial statements on pages 13 to 29 were approved by the Trustees on 4th April 2025 and were signed on their behalf by: 

MR I.J. TEMPLETON 

Trustee 

MR. M. ANGELL Trustee 

Page 14 



## **SYLVANUS LYSONS CHARITY** 

## **STATEMENT OF CASH FLOWS AS AT 30TH SEPTEMBER 2024** 

|**Notes**<br>Cash flows from operating activities<br>24<br>Investing activities:<br>Dividends and interest received<br>Rental income received from investment properties<br>Transfers from the endowment fund<br>Payments to acquire investments<br>Proceeds on sales of investments<br>Net cash generated from financing activities<br>Net increase in cash and cash equivalents<br>Cash and cash equivalents at the end of the year<br>25<br>Cash and cash equivalents at the beginning of the<br>year|**£**<br>**£**<br>**£**<br>**£**<br>(173,638)<br>(431,819)<br>60,175<br>464,550<br>52,795<br>80,826<br>-<br>-<br>(79,481)<br>(375,912)<br>61,485<br>356,201<br>94,974<br>525,665<br>(78,664)<br>93,846<br>747,917<br>654,071<br>669,253<br>747,917<br>**2023**<br>**2024**|
|---|---|
|||



Page 15 



## **SYLVANUS LYSONS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

## 1 ACCOUNTING POLICIES 

## **Charity information** 

The charity is a registered charity with the Charity Commission in England and Wales. Its registered number is 202939. The principal business address is Tayntons Solicitors, 5th Floor, Llanthony Warehouse, The Docks, Gloucester GL1 2EH. 

## **Accounting convention** 

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102 published in October 2019, and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019. The charity is a Public Benefit Entity as defined by FRS 102. 

The financial statements have been prepared in order to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent provided to provide a 'true and fair' view. The departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

The accounting policies adopted for dealing with items which are judged material or critical are given below. The financial statements are prepared in pound sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. 

## **Basis of accounting** 

The financial statements are prepared on the historical cost basis of accounting, except for investments which have been included at revalued amounts. 

## **Going Concern** 

At the time of approving the accounts, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going  concern basis of accounting in preparing the accounts. 

## **Income** 

All income is recognised when the Charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be  reliably measured. 

## **Rents and wayleaves** 

Rents and wayleaves represent amounts receivable for the year. 

## **Interest and dividends receivable** 

Interest income is recognised on notification from the bank of interest payable by them. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. 

## **Expenditure and irrecoverable VAT** 

Expenditure is recognised when there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be reliably measured. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. 

Expenditure is classified under the following activity headings: 

Costs of raising funds comprise the costs associated with managing the investments held by the charity, including the fees charged by the Investment Managers, and costs associated with maintaining the value of the investment properties. 

Page 16 



## **SYLVANUS LYSONS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

1 ACCOUNTING POLICIES (continued) 

## **Expenditure and irrecoverable VAT** 

Expenditure on charitable activities includes the amount of grants given in the year except where a grant has specific conditions attached which are conditional. If conditions have not been met, the grant is disclosed as a contingent liability. Expenditure on charitable activities also includes the stipend paid in respect of the Priest in charge of Hempsted Parish and associated support costs. 

Support costs are those functions that assist in the work of the charity, but do not directly undertake charitable activities. These costs have been allocated to the main activity of the charity which is grant giving. 

## **Interests in investment property** 

Investment property is stated at the trustees' best estimate of its market value at 30th September 2024. 

Movements in the market value during the year are included in the endowment funds. Profits and losses on the sale of investment property are included separately in endowment funds. 

Professional fees included for advice and representation concerning the maintenance and for preserving the value of the land and properties are charged to the capital endowment fund. 

## **Depreciation** 

No depreciation is provided on investment property. 

## **Fixed asset investments - equities** 

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. 

The Trust does not acquire put options, derivatives or other complex financial instruments. 

## **Debtors** 

Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any discounts due. 

## **Cash at bank and in hand** 

Cash at bank and in hand includes cash and short term liquid investments. 

## **Contingent liabilities** 

A contingent liability is identified and disclosed for those grants resulting from: 

• a possible obligation which will only be confirmed by the occurrence of one or more uncertain future events not wholly within the trustees’ control; or 

- a present obligation following a grant offer where settlement is either not considered probable; or 

- the amount has not been communicated in the grant offer and that amount cannot be estimated reliably. 

