Charity Registration No. 1127046
Company Registration No. 06555982
THE CROSS TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE CROSS TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Directors Lord Michael Farmer Mr D J Olsen The Lady Farmer Mrs A R R Richards Secretary Lord Michael Farmer Charity number 1127046 Company number 06555982 Principal address c/o RK Trinity Ltd First Floor 2 Queen Anne's Buildings Dartmouth Street London SW1H 9BP Registered office St Mary's Court The Broadway Old Amersham Bucks HP7 0UT Auditor SKS Audit LLP 3 Sheen Road Richmond Upon Thames TW9 1AD Bankers Coutts & Co 440 Strand London WC2R 0QS Investment Advisors Ruffer LLP 80 Victoria Street London SW1E 5JL
THE CROSS TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' (Including Directors) report | 1 - 3 |
| Independent auditor's report | 4 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10 - 17 |
THE CROSS TRUST
TRUSTEES' (INCLUDING DIRECTORS) REPORT FOR THE YEAR ENDED 5 APRIL 2024
The trustees present the financial statements of The Cross Trust for the year ended 5 April 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's governing document, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).
Objectives and activities
The objects of the Trust are to advance any religious or other charitable object, including the support of any religious or charitable institution or work for the furtherance of religious or secular education, to advance the Christian faith in the United Kingdom or overseas, the relief of the poor and needy and comfort of the sick and aged.
The Trust supports those carrying on activities which are in accordance with its objects. These include the provision of education, advancing knowledge of the Christian faith together with other charitable purposes, all of which are for the direct benefit of society. The Trustees are therefore of the opinion that they meet the requirements to operate for the public benefit as set out in the general guidance provided by the Charity Commission.
The main objectives for the year were to support those causes the Directors have identified as carrying on activities which are in accordance with its objects.
The Directors meet regularly throughout the year to consider the applications for grants and award grants to those that meet their criteria. During the year 20 organisations and 3 individuals received a total of 23 grants from The Cross Trust.
The Directors have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.
The Trust is a grant making charity. Details of the grants awarded in the year can be found in the notes to the financial statements.
The directors have the power to deposit or invest, in their absolute discretion, in any investments or securities of any nature whatsoever and wheresoever including land of any tenure, with the fullest power to vary or change such investments for other authorised investments as freely as if the directors are absolutely and beneficially entitled to the monies concerned. The directors have agreed that investments should only be made after taking appropriate professional advice.
It is the policy of the Trust to make grants to institutions and individuals in accordance with the objectives of the Trust for charitable causes from funds available for distribution. This is set to continue in the future.
Achievements and performance
During the year the Trust made 24 (2023:23) grants totalling £1,375,973 (2023: £4713,660). These grants supported a range of organisations and individuals from George Whitefield College, a Theological college based in South Africa and a ministry in New Zealand, where the grant given has helped to grow the college, to an individual who is studying to become an ordained minister.
Financial review
The results for the year, and the Trust's financial position at the end of the year, are shown in the attached
financial statements.
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THE CROSS TRUST
TRUSTEES' (INCLUDING DIRECTORS) REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s running costs. The Directors consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust's current activities while consideration is given to ways in which additional funds may be raised. Although this level is the target each year, it is not necessary to be maintained each year as each committed donation is covered prior to the commitment. The total reserves as at 5 April 2024 were £623,762 (2023: £1,960,098).
The trustees review the reserves policy and the level of reserves from time to time.
In 2010 the Trustees made the decision to invest in the stock market. Ruffer LLP was appointed to manage this portfolio following instructions from the Trustees to adopt a cautious approach. The original fund was disposed of in 2020 with new investments in 2021. The value of this portfolio at the year end was £327,329 (2023: £938,563).
The directors regularly review the risks to which the charitable company is exposed and aim to minimise these risks as far as possible. The directors consider the main risk to be the return and value of the investment portfolio which is likely to fluctuate by nature. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.
Structure, governance and management
On 4 April 2008 the charitable company was incorporated and registered with Companies House under No 06555982. On 4 December 2008, the Trust was registered with the Charity Commission under No 1127046. The assets and liabilities of The Cross Trust, an unincorporated charity registered with the Charity Commission under No 298472, were transferred on 25 February 2009.
New directors can be appointed by the board and are then reappointed at the next Annual General Meeting.
The directors administer the trust funds directly and have regular communication with regard to grants to be made. Formal trustee meetings are held periodically as required.
