.
Great Cross Trust.
Chairman’s Report. November 2021
Who would have thought when we met here in 2020 that we would still be battling with the problems and restrictions created by the Covid pandemic a year later. However we have managed with the help of Deborah Lund to keep work on the property’s moving albeit at a slower pace and | am sure she will make every effort to diminish the backlog as soon as possible—Thankyou Deborah. Over two days in October | visited all the property's with Deborah and pleased to say we were given a warm welcome by all the tenants. We accumulateda list of several jobs which need attention and in need of discussion between all Trustees—some major and some only minor but nevertheless necessary.All three Boilers at Chance Cottages have now been replaced and working efficiently. The trees we planted have yet to bear fruit but maybe someone will get an Apple Pie next year!! The grass has been very well maintained and | would recommend we continue to use the same garden company. Thank you to you all for your input over the last year in order to preserve Great Cross and Chance Cottages for many years to come. Thank you to David Dodgson for being the Anchor Man on our finances along with David Allen & Co. In particular | would like to thank Christine Batey our secretary for all her efficient and Stirling work in what has been a very traumatic and trying year in her personal life, but never losing sight of her commitments to Great Cross Trust—this | feel is commendable. My final thanks go to Grasmere R.A.O.B for accommodating us here for our AGM 2020/21 in order to maintain the social distancing required for our safety, and Dennis & Christine Batey for preparing the room. It has been my privilege to be chairperson to such an integral organisation in our village. It is now time for someone else to take the reigns, although| will remain a Trustee
Ella Footit
THE GREAT CROSS TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Registered Charity Number: 1098276
THE GREAT CROSS TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
| CONTENTS | Pages |
|---|---|
| Independent Examiner's Report | 1 |
| Statement of Financial Activities | 2 |
| Statement of Financial Position | 3 |
| Notes to the Financial Statements | 4 to 6 |
THE GREAT CROSS TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GREAT CROSS TRUST FOR THE YEAR ENDED 31 DECEMBER 2021
I report to the trustees on my examination of the financial statements charity for the year ended 31 December 2021 set out on the following pages.
Responsibilities and basis of report
As the trustee of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Ian Thompson (ICAEW) Saint & Co Chartered Accountants & Registered Auditors The Old Police Station Church Street Ambleside Cumbria LA22 0BT
…………………………………… Date
Page 1
THE GREAT CROSS TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted Funds Notes £ INCOME Income from charitable activities Rents from cottages 51,346 Insurance claim - 51,346 Investment income Bank and building society interest 254 Total Income 51,600 EXPENDITURE Charitable activities Managing agents' fees 6,810 Heat and light - Repairs and renewals 17,038 Grounds maintenance 1,760 Insurance 1,796 Bookkeeping 363 Sundries 50 Governance costs: Accounts and independent examination 672 Investment advisor fee - Legal fees - Total Expenditure 28,489 NET INCOME 23,111 Gains on investments 4 7,209 Transfers - Net Movement in Funds 30,320 Reconciliation of Funds: Total Funds brought forward 218,567 Total Funds carried forward 248,887 |
Restricted Funds £ - - - - - - - - - - - - - - - - - - - - 1,084,082 1,084,082 |
Total Funds 2021 £ 51,346 - 51,346 254 51,600 6,810 - 17,038 1,760 1,796 363 50 672 - - 28,489 23,111 7,209 - 30,320 1,302,649 1,332,969 |
Total Funds 2020 £ 50,040 - |
|---|---|---|---|
| 50,040 | |||
| 302 | |||
| 50,342 | |||
| 6,383 - 16,494 2,001 1,678 355 25 672 - - |
|||
| 27,608 | |||
| 22,734 2,300 - |
|||
| 25,034 1,277,615 |
|||
| 1,302,649 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 4 to 6 form part of these accounts.
