Charity registration number: 701554
**CHARLES WILLIAMS CHARITY TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025**
## **Charles Williams Charity Contents**
||**Page**|
|---|---|
|Reference and Administrative Details|1—2|
|Trustees' Report|3—9|
|**Educational Endowment**||
|Independent Examiner's Report|10|
|Statement of Financial Activities|11|
|Comparative Statement of Financial Activities|12|
|Statement of Financial Position|13|
|Notes to the Financial Statements|14—21|
|**Church and Roads Estate**||
|Independent Examiner's Report|22|
|Statement of Financial Activities|23|
|Comparative Statement of Financial Activities|24|
|Statement of Financial Position|25|
|Notes to the Financial Statements|26—29|
**Charles Williams Charity Reference and Administrative Details For The Year Ended 31 October 2025**
|**Trustees**|Mr Julio Benavides (Chair)|
|---|---|
||Mr Gareth Edwards (resigned as Deputy Chair 21 May 2026)|
||Clir Claire Baker-Westhead|
||Clir Stephen Cocks|
||Mr Timothy Ford|
||Clir Jason Hughes|
||Mr Stephen Marshall OBE|
||Mrs Barbara Ruth Kehoe|
||Mr Michael Sansom|
||The Reverend Sue Pratten (Ex Officio)|
||Mr Kevin Davies (appointed as Deputy Chair 21 May 2026)|
||Ven Jonathan Williams (Ex Officio) (retired 6 March 2025)|
||Mr Paul Burley|
||Mr Ralph Wessel|
||Ms Gail Giles|
||Ven James Henley (appointed 21 May 2026)|
|**Charity Number**|701554|
|**Principal Address**|School House|
||High Street|
||Caerleon|
||Newport|
||NP18 1AZ|
|**Independent Examiner**|Kara Williams BSc BFP FCA|
||Ellis Lloyd Jones Audit Limited|
||Chartered accountants & statutory auditor|
||11 Park Square|
||Newport|
||NP20 4EL|
|**Bankers**|Charities Aid Foundation|
||25 Kings Hill Avenue|
||Kings Hill|
||West Malling|
||Kent|
||ME19 4TA|
|**Solicitors**||
||Everett Tomlin Lloyd & Pratt|
||19-20 Gold Tops|
||Newport|
||South Wales|
||NP20 4PH|
...CONTINUED
Page 1
## **Charles Williams Charity Reference and Administrative Details (continued) For The Year Ended 31 October 2025**
The following are the trustees for the administration of the Charles Williams Charity and serve both Educational Endowment and Church and Roads Estate.
## **EX-OFFICIO TRUSTEES:**
Appointed representative of The Lord Bishop of Monmouth, Ven Jonathan Williams (Retired 6 March 2025), Ven James Henley (appointed 21 May 2026)
The Vicar of the Parish of Llangattock-juxta-Caerleon, The Reverend Sue Pratten
## **REPRESENTATIVE TRUSTEES: Whose Term of Office Expires**
## **Appointed by the Parochial Church Council of Llangattock-juxta-Caerleon**
|Mr Michael Sansom|9 December 2028|
|---|---|
|Mrs Barbara Ruth Kehoe|26 September 2028|
## **Appointed by Newport City Council**
|Cllr Jason Hughes|8 May 2028|
|---|---|
|Ms Gail Giles|23 September 2026|
|Cllr Stephen Cocks|8 September 2027|
## **CO-OPTATIVE TRUSTEES:**
**----- Start of picture text -----**
Mr Julio Benavides 3 December 2027
Mr Gareth Edwards 8 September 2026
Mr Stephen Marshall OBE 8 May 2027
Mr Timothy Ford 26 September 2028
Mr Paul Burley 28 April 2031
Mr Ralph Wessel 28 April 2031
Mr Kevin Davies 19 May 2027
**----- End of picture text -----**
## **PRINCIPAL OFFICERS:**
|**PRINCIPAL OFFICERS:**|**PRINCIPAL OFFICERS:**|
|---|---|
|**Chairman**
Mr Julio Benavides||
|**Deputy Chairman**|Mr Gareth Edwards (resigned 21 May 2026), Mr Kevin
Davies (appointed 21 May 2026)|
Page 2
**Charles Williams Charity Trustees' Report For The Year Ended 31 October 2025**
The trustees present their report and the financial statements for the year ended 31 October 2025.
## **Structure, governance and management**
The charity is constituted by the trust deed and the following governing documents apply:
Church and Road Estate Scheme of 29 June 1878 Educational Endowment Scheme of 22 August 1988
Both sides of the charity are administered by a single Board of Trustees consisting of 15 members, made up as follows:
## **Charles Williams Charity Trustee Board**
There are two Ex-officio trustees, Lord Bishop of Monmouth or nominated representative and the Vicar of the Parish of Llangattock-juxta-Caerleon.
There are six nominative trustees appointed by the following organisations to fill their designated number of places on the Board:
Parochial Church Council of Llangattock-juxta-Caerleon: 2 Newport City Council: 4
There are also 7 Co-optative trustees who make up the full trustee complement of 15.
Trustees are appointed when nominated by the various bodies, as required under the Governing Document. When a trustee is appointed, they undergo an induction with the Administrator, who explains what the Charity does and the policies and procedures in place. They are provided with literature, produced by the Charity Commission, regarding their duties and responsibilities and are required to sign a Code of Conduct declaration. They also receive a copy of the Governing Document and the most recent set of financial statements.
The trustees work very well within their streamlined working groups and the charity is able to allow the trustees to work to their abilities and expertise within their allocated groups. The following are the current working groups of the charity:
Finance & Steering (F&S) Church & Roads (C&R) Legal (L) Joint School Development (JDC) Human Resources (HR) Grants (G)
All of the decisions made by these groups are ratified by the main Board of Trustees at the main quarterly meetings.
