Charlty r•glstration numbor 237066 (England and Wales) LIGHTBOWN COTTAGE HOME TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
LIGHTBOWN COThAGE HOME TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustses Mr P Jennings r D J Mar8den Ivice chairl Mr T Watson Mr5 B Holden {thalr) Ms K Weston (Appointed 5 June 2025} Charity number (England and Wales) 237056 Prlnclpal address 29 Sunnymere Drive Darwen Lancashlre BB31RH Accountants Hindle Jepson & Jennings Ltd 10 Borough Road Darwen Loncashire BB3 1PL Banker6 National Westmlnster Bank plc 35 King William Street Blackbum Lancashire B817DJ
LIGHTBOWN COTTAGE HOME TRUST CONTENTS Pago Trustees, report ACUntats, r8POrt Statement of financial activities Ba18nce sheet Notes to the financial ststements 5-12
LIGHTBOWN COTTAGE HOME TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The TnJ$lees present Ihgir annual report and financial ststemenls for the year ended 31 Dec8mber 2025. The ac¢ount8 have been preparèj in accordance wrth the accounting policies set out in note 1 to accounts and wlh the Trust's goveming document. the Charits'es Act 2011 and 'Accounting and Reporting by Charities.. Slalement of Recommended Practice appllcable to charities preparing their aecounts in a¢cwdan¢e th the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}. las anEnded for accounting periods commencing from 1 January 20161 Oblectlves and activltles The Tru¥l's objects are lo provide $8lf-suffia$nt, low cost communty housing cottage homes to aged persons of Darwen. The policies adopted In furtherare of these objeds are to maintain the Cottages and provitle cOmfortae accommodation for local pèople al an affordable price. There ha$ been no change in these during the year. The Trustees have paid due regard 10 guidan issued by the Charity Commission. Charitsble activities are sel by the Trust deed. Achlovgments and perfomlance During the year the Trust provided 8 cottages tor independent living which were fully mainlalned and occupied. wllh no empty properties, no vacanaes. and no loss of income in the year. Flnancial revlew Tha Trust has mair¢tained ils lèvel of income In the year. 11 is the policy of the Trust that unr8Stri¢ted funds which have not been designatsd for a speciftc use should be maintained at 8 level eqijivalenl lo been three and Six month's expenditure. The Trustees consder that reserves at this level will ensure that, in the event of a significant dpop in funding, they Mll be able to conb'nue the Trust's current activities while consideFalion is given to ways in which addillonal fvnds may be raised. This level of reseNes has been maintained and exrReded throughout the year. The Trustees have assessed the major rlsks to which the Trust Is exposed, and are satisfigd Ihal systems are in place lo miiigale exposure to the major risks. Structure. governance and management The Trust was estsblbshèd by a Charitable trust d8od on 26th July 191 S, from a bequest made ty the late fimothy Lighlbown who dled September 1910. The Trustees who seNed during the year and up to the dale of signature of the flnanaal statements were.. Mr P Jenning5 Mr D J Mar8den Ivice chairl Mr T Walson Mrs B Holden {chair) Mr R D¢)ne Ms K Weston (Resigned 28 February 202SI (Appointed 5 June 2025) Trustees sh811 be appointed to fill vacancies by the Trustees at a Speckql Maeling of their body lo be held after 8 lapse of one Calendar month from the occurrence of such vac8ncy by a resolution to be forthwith rK>trfied by them with all proper information lo the Charity Commission. Nona of The Trustees has any benefficiol inlerest in the ttjmpany. The trustees, rwrt was approved by the Board of Trustees. Trustee Dated: ,. .%.: ...aL
LIGHTBOWN corrAGE HOME TRUST CHARTEREDACCOUNTANTS. REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LIGHTBOWN COTTAGE HOME TRUST FOR THE YEAR ENDED 31 DECEMBER 2025 In order lo assist you to fulfil your duties under the Charities Act 2011, wo have prepared for your approval the finanaal slalemenls of Lighlbown Cottage Home Trust for the year ended 31 December 2025, set out on pages 3 10 12 from the charity's accounting COrdS and ftom information and explanations you have given us As a practising member fim) of the Institute of Chartered Accountants in England and Wales IICAEW), we are subject lo 118 ethical and other professional requirements which are detailed al https-Ilvthv.Icaew.coml regulalion,delaile<l at https'.Ilwww.accaglobal.comlgblenlmember/sl8ndardslrul&s-and-standardslrulebook.html. This report is made to the charitys Trustees, as a body, in accordance wfth the terms of our engagement letter dated 27 August 2019. Our work has been undertaken solely lo prepare for your approval the financial statements of Lighlbown Cottage Home Trust and stste those mallers that we have agreed lo slate to the charfty's Trustees, as body, in this ieport in accordance with ICAEWTechnical Release 07116 AAF. To the lullesl exienl permitted by law. we do not accept or assume responsibility to anyone other than Llghtbown Cottage Home Trust and the charity's Trustees as a body, for our work or for this report. 