Charlty ¥g918tratlon nrnr 237066 LIGHTBOWN corrAGE HOME TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
LIGHTBOWN corrAGE HOME TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr P Jennings Mr D J Matsden {vice char) Mr T Watson Mrs B Holden {chair Charlty numb•r 237056 Prln¢ipal addre8B 29 Sunnymere Drive Darwen Lancashire B831RH Accountsnts Hindle Jepson & Jenning$ Ltd 10 Borough Road Darwen Lancashire BB3 1PL Bankers Natlonal Westminster Bank plc 35 King Wlliam Street Blackburn Lanca5hire B817DJ
LIGHTBOWN corrAGE HOME TRUST CONTENTS Page Truslee$' report Acowntanls, report Statement of financial activities 8aiance sheet Note5 to the financial stslements 5-12
LIGHTBOWN corrAGE HOME TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual repcl and financial stslemenls for the year ended 31 December 2024. The accounts h8ve been prepared in accord8[ With the ac¢ounling policies sel out in note 1 to t acColS and CoMY wlth th& Tnjsfs governing documerrt, the Chartties Act 2011 and 'Accounting and Rewting by Charities.. Statement of Recommended Practic8 applicable to charities preparing their accounts in accordance with the Financial Reports'ng Stsndard appllcable in the UK and Rewblic of Ireland IFRS 1021" las aThnded for accounfing periods commenang fr¢yn 1 January 2016) Objectives and actlvhles The Trust's objects are lo provide self-sufficienl, low cost communrty housing ¢ottagg homes to aged persons of Darwen. The poliaes adopted in furtherance of these objects are lo maintain the cottages and pmvide comfortable accommodation for local people at an affordable price. There has been no change in those durin9 the yaar. The Trustees have paid due regard lo guidance i38ued by the Charty Commission. Charitsbfe aclivrties are set by the Trust deed. Achlevements and p•rfom)ance During the year the Trust provided 8 cotta9e5 for independent Ilving whlch were fvlty maintained and ¢upied. with no empty properties. no vacancies, and no loss of income in the year. Fln•nclal revlew The Trust has maintained ils level of u)come in the year. It is the pdicy of the Trust that Unrtricted fuThJ$ vthith have 1 b} designated for a spedfic u8e $hould be maintained at a level equivalent to lkneen three and six month's expenditure. The Trustees consider that reserve5 * this level wll ensure that. in the event of a significant drop in fijnding. they 11 be able to continue the Trust's curranl octivibes while consideration is given lo ways in which additional funds may be raBed. This Ve1 of res8rv&s has been mainlained and exceeded throughout the year. The Trustèes have as88S88d the major risks lo which the Trust Is exposèd, and are satisfjed that systems are in place lo miligale exposure lo the major risk$. Structur•. govèrnance and management The Trust was established by a charitable trust deed on 26th Juiy 1915, fr(xn a bequest made by the late Timothy Lightbown dled September 1910. The Trustees setved durtng the year and up to the date of signalure of the financ1 statements were.. Mr P Jennings r D J Marsden (vic8 chairl Mr T Watson Mrs B Holden (chalr} Mr R Done IRe51gned 28 February 2025) Twstses shall be app)inted to fill vacanae8 by the Trustees at a Special Meetsng of Iheir booy lo be held after a lapse of one calendar month from the occurren¢e of such vacancy by a resolulion lo be forthwiih notifiod by them wilh all propoT irrformation to the Charrty commS1on. None of The Tnjstees has any beneficial interest in the company. The Iruslees. report was approved by the Board of Trustees. Twstee Dated..
LIGHTBOWN COAGE HOME TRUST CHARTERED CERTIFIED ACCOUNTANTS. REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LIGHTBOWN corrAGE HOME TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 In order to assist you lo fulfil your duties under the Cl)arEIEs Act 2011, we have prepared for your approval 11 financial statemants of Lightbown Cottage Home Trust for Ihe year ended 31 December 2024, set ryjt on pages 3 10 12 from the charity's accounting records and ftom information and explanalk*ns you have given us. As 8 praclising mernr firm of the Assoctation of Chartered Cgrtrfied Accountant$, we are subject lo its ethical and other professional requirements lch are detailed at https.'Ilwvhv.accaglobal.eomlgbl8nlmemberlstandardslrule8- and-stsndardslrulebcok.html. This reptsrt 1$ made lo the charty's TTUStees, as a body, In accordance with the terms of our enwement J8ttgr dated 27 August 2019. Our work has been undertaken solely lo prepare for your approval the )Inanci81 ststemenls of Lightbom Cottage Home Trust and state those mattets that we have agreed lo state to the charilyb Trustees, as a body. Sn this report in accordance with the requirements of the Association of Chartered CertifiedAccountanls as detailetj at https.'Ilw.acc99IoaI.c0mlr0nlentIdamIACCA_GIobaleChnlcavfa(eChnlca1-IaC1sheeI-163.pdf. To th& lullest extent permitted by law, we do not accept or assume responsibility lo any¢)ne other than Lightbown Cottage Home Trust and th& charity's Trusle8s as a body, for Quf work or for this report. 11 is your dLrty to ensu that Lighlt¥)wn Cottagè Home Trust has kept adequate accounting records and to prepaie stslutory financi81 statsments that give a true and fair view of the assets, liabilitie5, financial position and surplus of Lightbown Collage Home Trust You considei that Lighlbown Cottage Home Trust is exempl from thè statutory audit fequirement for tha year, and Is not required lo obtain an indgp8ndenl examine¢s report. We have not been Instructed lo cary out an audit or a re¥W of the (Inarrial statemonts of Llghtbown Cott8ge Home Trust. For this reason. we have not verrfied the accuracy or compielenes5 of the accLiunling rerdS or Infomation and explanations you have given to us and we do ngl, therefore, express any opinion on the stalLrtory financk418ts1ements. Hlndle Jepson & J8nnlng8 Ltd Is)ZCi ZS Chartered Certifigd Accountsnts 10 Borough Ro&J Darwen Lanca5hFre BB3 1PL
