## **R E CHADWICK CHARITABLE TRUST**
**(Charity No 1104805)**
**Annual Report and Financial Statements** for the year ended 5 April 2022
## **R E CHADWICK CHARITABLE TRUST**
||**CONTENTS**||
|---|---|---|
|||Page|
|Trustees' Report||1 - 4|
|Independent Examiner's Report||5|
|Statement of Financial Activities||6|
|Balance Sheet||7|
|Notes to the Financial Statements||8 - 13|
|Schedule of Investments||14 - 18|
## **R E CHADWICK CHARITABLE TRUST**
## **Trustees' Report for the year ended 5 April 2022**
The trustees present their report for the year ended 5 April 2022.
## **Legal and administrative information**
|**Trustees**|Peter Robert Procter Chadwick|
|---|---|
||Esme Rosemary Knowles|
||Ann Louise Chadwick|
|**Registered address**|Hathenshaw Farm|
||Hathenshaw Lane|
||Denton|
||Ilkley|
||LS29 0HR|
|**Bankers**|CAF Bank Ltd|
||25 Kings Hill Avenue|
||Kings Hill|
||West Malling|
||ME19 4JQ|
|**Independent Examiners**|Christopher Darwin FCA|
||Thomas Coombs Limited|
||3365 The Pentagon|
||Century Way|
||Thorpe Park|
||Leeds|
||LS15 8ZB|
||Telephone: 0113 244 9512|
|**Investment Managers**|Rathbones|
||1 Curzon Street|
||London W1J 5FB|
||Telephone: 020 7399 0000|
|**History and Constitution**|The trust was created by a Trust Deed dated 28 April 2004 made by|
||Peter Robert Procter Chadwick, Esme Rosemary Knowles, Paul Cedric|
||Knowles and Ann Louise Chadwick.|
Investments totalling £561,899 were transferred in from the T P Chadwick 1989 Discretionary Settlement, together with cash of £1,090. Initial capital cash of £100 was also settled.
1
## **R E CHADWICK CHARITABLE TRUST**
## **Trustees' Report for the year ended 5 April 2022**
The following additional investments have been added:
|£49,114|March 2006|
|---|---|
|£100,897|June 2006|
|£22,650|January 2007|
|£108,800|December 2013|
|£139,800|February 2015|
|£417,136|February 2017|
|£209,610|March 2018|
|£146,880|February 2019|
|£143,880|January 2020|
|£167,220|December 2020|
|£267,393|December 2021|
Cash of £3,425 was also added in the year to 5 April 2007.
The Trust is registered with the Charity Commission (no 1104805).
The Settlement was established to make funds available for charitable purposes.
The Trustees must use the income and may use the capital of the Settlement in promoting the objects.
The trustees have chosen an accounting reference date of 5 April to coincide with the tax year and facilitate the efficient repayment of any income tax suffered.
2
**R E CHADWICK CHARITABLE TRUST**
## **Trustees' Report for the year ended 5 April 2022**
## **Aims and activities**
Donations are made at the discretion of the trustees.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in setting the grant making policy for the year.
## **Investment management**
The charity's investment portfolio is managed on a discretionary basis by Rathbones.
The investments are managed so as to obtain a balance between income and capital growth. The investments comprise a balanced portfolio of equities, with a medium risk profile, fixed interest investments and cash.
There are no specific restrictions other than the investments should be suitable for trusts.
## **Trust reserves**
The trustees aim to keep a level of liquidity within the trust's assets and year on year will donate the surplus income of the trust. The income producing investments are maintained to generate future income.
## **Trustees' responsibility for the financial statements**
Charity law requires the trustees of the charity to prepare a receipts and payments account and a statement of assets and liabilities for each financial year. The trustees have chosen instead to prepare accruals accounts and to prepare a Statement of Financial Activities and a Balance Sheet which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources.
In preparing the financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable 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 proper accounting records, which are sufficient to:
- show and explain the charity's transactions;
- disclose with reasonable accuracy at any time the financial position of the charity;
- enable them to ensure that any financial statements comply with the requirements of the Charities (Accounts and Reports) Regulations 2008.
