LOUISA COThAGES CHARITY TRUST
ANNUAL REPORT AND FINANCIAL5TATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
REGISTERED CHARITY NUfvIBEA 1*0078

LOUISA COTTAGES CHARITY TRUST
CONTENTS
PAGE
L•8•1 •nd Admlnlstratlve
Report of the Trustee5
34
Independent emamlnerfs report
Siatement of Flnanclal A¢tl¥ltles
8•lance Sheet
Notes to the Accounts
8-11

LOUISA COTTAGES CHARITY TRUST
LEGAL AND ADMINISTRATIVE DETAILS
Charlty name
Loulsa Cottages Charlty Trust
Chorlty number
220078
Reslstered offlce
Estate Office
Queen Street
Waddesdon
Aylesbury
Bucklnghamshlre
HP180JW
Trustees
The Honourable E Freeman-Attwood
SJP Trust Corporation Llmited
Independ•nt Ex4mln•r
Martln and Company
Two Brewers House
50 North Street
Thame
Oxfordshlre
OX9 3BH
Bankers
Natwest Pl¢
Hlgh Street
Trln8
HP23 SAP

LOUISA COTTAGES CHARITY TRUST
REPORT OF THE TRUSTEES
The trustees present their annual report and the financial statement5 for ihe year ended 31 December
2025.
The financial statements have been prepared in accordance with the accountinB policies set out on
pa8es 8 and comply wlth the Charity'5 Articles of Associatlon and appllcable law.
Structure, Governance and Managemént
Loulsa Cottages Charlty Trust (The Charltyl Is a registered charlty, number 220078. The Charity was
reglstered on 3 July 1963 and is governed by its governing document The Will of Emma Louisa, Lady
Rothschild, The Charity is a Registered SocSal Landlord, re8lStered number A1892 and 15 a member of
the National A$50clatlon of Almshouses.
The activlties of the charlty are managed by its trustees.
ObSects and a¢tlvltles
The Charlty manages the elBht Almshouse5 at Trin8, and applies Income for repairs for the beneflt of
the Almspeople.
Publlc beneflt
The Irustees have paid due regard to the guidance issued by the Charlty Commi5slon on the subject of
public benefit and conslder that thelr activltle5, alms and strate8le5 are for the public beneflt.
Achle¥ements and perfomiance
The charlly has conlSnued to meet Its objective5 In maintainSng and mana8ing the properties. It
reported a deficit before 8alns or losses on Investment5 of £4,288 for the year12024: 5UTpIu5 of
£17,676).
At 31" December 2025 the charity had total funds amounting to £156,672 of whlch £4,194 were
restricted in nature.
No chan8es in tenancy have taken place during the perlod.
Reserves pollcy
The trustees, policy 15 to hold reserves equivalent to six months runnin8 COSt5 which has been achieved.
In order to maintaln this level of reserve5, where possible the Trustee5' pollcy on all major repairs Is to
seek further fundln8 from grants or donatlons.
The Tru5tee5 have secured future fundSng of £10,000 per annum from the Rothschild Foundation to
contrlbute towards property maintenance costs.

LOUISA COTTAGES CHARITY TRUST
Investment pollry
The charity has no lon8 lerm Investments. It retains any surplu5 cash en deposit tv meet any
unforeseen repairs to the Almshouses.
REPORT OF THE TFIUSTEES Icontlnuedl
Rlsk Management
The trusteÈs are responslble for estèbllshlng and monltoring internal control systems within the
charSty. The major rlsk which may impact the activitles of the charlty have been rcviewed durinE thp
vear and the trustees arÈ satisfied that the system of intemal contmls ¢urrently in place is adequate.
whilst recD6nl%in8 that they are designed to manage rather thah ellmlnate risk. Internal controls are
revlewed on an ongoing basls Bs part of the day-to-day risk managemènt procoss within thc charity.
Plans for futuie peilods
The charlty will centinue to manage the Almshouses.
ststemont of Trustees, Responslbllltles
The trustees are rèsponsible for preparlng the Trustees, Rpport and the flnancial statements In
accordance with applicable law and United Klngdam A¢¢ountlng Standards Iunlted KlnRdom Generallv
Accepted Accounting Practlcel.
The Ch3rltles Act 2011 requlres the trustees lo prepare fSnaiiclèl statements for each flnanclal yeai
wliicl) Kive a true and fair view of the stale of affairs of the chorlty and of the incomlng resources and
ppllcalion of resources, of the £harlly for that year. In preparing these statements, the trusteos are
requlred to.,
select sultable accountlng pollcles and then apply them conslstently,.
observe the methods Jttd prlnclples lil the Charltles, SORP,,
make judgements and estimates that are reasonable and prudent;
State whether applicable UK Accountin¥ Sldndards have been lollowed, suble¢t to any malerlal
departures dlsclosed and eiplaSned In the financlal statements,,
piepare the finantlèl 5tAtement5 on the going concern basls unless it is inapproprlate ta presume
that the charStable company wlll continue In operatlgn.
The trustees are re5ponslble for keeplng accountlng record5 that disclose with reasonable accuracy
at any tlme the financial p051tion of the Charitv and pnable them tll ￿nsUre that the financial
statements ¢ornply with the Charities Act 2011. The Trustees are also re5PDn5ible for Safeguarding
the assets of the Charlty and hence for takin8 rea59nable step5 for the prevention and detection of
fraud and other iryegularities.
by the Trustees on ..,
lo..iÉ............. and signed on their behall bv..
Anna Au5
Trustee
Ion behalf ol SJP Trust Corporatlonl

