## The Great Cross Trust Annual Report 2023 ## Properties The tenant for No1 has left and a new tenant will move in on November 10th. All rents are up to date as are gas and electric checks. A review of paintwork will take place next year. Insurance quotes will be requested. Inspection of the properties will take place in June next year. ## Financial . Our investment has shown a small growth over the year. A change of investment to a provider with lower charges and a slightly better track record will take place. Our general financial position is good with £35,206 in the current account and £86,000 in the savings account. Our Cumberland Account has been closed and the money transferred to our savings account. We need to find a better home for some of our savings. At some stage we will top up our investment. We will also investigate other savings accounts. Diane Dixon was authorised to be a signatory for accounts to replace John Ellwood. Discussions continue with Barclays about transfer of our account to a trust account. Ofcers DD and EF will continue in their present roles. DD will act as temporary chairman until we get new trustees. Tenancies A rent rise of 10% was agreed to take place in June next year. This will be reviewed in two years. I ## Water Meters It was agreed that tenants could have water meters installed provided that infrastructure was not affected. ## Trustees L Mosely and J Ellwood are stepping down as trustees. A list of suggestions for possible trustees has been drawn up THE GREAT CROSS TRUST FINANCIAL STATEMEKrs FOR ThE YEAR ENDED31 DECEMBER 2023 Regtstsred Charlty ￿rnber 1098276 THE GREAT CROSS TRusr FOR ThE YEAR ENDED 31 DECEMBER 2023 Pa8es Independent E¥aminerf5 Report ststement of Financial Activities Statement of Financial Position Notes to the Finanoal Statements 4t06 THE GREAT CROSS TRUST INDEPEPa)EKf EXAMINER'S REPORTTO THE TRUSTEES OF THE GREAT CR055 TRUST FOR THEYEAR ENDED 31 DECEMBEII 21)23 I report to the trustees on my examination of the financial statements ¢harÈty forthe year ended 31 December 2022 set out on the f￿lo￿n8 pages. Responslblliknes and basis of report As the trustee of the charityyou are responsible for the preparatknn of the financlal ststements in accordance with the reqtjirements of the Charities Act 20111.the ACVI. I report in respert of my examination of the chariws financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions gtven by the Charity Commission under sertion 14515llbl of the Att. Independent examlner's ststement I have completed my examination. I confimi that no material matters have come to my attention in connertlon wlth the examination giwng me cause to bdie¥e that in any material respert l. accounting records were not kept in respertof the tharity a5 requi￿ by section 130 of the Act,. or 2. the financial statements do not accord wtth those records: or the flnancial statements do not comply with the applicable requirements conceming the fonn and content of accounts set out in the Charitie5 IAccounts and Reportsl RegLtlations 2008 other than any ￿quIreMentthat the accounts give a 'true and fair, view whKh is not a matter considered as part of an independeAt Èxamination. I have no concerns and have come acmss no other matter5 in connection with the examination to whith attention should be drawn in this report in order to enable a proper underrtanding of the accounts to be reached. lan Thompson IICAEWI Salnt & Co Chartered Accountants & Re8iStered Audltors The Old Police Station Church Street Ambleside Cumbria LA22 OBT . Date THE GREAT CROSS TRUST STATEME1￿ OF F114ANCIALACnVmES FOR THE YEAR ENDED 310ECEMBER 2023 Total Funds 2023 Total Funds 2022 Funds Funds INCOME Income from ¢harltsble activitses Rents