Charity registration number; SC008620 The Cross Trust Annual Report and Financial Statements for the Year Ended 31 March 2024
The Cross Trust Contents Reference and Administrative Details 2to5 Trustees, Report Statement of Trustees, Responsibllities Independent Auditors, Report 7tolO Statement of Financial Artlvities li 12 Balan Sheet Notes tt) the Financial Ststements 13to20
The Cross Trust Reference and Administrative Details Chairman Trustees Princlpal offlce Charlty Registration Number SC008620 Mccash & Hunter LLP Solicitors 25 South Methven Street PERTH PHI SPE Morris & Youngi Statutory Auditor Chartered Accountants 6 Atholl Cresnt PERTH PHI 5JN Secretarles and Treasurers Auditor Page I
The Cross Trust Trustees. Report The TTUStees present the annual report together with the financial statements and auditors, report of the charlty for the year ended 31 March 2024. The financial statements have been prepared in accordan with the accountlng policies set out In note I to the financial statements and comply wlth applicable law and the Statement of Recommended Practice, "Accountlng and Reporting by Charlties" applicable to Charities preparlng their accounts in accordance with the Flnancial Reporting Stsndard applicable In the UK and Republic of Ireland (FR5 102) (effeclive l January 2019). Objectives and activlties Objects andAims The objects of the charity are very broad and In consequence the Trustees have over the years adopted policie5 In order to Indicate the nature of applications which wlll be considered for support and thus enable the Tnjst funds to be available to achieve the objects. The Con5titutlon provides that the purpose of the Trust Is to provlde opportunities for young people of Scottish birth or parentage to extend the boundaries of their knowledge of human life and to employ their leisuff in such pursuits a5 will foster their love of nature and Improve their physical health and well being whereby the Britlsh and especially the Scottish public may participate in the enjoyment of drama and opera from which Sir Alexander Cross himself delivered lasting pleasure. In terms of the Constitution the Trustees have an absolute discretion as to whether or not to make an award to any applicant. There have been changes In the objectives since the last annual report. An appllcatlon Is belng made by the Trustees to OSCR for approval of a Charity Reorganlsation Scheme under Secilon 39 of the Trustee Investment (Scotland) Act 2005 to replace the original Clause 5 of the Trust Deed established by Captain Alexander Cross to hold the Trust Funds to collect and apply the income and such funds from the capital of the Tnjst Fund as they think fit in order to provlde opportunities to young people primarily (but not exclusively) reslding in Scotland. Objectives, strategles and activitles 6rantmaklng polla'es Awards may be made to indlvlduals and to organisatlons, The Trustees have the benefit of the knowledge of Sir Alexander's known wishes and therefore award applications that best reflect the raison d'etre of the TrusL Indlvlduals Most awards are provided for short temi educational studies or projects. Appllcants require to have a record of distinction and abllity and to put forward proposals for study or projects which are of demonstrable merit. Such proposals may be in any recognised discipline Including the vlsual and performing arts. Awards are made having regard to the extent of financial hardshlp whlch might otherwise expected to occur if no award should be made. In particular, awards are made to enable participatlon in a project or course of study which otherwise would not be practical because of insufficient financial resources. Page 2
The Cross Trust Trustees, Report Oryanisatlons The Trustees gave priority to and concentTated on individuals as opposed to organi5ations In the current year. There was only one award to an organi5ation in the current year for the Perth Festival of the Arts. Achlevements and performance As In previous years, the Trustees have responded to a wide range of applications In terms of courses and projects proposed by individu815. In totsl 92 (2023.. 113) applications were received from individuals of which 41 (2023.. 