Charity Reglstratlon No. 264012 DR & MRS CHADWICK'S REGISTERED CHARITY TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
DR & MRS CHADWICK'S REGISTERED CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Trustees rs D P Abbott Mrs J M Barlow Canon Dr C Bracegiidle Miss E Gelling Mrs K Hodgkiss Mr l Tomkin Chairman Mrs D P Abboll Secretary Mr K M Brophy Charlty Number 254012 Auditors Barlow Andrews LLP C8rlyle House 78 Chodey New Road Bolto BL14BY Banke15 The Royal Bank of Scollancl Pl¢ 24 Deansgal8 Bolton BL11BN Sollcltors Fieldings Porter Silvetwell House Silverwell Street Bolton BL1 IPT Agents RPS Housing Limited Hamill House 112-116 Chorloy New Road Bolton BL1 4DH
DR & MRS CHADWICK'S REGISTERED CHARITY CONTENTS Page Trustees, report Independent auditor's rèport statement of financial acliwties BalanGe sheet Statement of cash flows Notes lo the accounts 10-20
DR & MRS CHADWICK'S REGISTERED CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their ¥eport and accounts for the year ended 31 December 2023. The accounts have been prepared in accordance with the accounting policies sel out in note 1 to the financial slalemenls and comply with the Gharily's Trust deed, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their aGcounls in accordance with the Financial Reportsng Standard applicable in the UK and Republic of Ireland IFRS 102} leffeclive 1 January 20191" structure, governance and management The Charity was founded by Dr & Mrs Chadwick by a Deed dated 1 June 1868 and is subject lo a Scheme dated 12 May 1977 approved and established by the Charity Commission. The object of the Charity is the provision of h()uses for lelling on weekly tenancies lo persons of good chaiacler who aTe in Gondilions of need. hardship or distress. The Scheme d8led 12 May 1977 directed that the TrLJStees shall establish and maintain an Extraordinary Repair Fund for the purpose of providing for the extraordinary repair, improvement or re-building of property. This is the Designated Fund referred lo in the accounts anLf is unreslricled. On 5 January 1994 the Charity Commissioners directed that the Extraordinary Repair Fund shall be maintained by the transfer to it. out of the Charily's income, of such annual sum sufficient for the purposes of the Fund. On 23 January 1990 permission was granted by the Charity Commissioners lo sell the Peabody Street propertios. The Trustees have used the proceeds lo purchase houses in Dorset street in order to increase the stock of family house5 nearer to the majority of the existing housing stock. On 28 May 2002 the Charity Commissioners approved a Scheme which enables the Tfustees lo apply residual income for the benefit of the objects of The Chaifvlick Educational Foundation. The Trustees who seNed during the year were.. Mrs D P Abboll Mrs J M Bailow lappoinled 23 May 20231 Canon Dr C Bracegirdle Miss E Gelling Mrs K Hodgkiss Mr P d A Liplroll Irelired 23 May 2Q231 Mr l Tomkin The skill requirements for the Trust Body are reviewad and any vacancy aTising is filled by Consensus amongst the remaining Trustees to meet the necessary Grilelia. The induction pro¢ess for any newly appointed T¥ustee comprises an initial meeting with Ihe Chair followed by meetings with the Se¢rel8ry lo the Trustees who provides a history of the Trust, a copy of the Dee(J, Trustees minutes and explariations as lo the day lo day organisalion of the secretarial funcb'on. The new Trustee is given copie5 of the relevant Charity Commission Guidance. All the Tiuslees of Dr & Mrs Chadwick's Registered Charity are also Trustees of the Chadwick Educational Foundation. a grant making charity for the benefit of Bolton schools. schotsl children and students. Meetings lake place at least twice a year lo review the Charity's financial matters and general operating management. The freehold endowment housing slock comprising 43 properties is registered al the Land Registry In the name of The Official Custodian ol Charities on behalf of Dr & Mrs Chadwick's Charity. The remaining 67 endowment properties and 11 unreslricled fund properties are leasehold and are also registered al the Land Registry in the n8me DI The Official Cuslodian of Chaiilies on b¢half of Dr & Mrs Chadwi¢k's Charity. The Charity's investments are held in the names ol Mrs D P Abboll and Mis K Hodgkiss as nominees. RPS Housing Limited has been delegated by the Trustees lo deal with the day lo day management of the Charity. The principal office of the Charity is Hamill House. 112-116 ChoTley New Road, Bolton, BL140H. Rlsk Factors The Trustees have assessed the major risks to which the Charity is exposed and have taken Step5 to miligale them, with public liability and property insurance.