## **Risk assessment**
The trustees are responsible for overseeing the risks faced by the charity. Risks are identified, assessed and mitigation is established throughout the year. A formal review of the charity's risk management processes is undertaken on an annual basis. The trustees have identified their principal risk as being a severe downturn on the financial markets where their funds are invested. However, the Investment Policy and close liaison with the Investment Managers provides prudent management should this occur.
The trustees are aware of their responsibilities to protect the investments of the charity to maximise the returns, so they are able to further the objectives. The trustees are satisfied that the risks identified have been mitigated where necessary.
## **Objectives and activities**
To assist the School Governors in providing at Charles Williams Church in Wales (CiW) Primary School special benefits of any kind not normally provided by the Local Education Authority.
To assist children in Caerleon, an annual Hardship Grant is allocated, with the amount determined by the Trustees and reviewed each year. This funding is distributed among Caerleon's three schools based on student numbers and other relevant factors. Schools use these grants to support students' well-being, learning, participation, and progression by offering financial assistance for needs such as school uniforms or extracurricular activities that would otherwise incur a cost for parents or caregivers. Feedback from all three schools has been overwhelmingly positive, particularly given the current cost-of-living crisis.
...CONTINUED
Page 3
## **Charles Williams Charity Trustees' Report (continued) For The Year Ended 31 October 2025**
## **Objectives and Activities - continued**
The Major Leaving award has been replaced with a £100 award to each of the Head and Deputy Head pupils of Caerleon Comprehensive School. This award is given in appreciation of their hard work and commitment to the school.
Book vouchers, each valued at £20, are presented to:
The six ambassadors at Charles Williams CiW Primary School
The four head and deputy head pupils at the Caerleon Lodge Hill Primary School.
Annual funding is also set aside to support school trips, including:
The Westminster Abbey trip for Charles Williams CiW Primary School.
As part of our commitment to students' educational and spiritual development, Bibles are provided to children completing their primary education at Charles Williams CiW Primary School and Caerleon Lodge Hill Primary School.
## **Church and Road Estate Scheme**
The Objectives of the Church and Road Estate Scheme are to apply the income for the repair and adornment of the Church of St. Cadoc's and its Churchyard and in mending and repairing the road leading into and within the town and, as far as not applied, shall be applied for the educational purposes of the Scheme. (As amended by resolution made under the Charities Act 1993, Section 74 (2)(c) on 4 December 1995 and confirmed by the Charity Commissioners on 8 August 1996.)
## **Achievements and Performance**
## **Main Achievements**
## **During the year the Trustees instigated the following:**
## **1. VA Urgent Repairs 2024-25**
The charity reported last year that it was pleased to announce that the Redevelopment Committee has commenced work on the latest funding bid from the Welsh Government for VA Urgent Repairs 2024-25. The committee and school successfully secured funding for essential repairs, including windows, roofs, and damp issues, with a total project budget of £752,100 (including VAT). The Welsh Government is contributing 85% (£639,285), while the charity is providing the remaining 15% (£112,815).
As the building is Grade II* listed, the project has experienced a number of delays, alongside adverse weather conditions which has also affected the lime rendering works. The project is now well underway. Works completed to date have addressed damp issues in the School House through lime rendering. Gutters, downpipes and soffits have been refurbished and reinstalled, and roofs have been repaired and replaced.
The Trustees’ office has now been converted into a larger music room, and the former Trustees’ office will now be used as a music room. During floor repairs, it was discovered that the floorboards were sitting on ash, which prompted an investigation by Cardiff Archaeology, who uncovered a medieval wall and part of a Roman wall. A number of artefacts were also received, including Roman coins, tiles and clay smoking pipes.
Looking ahead, the focus will be on addressing damp issues in the classroom facing the front of the School House, as well as the rendering and windows of the front elevation. It is hoped that works will be completed by summer 2026. The School House Working Group will work with the architect to develop a future-proofing strategy for the School House.
## **2. Farewell**
The Trustees bid a fond farewell to Ven Jonathan Williams on his retirement. Jonathan was a valued member of the charity, and his insight and guidance made a significant contribution to its work.
## **3. Support for Schools**
- Bibles and book vouchers were provided to Charles Williams CiW Primary School and Caerleon Lodge Hill Primary School;
The Hardship Grant, now in its third successful year to the three schools in Caerleon to support students in need;
Funding for school trips was distributed as planned, covering the Westminster Abbey trip.
...CONTINUED
Page 4
**Charles Williams Charity Trustees' Report (continued) For The Year Ended 31 October 2025**
## **Main Achievements - continued**
## **4. Celebrating 300 Years of Educational Excellence at Charles Williams Church in Wales Primary School**
Following on from the special celebration hosted by the charity commemorating an incredible 300 years of education at the heart of the Caerleon community. To mark the 300th anniversary of Charles Williams CiW Primary School, the school delivered the “Our School, Roots to Heritage” project in partnership with Gwent Archives and Amgueddfa Cymru’s National Roman Legionary Museum.
Charles Williams Charity was pleased to part-fund the project, alongside the principal grant from the National Lottery Heritage Fund.
Founded in 1724 as a charity school for poor and destitute families, the school used it tercentenary to research, record and share its unique heritage. Funding supported detailed archival research, the collection of oral histories from former pupils, staff, trustees and the wider community, and pupil-led work with heritage professionals to co-curate an exhibition. This included a temporary display of Roman artefacts excavated from the school site.
The project also delivered a programme of public engagements activities, including community collecting dates, an interactive family-friendly exhibition, specialist history talks, a heritage walk, a family fun day, helping to strengthen community connections and ensure that this important local heritage is preserved and shared for future generations.
## **Public benefit statement**
Charles Williams Charity is a public benefit entity. The Educational Endowment delivered public benefit by making grants to Charles Williams CiW Primary School for the purpose of providing the children with additional benefits, not normally made available through the LEA. This grant funding allows the school to further its purpose of providing education to its students and also allows the school to maintain and continue a programme for the upkeep and maintenance of the school buildings.