frorn cottages Insurance clalm 49.340 49,340 50,040 49,340 49,340 50,040 Inve5tmert Income 8ank and building society interest 789 789 222 Trfal Income 50,129 50,129 50,262 EXPENIMTURE Charllable a¢ti¥lties Managing agents, fee5 Heat an(1 light Repairs and renewals Grounds maintenance Insurance Bookkeeping Sundries Governance co5￿. counts and independent examination Investment a(Msor fee Legal fee5 7.322 7.322 6.637 12.789 1.387 2.547 669 12.789 1.387 2.547 669 43.569 5,095 1,838 517 750 750 696 Total Expendllure 26,635 26,635 58,352 INCOME 23.494 23.494 18.090 Gains I IL0s51 on Investments Translers 10.229 10.229 114,4271 Net Movement in Funds 33.723 33.723 122,5171 ReconcIl￿on of Funds: Total Funds brought forward 226.370 1.084,082 1,310.452 1,332,969 Totsl Funds carried forward 260.093 1,084.082 1,344,175 1.310.452 The ststement of financfjal attivitie5 includes all gains and losses recognised in the year. All income and expenditure dertve from contlnuin@ activtties. The notes on pages 4 to 6 form part of these accounts. THE GREAT CROSS TRusr STATEMEMfoF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2023 2022 FIXED AssErs Tangible fixed assets Investments 1,084.082 134,375 1,084,082 125,234 CURRENfASSETS Debtor- rent arrears Prepayments Bank communityaccounts 8u5iness reserve account Building 50clety account5 1.355 2.595 37.366 86.931 1,005 14,517 66,254 21,811 103,587 128.247 UABILMES: AMOUNTS FAWNG DUE WITHIN ONE YEAR Creditors & accruals 12.5291 12.5291 12,4511 12,4511 NETCURRENT ASSErs 125.718 101,136 ASSETS L344,175 1,310.452 FUNDS Restricted 1.084.082 1,084,082 Unrestrirted 2fA¢,093 226.370 TOTAL FUNDS 1.344.175 1,310,452 These finanual Statements were approved bythe Board of Trustees on the.... .. and are signed on their behalf by: Mr Damd Dodgs Mrs E Footit The note5 on pa8es 4 to 6 fomi part ofthese accou1￿. Page 3 THE GREAT CROSS TRUST t40￿ TO THE FINANaAL5TATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2023 I. ACCOUNTING POLiaES Basis of accoufttin8 The financial statements have been prepared under the histortcal cost convention, as modifie(I by the revaluatlon of ￿rtaIn fixed assets, and in accordance with the provsions of FR5102 Sectlon IA, he Financial Reporting Standard applicable in the UK and the Republic of Ireland., the Accounting and Reportin8 by Charities- Statement of Recommended Practlce 2015 and the Charitie5 Act 2011. The financial 5tstements are prepared in stedin& which is the functional currenry of the entity. JudÉements and key sources ol e5tlmation uncertainty The preparation of the finanoal statements requires managementto make judgements. estimates and assumptions that affettthe amounts reported. These estimates and judgements are continually revtewed and are based on experience and others factors. including expectations of future events that a￿ believed to be reasonable under the clrcum5tsn￿S. The onlyjudgement that ha5 b￿rt made that could have a material effect on the carryin8 amounts of assets is in respect of freehold land and property. Freehold property depreciation and valuation policies are detsiled below. Depreclatitin Freehold Property - no depreuation is tharged on the Properties because they are maintained in such a stste of ￿pair that their esbmated residual value is not less than thelr c05tlvaluation. Freehold property valuatlon The freehold land and property. known a5 Great Cross Cottages. wa5 valued in September 2(KJ2 at the request of the bank for mortga8e lending purp05e5 only. The revaluation reserve reflecting this valuation is shown in the notes to the accounts. There is no policyto revalue this freehold property since that date. The otherfreehold property. known as Chance Cottsges, IS stated at original