DR & MRS CHADWICK'S REGISTERED CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Related Partles All the Trustees ol Dr & Mrs Chadwick's Registered Charity are also Co~oplative Trustees of The Chadwick EdutIonal Foundation, a grant making charity for the benefit ol Bolton schools, school children and studenis. Oblectlves and activities Th? object of the Trust is the provision of housing for the poor of Bolton. The Trust owns 121 houses in The Haulgh area of Bolton on which il Charges rents between £101.25 and £122.88 per week based on the size of the property. Prospe¢live lenanls complete an application fomi and are interviewed by a sub-committee. Suitable tenants are then placed on a wailing list. The tenants generally remain for many years and vacancies are therefore not numerous. The Truslees buy suitable properties using surplus income to add to thu housing stock in the immediate area of the existing houses. Public benoflt statement The Charity'5 a¢livilie5 focus on thè objective lo provide disadvantaged people in Bolton with housing to improve their living wndibons and are undertaken to further the charitable purpose for the public ben&lil. The Trustees have paid due regard lo guidance issued by the Charity Commission in relation lo activities lor the public benefit in deciding what activities the Charity should undertake. Achievements and performance The Trustees held three meetsngs during the y$8r. In 2021 the Truste85 Gonsid?red the new regulations coming into force in 2025 regarding the EPC iatlng of renled accommodations. In 2022 EPC surveys were taken of most the properties. In most cases the properties a¢hieved C r81ing. Action was taken in respect ol the D ialed properties by adding loft insulalion and in some cases replacing the boiler. However, further a¢lion was required with the even numbered properties in Portugal Slreel. A surveyor was instructed and il was recommended that the roofs should be replaced to incorporate solar panels and a layer of insulation below, together with exlernal wall insulation for the end houses. The project was pul out lo lender atKS the work started in March 2023. After work was completed EPC ratings of C or above were achieved. The cost of EPC rating reports, replacement roofs. insulation and solar panels came lo £352,173 and was fundod from Unrestricted funds. The Government reversed their position with regard lo EPC ratings and the proposed regul81ions will not now be implamenled. During the year 2 new kitchens and 5 boilers were installed in the properties Extensive repairs are being undèrtaken at 2 properties which started towards the end of the year and the chimneys in May Sl were removed. At a meoling on 25 March 2022 il was decided that 11 Glosler Street would be pul up for sale. The Property sale was finally completed in February 2Q23. ivlonitorlng achievement The Trustees consider that rental arrears are controlled. Al 31 DecembeT 2023 the arrears were 4.21 % of the total rents colleclable12022- 3.82Dk). The void pertods are controlled 8nd kept lo a minimum. The demand for properties from prospective tenants remains buoyant. Flnanclal review The Trustees agreed lo not give a donation lo The Chadwick Educational Foundation. a grant making charity, due to the ongoing renovation project. Rental income for the year was £622,469. The rent arrears al 31 December 2023 were £26,740 which is an increasè of £5,242 on those at 31 December 2022. Rents are due every four weeks resulting in 13 rent periods during the year. Rents paid in advance at 31 Decembèr 2023 were £6.437 which is a decrease of £1.380 on last year. Sorne tenants prefer lo make payment of rent monthly rather than four-weekly which results in payments being in advance al the year end. There will be two rent days in September 2024 after which lime il is envisaged the rent in advance will be Considerably reduced. The Trusleas decided lo maintain a balance of £175,000 in the bank lo meet general maintenance. The excess over this amount IF536,000} was transferred lo the Extraordinary Repair Fund for future major projects such as roof replacement.
DR & MRS CHADWICK'S REGISTERED CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Extraordinary Repair Fund is invested CCLA units. A cheque for £536,000 was issued lo CCLA Its purchase further units in Dècember 2023, Unfortunately, Royal Bank Df Scotland failed lo honoLEr the cheque. The Charity has an ongoing cornplaint with Royal Bank of Scomand regarding this maller. The free reserves of the Charity al 31 December 2023 were £849,27612022.' £810,094). Resgtv8s policy The Trustees consider the amount of reserves necessary lo maintain the housing stock in good ordei. An amount of approximately c>ne year's ordinary expenditure and the Extraordinary Repair Fund are Considered adequate lo satisfy this requirement. Cash reserves are also need8d to purd)ase any suitable houses which come for sale in The Haulgh. There are no reslri¢lions in the Charity's PDwer to invest. Tha Trustees are Iherefore govern&d by the Trustee Act 2000 which is enshrined in law a stalulory duly Df care. Ethical considerations form part of the Truslees investment management process. This policy is applied lo a11 classes of asset under managem8nt in¢luding securities, land and real esl?le. Plans for the future The Trustees intend lo continue lo maintain the houses lo a reasonable standard. They have commissioned a report from Galely Vinden Limited lo identify lulure large-scale mainlen8nc& such as roof ieplacemenl. These will be funded from the inGreased resources allocated during the year to the Extraordinary Repair Fund. statement of Trustees responsibilities The Trustees are responsible for preparing the Trustees, Report arid the financial slalemenls in accordance with appliGable law and United Kingdom Accounting Standards including Financial Reporting Standard 102.. The Financial Reporting Standard applicable In the UK and Republic of Ifeland (United Kingdom Generally Accepted Accounling Praclicel. The law appllcable lo charities in England & Wales requires the Ttuslees lo prepare financial slalemenls for each financial year whi¢h give a true and fair view Df the slate of affairs of the Charity and ol the income and expenditure of the Charity for that period. In preparing these financsal slalemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP., make judgments and accounting eslimales that are reasonablè and prudent., stale whether appliGable accounting slandaids have been followed, subject lo any materlal departures disclosed and explained in the financial slatemenls. and prepare the financial statements on tha going concern basis unless il is inapproprlale lo presume Ihal the Charity wll ¢onlinue in business. The TrLJsle6s are responsible for maintaining proper a¢counlirig records which disclose with reasonable acGuraGy at any lime the financial position of the Charity and enable them ID ensure that the financial statements comply with the Charities Act 2011. the Charity {Accounls and Reports) RegLilalion8 2008 and the provisions of the trust deedlconslilulion. They are also respDnsible for $8f@guarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. I declare. In my capacity of Charity Trustee Ihal.. the Trustees have approved the report above.. and have aulhorised me lo sign il on their behalf. D P Abbott airman