11 is your duty lo ensure that Lightbown Cottage Home Trust has kept adequate accounting records and lo prepare 5talulory financ4al statements that give a true and fair view of the assets, liabilities, financial posttlon and surplu5 of Lightbown Cottage Home Trust. You consider that Lighlbgwn Collage Home Tnjsl is exempt from the slatulory audtt fe9uiremenl for the year, and is not required lo obtain an independent examinerfs report. We have not been instructed lo carry OLrt an audit or a review of thg financial statements of Llghlbown Collage Horne Tmst. For this reason, we have not verified the accuracy or complelene5s gf the accounting records or infomation and explanallons you have given lo us and we do not. therefore, express any opinion on the stslutory finanoal slatemenls. Hlndle Jepson & Jennings Ltd Chartered Accountants 10 Bofough Road Darwen Lancashire BB31PL
LIGHTBOWN corrAGE HOME TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestrfctsd Unrestrlctsd funds funds 2025 2024 Notes Income from". Donal'ons and legarAes Charitable activities Investments 6,000 22,443 9,388 23,304 10,551 Totsl Income 33.855 37,831 Exp•ndlture on- Charitable activib'es 27,823 35,709 Total axpenditur? 27,823 35,709 Net gainslllossesl ¢)n investments 10 29,489 8,629 Net incom• and movgmont In lunds 35,521 10,751 Reconclllatlon of funds.. Fund balances al 1 January 2025 311,252 300,501 Fund balances at 31 December 2025 346.773 311.252 The Statement of financial activities inc4udes all gains and losses recognised in the year. All incom¢ and expendrtur& derive from continuing activities.
LIGHTBOWN COThAGE HOME TRUST BALANCE SHEET AS AT31 DECEMBER 2025 2026 2024 Notes Flxed as$ots Tangible ass91$ Investments 12 13 27,378 288,396 27,682 246,505 313,774 274.187 Currentassets Debtors Cash al bank and In hand 14 1.477 32.743 1.272 36,943 34.220 38,215 Credltors: amounts falllng due wlthln ono y•ar 15 (1,2211 11,150) Nel current assets 32,999 37,065 Totsl assets 1088 ¢urr•nt liabllltlgs 346,773 311,252 Income fund8 Unr d fvnds Designated funds General unrestricted frjnds 57,540 289.233 58,946 252.306 346.773 311,252 346.773 311,252 The accounts were approved by the Trustees on .. .. Trustso Tru
LIGHTBOWN corrAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng poliGIos Chartty Information Lighlbown Cottage Home TnJsl is a Trust whieh was estsblished by a charilabie deed on 26th July 1915. The pnncipal address is 29 Sunnymere Drive, DaTh¥en. Lancashire, BB3 1 RH. 1.1 AcGountlng conventlon The accounts have been prepared in accordance with the Trust's goveming dUMent, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Stalernenl of Recommended Pra¢ts'ce applicable lo th8rilies preparing their accounts in ac¢ordance with the Financial Reporting Standard appllcable in the UK and Republi¢ of Ireland IFRS 102}" las amended tor accounting pervjds commencing from 1 January 2016}. Thè Trust 15 a Public Benefft Entity as d8fined by FRS 102. The Trust has taken adv8ntago of the provisions in the SORP Icf charitles applying FRS 102 Upd* Bulletin 1 not to prepare a Statemènt of Cash Flow5. The financial statements are preparèd in slerfin9. whlch Is the functional currency of the Trust. Monetsry amounts in thase finanaal statements are rounded to the nearest £. The accounts have been prepared under the historica] cost convention. modified to indude the revduats'on of freehold properties and to include investment properties and certain financid instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Golng concern Al the time of approving the financlal stalemerts. the Trustees have a re8sonabl8 expectation that the Trust h8$ adequate resources lo conllnue in operational exlstence for the foreseeable fiJtU. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltsble funds Unrestricted funds ar8 available for use al the discretion of Trustees in furtherance of their charitable oblèctives. En(fowmenl fund8 ar8 subiecl to spedfie condrtions by donors Ihat the capital must be m81nlained by the Trust. 1.4 Incoming rnsources Income is recognised when the Trust is legally entitled lo il after any performance ctjndilions have been met, the amounts can be measured rellay. and tt is probable that Income wll be received. Cash donations ar8 recognised on recelpt. Other donations are recognised once the Trust has been notifi8d of the donation, unless perfom7anc& ct)ndilions requir& deferral of the amount. Income tsx fecoverable in relation to donations received under Gift Aid or d&8d$ ot covenant15 recognised at the time of the donation. Legacies are recognised on receipt CY otherwise if the Trust has been notified of an impending distribution. the amount 15 known, and reipt is expected. If the amount is not known, the legacy is Ire8ted as a conilngenl asset. Ther8 are no legacigs receSved by the Trust. Interest on investment fijnds held on deposit Is included when recèivable and the amount can be measured reliably. this is nom)alty upon notification of the interest paid or payable by the fund management company andlor Ihe bank. Tuinover is measured at the fair value of the consideration reived or receivable and represents amountg r8c8ivable for goods and services provtded in the normal course of charitable activty, exduding any di%ounls or rebates.