70) were granted and one grant of £5,000 was made to an organisation, The Perth Festival of the Arts. The range of award5 made in latiOn to individual applications varied from £500 to £2,000. E2,000 was the standard award made in most cases. Awards were made to individuals acr055 a wide variety of discipllnes particularly muslc and medicine but also includlng psychologyi forttd migration studles and applied sports & exercise amongst other subjects. The Trust continues to supp)rt the annual Festival run by Perth Festival of the Arts and in 2023 the Trust held another musical concert Cross Trust Young Musicians In St Matthews Church, Tay Street, Perth as part of the Festival under the escellent guidance and leadership o Trustee on 25th May 2023 with an evening of classical music and jazz. The Trust is adminlstered on a day to day basis by the firm of Mccash & Hunter LLP, Solicltors, in accordance with directions given by the Trustees at their meetings, now normally held three times per year. The firm acts as the Trust's Secietaries and Treasurers. Arrangements are made in certaln circumstances for applicatlons to be considered OU1th these formal meetings. Withln the firm of Mccash & Hunter LLP, a partner of the firm, has the responslbllity of the administration of the Trust, There a no Trustees who have the authority to 51gn cheques or send bank transfers. Instead, it is only Mccash & Hunter LLP which has the authority. Financial review The results for the year are set out on the Statement of Financial Activitles on page 11, Income for the year was £240,715. Per the Post year end comments in this report, as The Cross Trust 15 Iking wound down the Trustees have adopted a break up basis in preparing the financial statements rather than a going conrn basi5 as in previous years. Policy on reserves The reserves policy Is generally to aitempl to dlstribute In full each year's net Income so that the capltal 15 available to provide income for future grants and that capital Is grown to exceed Inflation. There are reserves carried fonward at 31 March 2024 of £6,103,435 all of which are unrestrirted. It should be noted that as the Trust is grant maklng and has no employees no provision for income reserves Is made. Page 3
The Cross Trust Trustees, Report Investmentpollcy and objedlves The investment policy is to adopt a medium risk investment strategy based on maximlsing Income irs addition to growing the capitsl of the Trust. Structur4 governance and management Jvature ofgovemlng donlt The Cross Trust was establlshed by Sir Alexander Cross, Baronet, LLD of Battleby, Redgorton, Perthshlre in terms of the Constltution completed in 1943 and 15 a Scottish Charity, number SC008620. Recrultment andapp¢vntment oltrustees The Constitution provides that the Trustees have power to co-opl additlonal Trustees and the present Trustees of the trust were co-opted In this way. There is no maxlmum to the number of Trustees who may be appointed and there is no minlmum or maximum period for which Trustees may be appointed. The Constitution provides that the election of the Chairman is for the period of hls life. In terms of the Constitution, the Trustees a entitled to receive a small honorarium for their services. The present Trustee5 were selected to malntain the range of ski115 and eXrienCe covering the main interests and projects of potential beneficiaries. The Trustees have determined In principle to review on a periodic basis the suitability of the contlnuation of each of them as Trustees and also the issue of considering the appointment of new Trustees. They have decided that when new Trustees are sought the aim will be to review the then current range of interests and projects of the beneficiaries with a view to finding someone who would bridge any identified shortcomings within the skills and experientr of the continuing Trustees. Indurtlon and trainlng of trustees The Induction procedure for a new Trustee includes the provlsion of Minutes of the Trustees and of Annual Reports and Accounts for the year prior to appoSntment, a copy of the Trust's Constitution and infomiation relating to the responsiblllties of the Trusiees and in general the law relating to charitles in terms of the Charities and Trustee Investment (Scotland) Act 2005 and the relevant details of SORP 2019. The Trustees have each refjVed a copy of OSCR'S "Guidance for Charlty Trustees" New Trustees will also re1ve a book"The Cross Trusv whlch provides the history of the first fifty years of the Trust. The Trustees contlnue to receive regular updates on matters relating to the administration of Charities in Scotland, the duties of the Trustees and the role of OSCR. Updates on such matters are provided at Tru5tee5' meetings either by the Secretarie5 Of through the attendan of Individual Trustees at relevant seminars and conferences. This ensures that the Trustees are fully conversant with their responsibilities in tem)s of the current legislatlon. Majorrlsks and ftmnagement of those rlsks The Trustees have assessed the major rfsks to whlch the charity Is exposed, In particular those related to the operations and finances of the charity, The Trustees are satisfied that systems and procedure5 are in place to mitlgate their exposure to the major risks. Page 4