DR & MRS CHADWICK'S REGISTERED CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DR & MRS CHADWICK'S REGISTERED CHARITY Oplnlon We have audited the financial slalèments of Dr & Mr8 Chadwick's Registered Charity for the year ended 31 Decemb&r 2023 which comprise the slalemenl of financial activities. the balance sheet, the slalement of cash flows and notes lo the fi'nancial slaterllenls, including a summary of significant accounting poli¢i@s. The financial reporting framowork that has been applied in their preparation is applicable law and United Kingdom Acwunling Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {Uniled Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slalemenls.. give a true and fair view of the slate of the charity's affairs as at 31 December 2023 and ol ils incoming resources and applicatson ol resources, for the year then ended., have been properfy prepar&d in accordance with the United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for oplnlon We conducted our audit in accordance with Inlemalional Standards on Audlllng IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's r&sponsibili118s lor the audit of the financial statements section of our report. We are independent of the charity in aGGordan¢e with the ethical requirem&nls that are relevant lo our audit of the financial slalemenls in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethi¢31 responsibilities in accordance with these requirements. We believe that thè aL¢dit evidence we have obtained is suflicienl and appropriate lo provide a basis for our opinion. Concluslon5 relatlng to golng concern In auditing the financial slalements, we have concluded that the Iruslees, use ol the golng concern basis of accounting in the preparation of the fin8nci81 statements is appropriate. Based on the work we have performed, we have not identified any rnalerial uncertainti8s relaling to evènts or conditions that, individually or collectively, may ¢asl $ignific2nt dDubl on the company's abilily lo continue as a going ¢oncern for a period of at least twelve months from when the financial statements are aUthoSed for issue. Our responslbllllles and responsibilities of the tiuslees with respect to gtsing concern are described in th& rtslevant sections of this report. Other informatlon The other inlormalion comprises the infDrmalion included in the annual report. other than the financial slalemenls and our auditor's report thereon. The Iruslees are responsible for the other inlormation contained within the arnnual r¥port. Our opinion on the financial slatemenls does not Gover the othe¥ information and, except to the èxtènt olhemtse explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo rtsad th& other information and. in doing so. Gonsider whether th¢ other information is materially inCDnsislenl with the financial slalemenls or our knowledgè obtained in the course ol the audit, or olherw¢se appears to be materially misstated. If we identify such material in¢onsislen¢ies or apparent material mlsstatemenls, we ale required lo determine whether this gives rise lo a material misslatemenl in the financial slalements themselves. If, bas?d on the work we have performed. we conclude that there is a material misstatement of Ihis other infomialion, we are required lo report that fact. Vve have nolhlng lo report this regard. Matters on whlch we are requlrod to report by exception In light of the knowledge and understanding of the charity and its environment obtained in the course tsf the audit. w8 have not identified material misslatemenls in the Iru51ees' report. Wtr have nothing lo report in r@spect of the following mallers in relation lo which the Charities Act 2011 requires us lo report lo you if, in our opinion.. adequate accounllng records have not been kept, or returns 8daquate for our audit have not been TeGeived from branches not visited by us. or the financial slalemenls are not in agreement with the accounting 16cords and returns., or certain disclosures of Iruslees, remuneration specified by law are not made., or we have not received all the information and explanations we requiro for our audit,
DR & MRS CHADWICK'S REGISTERED CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DR & MRS CHADWICK'S REGISTERED CHARITY Responslbllities of the Trustee$ As explained more fully In the statement of Irusle?s' responsibilities, the trustees are responsible for the preparation o* the financial slalemenls and for being saliBfied that they giv@ a true and fair view, and foi such internal control as the Iruslees deleimine is neGessary lo enable the preparation of finan¢ial slalemenls that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial slalemen15, the Irus1&6s are responsible for assessing the d)arity's ability lo Continue as a going concem, disclosing, as applicable, maller8 related lo going ¢on¢ern and using the going concem basis of accounting unless the IrLJslees either intend lo liquidate the charity or lo cease operations, or have no realistic allernalive but lo do so. Audltor's responslbllltles for the audit of the flnanclal statements Our objeclivos are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemènt, whèlhgr due to fraud or erior, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material tnisslalement when it exists. Misslalemenls can arise from fraud or error and are Considered material if, individually or in Ihe aggregate, they could reasonably be expected to infiuence the economic decisions of users taken on the basis of these financial 51alements. Irregularities, including fraud, are instancès of non-CDmpliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, lo dele¢l material misslalements in respect of irregularities including fraud. Our approach lo identifying 8nd assessing the risks DI material misstatement in respect Df irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team ¢olleclively had the appropriate competence, capabilities and skills to identify 01 r@cognise non-complian¢e with applicable laws and regulations., we identified the laws and regulations applicable lo the charity through discussions with Iruslees and other management, and from our Bommer¢ial knowledge and experience of the Charity se¢tor,' we focused on specific laws and regulations which we ¢onsidered may havè a direct material effect on the financial statements 01 the opeialions of Ihg charity, including data protection, employment. environmental and health and safely legislation. we assessed the exlenl of Gompliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence,. 2nd id8ntilied laws and regulations were communicated within the audit team regularly and the team remained alert lo instances ol non-compliance throughout the audit. We assessed the susceptibility of the charity's fi'nanGial staletnenls to material misstalemenl, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as lo wherè they considered there was sus¢eplibilily lo fr8ud, their knowledge of actual, suspected and alleged fraud-, and ¢onsidering the internal controls in place lo mitigate fisks of fraud and non-compliance with laws and regulations. To address the risk ol fraud through management bias and override of controls, we: performed analytical procedures lo identify any unusual or unexpeeled relationships., tested journal @nlries to identify unusual Iransaclions., and assessed whether judgements and assumptions made in detèrmining the accounting 8slimal&s were indicative or pc>lenlial bias. In rosponse lo the risk of iiregularilies and non-complian¢e wlh laws and wgulalions, we designèd procedures which included, bul were not limited lo.. agreeing financial statement disclosures lo underfying supporting documentation., reading the minutes Df meetings of those ¢harged wtlh gov8rnanc8'. enqLiiring of management as lo aclLJal and potential litigation and claims,. and reviewing correspondence with relevant regulators and the company's legal advisors. There are inherent limilalions in our audit procedurès described above. The more removed that laws and regulations are from financial Iransaclions, the less likely il is that we would be¢ome aware of non-compliance.
