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← The Great Cross Trust

2022-12-31-accounts

Great Cross Trust Charity No 1098276

Minutes of the Annual General Meeting held Wednesday November 9th 2022 at the Buff Club, Grasmere

Present: John Ellwood, Stephen Dixon, Lisa Mosey, Ella Footit, David Dodgson, Diane Dixon

  1. The meeting wished to put on record their appreciation for the outstanding work for the trust of the late Christine Batey. A brief silence was held in her memory.

2 Deborah Lund of Carter Jonas gave us a summary of the properties in the trust. All rents are up to date. We have carried out extensive repair and renovation work over the last year. This is now almost complete. C J have had problems contacting the residents of No 3 re replacement of fence and cooker hood. Of more concern is the completion of electrical test work required by law. CJ to check whether this has been done, if not a deadline be given to A Leech and if this is not met the work to be re-contracted. It was pointed out that the trust will be responsible for sweeping chimneys from next year. CJ will assess the situation. We are awaiting insurance quotation.

3 Rents. Rents will remain unchanged. Those properties that have controlled rents will have these assessed sometime in the spring, but not necessarily have rent increases imposed.

Deborah was thanked for her contribution and the official agenda was followed.

4. Apologies: None.

5 Minutes of previous meeting. These were approved and signed.

6. Matters arising: None

  1. Chairman's report. A brief summary of the year was given. A fuller version will be circulated by JE.

  2. Chairman. J Ellwood was re-elected as chairman for the following year.

9 Duties and Election of officers.(Secretary/Treasurer) Since the death of CB the officers duties have been split into a) liaison with Carter Jonas and property tenants and b) administration which includes dealing with bank accounts and charity commission. EF agreed to continue with a and DD for b. This was approved by the meeting.

  1. New Trustee. Diane Dixon was elected as a new trustee and was welcomed by the chairman.

  2. Year End accounts. These were approved by the meeting.

  3. Financial position. We have ca £16000 in the current account which is a bit lower than normal owing to the large number of jobs undertaken this year. We should have sufficient funds there to see out the year. We have plenty of reserves. The investment has made a paper loss over the last few weeks. Hopefully this will recover in the long term.

  4. Charity commission. The records are up to date. DD will add Diane on to the trustees.

  5. Banking arrangements. DD, JE and EF are signatories for the Cumberland and Barclays account. Emma Benson is also a signatory of the Barclays account. JE needs to be set up to approve online transfers.

16 Grass-cutting. EF had been given a quote which looks interesting. DD will ask for quotes in February from all parties and a decision made then.

  1. Next Year's AGM. This will hopefully be held November 8th 2023 subject to room and Carter Jonas availability. JE to get provisional room booking.

  2. DiD raised subject of damp in no 8. The tenant should contact CJ in the first instance.

  3. Thanks were proposed to the Buffs for allowing us to use their hall.

Meeting closed at 7.05pm

THE GREAT CROSS TRUST Unaudited Financial Statements for the year ended 31 December 2022 Registered Charity Number 1098276

THE GREAT CROSS TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 CONTENTS Page5 Independent Examiner's Report Statement of Financial Activities Statement of Financial Position Notes to the Financlal Statements 4t06

THE GREAT CROSS TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GREAT CROSS TRUST FOR THEYEAR ENDED 31 DECEMBER 2022 I report to the trustees on my examination of the financial statements charity for the year ended .41 December 2022 Set out on the following pages. Re5ponslbllltles and basls of report As the trustee of the charitv vou are responsible for the preparatton of the financial Statements in 3ccordanre with the requirements of the Charltles Act 20111'the Act'l. I report in respect of my examination of the charity's financial statements carried out under scction 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 14515llbl of the Act. Independent exarniner's statement I have completed my examination. I confirm that no material matters have come to my attention In connection with the examlnatlon giving me cause to believe that in any material respect.. l. accounting records were not kept in respect of the chcirity a5 required by section 130 of thc 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 (Account5 and Reports) Regulations 2008 other tha n any requirement that the account5 give a 'true and fair, vlew which 15 not a matter considered as part ol 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 tjTiderstanding of the accounts to be reached. lan Thomp50n IICAEWI Saint & Co Charteied Accountants & Registered Auditors The Old Polite station Church Street Ambleside Cumbria LA22 OBT Date Page I