## **Capital endowment funds permanent** 

Capital endowment funds are the non-expendable permanent capital of the Charity. Increases and decreases in the fund represent changes in market value, and gains or losses on disposal of investments. Additionally, investment managers' fees for managing the investment portfolio, together with professional fees for preserving the value of the land and properties are charged to the capital endowment fund. The trustees resolved to move to a total return basis from October 2023, and may allocate any part of unapplied total return to the income fund. The unapplied total return remains part of the capital endowment fund. 

Page 17 



## **SYLVANUS LYSONS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

- 1 ACCOUNTING POLICIES (continued) 

## **Unrestricted income funds** 

Unrestricted income funds are funds which can be expended at the discretion of the Trustees in furtherance of the objects of the Charity. 

|2<br>**Unrestricted**<br>**income**<br>**funds**<br>**2024**<br>**£**<br>62,350<br>-<br>62,350<br>Less property rental management costs<br>-<br>62,350<br>3<br>INCOME FROM LISTED INVESTMENTS<br>**Unrestricted**<br>**income**<br>**funds**<br>**2024**<br>**£**<br>20,177<br>**Capital**<br>**endowment**<br>**funds -**<br>**permanent**<br>**2024**<br>**£**<br>305,611<br>4<br>COSTS OF RAISING FUNDS<br>**Capital**<br>**endowment**<br>**funds -**<br>**permanent**<br>**2024**<br>**£**<br>87,950<br>4,328<br>92,278<br>Rents received<br>NET PROPERTY INCOME<br>Rents and wayleaves:<br>Sundry receipts, wayleave etc.<br>Dividends and fixed interest received from investment portfolio<br>Investment portfolio fees paid to Sarasin & Partners LLP for<br>Portfolio Management<br>Dividends and fixed interest received from investment portfolio<br>Fees connected with sale of 206 Bristol Road|**Unrestricted**<br>**income**<br>**funds**<br>**2023**<br>**£**<br>65,751<br>43|
|---|---|
||65,794<br>518|
||65,276|
||**Unrestricted**<br>**income**<br>**funds**<br>**2023**<br>**£**<br>429,336|
||**Capital**<br>**endowment**<br>**funds -**<br>**permanent**<br>**2023**<br>**£**<br>-|
||**Capital**<br>**endowment**<br>**funds -**<br>**permanent**<br>**2023**<br>**£**<br>49,781<br>-|
||49,781|



Page 18 



## **SYLVANUS LYSONS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

|4|COSTS OF RAISING FUNDS (continued)|**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**income**|**income**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Investment portfolio fees paid to Sarasin & Partners LLP|(331)|-|
|5|RELIGIOUS AND CHARITABLE GRANTS GIVEN - GRANT FUNDING OF ACTIVITIES|||
||The total number of institutional grants paid was 32 (2023: 44).|||
||The total number of individual grants paid was 91 (2023: 82).|||
|||**Unrestricted**|**Unrestricted**|
|||**income**|**income**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Grants in aid to clergy, widows and others|29,500|28,990|
||All Saints Academy|20,000|-|
||Ashleworth Church|-|7,000|
||Beacon Benefice|13,500|-|
||Bishop of Tewkesbury Discretionary Fund|2,500|2,500|
||Bookblest, Stroud|500|1,000|
||CANDI|-|5,000|
||Coopers Edge Church Plant|1,900|-|
||Coopers Edge Community  Church|800|-|
||Cheltenham Street Pastors|6,000|-|
||Clearwater School|-|1,770|
||Diocese of Gloucester|5,600|43,490|
||Emmanuel Church|1,000|-|
||Family Space - Cheltenham|-|6,526|
||Gateway Theology School|5,000|-|
||Gloucester Cathedral|-|11,661|
||Gloucester Diocese Wellbeing Counselling Service|24,000|-|
||Gloucester Street Pastors|1,600|-|
||Gloucestershire Nightstop|-|5,000|
||GP Chaplaincy of Tewkesbury|-|10,000|
||Great Rissington Church|180|-|
||Hempsted Parish|12,500|-|
||Highnam Church|860|-|
||HMP Eastwood Park Chaplaincy|2,000|-|
||Holy Apostles Church|-|10,000|
||Hope, Cirencester|-|8,000|
||Ignition - Festival of Wonder|5,000|-|
||IsingPOP|20,000|-|
||KingsSchool|6,000|-|
||Listening Post|12,000|12,500|
||Marah Trust|9,000|9,000|
||Midwyedean Churches|-|(24,000)|