LOUISA COTTAGES CHARITY TRUST
INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2025
I report to the trustees on my examination of the financlal statements of Louisa Cottages Charity Trust
(The Charity) for the year ended 31 December 2025.
Respertlve responslbllltles of trustees and emamlner
As thè Trustees of the charity you are respun51ble for the preparation of the flnanclal statements in
accordance with the requlrements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examlnatlon of the charlty's flnancial Statements carrled out Under section
145 of the 2011 Aet. In carrying out my examination I have followed all the appllcable Oirections given
by the Charity Commission under sectlon 1451511bl of the 2011 Act.
8asls of Independent examlnerfs report
Your attention is drawn to the fact that the charlty has prepared financlal statements in accordance
with Accountlng and Reportln8 by Charities preparin8 their accoun15 in accordance with the Flnanclal
ReportlnB Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the
Accountln8 and Reportin8 by Charltie5.' Statement of Recommended Practice1s5ued on l April 2005
which is referred lo In the extant regulatlons but has now been wlthdrawn.
l understand that thls ha5 been done In order for financial statements to provide a true and falr vSew
In accordance with Generally Accepted Accounting Practice effective for reporting periods beginnin8
on or after l January 2015.
Independent examiner'5 Statement
I have completed my examlnatlon. I conflrm that no matters have come to my attention in connection
with the exarninatlon 8ivlnB me cause to believe that In any material respect..
Accounting records were not kept in respect ol the charlty as required by section 130 of the
2011 Act,. or
The financial statements do not accord with those records,. or
The flnancial statements do not comply with the applicable requirements concerning the form
and content of accounts set out In the Charitie5 (Account5 and Reports) Regulation$ 2008 other
than any reqLilrement that the accounts give a true and fair view whSch Is not a matter
considered as part of an Independent examination.
I have no eoncern5 and have come across no other matters In connection with the examination to
which attentlon should be drawn in this report in order to enable a proper under5tandSn8 of the
financial sta
ements to
e reac
ed,
Will NSxev
Martin and Company
Two Brewers House
50 North Street
Thame
Oxfordshire
OX9 38H
Dated

LOUISA COTTAGES CHARITY TRUST
STATEMENT OF FINANCIALAcfiviTIES FOR THE YEAR ENDED 31 DECEMBER 2025
Restrlcted Unre5trlcted
Fund
Fund
2025
Total
2024
Total
Not•
Income
Donatlons and legacles
Ineome from investments
17,000
17,000
39,396
23,000
37,654
39,396
Total income
17,000
39,396
56,396
60.654
Expendlture
Expenditure on raising funds
117,0001
143,6841
160,6841
142,9781
Total expendlture
117,ocK)I
143,6841
160.6841
142,9781
Net 8ain5lllossesl on investments
123
123
56
Net Incomellexpendlturel for the year
14,1651
14,165
17,732
Net movement In funds for the y••r
14,1651
14, 1651
17,732
Total funds brought forward
li
4,194
156,643
160,837
143,105
Tot41 funds carrled torward
4,194
152,477
156,672
160,837
The notes on pa8e5 8 to 11 form part of these account5.

LOUISA COTTAGES CHARITY TRUST
BALANCE SHEET
As at 31 December 2025
Not•s
2025
2024
Flxed assets
Tangible flxed assets
Social Investment
922
799
922
799
Current •sset5
Oebtors
3,137
2,827
Cash at bank and In hand
155,326
158,759
Total current assets
158,463
161,S86
Current IlabllSt1*5
Credltors.. zrnounts falllnB due wlthln one year
io
12,7141
11,5481
Net currènt ass￿1
155,7SO
160,038
Total n•t a¥•ts
156,672
160,837
Capltal and re5erv•s
Unrestrlcted Revenue ReseNe
Reslricted Revenue Reserve
Investment Revaluatlon ReseNe
Endowment Fund
li
li
li
li
15 1,609
535
868
3,660
155,897
535
745
3,660
156,672
160.837
The notes on pages 8 to 11 form part of these accounts,
The fln
and
clal statements were approved and authorlsed for Issue by the irustees on .
Bned on thely behalf by..
Ann8 Austqn Ion bghalf of SJP Trust Corporatignl
Trustee

