## **The Cox Trust Trustees’ Annual Report 2021**
The Trustees present their annual report and the financial statements for the year ended 31 December 2021.
## **Structure, Governance and Management**
The charity was set up under a Trust Deed dated 13 September 1981.
The current incumbent and the churchwardens of St Ann’s Church and St Aldhelm’s Church are Trustees. New Trustees are appointed when existing churchwardens retire.
## **Objectives and Activities**
## **Statement of Purpose**
(A) To or for the benefit of such a person of limited means and in need of financial help resident in the parish of Radipole as the Managing Trustees shall for the time being consider to be most deserving of assistance.
(B) To or for the upkeep of any churchyard connected with the Church of England in the said parish.
(C) In or towards the cost of purchasing land & premises to be used as a church hall for the said parish.
- . (D) For other such charitable purposes in connection with the said parish as the Managing Trustees shall think fit.
## **Summary of Charitable Activities**
Throughout the year the Trust’s main activities in relation to its charitable purposes were as set out above. In carrying out their role as Trustees they had regard to the guidance issued by the Charity Commission.
The Charity is an independent and separate body from the Radipole District Church Council and the Radipole and Melcombe Regis Parochical Church Council (PCC).
## **Achievements and Performance**
In carrying out its charitable activities in the year, the charity’s achievements and performance have included the following:
Grants were made to a number of individuals for their personal development or in unusual need. Personal Christmas gifts are given to a number of folk and a grant was made to the to the Radipole District Church Council to set up a Hardship Fund. Other gifts and gratuities were given in the year. The Churchyard maintenance at St Ann’s continues to be funded by the Trust as a specific Object of its purpose. The trust now supports the PCC who employ a part-time employee for this activity.
In 2018 a loan was given to the PCC towards the purchase of St John’s Vicarage (now named Hope House) to be used mainly for the youth of Weymouth.
**2**
## **The Cox Trust Trustees’ Annual Report 2021 (continued)**
## **Financial Review**
The state of the financial statements remains healthy, there was an underspend in the year of £27,349 (2020 an underspend of £76,559). The majority of the underspend in 2020 was due to a lease extension amounting to £60,040.
## **Income:**
The major source is that from property. This is from properties in London, (rental income or lease renewals). Also from properties in Weymouth which has been purchased as properties in London have been sold. See page 7 for details of income.
**Outgoings** – pages 7 and 8
Certain running costs were incurred to the investment properties, as in previous years. In addition there was a need to distribute gifts and grants this year to more deserving causes.
## **Going Concern**
The Trustees have no uncertainties concerning the charity’s ability to continue as a going concern.
## **Reserves Policy**
The Trustees continue to hold funds not needed for day to day purposes with the CCLA Church of England Deposit Funds. The Trustees have agreed to maintain a Reserve Fund in the deposit accounts which should comprise a minimum of – 3 months annual turnover excluding lease extensions - £17,000.
## **Reference and Administrative Details**
The charity is known as The Cox Trust and is registered with the Charity Commission under number 288461. Its principal office is at 39 Icen Road, Weymouth, Dorset DT3 5JL.
The Trustees are: Rev’d. N J Clarke, Mrs M Horton and Mr R J Sloan.
## **Trustees Responsibilities**
The Trustees are responsible for preparing the Trustee’s Report and the financial statements in accordance With applicable law and UK accounting standards. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements the Trustees are required to:
(a) observe the methods and principles of the Charities SORP, (b) select appropriate accounting policies and apply them consistently, (c) make judgements and estimates that are reasonable and prudent, (d) prepare the financial statements on a going concern basis, and (e) state whether applicable accounting standards have been followed.
2a
## **The Cox Trust Trustees’ Annual Report 2021 (continued)**
The Trustees are also responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and take reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware:
There is no relevant information which the charity’s independent examiner is unaware, and The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the independent examiner is aware of that information.
This report has been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK (FRS102) (effective 1 January 2015).
Signed … _M Horton_ …….. _.._ …....……..Trustee Signed… _R J Sloan…………_ .... Trustee Date .. _29th March 2022_ .................... Date .... _29.03.22......._ ......................