Page 19 



## **SYLVANUS LYSONS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

5 GRANT FUNDING OF ACTIVITIES (Continued) 

|Northleach Benefice - LEAF grant<br>Parish of West Cheltenham<br>PCC of Longlevens<br>Prestbury PCC<br>Shalom Network<br>St Andrew's Church<br>St Catharine's, Gloucester<br>St James, Bream<br>St James Church<br>St Lawrence, Lechlade<br>St Luke's, Cheltenham<br>St Oswald's Church, Coney Hill<br>St Mary's, Frampton<br>St Mary's , Kempsford<br>St Mary's , Kingswood<br>St Mary's, Newent<br>St Philips and St James<br>St Swithuns, Hempsted<br>Stroud Parishes<br>The Rock<br>Tetbury Parish Church (St Mary's)<br>The Door<br>Viney Hill CAC<br>WAM<br>Welcome to our future<br>Wholecare - GP Chaplaincy<br>Working for Wellbeing<br>Caleb's Mountain - grant written back<br>Total grants given<br>Support costs<br>(Note 7)<br>Reconciliation of grants payable:<br>Commitments at 1st October 2023<br>Grants charged in the SOFA in the year<br>Grants paid during the year<br>Commitments at 30th September 2024<br>Commitments at 30th September 2024<br>Due < 1 year (note 13)<br>Due > 1 year (note 14)|**Unrestricted**<br>**income**<br>**funds**<br>**2024**<br>**£**<br>-<br>-<br>-<br>25,000<br>-<br>2,000<br>15,883<br>12,000<br>960<br>-<br>-<br>-<br>2,500<br>-<br>-<br>-<br>-<br>-<br>-<br>40,000<br>-<br>-<br>20,000<br>-<br>-<br>20,000<br>-<br>-<br>317,783<br>9,079<br>326,862<br>**2024**<br>**£**<br>312,837<br>317,783<br>(417,313)<br>213,307<br>195,205<br>18,102<br>213,307|**Unrestricted**<br>**income**<br>**funds**<br>**2023**<br>**£**<br>(15,000)<br>18,000<br>1,100<br>-<br>10,000<br>-<br>-<br>-<br>-<br>2,000<br>7,820<br>3,000<br>1,500<br>3,300<br>3,000<br>3,000<br>2,000<br>22,166<br>12,000<br>-<br>(250)<br>5,500<br>-<br>(10,000)<br>4,000<br>-<br>5,000<br>(3,250)|
|---|---|---|
|||213,323<br>9,492|
|||222,815|
|||**2023**<br>**£**<br>448,208<br>213,323<br>(348,694)|
|||312,837|
|||225,237<br>87,600|
|||312,837|



Page 20 



## **SYLVANUS LYSONS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

|5<br>6<br>7<br>8|**2024**<br>**2023**<br>Grants can be further analysed between activities as follows:<br>**£**<br>**£**<br>Grants in aid to clergy, widows and widowers<br>21,000<br>20,506<br>Clergy and licensed ministers support<br>41,900<br>28,784<br>Schools, families, children and youth<br>138,943<br>44,262<br>Community projects<br>95,940<br>94,881<br>Other<br>20,000<br>24,890<br>317,783<br>213,323<br>**Unrestricted**<br>**income**<br>**funds**<br>**Unrestricted**<br>**income**<br>**funds**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>46,003<br>43,535<br>ALLOCATED SUPPORT COSTS<br>**Unrestricted**<br>**Unrestricted**<br>**income**<br>**income**<br>**funds**<br>**funds**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>Secretary & adviser fees and disbursements<br>4,869<br>4,860<br>Grant administrator costs<br>4,210<br>4,632<br>9,079<br>9,492<br>OTHER COSTS<br>**Unrestricted**<br>**Unrestricted**<br>**income**<br>**income**<br>**funds**<br>**funds**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>Support costs<br>Professional fees<br>4,404<br>4,299<br>Secretary & adviser fees and disbursements<br>6,087<br>6,075<br>Sundries<br>3,144<br>2,479<br>Repairs to properties<br>1,182<br>1,430<br>14,817<br>14,283<br>Governance costs<br>4,560<br>4,200<br>Secretary & adviser fees and disbursements<br>13,390<br>13,365<br>17,950<br>17,565<br>32,767<br>31,848<br>Total other costs<br>STIPEND<br>Stipend in respect of Priest in charge of Hempsted<br>Audit fees<br>These support costs relate directly to the cost of administering the grants reviewed and given by the<br>Charity<br>GRANT FUNDING OF ACTIVITIES (Continued)|**2023**<br>**£**<br>20,506<br>28,784<br>44,262<br>94,881<br>24,890|
|---|---|---|
|||213,323|
|||**Unrestricted**<br>**income**<br>**funds**<br>**2023**<br>**£**<br>43,535|
|||**Unrestricted**<br>**income**<br>**funds**<br>**2023**<br>**£**<br>4,860<br>4,632|
|||9,492|



