2024-03-31-accounts - Saint Petrox Trust Lands

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St Petrox Trust Lands Accounts for the year ended 31" Marth 2024

St Petrox Tru# IAnd• Chairperson: S Ryd¢r Trn#te¢8: N Coward MBE D Gent LH S Ryder R Springett B French Cllr. C Camws Cllr. D Shepherd Charity number 230593 Clerkifreajurer I SA Mount Boon¢ Devon TQ6 9PB Ind¢p¢Ddent ¢x8mlner. D M Callard A¢¢owrtan¢y ServAces 8 S¢ Close Devon TQ6 9TB Uoyds plc 39 Fore Street Devon TQ9 SHH

St Petrox Trust 14ndJ Contents Page I Rettipts and Paymthts Aecount Page 2 Statsnmlt of Ass¢ts arml Liabihtics

Indend¢ll¢ EsamiBees Ryrt to the Tntstea of St Petrox Trusl lands I report on accoutts of the Clwity. for ts year e&led 31" Marth 2024. which are set out on geS 2 to 5. Th¢ Charity's Trustees are resoM)ble for of the &coun The Charity's TnL8tees LX)nsider that an audit is not requir&1 for this year section 144 of the CIMTities Act 2011. (the Clwities Act). and that 8n It is my respoosibility to: eknmine the w)unts under s¢ction 145 of Ik Chariti¢s ALt to follow the Pr(edUreS laid dowo in the general Direc giv by the Clwity conuniss1o (under section 145(5Xb) of t Charities Act): aThl Bath of IDdqxndent examwg report eXamItion inclth a review of the acco1 records kept by the Clwity a1 a eAvnpBrison of th¢ accounts presented with those rwords. It akn inclth coo8ideration of any items or disclosures in the accounts provide all the evid¢n¢e that would b¢ rniirired in ao all conwY. opinion is given a8 to wl bclow. Independent ex*mlAer'i thtemettt (2) lo wbielL in my Opini( attartion sIld be in orthr kn enable a JKoper unde of the D M Callard 8 Seale Close Devon TQ6 9TB

St Petrox Trnt laRdJ Imtsrestldividends rff¢ived frorn invejtrnenlk" Dewslt accouttts 8.736 12.986 3.120 12.985 21.722 16,106 Island Housc and Stapleik>n Howe 66.193 65J48 Other ineome: Donations . St Barnakn Tnt Scoliosis SOS 52 19.029 Miscellaneous Total Yeipts 89,647 102283 Espendilure: 37J74 8,492 7,51X) 4.432 5.575 475 103271 19,654 7250 3,798 Distributions and Clerk's fees Insurance Professional fee8 475 58 257 365 Electricity and gas 924 Totsl payments 65,075 135,128 Net re¢elptsi(p*ymeAts) for the yar 24572 (31845) Bank bHlaw at I. April 2023 211.661 244J(Xfj Bank balaDeos at 31° Mareh 2V24 £ 236233 £ 211,661 Page 2

St Petrox Trust t4nd• 2023 Monetary ets (Gener fuDd) £ 236233 £211.661 Debtors and prepaynents (General fd) AccDJed Tents receivable I.3 1.608 £ 1403 £ 1.608 Credilorj (General fund) Advanced rents received Independent examiner's fccs 45 550 45 475 £ 595 £ 520 Invejtmenl prop¢rtieJ Island House and Stapledon Hous¢ at ¢08t £ 483.644 £ 483,644 Investments 56.020 Unrealised appreciation 430.999 390.574 Market Val at 31° mSh 2(r24 £ 487.019 £ 446.594 (x S Ryder (Mrs)

SAINT PETROX TRUST LANDS

Registered Charity No: 230593.

Annual Report of the Trustees of the Saint Petrox Trust Lands

for the year ended 31st March, 2024.

The Scheme

In the matter of the of Charity known as the Trust Lands, in the Ancient Parish of St. Petrox, Dartmouth, in the County Devon, comprised in a Scheme of the Charity Commissioners of 28th August, 1906, and in the matter of the Charities Act, 1960. The Charity Commissioners for England and Wales approved and established the Scheme for the regulation of the abovementioned Charity. Under the power given in the Charities Act 1993 the Charity Commissioners for England and Wales approved an Order dated 30th April, 2003, to alter or affect the governing document of the charity known as Saint Petrox Trust Lands (230593) at Dartmouth, Devon.

A copy of the full details of the Scheme is available from the Clerk/Treasurer.

The Trustees

The Trustees during the period of the Report were:

Councillor Catherine Campos. Mrs Nicolette Coward, MBE. Mr Barrie French. Mr David Gent. Mrs Lesley Hodge. Mrs Kate Ryder. Mr Robin Springett. Councillor Dawn Shepherd.

The Clerk/Treasurer

The Clerk/Treasurer during the period of the Report was:

Hilary D. Bastone, Esq., 15A, Mount Boone, DARTMOUTH, Devon. TQ6 9PB. Telephone: (01803) 835455. Email: hilarybastone@hotmail.co.uk

Independent Examiner of Accounts

D.M. Callard Accountancy Services, 8, Seale Close, Dartmouth, Devon. TQ6 9TB.

Bankers

Lloyds TSB Bank Plc, 31, Fore Street, Totnes, Devon. TQ9 5HN.

Solicitor

Wollens, The Harbour Side at, 67, The Terrace, Torquay, Devon. TQ1 1DP.

