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2025-04-05-accounts

Charity Registration No. 1127046

Company Registration No. 06555982

THE CROSS TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

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 - 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 17

THE CROSS TRUST

TRUSTEES' (INCLUDING DIRECTORS) REPORT FOR THE YEAR ENDED 5 APRIL 2025

The trustees are pleased to present their annual director's report together with the financial statements of the charity for the year ended 5th April 2025.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Trust's governing document and Accounting and Reporting by Charities: Statements 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) (effective 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.

Investment powers and policy

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.

Grant making policy

The Trust is a grant-making charity. Applications are considered throughout the year and are assessed against the Trust’s charitable objects and available funds. In making grant decisions, the trustees consider the applicant’s purpose and activities, the expected public benefit, governance and financial stewardship, and the extent to which the proposed use of funds aligns with the Trust’s priorities. Grants are approved by the board of trustees and are paid in accordance with agreed terms. Where appropriate, grants may be made in instalments and may be subject to reporting requirements or other conditions. The trustees monitor grants through review of information provided by recipients and, where applicable, follow-up correspondence.

Public benefit statement

In setting the charity’s objectives and planning its activities, the trustees have had due regard to the Charity Commission’s general guidance on public benefit. The charity carries out its objects primarily through making grants to institutions and individuals whose activities further religious and charitable purposes, including the advancement of education, the advancement of the Christian faith and the relief of those in need. The trustees consider that these grant-making activities provide a clear public benefit by supporting work that is accessible to, and benefits, the wider community.

THE CROSS TRUST

TRUSTEES' (INCLUDING DIRECTORS) REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Plans for future periods

In the coming year, the trustees intend to continue supporting institutions and individuals whose activities further the charity’s objects, primarily through the award of grants. The trustees will continue to review applications throughout the year, monitor existing grant commitments and ensure that the timing of grant payments remains aligned with available resources. The trustees will also keep under review the charity’s reserves policy and the investment strategy to support sustainable grant making.

Achievements and performance

During the year the Trust made 20 (2024:24) grants totalling £837,558 (2024: £1,375,973). 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.

Fundraising standards

The Cross trust is not registered with the Fundraising Regulator and the charity has not carried out any significant fundraising activities.

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.

During the year 2025 the charity made grants of £837,558 (2024 - £1,375,973) to organisations and individuals.

Reserve policy

The trustees define free reserves as unrestricted funds that are readily available to spend on the charity￿'s purposes, excluding funds tied up in investments held for long-term purposes and any funds designated for specific future commitments. The trustees aim to maintain free reserves equivalent to approximately three to six months of governance and support costs (being the costs of running the charity excluding grant making). The trustees review the reserves policy annually, taking into account anticipated levels of income, the timing of grant commitments and planned levels of charitable expenditure. The total free reserves as at 5 April 2025 were £490,456 (2024: £623,762).

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 £250,481 (2024: £387,329).

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

Governing document

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.

THE CROSS TRUST

TRUSTEES' (INCLUDING DIRECTORS) REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Recruitment and appointment of trustees

Trustees are appointed by the board in accordance with the charity’s governing document. Any trustee appointed during the year holds office until the next Annual General Meeting, at which point they are eligible for reappointment. The board seeks to ensure that the trustees collectively have the skills, knowledge and experience required to oversee the charity’s activities and grant-making.

New trustees receive an induction which includes an introduction to the charity’s governing document, key policies and procedures, recent board papers and financial information, and the Charity Commission’s guidance for trustees. Trustees are encouraged to undertake ongoing training relevant to their role.

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.

Related parties

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.

Risk management

The trustees regularly review the principal risks facing the charity. Key risks include: (i) investment market volatility and concentration risk; (ii) liquidity risk arising from the timing of income and grant commitments; and (iii) reputational and compliance risks in relation to grant making. These risks are mitigated through oversight by trustees, the use of professional investment managers, monitoring of cash flow and commitments, and due diligence procedures over grant applications and approvals.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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:

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.