Page 21 



## **SYLVANUS LYSONS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

|9<br>Land West of Hempsted Lane and paddocks<br>Church Hall and allotments at St. Swithuns Road<br>All in the United Kingdom:<br>Freehold Property:<br>Bristol Road<br>206 Bristol Road<br>INVESTMENT PROPERTY|**2024**<br>**£**<br>2,000,000<br>300,000<br>-<br>6,500<br>2,306,500|**2023**<br>**£**<br>2,000,000<br>128,500<br>220,000<br>6,500|
|---|---|---|
|||2,355,000|



All investment property relates to the Capital Endowment Fund in 2024 and 2023. 

The land and property owned by the Charity at Bristol Road was professionally valued by Bruton Knowles, Chartered Surveyors, on a market value basis, subject to the existing leases, as at 10th January 2022. The Trustees do not consider the market value at 30th September 2024 to be materially different to this, and hence have included that valuation in these accounts. The land West of Hempsted Lane and paddocks, and Church Hall and allotments at St Swithuns Road were also professionally valued by Bruton Knowles, Chartered Surveyors, as at 30th September 2018 on a market value basis. The trustees have updated the valuations to 30th September 2024 having taken professional advice. 

Bruton Knowles are external to the Charity. 

206 Bristol Road was sold in October 2023 for £175,000 before costs. 

10 

|Cash and deposits<br>Securities<br>Securities<br>TOTAL SECURITIES<br>LISTED SECURITIES<br>Fixed interest<br>Cash and deposits|**Capital endowment fund**<br>**Market**<br>**Value**<br>**Cost**<br>**£**<br>**£**<br>1,476,714<br>1,397,734<br>11,002,406<br>9,752,177<br>298,620<br>271,679<br>12,777,740<br>11,421,590<br>**£**<br>**£**<br>252,144<br>252,121<br>3,744<br>3,744<br>255,888<br>255,865<br>**2024**<br>**2024**<br>**Income fund**|**Capital endowment fund**<br>**Market**<br>**Value**<br>**Cost**<br>**£**<br>**£**<br>1,579,131<br>1,568,125<br>8,205,541<br>8,200,649<br>1,299,458<br>1,299,458<br>11,084,130<br>11,068,232<br>216,553<br>214,978<br>132,399<br>132,399<br>348,952<br>347,377<br>**2023**<br>**2023**<br>**Income fund**|**Capital endowment fund**<br>**Market**<br>**Value**<br>**Cost**<br>**£**<br>**£**<br>1,579,131<br>1,568,125<br>8,205,541<br>8,200,649<br>1,299,458<br>1,299,458<br>11,084,130<br>11,068,232<br>216,553<br>214,978<br>132,399<br>132,399<br>348,952<br>347,377<br>**2023**<br>**2023**<br>**Income fund**|
|---|---|---|---|
||||347,377|



Page 22 



12 

## **SYLVANUS LYSONS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

## 10 LISTED SECURITIES (continued) 

|Total securities are analysed:<br>Securities in the UK<br>Securities outside the UK|**2024**<br>**2023**<br>**£**<br>**£**<br>2,949,843<br>4,648,450<br>10,083,785<br>6,784,632<br>13,033,628<br>11,433,082|
|---|---|



