Charlty Registration No. 254012 DR & MRS CHADWICK'S REGISTERED CHARITY TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 DR & MRS CHADWICK'S REGISTERED CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Trust8ès Mrs D P Abboll Mrs J M B3rli)w Miss E Gelling Mrs K Hodgkiss evHKLane Mr l Tomkin Chalrman Mrs D P Abbolt Sècrètary Mr K M Brophy Charity Number 254012 Audltors Barfow Andrèws LLP Carlyle House 78 Chorley New Road Bolton BL1 4BY Banker5 The Royal Bank of Scottand PIC 24 Deansgale Bolton BL1 1BN Solicitors Fieldings Porter Silv6rwell Iqouse Silverwell Street Bolton BL1 1PT Agènts RPS Housing Limited Hamill Housè 112-116 Chortey New Road Bolton BL1 4DH DR & MRS CHADWICK'S REGISTERED CHARITY CONTENTS Page Trustees, report Independent auditor's report Slatem¢r)l of financi81 activities Balance sheet Slalement of cash flows Notes lo the accounts DR & MRS CHADWICK'S REGISTERED CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present thèir report and accounts for the year ended 31 Decembèr 2024. Th8 accounts have b86n prepa￿d in accordance with the acoounling policies sel out in note 1 to the financial slalements and comply with the Charity's Trust deed, the ChaT￿li&S Act 2011 and Ac¢ounting and Reporting by Charities.. Slalemenl of Rycomménded Practice applicable lo chaiitiès prepallng their a¢counls in accordance with the Financial Reporting Standard applicabl¢ in the UK and Republic uf Ireland IFRS 1021 lefleclive 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 d8led 12 May 1977 approved and established by the Charity Commission. Th6 object of the Charity is Ihe provision of houses for lelling on weekly tenancies to pèrsons ol good character who are in conditions of nèéd, hardship or distress. The Scheme daled 12 May 1977 directed that the Trusle8s shall establish and maintsin an Extraordinary Repair Fund for the purpose of providing for Ihe 8Xtraordinary repair, improvement or re-building of property. This is the Designated Fund referred lo in thè accounts and is unrestricted. On 5 January 1994 the Charity Commissioners directed Ihal the Extraordinary Repair Fund shall be maintained by the transfer lo it, out of the Charity's income. of such annual surn suffieient for the purposes of the Fund. On 23 January 1990 permission was granted by the Charity Commissioners lo sell the Peab(￿Y Street properties. Tlie Trustees have used tha procecds to purchase houses in Dorset Street in order to incre8sa the stock of family hous88 nearer lo the majority ol the exibling housing stock. On 28 May 2002 the Charity Commissioners approved a Scheme which enables the Trustees ID apply residual income for Ihe benèfit of the objects of The Chadwick Educational Foundation. The Trustees who seNed dunno the year were.. Mrs D P Abboll Mrs J M Barlow Miss E Gelling Mrs K Hodgkiss Rev H K Lané lappoinled November 241 Mr l Tomki The skill requirements for the Trust Body are r&viewed and any vacancy arising is filled by consensus amongst thé remaining Trustees lo meet the necessary criteria. The indu¢lic)n process lor any newly appointed Trustee eomprises an initial meeting with thè Chair followed by meetings wth the Secretary to the TrLJslees who provides 8 history ol the Trust, a ￿pY of the Deed, Trusl¥es minutes and explanalions as to the day lo day organisalion of the secretsri81 function. The nèw Trustee is giv8n oopies ol the relevant Charity Commission Guidaiice. All the Truslees of Dr & Mrs Ghadwick's Registered Charity are also Trustèés of th6 Chadwick Educational Foundation, a grant making charity for the benefit of Bolton schools, school children and students. Me81ings take place al16asl twice a year lo review the Charily'5 financial mallers and general operating management. The freehold endowment housing stock comprising 43 properties is registered al the Land Registry in the name ol The Official Custodian of Charities on behalf of Dr & Mrs Chadwick's Charity. The rÈmainino 67 endowment propertie5 and 11 unrè%tricted fund properties are leasehold and are also registered at th8 Land RegSstry in tha name of The Official Custodian of Charities on behslf of Dr & Mrs Chadwick's Charity. The Charily's investments are held in the names of Mrs D P