OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Sisters Of The Cross And Passion

2025-03-31-accounts

Sisters of the Cross and Passion

Annual Report and Accounts

31 March 2025

Charity Registration Numbers 1038483 (England and Wales) SCO38416 (Scotland)

Contents

Reference and Administrative Details of the Charity, its Trustees and Advisers Reference and Administrative Details of the Charity, its Trustees and Advisers 1
PART ONE: Report of the Trustees
CHAPTER ONE WHO WE ARE 3
Introduction
Mission and Objectives
CHAPTER TWO ACTIVITIES, ACHIEVEMENTS, FUTURE PLANS 5
Pastoral and Spiritual Care
Education
Missions
Future Plans
CHAPTER THREE FINANCIAL REVIEW 13
Income
Expenditure
Tangible Fixed Assets
Results for the Year
Investment Performance
Reserves Policy
Financial Position
CHAPTER FOUR TRUSTEE DUTIES and COMPLIANCE WITH CHARITY
REQUIREMENTS 156
Property
Policies, Reports and Plans
Safeguarding
Archives
General Data Protection Regulation_(GDPR)_
Investment Policy
Insurance
Continued Professional Development
CHAPTER FIVE GOVERNANCE, TRUSTEES’ RESPONSIBILITIES, 18
RISK MANAGEMENT
Governance
Risk Management
Trustee Responsibility Statement
Summary and Acknowledgments
PART TWO: Independent auditor’s report and accounts
CHAPTER SIX Independent Auditor’s Report 21
Accounts
Statement of Financial Activities 25
Balance Sheet 26
Statement of Cash Flows 27
Principal Accounting Policies 28
Notes to the Accounts 33

Reference and administrative details of the Charity, its Trustees and advisers

Trustees Sister Claire Dawson C.P.
Sister Margaret Gorman C.P. (Sister Carmel)
Sister Margaret O’Regan C.P. (Sister Therese)
Sister Margaret Steed C.P. (Sister Savio) (Resigned
15 August 2025)
Sister Eithne Donoghue (Appointed 15 August 2025)
Sister Maureen McNally (Appointed 15 August 2025)
Sister Marie McNeice (Appointed 15 August 2025)
Province Leader Sister Margaret O’Regan C.P. (Sister Therese)
Province Bursar Mrs Sakina Lowe
Principal address The Briery Retreat Centre
38 Victoria Avenue
Ilkley
West Yorkshire
LS29 9BW
Telephone 0161 655 3184
Email pltcpsisters@gmail.com
Website www.crossandpassion.com
Charity Registration Number -
England and Wales 1038483
Charity Registration Number -
Scotland SCO38416
Accountants Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
Auditor Saffery LLP
10 Wellington Place
Leeds
LS1 4AP

Sisters of the Cross and Passion 1

Reference and administrative details of the Charity, its Trustees and advisers

Investment managers Sarasin & Partners LLP
Juxon House
100 St Paul’s Churchyard
London
EC4M 8BU
Rathbone Investment Management Limited
Port of Liverpool Building
Liverpool
L3 1NW
Principal bankers The Royal Bank of Scotland plc
1 Dale Street
Liverpool
L2 2PP
Solicitors England and Wales Wrigleys Solicitors LLP
3rd Floor, 3 Wellington Place
Leeds
West Yorkshire
LS1 4AP
Solicitors Northern Ireland Conway, Todd & Co
22 Market Square
Antrim
BT41 4DT
Edwards & Co
28 Hill Street
Belfast
BT1 2LA
Finance and General Elizabeth Wilson, Wrigleys Solicitors LLP
Purposes Committee Amanda Francis
Andrew Mather, CS2 Chartered Surveyors
Insurance Brokers Marsh Commercial, UK
Energy Broker Charles Lowe, EnergyFlowe Limited, UK

Sisters of the Cross and Passion 2

Report of the Trustees Year to 31 March 2025

The Trustees present their statutory report, together with the accounts of the Sisters of the Cross and Passion (the ‘Charity’), for the year ended 31 March 2025.

The accounts have been prepared in accordance with the accounting policies set out on pages 28 to 32 and comply with the Charity’s Trust Deed, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Irish Charities Act 2009. The accounts also comply with 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 United Kingdom and the Republic of Ireland (FRS 102).