LIGHTBOWN COTTAGE HOME TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrgstrlcted Unrpstrlthd funds fun(J8 2024 2023 Income from: Donations and legaaes Charrtable *tIeS Investments 6,000 22.443 9,388 11,900 21,832 8,736 Total Incomè 37,831 42,268 Expendlturg on: Charitable 8Ctivities 35,709 23,OC Total eXndIre 35,709 23,006 Net 9ainslllo$sesl on investments 10 8.629 4,622 Net Income and movgment In funds 10.751 23.884 Reconclllatlon of funds: Fund balances at 1 January 2024 300,501 276,617 Fund balances at 31 December 2024 311,252 300.501 The stslement of financial active5 includ9$ all gains and losses recognised in the year. All income and expenditure derive fTom ntinUing acts'wlies.
LIGHTBOWN COThAGE HOME TRUST BALANCE SHEEr ASAT 31 DECEMBER 2024 2024 2023 Notes Flxed assets TangikJe assets Investments 12 13 27,682 246,505 27,987 228,642 274.187 256.629 Current assets Debtors Cash at bank and in hand 14 1,272 36.943 1.232 43.872 38,215 45.104 Credltors: amounts falllng due within one year 15 11.150) (1.232) Net current asse18 37,065 43,872 Totsl assets less current Ilabllltles 311,252 300,501 Income funds nr Designated funds General unrestricted fvnds 16 58,948 252.3C6 66.730 233,771 311.252 300,501 311,252 300,501 The accounts were approved by thè Truslees on ..... Trustee Tru ee
LIGHTBOWN COTTAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting polici88 Charlty Informatlon Lightbown Cottage Home Trust is a Trust thich was estsblished by a charitable deed on 261h July 1915. The prinopal addi&ss is 29 Sunnymere Drive. DaNn, Lancashire, BB3 1RH. 1.1 Accounting convgntlon The accounts have been prepared in accordanee wlh the Trust's goveming document, the Charities A¢1 2011 and 'Ac(x)unling and Reporting by Charitiès.. Statement of Recommended practic applicable to Charities preparing Ihelr aecourrts in accordan th the Financial Repot*"ng Standard applicable in the UK and RepblIC of Ireland IFRS 102). las amended for accounb'ng periods comm8ncing from 1 January 20161. The Trust is a Public Benefit Enty as define(f by FRS 102. The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare 8 Ststemenl of Cash Flow5. The finanaal 5talements are prepared In sterling. which is the funth'onal curreno of the Trust. Monetary amounts in these financial slalements are rounded to the nearest £. The aee£Junts have been prepared under the histlca1 cost convention, modffied lo Indude the revduthon of freehold properties and to include Investment prOrtieS and certain financial instruments at fair value. The prinapal accounting policies adopted are set out below. 1.2 Going conc•rn Al the lirne ol approving th8 financial stslements. the Trustees have a reasonable eypectation that the Trtl has adequate resources lo continue in operational eStence for the foreseeable future. Thus the Trustees continue to adopt th8 going concem basis of accounting in PTeparing the financial statements. 1.3 Charttable funds Unrestricted funds are available for use al the diSCretn of the Trustees In furtheran of Ihair charitse obieclives. Endowment funds are subject lo speufi¢ eondition5 by donm th81 the capital musl be maintained by the Trust 1.4 Incomlng resouicos Income is recognised when the Tnjst is legally enlilled lo it after any perfomiance conditions have been rnet, the amounts can be measured reliaLly. and it is probable that income wll be received. Cash donations are reccgnised on receipt. Other donation$ are recognis8d once the Trust has been rLitlfied of the donation, unless performance condttions require defgrral of the amount. Income tax iecoveiable in relation to donations received under Gift Aid or deed$ of covenant is recognised at the bme of the donats'on. Legacie5 are recognised on reipt or otherwise rf the Trust has been notified of an impending distribLrtion, the amount Is known, lpt is expected. If the amount is not krwn, the legacy is treated as a contingent asset. There are no legacies received ty the Trust. Interest on investrnenl fvnds held on depos Is Iude when receivable and the amount be measured reliably, this is normalty UFon notffication of th8 interest paid or payable by the fun¢Y management company andlor the bank. Turnover is measured al the fair value ol the considerathm r8ceN8d gr rgceivable and repiesenls amounts recelv8ble for goods and services prOVed in the nornial course of charitsble ath"vty, excluding any discoun15 or rebates.
