## **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. **2** ## **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. 2a ## **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_ ........ 2b ## **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 1 ## **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| |---|---|---|---| 4 ## **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. 6 ## **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||| |L**ess**Net Proceeds||-|9034||| |Realised Gains and (Losses)||-||(10675)|| |
Total Realised and Unrealised Gains||
28000||(10675)|| 8 ## **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| |||||| 9 ## **The Cox Trust** ## **Notes to the Financial Statements for the year ended 31 December 2024** |2024

**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 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. 10 ## **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: 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 and of the Charities Act 2022 where applicable, 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 _8 April 2025_ 3