The trustees consider that the Church & Roads Estate scheme provides public benefit by supporting the maintenance and preservation of St Cadoc’s Church and its churchyard, thereby supporting Christian worship in Caerleon.
## **Financial Review**
## **Financial Position**
The financial statements have been prepared in accordance with the accounting policies set out in notes 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 (effective 1 January 2019).
## **Educational Endowment**
Strict budgetary control, together with a strong performance by our Investment Managers despite the continuing difficult market conditions, has meant that the trustees are pleased with the results for the year.
The total incoming resources for the year were £192,918 compared to £197,982 in the previous year. The investment income of £189,108 has increased since the previous year (2024: £185,472). Other income was £3,810, a minor decrease on the previous year (2024: £3,845).
Total resources expended were £163,275 compared to £174,464 in 2024. This represents a decrease of £11,189, as the 21st Century building project finished in the previous year. A detailed breakdown of expenditure for the year ended 31 October 2025 for costs of charitable activities can be found in note 7. Investment management fees amounted to £40,032, (2024: £37,351), which is 0.55% on the first £3m and 0.60% on the next £5m.
Following a review of the Charities SORP, the Trustees reviewed the treatment of the VA urgent repairs grant. They concluded that the charity is acting as agent in administering the grant as the charity has no entitlement to the grant and has no discretion over the use of the funds. The grant is therefore not recognised as income or expenditure in the charity’s accounts. The cost included in the 2025 accounts of £46,226 relates to the charity’s 15% contribution to the project based on costs incurred up until the year end.
Total unrestricted funds carried forward are £1,302,839 (2024: £1,132,347) with funds retained towards ongoing projects as outlined in plans for future periods. Total restricted funds carried forward are £nil (2024: £1,300). Total endowment funds carried forward are £8,469,471 (2024: £7,920,768).
## **Investment performance Note from the Investment Manager**
At the year end, the investment portfolio was valued at £6,873,719 including the Church and Road Estate which had a value of £135,409.
...CONTINUED
Page 5
**Charles Williams Charity Trustees' Report (continued) For The Year Ended 31 October 2025**
## **Financial Position - continued**
The portfolio had a strong year, generating a return of 14.0%, net of expenses. This return was well ahead of the CPI+3.5% target return and the ARC Steady Growth Charity Index albeit slightly lagging market indices.
All of the various assets that make up the portfolio contributed to performance in the last financial year, although equities performed particularly well. Exposure to Asian and Emerging markets generated exceptional returns with these portions of the portfolio also substantially outperforming their respective market indices. The investment in gold, which represented approximately 3% of the portfolio at the year end, also supported performance with this investment producing a return of 42% over the year.
The overall portfolio remains well balanced and genuinely diversified, both across asset classes and within equity markets.
The investment portfolios generated a total income of £190,780 in the year to 31 October 2025, with a split of £188,915 (Educational Endowment – note 5) and £1,865 (Church and Roads - note 23).
## **Church and Roads Estate**
The total incoming resources for the year were £1,865 (2024: £2,054) and consisted of investment income and bank interest.
There was expenditure during the year of £797 (2024: £15,719).
The closing market value of the fixed asset investments was £135,409 at 31 October 2025 (2024: £121,399).
The surplus on unrestricted funds of £6,514 (2024: deficit of £9,178) has been retained in the General unrestricted fund with the balance carried forward of £45,661 (2024: £39,147).
The surplus on endowment funds of £8,387 (2024: surplus of £9,442) has been retained in the Church & Road endowment fund with the balance carried forward of £91,612 (2024: 83,225).
## **Reserves Policy**
The policy in place is to maintain reserves to cover the charity's commitment to the current repair project at Charles Williams CiW Primary School. This is a long-term project to ensure the school provides a high-quality educational facility fit for 21st Century educational needs. Once the project has been completed, the trustees intend to maintain a level of reserves sufficient to cover any unexpected expenditure on the buildings which date back to the 18th Century.
The reserves policy for the Church and Roads Estate scheme is to retain any surplus income in the Church and Roads Estate unrestricted fund to support future repair costs of St. Cadoc's Church, in line with the Scheme's objectives.
The charity holds permanent endowment funds within the Educational Endowment Scheme and Church and Road Estate Scheme, where the capital is required to be retained and invested, with only the income generated being available for expenditure in accordance with the charity’s stated objectives.
## **Other**
During the year, the trustees prepared and approved a Financial Policy for the charity. The charity does not undertake any fundraising from members of the public and so does not have a fundraising policy.
## **Investment policy**
## **Introduction**
Charles Williams Charity is a UK registered charity. While the responsibility for the maintenance of the school lies with the LA, the Trustees could from time to time assist the governors of Charles Williams Church in Wales Primary School in their obligations in relation to the maintenance and development of the school and the associated buildings. In addition, the Charity provides the school with special benefits of any kind not normally provided by the LA. When possible, financial assistance is given to qualifying students and young people living in the area of benefit.
The Trustees have recently introduced a Hardship Grant to assist school children who attend the three schools in Caerleon.
The management of the investments has been delegated to Evelyn Partners. Evelyn Partners are responsible investors and signatories to the United Nations principles of responsible investment. This shows that Evelyn Partners is investing the charity’s money in a responsible way, taking into account environmental, social and governance factors.
This investment policy covers the Endowment fund, the unrestricted fund and the Church & Road Estate fund.
...CONTINUED
Page 6
**Charles Williams Charity Trustees' Report (continued) For The Year Ended 31 October 2025**
## **Reserves Policy - continued**
## **Investment Objectives**
Charles Williams Charity seeks to produce the best financial return within an acceptable level of risk.
The investment objective is to generate a total return of CPI+3.5% p.a. A minimum income requirement will be set at the start of each year. The objective is to increase the income target by inflation (CPI), with a 5% cap in any one year. The minimum income requirement set for 2025/2026 is £186,840.