The Cross Trust Trustees, Report Financlal Instruments Objectlves andpollcles The charity's activltle5 expose It to a number of financlal risks including credlt risk, cash flow risk and liquidity risk. Cash flow rlsk The Trustees have retained sufficient cash resources to meet the Immediate requlrements of the charity. Creditrisk The tharity's principal financial assets are cash deposits held and Investments. The credit risk on liquid funds is limited because the counterparties are bank5 Wlth high credit-ratings assigned by international credit-rating agencies. Llquldlty rlsk In order to maintain liquidity to ensure that sufficlent funds are available for ongoing operations and future developments, the charity's Ilquid funds are kept In a combination of non-interest bearing bank accounts to enable it to SeN[ its everyday financial needs. Post year end comments The Trustees have decided to wind down The Cross Trust having determined that the administration and fundraising costs were absorblng approximately 500/0 of the Income. The Trustees have resolved to pass over the assets of The Cross Trust to The Robertson Trust being a charlty which includes similar charltable objectives. The Trustees have determined that the addition of assets to The Robertson Trust will not require the same level of administration fees as It required by The Cross Trust and a5 a result more of the capitsl will be avallable to be direcked to the charitable objectives. Disclosure of Informatlon to auditor Each trustee has taken steps that they ought to have tsken as a trustee In order to make themselves ware of any relevant audit Information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant Infom)ation that they know of and whlch they know the auditor is unaware. The annual report was approved by the trustees of the charity on 12 December 2024 and slgned on its behalf by.. Chalrman and Trustee Page 5
The Cross Trust statement of Trustees, Responsibilities The trustees are responsible for preparing the Tru5tees' Annual Report and the financial statements In accordance with the United Klngdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practi) and applicable law and regulations. The law applicable to charities requlres the trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the charity and of the incoming resoUrS and applicatlon of resources of the charity for that period. In preparing these financial statements,the trustees are required to., select sultable accountlng pollcie5 and then appty them conslstenuy,. obserye the methods and principles in the Charitles SORP. make judgements and estlmates that are reasonable and prudent; state whether applicable accounting stsndards have been followed, subject to any material departures disclosed and explalned in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue In business. The trustees a responsible for keeping proper accountlng records that disclose wlth reasonable accuracy at any time the financial posltion of the charity and enable them to ensure that the financial statements comply with the Charitles and Trustee Investment (Scotland) Art 2005, the Charlties Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charlty's constitution. The trustees are also responsible for safeguardlng the aets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularlties. Page 6
The Cross Trust Independent Auditor's Report to the Members of The Cross Trust Opinlon We have audited the flnanclal ststements of The Cr05s Trust (the 'charlty') for the year ended 31 March 2024 which comprise the Statement of Financial Activltles, Balan Sheet, and Notes to the Flnancial Statements, including a summary of significant accounting policies. The flnancial reporting framework that ha5 been applied In thelr preparation is applicable law and United Kingdom Accounting Standards, comprislng Charitles SORP {FRS 102) and 'The Financlal Reportlng Standard applicable in the UK and Republic of Jreland, (FRS 102) (United Kingdom Generally Accepted Accounting Practice)- In our opinion the flnanclal statements.. give a true and fair view of the state of the charlty's affairs a5 at 31 March 2024 and of its results for the year then ended; have been properly prepared In accordan with Unlted Klngdom Generally Apted Accounting Pract1,. and have been prePad in accordan with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulatlons 2006 (a5 amended). Basls for oplnlon We conducted our audit in accordan with International Standards on Audlting (UK) (ISAS (UK)) and appllcable law. Our responsibilities under