c05t. Jnvestmeftts Listed investments a￿ measured at fair *Alue wrth thanges in fair value being recognised in the ststement of Financial Activities. Income This is included on a receivable basis. Income gtven specificaltyto provide a fixed asset 15 initially allocated to the appropriate ￿stritted fund. If the use of the asset then acquired is restricted the￿ is no movement on the restricted fund: if the use of the asset is unrewicted the expenditure is reflected by a transfer from the restricted fund to the appropriate unrestrirted fund. Expendoture This Is included in the statement on an accruals ba51& THE GREATCROSS TRUST NOTES TO THE HNANCIAL5TATEMEp¥rs FOR THE YEAR ENDED 31 DE￿MBER 2023 2. TRUSTEE5' REMUNEPAnoN & EXPENSES AND STAFF Cosrs No rernuneratlon direttty or indirectly out of the fijnds ofthe chèiity was paid or pawdble forthe 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 petson connected with them. There were no employees15taff costs in 202312022: none). 3. TANGIBiE AXED ASSETS Great Cross Q>ttages and land Total Freehold Property Chan Cottages C05tlValuatlon Broughtfonward Additions 710.224 373,858 1.084,082 Carried forward 710.224 373,858 1,084,082 Dep￿latIon Brought forward & Carried forward Net Book Value At 31 December 2023 710,224 373.858 1,084.082 At 31 December 2022 710,224 373.858 1.084,082 4. INVESTMErirs Ilsted Investment Portfollo Value at 31 December 2022 Additions Portfolio fees Falrvalue movement 125,234 11.0881 10.229 Value at 310ecember 2023 134,375 THE GREAT CROSS TRUST NOTES TO ThE HNANCIAL STATEMEf415 FOR THE YEAR EP4DED 31 DECEMBER 2023 S. ANALYSts OF N￿AsSET$ BETWEEN FUND5 TangFble Fixed Current Assetsl {Liabilitiesl T4)tal Restricted Funds Great Cross Cottages and LarKI IcottaBes originalty donated by Miss Mary Char for local lÈtting and cannot be sold) 155,718 554,$06 710,224 Revaluation Reseive September 2(K12 155,718 554,506 710,224 Chano Cottages ISLDC planning restrittion to be let to local people at affordable rents and not to be soldl Cost 373,858 1.084.082 373,858 1.084,082 Unrestricted Funds General Fund 134.375 125,718 260.093 134.375 125,718 260.093 Totsl Funds 1.084.082 134,375 125,718 1.344,175 6. RECONaUATION OF MOVEMEIIT IN FUNDS Funds brou8ht lorwa Funds carried forward Incomel (expendrture) Gains Restritted Funds G￿3t Cross Cotta8es and Land Cost Revaluation Reserve September 2￿1 155.718 554,506 710,224 155,718 554,506 710.224 Chance Cottsges Cost 373,858 1.084.082 373,858 1,084,082 Unrestricted Funds General Fund 226,370 23,494 10,229 260,093 226.370 23,494 10,229 260.093 Totsl Funds 1,310,452 23.494 10.229 1,344,175 THE GREAT CROSS TRUST FINANCIAL STATEMEKrs FOR ThE YEAR ENDED31 DECEMBER 2023 Regtstsred Charlty ￿rnber 1098276 THE GREAT CROSS TRusr FOR ThE YEAR ENDED 31 DECEMBER 2023 Pa8es Independent E¥aminerf5 Report ststement of Financial Activities Statement of Financial Position Notes to the Finanoal Statements 4t06 THE GREAT CROSS TRUST INDEPEPa)EKf EXAMINER'S REPORTTO THE TRUSTEES OF THE GREAT CR055 TRUST FOR THEYEAR ENDED 31 DECEMBEII 21)23 I report to the trustees on my examination of the financial statements ¢harÈty forthe year ended 31 December 2022 set out on the f￿lo￿n8 pages. Responslblliknes and basis of report As the trustee of the charityyou are responsible for the preparatknn of the financlal ststements in accordance with the reqtjirements of the Charities Act 20111.the ACVI. I report in respert of my examination of the chariws financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions gtven by the Charity Commission under sertion 14515llbl of the Att. Independent examlner's ststement I have completed my examination. I confimi that no material matters have come to my attention in