In 2024 individual securities with a market value representing more than 5% of the total market value were: 

11 

|Sarasin Responsible Corporate Bond - I Inc<br>Investments are held primarily to provide an investment return.<br>Other cash movements<br>DEBTORS<br>Market value at 30 September 2024<br>Prepayments and accrued income<br>Net profit/(loss) on disposal and revaluation<br>Rent receivable<br>Movements in market value:<br>Market value at 1 October 2023|982,831<br>**2024**<br>**£**<br>11,433,082<br>1,630,038<br>(29,492)<br>13,033,628<br>**2024**<br>**£**<br>25,105<br>-<br>25,105|792,142|
|---|---|---|
|||**2023**<br>**£**<br>11,506,058<br>(12,275)<br>(60,701)|
|||11,433,082|
|||**2023**<br>**£**<br>15,550<br>39,999|
|||55,549|



All debtors relate to unrestricted income funds in 2024 and 2023. 

## BANK 

Cash at bank can be analysed as follows: unrestricted funds £665,509 (2023: £615,517); Capital endowment funds £10,104 (2023: £10,104). 

Page 23 



## **SYLVANUS LYSONS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

|13<br>than one year<br>Other accruals<br>Grants payable<br>Breakdown of creditors in 2024<br>Other accruals<br>Grants payable<br>Breakdown of creditors in 2023<br>Other accruals<br>Grants payable<br>14<br>than one year<br>Secretary & adviser fees<br>Grants payable<br>CREDITORS: amounts falling due in more<br>Audit fees<br>Secretary & adviser fees<br>CREDITORS: amounts falling due in less<br>Audit fees<br>Secretary & adviser fees<br>Audit fees|**Unrestricted**<br>**income**<br>**funds**<br>**£**<br>24,000<br>4,440<br>38,950<br>195,205<br>262,595<br>**Unrestricted**<br>**income**<br>**funds**<br>**£**<br>22,800<br>4,200<br>34,315<br>225,237<br>286,552|**2024**<br>**£**<br>24,000<br>4,440<br>68,671<br>195,205<br>292,316<br>**Capital**<br>**endowment**<br>**fund**<br>**£**<br>-<br>-<br>29,721<br>-<br>29,721<br>**Capital**<br>**endowment**<br>**fund**<br>**£**<br>-<br>-<br>11,769<br>-<br>11,769<br>**2024**<br>**£**<br>18,102|**2023**<br>**£**<br>22,800<br>4,200<br>46,084<br>225,237|
|---|---|---|---|
||||298,321|
||||**Total**<br>**£**<br>24,000<br>4,440<br>68,671<br>195,205|
||||292,316|
||||**Total**<br>**£**<br>22,800<br>4,200<br>46,084<br>225,237|
||||298,321|
||||**2023**<br>**£**<br>87,600|



All creditors due in more than one year relate to unrestricted income funds. 

Page 24 



## **SYLVANUS LYSONS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

|15<br>Incoming resources<br>Unrealised gain on investment properties<br>Transfer to Income fund<br>Professional fees<br>16<br>UNRESTRICTED INCOME FUNDS<br>Transfer to designated fund<br>Transfer from Capital Endowment Fund<br>17<br>DESIGNATED FUNDS<br>Investment manager's fees<br>At 30th September 2024<br>Realised and unrealised  gain/(loss) on securities<br>CAPITAL ENDOWMENT FUND<br>At 1st October 2023<br>Incoming resources<br>Resources expended<br>At 30th September 2024<br>At 1st October 2023<br>Realised and unrealised gain/(loss) on securities<br>At 30th September 2024<br>At 1st October 2023<br>Transfer from Income fund<br>Realised and unrealised gains/(loss) on securities|**2024**<br>**£**<br>13,563,965<br>305,611<br>-<br>(325,117)<br>1,612,442<br>(4,328)<br>(87,950)<br>15,064,623<br>**2024**<br>**£**<br>619,583<br>82,527<br>-<br>325,117<br>(405,301)<br>17,596<br>639,522<br>**2024**<br>**£**<br>26,283<br>-<br>-<br>26,283|**2023**<br>**£**<br>13,501,663<br>-<br>126,500<br>-<br>(14,417)<br>-<br>(49,781)|
|---|---|---|
|||13,563,965|
|||**2023**<br>**£**<br>419,019<br>501,185<br>(166)<br>-<br>(298,198)<br>(2,257)|
|||619,583|
|||**2023**<br>**£**<br>21,718<br>166<br>4,399|
|||26,283|