Abboll and Mrs K Hodgkiss as nominee5. RPS Housing Limited has been delègated by the Trusiees lo deal with the day lo day management of the Charity. The principal off￿e of the Charity Is Hamill House, 112-116 Chorley New RoaQ. Bolton. BL14DH. DR & MRS CHADWICK'S REGISTERED CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEIWBER 2024 Risk Factors The Trustees have assessed the major risks 19 which thè Charity is exposed and have taken steps lo mitigate them, with public li23= £849,276). Reserves policy The Trustees are agreed that they will maintain sufficient funds in bank d6posils anil other readily accessible assèis lo meel normal rècurring exp&nditure for the following 12 months nonrecurrino expenditure likely to be incurred in this and the following 2 calendar years as idenlffied by rèports supplied by thair professional adlqsors a contingency equal lo 3 rent periods receipts There are no restrictions in the Charity's power to invest. The Trustees are therèfore governed by the Trustee Act 2000 which is ènshrined ID law a statutory duty of Care. Ethical considerations form part of the Trustees investmènt management process. This polioy is applied lo all classes ol assét under management Including securities, land and real estate. Plan5 for the future In ordèr to comply with tho Reserv8s Policy, the Tluslees have agreed to sell some of the Unrestricted Funds properties. The Trustee5 intènd lo continue lo maintain IhB houses lo a reasonable standard. The report from Galely Vinden Limited identified that roof raplacement will be needed lo thè houses whi¢h have not already been replaced wilhln the next live years and various other maintenance issues such as replacsmenl of all front and back doors and the inslallation of fans in the kitchens and balh¥ooms and th8 conlinualion ol upgrading the electrTC ttireuit boards. These will be funded from the increased resources allocated during the year lo the Extraordinary Repair Fund and the inci>me from the sale of the Unyèslricled Fund propert16S. Statgment of Trustees r8sponslbllltles The Trustees are responsible for proparing thè Trustees. Report and the financial slal8ments in accordance with applicable law and United Kingdom Accounting Standards including Financial Roportlng Standard 102.. Thè Financial Reporting Standard applicable in the UK and Republio of Ireland (United Kingdom Generally Accepted Accounting Pracllcel. The law applicable lo charities England & Wales requires the Trustees lo prepare financial slalemenls for each financial year which give a true and fair view of the stale of affairs ol the Charity and of the income and expendilure of the Charity lor that period. In prèparing these financial sialemenls, the Trustees a￿ required to- DR & MRS CHADWICK'S REGISTERED CHARITY TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 select suitable accounllng policies and Ihen apply them consistently., observe the methods and principles in the Charities SORP., make judgmanls and accounting estimates that are reasonablÉ and prudent., slate whether applicable accoullling standards have been followed, subject lo any material departU￿S disclosed and explained in the financial stalemenls. gnd prepare the financial slalemenls on the going concem basis unless it is inappropriate to presume that the Charily will continue in business, The Trustees are responsible lor maintaining proper accounting records which dlsclose with reasonablè accuracy at any time Ihe financial position of Ihe Charity and enable Ih¢m lo ensure that th8 financial slatem8Dls Gomply with the Charities Act 2011, Ihe Charily (Accounis and Reports) Ragulations 2008 and the provisians of the trust deedlconslilulion. They aTe also responsiblé for safeguarding the assets of th6 Charity and hence for taking reasonable steps for the prevention and detection of fraud and olhor irregularities. I declare in my Gapacity of Charity Trustee that.. the Twslees have approved the report above.. and have aulhorised me lo gign it on their behalf. rs D P Abbott Chairrnan DR & MRS CHADWICK'S REGISTERED CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DR & MRS CHADWICK'S REGISTERED CHARITY Opinion We have 2udiled the financial slalements of Dr & Mrs Chadwick's Regislared Charity for the year anded 31 December 2024 which comprise the statement of fiTran¢i81 aclivilies. the balanca shèèt, the statement ol Gash flows and notes to the financial slalemenls, including a summary of significant accounting policies. The financial r&porting framework that has been applied in their prèparation is applicable law and Unilpd Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financi85 R8t)orting Standard applicable in the UK and Republic ol Iieland (United Kingdom Generally Accepted Accounting Pra¢licg). In our opinion the financial slalements.. gSvo a true and fair view of the state of the charity's affairs as al 31 Dècember 2024 and of ils incoming resources and application of resources, for the year then ended: hav8 baen properfy pre￿red in accordance with the Unitèd Kingdorn Generally Accepled Accounting Practice., and have been prepared in a¢cordance with the requirements of the Charities Act 2011. Ba$ls for opinion Wè Conducted our audit in accordance with International Standards on ALJdiling IUKI IISAS IUKII and applicable law. Our responsibilities under those siandards are further described in Ihe Auditor's responsibililies lor the audit ol the fi'nancial slalernents section of our report. Wé are independent of the chartly in accordance with the ethical requirements that ar& relevant lo our audit of the financial slalemÉnts in the UK, including the FRC'S Ethical Standard, and we hava fulfilled our olher elhical responsibilities in accordance with these requirements. We believ8 that thè audit ewdenfje we have oblainod is sufficient 8nd appropriate lo pro￿de a basis for our opinion. Conclusions relating to going concer In auditing the financial &tdtem8nls, wè have concluded Ihal the Iruslees, use of Ihe going concèrn basis of accounting in the preparation of th8 financial slalements Is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that. individually or collectively, may cast significant doubt on the oompanls ability lo continue as a going concern lor a period ol al loasl twelve months from when the financial slalemenls are authorised for issu8. Our responsibilities and r88ponsibililies of the Iruslees with rÈspect to going collcern are described in tho relevant Sgclions ol this raport. Other Informalion The otlier information comprises the information included in the annual repori, other than the financial slalements and our auditor's report thereon. The Iruslees are responsible for th& other information contained within the 8nnual report. OLJr opinion on the financial 5talemellls d06s not cover the other inlormalion and, excepl to the extent otherwise explicitly slated in our repori, we do not express any form of assurance conclusion Ihér60n. Our responsibility is lo read the other inlormalion and, in doing SD, consider whether the other informalK)n is malcrially inconsis18nt with the financial statements or our knowlerfgp obtained in th8 oourse of the audit. or olherwiso appears lo bè materially misstated. 11 we idonlily such malerial inconsislencie5 or apparent material misstatements, we are required lo determine whether this gives rise lo a material misslalement in the financial slalemen15 themselves. If, based on the work we have performed, wa conclude that there is a malerial misslal8m$nl ol this other information, we are required to report that fact. We have nothing lo report in this rogard. Matters on which we arè required to raport by exoeption In light of tlie knowlédoe and understanding of thè charily and ils environmènt oblained in the Course Df the audit, we havè not idenlifiod mat8rial misststemenls in the Iruslèes, report. We have nothing lo report in respect of Ihe following matters in relation to which the Charities Act 2011 requires us lo report to you if, in our opinion.. adequ3le accounting records have not been kopl, or relums adequat8 for our audit have not been re￿iVed from branches not visited by us,. or the financial slalements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remun6ration specified by law are not made., or we have not received all the infortllallon and explanations w6 reouire for our 8udil. DR & MRS CHADWICK'S REGISTERED CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DR & MRS CHADWICK'S REGISTERED CHARITY Responslbilities of the Trustoes As explained more lully in the statement of Iruslees, responsibilities, the trustees are responsible for the préparation of the financial slatemenls and lor being satisfied that they give a true and fair view. and lor such internal ￿ntrol as the trustees determine is necessary lo enable the pr8paralion of financial statements that are free fron) material misslalemenl, whether due lo fraud or error. In preparing the linancial s(atemènts, the tru51ees are responslble for assessing the charity's abilily lo ci)nlinuÈ as a going concern, digclosing, as appliGable, mallers related lo going concern and using the going concern basis of accounting unless tho Iruslees eilh$r intend lo liquidate th8 charily or to ceas6 operations, or have no realistic alternative bul to do so. Audltor'8 r&sponsibilities for the audit of the financlal statements Our objeolives are to obtain reasonable assurallc8 aboul whether thÈ financial slalements as a whol8 are free from material mi4%tatemenl. whether due lo frdud or error, and lo issue an auditor's report that includes our opinion. Raasonable assurance is 8 high level of assurance, but is not a gusranlee that an audit conducted in dccurd2nce with ISAS IUKI will always d8t6Ct a malorial misslalèmènl when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence thè èconomic decisions of us8rs tsken on thè basis of these financial stslaments. Irregularities. including fraud, arg Instances of non-compli8nee with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misslalemènts in resp8cI of irregularities including frdud. Our approath to identifying and essessing the risks of material misstatement in rÈspeot of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. th6 engagement partner ensurgd that the engagement leam coller,livèly had the appropriate competenc¢, capabilities skills lo identify or recognise non-complian¢e with applicable laws and r8guldtlDns', we idenlili8d thè laws and iegulalion$ applicable lo the d)arity through dlscussions with trltstees and other management, and from our commercial knowledge and 8xperience of th8 charity sector,. we focused on spècific laws 8nd regulations which we considered may have a direct material effect on the financial slalemonls or the operations of the charity, including dala proleclion, employmfjnl, environmental and health and safety legislation. we assessed the extent of compliance with the laws and regulations identified abovo through making enquiries of mansuemenl and inspeclirig log41 correspondènce,. and idenliliad laws and regulation8 wtsre communicated within the audit team regularty and the team remained alert lo instances of non-complianee Ihroughoul the audit. We assessed thè susceplibilily of (he ch8ritls financial statements to material misslalemonl, including obtaining an und8rstanding of how fraud might occur, by". making enquiries of managem8nl as to where they considered there was susceptibilily lo fraud, their knowledgè of actual, suspecled and alleged fraud- and considgring the internal Controls in place lo mitigate risks of fraud and non-compliance with laws and regulations. To addrèss the risk of fraud thmugh management bias and override of controls. we: performed analytical procedures lo identify any unusual or unexpectéd relationships.. tested journal èntries to idenlify unusu81 transactions", and assessed whether judgèments and assumptions made in delErmining the accounting estimatès were indicativ8 or potential bias. In response la thé rlsk ol irregularities and non-compliance with laws and regulali¢)ns, we designed proc6dures which included, bul were not limited lo-. agreeing financial statemeTrl disclosures lo undgrlying supporting documenlation., reading the minutes of meetings of those chargèd wilh governance., enquiring of managem8nl as lo actual and potential liligation gnd e1aims,' and reviewing correspondence with relevant regulators and the company's legal adv(sors. Therc 8re inherent Ilmilalions in our audit procedures doscribed abové. The more removed Ihal laws and regulations are from financial transactions, the less like5y it is that we would