REGISTERED CHARITY NUMBER: 1183248 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 FOR THE DAVIDGE USHER TRUST Shaw Gibbs IAudit) Limited Chartered Certified Accountants Stalulory Auditor Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ
THE DAVIDGE USHER TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Page Report of th• Twstoes 1 to 4 Report of the Independènt Audltors Statement of Financial Activities staternent of Flnanclal Posltlon ststement of Cash Flows 10 Notes to the Ststoment of Cash Flows Notes to the Financial Statements 12 10 20 Delalled Statement of Flnancial Actlvltles 21 to 22
THE DAVIDGE USHER TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026 The trustees present their r&rx)rt with the financial statements of the charity for the y8ar ended 31 March 2026. The trustees have adopted the provisions of AGcounling and Reporting by Charities.. Statement of R&¢ommended Practice applicable to charities preparfng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Repijblic of Ireland IFRS 1021 (effective 1 January 20191. OBJECTIVES AND ACTivillES Objectives and alms The objects of the Charty are.. 1. To fLJrther suth charitable purposes for the public benefit as are exclusively charitable according to Ihe laws of England and Wales as the Trustees may from lime lo time d8temiine in the Parish of Little Houghton in the county of Northampton. 2. The furtherance of the religious and other charitsble work of the Church of England in the county of Northampton. 3. The advancement of education for the public benefit in the county of Northampton and th8 Univ8rsty of Oxford. 4. The relief of sid(ness and protscticm of gcxxl heatih among people who are sick, convalesdng and disabled In the county of Northampton. 5. To further such ¢harilable purposes for the public benefit as a exclusive charitable according to the laws of England and Wales as the Trustees may from lime lo time determine in the county of Northampton. Public bonefit The main acts'vilies in relation to those purposes lor the public benefit show that the Trustees have made grants of £83,600 10 institutions during the wurse of thè year. The details of the grants are set out in th8 note5 of the financial statements. The Trust8es in making these grants have had regard lo the guidan issued by the Charity Commission on public tenefrt. ACHIEVEMENTS AND PERFORMANCE FINANCIAL REVIEW Flnancial positlon The Charity's financial position at the end of the period decreased by £510.056. A Surplus prior to gainsllossès 01 £240.339 was made, whth was then decreased by the decrease in valuation of thè investments in the period by £750.395. Invostment policy and oblgctives The Trustees have set a policy that the capital funds should be invested so as to rnaximi5e the total rern (capital gr plus income} wth a medium level of risk. Reserves policy The policy for holding reserves is to ulilise the property income in the maintaining. up keeping and upgradSng of the property portfolio, and the investment portfolio utilised for the purposes of making grants to institutions and individuals during the course of the period. Tho total value of the funds as at the period end, all of which are unr8Stricled is £36,681.306. FUTURE PLANS The Trustees intend lo c(x)tinue providing grants in a similar way to the recent past and retaining flexibility as to the tirning and scale of grant making. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Trust was established as a Charitable Incorporated OTganisation (CIO) on 3 May 2019. The company number of the CIO rogistered Imth Companies House is.. CE017387. Th8r8 are no specifiG restrictions imposed by the goveming document concerning thè way in which thè Trust can operate. The Trust Oeed autliorises its Trustees to invest it resources without restriction and to apply ils income and capital for the benefit of such Charitable institution or instituiions as they see fil. Page 1
THE DAVIDGE USHER TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026 STRUCTURE, GOVERNANCE AND MANAGEMENT The mèthod of appointment of Trustees The Board of Trustees is a self-appoirntsng board and no body is enlilled lo appoint Trustees. New Truste95 are nominated by members of ihe Board of Trustees and appointed by mutual agreement. When new Trustees are appointed they are given an introduction to the work Df the Trust and provi¢J&d with the information they need to fulfil their roles. Management ofthe Charity The Trustees meet quarterly to consider what grants they will make and to review any feedback that they hav8 received. Nominations for grants aTe handled by HCR Solicitor5. Day lo day running and management of the charity and properties is provided by Fisher Gemian LLP, the Land Agents. Risk management The trustees have a duty to identify and review the risks lo which the charlty is exposed and to ensure appropriate contro15 are in