Performance will be measured against the primary objective of CPI plus 3.5% over a rolling 5-year period. In order to assess the return in the context of market conditions a secondary benchmark will be adopted, which is a composite of market indices as detailed below (*):
33.75% MSCI UK IMI 33.75% MSCI All Countries World ex-UK 17.50% iBoxx GBP Gilts 7-10 years
3.33% LBMA Gold USD PM
3.33% HFRX Global Hedge Funds
3.33% MSCI UK IMI Core Real Estate
5.00% SONIA Overnight cash
Performance will also be assessed relative to the ARC Steady Growth Charity Index, an independently measured composite reflecting the net-of-fees returns of actual charity portfolios managed with a comparable risk profile.
## **Risk**
The key risk to the long-term reserves is inflation, and the assets should be invested to mitigate this risk over the long term. The Finance & Steering Committee understands that this is likely to mean that investment will be concentrated in real assets and that the capital value will fluctuate.
The assets can be invested widely, and should be diversified by asset class and security. Asset classes could include equities, bonds, commercial property collective investment schemes and cash, but not derivatives.
## **Ethical restrictions**
Please refer to the separate ethical policy.
## **Reports**
A quarterly report will be produced by the Investment Manager, together with an annual report that coincides with the Charity year end, i.e., 31st October. A hard copy of each quarterly and year-end report will be mailed to every trustee of Charles Williams Charity, either via email or hard copy, once they are compiled by Evelyn Partners.
## **Review**
This investment policy statement will be reviewed annually, usually at the annual review meeting with Investment Managers, which presently takes place in December at the Trustees Quarterly Meeting.
*This composite reflects a strategic asset allocation which the investment manager, Evelyn Partners, deems to be consistent with the primary CPI+3.5% objective whilst maintaining a balance between capital growth and income (Ref C2: April 2020 S&W Risk Supplement).
## **Ethical Policy**
This policy sets out the ethical investment restrictions placed on the investment manager and applies to all direct investments. It will be reviewed annually.
Direct investment in companies that generate more than 20% of revenue from the following activities should be avoided:
Gambling Alcohol Tobacco
Direct investment in companies that generate more than 10% of revenue from the following activities should be avoided:
...CONTINUED
Page 7
**Charles Williams Charity Trustees' Report (continued) For The Year Ended 31 October 2025**
## **Reserves Policy - continued**
The extraction of thermal coal
The production of oil from tar sands Conventional weapons Nuclear weapons
Direct investment in companies that generate more than 5% of revenue from the following activities should be avoided:
Adult entertainment Predatory lending activities Non-conventional weapon manufacturers
The trustees require the Investment Manager to adopt a responsible approach to investing, incorporating ESG (Environmental, Social and Governance) considerations in their investment process and actively engaging with companies as well as voting on the charity's behalf. An annual report should be provided which demonstrates Evelyn Partners' sound stewardship.
## **Review**
This Ethical policy statement will be reviewed annually, usually at the annual review meeting with Investment Managers, which presently takes place in December at the Trustees Quarterly Meeting.
## **Plans for future periods**
The trustees will continue to explore ways of improving the charity and seeking financial assistance on school modernisation, concentrating on priority educational needs.
Works have begun on the School House, a Grade II* listed building, requiring a sensitive and meticulous approach to any necessary repairs. Following the completion of a comprehensive report and the acquisition of additional funding from the Welsh Government and the Charity, the project is now underway.
The initial focus is on addressing damp issues within the School House, with plans to move on to larger-scale projects, such as rendering and guttering maintenance, during the summer holidays.
The Trustees are also exploring options to repair or replace several windows facing the school canteen. A working group has been established, and a funding bid has been submitted by the school to the Welsh Government. Planning permission is currently being sought. As the building falls withing the curtilage of a Grade II* listed building, extensive planning is being undertaken in consultation with the Local Authority Heritage Officer.
The trustees carefully oversee the hardship grant, ensuring it fulfils its intended purpose. They conduct regular assessments to gauge its impact, monitor its distribution to deserving recipients, and identify any emerging needs or challenges within the Caerleon community. Additionally, they are dedicated to transparently communicating information about the grant's availability, eligibility criteria, and application process, which helps foster trust and accountability among stakeholders. Through their diligent monitoring efforts, the trustees work to uphold the grant's mission of providing essential support to those facing financial adversity, ultimately making a meaningful difference in the lives of children and their families in Caerleon.
The Church and Roads Estate Scheme will continue to support repairs and maintenance at St Cadoc’s Church as required.
Page 8
**Charles Williams Charity Trustees' Report (continued) For The Year Ended 31 October 2025**
## **Statement of Trustees' Responsibilities**
Trustees' responsibilities statement
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 charity trustees to prepare financial statements for each 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 applicable Charities SORP;
- make judgments and accounting 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;
- 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 adequate accounting records that are sufficient to show and explain the charity's transactions and 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' annual report was approved on 02/07/2026 and signed on behalf of the board of trustees by:
The trustees' report was approved by the board of trustees and signed on its behalf by:
## Julio Benavides
Julio Benavides (Jul 2, 2026 19:29:37 GMT+1)
**Mr Julio Benavides (Chair)**
**Trustee**
Kevin Davies (Jul 2, 2026 21:04:17 GMT+1)
**Mr Kevin Davies (Deputy Chair)**
**Trustee**
Page 9
## **Charles Williams Charity Independent Examiner's Report to the Trustees of Charles Williams Charity For The Year Ended 31 October 2025**
I report to the trustees on my examination of the accounts of Charles Williams Charity (the Trust) for the year ended 31 October 2025.