those standards are further described in the Auditor'5 responsibilities for the audit of the flnancial statements sertion of our report. We are independent of the charity in accordan with the ethical requirements that are relevant to our audit of the financlal statements in the UK, including the FRC'S Ethical Standard, and we have fulfllled our other ethical responsibillties In accordan wlth these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to going concern In auditing the finanoal statements, we have concluded that the Trustee5' Use of the going conrn basls of accounting In the preparation of the financlal statements is appropriate, Based on the work we have performed, we have not identifled any material uncertalntles relating to events or conditions that, individually or collectively, may cast signiflcant doubt on the charity'5 ability to continue a5 a golng concern for a period of at least e1ve months from when the financial statements are authorised for i55ue. Our responsibillties and the responsibilibes of the Trustees with respect to going conrn are descrlbed In the relevant sections of thls report. other Informatlon The trustees are responslble for the other Infomiatlon. The other information comprises the information included in the annual report, other than the financial ststements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, expt to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Page 7
The Cross Trust Independent Auditor's Report to the Members of The Cross Trust In connertion wlth our audit of the financial statements, our responslbility is to read the other information and, in doing so, consider whether the other informatlon 15 materially incon515tent with the financlal statements or our knowledge obtained in the audit or otherwlse appears to be materially mlsstated. If we identify such material inconsistencles or apparent material mi5statement5, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other informatlon, we are required to pOrt that fact. We have nothlng to report in this regard, Matters on whlch we are required to report by exception In the light of our knowledge and understsnding of the charity and its environment obtslned in the course of the audlt, we have not Identlfled material misststements in the Trustees, Report. We have nothing to report in respect of the following matters where the Charities Accounts (ScoUand} Regulations 2006 (as amended) requlres us to report to you if, in our oplnion: adequate accountlng records have not been kepL or returns adequate for our audit have not been received from branches not vlsited by us; or the financial statements are not in agreement wlth the accounting records and returns. or certain disclosures of trustees remuneratlon 5peclfied by law are not made. or we have not reiVed all the information and explanations we qUIre for our audit. Responsibilitles of trustees As explained more fully in the statement of Trustees, Responsiblllties (set out on page 6), the trustees are responslble 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 determlne is netrssary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Ln preparlng the financial stètements, the trustees are responsible for assessing the charlty's ability to continue a5 a going cOnrn, disclosing, as applicable, matters related to going concern and using the going conrn basis of accounting unless the trustees either intend tri liquidats the charity or to ase operations, or have no reallstlc alternative but to do so. Auditorfs responsibilltles for the audlt of the financial statements Our objectlves are to obtain reasonable assurance about whether the financial statements as a whole are free from materlal 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 assuran, but is not a guarantee that an audit conducted in accordan with ISAS {UK) will always detect a material misstatement when It exists. Misstatements can arlse from fraud or error and are considered materlal 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. Page 8