THE GREAT CROSS TRUST srATEMENTOF FINANCIALAalVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Total Funds 2022 Total Funds 2021 Unrestrleted Funds Restrltted Funds Notes INCOME Income from tharitable artlvitie5 Rents from cottages Insuran￿ claim 50,040 50.040 51.346 50.040 50,040 51,346 Investment Income Bank and building society interest 222 222 254 Total Income 50,262 50,262 51,600 EXPENDITURE Charitable activities Managing agents, fees Heat and light Repairs and renewals Grounds maintenance Insurance Bookkeeping 5undries Governante costs.. Accounts and independent examination Investment advisor fee Legal fees 6,637 6.637 6,810 43,569 5,095 1,838 517 43.569 5,095 1,838 517 17,038 1,760 1,796 363 50 696 696 672 Total Expendsture 58,352 58,352 28,489 N￿INcOmE 18,0901 18.0901 23.111 Gains I (Loss} on Investments Transfers 114,4271 -14,427 7,209 Net Movement In Funds 122,5171 122.5171 30,320 Reconclllatlon of Funds: Total Funds brought forward 248,887 1,084,082 1,332,969 1,302,649 Total Funds carrled forward ?26,370 1,084,082 1,310,452 1."432,969 The statement of financial activities include5 all gabns and1055es recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 4 to 6 form part of these aeeounts. Page 2

THE GREAT CROSS TRUST STATEMENT OF FINANCIAL POSITION FOR THEYEAR ENDED 31 OECEMBER 2022 Notes 2022 2021 FIXED ASSETS Tangible fixed assets Investments 1,084.082 125,234 1,084.082 139,661 CURRENT ASSETS Debtor- rent arrear5 Prepayments Bank commtjnity account Business reserve account Building society accounts 1,005 1,005 1.838 20,961 66.190 21.653 11 L,64 7 14,517 66,254 21,811 103,587 UABIL￿1ES. AMOUNTS FALUNG DUE WITHIN ONEYEAR Creditors & accruals 12,4511 12,4511 12.4211 1?.4211 NEf CURRENT ASSErs 101.136 109,226 N￿AsSEr5 1.310,452 1.332.969 FUNDS Restricted 1,084.082 1,084,082 Unrestricted 226.370 248.887 TOTAL FUNDS 1,310,452 1,332,969 These financial statements were approved by the Board of Trustees on the ... and are signed on their behalf by.. Mr David Dodg50n Mr John Ellwood The notes on page$ 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 2022 I. ACCOUNTING POUCIES Basis of accountlng 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 prov5ions of FRS102 Section IA, 'The Flnancial Reporting Standard applicable in the UK ai)d the Republic of Ireland the Aicounttng and Reporting by Charities- Statement of Recommended Practice 2015 and the Charities nct 2011. The financial Statements are prepared in sterling, which Is the functional currellcy of the entity. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgement5. estimates and assumptions that affect the amounts reported. These estimates and judgement5 are contiiiually reviewed and are based on experience and others factors, including expectation5 of futuro 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 cBrrying iimount5 of assets is in respect of freehold land and property. Freehold property depreciation a nd valiiation policies are detailed below. Depreclatlon Freehold Property no dep￿CiatIon 15 charged on the properties because they are maintained In such a state of repair that their estimated residual value is not less than their costlvaluation. Freehold property valuatlon The freehold land and property, known a5 Great Cr055 Cottages, was valued in September 2002 at the request of the bank for TTK)rtgage lending purposes only. The revaluation reserve reflectink7 this valuation is shown in the notes to the accounts. There Is no policy to revalue this freehold propertv since that date. The other freehold property, known a5 Chance Cottages, is stated at original cost. Investsnents Listed investments are measureil at falr value with changes in fair value being recognised Iii the Ststement of Financial Activities. Income Thi5 15 included on a receivable basis. Income given specifically to provide a fixed asset is iiiitial ly allocated to the appropriate restricted fund. If the use of the asset then acquired is restricied rhere is no movement on the restricted fund- if the use of the asset is unrestricted the expendrtLJfL' IS reflected by a transfer from the restricted fund to the appropriate unrestricted fund. Expendlture This is included in the statement on an accruals basis. Page 4

THE GREAT CROSS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2022 I TRUSTEES, REMUNERATION & EXPENSES AND STAFF COSTS No remuneration directly or indirectly out of the funds ol the charity W35 paid or payable lor 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 I staff costs in 202212021.. nonel. 3. TANGIBLE FIXED ASSETS Great Cross Cottages and land Total Freehold Property Chance Cotta8e5 Cost/Valuation Brought forward Additions 710.224 373,858 1,084,082 Carried forward 710,224 373,858 1.084,082 Depreciation Brought forward & carried forward Net Book Value At 31 December 2022 710,224 373.858 1.084,082 At 31 December 2021 710,224 373,858 1,084,082 4. INVESTMENTS Listed Investment Portfolio Value at 31 De￿mber 2021 Additions Fair value movement 139,661 114,4271 Value at 31 De￿mber 2022 125,234 The cost of the investment porrfolio held at the balance Sheet date 15 £129.4(K)12021.. £134,023). Page 5