LIGHTBOWN COTTAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 A¢¢ounting policies Icontlnuedl 1.5 Resources 8xp8ndod l expendllure is accounted lor on an accruals basis and applied under the appropriate heading. Liabilities ai8 rOgnIsed as rosouicgs expended as soon as the obllgatlon and commitment by the Charity to the expenditure arises. 1.6 Tanglble flxed a55ets Tangible fixed assols are initially Stated al cost and $ub5equently ststsd at cost or valuation. nel of depreciallon and any impairment losses. Depreraation Is reeognised so a8 lo wrlle off the st or v8luab.on of assets18$$ their residual valuos over Ihelr useful lives on the following bases- Land and buildings 1% straight line The gain or Ioss 8rising on the dispos81 of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognis8d in the statement of finanual aclivllies. 1.7 Fixed a$$et Investmonts Fixed asset investments are initially recognised at transath.on price excluding transactson costs, and are subsequently measured al fair value at each reporting date. Changes in fair value are recognised in nel incomellexpendiluiel for the year. Transaction costs are recorded as incurred. 1.8 Impalmifrnt of fixed assets Al each reporting end dale, the Trust reviews the caryng amounts of S tangible assets to determine whether the is any indication that those assets have suffered an impairment Ios5. If any such Indication exists. the recoverable amount of the 8ssel is eslimaled in order to delennine the extent of the impainnenl loss lif anyl. 1.9 Cash and ¢ash oqulvalents Cash and cash equivalents indude cash in hand, deposits held al call with bank$, other short-term liquid inveslm9nls with original maluriti85 of three months or less, and bank overdrafls. Bank overdraft5 are shown vthhin borrowings in Gurrent liabilities. 1.10 Flnanclal instrnmgnts The Trust has elected to apply the provisions of Section 11 'Basic Financial Inslrumenls, and Seth'on 12 'Olher Finanaal Instruments Issues, of FRS 102 to all of ils finanGial inslTuments. Flnancial instruments are recognlsed in the Trust's balance sh8Ot when the Trust bgcomes paty to the conlraclual provisions ol the instrument. Financial assals and liabilities are offset, wllh th2 nel amounts presented in the financial statements, when there is a legally enforceable right lo sel off the rgcognised amounts and there is an IntenOn lo settle on a net basis or to realise the assel and settle the liability simultaneously. Basic financial assets Basic financial assets, which includo debtors and cash and bank balances, are initially measured a transaction price including transaction costs and are subsequently carried al amortised cost using the effedive interest method unless the arran9emenl constitutes a financing IransactiDn, whère the transaction is measured at the present valu& of the future receipts diKounled al a rnarket rale of interest. Financial assets lassified as receivable wthin one year are not amortised.
LIGHTBOWN corrAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng polkles Icontlnued) Baslc financlal Ilabilitios Basic financial liabilities, induding ueditor8 and bank loans are initially recognised at Iran$action price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen15 di$Unted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale melhcd. Trado creditors ore oblwjalions to pay for goods or ser¥e$ that have been acqulred in the ordinary course of operations from suppli8rs. Amounts payablo are classified as cuffenl liabilllles rf payment is due within one year or less. If not. they are presented as non-currenl liabilities. Trade Creditors are recognised infil1lY at transaction price and subsequently measured at amortised cost using the effective inter¢st method. D•re¢ognition of flnanclal liabilities Financial liabilities are derecognised when the Trust's contradual obligations expire or are discharged or ncelled. Crltlcal accounting estlmatss and judgements In the application of the Trust's accounting policies, the Trustees are required lo make ]udgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparerrt from other 80urces. The eslimales and associated assumptions are based on historical oxperience and other factors that are considered lo be relevant. Actual results may differ from these estimate$. The eslimales and underlying assuMp0n$ are reviewed on an ongoing basis. Revislons lo accounting eslimalès are rOgnised in the period in which the estimate is revised where the revision affects rmly th81 perlod. or in the period of the revision and future poriods where the revision affects both cuffenl and ftrture perlods. Donations and l•ga¢ies Total Unrestrlcted funds 2026 2024 Donations and gift5 6.000 Income from ¢harftabla actlvltl6s Unrestrlcted Unr8strlctod funds tunds 2025 2024 Maintenance Contributions 23,304 22,443
LIGHTBOWN COTTAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Income from Investments Unrestricted Unrestrict8d funds fund$ 2026 2024 Inme from li3te(J inveslmenls 10,551 9,388 6 Charitable actlvitie¥ Housing provlslon 2025 Housing provlslon 2024 Senrice costs Day lo day maintenan 3,950 18,963 3.493 27,607 22,913 31,100 Share of governance costs {5ee nate 71 4,910 4,609 27,823 35.709 Support costs Support Governanco Costs st5 2026 2024 Bas18 01 allocatlon Depreaation 304 304 Accountancy Clerk8 honorarium Sundry Management 870 1,800 870 1,800 852 Governance 1,704 Govemance 845 Gpvernance 904 Govemance 1,070 1.070 4,910 4,910 4,809 Analysed belw&n Charitable activities 4,910 4,910 4.609 Governance eosls indudes paym8nls to the accounlanls of £870 12024- £852) for aceounlancy fees. Trustses None of the Trustees (or any persons connected with th8ml received any remuneratlon during the year.