place lo provide reasonable assurance against fraud and error. The main risk5 that the Tnjst faces relate to the property and investment portfolios. These risks are reduced by engaging professional agents to manage the property porttolio and holding a diversified portfolio of investments and tsking advice from appointed stockbrokers. REFERENCE AND ADMINISTRATIVE DETAILS R&gistered Charity number 1183248 Prln¢ipal address o Fisher German LLP Innovation House Welland Business Park, Valley Way Market Harborough Leicestershire LE16 7PS Trustees D J Smith M S Arrowsmith R Arrowsmiih Mr5 M P RJames Mrs C U Usher R G Allinson B M 8erridge Audltors Shaw Gibbs (Audit) Limited Chartered Certified Accountants Slalulory Auditor Eagle House 28 Billing Road Northampton North8mptonshire NN1 5AJ P&ao 2
THE DAVIDGE USHER TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026 REFERENCE AND ADMINISTRATIVE DETAILS Solicitors HCR Lancaster House NLbnn Mills Road Northampton NN1 5GE Bankers CCLA 85 Queen toria Street Lon(Jon EC4V 4ET Land Agents Fisher Geman LLP Innovation House Welland Busines5 Park Valley Way Market Harborough Leicestershire LE16 7PS Stockbrokers RBC Brewin Dolphin Ltd 12 Smilhfield Street London EC1A 9LA STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United lfj'ngdom Accounting Standards (United Kingdom Generally A¢¢epted ACcn'n9 Practi¢el- Charity law requires the trustees to prepare financial statements for each financial year. Under that law. the trustees have eleded to prepare th8 financial statements in accordan with United Kingdom Generally Accepted Accounting Practice Iunrfted Kingdom Accounting Standards and applicable lawl. Under charity law the Iruslees must not approve the financi81 Statements unless they are satisfied that they give a true and fair view of thè state of affairs of the charity and of the incoming resources and application of resources, Including the income and expenditure, of the charity for that period. In preparing those financial slalemgnts, the trustees are required lo select suitable accovnling pdicies and th8n apply them con$islenlly', observe the methods and prinoples in Ihe Charities SORP- make judgements and estirn?tes that are r8asonabla and prudent., state whether applicable accounting standards have been followed. subject to any materfal departures disclosed and explained in the financial ststements.. prepare the financial Statements on the going concem ba515 unl8ss it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclosg With reasonable accuracy at any lime the financial position of the charity and to enable them lo ensure that the financial ststements comply with the Charities Act 20118nd The Charity IA¢¢ounts and Reports) Regulations 2008. They are also responsible for safegLJarding the assets ol the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
THE DAVIDGE USHER TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026 Awrcwed by c*der of the boar¢1 of trustee$ on ................. ... .. . 8nd sned on its beham by.. D J SmfÉh- Trustee Pagè 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE DAVIDGE USHER TRUST Oplnion We have audited the financial statements of The Davge Usher Trust {the '¢harity'l for the year ended 31 March 2026 which comprise the Statement of Financial Activities. Ihe Stslemenl of Financial Position, the statement of Cash Flows and notes lo the financial statements, including a summary of significant aCtUnting policies. The financial reporting fiamewod( that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the fi'nancial ststements-. give a true and fair view of the state ofthe charity's affairs as at 31 March 2026 and of its incoming resourees and application of resources, for the year then ended: have been properly prepared in accordance with United ngdoM Generally Accept8d Accounting Practice. 8nd have been prepared in accordance wth the requirements of the Charities Act 2011. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK} IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of OUT report. We are independenl of the charity in accordance with the ethical requirernents th81 are relevant lo our audit of the financial stslements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities irb accordan with these requirements. We believe that the audit evidence we hava obtained is sufficient and appropriate lo provide basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded thal the trusl8es' use of the going concern basis of accounting in the preparation ol the financial stslements is appropriate. Based on the work we have performed, we have not identified any malertal unrtainlieS relating to events or conditions that. individually or collectively, may cast significant doubl on the charity's ability to continue as a goirig con¢ern for a period of at least twelve months from when the financial slalements are authorised for