CHARITY REGISTRATION NUMBER: 259042 The Lectureship Endowment of Edward Lewis Unaudited Financial Statements 31 December 2024 WALTER HUNTER & CO LIMITED Chartered accountanfis 24 Bridge Street Newport South Wales NP20 4SF
The Lectureship Endowment of Edward Lewis Financial Statsments Year ended 31 December 2024 Page Trustee5' annual report Independent examinerfs report to the trustees Statement of financial activities ststement of financial position Notes to the financial statements Tho following pages do not form part of the financial ststements Detailed statement of financial activities 16 Notes to the detsiled ststement of financial activities 17
The Lectureship Endowment of Edward Lewis Trustees, Annual Report Year ended 31 December 2024 The trustees present their report and the unaudited financi81 SAtements of the charity for the year ended 31 December 2024. Reference and adminlstratlv• detalls Reglstered charfty name The Lectureship Endowment of Edward Lewis Charlty reglstratlon number 259042 Principal oifice Equity Chambers John Frost Square Newport Gwenl NP20 1PW The trustees The Right Reverend Chery Vann, Bishop 05 Monmouth The Very Reverend lan Black. Dean of Newport The Venerable Stella Bailey, Archdeacon of the Gwent Valleys Mr Roderick Davies Mr John Hall-moo Mr John Warcllaw Hanbury-Tenison Mr Peter Jones Indep6ndent examiner Mr Jonathan Rhodes Bsc BFP FCA Walter Hunier & Co Limited Chartered Accountant 24 Bridge Street Newport South Wales NP20 4SF Stru¢ture. govgrnance and management Nature of the governing document and ¢on$tltutlon of the charlty The charity is regulated by a scheme made by the Board of Charity Commissioners for England & Wale5 on 6th June 1902 and is registered with the Char,ty Commission, charity number 259042. The charity is subject to the law of England & Wales. The methodg adopted for the recrultment and appointment of new trustees The trustees are appointed in accordance with the scheme rules. The ex-officio trustee, Mr Hanbury-Tenistsn. is the owner for the tirr.e being of the Kifvach Vargoed estate in the old parish of Gelligaer. Six furthe." co-optsts've trustees are appointed for a term of fjve years by a resolution of the trustees at a special meeting. Al the year end there We six ctroptative trustees in posL
The Lectureship Endowment of Edward Lewis Trustees, Annual Report Iconllnued) Year ended 31 Decamber 2024 Stru¢turg1 governance and management f¢onllnued) The organlsatlonal structure of the chartty and how decisions are mad8 The Annual Gener81 Meeting of the charity is usualty heid in April or May each year. Decisions with regard to the ¢harty are tsrfen by tr.e trustees in general or s*cial meetings. The adminislralion of the charity and the impleff,entation of de¢isions,'s Carried out by the clerk. Obj&cVe8 and actlvltle8 A summary of the governing objects of the charlty as set out In Its goyernlng document The objects of the charity a lo apply the in¢ome in makill g certain grants as provided in the scheme to the vicar for the lime being of St. Davié Fleur4e-Lis ar,d, subject thereto, li making grants for tre benefit of tle church and parsonage of St David aforesaKJ or for the extension of church work within the old parishes ot Bedwellty and Mynyddisfvryn. The pari8hes now eligible to receive grants uyder the Sc.eM.e (comprising the ancient parishes of Bedwèllty and Mynydd 51wynl include the whole or part of the followng'.- Islwyn Ministy Area Mynydd Beduvellte Ministy Area St Iltyd Ministry Area Summary of th8 main activitiès ofthe charity In relation to its objects The tru51ees have 8dopled the policy of rr.arfsng individual granis lo the viears o! eligible parishes and, particularly in ftjture, to the parishes for rriaintenance ol non-stipendiary ministers,. and in making grants for the repair and maintenance of ctr.urches within the eligible parishes. Details of the grants to individuals and lo parishes approved for the years ending 31st Decernber 202d and 31 st December 2023 are set out in note 9 to the accounts. Subject to maintaining adequate reseNes. the trustees budget to disburse in grants the whole of the annual income ol the charity. Public Benefrt In implemefftipg the objects of the Charty the trustees have due regard to the public benefit guidance issued by thé Gharity Commission. The gffnt making policy adopted by the trustees supports the practr,ce of religion by the Ap.glican churches withiri the geographical area served by the Chanty's ojjects both in maintenance ol church buildings Tor the present and future use of the Piitjlic ar,d residents within the area and in providing support for inclividual parishes and clergy br the maintenance of ministy within that area.