LIGHTBOWN COThAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 Employ••s Th8 average monthly number of employees during the year was.. 2025 Number 2024 Number Total There were no employees whose annual remuneration was more than £60.000.
LIGHTBOWN corrAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 10 N¢t gainsl{1088•$1 on investments 2026 2024 Revaluation of investments 29.489 8,829 11 Taxatlon The charity is exempt from taxation on ils aclivllies because all its income Is applied for charitable purposes. 12 Tanglblo flx•d assets Land and bulldlngs Cost Al 1 January 2025 30.420 At 31 Decemb8r 2025 30.420 Depreclatlon and Impairment Al 1 January 2025 Depreoation eharged in the year 2,738 304 At 31 December 202S 3,042 Carrylng amount At 31 Dember 2025 27.378 At 31 December 2024 27,682 13 Fixed asset inv88tments Unllsted Invgstments Cost or valuation At 1 January 2025 Additions Valuation changes 246,505 10,402 29,489 At 31 December 2025 286,396 Carylng Jmount At 31 December 2025 286,396 Al 31 December 2024 246.505 10-
LIGHTBOWN COTTAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 14 Debtors 2026 2024 Amounts falling due withln one year: Prepayments and accrued Income 1,477 1,272 15 Creditor5: amounts falllng due wfthln on& yèar 2025 2024 Accruals and deferred income 1,221 1,150 16 Unrestricted funds The unrestricted lunds of the Gharily comprise the unexpended balances of donations and grants which are not subiect to specific Conditions by donors and grantors as lo how they may be used. These indLxJe designated funds which have been set awde oul of unrestricted funds by the trustees for speafic purposes. At 1 January 2025 Incomlng R080urces resou5 expended Galng and 108ses At31 December 2025 Major Repair Reserve General funds 58.946 252,306 10,402 23,453 111,8081 {18,0151 57,540 289,233 29.489 311,252 33,855 127.8231 29,489 346.773 Prgvlous year. At 1 January 2024 Incomlng Resources resources expend9d Galns and Iossgs At31 December 2024 Major Repair Reserve General funds 66.730 233,771 9,234 28,597 117,0181 118.6911 58,946 252.308 8,629 300,501 37.831 {35,7091 8,829 311,252 Included wthin general fund5 is £112.665 {2024.' £83,176} in ielalion lo the valuation of investments which is unrealised. 11
LIGHTBOWN corrAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 17 Value for fvloney Metrfcs IVFMI: As requirgd by the Regulator ol Soclal Housing (June 20191 Maasurès of E¢¢nomy. Efflclèncy and Efvctlveness 2025 0% 2024 Reinvestment % -AmountS spent on new properties as a % of exisllng tangible fixed asset value New Supply %-Number of new properties acquired as a % of eslIng properties owned Soual Housing Units b. Non Soaal Housing Units 0% 0% Gearing %-how mLth of assets is made up of debt. Thi$ result may be negative where the Provider has no loan agreements in place -1.200 -1.33% E8ITDA MRI Interest Cover %-1gvel ol earnings (before tax. d8precialion. amortisation. major repairs indudedl compared lo interest payablo (financing costs) 0% Headline Social Housing Cosl-lotal annual running costs per Soclal Housing Llntt owned £3.440 £4,426 Operating Margin %-oper8ting surplus as a % of total income a. Social Houwng Letting b. Overall 1.52% 1.52% 0.48% 0.38% Return on Capitsl Employèd °koperating surplus as a % of net current assets employed 0.10% 0.03% 18 Rglated party tran8actlons There were no disdosable related party transactions during the year12024- none). 12-
Charlty r•glstration numbor 237066 (England and Wales) LIGHTBOWN COTTAGE HOME TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
LIGHTBOWN COThAGE HOME TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustses Mr P Jennings r D J Mar8den Ivice chairl Mr T Watson Mr5 B Holden {thalr) Ms K Weston (Appointed 5 June 2025} Charity number (England and Wales) 237056 Prlnclpal address 29 Sunnymere Drive Darwen Lancashlre BB31RH Accountants Hindle Jepson & Jennings Ltd 10 Borough Road Darwen Loncashire BB3 1PL Banker6 National Westmlnster Bank plc 35 King William Street Blackbum Lancashire B817DJ
LIGHTBOWN COTTAGE HOME TRUST CONTENTS Pago Trustees, report ACUntats, r8POrt Statement of financial activities Ba18nce sheet Notes to the financial ststements 5-12
LIGHTBOWN COTTAGE HOME TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The TnJ$lees present Ihgir annual report and financial ststemenls for the year ended 31 Dec8mber 2025. The ac¢ount8 have been preparèj in accordance wrth the accounting policies set out in note 1 to accounts and wlh the Trust's goveming document. the Charits'es Act 2011 and 'Accounting and Reporting by Charities.. Slalement of Recommended Practice appllcable to charities preparing their aecounts in a¢cwdan¢e th the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}. las anEnded for accounting periods commencing from 1 January 20161 Oblectlves and activltles The Tru¥l's objects are lo provide $8lf-suffia$nt, low cost communty housing cottage homes to aged persons of Darwen. The policies adopted In furtherare of these objeds are to maintain the Cottages and provitle cOmfortae accommodation for