DR & MRS CHADWICK'S REGISTERED CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DR & MRS CHADWICK'S REGISTERED CHARITY Auditing standards also limit the audit proceduTes required lo identify non-compliance with laws and regulallons lo enqulry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misslatemenls that arise due lo fraud can be harder to delecl that those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Coun¢iS's website al.. ww.Irc.or .uklaudolorsres onsibililies. This description forms part of our auditor's report. Use of our report This rèport is made solely ID the charity's Iiuslees, as a body, in ac¢ordan¢e with Part 4 of the Charities IAc¢ounts and Reports) Regulations 2008. Our audit work has been undertaken so th81 wè might slate to the charity's Iruslees those mallers we are requi¥e(f lo slate lo them in an auditor's report and for no other purpose. To the lullesl exlenl permitted by law. we do not accept or assume responsibility to anyone oth8r than the charity and the charity's Iruslees as a body. for our audit work, for this report, or fo¥ the opinions we have formed. David Kay (Senlor Statuto ditorl for and on bohalf of Barlow Andrews LLP Chartered AGGot4lltants & Statutory Audltor Carlyle House 78 Chortey New Road Bolton BLI 4BY Barfow Andrews LLP Is ellglbl& lo act as an auditor in terms of section 1212 of the Companies Acl 2006
DR & MRS CHADWICK'S REGISTERED CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Designated Endowment Fund5 Funds Funds Total 2023 Total 2022 Notes Income and endowm8nts from: Income from investments 10,506 10,505 2,204 ChaTilable aGllvilies 622.469 622,469 563,740 Other incoming resources 40,93S 40,935 Total income 673,909 673,909 565,944 Expenditure on: Charitable aGtivilies 719,927 719,927 319,253 Total expondlture 719,927 719,927 319,253 Net Income I gxpenditure 146,018} 46.018 246,891 Unrealised Gains (Losses) on investments 11 19.097 q 9,097 115,2661 Unrealised loss on disposal of langiblo fixed assets 13 161,7971 51,7971 Revaluation of tsngiL4e fixed assets 13 34,960 84,900 119,860 1,331,400 Transfers between funds 1536,0001 536,000 Net movement In funds 1598,8651 555.097 84,900 41,132 1,562,826 Fund balances al 1 January 2023 1,971,669 154,375 12.954,000 15.080.044 13,517,218 Fund balances at 31 Decembèr 2023 1,372,804 709.472 13.038,900 1 $.121,176 15,D80,044 The breakdown of the 2022 figures between the unstriCted and endowment funds ar6 in no16 17 on pages 17-20.