3
## **R E CHADWICK CHARITABLE TRUST**
## **Trustees' Report for the year ended 5 April 2022**
The trustees 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.
Under the powers granted by the trust deed, investment brokers manage the investment portfolio and the investments are held for administrative convenience in a nominee account on behalf of the trust.
## **Financial activities and affairs**
Total income for the year under review amounted to £348,740 whilst total expenditure amounted to £82,701.
As a result, net income for the year amounted to £266,039. Other recognised net profits increased reserves by £219,196.
In consequence the overall net upward movement in funds amounted to £485,235 and this has been added to funds brought forward resulting in funds of £3,166,073 to carry forward at 5 April 2022.
During the year under review the charity acquired investments costing £482,784 and realised investments totalling £351,033 at 5 April 2022.
The market value of the charity's remaining investments amounted to £2,927,189 at 5 April 2022.
## **Key management remuneration**
There are no personnel employed by the Trust which act as key management other than the Board of Trustees.
No trustee of the society receives any remuneration or reimbursement of expenses in relation to participation in any of the activities of the charity.
## **Compliance with statutory requirements**
The Trustees' Report has been prepared in accordance with the provisions of the Charities (Accounts and Reports) Regulations 2008 and Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2015) issued in January 2015 by the Charity Commission.
## **Approval**
The trustees report was approved and signed by the trustees:
P R P Chadwick
Mrs E R Knowles
Mrs A L Chadwick
Dated:
4
**R E CHADWICK CHARITABLE TRUST**
## **Independent Examiner's Report to the Trustees for the year ended 5 April 2022**
I report to the charity trustees on my examination of the financial statements of the charity for the year ended 5[th] April 2022 which are set out on pages 6 to 18.
## **Respective responsibilities and basis of report**
As the charity’s trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all 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 aspect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
Christopher Darwin FCA
Dated:
## **Thomas Coombs Limited**
3365 The Pentagon, Century Way, Thorpe Park, Leeds, LS15 8ZB
5
## **R E CHADWICK CHARITABLE TRUST**
**Statement of Financial Activities for the year ended 5 April 2022**
|Income and endowments:
Donations and legacies:
Income from investments
Donated investments
Total income
Expenditure:
Direct charitable donations
Costs of raising funds:
Investment management fees
Administration fees
Irrecoverable tax deducted
Total expenditure
Net income before gains on investments
Other recognised gains and losses
Unrealised gains/(losses) on revaluation
Realised gains/(losses) on disposals
Net gains/(losses) on investment assets
Reconciliation of funds
Net movement in funds
Funds brought forward
Funds carried forward|Note
4
4
5
3
9
10
10|Unrestricted fund
2022
2021
£
81,347
66,949
267,393
167,220|
|---|---|---|
|||348,740
234,169|
|||69,050
52,860
10,234
8,561
1,231
1,083
2,186
2,050|
|||82,701
64,554|
|||266,039
169,615|
|||220,442
380,907
(1,246)
84,670|
|||219,196
465,577|
|||485,235
635,192
2,680,838
2,045,646
3,166,073
2,680,838|
6
## **R E CHADWICK CHARITABLE TRUST**
**Balance Sheet as at 5 April 2022**
|Note
Charitable fixed assets
Investments
6
Current assets
Cash at bank (CAF and Broker accounts)
7
239,957
Creditors: amounts falling due within one year
Accruals
8
1,073
Net current assets
Net assets
Funds
Total funds
10
Approved by the board of trustees on xxx and signed on its behalf by:
P R P Chadwick
Mrs A L Chadwick|239,957
1,073|2022
£
2,927,189
238,884|105,571
975|2021
£
2,576,242
104,596|
|---|---|---|---|---|
|||3,166,073||2,680,838|
||||||
|||3,166,073||2,680,838|
||||||
7
**R E CHADWICK CHARITABLE TRUST**
## **Notes to the Financial Statements for the year ended 5 April 2022**
## **1. Accounting policies**
## 1.1 Basis of accounting
R E Chadwick Charitable Trust is a Charity registered in England and Wales. The address of the registered office is given in the charity information on page 1 of these financial statements.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## 1.2 Income
Investment income is stated gross of any recoverable tax deducted and included in income only when payable by the organisation.