The Cross Trust Independent Auditor's Report to the Members of The Cross Trust Extent to whlch the audit was considered Capable of detecting irregularities, including fraud We identify and assess the risk5 of material misstatement of the flnancial statements, whether due to fraud or error and then deslgn and perform audit prOdureS responsive to those rlsks, including obtsinlng audlt evidence that Is Sufficient and appropriate to provide a basis for our opinion. Identifying and a5sesslng potentlal risks related to Irregularities Irregularlties, 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 irgUIaritieS, including fraud. The extent to which our procedures are capable of detecting irregularitie5, including fraud Is detailed below: the nature of the regulated sector, control environment and understanding of the entity including, but not restricted to, the prevalen of fraud in the sector especially in the current uncertaln economic environment; results of our enquiries of trustees about thelr own identification and assessment of the risks of irregularities. any matters we identified havlng obtained and revlewed the Charity's documentation of thelr pollcles and procedures relating to.. identifying, evaluating and complying with laws and regulatlons and whether tly were aware of any instan5 of non-compllance. detecting and respondlng to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls estsblished to mltigate risks of fraud or non-compliance with laws and regulatlons; the matters discussed among the audit engagement team regarding how and where fraud might occur in the flnancial Statements and any potentlal indlcators of fraud. result of these procedure5, we consldered the opportunities that may exist withln the organisation for fraud and identified the greatest potentlal for fraud in relatlon to charitable payments made. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the rlsk of management overrlde. We also obtained an understanding of the legal and regulatory frameworks that the Charlty operates In focusing on provisions of those laws and regulations that had a direct effect on the determination of materlal amounts and disclosures in the financlal statements. The key laws and regulations we conSided in this context included the charlty's own Constitution, and various charity-specific legislation, including The Charities and Trustee Investment (Scotland) Act 2005. Our procedure5 to respond to rlsks identified Included the following.. reviewing the financial statement disclosure5 and testing to supporting documentstion to assess Complian with provisions of relevant law5 and regulations described as havlng a direct effect on the financlal statements. enquiring of Trustees and other relevant partles concernlng actual and potential litigation and claims; performing analytical prOdureS io identify any unusual or unexpected relationships that may indlcate rlsks of material mi5Statement due to fraud; Page 9
The Cross Trust Independent Auditor's Report to the Members of The Cross Trust readlng minutes of meetings of those charged with governan. selected a sample of grants paid during the year, checking approval to the mlnutes, and ensured all relevant papeNork was completed and authorised, as appropriate,. proof in total of Investment income was conducted, and consideration glven to revenue recognition accountSng p)licies' in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments,. assessing whether the Judgements made in making accounting estlmates are indicatlve of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communlcated relevant identlfled laws and regulations and potential fraud rlsks to all engagement team members and remained alert to any indications of fraud or noncomplian with laws and regulations throughout the audit. Due to the inherent Ilmitations of an audit, there is an unavoidable risk that we may not have detected some materlal misstatements in the financial ststements, even though we have properly planned and performed our audit in accordance wlth auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentation5, or the override of controls. We are not responsible for preventlng fraud or non-compllance with laws and regulations and cannot be expected to detert all fraud and non-compliance wlth laws and regulauons. A further descriptlon of our responsibilities for the audit of the financial statements Is located on the Financial Reportlng Councll's web51te at W.frC.Org.uk/auditor5resp0n$lb1lltle5. This description forms part of our auditorfs report. Use of our report This report Is made sotely to the charlty trustees, as a body, In accordance with section 44 (1)(c) of the Charities and Trustee Investment (Scotland) Att 2005 and Regulation 10 of the Charitles Accounts (Scotland) Regulations 2006 (as amended). Our work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume re5pon5ibility to anyone other than the charlty and its trustees a5 a body, for our audit work, for this report, or for the opinlons we have formed, Moiris & Young, Statutory Auditor Eligible to act a5 an audltor in temis of sectlon 1212 of the Companles Act 2006 Chartered Accountants 6 Atholl Crescent PERTH PHI 5JN 12 DeCeMr 2024 Page 10