18 TRANSFER FROM CAPITAL ENDOWMENT FUND TO DESIGNATED FUNDS 

The Trustees requested and obtained permission from the Charity Commission to release £300,000 from the Capital Endowment Fund in 2022 for the purposes of spending as part of the Charity's income fund. The Trustees intend to use this money to fund substantial grant applications to support the Hempsted community, to support refugee and asylum seekers, and to support the Diocese of Gloucester. 

No new grants were paid or confirmed from these funds during 2024  (2023: £nil). 

Page 25 



## **SYLVANUS LYSONS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

## 18 ANALYSIS OF NET ASSETS BETWEEN FUNDS 

|Investment assets<br>Current assets/(liabilities)<br>Long term liabilities<br>Investment assets<br>Current assets/(liabilities)<br>Long term liabilities|**Unrestricted**<br>**fund**<br>**2024**<br>**£**<br>125,715<br>531,909<br>(18,102)<br>639,522<br>**Unrestricted**<br>**fund**<br>**2023**<br>**£**<br>122,309<br>551,639<br>(54,365)<br>619,583|**Designated**<br>**fund**<br>**2024**<br>**£**<br>130,173<br>(103,890)<br>-<br>26,283<br>**Designated**<br>**fund**<br>**2023**<br>**£**<br>226,643<br>(167,125)<br>(33,235)<br>26,283|**Capital**<br>**endowment**<br>**fund**<br>**2024**<br>**£**<br>15,084,240<br>(19,617)<br>-|
|---|---|---|---|
||||15,064,623|
||||**Capital**<br>**endowment**<br>**fund**<br>**2023**<br>**£**<br>13,565,630<br>(1,665)<br>-|
||||13,563,965|



19 CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES 

|**2024**<br>**£**<br>**Carrying amount of financial assets**<br>25,105<br>15,340,128<br>**Carrying amount of financial liabilities**<br>308,618<br>Financial assets that are debt instruments measured at<br>amortised cost<br>Financial assets that are equity instruments measured at<br>fair value through the statement of financial activities<br>Financial liabilities measured at amortised cost|**2023**<br>**£**<br>55,549|
|---|---|
||13,914,582|
||385,921|



20 TRUSTEES' REMUNERATION 

The charity paid £2,604 for Trustee Indemnity Insurance in the year (2023: £2,582). Arch Deacon Phil Andrew received a grant for a sabbatical of £750. No other remuneration was paid and no expenses were reimbursed to the Trustees during the year. 

There were no contingent liabilities as at 30 September 2024 (2023: None) 

21 CONTINGENT LIABILITIES 

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**NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

## **SYLVANUS LYSONS CHARITY** 

## 22 RELATED PARTY TRANSACTIONS 

Bishop Robert is a patron of Viney Hill Christian Adventure Centre - They received a grant of £20,000 in 2024 (2023: £nil) . Bishop Robert is also a trustee of the Gloucester Diocesan Board of Education - this charity received a grant of £5,600 in 2024 (2023: £nil). 

Archdeacon Phil Andrew is a Trustee of the Rock which received two grants amounting to £40,000 in 2024 (2023: £nil). He also personally received a grant of £750 for a sabbatical. Stuart Hutton is a trustee of St Phillip and St James, which received a grant of £2,000 in 2023. 

Some of the Trustees also declared interests in the following organisations, which received grants in the year: 

IsingPOP - received a grant of £20,000 in 2024 (2023: £nil). Cheltenham Street Pastors - received a grant of £6,000 in 2024 (2023: £nil). The Door- received £5,500 in 2023 

All Saints Academy received £20,000 in 2024 (2023: £nil). Prestbury PCC received a grant of £25,000 (2023: £nil). Kings School received a grant of £6,000 (2023: £nil). 

## 23 OPERATING LEASES 

The operating leases represent leases of the Charity's investment property to third parties. As at 30th September 2024, there are 30 years remaining on the leases. 