connertlon wlth the examination giwng me cause to bdie¥e that in any material respert l. accounting records were not kept in respertof the tharity a5 requi￿ by section 130 of the Act,. or 2. the financial statements do not accord wtth those records: or the flnancial statements do not comply with the applicable requirements conceming the fonn and content of accounts set out in the Charitie5 IAccounts and Reportsl RegLtlations 2008 other than any ￿quIreMentthat the accounts give a 'true and fair, view whKh is not a matter considered as part of an independeAt Èxamination. I have no concerns and have come acmss no other matter5 in connection with the examination to whith attention should be drawn in this report in order to enable a proper underrtanding of the accounts to be reached. lan Thompson IICAEWI Salnt & Co Chartered Accountants & Re8iStered Audltors The Old Police Station Church Street Ambleside Cumbria LA22 OBT . Date THE GREAT CROSS TRUST STATEME1￿ OF F114ANCIALACnVmES FOR THE YEAR ENDED 310ECEMBER 2023 Total Funds 2023 Total Funds 2022 Funds Funds INCOME Income from ¢harltsble activitses Rents frorn cottages Insurance clalm 49.340 49,340 50,040 49,340 49,340 50,040 Inve5tmert Income 8ank and building society interest 789 789 222 Trfal Income 50,129 50,129 50,262 EXPENIMTURE Charllable a¢ti¥lties Managing agents, fee5 Heat an(1 light Repairs and renewals Grounds maintenance Insurance Bookkeeping Sundries Governance co5￿. counts and independent examination Investment a(Msor fee Legal fee5 7.322 7.322 6.637 12.789 1.387 2.547 669 12.789 1.387 2.547 669 43.569 5,095 1,838 517 750 750 696 Total Expendllure 26,635 26,635 58,352 INCOME 23.494 23.494 18.090 Gains I IL0s51 on Investments Translers 10.229 10.229 114,4271 Net Movement in Funds 33.723 33.723 122,5171 ReconcIl￿on of Funds: Total Funds brought forward 226.370 1.084,082 1,310.452 1,332,969 Totsl Funds carried forward 260.093 1,084.082 1,344,175 1.310.452 The ststement of financfjal attivitie5 includes all gains and losses recognised in the year. All income and expenditure dertve from contlnuin@ activtties. The notes on pages 4 to 6 form part of these accounts. THE GREAT CROSS TRusr STATEMEMfoF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2023 2022 FIXED AssErs Tangible fixed assets Investments 1,084.082 134,375 1,084,082 125,234 CURRENfASSETS Debtor- rent arrears Prepayments Bank communityaccounts 8u5iness reserve account Building 50clety account5 1.355 2.595 37.366 86.931 1,005 14,517 66,254 21,811 103,587 128.247 UABILMES: AMOUNTS FAWNG DUE WITHIN ONE YEAR Creditors & accruals 12.5291 12.5291 12,4511 12,4511 NETCURRENT ASSErs 125.718 101,136 ASSETS L344,175 1,310.452 FUNDS Restricted 1.084.082 1,084,082 Unrestrirted 2fA¢,093 226.370 TOTAL FUNDS 1.344.175 1,310,452 These finanual Statements were approved bythe Board of Trustees on the.... .. and are signed on their behalf by: Mr Damd Dodgs Mrs E Footit The note5 on pa8es 4 to 6 fomi part ofthese accou1￿. Page 3 THE GREAT CROSS TRUST t40￿ TO THE FINANaAL5TATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2023 I. ACCOUNTING POLiaES Basis of accoufttin8 The financial statements have been prepared under the histortcal cost convention, as modifie(I by the revaluatlon of ￿rtaIn fixed assets, and in accordance with the provsions of FR5102 Sectlon IA, he Financial Reporting Standard applicable in the UK and the Republic of Ireland., the Accounting and Reportin8 by Charities- Statement of Recommended Practlce 2015 and the Charitie5 Act 2011. The financial 5tstements are prepared in stedin& which is the functional currenry of the entity. JudÉements and key sources ol e5tlmation uncertainty The preparation of the finanoal statements requires managementto make