Page 2
THE GREAT CROSS TRUST
STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 DECEMBER 2021
| Notes £ £ FIXED ASSETS Tangible fixed assets 3 1,084,082 Investments 4 139,661 CURRENT ASSETS Debtor - rent arrears 1,005 Prepayments 1,838 Bank community account 20,961 Business reserve account 66,190 Building society accounts 21,653 111,647 LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR Creditors & accruals 2,421 2,421 NET CURRENT ASSETS 109,226 NET ASSETS 5 1,332,969 FUNDS Restricted 6 1,084,082 Unrestricted 6 248,887 TOTAL FUNDS 6 1,332,969 2021 |
£ £ 1,084,082 82,452 350 - 25,544 91,182 21,407 138,483 2,368 2,368 136,115 1,302,649 1,084,082 218,567 1,302,649 2020 |
£ £ 1,084,082 82,452 350 - 25,544 91,182 21,407 138,483 2,368 2,368 136,115 1,302,649 1,084,082 218,567 1,302,649 2020 |
|---|---|---|
| 1,302,649 | ||
| 1,084,082 218,567 |
||
| 1,302,649 |
These financial statements were approved by the Board of Trustees on the ……………………………… and are signed on their behalf by:
……………………………………………….………….………. Mr David Dodgson ……………………………………………….………….………. Mrs Ella Footit
The notes on pages 4 to 6 form part of these accounts.
Page 3
THE GREAT CROSS TRUST NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with the provsions of FRS102 Section 1A, "The Financial Reporting Standard applicable in the UK and the Republic of Ireland", the Accounting and Reporting by Charities - Statement of Recommended Practice 2015 and the Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and others factors, including expectations of future events that are believed to be reasonable under the circumstances.
The only judgement that has been made that could have a material effect on the carrying amounts of assets is in respect of freehold land and property. Freehold property depreciation and valuation policies are detailed below.
Depreciation
Freehold Property - no depreciation is charged on the properties because they are maintained in such a state of repair that their estimated residual value is not less than their cost/valuation.
Freehold property valuation
The freehold land and property, known as Great Cross Cottages, was valued in September 2002 at the request of the bank for mortgage lending purposes only. The revaluation reserve reflecting this valuation is shown in the notes to the accounts. There is no policy to revalue this freehold property since that date. The other freehold property, known as Chance Cottages, is stated at original cost.
Investments
Listed investments are measured at fair value with changes in fair value being recognised in the Statement of Financial Activities.
Income
This is included on a receivable basis. Income given specifically to provide a fixed asset is initially allocated to the appropriate restricted fund. If the use of the asset then acquired is restricted there is no movement on the restricted fund; if the use of the asset is unrestricted the expenditure is reflected by a transfer from the restricted fund to the appropriate unrestricted fund.
Expenditure
This is included in the statement on an accruals basis.
Page 4
THE GREAT CROSS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
2. TRUSTEES' REMUNERATION & EXPENSES AND STAFF COSTS
No remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any trustee or to any person or persons known to be connected with any of them.
No expenses were paid to any trustee any person connected with them. There were no employees / staff costs in 2021 (2020: none).
| 3. TANGIBLE FIXED ASSETS Cost/Valuation Brought forward Additions Carried forward Depreciation Brought forward & carried forward Net Book Value At 31 December 2021 At 31 December 2020 4. INVESTMENTS Value at 31 December 2020 Additions Fair value movement Value at 31 December 2021 |
Great Cross Cottages and Land £ 710,224 - 710,224 - 710,224 710,224 |
Chance Cottages £ 373,858 - 373,858 - 373,858 373,858 |
Total Freehold Property £ 1,084,082 - |
|---|---|---|---|
| 1,084,082 | |||
| - | |||
| 1,084,082 | |||
| 1,084,082 | |||
| Listed Investment Portfolio £ 82,452 50,000 7,209 |
|||
| 139,661 |
The cost of the investment portfolio held at the balance sheet date is £134,023 (2020: £80,061).
