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 re￿rn
(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 ACc￿n￿'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 s￿ned 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 Dav￿ge 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 aCt￿Unting
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 un￿rtainlieS 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 le￿ived
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 sOU￿e$ 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 In￿Me 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 t￿ated 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 p￿￿oSe$ 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
continL￿l...

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 p￿pared 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