LIGHTBOWN corrAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng poli¢ios (Contlnued) 1.5 Resources expendod All expenditure is accounted for on an accruals basls and applied under the appropriate heading. Liabilities are recognised as resources expanded as soon as the obligation and commitment by the Chèrity to the expenditure arises. 1.6 Tanglble fixed a¥¥ets Tangible fixed assets are inilialty stated at ¢ost and subsgqugnlly staled al cost or valuation. net of depreciatlon and any impairment losses. Depreclatlon Is rewrwsed so as lo write off the eost or valuation of assets less their residual values over their useful Ilves on the follov*irrfJ bases.. Land and buildings 1 % stralght line The gain or loss arising on the disposal of an asset is determined a5 the difference between the sale proceeds and the carying value of thè asset, and 1$ recognised in the slalement ot financial activities. 1.7 Flxed assot Inveslments Fixed asset investments are initslly reccgnised at transaction yico axduding transaction costs, and are sUbseqUenY measured at fair value al each reporting date. Changès in fair value are recognis8d in not jncornellexpendilure} for the year. Transaction c08t8 are recorded as incurred. 1.8 Impairmont of fixed as$ets Al each reporting end dalo, the Tiust revlews the carying amounts of its tangible assets lo detemiine whelher there is any indication that those assets have suffered an impairment loss. 11 any such indication exists. the recoverable amount of the ass81 is estimat in order to determine the extent of the impairment bss lif any). 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposhs held at call wlh banks, other short-tenn liquid investments with original maturrties of three months or less, and bank overdrafts. Bank overdrafts are shown wilhin borrowng5 in currenl Ilabilities. 1.10 Flnanclal Instruments The Trust has elected lo apY the prowsions of Section 11 '8asic Financial Instruments. and Section 12 'Olher Financial Instrurnents Issues, of FRS 102 to all of ils financial instruments. Financial InstnJmènls are wognised in the Trust's balance shgel when the Trust becomes paty lo the contractual provisions of the instrument. Financial assets and liats'lilies are off3et, wlh the net amounts presented In the financial slatements, when there is a legally enforcèable right lo set off the recognised amounts and there is an intention lo settle on a net basis Of to reali58 the asset aTrJ setue the liability simultaneously. Basic flnanelal assèts Basic financial asset5, which IUde deblofs and cash and bank balances. are Initially measured at transadton price including transaction costs and are subsequently carried al amortised cost usiThJ the effective interest method unless the arrangemenl constitutes a financing transaction, where the transaction is measured al the Psent value of the lulure r1p1S discounted al a market rale ol interest. Finanryal assets dassified as reGewable within one year are not amortised.
LIGHTBOWN COTTAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Accounllng poll¢les (Continuod Basic ffn8n¢iJlliobllitles Bagie finaneial liabilities, 1ndLIng creditors and bank loans are initially recognised at transaction prlce unless the arrangement constitutes * financing transaction, Whe the debt instrument is measured at the present value of the fthure payments discounted at a market rate of interest. Flnaneial Ilabilitiès cl8$$ffjed as payable withln ¢)ne year are not amortised. Debt instruments are sub8equentty caThi8d at amortisod cost, using the effective interest rate method. Trade creditor8 are obligatk)ng to pay for gcod$ or 6ervices Ihat have teen acquired in the or(Ilnary course of OP8ralions trom suppllers. Amunls payable are classified as current liabilities rf payment is due within one year or less. If not, they are presented as non-currenl liatxlilies. Trade creditors are rewgnised initially al transaction price 8nd subsequenty measur8d at aM0'Sd cost using the effective interest metlKKI. Derecognition of finan¢lo1 Ilabllltles Financial liabilities are derecogni$ed vknen Ihe Tnjst's contractual obligations expire or are discharged or ncelled. Crltlcal accountlng estimatès and Judgements In the application of the Trust's accounting policies. the TnJ8tees 8re requjred lo make judgements. estimates and assumptions about the carrying amount of assets 8nd liabilities that are not readily apparent from other sources. The estimate5 and asSl0t¢d assumw'ons are based on historical experiencR and olhgr factors that are o)nsidered to be relevant. Actual results may dffter frc4n these estimates. The esllmales and undertyiny assumptions are reviewed an ongoing ba818. Revi8ion8 10 accounting estimates are recognised in the period in whith the ostimale is rewsed where the rewsioft affects (nly that period, or in the period of the revÈsion and futur8 periods where the revision affects both current and fvlure periods. Donailons and1ogaGF95 Unrestrictsd Unrgstrlcted funds fvnds 2024 2023 Donali¢J)s and gifts 6,DOO 11,900 Income from Gharitablfj activitie8 Unrestsl¢ted Unrestrlcted funds fund$ 2024 2023 Maintenance Contributsons 22,443 21.632
LIGHTBOWN COThAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 In¢ome from Inve8tmenls Unreslrlcted Unrestriet•d nds funds 2024 2023 Income from listed investments 9,388 8,736 6 Charitable activities Houslng provision 2024 Housing provlslon 2023 SerVe costs Day to day maintenance 3,493 27.607 3,272 15,642 31,100 18,914 Share of govemance cos15 {se8 noto 71 4,609 4,092 35.709 23.006 Support costs Support Govamance costs 2024 2123 8a51s of allocatlon DePreation 304 304 304 Accountancy Clerks honorarium Sundry Management 852 1,704 852 1.704 845 762 Govemance 1,656 Govemance 828 Governan 542 Governance 904 4,S09 4.609 4,092 Analysed ben Charilabte aeb"vrties 4.609 4,609 4,092 Govemance costs indL•Je$ payments lo the accountants of £852 (202> £762) for accountancy fees. Trustees None of the Tfuslees lor any persons CDnn8ctod with them) received any remuneration during the year.