Page 5
THE GREAT CROSS TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
5. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible Fixed Assets Investments £ £ Restricted Funds Great Cross Cottages and Land (cottages originally donated by Miss Mary Chance for local letting and cannot be sold) Cost 155,718 - Revaluation Reserve September 2002 554,506 - 710,224 - Chance Cottages (SLDC planning restriction to be let to local people at affordable rents and not to be sold) Cost 373,858 - 1,084,082 - Unrestricted Funds General Fund - 139,661 - 139,661 Total Funds 1,084,082 139,661 RECONCILIATION OF MOVEMENT IN FUNDS Funds Net brought income/ forward (expenditure) £ £ Restricted Funds Great Cross Cottages and Land Cost 155,718 - Revaluation Reserve September 2002 554,506 - 710,224 - Chance Cottages Cost 373,858 - 1,084,082 - Unrestricted Funds General Fund 218,567 23,111 218,567 23,111 Total Funds 1,302,649 23,111 |
Net Current Assets/ (Liabilities) £ - - - - - 109,226 109,226 109,226 Gains £ - - - - 7,209 - - |
Total £ 155,718 554,506 |
| 710,224 373,858 |
||
| 1,084,082 | ||
| 248,887 | ||
| 248,887 | ||
| 1,332,969 | ||
| Funds carried forward £ 155,718 554,506 |
||
| 710,224 373,858 |
||
| 1,084,082 | ||
| 248,887 | ||
| 248,887 | ||
| 1,332,969 |
6. RECONCILIATION OF MOVEMENT IN FUNDS
Page 6
THE GREAT CROSS TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Registered Charity Number: 1098276
THE GREAT CROSS TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
| CONTENTS | Pages |
|---|---|
| Independent Examiner's Report | 1 |
| Statement of Financial Activities | 2 |
| Statement of Financial Position | 3 |
| Notes to the Financial Statements | 4 to 6 |
THE GREAT CROSS TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GREAT CROSS TRUST FOR THE YEAR ENDED 31 DECEMBER 2021
I report to the trustees on my examination of the financial statements charity for the year ended 31 December 2021 set out on the following pages.
Responsibilities and basis of report
As the trustee of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Ian Thompson (ICAEW) Saint & Co Chartered Accountants & Registered Auditors The Old Police Station Church Street Ambleside Cumbria LA22 0BT
…………………………………… Date
Page 1
THE GREAT CROSS TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted Funds Notes £ INCOME Income from charitable activities Rents from cottages 51,346 Insurance claim - 51,346 Investment income Bank and building society interest 254 Total Income 51,600 EXPENDITURE Charitable activities Managing agents' fees 6,810 Heat and light - Repairs and renewals 17,038 Grounds maintenance 1,760 Insurance 1,796 Bookkeeping 363 Sundries 50 Governance costs: Accounts and independent examination 672 Investment advisor fee - Legal fees - Total Expenditure 28,489 NET INCOME 23,111 Gains on investments 4 7,209 Transfers - Net Movement in Funds 30,320 Reconciliation of Funds: Total Funds brought forward 218,567 Total Funds carried forward 248,887 |
Restricted Funds £ - - - - - - - - - - - - - - - - - - - - 1,084,082 1,084,082 |
Total Funds 2021 £ 51,346 - 51,346 254 51,600 6,810 - 17,038 1,760 1,796 363 50 672 - - 28,489 23,111 7,209 - 30,320 1,302,649 1,332,969 |
Total Funds 2020 £ 50,040 - |
|---|---|---|---|
| 50,040 | |||
| 302 | |||
| 50,342 | |||
| 6,383 - 16,494 2,001 1,678 355 25 672 - - |
|||
| 27,608 | |||
| 22,734 2,300 - |
|||
| 25,034 1,277,615 |
|||
| 1,302,649 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 4 to 6 form part of these accounts.
Page 2
THE GREAT CROSS TRUST
STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 DECEMBER 2021
| Notes £ £ FIXED ASSETS Tangible fixed assets 3 1,084,082 Investments 4 139,661 CURRENT ASSETS Debtor - rent arrears 1,005 Prepayments 1,838 Bank community account 20,961 Business reserve account 66,190 Building society accounts 21,653 111,647 LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR Creditors & accruals 2,421 2,421 NET CURRENT ASSETS 109,226 NET ASSETS 5 1,332,969 FUNDS Restricted 6 1,084,082 Unrestricted 6 248,887 TOTAL FUNDS 6 1,332,969 2021 |
£ £ 1,084,082 82,452 350 - 25,544 91,182 21,407 138,483 2,368 2,368 136,115 1,302,649 1,084,082 218,567 1,302,649 2020 |
£ £ 1,084,082 82,452 350 - 25,544 91,182 21,407 138,483 2,368 2,368 136,115 1,302,649 1,084,082 218,567 1,302,649 2020 |
|---|---|---|
| 1,302,649 | ||
| 1,084,082 218,567 |
||
| 1,302,649 |
These financial statements were approved by the Board of Trustees on the ……………………………… and are signed on their behalf by:
……………………………………………….………….………. Mr David Dodgson ……………………………………………….………….………. Mrs Ella Footit
The notes on pages 4 to 6 form part of these accounts.