The Trust follows the good practice Charity Trustees' Guide with regard to the induction programme of any newly appointed trustee which includes a meeting with the other trustees, a welcome pack informing them of the Trust and a copy of the Charity Commission's guidance.
Other than the fact that the majority of the unrestricted funds are received from the trustees, there were no related party transactions during the year.
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THE CROSS TRUST
TRUSTEES' (INCLUDING DIRECTORS) REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Statement of Directors Responsibiltes
The directors, who also act as trustees for the charitable activities of The Cross Trust, are responsible for preparing the Trustees' (Including Directors) Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Directors are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditor
As far as the trustees are aware, there is no relevant audit information of which the company’s auditors are unaware. Additionally, the trustees have taken all the necessary steps that we ought to have taken as trustees to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.
Auditor
A resolution will be proposed and agreed at the Annual General Meeting that SKS Audit LLP be reappointed as auditors of the Charity for the ensuing period.
The Trustees' report was approved by the Board of Trustees and signed on their behalf by:
Lord Michael Farmer
Director Dated: 28 January 2025
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THE CROSS TRUST
INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF THE CROSS TRUST
Opinion
We have audited the financial statements of The Cross Trust (the ‘Trust’) for the year ended 5 April 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 5 April 2024 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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the information given in the trustees' report (directors' Report ) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
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THE CROSS TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF THE CROSS TRUST
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the financial statements and the directors' report included within the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of directors’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption in preparing the trustees’ report and from the requirement to prepare a strategic report .
Responsibilities of Directors
As explained more fully in the directors’ responsibilities statement set out on page 3, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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THE CROSS TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF THE CROSS TRUST
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.
During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation, Charity Act 2011, SORP 2019. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to risk of management override of internal controls and appropriateness of transactions in the bank statements; reviewing transactions around the end of the reporting period; and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Moganarden Chelvanaigum (Senior Statutory Auditor) for and on behalf of SKS Audit LLP
Chartered Accountants Statutory Auditor
3 Sheen Road Richmond Upon Thames TW9 1AD
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THE CROSS TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024
| 2024 Notes £ Income and endowments from: Donations and legacies 3 62,500 Investments 5 16,192 Other income 4 16,633 Total income and endowments 95,325 Expenditure on: Charitable activities 6 1,375,986 Other 12 8,249 Total expenditure 1,384,235 Net losses on investments 11 (47,426) Net movement in funds (1,336,336) Fund balances at 6 April 2023 1,960,098 Fund balances at 5 April 2024 623,762 |
2023 £ 150,066 33,335 - 183,401 713,673 7,565 721,238 (43,084) (580,921) 2,541,019 1,960,098 |
|---|---|
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
All income and expenditure derive from continuing activities and relate to unrestricted funds.
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THE CROSS TRUST
BALANCE SHEET
AS AT 5 APRIL 2024
| Notes Fixed assets Investments 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 16 Net assets Income funds Unrestricted funds |
2024 £ £ 387,329 865,800 231,535 1,097,335 (375,902) 721,433 1,108,762 (485,000) 623,762 623,762 623,762 |
2023 £ £ 938,563 1,727,447 52,896 1,780,343 (413,808) 1,366,535 2,305,098 (345,000) 1,960,098 1,960,098 1,960,098 |
|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The Trustees have prepared financial statements in accordance with Section 398 of the Companies Act 2006 and Section 138 of the Charities Act 2011.
The financial statements were approved by the Directors on 28 January 2025
Lord Michael Farmer
Trustee
Company Registration No. 06555982
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THE CROSS TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024
| Notes Cash flows from operating activities Cash absorbed by operations 22 Investing activities Purchase of investments Proceeds on disposal of investments Investment income received Net cash generated from investing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2024 £ £ (341,361) (16,192) 520,000 16,192 520,000 178,639 52,896 231,535 |
2023 £ £ (588,456) (33,335) 600,000 33,335 600,000 11,544 41,352 52,896 |
|---|---|---|
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THE CROSS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies
Company information
The Cross Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is St Mary's Court, The Broadway, Old Amersham, Bucks, HP7 0UT.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's memorandum and articles of association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
The Charity’s Financial Statements shows a deficit of £1,336,336(2023: £580.921) for the year and free reserves of £721,433 (2023: £1,366,535).
The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. Trustees will continue to monitor and ensure spending to be done in line with income in order to maintain target level of reserves. We reviewed free reserves and it is as per the charity's reserve policy.