become aware ol 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 th8 audil procedures required lo idsntify non-compliance with laws and regulallons lo enquiry of the trustees and olhgr management and the inspection ol regulatory and lègal ¢orrespondence. if any. Material misslalements that arise due lo fraud ¢an be harder lo detéct that those that arise from error as Ih¢y may involv¢ deliberate wncealmenl or collusion. A furthei description of our responsibilities for the audit of the finanGial statements is located on th8 Finsnci81 Reporting Council's wsbsile al.. www.fr¢.or .uklaudolorsres onsibililies. Thi5 description forms parl of our auditor's report. Use of our r8port This report is made solely to the charity's Iruslees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been Ljndertaken so that we might slalp to the eharily's Iruslees those malters we are required lo slate lo them in an audilorfs report snd lor no other purpose. To the lullesl extent pertnilled by law, we do not accept or assume r88ponsibilily lo anyone other than the charity and the ch¢irily's truslges ss a body, for our audit work, lor this report, or for the opinions we have furmed. David Kay {Senior Statut uditor) for and on behalf of Barlow Andrews LLP Chartered Accountants & Statutory Audltor Carloe House 78 Chorley New Road Bolton BL14BY Dale.......... Barlow Andrews LLP is eligiblè to act as an auditor in terms of s&ction 1212 of Ihg Companies Act 2006 DR & MRS CHADWICK'S REGISTERED CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unreslricted D8signated Endowment Funds Funds Funds Total 2024 Total 2023 Notes Income and endowmerts from- Income from investmènts 4.213 4,213 10,505 Charitable activitie5 683.462 683,462 622,469 Other incoming resources 200 200 40,935 Total income 687,875 687,875 673,909 Expendlture on: Charitable activities 447,864 248,669 696,533 719,927 Total expendlture 447,864 248,669 696,533 719,927 Net income l {expenditurel Unrealised Gains ILossesl on investments 240.011 1248,6691 18,6581 {46,C1381 10 43,018 43,018 19,097 Unrealised loss on disposal DI langibl fixed assets 14 {51,7971 Revaluation of tangible fixed assets 14 62,550 708,600 771,150 119,850 Transfers betwèèn funds Net movement in funds 302,561 1205,6511 708,600 805,510 41,132 Fund balances 811 January 2024 1,372,804 709.472 3,038,900 15.121,176 15,080,044 Fund balances at 31 D8C8mber 2024 1,675,365 503,821 13,747,500 15.926,686 15,121,176 The breakdown of thé 2023 figures belween the unreslricled and endowment funds are in nol8 19 on pages 18-21. DR & MRS CHADWICK'S REGISTERED CHARITY BALANCE SHEET AS A T 31 DECEMBER 2024 2024 2023 Notes Fixod Assets Tan9ible assèts Investrnenls 14 15,043,050 752,490 15.795,540 14.271,900 173.472 10 14.445,372 Current Assets Debtors 11 16.598 250,670 267,268 14,150 707,635 721.785 Cash al Bank 2nd in Hand 13 Current Liabilities Creditors 1136.122 145.9811 Net Current Assets 131,146 15,926,686 675,804 15,121,176 Total Net Ass8ts Thè Funds of the Charity Endowment Funds Endowment Funds Revaluation Resgrvè 660,570 13,086,930 660,570 12,378.330 13,747,500 13,038,900 D&signaled Funds Designated Funds Rewdlualion Reserve 16 361,774 142,047 610.443 99,029 503,821 709.472 Unreslricled Funds 16 974,153 701.212 734,142 638,662 Unreslricled Funds Revaluation Reserva 1,675,365 15,926,686 1.372,804 15,121,176 Total Charity Funds The accounts were approved by the Trustees on D P Abbott DR & MRS CHADWICK'S REGISTERED CHARITY STATEMENT OF CASH FLOWS AS AT31 DECEMBER 2024 2024 2023 Notes Cash flows from operating 8Ctivities Cash generated from operations 17 74,8Z2 198,8261 InvestSng activitlas Proceeds frotn sale of fixed assel 107,038 Purchas6 of investmènts Invèstmenl interest received {536.0001 4,213 10,505 Net cash (used inll generated from invèsting a¢tivitles 1531,7871 117,543 N&t Sncreaselld•creasel in cash and cash equivalents 1456.9651 18.717 Cash and cash gquivalenl brought forward 707,635 688,918 Cash and cash equivalent carried foThvaYd 250,670 707,635 DR & MRS CHADWICK'S REGISTERED CHARITY NOTES TO THE ACCOUNTS AS AT31 DECEMBER 2024 1 Accounting policigs 1.1 Basis of preparation The accoiinls have boen prepared in accordanae with the Charity's