DR & MRS CHADWICK'S REGISTERED CHARITY BALANCE SHEET AS A T31 DECEMBER 2023 2023 2022 Notes Fixed Assfrts Tangible assets Investments 14,271,900 173,472 14,445,372 14,269,950 154,375 14,424,325 11 Current Assets Debtors 14,150 707,635 721,785 14.973 Cash at Bank and In Hand 12 688.918 703.891 Curretr)t Llabllltles Creditors 10 145,9811 {48,1721 Nat Current Assets 675,804 655,7f9 15,080,044 Total Net Assets 15,121,176 The Funds of the CharSty Endowment FLJnds 15 660,570 660,570 12.293,430 Endowment Funds Revaluallon Reserv 12,378,330 13.038,900 12,954,000 Designated Funds Designated Funds Revaluation Reserve 15 610,443 99,029 74,443 79.932 709,472 154,375 Unreslricled Funds 15 734,142 638,662 1,316,160 655,509 Unrestricted Ftjnds Revaluation Reserve q.372,804 16,121,176 1,971,869 15.080,044 Total Charity Funds The accounts were approved by the Trustees on .2.3 D P Abbott
DR & MRS CHADWICK'S REGISTERED CHARITY STATEMENT OF CASH FLOWS AS A T 31 DECEMBER 2023 2023 2022 Notes Cash flows from operatlng activities Cash generated from operations 198,826 216,655 Investing actlvltles Proceeds from sale of fixed asset 107,038 Plirchase of investments Investment interest received 10,50S 2,204 Net cash (used in}1 genèrated from investlng actlvltl&s 117.543 2,204 Net increaselldecrease} In cash and cash equlvalents 18,717 218,859 Cash and ¢ash equivalent brought forvard 688,918 470.059 Cash and cash equivalent carrled forward 707,635 688,918
DR & MRS CHADWICK'S REGISTERED CHARITY NOTES TO THE ACCOUNTS AS A T 31 DECEMBER 2023 1 Accounting pollcles 1.1 Basis of preparatlon Thè accounts have been prepared in accordanc& with the Charitys Trust deed, lh8 Charities Act 2011 and "Accounting and Reporting by Charities.. Slalemenl of Recommended Practice appliGable lo charities preparing their 8cGounls in accordance with the Finanual Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 January 20191" The Charity is 8 Public Benefit Enlily as defined by FRS 102. The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required ID provide a true and lair view. This departure has involved following the Statement of Recommended PraGtiGe lor charities applying FRS 102 issueol in October 2019 rather than the Accountlng and Reporting by Charities.. Statement ol Recommended Practice effective from 1 April 2005 which has since been withdrawn. The accounts are prepared in steding, which is the functional Gurrency of the Charity. Monetary amounts in these rinancial statements are rounded lo the nearest £. The accounts have been prepareLI under the historical CDSI convention modified lo include the revaluation ol certain fixed assets, which are shown 81 market value. The accounts includè all Iransaclions, assets liabilities for which the Charity is responsible in law. 1.2 Golng concern Al the lime of approving the a¢¢ounls, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existenGe for the foreseeable future. Thus, the Trustees continue lo adopt the going concern basis of accounting in preparing the accounts. There are no material uncertainties about the Charity's ability lo contlnue. 1.3 Funds Endowment funds are funds which the capital musl be maintained., only income arising from investment of the endowment may be used either As reslricled or unrestricted funds depending upon tho purpose for which the endowment was established. The Endowment Fund is the original monies given for the ¢onslruclion of the properties, together with the surplus on the dispDsals of the Peabody Street properties which has been reinvested in properties in Dorsel Street, monies expended on the conversionslmajor alleralions ol a permanent nature, and unrtsalised gainsl{losses} on properties. The Designated Fund is the Extraordinary Repair Fund and is unreslriclecl. 11 was established by the Scheme dated 12 May 1977 to provide for the extraordinary repair. improvement and re-building of property, The Trustees consider the balance of the fund to be adequate al Ihls lime. Unreslricled funds are funds which are expendable al the discretion of the CTroplalive Trustees in furtherance of the objects of the Charity and is the sum of the Charity's surplus income over the past 155 years. Unrealised gainslllossesl on investments includlng properties purchased NvÈih surplus income are added lo Isublracled from) the fund which held the asset. 1.4 Incomlny resource5 These are included in the Slalement of Financial Activities ISOFAI when.. 1. the Charity becomes legally enti1Sed to the benelil of use ol the resources.. 2. an inflow of economic benefit is probable., and 3. the monetary value can be measured with sufficlenl reliability. Rents are included on the basis of recèipts during the year, To comply with the Charities Act 2C>11 rents receivable should bè included. The Trustees do not consider this to be prudent. Renl paid in advance amounted lo £6.437 12022 £7,817), which has been includèd and deletred a¢cordingly in the accounts. Al 31 December 2023 rent arr28rs amounted lo £26.74012Q22- £21,498). Investment incom? is included on the basis of interest receivsble in the year.