LIGHTBOWN COThAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Employee$ The av8Tage monlhty number of emkloyees during ts year was: 2024 Nurnbgr 2023 Number Total There were no •moyees whose annud remuneration wa$ more than £60,000.
LIGHTBOWN COAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Plot galnslllos$esl on Investhionts 2024 2023 Revaluation of Investments 8,629 4.622 11 Taxallon The charty is exempl from taxation on its activtties because all its ints)me is appld for charitable purposes. 12 Tanglble flxed as$ots Land and buildin Cost Al 1 January 2024 30,420 At 31 December 2024 30.420 Deprgclatlon and Impalment At 1 January 2024 Dppreciatson charged In the year 2,434 304 At 31 Decemter 2024 2.738 Carrylng amount Al 31 Decembgr 2024 27.682 At 31 Decemter 2023 27.987 13 Flxed asset investments Unllsted Investments Cost or valuatlon At l January 2024 Additions Valuation ch8ngey 228.642 9,234 8,629 At 31 December 2024 246.505 Cayrylng amount At 31 Dec8rnbor 2024 246,505 At 31 DeCeMr 2023 228,642 10-
LIGHTBOWN COAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Debtorn 2024 2023 Amounts falllng due within one year: Prepayments and arUed incom& 1.272 1,232 15 Crnditors: amounts falllng due wEthln one year 2024 2023 Accruals and deferred income 1,150 1,232 16 Unrestrlctgd funds The unreslricled funds of the tharity eomprise the unexpended balances of donations and grants lch are not subjact lo specific conditions by donors arKI grantors 8s lo how they may be used. These include designatsd lunds whiL* have ts9 sel aside out of unrestricted lund8 by the trustees for speufie purposes. At 1 January 2024 Incoming rnsources Resources •xwnd•d Galns and losses At31 December 2024 Major Repair Reserve General funds 66.730 233,771 9,234 28,597 {17,0181 118,6911 8,629 252,3C6 300,501 37,831 (35,7091 8,829 311,252 Provlous year: At 1 January 2023 Incomlng regources Resources expended Gains and losses At31 December 2023 Major Repair Reserve General funds 65.345 211,272 8,582 33,686 17,197} (15,8091 66,730 233.771 4,622 276.617 42,268 23,006 4,622 300,501 Included wlhln general funds is £83.17612023.. £74,547> in relation to the revalualion of investments which is unrealised.
LIGHTBOWN COThAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Value for Money Metrics IVFMI: As raquired by thg Regulator of Social Housing (June 20191 Measuyes ol Economy. Efllclgncy and Effectlveness 2024 0% 2023 Reinvestment % -Amount$ spent on now propert$ as a % of existing tsngible fixed asset value New Supply %-Number of new acqulred as a % of existing properties owned Social Housing Units b. Non Social Hou8ing Units 0% Gearing %-how much of assets is made up of debt. This result may be negative where the Provider trAs no k)an agreements in place -1.33% -1.57% EBITDA MRI Interest Cover %-level of eamings (before tsx, depreciatlon, afflortisation, major repairs included} compared to interest ptyable (financing costs) Headline Social Housing Cost-lolal annual running costs per Social Houslng Unk owned £4,426 £2,838 Operating Margin %-OP9ratirvJ surplus as a % of total income a. Soaal Hou&'ng Lettiryd b. Overall 0.46° 0.28% 1.10% 0.71& Retum on Caplt81 Employed %-operating surplus as a % of nel current assets employed 0.03% 0.08% 18 Related party transactions There were Th) disdosable rdated party transactions during the year {2023- none). 12
Charlty ¥g918tratlon nrnr 237066 LIGHTBOWN corrAGE HOME TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
LIGHTBOWN corrAGE HOME TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr P Jennings Mr D J Matsden {vice char) Mr T Watson Mrs B Holden {chair Charlty numb•r 237056 Prln¢ipal addre8B 29 Sunnymere Drive Darwen Lancashire B831RH Accountsnts Hindle Jepson & Jenning$ Ltd 10 Borough Road Darwen Lancashire BB3 1PL Bankers Natlonal Westminster Bank plc 35 King Wlliam Street Blackburn Lanca5hire B817DJ
LIGHTBOWN corrAGE HOME TRUST CONTENTS Page Truslee$' report Acowntanls, report Statement of financial activities 8aiance sheet Note5 to the financial stslements 5-12
LIGHTBOWN corrAGE HOME TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual repcl and financial stslemenls for the year ended 31 December 2024. The accounts h8ve been prepared in accord8[ With the ac¢ounling policies sel out in note 1 to t acColS and CoMY wlth th& Tnjsfs governing documerrt, the Chartties Act 2011 and 'Accounting and Rewting by Charities.. Statement of Recommended Practic8 applicable to charities preparing their accounts in accordance with the Financial Reports'ng Stsndard appllcable in the UK and Rewblic of Ireland IFRS 1021" las aThnded for accounfing periods commenang fr¢yn 1 January 2016) Objectives and actlvhles The Trust's objects are lo provide self-sufficienl, low cost communrty housing ¢ottagg homes to aged persons of Darwen. The poliaes adopted in furtherance of these objects are lo maintain the cottages and pmvide comfortable accommodation for local people at an affordable price. There has been no change in those durin9 