issue. Our responsibilit$ and the responsibilities of the trnstees with Spect to going concem ore described in the relevant section5 of this report. Other information The trustees are responsible for the other infomialior). The other information comprises the information included in the Annual Report, other than the financial statemènts and our Report of the Independerrt Auditors thereon. Our opinion on the financial stslements does not cover the other infomiation and. except to the extent otherwise explicitly stat8d in our report, we do not express any form of assurance ¢onclusion Ihereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenNise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives r4se to a material misststement in th& financial slalements themselves. If, based on the woik we have perforrned, we conclude th8t there is a material misstatement of this other infom)ation, we are required to report that fact. We havg nothing lo report in this regard. M8ttèrs on whlch we are requlred to report by ex¢eptlon We have nothing lo report in respect of the following matters where the Charits'es (Accounts and Rgportsl Regulations 2008 requi$ us to report to you if, in our opinion.. the information given in the Report of the Trustees is Inconsistent in any material rospect with the financial statements- or suffi¢ient accounting reccwds have not been kept., or the financial statements are not in agreement with Ihe aecounting records and returns., or we have not received all the information and explanations we require for our audit. Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE DAVIDGE USHER TRUST Re5ponsibllltl•s of trustees As explained more fully in the Statement of Trustees. Resp)nsibiif(ies, the trustees are responsible for the eparation of the financiol statsments which give a true and fair view, and for such internal control as the trustees determine Is necessary lo enable the pr8paration of financial statements that are free Irom material mlsstatement, whether due to fraud or error. In preparing the financial statemenls, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosirg, as 8pplicable, mat18rs relaled to going concern and using the going concam basis Df accounting unless the trustees either Inten(J tg liquidate the charity or to C8a5e operations, or have no realistic altemative but lo do so. Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report In accordance with the Act and relevant regulations made or having effect Ihereunder. OUT objectives are lo obtain reasonable assurance about whetherthe financial statements as a whole are free from material misslalement, whether due to fraud or error, and to issue a Report ol the Independent Aud5tors that includ8s OUT opinion. Reasonable assurance is a high level of a85Utance, but is not 2 guarantee that an audft Conducted in accordance with ISAS IUK} will 8lways detect a malefial misstatement when it exists. Misstatements Can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisiDns of users taken on the basis of these financial slalements. The extent to which our procedures are capable of detecting irregularities, including fraud is detaileé below.. We obtained an understsllding ol the legal and regulatory frameworks within which the charity operate5, focusing on those laws and regulations that hove a dire¢t effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in thi5 context were the Charities Act 2011, United Kingdom Genemlly Accepted Accounting Practice and relevantTaxation legislation. We identified the greatest risk of material impact on the financial statements from irregularitl8s, including fraud, to be the override of conlTols by management an(S the understatement of revenue. Our audit procedures to respond to these risks included enquiries of management about their own idenh"fi¢ation and asBessmenl of the risks of ifTegularities, sample testing on the posting of journals, reviewing meeting minutes, regulatory correspondence with th8 Charity Commission and professional fees, detailed substantive testing on the completeness 01 income, and reviewng accounting estimates for biases. Owing to the inherent limilaliDns of an audit, Iheie is an unavoidable risk that we may not have detected some material misstatements in the financial slaternents, even though we have properly planned and perfomied our audit in aGcordance with auditing Standards. We are not responsible for preventing non-compliance and cannot be expected to d8t8Ct non-compliance with all laws and regulations. These inherent limitations are particularly signif1cant in the case of wnisslatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, in¢luding deliberate failure lo record transactv)ns. collusion or the provision of intentional misrepresentations. A flhrther description of our rèsponsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al bvww.frc.org.uklauditorsTesponsibilities. This