## **Responsibilities and Basis of Report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent Examiner's Statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and contents of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## Kara Williams
Kara Williams (Jul 2, 2026 21:05:15 GMT+1)
## **Kara Williams BSc BFP FCA**
Ellis Lloyd Jones Audit Limited 11 Park Square Newport NP20 4EL
Date 02/07/2026
Page 10
## **Charles Williams Charity Statement of Financial Activities For The Year Ended 31 October 2025**
|**Notes**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
Investments
Other
**EXPENDITURE ON:**
Charitable activities:
Supporting educational provision in
Caerleon
**NET INCOME BEFORE INVESTMENT**
**GAINS**
Net gains on investments
**NET INCOME**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**4**
**5**
**6**
**7**
**17**|**2025**
**2024**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Endowment**
**funds**
**Total**
**funds**
**Total**
**funds**
**£**
**£**
**£**
**£**
**£**
-
-
-
-
8,665
189,108
-
-
189,108
185,472
3,810
-
-
3,810
3,845|
|---|---|
||192,918
-
-
192,918
197,982|
||(128,865)
(1,300)
(33,110)
(163,275)
(174,464)|
||64,053
(1,300)
(33,110)
29,643
23,518
106,439
-
581,813
688,252
694,158|
||170,492
(1,300)
548,703
717,895
717,676|
||170,492
(1,300)
548,703
717,895
717,676
1,132,347
1,300
7,920,768
9,054,415 8,336,739
1,302,839
-
8,469,471 9,772,310
9,054,415|
The notes on pages 14 to 21 form part of these financial statements.
Page 11
## **Charles Williams Charity Comparative Statement of Financial Activities For The Year Ended 31 October 2025**
|**RECONCILIATION OF FUNDS:**
**TOTAL FUNDS CARRIED FORWARD**
**17**
**Notes**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**4**
Investments
**5**
Other
**6**
**EXPENDITURE ON:**
Charitable activities:
**7**
Supporting educational provision in Caerleon
**NET INCOME BEFORE INVESTMENT GAINS**
Net gains on investments
**NET INCOME**
**NET MOVEMENT IN FUNDS**
Total funds brought forward|**2024**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Endowment**
**funds**
**Total**
**funds**
**£**
**£**
**£**
**£**
-
8,665
-
8,665
185,472
-
-
185,472
3,845
-
-
3,845|
|---|---|
||189,317
8,665
-
197,982|
||(135,412)
(7,365)
(31,687)
(174,464)|
||53,905
1,300
(31,687)
23,518
114,089
-
580,069
694,158|
||167,994
1,300
548,382
717,676|
||167,994
1,300
548,382
717,676
964,353
-
7,372,386 8,336,739|
||1,132,347
1,300
7,920,768 9,054,415|
The notes on pages 14 to 21 form part of these financial statements.
Page 12
## **Charles Williams Charity Statement of Financial Position As At 31 October 2025**
|**Notes**
**FIXED ASSETS**
Tangible Assets
Investment Properties
Investments
**CURRENT ASSETS**
Debtors
Cash at bank and in hand
**Creditors: Amounts Falling Due Within**
**One Year**
**NET CURRENT ASSETS (LIABILITIES)**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS OF THE CHARITY**
Endowment Funds
Restricted Funds
Unrestricted Funds
**TOTAL FUNDS**
**11**
**12**
**13**
**14**
**15**
**17**|**Unrestricted**
**funds**
**Restricted**
**funds**
**Endowment**
**funds**
**£**
**£**
**£**
-
-
2,850,000
-
-
30,725
1,149,564
-
5,588,746|**2025**
**2024**
**Total**
**funds**
**Total**
**funds**
**£**
**£**
2,850,000
2,850,000
30,725
30,725
6,738,310
6,091,311|
|---|---|---|
||1,149,564
-
8,469,471
97,374
-
-
84,312
-
-|9,619,035
8,972,036
97,374
27,494
84,312
100,832|
||181,686
-
-
(28,411)
-
-|181,686
128,326
(28,411)
(45,947)|
||153,275
-
-|153,275
82,379|
||1,302,839
-
8,469,471|9,772,310
9,054,415|
||1,302,839
-
8,469,471|9,772,310
9,054,415|
|||8,469,471
7,920,768
-
1,300
1,302,839
1,132,347
9,772,310
9,054,415|
On behalf of the board
## Julio Benavides
Julio Benavides (Jul 2, 2026 19:29:37 GMT+1) Kevin Davies (Jul 2, 2026 21:04:17 GMT+1) **Mr Julio Benavides (Chair) Mr Kevin Davies (Deputy Chair) Trustee Trustee**
**Date** 02/07/2026
The notes on pages 14 to 21 form part of these financial statements.
Page 13
## **Charles Williams Charity Notes to the Financial Statements For The Year Ended 31 October 2025**
## 1. **General Information**
Charles Williams Charity is an unincorporated charity registered with the Charity Commission, registered charity number 701554. The principal address is School House, High Street, Caerleon, Newport, NP18 1AZ.
## 2. **Statement of Compliance**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "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) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011.
## 3. **Accounting Policies**
## 3.1. **Basis of Preparation of Financial Statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "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) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011.
The charity is a Public Benefit Entity as defined by FRS 102.
## 3.2. **Going Concern Disclosure**
The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charity's ability to continue as a going concern.
## 3.3. **Significant judgements and estimations**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## 3.4. **Fund Accounting**
The permanent endowment fund must be retained and invested in order to obtain a return. The permanent endowment fund cannot be used as if it were income, however certain payments must be made out of the endowment, such as the payment of investment management fees where these relate to investments held within the endowment. All incoming resources derived from assets held as endowment investments form part of the unrestricted funds unless the application of the income is restricted to a particular purpose. Any income not spent at the year end should be carried forward in the appropriate unrestricted or restricted fund.
## **General Funds**
Unrestricted funds are expendable at the discretion of the trustees in furtherance of the charity’s objects. If part of an unrestricted fund is earmarked for a particular project it may be designated as a separate fund, but the designation has an administrative purpose only, and does not legally restrict the trustees’ discretion to apply the fund
## 3.5. **Incoming Resources**
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
investment income is recognised in the period to which it relates.
Page 14
## **Charles Williams Charity Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
## 3.6. **Resources Expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
## 3.7. **Tangible Fixed Assets and Depreciation**
All fixed assets are initially recorded at cost.