the yaar. The Trustees have paid due regard lo guidance i38ued by the Charty Commission. Charitsbfe aclivrties are set by the Trust deed. Achlevements and p•rfom)ance During the year the Trust provided 8 cotta9e5 for independent Ilving whlch were fvlty maintained and ¢upied. with no empty properties. no vacancies, and no loss of income in the year. Fln•nclal revlew The Trust has maintained ils level of u)come in the year. It is the pdicy of the Trust that Unrtricted fuThJ$ vthith have 1 b} designated for a spedfic u8e $hould be maintained at a level equivalent to lkneen three and six month's expenditure. The Trustees consider that reserve5 * this level wll ensure that. in the event of a significant drop in fijnding. they 11 be able to continue the Trust's curranl octivibes while consideration is given lo ways in which additional funds may be raBed. This Ve1 of res8rv&s has been mainlained and exceeded throughout the year. The Trustèes have as88S88d the major risks lo which the Trust Is exposèd, and are satisfjed that systems are in place lo miligale exposure lo the major risk$. Structur•. govèrnance and management The Trust was established by a charitable trust deed on 26th Juiy 1915, fr(xn a bequest made by the late Timothy Lightbown dled September 1910. The Trustees setved durtng the year and up to the date of signalure of the financ1 statements were.. Mr P Jennings r D J Marsden (vic8 chairl Mr T Watson Mrs B Holden (chalr} Mr R Done IRe51gned 28 February 2025) Twstses shall be app)inted to fill vacanae8 by the Trustees at a Special Meetsng of Iheir booy lo be held after a lapse of one calendar month from the occurren¢e of such vacancy by a resolulion lo be forthwiih notifiod by them wilh all propoT irrformation to the Charrty commS1on. None of The Tnjstees has any beneficial interest in the company. The Iruslees. report was approved by the Board of Trustees. Twstee Dated..
LIGHTBOWN COAGE HOME TRUST CHARTERED CERTIFIED ACCOUNTANTS. REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LIGHTBOWN corrAGE HOME TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 In order to assist you lo fulfil your duties under the Cl)arEIEs Act 2011, we have prepared for your approval 11 financial statemants of Lightbown Cottage Home Trust for Ihe year ended 31 December 2024, set ryjt on pages 3 10 12 from the charity's accounting records and ftom information and explanalk*ns you have given us. As 8 praclising mernr firm of the Assoctation of Chartered Cgrtrfied Accountant$, we are subject lo its ethical and other professional requirements lch are detailed at https.'Ilwvhv.accaglobal.eomlgbl8nlmemberlstandardslrule8- and-stsndardslrulebcok.html. This reptsrt 1$ made lo the charty's TTUStees, as a body, In accordance with the terms of our enwement J8ttgr dated 27 August 2019. Our work has been undertaken solely lo prepare for your approval the )Inanci81 ststemenls of Lightbom Cottage Home Trust and state those mattets that we have agreed lo state to the charilyb Trustees, as a body. Sn this report in accordance with the requirements of the Association of Chartered CertifiedAccountanls as detailetj at https.'Ilw.acc99IoaI.c0mlr0nlentIdamIACCA_GIobaleChnlcavfa(eChnlca1-IaC1sheeI-163.pdf. To th& lullest extent permitted by law, we do not accept or assume responsibility lo any¢)ne other than Lightbown Cottage Home Trust and th& charity's Trusle8s as a body, for Quf work or for this report. 11 is your dLrty to ensu that Lighlt¥)wn Cottagè Home Trust has kept adequate accounting records and to prepaie stslutory financi81 statsments that give a true and fair view of the assets, liabilitie5, financial position and surplus of Lightbown Collage Home Trust You considei that Lighlbown Cottage Home Trust is exempl from thè statutory audit fequirement for tha year, and Is not required lo obtain an indgp8ndenl examine¢s report. We have not been Instructed lo cary out an audit or a re¥W of the (Inarrial statemonts of Llghtbown Cott8ge Home Trust. For this reason. we have not verrfied the accuracy or compielenes5 of the accLiunling rerdS or Infomation and explanations you have given to us and we do ngl, therefore, express any opinion on the stalLrtory financk418ts1ements. Hlndle Jepson & J8nnlng8 Ltd Is)ZCi ZS Chartered Certifigd Accountsnts 10 Borough Ro&J Darwen Lanca5hFre BB3 1PL
LIGHTBOWN COTTAGE HOME TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrgstrlcted Unrpstrlthd funds fun(J8 2024 2023 Income from: Donations and legaaes Charrtable *tIeS Investments 6,000 22.443 9,388 11,900 21,832 8,736 Total Incomè 37,831 42,268 Expendlturg on: Charitable 8Ctivities 35,709 23,OC Total eXndIre 35,709 23,006 Net 9ainslllo$sesl on investments 10 8.629 4,622 Net Income and movgment In funds 10.751 23.884 Reconclllatlon of funds: Fund balances at 1 January 2024 300,501 276,617 Fund balances at 31 December 2024 311,252 300.501 The stslement of financial active5 includ9$ all gains and losses recognised in the year. All income and expenditure derive fTom ntinUing acts'wlies.