Trust deed, the Charities Acl 2011 and Accounting and Reporting by Chariliés.. Stal8ment ol Rernmmended Pia¢lice applicabl6 lo charilies prèparing their accounts in accordance with the Finanaal Reporting Standard applicabl6 in Ihe UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191 The Charity is a Public Benefit Enlily as defined by FRS 102. The accounts have departed from the Charities IAccounls and Reports) Regulations 2008 only lo the extent requlred lo providè a true and fair view. This departure has involved following the Slal8ment of Recommended Practic8 for charities applying FRS 102 issued in October 2019 ralher than the Accounting and Reporting by Charilios." Slalement of Recommended Practice effective from l April 2005 which has since been wiihdrawn. The accounts are prèpared in sterling, which is the lun¢tional currency of ihe Charfly. Monetary amounts in these financial statements ara rounded lo Ihe nearest £. Th6 accoun18 have been prepared under the historical cost convention modified lo include the revaluation of certain fixed assets, which are shown al market valuè. The accounts includ8 all Iransaclions, assets and lièbililies for which the Charity is reswn5tble in law. 1.2 Going concèrn Al th6 time of approving the accounls, the Truslees have a rèasonable 8xpectation that the Chaiity has adequate resources lo continue in opèr8tional existence for the foreseeable future. Thus, the Truslé8s continue lo adopt Ihe going concern basis of accounting in preparing the accounts. There are no material uncertainties about the Charity's ability lo ¢ontinue. 1.3 Funds Endowmènt funds are funds which the capital musl be maintainéd., only income arising from inveslmenl ol the èndowment may bs used either as reslri¢led or unr8stricled funds depending upon the purpose for whlch the endowm8nt was established. The Endowment Fund is the original monies given for th8 construction of the properties, t￿ether with the surplus on the disposals of the Peabody Street proptrrties which has been reinv8sled in properties in Dors8t Street, monies expended on Ihe conversionslmajor alleralions of a permanenl natur&, and unrealised gainslllossesl on properties. The DeSig￿5jted Fund is the Extraordinary Rapair Fund and is unreslricled. It was established by the Scheme dated 12 May 1977 to provide lor the Éxtraordinary repair, improvement and re-building of property. The Trustees consider the balan￿ of the fund lo be adequ¥le al this lim8. Unrestricted funds are funds which are expendable al thè discretion of Ihe Co-oplalive Trustees in furtherance of the objects of the Charity and is tho sum of th8 Charity's surplus income over the past 156 years. UnrÉalised gainslllossesl on investments including propérties purchased ￿ll1h surplus income are added to Isublracled from) the fund which held the asset. 1.4 Incoming resources These are included in the Statement of Financial Activities ISOFAI when.. 1. the Charity becomes legally enlilled lo the benefil of use of the resources., 2. an Inflow of economic b8nelil is probable.. and 3. the monetary value can be measured with suffi¢lenl reliahilily. Rgnts are included on the basis of recèipts during the year. To comply with thè Charities A¢1 2011 r9nls r6ceivab18 should be included. The Trustees do not consider this lo be prudent. Ronl paid in advance amounted lo £5,241 12023 £6,437), which has been inrluded and dèferred accordingly in thè aceounls. Al J1 December 2024 rent aryears amounlBd lo £20,24012023 - £26,740). Investment income is included on the basis of Inte￿51 receivabl8 in the yeai. DR & MRS CHADWICK'S REGISTERED CHARITY NOTES TO THE ACCOUNTS (CONTINUED) AS A T31 DECEMBER 2024 1.5 ResDurces expended Liabilities are recognised as soon as an ouiflow of economic benefit Is probablé. Govemanc6 costs in¢lude costs of the preparation and examination of slalutory accounts, Ihe costs ol Trusteès meetings and cost af any legal advice lo Iruslees on governance or conslilulional malters. All the govèrnance costs have been included in Char41able Aclivilias as a whole ralh8r than be apportioned. 1.6 Cash and ¢ash equivalents Cash and cash equivalents include cash in hand, deposits held at call with bBnks, other short-18rm liquid investments with original maturities of three months or less. and bank overdralls. 