The Cross Trust Statement of Financial Activities for the Year Ended 31 March 2024 Total Total 2024 2023 Unrestrlcted Note Income and Endowments from: Donations and legacies Investment income 1,045 239 670 1,045 239 670 241938 Total Income 240 715 240 715 241938 Expenditure on: Raising funds Charitsble activities (30,292) 109 831 (30,292) 109 831 {30,824) 165,178 Total Expenditure Gain51(losses) on investrnent assets Net movement in funds Reconciliation of funds Total funds brought fomard Total funds carried forward 140 123 205 280 140 123 205 280 196 002 295 372 305,872 305,872 (249,436) 5 797 563 5 797 563 14 6 103 435 6 103 435 5 797 563 All of the charity's activlties derNe from continuing 0ratIOnS during the above two periods. The funds breakdown for 2023 is shown in note 14. Page 11
The Cross Trust (Registration number: SC008620) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Investments io 5,866,101 5,689,051 Current assets Debtors Cash at bank and in hand li 12 34,915 214 119 38,947 249,034 119,090 10,578 Creditors: Amounts falling due within one year Net current assets 13 108 512 Net assets 6 103 435 5 797 563 Funds of the charity: Unrestricted Income funds Unrestricted 6 103 435 5 797 563 Total funds 14 6 103 435 5 797 563 The financial statements on pages 11 to 20 were approved by the trustees, and authorised for issue on 12 December 2024 and signed on their behalf by,. Chairman and Trustee Page 12
The Cross Trust Notes to the Financial Statements for the Year Ended 31 March 2024 l Accounting pollcies statement of compllance The financial ststements have been prepared In accordan with Accountlng and Reporting by Charities: Statement of Recommended Practi applicable to charities preparing their accounts in accordan with the Financial Reportlng Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019) Icharltles SORP {FR5 102)), the Financial Reportlng 5tsndard applicable In the UK and Republic of Ireland (FRS 102), the Charitles and Trustee Lnvestment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). Ba$ls of preparation The Cross Trust meets the definltion of a publlc benefit entity under FRS 102. Assets and liabilitles are initially recognised at hlstorlcal cost or transaction value unless otherwise stated in the relevant accounting policy notes. Going concern The Trustees have decided to wind down The Cross Trust and have resolved to pass over the assets to a charity with similar objertives. Further detai15 are on page 5. This Is expected to take place within the next twelve month5 and therefore these financial statements have not been prepared on a going conrn basis. Income and endowments Donatlons andlegacles Donations and legacles are CogniSed on a receivable basis when CeIpt Is probable and the amount can be reliably measured. Income tax recoverable in relatlon to donation5 reiVed under Gift Aid or deeds of covenant is recognlsed at the time of the donation. InveStnnt Income Income from Investments is recognlsed On the charity has entitlement to the income, it Is probable that the Income will be received and the amount of income re1vable can be measured reliably. Income tax recoverable In relatlon to investment income Is recognised at the tlme the investment Income is re1Vable. Interest on funds held on deposit Is Included when recelvable and the amount can be measured reliably by the charity; thls is normally upon notification of the interest paid or payable by the Bank. Page 13
The Cross Trust Notes to the Financial Ststements for the Year Ended 31 March 2024 Expenditure All expenditure is recognised On there is a legal or constructive obligatlon to that expenditure, it Is probable settlement is requlred and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate slmllar costs to that category. Where costs cannot be directly attributed to partlcular headlngs they have been allocated on a ba51s consistent with the use of resources, Ralslng funds These are costs Incurred in attracting voluntary income, the management of investments and those incurred in trading activitles that raise funds. Charitable actlvltles Charitable expendlture comprise5 those costs Incurred by the charity in the delivery of its activities and seN15 for its beneficiaries. It includes both costs that can be allocated dlrectly to such actniities and those costs of an indirett nature necessary to SUPPDrt them. Grantexpendlture Grants payable are charged in the year when Ihe offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been mel at the year end are noted as a commltment, but not accrued as expenditure. Support costs Support costs are those costs Incurred dlrectly in 5UPPOrt of expenditure on the objects of the charlty. Governance costs Governance costs are those incurred in connection wlth adminlstratlon of the charity and compllance