The Lectureship Endowment of Edward Lewis Trustses, Annual Report (conllnuedj Year ended 31 December 2024 Achievements and pgrformance Summary of the main achiov?m&nts of the chaflty during the year During the year the charty disbursed the following".- £35012023.. £3501 for grants lo vicars.. £62512023.. £5001 for vicars, parish support grants., £20712023.. £2071 for grants for ground rent., £70012023.. £8001 for grants to parishes for the maintenance of non-5tipendiary ministers.. £15,088 12023.. £nil} for special grants which were made for the repair and maintenance of eligible churcnes during the year. Special gfanls approved bul not taken LJP during the year ar8 nomBIIy carried forward, subject to the Injstees approval. Full details of all grants paid are Shown in note 9 to the accounts. Flnancial revlew Policy on reserves The Iruslees have considered the reserves of the Charity and adopted a policy of retaining reserves to make grants for emergencies, for rriajor projects and for grants approved but not paid. and consider that the reserves are sufficient to cover any contirgencies. Prln¢lpal funding sources and how expenditure In th¢ year under revlow has support¢d the key obJ¢¢tives of the charity The chartty's income is investment and rental incorne derived from the charity's assets of equities, investment propertr.es and bani( deposits. The charty has appointed Brewin Dolphin to act as ils broker and financial advisers. The trustees have adopted an ethic81 policy in relation lo its inves&rr.ents in stocks and shares in consultation with its financial advisers. This policy is kept under review. The investmént. properts'es of the charity were valued on 21 SepleiTiber 2021 by the chartered surveyo¥s Grakam & Co. at a total open maet valuab'on of £700,025. The trustees cor.sider all investment propety market values to remain unchanged as at 31 December 2024. Income received is distributed as grants. Any Tesidual income is placed on deposit with the bank. Avallabllity and adequacy of assets of each of the tunds The Iruslees are satisfied that the chaaty's assets in ea¢h fund are available and adequate to fulfil its obligations in respeci of each fijnd. The Iruslees consider the current state of the chanty's finances to be sound. Transa¢tions and financial position The Statement of Financ'.8l Activities show revenue outgoing resour5 for the year of £4,056 (2023.. Incoming £19,672) and capitsl incoming resob'rces for the year of £39,764 12023.. incoming £27,469) resulting in total incorning resources lor the year of £35.933 {2023.' incoming £47, 141). The total reserves at the year end sland al £1,651,811 12023.. £1,615,8781.
The Lectureship Endowment of Edward Lewis Trustees. Annual Report(condnue Year ended 31 December 2024 Flnan¢lal review (continu8dJ Specific changes In fixed assets Disposals and acquisitions of stocks and shares have taken place during the year upoo the advice of the invesiment managers, Bfewin Dolphin. Further details of the movement in fixed asset investments during the year 1$ shown in note 13 to the accounts. Plans for future perlods The charty will continue to manage its investments in st¢xks and shares and in land to best advantage with professional advice in order to balar.ce the requirements to produce income to fund the objects of the charty and the long term growth of investments. The trustees, annual report was approv&J on ................................................................... .... and signed on behalf of the board of trustees by.. Mr T M Russen Clerk
The Lectureship Endowment of Edward Lewis Independent Examiner's Report to the Trustees of The Lectureship Endowment of Édward Lewis Year ended 31 December 2024 I report lo the trustees on my exarp.ination of the financial statements of The Lectureshlp Endowment Df Edward Lewis I'the charity'l for the year ended 31 Decenber 2024. Responsibillties and basls of report As the truste85 of the charty you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 I'lhe ACYI. I report in spect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examip.ab"on I have followed all the applicable Directions given by the Charity Cornmission under section 145(5){bl of the Act Independent examiner's statement I have completed my examination. I confimi that no material matters have corm to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charty as 4vId by section 130 01 the Act, or the financial statements do not a¢cord with those records; or the financial statements do rbot comply wtth the applicable requirements concerning the form and content of accounts set out ir. the Charities {A¢¢ounts and Reports) Regulations 2008 other than any requirement that the accouryls give a 'lrue and fai view which is not a matter considered as part of an independent examination. I have no ¢oncems and have come acros5 no other matters in connection with the examination lo which attention should be drawn in this rep)rt in order to enable a proper understanding of the accounts to be resched. Mr Jonathan Rhodes 8Sc BFP FCA Walter Hunter & Co Limited Chartered Accountant Independent Examiner 24 Bridge Street Newport South Wales NP20 4SF
The Lectureship Endomnent of Edward Lewis Statement of Financial Activities Year ended 31 December 2024 2024 Unrestricted funds Total funds Total funds 2023 Income and endowment8 Investment income Other income 24,978 5.020 24,978 6,020 29,998 27,46S 4,709 32,174 Total income 29.998 Expendlture Expenditure on ¢haritable activities Total èxpenditure 33.829 33,829 33.829 12,502 33.829 12,502 Nel gains on investrnents 10 39.764 39.764 27,469 N¢t Income and net movom•nt in funds 35.933 35,933 47,141 Reconclliation ot funds Total fvnds brought forward Total funds carried forward 1.615.878 1,615,878 1,651,811 1,568,737 1,61 S,878 1,651.811 The statement of financial activities includes all gains and bsses recognised in the year. All income and expenditure derive trom continuing activiues. The notes on page$ 8 to 14 forni part of these finaricial statsments.