PART ONE

CHAPTER ONE – Who we are

Introduction

The Sisters of the Cross and Passion is an international Roman Catholic Religious Congregation founded in industrial England in 1852. It is divided into several individual areas and provinces under the authority of the Congregational Leadership Team (CLT), members of which reside in the UK, Chile, Australia and the USA. Their offices are in Larne, Antrim, Northern Ireland. The Team comprises the Congregational Leader and a team of three Sisters.

The Sisters from St Paul’s Province live in England and Wales. The accounts accompanying this report are those of the charitable trust on which the assets of St Paul’s Province were held until 31 March 2021 and on which the assets of the central congregation (the Charity) are held still. The Charity is governed by a Trust Deed dated 25 March 1994 and is registered with the Charity Commission:

Charity Registration Number England and Wales 1038483 Charity Registration Number Scotland SC038416

In recent years, the trustees have been working on a project to de-merge the Province and the Congregation and simultaneously to incorporate the Province. This process has now been completed.

With effect from midnight on 31 March 2021, in accordance with a legal transfer of undertakings dated 31 March 2021 and a resolution of the trustees, certain activities, assets and liabilities of the Charity relating to the Province were transferred as a going concern into a newly formed Charitable Incorporated Organisation (CIO): Sisters of the Cross and Passion CIO, Charity Registration Number 1185348 (the ‘successor Charity’). Other central congregational (CLT) assets and liabilities remain in the Charity. The Sisters of the Cross and Passion CIO is now the main vehicle for delivering the Province activities.

Sisters of the Cross and Passion 3

Report of the Trustees Year to 31 March 2025

PART ONE (continued)

CHAPTER ONE – Who we are (continued)

Mission and Objectives

The corporate mission of the Sisters of the Cross and Passion is to witness to the reconciling, forgiving and compassionate love of God through openness to the needs of the world and especially those of the poor and marginalised.

The Sisters of the Cross and Passion identify with Christ in his Passion, Death and Resurrection. We aspire to a more just and compassionate world, where the rights and dignity of the whole of creation is upheld and respected.

What follows is an account of the work of the Charity from April 2024 to March 2025. Benefits are identifiable and touch the lives of the people whom the Sisters seek to serve in all their ministries.

The objectives of the Sisters of the Cross and Passion, as stated in the Trust Deed, are the relief of poverty, the provision of relief assistance and comfort to the sick, the provision of education and the advancement of the teachings of the Roman Catholic Church (or other such charitable purposes as are lawfully authorised from time to time by the Constitutions of the Congregation) by such means as are suited to the time and place in which the provision is to be made.

To fulfil these objectives the Sisters regularly evaluate their pastoral activities in the light of their Charism, present day needs and requests for help in new ministries and new localities. Policies and procedures are reviewed and updated regularly in accordance with statutory regulations and congregational objectives.

As Sisters of the Cross and Passion we hope that our lives Front witness to the reconciling, merciful and compassionate love of God. We are covenanted to be bearers of the mercy of God by responding to the needs of the world in our time, as Venerable Elizabeth Prout, our foundress, did in hers.

Sisters of the Cross and Passion 4

Report of the Trustees Year to 31 March 2025

PART ONE (continued)

CHAPTER TWO - Activities, Achievements, Future Plans

1 Pastoral and Spiritual Care

The Congregational Leader, helped by her Councillors (CLT Team), has the overall pastoral responsibility for all of the Sisters in the Congregation and must comply with statutes laid down in Canon Law and the Constitutions of the Sisters of the Cross and Passion (The Covenant of the Passion) as well as the civil/charity laws of the various countries in which the Sisters reside. The Sisters live in the UK, Republic of Ireland, USA, Argentina, Chile, Peru, Botswana, Vietnam and Australia.

One of their major pastoral duties is to communicate with and visit all the Sisters in the Congregation. While we are now able to engage in pastoral visits we continue to hold meetings on Zoom in an effort to reduce our carbon footprint. These meetings are an effective way of promoting unity in the Congregation whose members live on five Continents.

Norm 102 Covenant of the Passion: ~~2~~ The General Chapter is the highest legislative body in the Congregation. The Ordinary General Chapter meets every six years, at which the Congregational Leader and her Councillors are elected and policies which will foster the mission and administration of the Congregation are put in place. For the first time in our history this Chapter took place online with preparation involving many online meetings in 2020/21/22. The Chapter concluded in June 2022 when the Congregational Leader and her Councillors were elected. There followed a twelve day, live meeting for the newly elected Team, in Drumalis, Larne in September 2022 to plan the implementation of the Chapter recommendations for the next six years.