DR & MRS CHADWICK'S REGISTERED CHARITY NOTES TO THE ACCOUNTS (CONTINUED) AS AT31 DECEMBER 2023 1.5 R&sources expended Liabilities are recognised as soon as an oulllow ol trconomi¢ benefit is probable. Govèrnance costs indude costs of the prepaiation and examination of slalutory accounts, the costs of Trusl80s meetings and cost of any legal advice lo Iruslees on governance or constilulional rnalleTS. All the governance costs have been included in Charitable Activities as a whole rather than be appDrtioned. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-term liquid investments wth Ofiginal malurilies of threè months or less, and bank overdrafts. 1.7 Fixed asset Investments Fixed asset investments are initially tneasured at transaction price exduding transaction costs and afe subsequently measured at fair value al each reporting dale. Changes in fair value are recognized in nel incomel{expendilurel for the year. Transaction costs are expens&d a8 incurred. 1.8 Property The properties are valued annually. Propèrti&s subject lo a PrOtted Tenancy are $18led al 60¥0 of vacant market value. Properties subject lo a Shorthold Tenancy are slated al 90UA of vacant market value Properties are maintained primarily from current income. Exlraordlnary repairs and improvem8nlB are funded firslly from ¢urrenl income and where ne$sary from the Extraordinary Repair Fund. The properties are maintained al a high standard and have a useful life of at least 100 years. The properties are held al fair v81u& al the reporting and dale. Any surplu5 or deficit on revaluation is recognised in the Slalemenl of Financial Aclivilies. 1.9 Flnancial Instruments The Charity has e5ected lo apply the provisions ol Section 11 'Basic Financial Instruments, and Section 12 '01her Financial Instruments Issues, of FRS 10210 all of ils financial inslrumenls. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party lo the conlrattlual provisions of the instrument, Flnancial assets and liabilities are offset. with the nel amounts presented in the financial slalemenls, when there is a legally enforceable right lo sel off the recognised amounts and Ih8re is an ialenlion lo settle on a nel basis or to rpalise the asset and sellle the liability simultaneously. Basic flnancial as5et5 Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslilutes a financing Iransathon, where the Iranssclion is measured 81 the present value of the future receipts discounted al a market rale of inte$1. Financial assets Classified as receivable within one year are not amortised. Basic flnancial IITabilities Basic financial liabilities, including creditors and bank loans are initially recognlsèd al transaction price unless the arrangement conslilutes a financing Iransaclion, where the debt instrument 15 measured al the present value of the future payments discounted al a market rale of interest. Financial liabilities classified as payable wlhin one year are not amortised. Debt instruments are subsequently carried at amortlsed wst, using the effecllve interest rale method. Trade creditors are obllgalions lo pay for goods or services that have been acquired in the ordinary course of operalic>ns from supplieis. Amounts payable are classified as ¢urrenl liabilities if payment is due within one y&ar or less. l* not, they are presented as non-currenl liabilities. Trade creditors ale recognised initially at transaction price and subgequenlly measured al amortiged cost using the effective interest method. Derecognition of fiTnanolal liabilities Financial liabilities are derecognised when the Charity's conlraclual obllgalions expire or are discharged or cancelled,
DR & MRS CHADWICK'S REGISTERED CHARITY NOTES TO THE ACCOUNTS (CONTINUED) AS A T 31 DECEMBER 2023 2 Invèstment Income Total 2023 Total 2022 Interest receivable 10,SOS 2.204 3 Income from charitable actlvltles Total 2023 Total 2022 Rents 622.489 563,740 4 Other Incoming resources Total 2023 Totsl 2022 Nel gain on disposal of tangible fixed assets 40,935 S Expenditure on charliable activitles 2023 2022 Costs relating lo charitable activities comprise.. Legal and professional fèes 2,331 3.586 Structural survey reports (Unrestricted Fund) 11,880 3,785 Structural survey reports (Designated FLJndl 41.706 Ground rent 135 196 Property valuation fee 450 400 Insurance 34,805 35,359 Unoccupied house expensès 4,696 2,194 Agent commission 77.636 70,669 Repair and maintenance IUnreslri¢ted Fund) 672.249 145,852 Repair and maintenance IDesignal8d Fund) 95D Postage and stationery 245 264 Secretary's fee 10,751 10,278 Auditor's remuneration 4,590 3,732 Bank charyes 20 Sundry expenses 139 292 719,927 Governance costs includes payments lo the auditors of £4,59012022 £3,732) for audit fees and £O12022- £01 for other services. 319,253 12