The Lectureship Endowment of Edward Lewis staternent of Financial Position 31 December 2024 2024 2023 Nots Flxed assets Investments 13 1,S42,686 1,508,486 Current assets Debtors Cash at bank and in hand 14 166 110,791 110,957 166 108,829 108,995 Credltors: amounts falling due wlthln ono year Net currgnl assgts 15 1,832 1,603 109,125 1,651,811 1,651,811 107,392 Total assots less current Ilabllltles 1,615,878 Net assets 1.615,878 Funds of the charity unreStrted funds 1,651,811 1,651,811 1,615,878 Total ¢harity funds 16 1,615,878 These financBI statements were approved by the board of trustees and authorised for iSSLte on , and are signed on behalf of the l)oard by.. The Very Reverend lan Black. Dean of Newport Trustee Mr Roderick Dav Trustee The notes on pages 8 to 14 forni part of these financial Statements.
The Lectureship Endowment of Edward Lewis Notes to the Financial Statements Year ended 31 Daeember 2024 General Infomiatlon The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. Tb.e addsS of the principal office is Equity Chambers, John Frosl Square, Newport, South Wales, NP20 1 PW. Statement of compliance These financial slalements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable ip. the UK and the Republic of Ireland., the Statement of Recommended Pract ce appIable to cTr.arities preparing their accounts in accordance with the Financial Rewrting Standard applicable in the UK and Republic of Ireland IFRS 102) {Charities SORP IFRS 1021) and the Charities Act 2011. Ac¢ountlng poll¢les Basls of preparaOn The financial statements have been prepared on the historical cost basis, as modifigd by the revaluation of.certain financial assets and liabilities and inveslrnent propetties measured al fair value through Income or expenditsre. The finaricial statements are prepared in steding, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charty's ability to continue. Judggrnènts and key sources of estlmation uncertalnty The preparation of the financial statements requi$ management to make judgements, estimates and assumptions that affect the amoun s reported. These estimates and judgemer,ts are continually reviewed and are based or, experience and other factors, including expectations of fuluré events that 8re believed to be reasonable under the circumstances. Fund accountlng Unrestricted funds are available for use at the discrets.on of the thjstees to further any of the charity's purposes. Incoming reSou9S Al income is included in the statement of financial acttvities when entitlement has passed to the charity, it is probable that the economic benefits associated wth the transaction will flow to the charity and the amount can be reliably measured. Resour¢e8 expended Expenditure is recognised on an ac-ruals basis as a liability is incurred. Expend,'ture include5 any VAT which cannot be fully recovered, and is classified under headings of the slalemenl of financial activib.es lo which it relates. Expenditure on charitsble activities includes all costs incurred by a charity in undertaking aclNtties thal further its charitable airris for the benefit of its beneficiaries, including those support costs ana costs relating to the governance of the charity apportioned lo charitable activities.