Based on the information above, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future and will remain surplus in future periods. Therefore, the Trustees have adopted the going concern basis in preparing these accounts.
1.3 Income
Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is more likely than not that the income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Investment income
Investment income is included when receivable.
1.4 Expenditure
Expenditure is accounted for on an accruals basis, inclusive of VAT which cannot be recovered. Charitable Activities includes those costs which meet the objectives of the charitable company by relating directly to the advancement, support and education of religious and charitable groups. Other costs are those incurred in meeting the statutory requirements of running the charitable company.
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THE CROSS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies
(Continued)
1.5 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Financial instruments
The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8 Creditors and provisions
Creditors and provisions are recognised when the charitable company has a legal or constructive present obligation as a result of a past event, it is probable that the charitable company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
1.9 Tax Status
The Trust is a registered charity and therefore is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
1.10 Funds accounting
Funds held by the charitable company are:
Unrestricted general funds – these are funds which can be used in accordance with the charitable objectives at the discretion of the trustees.
1.11 Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.12 Realised / unrealised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
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THE CROSS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
2 Critical accounting estimates and judgements
In the application of the Trust’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, be definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying a mounts of assets and liabilities within the next financial year.
3 Donations and legacies
| Donations Interest on Gift Aid Claim Gift Aid Claim |
2024 £ 50,000 - 12,500 62,500 |
2023 £ 120,000 66 30,000 |
|---|---|---|
| 150,066 |
4 Other income
| Other income 5 Investments Income from investments 6 Charitable activities Other charitable expenditure Grant funding of activities (see note 7) |
2024 £ 16,633 2024 £ 16,192 2024 £ 13 1,375,973 1,375,986 |
2023 £ - |
|---|---|---|
| 2023 £ 33,335 |
||
| 2023 £ 13 713,660 |
||
| 713,673 |
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THE CROSS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
7 Grants Awarded
| Grants to institutions (see note 8) Grants to individuals (see note 8) |
2024 £ 1,337,918 38,055 1,375,973 |
2023 £ 682,662 30,998 |
|---|---|---|
| 713,660 |
8 Grants awarded analysis
Grants from unrestricted funds can be analysed as follows:
| No. of | Grants to | Grants to | |||
|---|---|---|---|---|---|
| grants | institutions | individuals | Total 2024 | Total 2023 | |
| £ | £ | £ | £ | ||
| Trinity West Church | - | - | - | 10,000 | |
| Tyndale House | 1 | 30,000 | - | 30,000 | 30,000 |
| UK Onward ThinkTank Limited | - | - | - | 12,500 | |
| London City Mission | - | - | - | 100,000 | |
| SASRA | 1 | 125,000 | - | 125,000 | 125,000 |
| Growing Young Disciples | 1 | 10,000 | - | 10,000 | 10,000 |
| International Presbyterian Church | 1 | 30,000 | - | 30,000 | 30,000 |
| Luckley House School | 3 | 155,918 | 3,059 | 158,977 | 160,164 |
| Grace Bapist Charities Limited | 1 | 5,000 | - | 5,000 | 5,000 |
| Equal & Free | - | - | - | 5,000 | |
| The Issachar Institute (Crossland) | 1 | 25,000 | - | 25,000 | 25,000 |
| Jews For Jesus | - | - | - | 7,000 | |
| Faith in Public | - | - | - | 10,000 | |
| Biserica Crestina Baptista | - | - | - | 151,162 | |
| SAT-7 UK Trust | - | - | - | 5,000 | |
| Forest School London | 5 | - | 34,996 | 34,996 | 20,834 |
| Alfold & Loxwood | 1 | 5,000 | - | 5,000 | 5,000 |
| Thomas Underhill | 1 | 2,000 | - | 2,000 | 2,000 |
| Trinity Christian School | 1 | 50,000 | - | 50,000 | - |
| TrustBridge Global Foundation | 1 | 500,000 | - | 500,000 | - |
| Centre for Social Justice | 2 | 40,000 | - | 40,000 | - |
| Trinity Church Central London | 1 | 50,000 | - | 50,000 | - |
| UK Christian Schools Limited | 1 | 250,000 | - | 250,000 | - |
| Parliamentry Christian Church | 1 | 10,000 | - | 10,000 | - |
| The Rock Foundation | 1 | 50,000 | - | 50,000 | - |
| Total | 24 | 1,337,918 | 38,055 | 1,375,973 | 713,660 |
9 Trustees Remunerations
None of the Trustees (or any persons connected with them) or key management received any remuneration or were reimbursed expenses during the year (2023: None).