Other income is included in the financial statements on an accruals basis.
## 1.3 Expenditure
Donations are charged to the income and expenditure account in the year in which they are agreed.
Other amounts are included in the financial statements on an accruals basis.
## 1.4 Taxation
The charity is exempt from income and capital gains tax to the extent that income and gains are applied for charitable purposes.
8
**R E CHADWICK CHARITABLE TRUST**
**Notes to the Financial Statements for the year ended 5 April 2022**
## 1.5 Investments
Investments are stated in the balance sheet at their market value with annual gains and losses on revaluation being accounted for in the Statement of Financial Activities.
Both realised and unrealised gains and losses on investments are included in other recognised gains and losses within the Statement of Financial Activities.
Realised gains and losses on investments are calculated as the difference between disposal proceeds and carrying value at the date of disposal.
Carrying value is the sum of market value brought forward at the beginning of the accounting period and the cost of subsequent acquisitions.
## **2. Trustees' remuneration**
None of the trustees received any remuneration for their work as a trustee. The board of trustees represent the key management personnel of the charity.
## **3. Admin Fees**
|Accountancy
Bank charges|2022
£
2021
£
1,1,00
1,003
131
80
1,231
1,083|
|---|---|
Included within accountancy are fees for acting as an Independent Examiner.
|**Income from investments**
Investments listed on a recognised stock exchange or
consisting of collective investments:
Dividends
Dividends from unit trusts
Interest from UK companies
Interest from overseas companies
Dividends from overseas companies and unit trusts|2022
£
2021
£
48,914
37,150
6,481
4,317
750
3,746
7,292
5,119
17,910
16,617
81,347
66,949|
|---|---|
## **4. Income from investments**
Equity investments of £267,393 (2021: £167,220) were donated to the charity by Mr T P Chadwick.
9
## **R E CHADWICK CHARITABLE TRUST**
## **Notes to the Financial Statements for the year ended 5 April 2022**
## **5. Direct charitable institutional grants**
The following grants were made in the year to 5 April 2022.
||2022|2021|
|---|---|---|
||£|£|
|Addingham Community Library|-|500|
|Alzheimer's Society|1,000|1,000|
|Autistica|500|-|
|Awards for Young Musicians|1,000|-|
|Blood Cancer Trust|-|1,000|
|Breast Cancer Haven|-|-|
|British Heart Foundation|1,000|1,000|
|British Red Cross|1,000|1,000|
|Brodrick Trust|1,000|-|
|Camphill Village Trust|1,000|-|
|Candlelighters Trust|1,000|-|
|Care International UK|500|-|
|Cerebra|1,000|500|
|Christian Aid|1,000|1,000|
|Cool Earth Action|2,800|3,300|
|CPRE|500|-|
|Crisis UK|-|2,000|
|Culpeper Community Garden Association|500|-|
|Darlington & District Hospice|-|500|
|Diabetes UK|1,000|1,000|
|Emmaus Salford|1,200|1,200|
|Fairfield Environment Trust|2,000|-|
|Flourishing Families Leeds|1,500|1,000|
|Guts UK|500|-|
|Henshaws College|1,000|-|
|Inn Churches|-|1,000|
|Landmark Trust|1,000|-|
|Leeds Art Fund|1,000|1,000|
|Leeds Community Foundation|1,000|1,000|
|Leeds Diocesan Board of Finance|-|1,000|
|Leeds International Piano Comp.|-|1,000|
|Leeds Playhouse|-|1,000|
|Mancunian Way|1,200|1,200|
|Martin House Children's Hospice|1,000|1,000|
|Medicins Sans Frontieres|4,000|-|
|Mercy Ships UK|1,000|-|
|Middlesborough Food Bank|800|800|
|Mind - Leeds|-|1,000|
|Myaware|1,500|1,000|
|Newcastle University|1,000|-|
|Northern Ballet|1,000|1,000|
|Opera North|-|1,000|
|Parkinson's UK|1,500|1,000|