judgements. estimates and assumptions that affettthe amounts reported. These estimates and judgements are continually revtewed and are based on experience and others factors. including expectations of future events that a￿ believed to be reasonable under the clrcum5tsn￿S. The onlyjudgement that ha5 b￿rt made that could have a material effect on the carryin8 amounts of assets is in respect of freehold land and property. Freehold property depreciation and valuation policies are detsiled below. Depreclatitin Freehold Property - no depreuation is tharged on the Properties because they are maintained in such a stste of ￿pair that their esbmated residual value is not less than thelr c05tlvaluation. Freehold property valuatlon The freehold land and property. known a5 Great Cross Cottages. wa5 valued in September 2(KJ2 at the request of the bank for mortga8e lending purp05e5 only. The revaluation reserve reflecting this valuation is shown in the notes to the accounts. There is no policyto revalue this freehold property since that date. The otherfreehold property. known as Chance Cottsges, IS stated at original c05t. Jnvestmeftts Listed investments a￿ measured at fair *Alue wrth thanges in fair value being recognised in the ststement of Financial Activities. Income This is included on a receivable basis. Income gtven specificaltyto provide a fixed asset 15 initially allocated to the appropriate ￿stritted fund. If the use of the asset then acquired is restricted the￿ is no movement on the restricted fund: if the use of the asset is unrewicted the expenditure is reflected by a transfer from the restricted fund to the appropriate unrestrirted fund. Expendoture This Is included in the statement on an accruals ba51& THE GREATCROSS TRUST NOTES TO THE HNANCIAL5TATEMEp¥rs FOR THE YEAR ENDED 31 DE￿MBER 2023 2. TRUSTEE5' REMUNEPAnoN & EXPENSES AND STAFF Cosrs No rernuneratlon direttty or indirectly out of the fijnds ofthe chèiity was paid or pawdble forthe 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 petson connected with them. There were no employees15taff costs in 202312022: none). 3. TANGIBiE AXED ASSETS Great Cross Q>ttages and land Total Freehold Property Chan Cottages C05tlValuatlon Broughtfonward Additions 710.224 373,858 1.084,082 Carried forward 710.224 373,858 1,084,082 Dep￿latIon Brought forward & Carried forward Net Book Value At 31 December 2023 710,224 373.858 1,084.082 At 31 December 2022 710,224 373.858 1.084,082 4. INVESTMErirs Ilsted Investment Portfollo Value at 31 December 2022 Additions Portfolio fees Falrvalue movement 125,234 11.0881 10.229 Value at 310ecember 2023 134,375 THE GREAT CROSS TRUST NOTES TO ThE HNANCIAL STATEMEf415 FOR THE YEAR EP4DED 31 DECEMBER 2023 S. ANALYSts OF N￿AsSET$ BETWEEN FUND5 TangFble Fixed Current Assetsl {Liabilitiesl T4)tal Restricted Funds Great Cross Cottages and LarKI IcottaBes originalty donated by Miss Mary Char for local lÈtting and cannot be sold) 155,718 554,$06 710,224 Revaluation Reseive September 2(K12 155,718 554,506 710,224 Chano Cottages ISLDC planning restrittion to be let to local people at affordable rents and not to be soldl Cost 373,858 1.084.082 373,858 1.084,082 Unrestricted Funds General Fund 134.375 125,718 260.093 134.375 125,718 260.093 Totsl Funds 1.084.082 134,375 125,718 1.344,175 6. RECONaUATION OF MOVEMEIIT IN FUNDS Funds brou8ht lorwa Funds carried forward Incomel (expendrture) Gains Restritted Funds G￿3t Cross Cotta8es and Land Cost Revaluation Reserve September 2￿1 155.718 554,506 710,224 155,718 554,506 710.224 Chance Cottsges Cost 373,858 1.084.082 373,858 1,084,082 Unrestricted Funds General Fund 226,370 23,494 10,229 260,093 226.370 23,494 10,229 260.093 Totsl Funds 1,310,452 23.494 10.229 1,344,175