2b
## **The Cox Trust**
**Financial Statements for the year ended**
**31 December 2021**
## **The Cox Trust**
## **Information Details**
|**Trustees**|Reverend. N J Clarke|
|---|---|
||Mrs M M Horton|
||Mr R J Sloan|
|**Date of Trust**|13 September 1981|
|**Correspondence Address**|39 Icen Road|
||Weymouth|
||Dorset|
||DT3 5JL|
|**Charity Number**|288461|
|**Independent Examiner**|Mr F Akerman|
||Accountant|
||3 Brentmere Close|
||Weymouth|
||Dorset|
||DT3 5FE|
1
## **The Cox Trust**
## **Statement of Financial Activities for the year ended 31 December 2021**
|Notes
**INCOME FROM:**
**Investments:**
2
Rent receivable
Lease extension
Insurances reimbursed
CBF deposit interest
Other income
**TOTAL INCOME**
**EXPENDITURE ON:**
Raising funds
3
Charitable activities
5
Other costs
4
**TOTAL EXPENDITURE**
**NET INCOME**
before investment gains
**Investment gains**
Realised and Unrealised 6
**NET INCOME**
Transfers between Funds
**NET MOVEMENT OF FUNDS**
**RECONCILIATION OF FUNDS**
**FUNDS BROUGHT FORWARD**
**at 1 JANUARY 2021**
**FUNDS CARRIED FORWARD**
**at 31 DECEMBER 2021**|Unrestricted
54008
-
4249
58
10000
68315
13615
26526
825
40966
27349
-
27349
-
27349
2135264
2162613|Restricted
Total Total
2021 2020
54008 52689
-
60040
4249 3722
58 358
10000 -
- 68315 116809
13615 12338
26526 24477
_____825 3435
- 40966 40250
- 27349 76559
25000 25000 20000
25000 52349 96559
- - -
25000 52349 96559
1509564 3644828 3548269
1534564 3697177 3644828|
|---|---|---|
4
## **The Cox Trust**
## **Balance sheet as at 31 December 2021**
||Notes 2021|
2020|
|---|---|---|
|**TANGIBLE FIXED ASSETS**|||
|Investment Properties (Fair Value)|9/10 1534564|1509564|
|**CURRENT ASSETS**|||
|Debtors|12112 17581||
|Cash at bank and in hand|||
|Short-term deposits|7 129841 99783||
|Bank current account|17578 14911||
||_______ _______||
||159531 132275||
||_______ _______||
|**CURRENT LIABILITIES**|||
|Creditors due within one year|1918 2011||
||______ ______||
|**CURRENT NET ASSETS**
|157613
|130264|
|**DEBTORS due more than one year**|||
|Loans - Parochial Church Council|8 2005000
|2005000|
||**_________**|**_________**|
|**TOTAL NET ASSETS**|£3697177|£3644828|
||________|**_________**|
|**FUNDS OF THE CHARITY**|||
|Unrestricted funds|2162613|2135264|
|Restricted funds|1534564|1509564|
||_______|________|
|**TOTAL CHARITY FUNDS**|£3697177|£3644828|
||________|________|
|Approval of the financial statements|||
|Trustee …_M Horton_…….._………_..|Trustee …_R J Sloan_.……..….._.……_||
|Date …_29th March 2022_.....…|Date …_29.03.22_..………..||
5
**The Cox Trust**
## **Notes to the Financial Statements for the year ended 31 December 2021**
## 1. **ACCOUNTING POLICIES**
The financial statements have been prepared, on the accruals basis, in accordance with applicable accounting standards and the Charities SORP FRS102 (effective from 1 January 2015).
The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which have been shown at fair value.
## Funds
Unrestricted funds represent the funds of the Trust that are not subject to any restrictions regarding their use and are available for application on the general purposes of the Trust. Restricted funds represent the funds of a capital nature where the Diocese of Salisbury act as Guardian Trustees.
## Incoming Resources
Unrealised gains or losses are accounted for on revaluation of investments at 31 December.
Realised gains or losses are accounted for on disposal of investments during the year.
## Fixed Assets
The cost of improvements to investment properties is written off as an expense of rented properties and any enhanced value of the property therefore will be reflected in the fair value of the properties at 31 December.
39 Icen Road, Weymouth is rented to the Diocese of Salisbury. It is occupied by the Reverend N J Clarke, who is a Trustee, which enables him to carry out his duties as Rector of the Parish.
## Investments
Investments are valued at fair value at 31 December.
## Taxation
The Cox Trust is a registered charity and is therefore not liable to taxation to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax, to the extent that it is not recoverable, is included as part of the relevant costs.
6
## **The Cox Trust**
## **Notes to the Financial Statements for the year ended 31 December 2021**
|Unrestricted Restricted
2. **INCOMING RESOURCES**
**London properties**
Rent receivable - gross 21848
Insurances reimbursed
4249
**Weymouth properties**
39 Icen Road 13200
3 Cleveland Ave 10800
45 Avenue Road
8160
Lease extension -
Other income-
10000
CBF deposit interest58
68315
-
3. **RESOURCES EXPENDED ON**
**RAISING FUNDS**
Expenses to rented properties
**London properties**
Rent commission 2014
Legal Fees re Lease Extension -
Insurances 4249
**Weymouth Properties**
39 Icen Road
Repairs and Improvements 5282
3 Cleveland Avenue
Repairs and Improvements -
45 Avenue Road
Repairs and Improvements 1284
Legal Fess – Tenancy -
Insurances - All Properties
786
_____
_____
13615 -
4. **OTHER COSTS**
Trust expenses
Accountancy & Bookkeeping 825
Unpaid Loan Written Off -
____ ____
825 -|2021
Total
21848
4249
13200
10800
8160
-
10000
58
68315
2014
-
4249
5282
-
1284
-
786
_____
13615
825
-
___
825|2020
Total
22314
3722
13200
10800
6375
60040
-
358
116809
2117
800
3722
3515
70
575
-
1539
_____
12338
875
2560
____
3435|
|---|---|---|
|||
|
**7**
## **The Cox Trust**
## **Notes to the Financial Statements for the year ended 31 December 2021**
|Unrestricted
Restricted
**5. RESOURCES EXPENDED ON**
**CHARITABLE ACTIVITIES**
Maintenance of St Ann’s
Churchyard – see below
Improvements to Church Halls
St Ann’s school room -
Gifts and Grants
St Aldhelm’s Church 3728
St Ann’s Church - Gardener
/Handyman 12174
St Ann’s Church – Repairs 10024
Parishioners & Others incl PCC600
26526 -|2021
Total
-
3728
12174
10024
600
26526|2020
Total
-
2500
11527
10100
350
24477|
|---|---|---|
NB The maintenance of St Ann’s Churchyard is provided by a gardener/handyman employed by the Radipole and Melcome Regis Parochial Church Council. The costs of his employment are paid for by the Cox Trust and are included in the cost of grants above.