|Prostate Cancer UK|1,000|-|
|PSP Association|1,000|500|
|RABI|1,000|-|
|Recoop|3,500|1,000|
|Ripon Cathedral Development Campaign|-|500|
10
## **R E CHADWICK CHARITABLE TRUST**
## **Notes to the Financial Statements for the year ended 5 April 2022**
|RNIB
RNLI
Salvation Army
Samaritans - Leeds
SASH
SCAD
Shelter
Sightsavers UK
Sir George Martin Trust
Speakers for Schools
St George’s Crypt
St Mungos Community Housing Association
Sue Ryder Manorlands
Support Through Court
Swaledale Festival
TCV
Tearfund
The Landmark Trust
The Outward Bound Trust
The Save the Children Fund
The Trussell Trust
The Woodland Trust
UNHCR
Unicef
Weston & Denton PCC
Wharfedale District Scout Council
Women’s Aid Federation of England
Yorkshire Cancer Research Fund
Yorkshire Dales Millennium Trust
Yorkshire Museums and Gallery Trust
Yorkshire Wildlife Trust|2022
£
2021
£
1,000
1,300
500
-
1,000
1,000
500
1,000
2,000
-
-
1,000
1,000
-
-
500
50
60
-
1,000
1,000
1,000
1,000
-
-
500
1,000
-
2,000
-
-
1,000
-
1,000
-
500
1,000
-
-
1,000
1,500
1,000
1,000
1,500
2,000
5,000
1,000
-
5,000
1,000
-
1,000
-
500
1,000
-
1,000
500
-
500
1,000
-
69,050
52,860|
|---|---|
11
## **R E CHADWICK CHARITABLE TRUST**
## **Notes to the Financial Statements for the year ended 5 April 2022**
## **6.**
|**Investments**
Market value brought forward
Add: additions to investments at cost/donated value
Disposals at carrying value
Unrealised gain/(loss) on revaluation
Market value carried forward
At historic cost at 5 April|2022
£
2021
£
2,576,242
1,878,616
482,784
652,707
(352,279)
(335,988)
220,442
380,907|
|---|---|
||2,927,189
2,576,242|
||2,077,214
1,972,392|
All investments are listed on a recognised stock exchange, or consist of collective investments holding other investments which are listed on a recognised stock exchange, and are held within the following categories:
|UK fixed interest securities
UK Equities
Collective investments
Overseas equities
Overseas fixed interest securities|2022
£
2021
£
64,800
49,050
1,468,364
1,445,831
291,357
314,722
809,594
462,386
293,074
304,253
2,927,189
2,576,242|
|---|---|
All investments are held in nominee accounts, but in all other respects are considered to be directly held investments.
Details of individual investment transactions are shown on pages 14 to 18.
|**7.**
**Cash at Bank**
Rathbones:
-
capital account
-
income account
Charities Aid Foundation - bank account
**8.**
**Accruals**
Fees for preparing the accounts and Independent Examination:
Thomas Coombs Limited
**9.**
**Note of Historical Cost Income and Expenditure**
Historical cost income and expenditure|2022
£
2021
£
226,463
90,422
11,438
14,168
2,056
981
239,957
105,571
2021
£
2021
£
1,073
975
2022
£
2021
£
266,039
169,615|
|---|---|
12
**R E CHADWICK CHARITABLE TRUST**
## **Notes to the Financial Statements for the year ended 5 April 2022**
|Difference between historical cost gains arising from the
realisation of the investments and the actual profit/loss
calculated using carrying values
Unrealised (losses)/gains of investments
Movement in funds on Statement of Financial Activities|(1,246)
84,670
220,442
380,907
485,235
635,192|
|---|---|
## **10. Funds**
The fund comprises the original settled capital as adjusted for subsequent realised and unrealised investment gains and losses, together with the annual surpluses or deficits of income.
The trustees are able to apply capital and income for charitable purposes as they think fit and the accumulated fund has therefore not been allocated to separate income and capital funds.
13