LIGHTBOWN COThAGE HOME TRUST BALANCE SHEEr ASAT 31 DECEMBER 2024 2024 2023 Notes Flxed assets TangikJe assets Investments 12 13 27,682 246,505 27,987 228,642 274.187 256.629 Current assets Debtors Cash at bank and in hand 14 1,272 36.943 1.232 43.872 38,215 45.104 Credltors: amounts falllng due within one year 15 11.150) (1.232) Net current asse18 37,065 43,872 Totsl assets less current Ilabllltles 311,252 300,501 Income funds nr Designated funds General unrestricted fvnds 16 58,948 252.3C6 66.730 233,771 311.252 300,501 311,252 300,501 The accounts were approved by thè Truslees on ..... Trustee Tru ee
LIGHTBOWN COTTAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting polici88 Charlty Informatlon Lightbown Cottage Home Trust is a Trust thich was estsblished by a charitable deed on 261h July 1915. The prinopal addi&ss is 29 Sunnymere Drive. DaNn, Lancashire, BB3 1RH. 1.1 Accounting convgntlon The accounts have been prepared in accordanee wlh the Trust's goveming document, the Charities A¢1 2011 and 'Ac(x)unling and Reporting by Charitiès.. Statement of Recommended practic applicable to Charities preparing Ihelr aecourrts in accordan th the Financial Repot*"ng Standard applicable in the UK and RepblIC of Ireland IFRS 102). las amended for accounb'ng periods comm8ncing from 1 January 20161. The Trust is a Public Benefit Enty as define(f by FRS 102. The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare 8 Ststemenl of Cash Flow5. The finanaal 5talements are prepared In sterling. which is the funth'onal curreno of the Trust. Monetary amounts in these financial slalements are rounded to the nearest £. The aee£Junts have been prepared under the histlca1 cost convention, modffied lo Indude the revduthon of freehold properties and to include Investment prOrtieS and certain financial instruments at fair value. The prinapal accounting policies adopted are set out below. 1.2 Going conc•rn Al the lirne ol approving th8 financial stslements. the Trustees have a reasonable eypectation that the Trtl has adequate resources lo continue in operational eStence for the foreseeable future. Thus the Trustees continue to adopt th8 going concem basis of accounting in PTeparing the financial statements. 1.3 Charttable funds Unrestricted funds are available for use al the diSCretn of the Trustees In furtheran of Ihair charitse obieclives. Endowment funds are subject lo speufi¢ eondition5 by donm th81 the capital musl be maintained by the Trust 1.4 Incomlng resouicos Income is recognised when the Tnjst is legally enlilled lo it after any perfomiance conditions have been rnet, the amounts can be measured reliaLly. and it is probable that income wll be received. Cash donations are reccgnised on receipt. Other donation$ are recognis8d once the Trust has been rLitlfied of the donation, unless performance condttions require defgrral of the amount. Income tax iecoveiable in relation to donations received under Gift Aid or deed$ of covenant is recognised at the bme of the donats'on. Legacie5 are recognised on reipt or otherwise rf the Trust has been notified of an impending distribLrtion, the amount Is known, lpt is expected. If the amount is not krwn, the legacy is treated as a contingent asset. There are no legacies received ty the Trust. Interest on investrnenl fvnds held on depos Is Iude when receivable and the amount be measured reliably, this is normalty UFon notffication of th8 interest paid or payable by the fun¢Y management company andlor the bank. Turnover is measured al the fair value ol the considerathm r8ceN8d gr rgceivable and repiesenls amounts recelv8ble for goods and services prOVed in the nornial course of charitsble ath"vty, excluding any discoun15 or rebates.