At the moment, the charity does not have a minimum amount at which assets are capitalised and each asset is considered on an individual basis depending on its use and its economic life.
However, since the charity does not generally purchase a significant amount of fixed assets, the Trustees do not believe this is a significant issue.
The Trustees review the fixed assets regularly with respect to impairment and provide for any impairment as and when necessary.
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land & Property Freehold 2% Fixtures & Fittings 25%
## **Impairment of fixed assets**
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
## 3.8. **Investment Properties**
Investment property is initially recorded at cost, which includes purchase price and any directly attributable
expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are
recognised in income or expenditure.
If a reliable measure of fair value is no longer available for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
## 3.9. **Investments**
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Page 15
## **Charles Williams Charity Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
## 3.10. **Cash and Cash Equivalents**
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
## 3.11. **Financial Instruments**
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
## 3.12. **Defined contribution plans**
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
## 4. **Income from Donations and Legacies**
|Grants
. **Investment Income**
Bank interest receivable
Dividends from investments|**2025**
**Restricted**
**funds**
**£**
-|**2024**
**Restricted**
**funds**
**£**
8,665|
|---|---|---|
||**2025**
**Unrestricted**
**funds**
**£**
193
188,915|**2024**
**Unrestricted**
**funds**
**£**
529
184,943
185,472|
||189,108||
## 5. **Investment Income**
Page 16
## **Charles Williams Charity Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
## 6. **Other Income**
|Rental and other income from property
Other income|**2025**
**2024**
**Unrestricted**
**funds**
**Unrestricted**
**funds**
**£**
**£**
200
-
3,610
3,845
3,810
3,845|
|---|---|
## 7. **Analysis of Expenditure**
|Charity school insurance costs
Repairs and maintenance of the Charity School
Hardship Grant
Other grants and book costs
Wages and pensions – see note 9
Office costs
Bank charges
Support costs – Independent examiner’s fee
Support costs – payroll bureau and accountancy
Support costs – professional fees
Investment management fee|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Endowment**
**Funds**
**Total Funds**
**2025**
**£**
**£**
**£**
**£**
27,356
–
–
27,356
44,926
1,300
–
46,226
10,413
–
–
10,413
10,236
–
–
10,236
21,649
–
–
21,649
1,251
–
–
1,251
99
–
–
99
3,180
–
–
3,180
1,757
–
–
1,757
1,076
–
–
1,076
6,922
–
33,110
40,032
128,865
1,300
33,110
163,275|
|---|---|
|Charity school insurance costs
Repairs and maintenance of the Charity School
Higher Education grants
Grants to the Charity School
Other grants and book costs
Wages and pensions – see note 9
Office costs
Bank charges
Support costs – audit fees
Support costs – payroll bureau and accountancy
Support costs – legal fees
300th year celebration costs
Investment management fee|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Endowment**
**Funds**
**Total Funds**
**2024**
**£**
**£**
**£**
**£**
26,182
–
–
26,182
52,651
7,365
–
60,016
300
–
–
300
1,300
–
–
1,300
13,136
–
–
13,136
20,577
–
–
20,577
670
–
–
670
106
–
–
106
6,510
–
–
6,510
821
–
–
821
4,328
–
–
4,328
3,167
–
–
3,167
5,664
–
31,687
37,351
135,412
7,365
31,687
174,464|
|---|---|
Page 17
## **Charles Williams Charity Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
## 8. **Independent Examiner's Remuneration**
|Independent examination of the financial statements
Audit of the financial statements|**2025**
**2024**
**£**
**£**
3,180
-
-
6,510|
|---|---|
||3,180
6,510|
## 9. **Staff Costs**
Staff costs were as follows:
|Wages and salaries
Other pension costs|**2025**
**£**
20,656
993
21,649|**2024**
**£**
19,631
946
20,577|
|---|---|---|
No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.
## 10. **Average Number of Employees**
Average number of employees during the year was: 1 (2024: 1)
## 11. **Tangible Assets**
|1.
**Tangible Assets**||
|---|---|
|**Cost**
As at 1 November 2024
As at 31 October 2025
**Depreciation**
As at 1 November 2024
As at 31 October 2025
**Net Book Value**
As at 31 October 2025
As at 1 November 2024|**Land &**
**Property**
**Freehold**
**£**
**Fixtures &**
**Fittings**
**£**
**Total**
**£**
2,850,000
5,498
2,855,498|
||2,850,000
5,498
2,855,498|
||-
5,498
5,498|
||-
5,498
5,498|
||2,850,000
-
2,850,000
2,850,000
-
2,850,000|
Page 18
## **Charles Williams Charity Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
## 12. **Investment Property**
|2.
**Investment Property**||
|---|---|
||**2025**|
||**£**|
|**Fair Value**||
|As at 1 November 2024 and 31 October 2025|30,725|
The majority of the land held within investment property was valued by Cooke & Arkwright at 1 November 2015. The Trustees do not believe that the valuation has changed significantly since this date.
## 13. **Investments**
|**Cost or Valuation**
As at 1 November 2024
Additions
Disposals
Revaluations
As at 31 October 2025
**Provision**
As at 1 November 2024
As at 31 October 2025
**Net Book Value**
As at 31 October 2025
As at 1 November 2024|**Cash & Cash**
**Equivalents**
**£**
**Listed**
**£**
**Total**
**£**
41,094
6,050,217
6,091,311
5,227
1,537,475
1,542,702
-
(1,556,103)
(1,556,103)
-
660,400
660,400|
|---|---|
||46,321
6,691,989
6,738,310|
||-
-
-|
||-
-
-|
||46,321
6,691,989
6,738,310
41,094
6,050,217
6,091,311|
Fixed asset investments are held at fair value in accordance with FRS102 SORP. The fair value is based on current market value and is determined with reference to the portfolio managed by Evelyn Partners Investment Managers.