DR & MRS CHADWICK'S REGISTERED CHARITY NOTES TO THE ACCOUNTS (CONTINUED) AS A T 31 DECEMBER 2023 6 Trustee5 None of the Tnjstees {or any persons connected with them) received any remuneration or benefits from the Charity during the year. 7 Employees l Kay Personnel RPS Hou8ing Limited has baen delegated by th6 Trustees lo deal with the day lo day management of the Charity, 8 Related partles All the Truste8s of Dr & Mrs Chadwick's Registered Charlly are also C(koplaliv8 Trustees of The Chadwick Educational Foundation. a grant making charity for the benefit of Bolton schoo15. school children and students. Due to the extensive renDvalion program which occurred in 2023, the Trustees ol Dr & Mrs Ghadwi¢k's Registèred Charity decided not lo give a donalic>n lo Chadwick Educational Foundation in 2023. 9 Debtors 2023 2022 Pfepaymenls and accrued income 14,150 14,973 10 Creditors 2023 2022 Trade creditors 885 257 Accruals and deferred income 45,096 47,915 45,981 48,172 11 Fixed asset Investments Deslgnated Incomp Investments Colf Accumulatlon Shares Market value a11 Jar4uary 2023 154,375 Disposals al opening book valuo Acquisitsons al cost Change in value in the year 19,097 Markèt value at 31 December 2023 173,472 Hlstorical cost.. Al 31 December 2023 74,443 Al 31 De¢embeT 2022 74.443 The Charity's investments are held in the names of Mrs D P Abbott and Mrs K Hodgkiss as riomine. 13
DR & MRS CHADWICK'S REGISTERED CHARITY NOTES TO THE ACCOUNTS (CONTINUED) AS A T 31 DECEMBER 2023 12 Cash at bank and In hand Unrgstrlcted funds Designated funds Endowment funds Total Royal Bank of S¢Dlland PIC 171.627 538,OOC> 707.627 Furness Bulldlng Society Cash 171,635 536,000 707,635 13 Tangible flxed assets Freehold land & buildings Shorthold TenanGie$ Endowment Fund Protected Tenancles Endowment Fund Shorthold Tenanclos Unrestrlcted Fund Protocted Tenancles Unrestrlctgd Fund Total Cost & valuation At 1 January 2023 5,140,350 165,600 5,305.950 Disposals Revaluation Transf8rs At 31 December 2023 5,140.350 165,600 S,305,950 Al 31 December 2022 5.140,350 165,600 5,305,950 Leasehold land & buildlngs Shorthold Tenancles Endowment Fund Protected Tènancles Endowment Fund Shorthold Tenancies Unrostrlcted Fund Protected Tenancles Unrestricted Fund Total Cost & valualiDn Al 1 January 2023 5.974.650 1,673,400 1.248,050 69,900 8,964.000 Disposals 1117,9001 1117,9001 Revaluation 84,900 34.950 119.850 Transfers 169,800 11 $9,800) 69,900 169,9001 At 31 December 2023 6,229.350 1.503,600 1.233,000 8,965,960 Al 31 December 2022 5,974,650 1,673,400 1,246,050 69,900 8.964,000 14
DR & MRS CHADWICK'S REGISTERED CHARITY NOTES TO THE ACCOUNTS (CONTINUED) AS A T 31 DECEIWBER 2023 The historical Gosl of the Endowment Fund properties al 31 December 2023 was £660,57012022 - £660,570). The historical cost ol the Unresliicled Fund properties at 31 December 2023 was £594,33812022 - £660,441). The properties were valued at their market values of £13,038.900 for the Endowment Fund prDperties and £1 233,000 for the Unreslricled Fund prtspèrti8s al 31 December 2023 by Messrs Joseph Jackson & Sons CharteTed Surveyors giving a total value of £14.271,900. The valuations r6flecl thg different types of tenancy and was 85.030h of the open market valuations. Al 31 December 2023, there were twanly Endowment Fund houses and no Unrestricted FU housès occupied by tenants who enjoy protected lenancies12D22- Iwenty-two Endowment, one Unrestri¢tedl. Aller 6 May 1997, new tenants have bean hous@d on shorthold tenancies. Al 31 Decèmber 2023 there were eighty- eight Endowment Fund houses and eleven Unreslricled Fund houses occupied by SLFch lenanls, 12022 eighty-six Endowment, len Unreslricledl and these houses have been valued at a percentage of open malkel value. Al 31 December 2023 ther& w?re two unoccupied Endowment houses and no Unreslricled house which has been valued al a perGenlage Df open market value12022 - two Endowm8nl, one Unreslrictedl. The frèehold endowment housing stock comprising 43 properties is registered at the Land Registry in the n8me of The Official Custodian ol Charities on behalf of Dr & Mrs Chadwick's Charity. The remaining 67 endowment properties and 11 unreslricled fund propetties are leasehold and are also registered 81 the Land Registry in the natlle of The OffiGial Custodian of Charities on behalf of Dr & Mrs Chadwick's Charity, 14 Analys1$ of net ass&ts between funds Unrestrlcted funds Deslgnated funds Endowment funds Total Fund balances al 31 December 2023 are represented by.. Tangible fixed assets 1,233,000 13,038,goo 14,271,900 Investments 173,472 173.472 Current assets 185,785 536.000 721.786 Creditors.. amoullls falling due within one year 145,9811 145,9811 1.372,804 709,472 13,038.900 15,121,176 Unrealised gains included above.. On tangible fixed assets 838,662 12,378,330 13.018,992 On investments 99,029 99,029 638,662 99,029 12,378,330 13,116,021 Reconciliation of mov?menls in unrealisod gains Unrealised gains al 1 January 2023 655,5r19 79,932 12,293,43Q 13,028,871 Net gains on revaluations in year 116,8471 19.097 84,900 87,150 unalISed galns at 31 Decèmber 2023 638,662 99.029 12,378,330 13,116,021 15
DR & MRS CHADWICK'S REGISTERED CHARITY NOTES TO THE ACCOUNTS (CONTINUED) AS A T 31 DECEMBER 2023 15 Movement In funds Balance at 1 January 2023 Movement in funds Balance at 31 December 2023 Funds Income Expenditure Revaluation 84,900 Transfers Endowment Fund 12,954.000 13,038,900 Designated Fund 154,375 19,097 536,000 709,472 Unraslricled Fund 1.971,669 e73,909 1719,9271 (18,847) 1536.0001 1,372,804 Total Funds 15,080.044 673,909 1719,9271 87,160 15,121.176 A transfer has beèn made lo the Designated Fund during the year amounting to £536.000 to fund future major repair work such as roof replacement5 for the properties held by the ChaTIIy. 16 Cash generated from operatlons 2023 2022 Nel movement in funds 41,132 1,562,826 DeduGI investment income (10.5061 12.2041 Deduct gainsladd back lossas on fixed asset cEisposals Deduct uainsladd back losses on investments 140,9351 119,0971 15,265 Deduct revaluatson ol fix assets 188,053) {1,331,4001 Movement in working capital.. Ilncreaselldecrease in debtors 823 11.2271 IDecreasellin¢r2ase in c¥editors 12,1911 126,6051 198,826} 216.655 16