THE GREAT CROSS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 S. ANALY51S OF NET ASS￿5 BETWEEN FUNDS Net Current A55ets/ ILiabilitiesl Tangible Fixed Assets Investments Total Restritted Funds Great Cross CottaEes anil Land Icottsges originally donated by Miss Mary Chance for local letting and cannot be sold) Cost Revaluation Reserve September 2002 155,718 554,506 710,224 155.718 554.506 710,224 Chance Cottages ISLDC planning restriction to be let to local people at affordable rents and not to be sold) Cost 373.858 1.084,082 373,858 1,084,082 Unrestricted Funds General Fund 125.234 101,136 226,370 125,234 101,136 226,370 Total Fund5 1,084,082 125,234 101,136 1.310,452 6. RECONCIUATION OF MOVEMENT IN FUNDS Funds brought forward Net incomel lexpenditurel Funds carried forward Gètns Restricted Funds Great Cross Cottages and Land Cost Revaluation ReseThe September 2002 155,718 554,506 710,224 155,718 554,506 710,224 Chance Cottages Cost 373,858 1,084,082 373,858 1.084,082 Unrestrlcted Funds General Fund 248,887 18.0901 114,4271 226,370 248,887 18,0901 226,370 Total Fund5 1,332,969 -8,090 1.310,452 Page 6

THE GREAT CROSS TRUST Unaudited Financial Statements for the year ended 31 December 2022 Registered Charity Number 1098276

THE GREAT CROSS TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 CONTENTS Page5 Independent Examiner's Report Statement of Financial Activities Statement of Financial Position Notes to the Financlal Statements 4t06

THE GREAT CROSS TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GREAT CROSS TRUST FOR THEYEAR ENDED 31 DECEMBER 2022 I report to the trustees on my examination of the financial statements charity for the year ended .41 December 2022 Set out on the following pages. Re5ponslbllltles and basls of report As the trustee of the charitv vou are responsible for the preparatton of the financial Statements in 3ccordanre with the requirements of the Charltles Act 20111'the Act'l. I report in respect of my examination of the charity's financial statements carried out under scction 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 14515llbl of the Act. Independent exarniner's statement I have completed my examination. I confirm that no material matters have come to my attention In connection with the examlnatlon giving me cause to believe that in any material respect.. l. accounting records were not kept in respect of the chcirity a5 required by section 130 of thc 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 (Account5 and Reports) Regulations 2008 other tha n any requirement that the account5 give a 'true and fair, vlew which 15 not a matter considered as part ol 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 tjTiderstanding of the accounts to be reached. lan Thomp50n IICAEWI Saint & Co Charteied Accountants & Registered Auditors The Old Polite station Church Street Ambleside Cumbria LA22 OBT Date Page I

THE GREAT CROSS TRUST srATEMENTOF FINANCIALAalVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Total Funds 2022 Total Funds 2021 Unrestrleted Funds Restrltted Funds Notes INCOME Income from tharitable artlvitie5 Rents from cottages Insuran￿ claim 50,040 50.040 51.346 50.040 50,040 51,346 Investment Income Bank and building society interest 222 222 254 Total Income 50,262 50,262 51,600 EXPENDITURE Charitable activities Managing agents, fees Heat and light Repairs and renewals Grounds maintenance Insurance Bookkeeping 5undries Governante costs.. Accounts and independent examination Investment advisor fee Legal fees 6,637 6.637 6,810 43,569 5,095 1,838 517 43.569 5,095 1,838 517 17,038 1,760 1,796 363 50 696 696 672 Total Expendsture 58,352 58,352 28,489 N￿INcOmE 18,0901 18.0901 23.111 Gains I (Loss} on Investments Transfers 114,4271 -14,427 7,209 Net Movement In Funds 122,5171 122.5171 30,320 Reconclllatlon of Funds: Total Funds brought forward 248,887 1,084,082 1,332,969 1,302,649 Total Funds carrled forward ?26,370 1,084,082 1,310,452 1."432,969 The statement of financial activities include5 all gabns and1055es recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 4 to 6 form part of these aeeounts. Page 2

