## **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: 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 Date _20[th] April 2023_ Accountant Weymouth, Dorset 3 ## **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| 1 ## **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| |---|---| 4 ## **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…_…..|| 5 **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. 6 ## **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| |---|---|---| **7** ## **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| |---|---|---|---| 8 ## **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 9 ## **The Cox Trust** ## **Notes to the Financial Statements for the year ended 31 December 2022** |2022

**11. INVESTMENT PROPERTIES Notes**Fair
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. 10 ## **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: 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 Date _20[th] April 2023_ Accountant Weymouth, Dorset 3