local pèople al an affordable price. There ha$ been no change in these during the year. The Trustees have paid due regard 10 guidan issued by the Charity Commission. Charitsble activities are sel by the Trust deed. Achlovgments and perfomlance During the year the Trust provided 8 cottages tor independent living which were fully mainlalned and occupied. wllh no empty properties, no vacanaes. and no loss of income in the year. Flnancial revlew Tha Trust has mair¢tained ils lèvel of income In the year. 11 is the policy of the Trust that unr8Stri¢ted funds which have not been designatsd for a speciftc use should be maintained at 8 level eqijivalenl lo been three and Six month's expenditure. The Trustees consder that reserves at this level will ensure that, in the event of a significant dpop in funding, they Mll be able to conb'nue the Trust's current activities while consideFalion is given to ways in which addillonal fvnds may be raised. This level of reseNes has been maintained and exrReded throughout the year. The Trustees have assessed the major rlsks to which the Trust Is exposed, and are satisfigd Ihal systems are in place lo miiigale exposure to the major risks. Structure. governance and management The Trust was estsblbshèd by a Charitable trust d8od on 26th July 191 S, from a bequest made ty the late fimothy Lighlbown who dled September 1910. The Trustees who seNed during the year and up to the dale of signature of the flnanaal statements were.. Mr P Jenning5 Mr D J Mar8den Ivice chairl Mr T Walson Mrs B Holden {chair) Mr R D¢)ne Ms K Weston (Resigned 28 February 202SI (Appointed 5 June 2025) Trustees sh811 be appointed to fill vacancies by the Trustees at a Speckql Maeling of their body lo be held after 8 lapse of one Calendar month from the occurrence of such vac8ncy by a resolution to be forthwith rK>trfied by them with all proper information lo the Charity Commission. Nona of The Trustees has any benefficiol inlerest in the ttjmpany. The trustees, rwrt was approved by the Board of Trustees. Trustee Dated: ,. .%.: ...aL
LIGHTBOWN corrAGE HOME TRUST CHARTEREDACCOUNTANTS. REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LIGHTBOWN COTTAGE HOME TRUST FOR THE YEAR ENDED 31 DECEMBER 2025 In order lo assist you to fulfil your duties under the Charities Act 2011, wo have prepared for your approval the finanaal slalemenls of Lighlbown Cottage Home Trust for the year ended 31 December 2025, set out on pages 3 10 12 from the charity's accounting COrdS and ftom information and explanations you have given us As a practising member fim) of the Institute of Chartered Accountants in England and Wales IICAEW), we are subject lo 118 ethical and other professional requirements which are detailed al https-Ilvthv.Icaew.coml regulalion,delaile<l at https'.Ilwww.accaglobal.comlgblenlmember/sl8ndardslrul&s-and-standardslrulebook.html. This report is made to the charitys Trustees, as a body, in accordance wfth the terms of our engagement letter dated 27 August 2019. Our work has been undertaken solely lo prepare for your approval the financial statements of Lighlbown Cottage Home Trust and stste those mallers that we have agreed lo slate to the charfty's Trustees, as body, in this ieport in accordance with ICAEWTechnical Release 07116 AAF. To the lullesl exienl permitted by law. we do not accept or assume responsibility to anyone other than Llghtbown Cottage Home Trust and the charity's Trustees as a body, for our work or for this report. 11 is your duty lo ensure that Lightbown Cottage Home Trust has kept adequate accounting records and lo prepare 5talulory financ4al statements that give a true and fair view of the assets, liabilities, financial posttlon and surplu5 of Lightbown Cottage Home Trust. You consider that Lighlbgwn Collage Home Tnjsl is exempt from the slatulory audtt fe9uiremenl for the year, and is not required lo obtain an independent examinerfs report. We have not been instructed lo carry OLrt an audit or a review of thg financial statements of Llghlbown Collage Horne Tmst. For this reason, we have not verified the accuracy or complelene5s gf the accounting records or infomation and explanallons you have given lo us and we do not. therefore, express any opinion on the stslutory finanoal slatemenls. Hlndle Jepson & Jennings Ltd Chartered Accountants 10 Bofough Road Darwen Lancashire BB31PL
LIGHTBOWN corrAGE HOME TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestrfctsd Unrestrlctsd funds funds 2025 2024 Notes Income from". Donal'ons and legarAes Charitable activities Investments 6,000 22,443 9,388 23,304 10,551 Totsl Income 33.855 37,831 Exp•ndlture on- Charitable activib'es 27,823 35,709 Total axpenditur? 27,823 35,709 Net gainslllossesl ¢)n investments 10 29,489 8,629 Net incom• and movgmont In lunds 35,521 10,751 Reconclllatlon of funds.. Fund balances al 1 January 2025 311,252 300,501 Fund balances at 31 December 2025 346.773 311.252 The Statement of financial activities inc4udes all gains and losses recognised in the year. All incom¢ and expendrtur& derive from continuing activities.