The Lectureship Endowment of Edward Lewis Notes to the Financial Statements Iconlinuedj Year ended 31 December 2024 Accountlng policles (eontinufdj Investments Unlisted equity investments a initsalty recorded at cost and subsequentty Measur al fair value. If fair value cannot be reliabty measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Invgstment property Investment propety is intbally recorded at C03L which includes purchase price and any direct! attributable expenditure. Investr..ent propety is revalkned to its fair value at each reporb.ng date and any changes in fair value are recognised in profit or loss. The invesknent properbes of the chanty were valued on 21 September 2021 by the chartered iurveyors Graham & Co. at a total open market valuation of £700.025. The trustees consider all investrneni property market values to remain unchanged as at 31 tlecember 2024. Flnanclal instruments A financial asset ¢r a fjnancial liaciility is recognised onty when the enlty becomes a paty lo the contractual provision$ of the instNmenl Basic financial instruments are initially recogni5ed at the amount receivable or payable including any related transaction costs, unless the arrangemert constitu,$ a financing InSactIon, where it is recognised at the pre$ent value of the future payments discounted at a market rale of interest for a similar debt instrumenL Current assets and Current liabilities are subseqLenlty measured at tr,e cash or other consiaeration expected to be paid or received and not discounted. Investment income Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Fund 2023 Dividends 88nk interest 24.692 24.692 27,465 27,465 24.978 24,978 27,465 27,465 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Rent receivable Bank compensation paymenl 5,020 5,020 4,309 4,309 40D 5.020 5,020 4,709 4,709
The Lectureship Endowment of Edward Lewis Notes to the Financial Statements (¢onthu8dJ Year ended 31 December 2024 Expendlture on charitable activytles by fund typ Unrestricted Tolal Funds UnreStrFCt Total Funds Funds 2024 Funds 2023 Grant making Support costs 16,970 16.859 16,970 16,859 33,829 1,857 10,645 1,857 10,645 33,829 12,502 12,502 Expendtture on charltable activitios by activity type Grant fvnding of activities Support costs Total fund$ 2024 Totsl fund 2023 Grant making 16,970 1 S,859 33,829 12,502 Analysis of support costs Grant making acb'vty Total Z024 Total 2023 Governance costs Investrnenl management fees Ecclesiastical insurance 8,643 4,698 3,518 16,859 2,726 4,518 3,401 10.645 4,698 3,518 16,859 10-
The Lectureship Endomnent of Edward Lewis Notes to tha Flnancial Ststements (condnued) Year ended 31 December 2024 Analysls of grants Spocial Grants 2024 2023 St. Augugtine's, Pont',13nfraith St David's, Oakdale Sl. Tudofs, Mynydd1sn 9,000 3,588 2,500 15,088 No provision has been made for the followng Special Grants approved but not paid by 315t December 2024'.- Approved 2024. Christ Church, Ebbw Vale st Paul's, Newbrsdge 15,000 8,000 Approved 2023.. Sl David, Rhymney 2,000 Approved 2021.. SL Dingat, Tredegar 4.800 29.800 Grant for Ground Rent 2024 2023 Mynyddislwyn Church of Wales 21)0 200 207 207 Vicars. Pon'sh Support Grants 2024 2023 Islwyn Ministy Area Mynydd Bewellte Ministry Area St. Illtyd Ministry Area 250 125 250 250 250 250 625 750 Vicars. Grants 2024 2023 Rev. M Owen 350 350 11
The Lectureship Endowment of Edward Lewis Notes to the Financial Statements fcontinu8dJ Year ended 31 December 2024 9. Analy$ls of grants Icontlnued) Non Stipendiary Grants 2024 2023 Iswn Ministry Area Mynydd Bedwellte Ministy Area 600 200 300 700 800 10. Net galns on investments Unrestricted Total Funds Unrestrcted Total Funds Funds 2024 Funds 2023 Gainslllossesl on investment propety Net appreciabonlldepreciatson) of equities held for investrnent 900 900 39.764 39.764 39,764 39,764 26,569 26.569 27,469 27,469 11, Independent examination fees 2024 2023 Fees payable lo the independent examiner for. Independent exarnination of the financial statements 1,020 978 12. Trustee remtlnoration and expenses Neither trustees or any persons connected wilh Ihem have received any remuneratson or been reimbursed expenses, either in the current year or in the prior year. 1ndemhi.ty insurance has been paid to protect the charity from loss arising from the r,eglecl or defauttg 9f its trustees or to indemnify tts trustees against the conSequenS of any neglects or delauY(s on their parL The indemnity insurance is in¢luded as part of the overall charity insurance premium this year and therefore there is an unidentifiable ¢ost. 12-