LOUISA COTTAGES CHARITY TRUST
NOTES TO THE ACCOUNTS
Principal Accountlng Policie5
The Charlty is registered with the Housing Corporation as a Registered Social Landlord as defined
ori8inally by the Housin8 Act 1996 and the Housing anil Re8eneration Act 2008.
Basls of Accountln8
The financial statements have been prepared Sn accordance with the Charities Act 2011 and
"Accounting arid Reporting by Charities.. Statement of Recommended Practice applicable lo
charities preparin8 thelr accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republlc of Ireland IFRS 1021 leffectlve l January 20191" The charity is
a Public Benefit Entity as defined by FRS 102.
Loulsa Cottages Charity Trust constitutes a public benefit entlty a5 deflned by FRS102. As5et5
and liabilities are Initially reco8ni5ed at hlstorical cost or transaction value unless otherwise
stated in the relevant accountln8 policy notes.
Preparatlon of the accounts on a 8oln8 concern basls.
After reviewing the charity's forecasts and projectlons, the trustee5 have a reasonable
expectatlon that the charity ha5 adequate resour¢es to continue Sn operatlonal ex15tence for the
foreseeable future. The charity therefore contlnues to adopt the golng concern basis in
preparing its financial statements.
Turnover and other income
All incoming resources are Included In the SncDme and expendbture account when the charlty is
legally entitled to the income and the amount can be quantified with reasonable accuracv.
Income
Donation5 are recognlsed In the year In whlch the charlty has entltlement to and probablllty of
receipt and the arnount can be rellably measured.
Income from bank deposlts and other investments, whlch Ss accounted for when St is recelvable.
Income frorn investments represent resldential charges receivable from the gccupanls of the
propertles.
Expendlture
Expenditure Is included on an accruals basS5.
Expenditure on raising fund5 comprlse those expense5 directly attributable to managing
investment Income.
Flxed asset5
All fixed assets are Initially recorded at cost.
social investments
Investments are stated at market value.
Revènue re5er4es
Unrestricted funds are available for use at the discretion of ihe trustees In furtherance of the
general objectives of the charlty.
Restricted funds are sijblect to restriction5 on their expenditure imposed by the donor.

LOUISA COTTAGES CHARITY TRUST
NOTES TO THE ACCOUNTS Icontinuedl
Donatlons and le8acies
2025
2024
The Rothschild Foundation
17,000
23,OC(J
17,000
23,000
Income from Investments
2025
2024
Property rental Income
39,395
37,657
39,395
37,657
Net Income / lexpendlturel for the year
2025
2024
This Is stated after ehargin8'.
Independent examlner fees
1,437
1,323
Expendlture on charltable actlvStle$
Restrlcted Unrestrlcted Total Funds Total Funds
Funds
Funds
2025
2024
Property expendlture
Warden fees
Flepalrs and malntenance
Gardenlng and grounds maintenance
Lighi and heat
Water rates
Insurance
Independent examlner costs
Social Housing Regulator
Sundry expenses
5,439
26,520
3,349
354
3,496
2,164
1,437
664
261
5,439
36,520
3,349
354
3,496
2,164
1,437
664
7,261
5,807
20,536
2,580
344
2,S93
1,693
1,323
519
7,583
10,000
7,000
17.000
43,684
60,684
42,978
Trustees, remuneratlon and expenses
No remuneration or expen5e5 have been paid to trustees in the year12024'. £nill

LOUISA COTTAGES CHARITY TRUST
NOTES TO THE ACCOUNT5 {continuedl
Tan8ible Flxed A$5ets
Houslng propertle5 were donated prior to the implementatlon in 1994 of the Statement of
Recommended Practice and therefore have no original cost. Works undertaken Sn the year
have been treated a5 repairs and malntenance.
There were elght un5t5 under management at the year end12024.. 81.
Investments, at market value
2025
2024
612024.. 615hares in National Association of Alm5houses,' Common
Investment Fund Ihistorital c05t £12,. 2021.. £ 121
Premium Saving Bonds
872
50
749
50
Market value at 31 December 2025
922
799
Debtors
2025
2024
Prepayments and accrued income
Other debtors
2,691
446
2,454
373
3,137
2,827
10. Cr•dltors: •mounts falllng due within on• year
2025
2024
Other creditors
Accruals and deferred income
437
2,277
191
1,357
2,714
1,548
io

LOUISA COTTAGES CHARITY TRUST
NOTES TO THE ACCOUNTS Icontinuedl
11. Capital and reserve5
Unrestricted
Unrestricted Restrlcted Investment
Restrlrted
revenue
Revenue
revaluatlon Endowment
reserve
Fund
reserve
reserve
TOTAL
2024
At l January 2025
Unrestricted
surplusl(deficill for the
year
Reslricled
surplu81ldeficill for the
year
Increase in inve81ment
market value during the
ygar
155.897
535
745
3.660 160,837
143,128
14,2881
14.2881
17,460
194
123
123
54
At 310ecember 2025
151,609
535
745
3,660 156,672
160.837
12. Taxatlon Status
A5 a re8lStered charlty, the charity Is exempt from taxation on its income and 8alns.
13. Related Party Transactlons
There were no12024.. £01 related party transactlons durln8 the year.
li