2025-03-31-accounts - Saint Petrox Trust Lands

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

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, 2025.

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. (Resigned 15[th] October, 2024)

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 £96,006 (2024 - £89,647)

(b) Expenditure.

Expenditure for the year totalled £53,102 (2024 – 65,075)

(c) Surplus/Deficit.

The surplus for the year was £42,904 (2024 - £24,572)

(d) Investments.

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

Current Account £75,678 (2024 - £43,723) Deposit Accounts £203,459 (2024 - £192,510) Shares in the Charities Official Investment Fund £56,020 (Market value - £464,328) (2024 - Market value - £487,019)

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 £615,673 (2024 - £597,520 following distributions of £30,866 (2024 - £8,492) during the year.

(f) The Ancient Buildings Scheme.

The Ancient Buildings Scheme stands at £204,694 (2024 - £180,185 following no grants (2023 - £nil) 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 £820367 (2024 - £777,705). 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 £5,496,833 is held for the two properties. Island House £3,807,230 and Stapledon House £1,689,603.

(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, 2025, 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, 2025, the Trustees have continued to invest in fire prevention. In recent years the Trustees have also 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, 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 2025

St Petrox Trusl Cbarity Infornlion SRY Trustees: N Coward MBE D Gent L Hodge S Ryder R Springett B French Cljr. C Campos (Resigucd 15110124) Cur. D Sl Cbarity number. 230593 H Bane 15A Mount BO Devon TQ6 9PB Independent ¢thier D M Callard Accountancy Services 8 Seale Close Devon TQ6 9TB Banken: Lloyds plc 39 Fore Street Devon TQ9 SHH

St Pthx Trust Landj Contents Page I Receipts and Payments ALunt Page 2 staternt of Assets aDd Liabilities

IndqKBd¢At Ryrt to the Trusteu of St Petrox Tnt Iallds I rert on the accounts of the Clwity. for the year end&1 31" Matth 2025, which are set out on pages 2 to 5. an audit is not requiTed for this year under section 144 of tk Cbarities Act 2011. (the Charities Act). and that an independent examination has been requeste(L It is my rcswbility to: examine the accounts under section 145 of the Charities ACL. to follow the procedures laid down in th¢ geal Directio% giv¢n by the Charity Commi&810 (under s1100 145{5Xb) of the Clwities Act); a1 to state whether PArticular have come to my attentio BJis of independent ¢]ner'S report examination includes a rvi¢w of the xcounting rrdS kept by the Charlty and a eA)mparison of the accounts presented with those records. It also includes considerntion of any unusual items or disclosures in the awounts and seeking explanatio from the TnLW Concerni any such matters. The pr(ttdures undertaken do not ovide all the evid¢ace that would be rc4uired ID an audii an¢ consequently. no opinion is given 8S to wl the accounts present a 'true and fair. view and the report is limited to those matters set out in the statement below. independent exAmlner'• •tstement n connection with my examInatso no maller come to my atteMio {]) which gives me rc&g)thle cause believe thal any material resrt the requirements: o to keep Unting rffords in with section 130 ofthe Clwiti¢s ACL. and o to prepare acc4)unts which aord with the Unting Tecords and LX)mply with th¢ a¢unting requirements of the CIwiti Ad have not been meL (2) to whicK in my Opinio att¢ntion slM)uEd be dr in order to enable a w uDderth of the accounts to be reache(L D M Callard Iblo?b£ 8 Seale Close Dartrnouth Devon TQ6 iyfB

St Pthix Trust Reeeipts and P•yments Aeeouttt General FuDd for the year ended 31 March 2025 Interestldivid¢nd8 reeeived from iDv¢sknents: 9J50 13245 8,736 11986 Shares in Charities Official Investmetrt Fund 22,595 21,722 ReBts reeeived: Island House and Stapledon House 71.771 66.193 Other income: Donations - St Barnabas Tntst Scoliosis SOS Miscellaneous 52 80 Totsl receipts 89,647 Expenditure: Repairs and maintenance of pmFrties Distributio$ and grants Clerk's fees 7,797 30,866 7.750 5.163 37.374 8,492 7J(K) 4.432 5575 475 234 924 69 Profession81 fees Independent examiner's fees Printing, postsge. stationery and advertising Electricity and g&8 55 81 8(X) 95 Total payments 53.102 65.075 Net rereiptj for the year 42.9M 24572 Bank balanccs at l April 2024 236233 211.661 Bank ba1ce¥ at 31" M*r¢h 2025 £279,137 £ 236233 Page 2

St Petrvi Tr•st lands Statement of Aets and Liabilit at 31° March 2025 2025 2024 Monelary ats (General fid) £279.137 £ 236233 Debtors and prepayments {GeDeral hnd) AccnKd rents receivable 550 1196 1.903 £ 2.746 £ 2.403 Creditors (General fund) Advanced rents received Independent emir,S frt 630 550 45 550 £ 1.180 £ 595 Iwestment properties Island House and Stapledon Howe at f¢ £ 483,644 £ 483,6M Invulm¢nts Shares in Charities Official tnvestn*nt fund at cost 56,020 56,020 unrealis appreciation 408JiK8 430.999 Market vuC at 31° March 2025 £ 464J28 £ 487,019 S Ryder (Mrs) H D Bastone Page 3

St Petrox Trust Lands Accounts for the year ended 31° Marth 2025

St Pthx Trust Landj Contents Page I Receipts and Payments ALunt Page 2 staternt of Assets aDd Liabilities