——..-.” ~~2~~

A Tree was planted at the CLT Office on the Opening Day of the Virtual Assembly.

Congregation International meeting on Zoom

In September 2024 the Leadership Team held a live meeting in Drumalis, Larne. Unfortunately, one of the Team members from the USA died very suddenly which brought the meeting to an abrupt and very sad end. The Congregational Leader and another Sister accompanied her remains back to Connecticut for burial on 7 October 2024.

Sisters of the Cross and Passion 5

Report of the Trustees Year to 31 March 2025

PART ONE (continued)

CHAPTER TWO - Activities, Achievements, Future Plans (continued)

2 Education

Whilst the work of the Sisters in the Congregation in earlier years was in education, we now see this legacy carried forward in schools and colleges, which were set up by the Sisters in the various countries in which they are resident. One such institution in England, with which the CLT is still involved, is:

Leeds Trinity University

Leeds Trinity University (LTU) was co-founded by the Leeds Trinity Sisters of the Cross and Passion and the Catholic University Education Service as a teacher training college in 1967. In the fifty eight years since its foundation it has transformed itself into a university renowned for teaching excellence and has been ranked by the Times and Sunday Times as the sixth best university in the country for teaching quality. Leeds Trinity offers undergraduate, postgraduate, foundation and top-up courses, as well as apprenticeship and work-based learning.

In accordance with the Articles of Association, the trusteeship of the University remains with the Diocese of Leeds. While the Sisters are no longer actively involved in the dayto-day life of LTU, the Congregational Leader has a representative on the Board of Governors, who keeps her informed of developments. Her role is to promote the spiritual ethos, which is part of the heritage of the University. The CLT are consulted on the appointment of new trustees to the Board and have the right to nominate up to five people to be independent on the Board.

The updated mission statement of LTU reads:

“Our mission is guided by our Catholic identity and faith foundation…We are committed to the promotion of dignity, respect, social justice and equality in order to deliver positive social and economic impacts.” (LTU Mission Statement.)

It is encouraging to hear that the statement does not just remain on paper, but that LTU was the first university in Yorkshire to achieve the Race Equality Charter (REC) Bronze Award in November 2020. This was followed by the Gold Whatsuni Student Choice Award in 2022 for diversity and inclusion and was short listed for Outstanding Contribution to Equality, Diversity and Inclusion at the Times Higher Education (THE) Awards in 2022. etme by

Leeds Trinity was delighted to start 2025 in style with the city campus being formally opened by the Bishop of Leeds, Rt Rev Marcus Stock. A blessing service was held to mark the occasion on Wednesday 15 January, followed by a ribbon cutting ceremony.

Sisters of the Cross and Passion 6

Report of the Trustees Year to 31 March 2025

PART ONE (continued)

CHAPTER TWO - Activities, Achievements, Future Plans (continued)

Leeds Trinity University (continued)

The city campus opened its doors for teaching in October 2024, with programmes now being delivered in the schools of Business; Construction and the Built Environment; Computer Science; Criminology; Investigating and Policing and Law.

Its special facilities include a board room, law court, custody suite and labs to enhance learning opportunities and familiarise students with the environments and equipment they will regularly experience once they have graduated,

It is clear that the university is firmly focused on the future, on delivering exceptional opportunities for students, and on the contribution they can make to enhance outcomes for all in the community.

These are some of the values that we, as sisters of the Cross and Passion aspire to and are happy to see implemented.

Sisters of the Cross and Passion 7

Report of the Trustees Year to 31 March 2025

PART ONE (continued)

CHAPTER TWO - Activities, Achievements, Future Plans (continued)

Formation/Education

One of the pastoral responsibilities of the CLT is to coordinate an international formation/education programme for a young Sisters, who are joining the = Congregation. Most of the older, First Profession of three Sisters August 2024 established areas in the Congregation

have sufficient funding and personnel to run their own programmes, but newer areas require both financial support and support with personnel. The area where there has been most development in the past year is Vietnam. The numbers of young Sisters in Vietnam who require formation are increasing. Financial support has been given for formation during the year 2024/25. We envisage that this support will continue for the next four years until this area of the Congregation becomes self-sustaining. The Congregational Leader visited after the year end in May 2025. In the meantime, the General Councillor who lives in Australia, has made two visits in the 2024/25 period. One of these visits was for the first Profession of three Sisters in August 2024.