|**6**.**REALISED AND UNREALISED**
**GAINS AND (LOSSES)**
Unrealised Gains and (Losses)
Revaluation of Weymouth property
Revaluation of London properties
Realised Gains and (Losses)
Total Realised and Unrealised Gains
|
|2021
20000
5000
25000
-
______
25000
|2020
10000
10000
20000
-
______
20000|
|---|---|---|---|
8
## **The Cox Trust**
## **Notes to the Financial Statements for the year ended 31 December 2021**
|
**7. SHORT TERM DEPOSITS**
CBF deposit fund 634073001D
CBF deposit fund 134001569D
**8**.**DEBTORS:falling due after one year**
Loan to Radipole and Melcombe Regis
Parochial Church Council
Loan to Radipole and Melcombe Regis
Parochial Church Council
|2021
11733
118108
129841
2021
1805000
200000
2005000|2020
11727
88056
99783
2020
1805000
_200000
2005000|
|---|---|---|
The Trustees of The Cox Trust are also Trustees with others of the Radipole and Melcombe Regis Parochial Church Council (PCC).
While the PCC has committed itself to repay the loan of £200000 when it has surplus funds to do so, there is no fixed repayment date or repayment schedule and the loan is interestfree.
The PCC did not commit itself to repay the original loan of £1805000, there is no fixed repayment date or repayment schedule and the loan is interest-free; accordingly, the Trustees also regard it as a perpetual loan.
## **9. ANALYSIS OF INVESTMENT PROPERTIES**
|
Cost or Fair Value
At 1.1.21
Revaluation – Unrealised Gains
At 31.12.21
Details of the properties held are shown on page 10|2021
1509564
25000
1534564|2020
1489564
20000
1509564|
|---|---|---|
9
## **The Cox Trust**
## **Notes to the Financial Statements for the year ended 31 December 2021**
|2021
**10. INVESTMENT PROPERTIES Notes**Fair
Value
**London Properties**(1)
Broadmead Court and Garages
140000
Broadmead Court - 12 ground rents -
50 Corbets Tey Road, Upminster- shop 310000
450000
**Weymouth Properties**(2)
39 Icen Road (2002) 410000
3 Cleveland Avenue (2018) 340000
45 Avenue Road (2018)
305000
Land at Carlton Road South (2018) 29564
_______
1084564
**Total Properties - Fair Value**
£1534564|2020
1981
Probate Fair
Value Value
3500 140000
1230 -
20500
305000
_____ ______
25230 445000
Cost
incl Fees
256951 400000
335000
335000
290000 300000
29564 29564
______ _______
911515 1064564
£1509564|
|---|---|
## Notes
- (1) An informal valuation of the London properties was made by Messrs Upsdale, Chartered Surveyors at 31 December 2020.
The Trustees feel that a valuation by Messrs Upsdale every three years will be sufficient and therefore the Trustees will consider a fair value of each property in the interim years.
- (2) Messrs Symonds & Sampson valued 39 Icen Road, Weymouth property as £385000 at 31 December 2016. Since its purchase, a local estate agent put an informal fair value in 2020 of 45 Avenue Road at £300000.
10
## **The Cox Trust**
## **Report of the Independent Examiner**
This report on the accounts of the Cox Trust for the year ended 31 December 2021 which are set out on pages 4 to 10.
## **Respective Responsibilities of Trustees and Examiner**
As trustees of the Cox Trust you are responsible for the preparation of the accounts, you consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the Act) and that an independent examination is required. It is my responsibility to:
1. examine the accounts under section 145 of the Act
2. to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act, and
3. to state whether particular matters have come to my attention.
## **Basis of Independent Examiner’s Report**
My examination was carried out in accordance with the General Directions given by the Charity Commission under section 145(5) of the Act. That examination includes a review of the accounting records kept by the Trust and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given in the accounts.
## **Independent Examiner’s Statement**
In connection with my examination, no matter has come to my attention:
1. Which gives me reasonable cause to believe that in any material respect the requirements - to keep records in accordance with section 130 of the Act; and
to prepare accounts which accord with the accounting records and to comply with the requirements of the Act, have not been met; or
2. To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## _F Akerman_
F Akerman Accountant Weymouth, Dorset
Date _31 March 2022_
3