LIGHTBOWN COThAGE HOME TRUST BALANCE SHEET AS AT31 DECEMBER 2025 2026 2024 Notes Flxed as$ots Tangible ass91$ Investments 12 13 27,378 288,396 27,682 246,505 313,774 274.187 Currentassets Debtors Cash al bank and In hand 14 1.477 32.743 1.272 36,943 34.220 38,215 Credltors: amounts falllng due wlthln ono y•ar 15 (1,2211 11,150) Nel current assets 32,999 37,065 Totsl assets 1088 ¢urr•nt liabllltlgs 346,773 311,252 Income fund8 Unr d fvnds Designated funds General unrestricted frjnds 57,540 289.233 58,946 252.306 346.773 311,252 346.773 311,252 The accounts were approved by the Trustees on .. .. Trustso Tru
LIGHTBOWN corrAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng poliGIos Chartty Information Lighlbown Cottage Home TnJsl is a Trust whieh was estsblished by a charilabie deed on 26th July 1915. The pnncipal address is 29 Sunnymere Drive, DaTh¥en. Lancashire, BB3 1 RH. 1.1 AcGountlng conventlon The accounts have been prepared in accordance with the Trust's goveming dUMent, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Stalernenl of Recommended Pra¢ts'ce applicable lo th8rilies preparing their accounts in ac¢ordance with the Financial Reporting Standard appllcable in the UK and Republi¢ of Ireland IFRS 102}" las amended tor accounting pervjds commencing from 1 January 2016}. Thè Trust 15 a Public Benefft Entity as d8fined by FRS 102. The Trust has taken adv8ntago of the provisions in the SORP Icf charitles applying FRS 102 Upd* Bulletin 1 not to prepare a Statemènt of Cash Flow5. The financial statements are preparèd in slerfin9. whlch Is the functional currency of the Trust. Monetsry amounts in thase finanaal statements are rounded to the nearest £. The accounts have been prepared under the historica] cost convention. modified to indude the revduats'on of freehold properties and to include investment properties and certain financid instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Golng concern Al the time of approving the financlal stalemerts. the Trustees have a re8sonabl8 expectation that the Trust h8$ adequate resources lo conllnue in operational exlstence for the foreseeable fiJtU. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltsble funds Unrestricted funds ar8 available for use al the discretion of Trustees in furtherance of their charitable oblèctives. En(fowmenl fund8 ar8 subiecl to spedfie condrtions by donors Ihat the capital must be m81nlained by the Trust. 1.4 Incoming rnsources Income is recognised when the Trust is legally entitled lo il after any performance ctjndilions have been met, the amounts can be measured rellay. and tt is probable that Income wll be received. Cash donations ar8 recognised on recelpt. Other donations are recognised once the Trust has been notifi8d of the donation, unless perfom7anc& ct)ndilions requir& deferral of the amount. Income tsx fecoverable in relation to donations received under Gift Aid or d&8d$ ot covenant15 recognised at the time of the donation. Legacies are recognised on receipt CY otherwise if the Trust has been notified of an impending distribution. the amount 15 known, and reipt is expected. If the amount is not known, the legacy is Ire8ted as a conilngenl asset. Ther8 are no legacigs receSved by the Trust. Interest on investment fijnds held on deposit Is included when recèivable and the amount can be measured reliably. this is nom)alty upon notification of the interest paid or payable by the fund management company andlor Ihe bank. Tuinover is measured at the fair value of the consideration reived or receivable and represents amountg r8c8ivable for goods and services provtded in the normal course of charitable activty, exduding any di%ounls or rebates.