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THE CROSS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
10 Employees
There were no employees during the year (2023: none).
11 Net gains/(losses) on investments
| Unrealised loss on investment Realised gain on sale of investment 12 Other Bank charges Audit fee Fee for non audit services 13 Fixed asset investments Portfolio investment (see below) Movements in fixed asset investments Cost or valuation Market value at 6th April Income received and retained in portfolios Disposal Unrealised loss Net realised gain Market value at 5th April Historic Cost |
Unrestricted Unrestricted funds funds 2024 2023 £ £ (122,245) (131,943) 74,819 88,859 (47,426) (43,084) 2024 2023 £ £ 490 370 4,050 3,750 3,709 3,445 8,249 7,565 2024 2023 £ £ 387,329 938,563 2024 Total 2023 £ £ £ 938,563 938,563 1,548,312 16,192 16,192 33,335 (520,000) (520,000) (600,000) (122,245) (122,245) (131,944) 74,819 74,819 88,860 387,329 387,329 938,563 362,012 362,012 799,464 |
|---|---|
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THE CROSS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
| 14 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 15 Creditors: amounts falling due within one year Grants payable Accruals and deferred income 16 Creditors: amounts falling due after more than one year Grants payable |
2024 £ 12,500 853,300 865,800 2024 £ 368,300 7,602 375,902 2024 £ 485,000 |
2023 £ 975,677 751,770 |
|---|---|---|
| 1,727,447 | ||
| 2023 £ 406,770 7,038 |
||
| 413,808 | ||
| 2023 £ 345,000 |
17 Share capital
The charity is constituted as a company limited by guarantee and does not have a share capital divided by shares.
18 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 6 April | Incoming | Resources | Gains and | At 5 April | |
|---|---|---|---|---|---|
| 2023 | resources | expended | losses | 2024 | |
| £ | £ | £ | £ | £ | |
| General funds | 1,960,098 | 95,325 | (1,384,235) | (47,426) | 623,762 |
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THE CROSS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
| 18 | Unrestricted funds | (Continued) | ||||
|---|---|---|---|---|---|---|
| Previous year: | At 6 April | Incoming | Resources | Gains and | At 5 April | |
| 2022 | resources | expended | losses | 2023 | ||
| £ | £ | £ | £ | £ | ||
| General funds | 2,541,019 | 183,401 | (721,238) | (43,084) | 1,960,098 | |
| 19 | Analysis of net assets between | funds | ||||
| Unrestricted | Total | |||||
| funds | 2024 | |||||
| £ | £ | |||||
| At 5 April 2024: | ||||||
| Investments | 387,329 | 387,329 | ||||
| Current assets/(liabilities) | 721,433 | 721,433 | ||||
| Long term liabilities | (485,000) | (485,000) | ||||
| 623,762 | 623,762 | |||||
| Unrestricted | Total | |||||
| funds | 2023 | |||||
| £ | £ | |||||
| At 5 April 2023: | ||||||
| Investments | 938,563 | 938,563 | ||||
| Current assets/(liabilities) | 1,366,535 | 1,366,535 | ||||
| Long term liabilities | (345,000) | (345,000) | ||||
| 1,960,098 | 1,960,098 |
20 Ultimate controlling party
For the whole of the year, the charity was under the control of the Directors and Trustees as shown on page 2.
21 Related party transactions
During the year, Lord Farmer, a director of the charitable company, donated £50,000 (2023: £120,000) to The Cross Trust. No restrictions or conditions were placed on these donations. The Lady Farmer is a director of Luckley House School Limited. The Cross Trust has donated £158,977 (2023: £160,164) to Luckley House School Limited during the year.
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THE CROSS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
| 22 | Cash generated from operations | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| Deficit for the year | (1,336,336) | (580,921) | |
| Adjustments for: | |||
| Investment income recognised in statement of financial activities | (16,192) | (33,335) | |
| Gain on disposal of investments | (74,819) | (88,859) | |
| Revaluation of investment | 122,245 | 131,943 | |
| Movements in working capital: | |||
| Decrease in debtors | 861,647 | 1,346,730 | |
| Increase/(decrease) in creditors | 102,094 | (1,364,014) | |
| Cash absorbed by operations | (341,361) | (588,456) |
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