At the reporting end date, the Charity had contracted with tenants for the following minimum lease payments: 

|lease payments:|||
|---|---|---|
|Expiring:<br>Within one year<br>In more than one year and less than five  years<br>In more than five years<br>24<br>CASH GENERATED FROM OPERATIONS<br>Surplus for the year<br>Adjustments for:<br>Investment income recognised in statement of<br>financial activities<br>Fair value gains on investments<br>Movements in working capital:<br>Decrease in debtors<br>(Decrease) in creditors<br>Cash generated from operations|**2024**<br>**£**<br>62,200<br>248,800<br>1,570,550<br>1,881,550<br>**2024**<br>**£**<br>19,939<br>(82,527)<br>(17,596)<br>-<br>(93,454)<br>(173,638)|**2023**<br>**£**<br>62,200<br>248,800<br>1,632,750|
|||1,943,750|
|||**2023**<br>**£**<br>205,129<br>(501,185)<br>(2,142)<br>175<br>(133,796)|
|||(431,819)|



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## **SYLVANUS LYSONS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

|25|ANALYSIS OF CHANGES IN NET FUNDS|||||
|---|---|---|---|---|---|
|||**1 October**|**Cashflows**|**30**|**September**|
|||**2023**|||**2024**|
|||**£**|**£**||**£**|
||Cash at bank and in hand|615,517|49,992||665,509|
||Cash held as part of investment portfolio|132,400|(128,656)||3,744|
|||747,917|(78,664)||669,253|
|26|APPLICATION OF TOTAL RETURN TO PERMANENT ENDOWMENT FUNDS|||||



|At 1 October 2023<br>Unapplied total return<br>Investment return: dividends and interest<br>Less: Investment management costs<br>Net movements in reporting period<br>At 30th September 2024<br>Gift component of the capital endowment<br>Unapplied total return<br>Unapplied total return allocated to income<br>in the reporting period<br>Gift component of the permanent<br>endowment - allocated in October 2023<br>Investment return: realised and unrealised<br>gains|**Trust for**<br>**Investment**<br>**£**<br>-<br>7,396,722<br>-<br>7,396,722<br>-<br>-<br>-<br>7,396,722<br>-<br>7,396,722<br>7,396,722<br>-<br>7,396,722|**Unapplied**<br>**Total**<br>**Return**<br>**£**<br>-<br>-<br>6,167,243<br>6,167,243<br>305,611<br>1,612,442<br>(92,278)<br>7,993,018<br>(325,117)<br>7,667,901<br>-<br>7,667,901<br>7,667,901|**Total**<br>**Endowment**<br>**£**<br>-<br>7,396,722<br>6,167,243|
|---|---|---|---|
||||13,563,965<br>305,611<br>1,612,442<br>(92,278)|
||||15,389,740<br>(325,117)|
||||15,064,623|
||||-<br>7,396,722<br>7,667,901|
||||15,064,623|



Page 28 



## **SYLVANUS LYSONS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2024** 

## 26 APPLICATION OF TOTAL RETURN TO PERMANENT ENDOWMENT FUNDS (continued) 

The Trustees resolved to move to a total return basis from October 2023 in regard to the managed investment portfolio only. This power permits the Trustees to invest its capital endowment fund to maximise total return and apply an appropriate portion of the unapplied total return income each year. Until the power is exercised to transfer a portion of the unapplied total return to income (as disclosed in the note on page 26), the unapplied total return remains part of the capital endowment. 

Having reviewed the investment portfolio and the transactions that have taken place with property sales being reinvested in the managed portfolio, the Trustees selected the date of the valuation for total return purposes to be the value of the endowed fund at 30 September 2000. This being the earliest date available for which valuations could be obtained. The capital endowment was valued to be £7,396,722 at that date. The remainder being allocated as funds available as unapplied total return. 

The trustees agreed the investment strategy with the investment managers, and decided that the transfer from the unapplied total return to the income fund would be £87,500 per quarter. This amount would cover the grant funding, and other costs for one year. 

The transfer for the first year including an adjustment for dividend income that had been received in 2023, but not paid over before the end of September 2023 and was therefore already allocated to the income fund. 

The level of the amount to be transferred will be regularly reviewed,  as the trustees are keen to reduce the level of unrestricted income funds, and the total return basis, gives them the flexibility to vary the amount required from the fund each year. 

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