description fomis part of our Report of the Independent Auditors. Pag& 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE DAVIDGE USHER TRUST Use ofour report This report is made solely to the charivs trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our 8udil work has been undertaken so that we might state lo the charity's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pemiilted by law, we do not accept or assume respDnsibiliiy lo anyone other than the charity and the charity's trustees as a body. for our audit work, for this report. or for the opinions we have formed. Shaw Gibbs IAuditl Limited Chartered Certified Accountants ststutory Auditor Eagle House 28 8illirbg Road Northampton Northamptonshire NN15AJ Dale.. 6 July 2026 Page 7
THE DAVIDGE USHER TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2026 2026 Unrestri¢ted fund 2025 Total funds Notes INCOME AND ENDOWMENTS FROM Investment income Other income 530.697 510,255 Total 536 603 572 939 EXPENDITURE ON Raising funds 179,201 432,099 Charitable activilies Grant making activities 117,063 132,706 Total Nel gainslllossesl on investments 750,3951 1.304.361 NET INCOMEI{EXPENDITUREI {510,0561 1.312,495 RECONCILIATION OF FUNDS Total funds brought forward 37,191,362 35,878,867 TOTAL FUNDS CARRIED FORWARD 36,681,306 37.191.362 The note5 fomi part of these finanThal slalements Page 8
THE DAVIDGE USHER TRUST STATEMENT OF FINANCIAL posrrioN 31 MARCH 2026 2026 Unrestricted fund 2025 Total funds Notes FfAED ASSETS Inv8stments Investrnents Investment property 11 12 3,239.158 32 035.065 3,165,646 33,318,627 35,274,223 36,484,273 CURRENT ASSETS Debtors Cash at bank 13 67,694 97.570 1007 507 1,611,761 1,105,077 CREDITORS Amounts falling due within one year 14 {204,6781 1397,988) NET CURRENT ASSETS 1.407.083 707,089 TOTAL ASSETS LESS CURRENT LIABILITIES 36.681,306 37,191,362 NET ASSETS 36,681,306 37,191,362 FUNDS Unrestricted funds 15 36.681,31 37,191,362 TOTAL FUNI)S 36.681306 37,191,362 The fina I statem nts weTe 8pproved by the Board of Trustees and authori$ed for issue on and were signed on its behalf by.. D J Smith- Tntstee The note$ fomi part of these financial statements Page 9
THE DAVIDGE USHER TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2026 2026 2025 Notes Cash flows from operating adivities Cash generated froffl operations 28,285} 265,937 Net cash used in operating actwities 28,285 265,9371 Cash flows from Investlng activities Purchase of fixed asset investments Puichase of investment property Sale of fixed asset investments Sal@ of investment property Interest leived Dividends receNed {396,4931 {39,9221 571,070 325,000 25,087 80,103 {243.1571 392,529 351.000 10,929 76,618 Net cash provided by investing activities 564,845 587.919 Chany in cash and cash equivalents in the reportlng period Cash and cash equivalents Ot the beginning of the reportlng perlod 536.560 321,982 1,007,507 685,525 Cash and cash frqulvalent$ at the end of the reporting period 1 544.067 1,007,507 The notes fonn part of these financial 51alements Page 10
THE DAVIDGE USHER TRUST NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2026 RECONCILIATION OF NET {EXPENDITURE)nNCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2026 2025 Net lexpenditur&llincome for the reportlng perfod las par thg statèment of Flnanclal AGtivltlesl Adjustments for: Lossesllgainl on investments Intere51 fe¢eiv8d Dividends received Decreasellincreasel in debtors Decreas8 in creditors 1510,056) 1.312,495 750,395 {25,0871 {80.1031 29,876 193.310 (1.304,3611 (10,9291 If6,6181 17,7861 178738 Net ¢a$h used in operatlons 28,2851 265,9371 ANALYSIS OF CHANGES IN NET FUNDS At 114125 Cash flow At 3113126 Ngt cash Cash at bank 1,007 507 536 560 1,007 507 536 560 Total 1007 507 536,560 The notes form part of these financial statements Page 11
THE DAVIDGE USHER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 STATUTORY INFORMATION The Davidge Ushèr Trust is a charitable incorporated organisalion. registered in Englarbd and Wales. The Clo's registered number and registered office can be found in the Report of the Trustees. ACCOUNTING POUCIES Basis of preparing the financial statements The financial slalemenls of the charity, which is a public benefit entity under FRS 102, have been prepared in aGcordance wtth the Charities SORP IFRS 1021 'Accounting and Reportiw by Charities.. Statement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {effeclive 1 January 20191,, Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, ancl the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are include(l al market value, as modrfied by the revaluatK)n of certain assets. The presentstion wrrency lor the finanGial statsments is the Pound Slerfing 1£). Critl¢al a¢countlng Judgements and key sOUe$ of estimation uncertainty The prepaotion of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgernent in the process of applwng the Company accounting policies. The areas invofving a higher degree ol judgement or complexity, or areas where assumptions and estimates are significant to the fLnan¢ial ststements are disGlosed within the individual accounting policiès below. In¢ome All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled lo the income after any perfomiance conditions have been et, the amount can be measured reliably and it is probable that the InMe will be wceived. For donations to be r8cognis8d the charity will hav8 been notified of the amounts and the settlement date in writing. If there are conditions attached lo the donation and this requires a level of perfom)ance before entillernent can be obtained then income is deferred until those conditions are fully met or the fiJKilmenl of those conditions is within the control of the charity and it is probable that they will be fulfilled. Donated facilities and donated professional services are recognised in Incc*ne al their fair valuè when their economic benefit is probable, it can bè measursd r8li8bly and the charity has control over the item. Fair value is determined on Ihe basis of the value of the gift lo the charity. For example. the amount the charity would be willtng lo pay in the open market for such facilities and services. A rreSpOnding amount is recognised in expenditure. No amount is included in the financial statements for volunteer lime in line with the SORP. Further detail is given in Ihe Trustees. Annual Report. Fixed asset grfts in kind are recognised when receivable and are included at fair value. They ar& not deferred over the lrfe of the asset. For legacies, enlitlemenl is the 8arlter of the charity being notified of an impending distribution or the legacy being received. At this point income is recogni5ed. On occasion legacies will be notified to the charity howevor it is not possible to measure the amount expected to be distributed. On these occasions, Ihe legacy is tated as a conting&nt 8SSet and disclosed. Page 12 continued...
THE DAVIDGE USHER TRLIST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026 ACCOUNTING POLICIES - ¢ontlnued Income Investment income is earned through holding assets for investm8nt purw)ses such as shares and property. It includes dividends, interest and rent. Where il Is not practicable to identify investment management costs incurred wthin a scheme with reasonable accuracy the investment income is r8POrted nel of these ¢osts. It is included when the avnount can be measured reliably. Interest income is recognised using the effective Inte$t method and dividend and rent income is recognised 8$ the charity's right to receive payment is estsblished. Expendlture All expenditure is acGounted for on an accruals basis and has been dassified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or eonstructive obligation to make paym8nls to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headin9S'. Costs of raising funds indudes of the cost of management of the quoteé investm8nt and property portfolio. Expenditure on charitsble actwities is composad of granls made in pursuan¢e of the charity's objectives. Other expenditure represen15 those items not falling into the categorie8 above. Irrecoverable VAT is charged as an expense against the activity for which expanditure arose. Grants payable to third parties are within the charitable objecttves. Where unconditional grants are offered, this is accrued as 500n as th@ recipient is nolified of the grant. as this give5 ris8 to a reasonable expectstion that th8 recipient will receive the grants. Where grants are conditional relab'ng lo perfomiance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. Grants offer¢d subject to conditions which have not been met at the year end date are noted as a commilmenl bul not accrued as expenditure. Investment property Invèstment property is shown al most recent valual¥)n. Any aggregate surplu$ or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. Listed investments Investments are recognised Initially at fair value which 15 normally the transaction price excluding transaction costs. Subsequently, they are measured al fair v8lLJe with Changes recognised in 'net gainsl{lossesl on investments, in the SOFA if the shares are publicly traded on their fair value Gan otherwise be measÈJred reliably. Unllsted Investrnents Unlisted investrnents are held al cost less impairment, being the probate value from 2014. Taxation The charity is exempt from lax on its Charitab activtties. Fund accounting Unrestricted fund5 Can be used in accordance with the charitable objectives al the discretion of the trustees. Restricted funds can only be used for particular restricted poSe$ within the objects of the charity. Restrictions arise yvhen specified by the dorw)r or when hAnds are raised for particular restricted purposes. Page 13 continLl...
