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 

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

8. 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. 

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

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

13. 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. 

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

15. 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. 



17. 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. 

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

19. 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