THE GREAT CROSS TRUST STATEMENT OF FINANCIAL POSITION FOR THEYEAR ENDED 31 OECEMBER 2022 Notes 2022 2021 FIXED ASSETS Tangible fixed assets Investments 1,084.082 125,234 1,084.082 139,661 CURRENT ASSETS Debtor- rent arrear5 Prepayments Bank commtjnity account Business reserve account Building society accounts 1,005 1,005 1.838 20,961 66.190 21.653 11 L,64 7 14,517 66,254 21,811 103,587 UABIL￿1ES. AMOUNTS FALUNG DUE WITHIN ONEYEAR Creditors & accruals 12,4511 12,4511 12.4211 1?.4211 NEf CURRENT ASSErs 101.136 109,226 N￿AsSEr5 1.310,452 1.332.969 FUNDS Restricted 1,084.082 1,084,082 Unrestricted 226.370 248.887 TOTAL FUNDS 1,310,452 1,332,969 These financial statements were approved by the Board of Trustees on the ... and are signed on their behalf by.. Mr David Dodg50n Mr John Ellwood The notes on page$ 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 2022 I. ACCOUNTING POUCIES Basis of accountlng 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 prov5ions of FRS102 Section IA, 'The Flnancial Reporting Standard applicable in the UK ai)d the Republic of Ireland the Aicounttng and Reporting by Charities- Statement of Recommended Practice 2015 and the Charities nct 2011. The financial Statements are prepared in sterling, which Is the functional currellcy of the entity. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgement5. estimates and assumptions that affect the amounts reported. These estimates and judgement5 are contiiiually reviewed and are based on experience and others factors, including expectation5 of futuro 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 cBrrying iimount5 of assets is in respect of freehold land and property. Freehold property depreciation a nd valiiation policies are detailed below. Depreclatlon Freehold Property no dep￿CiatIon 15 charged on the properties because they are maintained In such a state of repair that their estimated residual value is not less than their costlvaluation. Freehold property valuatlon The freehold land and property, known a5 Great Cr055 Cottages, was valued in September 2002 at the request of the bank for TTK)rtgage lending purposes only. The revaluation reserve reflectink7 this valuation is shown in the notes to the accounts. There Is no policy to revalue this freehold propertv since that date. The other freehold property, known a5 Chance Cottages, is stated at original cost. Investsnents Listed investments are measureil at falr value with changes in fair value being recognised Iii the Ststement of Financial Activities. Income Thi5 15 included on a receivable basis. Income given specifically to provide a fixed asset is iiiitial ly allocated to the appropriate restricted fund. If the use of the asset then acquired is restricied rhere is no movement on the restricted fund- if the use of the asset is unrestricted the expendrtLJfL' IS reflected by a transfer from the restricted fund to the appropriate unrestricted fund. Expendlture This is included in the statement on an accruals basis. Page 4

THE GREAT CROSS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2022 I TRUSTEES, REMUNERATION & EXPENSES AND STAFF COSTS No remuneration directly or indirectly out of the funds ol the charity W35 paid or payable lor 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 I staff costs in 202212021.. nonel. 3. TANGIBLE FIXED ASSETS Great Cross Cottages and land Total Freehold Property Chance Cotta8e5 Cost/Valuation Brought forward Additions 710.224 373,858 1,084,082 Carried forward 710,224 373,858 1.084,082 Depreciation Brought forward & carried forward Net Book Value At 31 December 2022 710,224 373.858 1.084,082 At 31 December 2021 710,224 373,858 1,084,082 4. INVESTMENTS Listed Investment Portfolio Value at 31 De￿mber 2021 Additions Fair value movement 139,661 114,4271 Value at 31 De￿mber 2022 125,234 The cost of the investment porrfolio held at the balance Sheet date 15 £129.4(K)12021.. £134,023). Page 5

THE GREAT CROSS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 S. ANALY51S OF NET ASS￿5 BETWEEN FUNDS Net Current A55ets/ ILiabilitiesl Tangible Fixed Assets Investments Total Restritted Funds Great Cross CottaEes anil Land Icottsges originally donated by Miss Mary Chance for local letting and cannot be sold) Cost Revaluation Reserve September 2002 155,718 554,506 710,224 155.718 554.506 710,224 Chance Cottages ISLDC planning restriction to be let to local people at affordable rents and not to be sold) Cost 373.858 1.084,082 373,858 1,084,082 Unrestricted Funds General Fund 125.234 101,136 226,370 125,234 101,136 226,370 Total Fund5 1,084,082 125,234 101,136 1.310,452 6. RECONCIUATION OF MOVEMENT IN FUNDS Funds brought forward Net incomel lexpenditurel Funds carried forward Gètns Restricted Funds Great Cross Cottages and Land Cost Revaluation ReseThe September 2002 155,718 554,506 710,224 155,718 554,506 710,224 Chance Cottages Cost 373,858 1,084,082 373,858 1.084,082 Unrestrlcted Funds General Fund 248,887 18.0901 114,4271 226,370 248,887 18,0901 226,370 Total Fund5 1,332,969 -8,090 1.310,452 Page 6