Governance TRUSTEES' REPORT OR THE YEAR ENDED 31 MARCH 2017 The Trustees present their annual report together with the audited financial statements of for the year 1 April 2016 to 31 March 2017.The Trustees confirm that the annual report and financial statements of the charity comply with current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16 July 2014. Objectives and Activities a. Policies and Objectives The objects of the charity are very broad and in consequence the Trustees have over the years adopted policies in order to indicate the nature of applications which will be considered for support and thus enable the Trust funds to be available to achieve the objects. The Constitution provides that the purpose of the Trust is to provide opportunities for young people of Scottish birth or parentage to extend the boundaries of their knowledge of human life and to employ their leisure in such pursuits as will foster their love of nature and improve their physical health and well being and whereby the British and especially the Scottish public may participate in the enjoyment of drama and opera from which Sir Alexander Cross himself derived 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 no changes in the objectives since the last annual report. b. Grant Making Policies Awards may be made to individuals and to organisations. 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 Trust. Individuals Most awards are provided for short term educational studies or projects. Applicants require to have a record of distinction and ability and to put forward proposals for study or projects which are of demonstrable merit. Such proposals may be in any recognised discipline including the visual and performing arts plus music. Awards are made having regard to the extent of financial hardship which might otherwise be expected to occur if no award should be made. In particular, awards are made to enable participation in a project or course of study which otherwise would not be practical because of insufficient financial resources. Organisations With regard to organisations, the Trustees support certain aspects of drama, opera, music plus the visual and performing arts. Occasionally awards are also made tocharities which seek to provide support to disadvantaged young people who are involved with environmental and recreational projects. All of these awards are on a very restricted basis and only a small number of awards are made in any year. Achievements and Performance a. Review of activities As in previous years, the Trustees have responded to a wide range of applications in terms of courses and projects proposed by individuals and organisations. In total 130 applications were received from individuals (136 in 2016) and 31 from organisations (31 in 2016). The Trustees continue to support students undertaking Medical Elective studies abroad and also the promotion of Vacation Studies in the Arts. Medical Elective studies were up from 8 in 2016 to 10 this year and 7 awards were made. There were 5 awards for Arts Vacation studies. There was 1 application made and granted under the John Fife Travel Award. There was no award made for the Anthony Ritchie Award. The range of awards made in relation to individual applications varied from £330 to £4,000. 43 awards of £2,000 or more were made to individuals across the following disciplines:- Music & Musical Performance (including Opera) 24 Professional Dance/Musical Theatre 5 Medicine 5 Therapy and Nursing Law 2 History 1 Geography & International Studies 1 Art 2 Global Governance 1 Textiles 1 Human, Social and Political Science 1 43 Awards to Organisations of £2,000 or more were made as follows: National Youth Choir of Scotland £5,000 Cambo Heritage Trust- £2,400 Eco Drama £300 Kinship Care Initiative £3,000 NYOS £5,000 RSNO £3,000 St Andrews Voices £3,000 Traverse Theatre £3,238 Perth Festival of the Arts £12,000 North Glasgow Community Food Initiative for 3 years £2,000 Horsecross Arts £15,000 National Library of Scotland for 3 years £2,500 National Theatre of Scotland £2,500 Ocean Youth Trust Scotland- £5,000 Perth City Operatic Group £2,000 Royal Conservatoire of Scotland £2,545 West End Festival £2,000 Paws for Progress CIC £2,000 b. Factors relevant to achieve objectives The Trust is administered on a day to day basis by the firm of McCash & Hunter LLP, solicitors, 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 Secretaries and Treasurers. Arrangements are made in certain circumstances for applications to be considered out with these formal meetings. Within the firm of McCash & Hunter LLP, Paul R McGregor, a partner of the firm, has the responsibility of the administration of the Trust. The Cross Trust was established by Sir Alexander Cross, Baronet, LLD of Battleby, Redgorton, Perthshire in terms of the Constitution completed in 1943 and is a Scottish Charity, number SCO08620. Trustees' responsibilities statement The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgments and accounting estimates that are reasonable and prudent; Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.