1.7 Fixed asset Inveslm6nts Fix8é asset investments are initially measured al Irans8clion priGe excluding transaction costs and are subsequently méasured al fair valLJe al each reporting dale. Changos in fair value are recognized in nel incom8llÈxpendilurel for the year. Transaclton costs are expensed as in¢tJrred. 1.8 Property The properties are valued ann(Eally. Properties subject lo a Protected T8nallcy are slated at 6DOA of vacant markèt value. Properties subject lo a Shorthold Tenancy are slated a190Yo of vacant market valu¢. Properties arè maintainèd primarily from current income. Extraordinary repairs 8nd improvemenls are funded firstly from current income and where necessary from IhÉ Extraordinary Repair Fund. The properties are maintained al a high standard and have 8 useful lrfe of at laasl 100 years. The propethes are held at lair valuè al the reporting end dale. Any su¥plus or delicil on r8valualion is recognised in Ihe Statemènt of Financi81 Aolivilies. 1.9 Financial instruments The Charity has elected to apply the provisions of SÉction 11 'B8sic Financial Instrumènls, and Section 12 '0ther Financial Inslrumenis Issuès, of FRS 102 to all of ils financial inslrumenls. Financial instruments are recognised in the Charity's b8lance shoel when thé Charity becomes party to the contractual provisions of the instrument. Finanual assets and liabililiÉs are offset, wth the nel amounts presented in th6 financial statements, when there is a 18gally enlurceablè right lo sel off Ihg recognised amounts and there is an inlentlDn lo sallle on a n8t basis or to ro24 638,662 99,029 12.378,330 13.116,021 Net gains on revaluations in year 62,550 43,018 7Q8,600 814,168 Unrealised gains at 31 Decembor 2024 701.212 142,047 13,086,930 13,930.189 17 Cash gen6rated from op8ralions 2024 2023 Net movem8nl in funds 805.510 41.132 Deduct investment income 14.213 110.5051 Deduct gainsladd back losses on fixed asset disposals 140.9351 Deduct gainsladd back Ioss8g on investments 143,0181 119,0971 Deduct revaluallon of fixed 8sséls 1771,1501 168,0531 Movement in working capital.. {Increasglld6crease in debtors 12,4481 823 IDecr8asellincrease in creditors 90,141 12,191} 74,822 198,8261 DR & MRS CHADWICK'S REGISTERED CHARITY NOTES TO THE ACCOUNTS (CONTINUED) AS AT31 DECEMBER 2024 18 Financial Commitments In October 2024 the Trugtées entered into a contract lolalling £501,961 with Haleslone Restoration Ltd for Ihts repointing and external cleaning of the walls of the houses on Halslead Street. The Trustees have concluded that not all conditions for rerognilion of the expenditure have been mel for the lull amount. and payments lotalling of £167,688 have been made during the year. The Trustees expect that tho conéitions in this agreement will be fullillpd over the course of the next yeai, The unrecognised value of this agreement is £334,273. They 21so entered into a eonlracl with Gdlely Vinden Limited lor £59,225 for the management of the project and a payment of £35,004 has been made. On completion ol the works a furthor £24,221 is due lo Gal8ly Vinden Limited. The Tru51ees, after the year end. agreed for additional works to also be carriad out totalling a further £249,969. The money lo fund these pairs will come from the Extraordinary Repair Fund. 19 Comparatlves for 2023 Statement of Financial Activities Unrestrlctèd Funds Designated Funds Endowment Funds Total 2023 Income and endowments from- Income from investments 10,505 10,505 Charitsble activities 622,469 622.469 OlheT incoming resources 40,935 40,935 Total Income 673.909 673,909 Expenditure on= Charitable activities 719,927 719.927 Total expenditure 719,927 719,927 Net incomè l èxpendlturé 146.0181 146,0181 Unrealised Gains ILogsèsl on investments Unrealised loss on dlsposal of tangiblè fixed assets 11 19,097 19,Og7 13 (51,7971 151.7971 Revaluation of tangible IIK8d assets 34,950 84,900 119,850 Transfers between funds 1536,0001 536,000 Net movement In funds 1598,8651 555,097 84,900 41,132 Fund balances al 1 January 2023 1,971,669 154,375 12,954,000 15.080,044 Fund balances at 31 December 2023 1.372,804 709,472 13,038,900 