THE DAVIDGE USHER TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026 ACCOUNTING POUCIES - contlnuod Fund a¢¢ountlng Further explanation of the nature and purpose of each fijnd is irKluded in the notes to the financial stalemenls. Going concern The financial statements have been ppared on a going concern basis as the trustees believe that no material uncertainties exist. The Iruslees have considered the level of funds held and the expected level of Income and expendttUTe for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficignl wlh the level of reserves for the charity to be able lo continue as a going concem. Financial instruments Cash and cash equivalents in the balan sheet cnmprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stsled Inte$t rate and receivable or payable wilhin one year a recorded at transaction price. Any losses arising from impairment are reeognised in the SOFA under adminislratSve expenses. Financial liabilities aTrJ equity instruments are classified a¢¢ordirKJ to the substance of the ¢ontraGtual aTrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the ents'ty after deducting all of its financial liabilities. Where the contractual ob1igalions of financial instruments are equivalent to a similar debt inslrumenl, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilrties are included in the profft and loss acccAJnt. Finance wsts are calcullfjled so as lo produce a constant rate of retum on the outstanding liability. INVESTMENT INCOME 2026 2025 Rental income Dividends received Deposit account interest 425,507 80.103 422,708 76,618 10,929 530.697 510 255 Page 14 continued...
THE DAVIDGE USHER TRUST NOTES TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 31 MARCH 2026 RAISING FUNDS Investment rnanagemgnt costs 2026 2025 Portfolio managem8nt Management charges Direct r8ntal expenses Solar PV payments Bad debts 17,174 49,031 81.53fj 18,901 12,559 23,531 47,485 336,367 24,716 179,201 432.099 CHARITABLE ACTIVITIES COSTS Grant funding of activities {see note Support costs (see note 7) 61 Tola Grant making activities 83,600 33.463 117,063 GRANTS PAYABLE 2026 2025 Grant making activities 83.600 Page 15 continued...
THE DAVIDGE USHER TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2026 GRANTS PAYABLE - continued The total grants paid to institutions during the year was as follows.. 2026 2025 Spencer Contact Manna House Trust Davenlry Contsct Si Johns Ambulance Lennox Childrens Cancer Fun MNDA Northampton Heatth Charity Northampton Hope Centr8 COPE Children's Trust- Rainbows Animal Anlik5 Appeal OffiGe Crohns and Colitis UK Active Link IFIT4LIFE ACTION) Broadmead Church Meningitis UK Bl&sma Age UK Place2Be Friends The Church of St Laurence Royal National Institute of Blind People St Peter & St Paul's Church Volunteer Action Oundle Suzy Lamplugh Trust PCC of St. Matthews Denton Primary School Slaverton C of E Primary School Northampton Saints Foundation Little Houghton Vlllage Hall multip Sclerosis Trust Brafield Parish Council Luddinglon Parochial Church Council Schoolreaders Nene Valley Christian Family Refuge {EVEI Duke of Edinburgh Scheme 5.000 2,500 5,000 2.000 1,680 2,500 1,700 1,000 5.000 5,000 2,QOO 1,500 1,000 2,500 2,000 1,000 1,000 1,500 2,500 1,715 2,000 2,000 5,000 3,000 1,000 1,000 5.000 1,000 4,120 2,000 5,000 15.000 1,800 7,000 2.000 4.000 5.000 1.000 83,6LK) 33.915 Page 16 continued...