LIGHTBOWN COTTAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 A¢¢ounting policies Icontlnuedl 1.5 Resources 8xp8ndod l expendllure is accounted lor on an accruals basis and applied under the appropriate heading. Liabilities ai8 rOgnIsed as rosouicgs expended as soon as the obllgatlon and commitment by the Charity to the expenditure arises. 1.6 Tanglble flxed a55ets Tangible fixed assols are initially Stated al cost and $ub5equently ststsd at cost or valuation. nel of depreciallon and any impairment losses. Depreraation Is reeognised so a8 lo wrlle off the st or v8luab.on of assets18$$ their residual valuos over Ihelr useful lives on the following bases- Land and buildings 1% straight line The gain or Ioss 8rising on the dispos81 of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognis8d in the statement of finanual aclivllies. 1.7 Fixed a$$et Investmonts Fixed asset investments are initially recognised at transath.on price excluding transactson costs, and are subsequently measured al fair value at each reporting date. Changes in fair value are recognised in nel incomellexpendiluiel for the year. Transaction costs are recorded as incurred. 1.8 Impalmifrnt of fixed assets Al each reporting end dale, the Trust reviews the caryng amounts of S tangible assets to determine whether the is any indication that those assets have suffered an impairment Ios5. If any such Indication exists. the recoverable amount of the 8ssel is eslimaled in order to delennine the extent of the impainnenl loss lif anyl. 1.9 Cash and ¢ash oqulvalents Cash and cash equivalents indude cash in hand, deposits held al call with bank$, other short-term liquid inveslm9nls with original maluriti85 of three months or less, and bank overdrafls. Bank overdraft5 are shown vthhin borrowings in Gurrent liabilities. 1.10 Flnanclal instrnmgnts The Trust has elected to apply the provisions of Section 11 'Basic Financial Inslrumenls, and Seth'on 12 'Olher Finanaal Instruments Issues, of FRS 102 to all of ils finanGial inslTuments. Flnancial instruments are recognlsed in the Trust's balance sh8Ot when the Trust bgcomes paty to the conlraclual provisions ol the instrument. Financial assals and liabilities are offset, wllh th2 nel amounts presented in the financial statements, when there is a legally enforceable right lo sel off the rgcognised amounts and there is an IntenOn lo settle on a net basis or to realise the assel and settle the liability simultaneously. Basic financial assets Basic financial assets, which includo debtors and cash and bank balances, are initially measured a transaction price including transaction costs and are subsequently carried al amortised cost using the effedive interest method unless the arran9emenl constitutes a financing IransactiDn, whère the transaction is measured at the present valu& of the future receipts diKounled al a rnarket rale of interest. Financial assets lassified as receivable wthin one year are not amortised.
LIGHTBOWN corrAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng polkles Icontlnued) Baslc financlal Ilabilitios Basic financial liabilities, induding ueditor8 and bank loans are initially recognised at Iran$action price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen15 di$Unted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale melhcd. Trado creditors ore oblwjalions to pay for goods or ser¥e$ that have been acqulred in the ordinary course of operations from suppli8rs. Amounts payablo are classified as cuffenl liabilllles rf payment is due within one year or less. If not. they are presented as non-currenl liabilities. Trade Creditors are recognised infil1lY at transaction price and subsequently measured at amortised cost using the effective inter¢st method. D•re¢ognition of flnanclal liabilities Financial liabilities are derecognised when the Trust's contradual obligations expire or are discharged or ncelled. Crltlcal accounting estlmatss and judgements In the application of the Trust's accounting policies, the Trustees are required lo make ]udgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparerrt from other 80urces. The eslimales and associated assumptions are based on historical oxperience and other factors that are considered lo be relevant. Actual results may differ from these estimate$. The eslimales and underlying assuMp0n$ are reviewed on an ongoing basis. Revislons lo accounting eslimalès are rOgnised in the period in which the estimate is revised where the revision affects rmly th81 perlod. or in the period of the revision and future poriods where the revision affects both cuffenl and ftrture perlods. Donations and l•ga¢ies Total Unrestrlcted funds 2026 2024 Donations and gift5 6.000 Income from ¢harftabla actlvltl6s Unrestrlcted Unr8strlctod funds tunds 2025 2024 Maintenance Contributions 23,304 22,443
LIGHTBOWN COTTAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Income from Investments Unrestricted Unrestrict8d funds fund$ 2026 2024 Inme from li3te(J inveslmenls 10,551 9,388 6 Charitable actlvitie¥ Housing provlslon 2025 Housing provlslon 2024 Senrice costs Day lo day maintenan 3,950 18,963 3.493 27,607 22,913 31,100 Share of governance costs {5ee nate 71 4,910 4,609 27,823 35.709 Support costs Support Governanco Costs st5 2026 2024 Bas18 01 allocatlon Depreaation 304 304 Accountancy Clerk8 honorarium Sundry Management 870 1,800 870 1,800 852 Governance 1,704 Govemance 845 Gpvernance 904 Govemance 1,070 1.070 4,910 4,910 4,809 Analysed belw&n Charitable activities 4,910 4,910 4.609 Governance eosls indudes paym8nls to the accounlanls of £870 12024- £852) for aceounlancy fees. Trustses None of the Trustees (or any persons connected with th8ml received any remuneratlon during the year.
