.
## 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:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. 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:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. 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