The Cox Trust Trustees’ Annual Report 2024
The Trustees present their annual report and the financial statements for the year ended 31 December 2024.
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.
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The Cox Trust Trustees’ Annual Report 2024 (continued)
Financial Review
The state of the financial statements remains healthy, there was an underspent in the year of £16,996, in 2023 an overspend of £(94,416).
The overspend 2023 was due mainly to grants made towards the cost of roof repairs to St Aldhelm’s Church and roof/ tower repairs to St Ann’s Church. The contributions made in 2023 amounted to £108,740.
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 were: Rev’d. N J Clarke, Mr R J Sloan and Mrs G E Bartlett. Rev’d N J Clarke retired on 31 January 2024 and it is anticipated that a new incumbent/trustee will be appointed in June 2025.
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.
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The Cox Trust Trustees’ Annual Report 2024 (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 and the Charities Act 2022 where applicable. 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 …R J Sloan…...…….. Trustee Signed… G E Bartlett ……..…. Trustee Date ..... 04.04.2025 ........... Date ..... 4th April 2025 ........
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The Cox Trust
Financial Statements for the year ended
31 December 2024
The Cox Trust
Information Details
Trustees Reverend. N J Clarke (retired 31.1.24) Mr R J Sloan Mrs G E Bartlett 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 2024
| Notes INCOME FROM: Investments: 2 Rent receivable Lease extension Insurances reimbursed CBF deposit interest Other income – vat refunds TOTAL INCOME EXPENDITURE ON: Raising funds 3 Charitable activities 5 Other costs 4 TOTAL EXPENDITURE NET INCOME before investment gains Investment (losses)/gains Realised and Unrealised 6 NET INCOME/EXPENDITURE Transfers between Funds NET MOVEMENT OF FUNDS RECONCILIATION OF FUNDS FUNDS BROUGHT FORWARD at 1 JANUARY 2024 FUNDS CARRIED FORWARD at 31 DECEMBER 2024 |
Unrestricted 59766 - 4369 3566 8524 76225 23762 33517 1950 59229 16996 - 16996 - 16996 2098647 2115643 |
Restricted - _____ - - 28000 28000 - 28000 1539855 1567855 |
Total Total 2024 2023 59766 52823 - - 4369 4143 3566 3303 8524 935 76225 61204 23762 22597 33517 131948 1950 1075 59229 155620 16996 (94416) 28000 (10675) 44996 (105091) - - 44996 (105091) 3638502 3743593 3683498 3638502 |
|---|---|---|---|
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The Cox Trust
Balance sheet as at 31 December 2024
| Notes | 2024 | 2023 |
|
|---|---|---|---|
| TANGIBLE FIXED ASSETS | |||
| Investment Properties (Fair Value) | 9/10 | 1567855 | 1539855 |
| CURRENT ASSETS | |||
| Debtors | 2244 14864 | ||
| Cash at bank and in hand | |||
| Short-term deposits | 7 | 75322 59051 | |
| Bank current account | 35058 23121 | ||
| _ _ | |||
| 112624 97036 | |||
| _ _ | |||
| CURRENT LIABILITIES | |||
| Creditors due within one year | 1981 3389 | ||
| __ ____ | |||
| CURRENT NET ASSETS |
110643 |
93647 | |
| DEBTORS due more than one year | |||
| Loans - Parochial Church Council | 8 | 2005000 |
2005000 |
| ___ | ___ | ||
| TOTAL NET ASSETS | £3683498 | £3638502 | |
| __ | ___ | ||
| FUNDS OF THE CHARITY | |||
| Unrestricted funds | 2115643 | 2098647 | |
| Restricted funds | 1567855 | 1539855 | |
| _ | __ | ||
| TOTAL CHARITY FUNDS | £3683498 | £3638502 | |
| __ | __ | ||
| Approval of the financial statements | |||
| Trustee …R J Sloan……...…………. | Trustee …G E Bartlett……....… | ||
| Date …04.04.25……………….…… | Date …4th April 2025….……. | ||
| 5 |
The Cox Trust
Notes to the Financial Statements for the year ended 31 December 2024
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 was rented to the Diocese of Salisbury. It was occupied by the Reverend N J Clarke, who was a Trustee, which enabled him to carry out his duties as Rector of the Parish. During a period of interregnum this property was let to private individuals.