LIGHTBOWN corrAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng poli¢ios (Contlnued) 1.5 Resources expendod All expenditure is accounted for on an accruals basls and applied under the appropriate heading. Liabilities are recognised as resources expanded as soon as the obligation and commitment by the Chèrity to the expenditure arises. 1.6 Tanglble fixed a¥¥ets Tangible fixed assets are inilialty stated at ¢ost and subsgqugnlly staled al cost or valuation. net of depreciatlon and any impairment losses. Depreclatlon Is rewrwsed so as lo write off the eost or valuation of assets less their residual values over their useful Ilves on the follov*irrfJ bases.. Land and buildings 1 % stralght line The gain or loss arising on the disposal of an asset is determined a5 the difference between the sale proceeds and the carying value of thè asset, and 1$ recognised in the slalement ot financial activities. 1.7 Flxed assot Inveslments Fixed asset investments are initslly reccgnised at transaction yico axduding transaction costs, and are sUbseqUenY measured at fair value al each reporting date. Changès in fair value are recognis8d in not jncornellexpendilure} for the year. Transaction c08t8 are recorded as incurred. 1.8 Impairmont of fixed as$ets Al each reporting end dalo, the Tiust revlews the carying amounts of its tangible assets lo detemiine whelher there is any indication that those assets have suffered an impairment loss. 11 any such indication exists. the recoverable amount of the ass81 is estimat in order to determine the extent of the impairment bss lif any). 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposhs held at call wlh banks, other short-tenn liquid investments with original maturrties of three months or less, and bank overdrafts. Bank overdrafts are shown wilhin borrowng5 in currenl Ilabilities. 1.10 Flnanclal Instruments The Trust has elected lo apY the prowsions of Section 11 '8asic Financial Instruments. and Section 12 'Olher Financial Instrurnents Issues, of FRS 102 to all of ils financial instruments. Financial InstnJmènls are wognised in the Trust's balance shgel when the Trust becomes paty lo the contractual provisions of the instrument. Financial assets and liats'lilies are off3et, wlh the net amounts presented In the financial slatements, when there is a legally enforcèable right lo set off the recognised amounts and there is an intention lo settle on a net basis Of to reali58 the asset aTrJ setue the liability simultaneously. Basic flnanelal assèts Basic financial asset5, which IUde deblofs and cash and bank balances. are Initially measured at transadton price including transaction costs and are subsequently carried al amortised cost usiThJ the effective interest method unless the arrangemenl constitutes a financing transaction, where the transaction is measured al the Psent value of the lulure r1p1S discounted al a market rale ol interest. Finanryal assets dassified as reGewable within one year are not amortised.
LIGHTBOWN COTTAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Accounllng poll¢les (Continuod Basic ffn8n¢iJlliobllitles Bagie finaneial liabilities, 1ndLIng creditors and bank loans are initially recognised at transaction prlce unless the arrangement constitutes * financing transaction, Whe the debt instrument is measured at the present value of the fthure payments discounted at a market rate of interest. Flnaneial Ilabilitiès cl8$$ffjed as payable withln ¢)ne year are not amortised. Debt instruments are sub8equentty caThi8d at amortisod cost, using the effective interest rate method. Trade creditor8 are obligatk)ng to pay for gcod$ or 6ervices Ihat have teen acquired in the or(Ilnary course of OP8ralions trom suppllers. Amunls payable are classified as current liabilities rf payment is due within one year or less. If not, they are presented as non-currenl liatxlilies. Trade creditors are rewgnised initially al transaction price 8nd subsequenty measur8d at aM0'Sd cost using the effective interest metlKKI. Derecognition of finan¢lo1 Ilabllltles Financial liabilities are derecogni$ed vknen Ihe Tnjst's contractual obligations expire or are discharged or ncelled. Crltlcal accountlng estimatès and Judgements In the application of the Trust's accounting policies. the TnJ8tees 8re requjred lo make judgements. estimates and assumptions about the carrying amount of assets 8nd liabilities that are not readily apparent from other sources. The estimate5 and asSl0t¢d assumw'ons are based on historical experiencR and olhgr factors that are o)nsidered to be relevant. Actual results may dffter frc4n these estimates. The esllmales and undertyiny assumptions are reviewed an ongoing ba818. Revi8ion8 10 accounting estimates are recognised in the period in whith the ostimale is rewsed where the rewsioft affects (nly that period, or in the period of the revÈsion and futur8 periods where the revision affects both current and fvlure periods. Donailons and1ogaGF95 Unrestrictsd Unrgstrlcted funds fvnds 2024 2023 Donali¢J)s and gifts 6,DOO 11,900 Income from Gharitablfj activitie8 Unrestsl¢ted Unrestrlcted funds fund$ 2024 2023 Maintenance Contributsons 22,443 21.632
LIGHTBOWN COThAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 In¢ome from Inve8tmenls Unreslrlcted Unrestriet•d nds funds 2024 2023 Income from listed investments 9,388 8,736 6 Charitable activities Houslng provision 2024 Housing provlslon 2023 SerVe costs Day to day maintenance 3,493 27.607 3,272 15,642 31,100 18,914 Share of govemance cos15 {se8 noto 71 4,609 4,092 35.709 23.006 Support costs Support Govamance costs 2024 2123 8a51s of allocatlon DePreation 304 304 304 Accountancy Clerks honorarium Sundry Management 852 1,704 852 1.704 845 762 Govemance 1,656 Govemance 828 Governan 542 Governance 904 4,S09 4.609 4,092 Analysed ben Charilabte aeb"vrties 4.609 4,609 4,092 Govemance costs indL•Je$ payments lo the accountants of £852 (202> £762) for accountancy fees. Trustees None of the Tfuslees lor any persons CDnn8ctod with them) received any remuneration during the year.
