The Cox Trust
Report of the Independent Examiner
This report on the accounts of the Cox Trust for the year ended 31 December 2022 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:
-
examine the accounts under section 145 of the Act
-
to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act, and
-
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:
- 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
- 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 Date 20[th] April 2023 Accountant Weymouth, Dorset
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The Cox Trust
Financial Statements for the year ended
31 December 2022
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 |
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The Cox Trust
Statement of Financial Activities for the year ended 31 December 2022
| 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 2022 FUNDS CARRIED FORWARD at 31 DECEMBER 2022 |
Unrestricted Restricted Total Total 2022 2021 59315 59315 54008 - - - 4479 4479 4249 1572 1572 58 325 325 10000 65691 - 65691 68315 9892 9892 13615 33083 33083 26526 1300_____1300 825 44275 - 44275 40966 21416 - 21416 27349 - 25000 25000 25000 21416 25000 46416 52349 - - - - 21416 25000 46416 52349 2162613 1534564 3697177 3644828 2184029 1559564 3743593 3697177 |
|---|---|
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The Cox Trust
Balance sheet as at 31 December 2022
| Notes 2022 | 2021 |
|
|---|---|---|
| TANGIBLE FIXED ASSETS | ||
| Investment Properties (Fair Value) | 10/11 1559564 | 1534564 |
| CURRENT ASSETS | ||
| Debtors | 22754 12112 | |
| Cash at bank and in hand | ||
| Short-term deposits | 7 81413 129841 | |
| Bank current account | 8 77251 17578 | |
| _ _ | ||
| 181418 159531 | ||
| _ _ | ||
| CURRENT LIABILITIES | ||
| Creditors due within one year | 2389 1918 | |
| __ ____ | ||
| CURRENT NET ASSETS |
179029 |
157613 |
| DEBTORS due more than one year | ||
| Loans - Parochial Church Council | 9 2005000 |
2005000 |
| ___ | ___ | |
| TOTAL NET ASSETS | £3743593 | £3697177 |
| __ | ___ | |
| FUNDS OF THE CHARITY | ||
| Unrestricted funds | 2184029 | 2162613 |
| Restricted funds | 1559564 | 1534564 |
| _ | __ | |
| TOTAL CHARITY FUNDS | £3743593 | £3697177 |
| __ | __ | |
| Approval of the financial statements | ||
| Trustee …R J Sloan…………..……….. | Trustee …M Horton…..…… |
|
| Date …19th April 2023…… | Date …19th April 2023…….. |
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The Cox Trust
Notes to the Financial Statements for the year ended 31 December 2022
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.
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The Cox Trust
Notes to the Financial Statements for the year ended 31 December 2022
| Unrestricted Restricted 2. INCOMING RESOURCES London properties Rent receivable - gross 21937 Insurances reimbursed 4479 Weymouth properties 39 Icen Road 13200 3 Cleveland Ave 10800 45 Avenue Road 13378 Lease extension - Other income- 325 CBF deposit interest1572 65691 - 3. RESOURCES EXPENDED ON RAISING FUNDS Expenses to rented properties London properties Rent commission 1920 Repairs 114 Insurances 4479 Weymouth Properties 39 Icen Road Repairs and Improvements 80 3 Cleveland Avenue Repairs and Improvements 140 45 Avenue Road Repairs and Improvements 2312 Legal Fess – Tenancy - Insurances - All Properties 847 _ 9892 - 4. OTHER COSTS Trust expenses Accountancy & Bookkeeping 800 Survey Fee land Carlton Road 500 - _ ____ 1300 - |
2022 Total 21937 4479 13200 10800 13378 - 325 1572 65691 1920 114 4479 80 140 2312 - 847 _ 9892 800 500 __ 1300 |
2021 Total 21848 4249 13200 10800 8160 - 10000 58 68315 2014 - 4249 5282 - 1284 - 786 _ 13615 825 - _ 825 |
|---|---|---|
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The Cox Trust
Notes to the Financial Statements for the year ended 31 December 2022
| 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 12774 St Ann’s Church - Gardener /Handyman 13380 St Ann’s Church – Repairs 2096 Parishioners & Others incl PCC4833 33083 - |
2022 Total - 12774 13380 2096 4833 33083 |
2021 Total - 3728 12174 10024 600 26526 |
|---|---|---|
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 |
2022 20000 5000 25000 - ______ 25000 |
2021 20000 5000 25000 - ______ 25000 |
|
|---|---|---|---|
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The Cox Trust
Notes to the Financial Statements for the year ended 31 December 2022
7. SHORT TERM DEPOSITS CBF deposit fund 634073001D CBF deposit fund 134001569D 8. BANK CURRENT ACCOUNT See Trustees’ Annual Report – Financial Review. 9.DEBTORS:falling due after one year Loan to Radipole and Melcombe Regis Parochial Church Council Loan to Radipole and Melcombe Regis Parochial Church Council |
2022 11887 69526 81413 2022 1805000 200000 2005000 |
2021 11733 118108 129841 2021 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 £200,000 when it has surplus funds to do so, there is no fixed repayment date or repayment schedule and the loan is interest- free. The PCC did not commit itself to repay the original loan of £1,805,000, 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.
10. ANALYSIS OF INVESTMENT PROPERTIES 2022 2021 Cost or Fair Value At 1.1.22 1534564 1509564 Revaluation – Unrealised Gains 25000 25000 At 31.12.22 1559564 1534564 Details of the properties held are shown on page 10
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The Cox Trust
Notes to the Financial Statements for the year ended 31 December 2022
| 2022 11. INVESTMENT PROPERTIES NotesFair Value London Properties(1) Broadmead Court and Garages 140000 Broadmead Court - 12 ground rents - 50 Corbets Tey Road, Upminster- shop 315000 455000 Weymouth Properties(2) 39 Icen Road (2002) 420000 3 Cleveland Avenue (2018) 345000 45 Avenue Road (2018) 310000 Land at Carlton Road South (2018) 29564 _ 1104564 Total Properties - Fair Value £1559564 |
2021 1981 Probate Fair Value Value 3500 140000 1230 - 20500 310000 _ _ 25230 450000 Cost incl Fees 256951 410000 335000 340000 290000 305000 29564 29564 ____ 911515 1084564 £1534564 |
|---|---|
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.
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The Cox Trust
Report of the Independent Examiner
This report on the accounts of the Cox Trust for the year ended 31 December 2022 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:
-
examine the accounts under section 145 of the Act
-
to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act, and
-
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:
- 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
- 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 Date 20[th] April 2023 Accountant Weymouth, Dorset
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