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 2024
| Unrestricted Restricted 2. INCOMING RESOURCES London properties Rent receivable - gross 22368 Insurances reimbursed 4369 Weymouth properties 39 Icen Road 8563 3 Cleveland Ave 16056 45 Avenue Road 12779 Other income- Vat refunds 8524 CBF deposit interest3566 76225 - 3. RESOURCES EXPENDED ON RAISING FUNDS Expenses to rented properties London properties Rent commission 2548 Repairs 54 Insurances 4369 Professional Fees- rent and lease - Weymouth Properties 39 Icen Road Repairs and Improvements 1987 3 Cleveland Avenue Repairs and Improvements 300 45 Avenue Road Repairs and Improvements 13436 Insurances - All Properties 1068 _ 23762 - 4. OTHER COSTS Trust expenses Independent Examination Fee 150 Accountancy & Bookkeeping 1350 Sundries 450 - _ ____ 1950 - 7 |
2024 Total 22368 4369 8563 16056 12779 8524 3566 76225 2548 54 4369 - 1987 300 13436 1068 _ 23762 150 1350 450 __ 1950 |
2023 Total 17436 4143 13200 6532 15655 935 3303 61204 1764 150 4143 5147 2505 5580 2356 952 _ 22597 140 935 - _ 1075 |
|
|---|---|---|---|
The Cox Trust
| Notes to the Financial Statements | Notes to the Financial Statements | Notes to the Financial Statements | |||
|---|---|---|---|---|---|
| for the year ended 31 December 2024 | |||||
| Unrestricted | Restricted |
2024 | 2023 | ||
| 5. RESOURCES EXPENDED ON | Total | Total | |||
| CHARITABLE ACTIVITIES | |||||
| Maintenance of St Ann’s Churchyard | |||||
| - Gardener/ Handyman etc | 14705 | 14705 | 13058 | ||
| Gifts and Grants | |||||
| St Aldhelm’s Churchhall | 5239 | 5239 | - | ||
| St Aldhelm’s Church | 5097 | 5097 | 6845 | ||
| St Aldhelm’s Church – Roof | - |
- | 51000 | ||
| StAnn’s Schoolrooms | 5028 | 5028 | - | ||
| St Ann’s Church – Repairs | 2881 | 2881 | 1661 | ||
| St Ann’s Church – Tower etc | - | - | 57740 | ||
| Parishioners & Others incl PCC | 567 | 567 | 1644 | ||
| 33517 | - | 33517 | 131948 | ||
| 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 costs | |||
| above. | |||||
| 6.REALISED AND UNREALISED | 2024 |
2023 | |||
| GAINS AND (LOSSES) | |||||
| Unrealised Gains and (Losses) | |||||
| Revaluation of Weymouth property | 23000 | - | |||
| Revaluation of London properties | 5000 | - | |||
| 28000 | - | ||||
| Realised Gain/(Loss) | |||||
| Cost of Sale | - | 19709 | |||
| LessNet Proceeds | - | 9034 | |||
| Realised Gains and (Losses) | - | (10675) | |||
Total Realised and Unrealised Gains |
28000 |
(10675) |
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The Cox Trust
Notes to the Financial Statements for the year ended 31 December 2024
| 2024 2023 | |
|---|---|
| 7. SHORT TERM DEPOSITS | |
| CBF deposit fund CB 3034341-001 | 12919 12268 |
| CBF deposit fund CB 3015433-001 | 62403 46783 |
| 75322 59051 | |
| 8.DEBTORS:falling due after one year | |
| 2024 2023 | |
| Loan to Radipole and Melcombe Regis | |
| Parochial Church Council | 1805000 1805000 |
| Loan to Radipole and Melcombe Regis | |
| Parochial Church Council |
200000 _200000 |
| 2005000 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.
| 9. ANALYSIS OF INVESTMENT PROPERTIES Cost or Fair Value At 1.1.24 Revaluation – Unrealised Gains Realised Gain/(Loss) at Cost At 31.12.24 Details of the properties held are shown on page 10 |
2024 1539855 28000 - 1567855 |
2023 1559564 - (19709) |
||
|---|---|---|---|---|
1539855 |
||||
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The Cox Trust
Notes to the Financial Statements for the year ended 31 December 2024
| 2024 10. INVESTMENT PROPERTIES NotesFair Value London Properties(1) Broadmead Court and Garages 140000 Broadmead Court - 12 ground rents - 50 Corbets Tey Road, Upminster- shop 320000 460000 Weymouth Properties(2) 39 Icen Road (2002) 430000 3 Cleveland Avenue (2018) 352000 45 Avenue Road (2018) 316000 Land at Carlton Road South (2018) (3) 9855 _ 1107855 Total Properties - Fair Value £1567855 |
2023 1981 Probate Fair Value Value 3500 140000 1230 - 20500 315000 _ _ 25230 455000 Cost incl Fees 256951 420000 335000 345000 290000 310000 29564 9855 ____ 911515 1084855 £1539855 |
|---|---|
Notes
-
(1) An informal valuation of the London properties was made by Messrs Upsdale, Chartered Surveyors at 31 December 2023 (previous 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.
-
(3) A two third’s strip of land was sold in 2023.
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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 2024 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 and of the Charities Act 2022 where applicable, 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 Accountant Weymouth, Dorset
Date 8 April 2025
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