LIGHTBOWN COThAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 Employ••s Th8 average monthly number of employees during the year was.. 2025 Number 2024 Number Total There were no employees whose annual remuneration was more than £60.000.
LIGHTBOWN corrAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 10 N¢t gainsl{1088•$1 on investments 2026 2024 Revaluation of investments 29.489 8,829 11 Taxatlon The charity is exempt from taxation on ils aclivllies because all its income Is applied for charitable purposes. 12 Tanglblo flx•d assets Land and bulldlngs Cost Al 1 January 2025 30.420 At 31 Decemb8r 2025 30.420 Depreclatlon and Impairment Al 1 January 2025 Depreoation eharged in the year 2,738 304 At 31 December 202S 3,042 Carrylng amount At 31 Dember 2025 27.378 At 31 December 2024 27,682 13 Fixed asset inv88tments Unllsted Invgstments Cost or valuation At 1 January 2025 Additions Valuation changes 246,505 10,402 29,489 At 31 December 2025 286,396 Carylng Jmount At 31 December 2025 286,396 Al 31 December 2024 246.505 10-
LIGHTBOWN COTTAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 14 Debtors 2026 2024 Amounts falling due withln one year: Prepayments and accrued Income 1,477 1,272 15 Creditor5: amounts falllng due wfthln on& yèar 2025 2024 Accruals and deferred income 1,221 1,150 16 Unrestricted funds The unrestricted lunds of the Gharily comprise the unexpended balances of donations and grants which are not subiect to specific Conditions by donors and grantors as lo how they may be used. These indLxJe designated funds which have been set awde oul of unrestricted funds by the trustees for speafic purposes. At 1 January 2025 Incomlng R080urces resou5 expended Galng and 108ses At31 December 2025 Major Repair Reserve General funds 58.946 252,306 10,402 23,453 111,8081 {18,0151 57,540 289,233 29.489 311,252 33,855 127.8231 29,489 346.773 Prgvlous year. At 1 January 2024 Incomlng Resources resources expend9d Galns and Iossgs At31 December 2024 Major Repair Reserve General funds 66.730 233,771 9,234 28,597 117,0181 118.6911 58,946 252.308 8,629 300,501 37.831 {35,7091 8,829 311,252 Included wthin general fund5 is £112.665 {2024.' £83,176} in ielalion lo the valuation of investments which is unrealised. 11
LIGHTBOWN corrAGE HOME TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 17 Value for fvloney Metrfcs IVFMI: As requirgd by the Regulator ol Soclal Housing (June 20191 Maasurès of E¢¢nomy. Efflclèncy and Efvctlveness 2025 0% 2024 Reinvestment % -AmountS spent on new properties as a % of exisllng tangible fixed asset value New Supply %-Number of new properties acquired as a % of eslIng properties owned Soual Housing Units b. Non Soaal Housing Units 0% 0% Gearing %-how mLth of assets is made up of debt. Thi$ result may be negative where the Provider has no loan agreements in place -1.200 -1.33% E8ITDA MRI Interest Cover %-1gvel ol earnings (before tax. d8precialion. amortisation. major repairs indudedl compared lo interest payablo (financing costs) 0% Headline Social Housing Cosl-lotal annual running costs per Soclal Housing Llntt owned £3.440 £4,426 Operating Margin %-oper8ting surplus as a % of total income a. Social Houwng Letting b. Overall 1.52% 1.52% 0.48% 0.38% Return on Capitsl Employèd °koperating surplus as a % of net current assets employed 0.10% 0.03% 18 Rglated party tran8actlons There were no disdosable related party transactions during the year12024- none). 12-
Hindle i Jepson & Jennings Ltd Regislered Office.. 10 Bomugh Rd Darwen Lanca5hire BB3 IPL Tel.. 01254 702111 email.. clientsenfices@hjandj.CD.uk Chartered A:counlè.nli Ploase ask for: Mr C Baker Our ref: CCBIDHrfrust24 Your refr. 26 March 2026 Mrs R J Walton 29 Sunnymere Drive DarN8n Lancashire BB3 1RH Dear Ros Llghtbown Cottage Home Trust Year Ended 31 Docember 2025 We are roquired to supply a management letter to accompany the accounts and can confirm that the l)ooks and records are well kept. Tha Trust continues to be well run and we are quite satisfied with the accounts. Yours sincerely rp. For and on b•half of Hlndle Jepson & Jennings Ltd ICAEW CHARTERED ACCOUNTANTS Cirectors: Mr DWWIL$ONNnKrf1Fcl Mrs K L DILLOWAYFt& Mrs LA McGR*THFu4 CEftTreD