with constitutional and statutory requirements. Flxed asset investments Fixed asset Investments a a form of financlal instrument and are Initially recognised at their transaction cost and 5ubsequentty measured at fair valL)e at the Balance Sheet date, unless fair value cannot I measured reliably in which case it is measured at cost less impalrment. Investment gains and105ses, whether reali5ed or unrealised, are combined and shown in the heading 'Gainsl(losses) on investments, in the Statement of Financial Activities. Debtors Debtors con51st of a cash balan held within the Investment protfollo that can be withdrawn by the trust at any time, Cash at Bank and in hand Cash at bank and in hand Includes cash and short-term highly liquid investments with a short maturity of three month or less from the date of acquisition or opening of the deposit or similar account. Page 14
The Cross Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Fund structure Unrestricted income funds are general funds that are available for use at the trustees's dlscretlon in furtherance of the objectives of the charity and which have not bn designated for other purposes. 2 Income from donatlons and legacies Unrestrirted funds General Total 2024 Total 2023 Donations and legacles. Donation5 from Indivlduals 3 Investment Income Unrestricted funds General Total 2024 Totsl 2023 Interest leIVable and similar Income; Interest recelvable on bank deposlts other income from fixed asset investments li 241927 239 670 239 670 239 670 239 670 241938 4 Expendlture on raising funds a) Investment management costs Unrestricted funds General Total 2024 Total 2023 Note other Investment management costS,' Amounts payable to investment managers 30,292 30,292 Page IS
The Cross Trust Notes to the Financial Statements for the Year Ended 31 March 2024 5 Expendlture on charitable activltles Unrestricted funds General Total 2024 Total 2023 Grants to organisatlon5 Grants to individuals Support Costs Governance costs 5,000 68,250 2,006 5,000 68,250 2,006 34,575 109 831 103,925 1,643 109 831 165 178 6 Analysis of governance and support costs Charltable actlvities expendlture Unrestricted Totsl 2024 Total 2023 Basis of allocatlon Direct Direct General Website expenses Sundry expenses 306 306 306 Governance costs Unrestrlrted Total 2024 Total 2023 General Audit fee5 Audit of the flnanclal statements Trustees, honoraria Secretsrlal fees Trustee meeting expenses Legal and professional fees 4,200 487 25,500 2,588 4,200 487 25,500 2,588 3,276 1,240 48,300 1,194 600 Page 16
The Cross Trust Notes to the Financial Statements for the Year Ended 31 March 2024 7 Net incomlngloutgolng resources Net Incoming resources for the year include: 2024 2023 Audit fees 8 Trustees remuneration and expenses During the year, five Trustees received honoraria totalling £487 (2023 - £1,240). During the year, no Trustees received any benefits In klnd (2023 - £nll). During the year, travel expenses of E182 were 1mbUr5ed to one Trustee (2023 - £182 expenses reimbursed to one trustee}, 9 Taxatlon The charity 15 a registered charity and is therefore exempt from taxation. Page 17
The Cross Trust Notes to the Financial Statements for the Year Ended 31 March 2024 10 Fixed asset Investments other investments Listed other Investments Investments Total Cost orvaluation At l April 2023 Revaluation Additions Disposals 5,434,637 (60,678) 1,405,454 1478 303 254,414 5,689,051 130,622 69,944 238,767 1,644,221 1537 115 At 31 March 2024 5 301 110 564 991 5 866 101 Net book value At 31 March 2024 5 301110 564 991 5 866 101 Al 31 March 2023 5 434 637 254 414 5 689 051 other investments include: Cash held for investments £36,824 (2023 - E36,824) Other fixed assets investments £217,591 (2023 - £217,591) 11 Debtors 2024 2023 other debtors 12 Cash and cash equivalents 2024 2023 Cash at bank 214 119 13 Creditors: amunts falllng due within one year 2024 2023 Accruals Page 18
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The Cross Trust Notes to the Financial Statements for the Year Ended 31 March 2024 15 Analysis of net assets between funds Unrestricted funds General Totsl funds 2024 Flxed asset investments Current assets Current liabilities 5,866,101 249,034 5,866,101 249,034 6 103 435 Total net assets 6 103 435 Unrestrlcted funds General Total funds 2023 Fixed asset investments Current assets Current liabilitles 5,689,051 119,090 5,689,051 119,090 Total net assets 5,797,563 5 797 563 16Analysls of net fund$ At l April 2023 Financing cash flows At 31 March 2024 Cash at bank and In hand Net debt 133 976 214 119 133 976 214 119 At l April 2022 Flnancing cash flows At 31 March 2023 Cash at bank and in hand Net debt Page 20