DR & MRS CHADWICK'S REGISTERED CHARITY NOTES TO THE ACCOUNTS (CONTINUED) AS A T31 DECEMBER 2023 17 Comparativès for 2022 Statement of Finan¢lal Activltles Unrestricted Funds Deslgnated Funds Endowment Funds Total 2022 Income and endowments from.. IneL)me from investments 2,204 2,204 Charitable activities 563,740 563,740 Total income 565,944 565,944 ExpendiluTe on.. Charitable activities 276,597 42,656 319,253 Donation Total expenditure 276,597 42,e56 319.253 Nel income l expenditure 289,347 (42,65ei 246,691 Unrèalised Gains {Lossesl on investments 115,2851 115,2651 Revaluation of tangible fixed assets 120,150 1,211,250 1.331,400 Transfers bebNeen funds 142,6561 42,656 Nel moverllenl in funds 366,841 115,2651 1,211,250 1.562,826 Fund balances at 1 January 2022 1,604,828 16g,640 11.742,750 13,517,218 Fund balances al 31 December 2022 1,971,669 154,375 12.954,000 15,080,044 Cash at bank and in hand Unr8strictÈd funds Designatèd funds Endowment funds Total Royal Bank of Scotland PIC 484.965 484,965 Furnèss Building Society 203.945 203,94S Cash 688,918 688,918 17
DR & MRS CHADWICK'S REGISTERED CHARITY NOTES TO THE ACCOUNTS (CONTINUED) AS A T 310ECEMBER 2023 17 Comparativès for 2022 continued Tanglble lixed assets Freehold land & bulldlng$ stiorthold Tenancieg Endowment Fund Protocted Tenancies Endowment Fund Shorthold Tenancies Unrastricted Fund Protectsd Tgnancles Unrestricted Fund Totsl Cost & valuation Al l January 2022 4,675,950 150,60D 4,828,550 Additions Revaluation 464,400 1 5,000 479,400 TraNsfS At 31 December 2022 5.140,350 165,600 5,305,950 Al 31 December 2021 4,675,950 150,600 4,826,550 Leasehold land & buildlngs Shorthold Tenancles Endowment Fund Protected Tenancies Endowment Fund Shorthold Tenancies Unrestrlcted Fund Protected Tenancies Unrestricted Fund Total Cost & valuation At 1 January 2022 5.314,500 1,601,700 1,132,200 63,600 8.112,0 AddiliDns Revaluation 573,150 158,700 113.850 6,300 852,000 Transfers 87,000 187,0001 Al 31 December 2022 5.974,850 1,673,400 1,246,050 69,900 8,964,000 Al 31 December 2021 5,314,500 1.601.700 1.132,200 63,60 8,112.000 The hislori¢al cost of the Endowment Fund propertles al 31 December 2022 was £660.57012021 - £6eo,5701. Th8 historical Cost ol the Unrttslricled Fund properties al 31 December 2022 was £660.441 12021 - £660.4411. The properties were valued al their market values Df £12,954,000 for the Endowment Fund properties and £1,315,950 for the Unroslricled Fund propertles at 31 December 2022 by Me58rs Joseph Ja¢kson & S(>ns Chartered Surveyors giving a total value of £14,269,950. The valuations reflect the different types of len8ncy and was 84.36% of the open market valuations. 18
DR & MRS CHADWICK'S REGISTERED CHARITY NOTES TO THE ACCOUNTS (CONTINUED) AS A T 31 DECEMBER 2023 17 Comparatlv85 for 2022 contlnued Analysls of net assets betWè6n funds Unrestricted funds Deslgiiated funds Endowment funds Total Fund balances al 31 Dember 2022 are represented by.. Tangible fixed assets 1,315,950 12,954,000 14,269,950 Snveslments 154.375 154.375 Current assets Creditors.. amounts falling due wllhin one year 703,891 703.891 148.172) 148.1721 1,971,669 154,375 12,954,000 15,080,t144 Unrealised g8ins included above.. On tangible fixed assets 655,509 12.293.430 12,948,939 On investments 79,932 79,932 855,509 79,932 12,293,430 13,028,871 Reconciliation of movgmenls in unrealised gains Unrealised gains al 1 January 2Q122 535.359 95,197 11,082,180 11,712,736 Net gains on revaluations in yeaT 120,150 {15,265} 1.211,250 1,316,135 Unrealised gains 8131 DecembeT 2022 655,509 79,932 12,293,430 13,028,871 Movement in fun(Is Balance at 1 January 2022 Movement In funds Balance at 31 De¢ember 2022 Funds Sncoma Expenditure Revaluation Transfers Endowment Fund 11,742,750 1,211,250 12,954,000 Oesignaled Fund 169,640 142.6561 115,2651 42,656 154,375 Unreslricled Fund 1,604,828 565,944 1276,5971 120,150 142.6561 1,971,669 Total Funds 13,517,218 565,944 1319,2531 1,316,125 15.080.044
DR & MRS CHADWICK'S REGISTERED CHARITY NOTES TO THE ACCOUNTS {CONTINUEDI AS A T 31 DECEMBER 2023 17 Comparatives lor 2022 conllnued statement of Cash Flows Notes 2022 Cash flows from operating activities Cash generated from operations 216,655 Investing aclivilies Proceeds from sale of investment Purchase of investments Inveslrnenl interest receive 2.204 Net cash (used inll generated from Investing activities 2,204 Net increaselldècreasel in cash and cash equivalents 218.859 Cash and cash equivalent brought forward 470,059 Cash and cash equivalent carried forward 688.918 Cash generated from oporatlons 2022 Nel movement in funds 1,562,826 Deduct investment income 12,2041 Deduct gainsladd ba(* losses on investments 15,265 Deduct revaluation of flxed assets 11,331,400) Movement in working capital.. {Increase}Idecrease in debtors 11,2271 (Decreasellincrease in creditors 126,6051 216,655 -20-