## 14. **Debtors**
|4. **Debtors**||
|---|---|
|**Due within one year**|**2025**
**2024**
**£**
**£**|
|Other debtors|97,374
27,494|
During the year, the charity acted as an agent in administering the Voluntary Aided Urgent Capital Repairs 2024/25 grant on behalf of Charles Williams CiW Primary School. During the year, the charity paid £268,559 in respect of project costs, of which £203,580 was reimbursed by Newport City Council.
These amounts have not been recognised as income or expenditure in the Statement of Financial Activities, as the charity has no entitlement to the grant funding and no discretion over the use of the funds. The balance outstanding at the year end is included within debtors.
At the year end, £64,979 (2024: £nil) was owed to the charity by Newport City Council in respect of project costs incurred but not yet reimbursed.
Page 19
## **Charles Williams Charity Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
## 15. **Creditors: Amounts Falling Due Within One Year**
|Other creditors
Taxation and social security
Accruals and deferred income|**2025**
**£**
2,016
224
26,171
28,411|**2024**
**£**
973
155
44,819
45,947|
|---|---|---|
## 16. **Pension Commitments**
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund.
During the year the charge to the statement of financial activities in respect of defined contribution schemes was £993 (2024: £946).
At the statement of financial position date contributions of £152 (2024: £nil) were due to the fund and are included in creditors.
## 17. **Movement in Funds**
|7. **Movement in Funds**|||||
|---|---|---|---|---|
|**Unrestricted funds**
General:
General unrestricted fund
**Restricted funds**
V A urgent repairs
**Endowment funds**
Permanent:
Permanent Endowment
**Total funds**
**Unrestricted funds**
General:
General unrestricted fund
**Restricted funds**
V A urgent repairs
**Endowment funds**
Permanent:
Permanent Endowment
**Total funds**|**As at 1**
**November**
**2024**
**£**
1,132,347
1,300
7,920,768
9,054,415|**Income**
**£**
192,918
-
-
192,918|**Expenditure**
**£**
(22,426)
(1,300)
548,703
524,977|**As at 31**
**October**
**2025**
**£**
1,302,839
-
8,469,471
9,772,310|
||**As at 1**
**November**
**2023**
**£**
964,353
-
7,372,386
8,336,739|**Income**
**£**
189,317
8,665
-
197,982|**Expenditure**
**£**
(21,323)
(7,365)
548,382
519,694|**As at 31**
**October**
**2024**
**£**
1,132,347
1,300
7,920,768
9,054,415|
The expenditure column in the above tables represents the expenditure less the net gains on investments.
Page 20
## **Charles Williams Charity Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
## **General unrestricted fund**
Unrestricted funds are expendable at the discretion of the trustees in furtherance of the charity’s objects.
## **Permanent Endowment fund**
The permanent endowment funds must be retained and invested and represent the permanent endowment assets held within the charity. These permanent endowment assets are held to generate income that can be used to advance the objects of the charity.
## 18. **Transactions with Trustees**
None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.
No trustee expenses have been incurred.
## 19. **Related Party Disclosures**
When the charity was set up, two separate functions were established one for the school and the other for the Church and Road Estate and they are kept separate.
During the year, Charles Williams Charity received investment income totalling £1,865 (2024: £1,972) on behalf of the Church and Road Estate. Following movement in the year, at 31 October 2025, £1,864 was due to the Church and Road Estate (2024: £973) and is included in other creditors.
Page 21
**Charles Williams Charity Church and Road Estate Independent Examiner's Report to the Trustees of Charles Williams Charity Church and Road Estate For The Year Ended 31 October 2025**
I report to the trustees on my examination of the accounts of Charles Williams Charity Church and Road Estate (the Trust) for the year ended 31 October 2025.
## **Responsibilities and Basis of Report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent Examiner's Statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and contents of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## Kara Williams
## Kara Williams (Jul 2, 2026 21:05:15 GMT+1)
## **Kara Williams BSc BFP FCA**
Ellis Lloyd Jones Audit Limited 11 Park Square Newport NP20 4EL
Date 02/07/2026
Page 22
## **Charles Williams Charity Church and Road Estate Statement of Financial Activities For The Year Ended 31 October 2025**
|**Notes**
**INCOME AND ENDOWMENTS FROM:**
Investments
**EXPENDITURE ON:**
Charitable activities:
Repairs and adornment of the Church of St Cadoc's
**NET INCOME/(EXPENDITURE) BEFORE INVESTMENT**
**GAINS/(LOSSES)**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**23**
**24**
**29**|**2025**
**2024**
**Unrestricted**
**funds**
**Endowment**
**funds**
**Total**
**funds**
**Total**
**funds**
**£**
**£**
**£**
**£**
1,865
-
1,865
2,054|
|---|---|
||(258)
(539)
(797)
(15,719)|
||1,607
(539)
1,068
(13,665)
4,907
8,926
13,833
13,929|
||6,514
8,387
14,901
264|
||6,514
8,387
14,901
264
39,147
83,225
122,372
122,108
45,661
91,612
137,273
122,372|
The notes on pages 26 to 29 form part of these financial statements.
Page 23
## **Charles Williams Charity Church and Road Estate Comparative Statement of Financial Activities For The Year Ended 31 October 2025**
|**Notes**
**INCOME AND ENDOWMENTS FROM:**
Investments
**23**
**EXPENDITURE ON:**
Charitable activities:
**24**
Repairs and adornment of the Church of St Cadoc's
**NET EXPENDITURE BEFORE INVESTMENT LOSSES**
Net gains on investments
**NET EXPENDITURE**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**29**|**2024**
**Unrestricted**
**funds**
**Endowment**
**funds**
**Total**
**funds**
**£**
**£**
**£**
2,054
-
2,054|
|---|---|
||(15,205)
(514)
(15,719)|
||(13,151)
(514)
(13,665)
3,973
9,956
13,929|
||(9,178)
9,442
264|
||(9,178)
9,442
264
48,325
73,783
122,108
39,147
83,225
122,372|
The notes on pages 26 to 29 form part of these financial statements.