Page 3
THE GREAT CROSS TRUST NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with the provsions of FRS102 Section 1A, "The Financial Reporting Standard applicable in the UK and the Republic of Ireland", the Accounting and Reporting by Charities - Statement of Recommended Practice 2015 and the Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and others factors, including expectations of future events that are believed to be reasonable under the circumstances.
The only judgement that has been made that could have a material effect on the carrying amounts of assets is in respect of freehold land and property. Freehold property depreciation and valuation policies are detailed below.
Depreciation
Freehold Property - no depreciation is charged on the properties because they are maintained in such a state of repair that their estimated residual value is not less than their cost/valuation.
Freehold property valuation
The freehold land and property, known as Great Cross Cottages, was valued in September 2002 at the request of the bank for mortgage lending purposes only. The revaluation reserve reflecting this valuation is shown in the notes to the accounts. There is no policy to revalue this freehold property since that date. The other freehold property, known as Chance Cottages, is stated at original cost.
Investments
Listed investments are measured at fair value with changes in fair value being recognised in the Statement of Financial Activities.
Income
This is included on a receivable basis. Income given specifically to provide a fixed asset is initially allocated to the appropriate restricted fund. If the use of the asset then acquired is restricted there is no movement on the restricted fund; if the use of the asset is unrestricted the expenditure is reflected by a transfer from the restricted fund to the appropriate unrestricted fund.
Expenditure
This is included in the statement on an accruals basis.
Page 4
THE GREAT CROSS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
2. TRUSTEES' REMUNERATION & EXPENSES AND STAFF COSTS
No remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any trustee or to any person or persons known to be connected with any of them.
No expenses were paid to any trustee any person connected with them. There were no employees / staff costs in 2021 (2020: none).
| 3. TANGIBLE FIXED ASSETS Cost/Valuation Brought forward Additions Carried forward Depreciation Brought forward & carried forward Net Book Value At 31 December 2021 At 31 December 2020 4. INVESTMENTS Value at 31 December 2020 Additions Fair value movement Value at 31 December 2021 |
Great Cross Cottages and Land £ 710,224 - 710,224 - 710,224 710,224 |
Chance Cottages £ 373,858 - 373,858 - 373,858 373,858 |
Total Freehold Property £ 1,084,082 - |
|---|---|---|---|
| 1,084,082 | |||
| - | |||
| 1,084,082 | |||
| 1,084,082 | |||
| Listed Investment Portfolio £ 82,452 50,000 7,209 |
|||
| 139,661 |
The cost of the investment portfolio held at the balance sheet date is £134,023 (2020: £80,061).
Page 5
THE GREAT CROSS TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
5. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible Fixed Assets Investments £ £ Restricted Funds Great Cross Cottages and Land (cottages originally donated by Miss Mary Chance for local letting and cannot be sold) Cost 155,718 - Revaluation Reserve September 2002 554,506 - 710,224 - Chance Cottages (SLDC planning restriction to be let to local people at affordable rents and not to be sold) Cost 373,858 - 1,084,082 - Unrestricted Funds General Fund - 139,661 - 139,661 Total Funds 1,084,082 139,661 RECONCILIATION OF MOVEMENT IN FUNDS Funds Net brought income/ forward (expenditure) £ £ Restricted Funds Great Cross Cottages and Land Cost 155,718 - Revaluation Reserve September 2002 554,506 - 710,224 - Chance Cottages Cost 373,858 - 1,084,082 - Unrestricted Funds General Fund 218,567 23,111 218,567 23,111 Total Funds 1,302,649 23,111 |
Net Current Assets/ (Liabilities) £ - - - - - 109,226 109,226 109,226 Gains £ - - - - 7,209 - - |
Total £ 155,718 554,506 |
| 710,224 373,858 |
||
| 1,084,082 | ||
| 248,887 | ||
| 248,887 | ||
| 1,332,969 | ||
| Funds carried forward £ 155,718 554,506 |
||
| 710,224 373,858 |
||
| 1,084,082 | ||
| 248,887 | ||
| 248,887 | ||
| 1,332,969 |
6. RECONCILIATION OF MOVEMENT IN FUNDS
Page 6