The trustees are responsible for maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

THE CROSS TRUST

TRUSTEES' (INCLUDING DIRECTORS) REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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 report of the directors has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.

The Trustees' (including Directors) report was approved by the Board of Directors.

.............................. Lord Michael Farmer

Director 28/01/2026 Dated: .........................

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 2025 which comprise the Statement of Financial Activities, Balance Sheet, 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:

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:

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:

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.

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF THE CROSS TRUST

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) .........................
29/01/2026
for and on behalf of SKS Audit LLP 3 Sheen Road
Richmond Upon Thames
Chartered Accountants TW9 1AD
Statutory Auditor

THE CROSS TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2025

Notes
Income and endowments from:
Donations and legacies
3
Investments
5
Other income
4
Total income and endowments
Expenditure on:
Charitable activities
6
Other
12
Total expenditure
Net gain/(losses) on investments
11
Net movement in funds
Fund balances at 6 April 2024
Fund balances at 5 April 2025		 2025
2024
£
£
697,500
62,500
7,968
16,192
1,914
16,633
707,382
95,325
837,571
1,375,986
8,301
8,249
845,872
1,384,235
5,184
(47,426)
(133,306)
(1,336,336)
623,762
1,960,098
490,456
623,762

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.

THE CROSS TRUST

BALANCE SHEET

AS AT 5 APRIL 2025

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		 2025
£
£
250,481
152,000
95,787
247,787
(7,812)
239,975
490,456
-
490,456
490,456
490,456		 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

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.

28/01/2026

The financial statements were approved by the Directors on .........................

.............................. Lord Michael Farmer Trustee

Company Registration No. 06555982

THE CROSS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

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 £133,306 (2024: £1,336,336) for the year.

The trustees have considered the charity’s ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. In making this assessment, trustees have reviewed the charity’s forecast cash flows, the timing of expected receipts, and the timing of grant commitments and other liabilities. The charity holds unrestricted funds of £490,456 at 5 April 2025 (2024: £623,762). A significant element of the charity’s current assets comprises amounts receivable and accrued income, and the charity also has grant commitments included within creditors falling due after more than one year.

Based on the forecasts and available resources, the trustees consider it appropriate to prepare the financial statements on a going concern basis.

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.

THE CROSS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

(Continued)

Grants are recognised as expenditure and a liability when the charity has a present legal or constructive obligation arising from a past event which results in the charity having no realistic alternative but to make the payment. Where a grant is conditional on future performance by the recipient, the grant is recognised when the condition is met.

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.

THE CROSS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

(Continued)

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.

1.13 Cash flow statement

The charity is exempt from the requirement to prepare a statement of cash flows under the small companies' regime and has therefore not prepared a cash flow statement.

2 Judgement and key sources of estimation uncertainty

In the application of the company’s accounting policies, the charity is required to make judgments, 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 estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Donations
Gift Aid Claim
4
Other income
Other income		 2025
£
558,000
139,500
697,500
2025
£
1,914		 2024
£
50,000
12,500
62,500
2024
£
16,633

THE CROSS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

5
Investments
Income from investments
6
Charitable activities
Other charitable expenditure
Grant funding of activities (see note 7)
7
Grants Awarded
Grants to institutions (see note 8)
Grants to individuals (see note 8)		 2025
£
7,968
2025
£
13
837,558
837,571
2025
£
798,044
39,514
837,558		 2024
£
16,192
2024
£
13
1,375,973
1,375,986
2024
£
1,337,918
38,055
1,375,973

8 Grants awarded analysis

Grants from unrestricted funds can be analysed as follows:

No. of Grants to Grants to
grants institutions individuals Total 2025 Total 2024
£ £ £ £
Tyndale House - - - - 30,000
SASRA 1 100,000 - 100,000 125,000
Growing Young Disciples 1 10,000 - 10,000 10,000
International Presbyterian Church - - - - 30,000
Luckley House School 4 150,000 10,113 160,113 158,977
Grace Baptist Church 1 5,000 - 5,000 5,000
The Issachar Institute (Crossland) 1 25,000 - 25,000 25,000
Forest School London 5 - 29,401 29,401 34,996
Alfold & Loxwood - - - - 5,000
Thomas Underhill - - - - 2,000
Trinity Christian School - - - - 50,000
TrustBridge Global Foundation - - - - 500,000
Centre for Social Justice - - - - 40,000
Trinity Church Central London - - - - 50,000
UK Christian Schools Limited - - - - 250,000
Parliamentary Christian Church - - - - 10,000
The Rock Foundation - - - - 50,000
Anglican International Development 1 30,000 - 30,000 -

THE CROSS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

8
Grants awarded analysis
Latimer Church Trust
1
Melksham Team Ministry
1
Ark All Saints Academy
1
TnT Ministries
1
The Epaphras Trust
1
Faith in Public Ltd.
1
Total
20		 250,044
50,000
65,000
6,000
100,000
7,000
798,044		 -
-
-
-
-
-
39,514		 (Continued)
250,044
-
50,000
-
65,000
-
6,000
-
100,000
-
7,000
-
837,558
1,375,973		 (Continued)
250,044
-
50,000
-
65,000
-
6,000
-
100,000
-
7,000
-
837,558
1,375,973
1,375,973

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 (2024: None).

10 Employees

There were no employees during the year (2024: 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)		 2025
£
(7,183)
12,367
5,184
Total
2025
£
489
4,200
3,612
8,301
2025
£
250,481		 2024
£
(122,245)
74,819
(47,426)
Total
2024
£
490
4,050
3,709
8,249
2024
£
387,329

THE CROSS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

13 Fixed asset investments (Continued)
Movements in fixed asset investments
2025 Total 2024
£ £ £
Cost or valuation
Market value at 6th April 387,329 387,329 938,563
Income received and retained in portfolios 7,968 7,968 16,192
Disposal (150,000) (150,000) (520,000)
Unrealised loss (7,183) (7,183) (122,245)
Net realised gain 12,367 12,367 74,819
Market value at 5th April 250,481 250,481 387,329
Historic Cost 229,675 229,675 362,012
14 Debtors
2025 2024
Amounts falling due within one year: £ £
Other debtors 152,000 12,500
Prepayments and accrued income - 853,300
152,000 865,800
15 Creditors: amounts falling due within one year
2025 2024
£ £
Grants payable - 368,300
Accruals and deferred income 7,812 7,602
7,812 375,902
16 Creditors: amounts falling due after more than one year
2025 2024
£ £
Grants payable - 485,000

THE CROSS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

17 Financial commitments

The trustees expect future commitments amounting to £1,466,089 to be funded from anticipated grant income and donations from the charity’s main funder. As at the balance sheet date, the related income and expenditure has not been recognised in the Statement of Financial Activities, as it is not legally receivable, in accordance with the Charities SORP (FRS 102).

18 Share capital

The charity is constituted as a company limited by guarantee and does not have a share capital divided by shares.

19 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.

General funds
Previous year:
General funds		 At 6 April
2024
Incoming
resources
Resources
expended
Gains and
losses
£
£
£
£
623,762
707,382
(845,872)
5,184
At 6 April
2023
Incoming
resources
Resources
expended
Gains and
losses
£
£
£
£
1,960,098
95,325
(1,384,235)
(47,426)		 At 5 April
2025
£
490,456
At 5 April
2024
£
623,762

20 Analysis of net assets between funds

Unrestricted
funds
£
At 5 April 2025:
Investments
250,481
Current assets/(liabilities)
239,975
490,456		 Total
2025
£
250,481
239,975
490,456

THE CROSS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

20 Analysis of net assets between funds (Continued)
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

21 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.

22 Related party transactions

During the year, Lord Michael Farmer, a trustee and director, donated £558,000 (2024: £50,000) to the charity. No restrictions or conditions were placed on these donations.

The Lady Farmer, a trustee and director, is also a trustee of Luckley House School Limited. During the year the charity made grants totalling £160,113 (2024: £158,977) to Luckley House School Limited. The trustees confirm that the grant was made in furtherance of the charity's objects.