THE DAVIDGE USHER TRUST NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2026 SUPPORT COSTS Goveman¢e costs Finance Totals Grant making a¢tivilies 33,462 Support cost5, included in the above, are as follows.. 2026 Grant making activities 2025 Totsl activities 88nk charges Trustees. Expenses Auditors, remuneration Auditors. remuneration for non audit work Legal and professional fees 12 870 4,636 1.420 5,052 2,642 24.348 1,948 91,325 33.463 98,791 TRUSTEES. REMUNERATION AND BENEFITS There w8re no trustees, remunwation or other benefits for the year ended 31 March 2026 nor for the year ended 31 March 2025. Truste8s' expensgs 2026 2025 Twstees, expenses 1.420 870 Expenses were reimbursed lo 1 trustee during the year {2025.. 11. STAFF COSTS The total number of employees during the year was nil12025- nill. 10. COMPARATIVES FOR THE STATEMENT OF FIMANCIAL ACTIVITIES All comparative information wthin the Stattsment of Financial Activities is included in unrestricted funds. Page 17 continuèd...
THE DAVIDGE USHER TRUST NOTES TO THE FINANCIAL STATEMENTS - ¢ontinued FOR THE YEAR ENDED 31 MARCH 2026 11. FIXED ASSET INVESTMENTS Listad investments MARKET VALUE Al 1 April 2025 Additions Disposals Revaluations 3.165,646 396,493 1571,0701 248,089 At 31 March 2026 3,239,158 NET BOOK VALUE At 31 March 2026 3,239.158 Al 31 March 202S 3,165 646 Th8re were no investment assets outside the U The historical cost ol the listed investments is £2.735,92412025". £2,7SY),9391. 12. IMVESTMENT PROPERTY FAIR VALLIE Al 1 April 2025 Additions Disposals Rovaluation 33,318,627 39.922 1325,000) 998.484 Al 31 March 2026 32,035.065 NET BOOK VALUE Al 31 March 2026 32,035.065 At 31 March 2025 33.318.627 Fair value at 31 March 2026 is represented by= Valuation in 2026 Cost 7.432,227 24,602,838 32.035,065 The properties were revalued to Open market value al 315t March 2026 by Fisher German LLP. Page 18 continued...
THE DAVIDGE USHER TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2026 2025 Trade debtors Other debtors VAT Prepayments and accrued income 11,737 11,200 18.730 18.395 7.408 53,037 44,757 67,694 97,570 14. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2026 2025 Trade creditors VAT Other creditors Grarnls awarded A¢cwals Rent received in advance Rental contributions receivgd in advan 4,909 2,391 9.126 29.180 48.473 44.112 66,487 11.699 9.126 203,000 35,640 68,793 69.730 204.678 397,988 15. MOVEMENT IN FUNDS Net movement in funds At 3113126 At 114125 Unrestricted funds General fund 37,191,362 {510.056} 36,681,306 TOTAL FUNDS 37.191,362 510,0561 36,681,306 Nel movement in funds, included in the above are as follows- Incoming resourGes Resources expended Gains and losses Movement in funds Unrestrictgd funds General fund 536.603 {296,264) {750,3951 1510.056) TOTAL FUNDS 536,603 296,2641 750,3951 510,0561 Page 19 continued...
THE DAVIDGE USHER TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2026 MOVEP4lENT IN FUNDS- continued Comparatlves for movement In funds Net movement in funds Al 3113125 At 114124 Unrestricted funds General fund 35,878,867 1.312,495 37.191.362 TOTAL FUNDS 35.878,867 1,312,495 37.191.362 Comparative net movement in lund$, included in th& above are a$ follows- Incoming resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 572,939 1564,8051 1,304,361 1.312,495 TOTAL FUNDS 572 939 564,8051 1,304 361 1,312.495 16. RELATED PARTY DISCLOSURES Transacbons #ivolving trustees during the year were as follows-.- R8ntal receivable on certain properties - all Charged at commercial rates and terms-. Mr M S Arrowsmith £56,55812025 £53,708) Mr R Arrowsmith £60.48012025 £60,480) Solar PV payments on certain properties - payable under normal commercial payment lemis.. Mr M S Arrowsmith £29,23712025 £24.716 Shooting rights payments on certain properties - payable under norrnal commercial payment terms.. J Arrowsmith and Partners £13212025.. £Nill Recharges of utilities and repairs o)sls recharged to The Davidge Usher Trust - payable under normal commercial payment terms.. - Mr R Arrowsmtth £62812025 £705} Page 20