Page 24
## **Charles Williams Charity Church and Road Estate Statement of Financial Position As At 31 October 2025**
|**Notes**
**FIXED ASSETS**
Investments
**27**
**CURRENT ASSETS**
Debtors
**28**
**NET CURRENT ASSETS (LIABILITIES)**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS OF THE CHARITY**
Endowment Funds
Unrestricted Funds
**TOTAL FUNDS**
**29**|**Unrestricted**
**funds**
**Endowment**
**funds**
**£**
**£**
43,797
91,612|**2025**
**2024**
**Total**
**funds**
**Total**
**funds**
**£**
**£**
135,409
121,399|
|---|---|---|
||43,797
91,612
1,864
-|135,409
121,399
1,864
973|
||1,864
-
1,864
-|1,864
973
1,864
973|
||45,661
91,612|137,273
122,372|
||45,661
91,612|137,273
122,372|
|||91,612
83,225
45,661
39,147|
|||137,273
122,372|
On behalf of the board
## Julio Benavides
Julio Benavides (Jul 2, 2026 19:29:37 GMT+1) Kevin Davies (Jul 2, 2026 21:04:17 GMT+1) **Julio Benavides (Chair) Kevin Davies (Deputy Chair) Trustee Trustee**
Date 02/07/2026
The notes on pages 26 to 29 form part of these financial statements.
Page 25
## **Charles Williams Charity Church and Road Estate Notes to the Financial Statements For The Year Ended 31 October 2025**
## 20. **General Information**
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is School House, High Street, Caerleon, Newport, NP18 1AZ.
## 21. **Statement of Compliance**
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
## 22. **Accounting Policies**
## 22.1. **Basis of Preparation of Financial Statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "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) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011.
The charity is a Public Benefit Entity as defined by FRS 102.
## 22.2. **Going Concern Disclosure**
The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charity's ability to continue as a going concern.
## 22.3. **Significant judgements and estimations**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## 22.4. **Fund Accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
## 22.5. **Incoming Resources**
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.
## 22.6. **Resources Expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
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## **Charles Williams Charity Church and Road Estate Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
## 22.7. **Investments**
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably 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.
## 22.8. **Cash and Cash Equivalents**
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
## 22.9. **Financial Instruments**
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
## 23. **Investment Income**
|Bank interest receivable
Dividends from investments|**2025**
**2024**
**Unrestricted**
**Unrestricted**
**funds**
**funds**
**£**
**£**
-
82
1,865
1,972|
|---|---|
||1,865
2,054|
## 24. **Analysis of Expenditure**
|4.
**Analysis of Expenditure**||
|---|---|
||**2025**|
||**Activities**|
||**undertaken**|
||**directly**|
||**£**|
|Repairs and adornment of the Church of St Cadoc's|797|
Repairs and adornment of the Church of St Cadoc's
**2024 Activities undertaken directly £** 15,719
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## **Charles Williams Charity Church and Road Estate Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
## 25. **Staff Costs**
No salaries or wages have been paid to employees during the year.
No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.
## 26. **Average Number of Employees**
Average number of employees during the year was: nil (2024: nil )
## 27. **Investments**
|**Cost or Valuation**
As at 1 November 2024
Additions
Disposals
Revaluations
As at 31 October 2025
**Provision**
As at 1 November 2024
As at 31 October 2025
**Net Book Value**
As at 31 October 2025
As at 1 November 2024|**Cash & Cash**
**Equivalents**
**Listed**
**Total**
**£**
**£**
**£**
646
120,753
121,399
1,358
27,158
28,516
-
(26,085)
(26,085)
-
11,579
11,579|
|---|---|
||2,004
133,405
135,409|
||-
-
-|
||-
-
-|
||2,004
133,405
135,409|
||646
120,753
121,399|
## **Financial assets held at fair value**
Fixed asset investments are held at fair value in accordance with FRS102 SORP. The value is determined with reference to the portfolio managed by Evelyn Partners Investment Managers.
## 28. **Debtors**
|**Due within one year**
Other debtors
29.
**Movement in Funds**
**Unrestricted funds**
General:
General unrestricted fund
**Endowment funds**
Expendable:
Endowment
**Total funds**|**As at 1**
**November**
**2024**
**£**
39,147
83,225
122,372|**Income**
**£**
1,865
-
1,865|**2025**
**£**
1,864
**Expenditure**
**£**
4,649
8,387
13,036|**2024**
**£**
973
**As at 31**
**October**
**2025**
**£**
45,661
91,612
137,273|
|---|---|---|---|---|
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## **Charles Williams Charity Church and Road Estate Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
|**Unrestricted funds**
General:
General unrestricted fund
**Endowment funds**
Expendable:
Endowment
**Total funds**|**As at 1**
**November**
**2023**
**£**
48,325
73,783
122,108|**Income**
**£**
2,054
-
2,054|**Expenditure**
**£**
(11,232)
9,442
(1,790)|**As at 31**
**October**
**2024**
**£**
39,147
83,225
122,372|
|---|---|---|---|---|
The expenditure column in the above tables represents the expenditure less the net gains on investments.
## **General unrestricted funds**
Unrestricted funds are expendable at the discretion of the trustees in furtherance of the charity’s objects.
## **Endowment funds**
The permanent endowment funds must be retained and invested and represent the permanent endowment assets held within the charity. These permanent endowment assets are held to generate income that can be used to advance the objects of the charity.
## 30. **Transactions with Trustees**
None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.
No trustee expenses have been incurred.
## 31. **Related Party Disclosures**
When the Charity was set up, two separate functions were established, one for the school and the other for the Church and Road Estate and the funds are kept separate.
During the year, Charles Williams Charity received investment income totalling £1,865 (2024: £1,972) on behalf of the Church and Road Estate. Following movement in the year, at 31 October 2025, £1,864 was due to the Church and Road Estate (2024: £973) which is included in other debtors.
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