LIGHTBOWN COThAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Employee$ The av8Tage monlhty number of emkloyees during ts year was: 2024 Nurnbgr 2023 Number Total There were no •moyees whose annud remuneration wa$ more than £60,000.
LIGHTBOWN COAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Plot galnslllos$esl on Investhionts 2024 2023 Revaluation of Investments 8,629 4.622 11 Taxallon The charty is exempl from taxation on its activtties because all its ints)me is appld for charitable purposes. 12 Tanglble flxed as$ots Land and buildin Cost Al 1 January 2024 30,420 At 31 December 2024 30.420 Deprgclatlon and Impalment At 1 January 2024 Dppreciatson charged In the year 2,434 304 At 31 Decemter 2024 2.738 Carrylng amount Al 31 Decembgr 2024 27.682 At 31 Decemter 2023 27.987 13 Flxed asset investments Unllsted Investments Cost or valuatlon At l January 2024 Additions Valuation ch8ngey 228.642 9,234 8,629 At 31 December 2024 246.505 Cayrylng amount At 31 Dec8rnbor 2024 246,505 At 31 DeCeMr 2023 228,642 10-
LIGHTBOWN COAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Debtorn 2024 2023 Amounts falllng due within one year: Prepayments and arUed incom& 1.272 1,232 15 Crnditors: amounts falllng due wEthln one year 2024 2023 Accruals and deferred income 1,150 1,232 16 Unrestrlctgd funds The unreslricled funds of the tharity eomprise the unexpended balances of donations and grants lch are not subjact lo specific conditions by donors arKI grantors 8s lo how they may be used. These include designatsd lunds whiL* have ts9 sel aside out of unrestricted lund8 by the trustees for speufie purposes. At 1 January 2024 Incoming rnsources Resources •xwnd•d Galns and losses At31 December 2024 Major Repair Reserve General funds 66.730 233,771 9,234 28,597 {17,0181 118,6911 8,629 252,3C6 300,501 37,831 (35,7091 8,829 311,252 Provlous year: At 1 January 2023 Incomlng regources Resources expended Gains and losses At31 December 2023 Major Repair Reserve General funds 65.345 211,272 8,582 33,686 17,197} (15,8091 66,730 233.771 4,622 276.617 42,268 23,006 4,622 300,501 Included wlhln general funds is £83.17612023.. £74,547> in relation to the revalualion of investments which is unrealised.
LIGHTBOWN COThAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Value for Money Metrics IVFMI: As raquired by thg Regulator of Social Housing (June 20191 Measuyes ol Economy. Efllclgncy and Effectlveness 2024 0% 2023 Reinvestment % -Amount$ spent on now propert$ as a % of existing tsngible fixed asset value New Supply %-Number of new acqulred as a % of existing properties owned Social Housing Units b. Non Social Hou8ing Units 0% Gearing %-how much of assets is made up of debt. This result may be negative where the Provider trAs no k)an agreements in place -1.33% -1.57% EBITDA MRI Interest Cover %-level of eamings (before tsx, depreciatlon, afflortisation, major repairs included} compared to interest ptyable (financing costs) Headline Social Housing Cost-lolal annual running costs per Social Houslng Unk owned £4,426 £2,838 Operating Margin %-OP9ratirvJ surplus as a % of total income a. Soaal Hou&'ng Lettiryd b. Overall 0.46° 0.28% 1.10% 0.71& Retum on Caplt81 Employed %-operating surplus as a % of nel current assets employed 0.03% 0.08% 18 Related party transactions There were Th) disdosable rdated party transactions during the year {2023- none). 12
Hindle Jepson & Jennings Ltd Reyi5tered Office: 1D Borou9h Rd Daen LaTrcashire 883 IPL Tel.. 01254 702111 email= inlo@hiandj.co.uk Chartered Cerlilied Accountants Ploase ask for: Mr C Baknr Our rnf: CCBIDHITrust24 Your ref: 22 May 2025 Mrs R J Walton 29 Sunnymere Drive Darwen Lancashire BB3 1RH Dear Ros Lightbown Cottage Home Trust Yoar Ended 31 December 2024 We arè required to supply a management letter to accompany the accounts and can confirni that the books and records are well kept. Th8 Trust continues to be well run and we are quite satisfied with the accounts. Yours SinceIY For and on behalf of Hindle Jepson & Jennings Ltd r4¢t•r•.. Mr DwLSON7F Mrs CC UKER Ft Mrs LA MCGRATH MrsKL DILLQWAYXA ACCA AccouiilaThts Re91$Tèd LtsMPby 14tso744¥9b3