15,121,176 DR & MRS CHADWICK'S REGISTERED CHARITY NOTES TO THE ACCOUNTS (CONTINUED) AS A T31 DECEMBER 2024 19 Comparatives for 2023 contlnued Cash at bank and In hand Unrestricted tunds Designated funds Endowment funds Total Royal Bank of Scot18nd PIC 171,627 536.000 707,627 Furness BLJi1ding Society Cash 171,635 536,000 707,635 Analysls of net assets between funds Unrestricted funds Designated funds Endowmènt funds Total Fund balances at 31 December 2Q23 are represented by.. Tangible fix8d assets 1.233.000 13,038.900 14,271,900 Inveslmellls 173.472 173,472 Current assols 185,785 536,000 721,785 Creditors.. amounts falling due wlhin onè year {45,9811 145,9811 1,372,804 709,472 13,038,900 15,121.176 Unrealised gains included above.. On tangiblè fixed assets 638,662 12,378,330 13,016,992 On investments 99,029 99,029 638,662 99,029 12,378,330 13.116,021 Reconciliation of movements in unroalised gains Unr8alised gains al 1 January 2Q23 655,509 79,932 12.293,43CI 13,028,871 Nel gains on revaluallons in year {16,8471 19,097 84,900 87,150 Unrealised gains at 31 Decemb&r 2023 638,662 99,029 12,378.330 13,116,021 19 DR & MRS CHADWICK'S REGISTERED CHARITY NOTES TO THE ACCOUNTS (CONTINUED) AS AT 31 DECEMBER 2024 19 Comparatives for 2023 continued Tangible flxed assets Freehold land & buildings Shorthold Tenancies Endowment Fund Protected Tenancies Endowment Fund Shorthold Tenancies Unrestricted Fund Protected Tenancies Unrestricted Fund Totsl Cost & valuation Al 1 January 2023 5.140,350 1é5,600 5.305,950 Additions Rèvaluation Transfers Al 31 De￿mber 2023 5,140,350 165,600 5,305,950 At 31 December 2022 5,140,350 165,800 5,3Q5.950 Loasehold land & buildinys Shorthold Protected Tenancies Endowment FLEnd Shorthold Tenancies Unrestricted Fund Protected Tenancies Unrestrieted Fund Tenanci8S Endowment FuAd Total Cost & valuation Al 1 January 2023 5.974,650 1,673,400 1,246.050 69,$00 8,964,000 Additions 1117,9001 (117.9001 Revaluation 84,900 34,950 119,850 Transfers 169,800 1169,8001 69,900 169,90QI Al 31 December 2023 6.229,350 1,503.600 fj,233,000 8.965,950 Al 31 December 2022 5,974,650 1,673,400 1,246,050 69,900 8,964,000 The his10170al G051 of Ihe Endowment Fund properties at 31 December 2023 was £660.57012022 - £660,570). The historical cost of the Unresliicled Fund properties al 31 December 2023 was £594.33812022 - £660,441). The properties were valugd at their marksl values of £13.038,900 lor the Endowment Fund properti&s and £1,233,000 for the Unre51ricled Fund propp.rties al 31 December 2023 by Messrs Joseph Jackson & Sons Chartered Surv8yors giving a lolal value of £14,271,900. ThÈ valuations reflect the different lypgs ol lenaney and was 85.03'/0 of th8 open market valugtions. 20- DR & MRS CHADWICK'S REGISTERED CHARITY NOTES TO THE ACCOUNTS (CONTINUED) AS AT3q DECEMBER 2024 19 Comparativès for 2023 continued Movement in furtds Balance at 1 January 2023 Movèmènt in funds Balance at 31 December 2023 Funds Incomo Expenditure R&valualion Transfars Endowment Fund 12.954,000 84,900 13,038.900 Designated Fund 154,375 19,097 536,000 709,472 Ur¥restricled Fund 1.971,669 673.909 1719,9271 116,8471 {536,0001 1,372,804 Totsl Funds 15.080.044 673.909 1719,9271 87,150 15,121,176 A transfer has been mdde lo the Dégiqnaled Fund during the ygar amounting lo £536,OOC> to fund future major repair wurk such as roof replacem8nls lor the propèrties held by the Charity. statement of Cash Flows Notes 2023 Cash flows from operating activities Cash generated from operations Investing acliviliss Proceeds from sale ol investment {98,8261 107,038 Purchase ol investmen Investment interest received Not ￿sh lused inll generated Irom investing acllvilies Nel in¢reasel{decrease) in cash and cash equival8nls Cash and cash equivalent brought lonmard Cash and cash equivalènt carried f(xward 10.505 117,543 18,717 688,918 707,635 Cash generated from operations 2023 Net movement in funds 41,132 Deduct investmént income {10,5051 Deducl gainsladd back losses on fixed asset disposals {40,9351 Deduct gainsladd back losses on investments {19,0971 Dsducl revaluation ol fixed ass6ts 168.0531 Movement in working capital". Ilncrgase}Idacrease in d&blors 823 IDecrease)fincrease in credilot5 12,1911 198.8261