Finance

(a) Income.

Income for the year totalled £90,147 (2023 - £102,238).

(b) Expenditure.

Expenditure for the year totalled £56,363 (2023 - £115,860).

(c) Surplus/Deficit.

The surplus for the year was £33,784 (2023 - £13,622 deficit).

(d) Investments.

As at the 31st March, 2023, the Trust's investments were:

Current Account £43,723 (2023 - £29,487) Deposit Accounts £192,510 (2023 - £182,174) Shares in the Charities Official Investment Fund £56,020 (Market value - £487,019) (2023 Market Value - £446,594)

Properties £483,644 (For an approximate Market Value - See (i) Freehold property values)

(e) The General Charitable Purposes Scheme.

The General Charitable Purposes Scheme stands at £597,520 (2023 - £583,489) following distributions of £8,492 (2023 - £18,734) during the year.

(f) The Ancient Buildings Scheme.

The Ancient Buildings Scheme stands at £180,185 (2023 - £168,924) following no grants (2023 - £920) during the year.

(g) Property.

The Trust's properties are at Stapledon House, 15, South Town, Dartmouth (Four apartments); Island House, Lower Street, Dartmouth (Five apartments and a shop); and the conduit at Bayards Cove. The Trustees have over the past thirty years invested wisely in the repair and maintenance of the Trust's aging properties. They are now of a good standard. The Trustees carry out an annual detailed inspection of the Trust's properties. (h) Assets.

The total book value of the assets of the Trust stand at £777,705 (2023 - £752,413). However, this sum does not reflect current market values of the Trust's investments and properties which are much greater than the book value.

(i) Freehold property values.

In November, 2005, the freehold properties were revalued for insurance purposes by external valuers, Scorer Property Services Limited. The Trust's properties were given a market value in accordance with the Royal Institute of Chartered Surveyors Appraisal and Valuation manual of £1,765,000 - Island House £1,120,000 and Stapledon House £645,000. A revaluation of Stapledon House was undertaken in 2012 and Scorer Property Services Limited advised a market value of £795,000. Further works have been carried out on the Trust’s properties in the intervening period which have been capitalised. The current book value of the Trust's properties is £483,644 (2023 - £483,644). At the end of 2020 the Trustees requested that Irvine Nott LLP undertake a full buildings survey including the sea wall at Island House. This led to a request for a fresh insurance valuation for Island House which Irvine Nott LLP set at £1,970,000. Current indexed property insurance cover to the sum of £5,212,411 is held for the two properties. Island House £3,625,934 and Stapledon House £1,586,477.

(j) Future liabilities. In accordance with the Trust's Scheme the Trustees are committed to applying income from the Ancient Buildings Scheme towards defraying the cost of the repair or restoration of buildings situate in the Parish of Dartmouth which are of historical or architectural interest and open to public inspection and of ancient conduits situate in the said area. However, substantial grants in recent years have depleted the fund to almost the reserve figure. As at the 31st March, 2024, the Trustees had no outstanding commitments. Under the General Charitable Purposes Scheme the Trustees have no outstanding commitments.

Reserves Policy

The reserve for maintenance of properties and flat refurbishment has been maintained at £150,000. The reserve for distributions for the relief of the poor and public purposes and grants for ancient buildings has been maintained at £90,000.

Risk Management

The Trustees have considered the major risks to which the charity is exposed and are continually reviewing those risks. The Trustees have established systems and procedures to manage those risks. The Trust has in place an Independent Examiner of Accounts; undertakes on a regular basis an independent fire risk assessment; has fire alarm systems installed; maintains its properties to a good standard; has an alarm line facility available to tenants; ensures that all electrical work is certificated by ELECSA; reviews on a regular basis its investments; reviews its rentals annually; and reviews its reserves policy annually. The Trustees hold quarterly meetings in order to monitor and manage the Trust.

Following the horrific fire at Grenfell Tower the Trustees asked their fire risk assessor to investigate the possible installation of a sprinkler system at both Island House and Stapledon House but this was not considered applicable. However, The Trustees have requested regular inspections from the Environmental Health Officer of South Hams District Council under the House of Multiple Occupation regulations.

During the year ended 31[st] March, 2023, the Trustees have continued to invest in fire prevention; have undertaken an asbestos survey and rectification on its properties; have requested a flood risk assessment on Island House; and as part of a climate change programme sought planning advice on the installation of solar panels.

Conclusion

The Trustees continue to manage the Trust's asset portfolio with considerable success. The Trust also continues its support for ancient buildings such as St Petrox Church, St Saviour’s Church and St Clement's Church as and when necessary. The Trustees have made strenuous efforts to target those in need with distributions for the relief of the poor and public purposes. They have not been entirely successful in these times of the Welfare State but have continued to seek out the needy within the boundaries of the Parish of Dartmouth, particularly within the Ancient Parish of St Petrox, and have forged links with Dartmouth Caring, Townstal Community Partnership, TQ6, Dartmouth Community Chest, Dartmouth Food Bank, Flavel Pantry, Citizens Advice, Westcountry Housing and LiveWest.

St Petrox Trust Lands Accounts for the year ended 31" Marth 2024

St Petrox Trust 14ndJ Contents Page I Rettipts and Paymthts Aecount Page 2 Statsnmlt of Ass¢ts arml Liabihtics