The Lectureship Endowment of Edward Lewis Notes to tha Financial Statements (conbntsfjd) Year ended 31 December 2024 13. InvEstTnonts Cash orcash Listed Investment equivalenls inveslrnents properties Total Cost or valuatlon At 1 Jaiiuary 2024 Additions Disposals Fair value movements 7.017 801,444 144,929 101,767 {132,1321 1120,128) 39,764 822,847 700,025 1,508,486 246,696 1252,2601 39,764 1,542,686 At 31 December 2024 19,814 700,025 Impairment At 1 January 2024 and 31 December 2024 Carrying amount At 31 December 2024 19,814 7.017 822,847 700,025 1.542.686 At 31 December 2023 80',,444 700,025 1.508,486 All investrnenls shown above are held at valuation. Investment propertles Investmentpropwll¢s Tb,8 inveslmeyt properties of the ch8rity were valued on 21 SepteMr 2021 by the chartered surveyors Granam & Co. at a total open market valuation of £700,025. The Iruslees consider all investment property market values to remain unchanged a5 at 31 Decernber 2024. Llstsdlnvestsn8nts8ndflnancl81 essets heldal f•rvalue The listed investments have been valued al fair value at the year end dale by the portrolio managers, Brewn Dolphin. Finanilal assets held at fair value The listed investrnenls have been valued at fair value al the year end date by the portfolio anagers, Brewin Dolphin. 14. Debtors 2024 2023 Prepaymep.ts and accrued income 166 166 15. CrgditOTS'. amounts falling due within one year 2024 2023 Accnjals and deferred incorne Rent receNed in advanre 1,020 812 978 625 1,832 1,603 13-
The Lectureship Endowment of Edward Lewis Notes to the Financial Ststsments (coniinuedj Year onded 31 December 2024 16. Analysis of charltable funds Unrestrl¢t¢d funds Al 1 January 20 24 At Gains and 31 December losses 2024 Income Expenditure Unrestricted Income Fund Unrestricted Capital Fund 107,392 29.998 (28,2651 109,125 1,508.486 1,615,878 15.5641 133,8291 39,764 39.764 1,542.686 1,651,811 29.998 At 1 January 20 23 At Gains and 31 December losses 2023 Income Expenditdre Unrestricted Income Fund Unrestricted Capttal Fund 84.892 32.174 19,6741 107.392 1.483,845 1.566,737 12,8281 {12.502) 27,469 1,508,486 1,615,878 32,"174 27,469 17. A"naly5is of net assets between funds Unreslricled Totsl Funds Funds 2024 Investments Current assets Creditors less than 1 year Net assets 1,542,686 110,957 11,832) 1,651,811 1,542,686 110,957 11,832} 1,651,811 Unrestricted Total Funds Funds 2023 Investrnents Current assets Creditors les5 than 1 year Net assets 1,508,486 108.995 {1,6031 1.615,878 1,508,486 108,995 {1,603) 1,615,878 14-
The Lectureship Endowment of Edward Lewis Management Information Year ended 31 December 2024 Thg follon9 pages do not fomi part of tho flnan¢lal statements. 15-
The Lectureship Endowment of Edward Lewis Detailed Ststement of Financial Activities Year ended 31 Decernr 2024 2024 2023 In¢ome and èndoynngnts Investment Income Div,'dends Bank interest 24,692 286 27,465 24,978 27,465 Other Income Rent receivable Bank compensat'on payment 5,020 4,309 400 5,020 4,709 Total income 29,998 32,174 Expondlture on charitable activitles Grant making Grant funding a¢Uvltles Special Grants Vicars, Grants Vicars, Parish Support Grants Non Sb'pendiary Granis Grant for Ground Rent 15,088 350 625 700 207 350 500 800 207 16,970 1,857 Support Costs Insurance Legal & professional tees stockbroker management fees Clerk'8 re uneralion Indepen nt. Examinevs fees 3,518 6,123 4,698 1.500 1,020 3.401 248 4,518 1,500 978 16,859 10,645 Expenditure on charitable actlvities 33,829 12,502 Net gains on Investments Gainslllossesl on investment property Net appreciationl{depreciakn'onl of equibes held for investment 900 26,569 39.764 39,764 27,469 Net Incomg 35,933 47,141 16-