One of the Government requirements, for Sisters in Vietnam, in order to be fully registered as a religious Congregation, is that they own their own property. In earlier years, the charity has contributed to the building of a house in Dong Nai Province which was completed in August 2023.The sisters are now registered in that Diocese.

In March 2024, the purchase of a property in Ho Chi Minh city was completed so that the Sisters can also register in the Diocese of Ho Chi Minch. Once that registration is completed, they can then seek Government registration. Once full Government registration is completed the sisters will then be able to seek employment and establish ministries for the poor.

Other areas which require support are Botswana and Peru, where the Sisters, in spite of low numbers, are carrying out outreach work amongst the very poor.

Sisters of the Cross and Passion 8

Report of the Trustees Year to 31 March 2025

PART ONE (continued)

CHAPTER TWO - Activities, Achievements, Future Plans (continued)

2 Education (continued)

Justice/Education

Passionists International

Passionists International is one of a number of groups of Religious men and women who work as NGO representatives at the United Nations. We believe that the presence of Religious in such a complex diplomatic system can give an independent voice that promotes the development of the weakest and most disadvantaged peoples. From its beginning, Passionists International has promoted the defence of vulnerable populations (particularly indigenous ones), the development of policies to protect those social groups more susceptible to poverty, as well as women’s rights, especially girls. They have recently added the topics of emergency migration and care of the planet to their remit. The CLT and the Passionist men’s community agreed to provide financial and personnel support to Passionists International at the United Nations for the next two years. In 2024/25 the Charity contributed £16 942 57 (21 000 USD) to this project. A part-time administrator has been appointed for Passionists International. The Congregational Leader met with the administrator during her visit to the Sisters in the USA in October 2024. The trustees are keeping the support of this project under review.

3 Missions

A mission outreach has always been a part of our Charism. Many of our Sisters in the Congregation have had experience of working and living on our Missions. The provision of financial support and personnel is the responsibility of the CLT. Any contributions, donations or legacies for the Missions are channelled through the CLT.

Chile

In February 2024 devastating fires in Quilpué, Limache and Villa Alemana in Chile’s Valpariso Province destroyed more than 1,000 homes and many people lost their lives. Among the houses destroyed was one which the Sisters were renting. According to some reports the fires were among the deadliest in recent decades in Chile. This past year the Sisters have been helping the local people rebuild their homes.

Sisters’ house rebuilt this year

Sisters of the Cross and Passion 9

Report of the Trustees Year to 31 March 2025

PART ONE (continued)

CHAPTER TWO - Activities, Achievements, Future Plans (continued)

Argentina (continued)

In March severe storms and heavy flooding wreaked havoc in parts of Buenos Aires. Flood Lists has recorded eight significant flood events in Northern Argentina since the start of 2024. One of the areas affected in March was Corrientes where two people died and over 800 were displaced. This also is one of the areas where our Sisters are living.

The CLT received a legacy of £13,367.90 which was sent in April 2024 to help families who had lost homes in the fires in Quilpúe, Chile and the floods in Corrientes, Argentina.

Pachacutec, Lima, Peru

After Cairo in Egypt, Lima, Peru is the second largest city in the world, located in a desert. 66% of Peru’s population, some 20 million people, live in the coastal zone where there is a chronic water shortage. Pachacutec, located in the north west of Lima, is one of the poorest areas of the city. It has a population of 180,000 people. Thousands of people were relocated to this area with little or no infrastructure in place. Three of our Sisters live there and occasionally need some support for the work they are doing.

Pachacutec, Lima, Peru

Sisters of the Cross and Passion 10

Report of the Trustees Year to 31 March 2025

PART ONE (continued)

CHAPTER TWO - Activities, Achievements, Future Plans (continued)

Pachacutec, Lima, Peru (continued)

The Congregational Leader visited all three countries in South America in April/May 2024. She witnessed the work the Sisters are doing among the poor and destitute people. Money which is channelled through the Charity to South America certainly goes to help the poor. Most of the Sisters are living in the barrios with the poor.

Botswana

Again a country located in a semi desert area where two Sisters work in outreach projects to help the poor. One such project was the acquisition of a piece of land on which to grow crops in a poor rural area; Mmamhiko . We funded the sinking of a bore hole to provide water two years ago and followed with funding for farm implements in 2023.

Photos show progress and harvesting.

BORE HOLE…………..& HARVEST A YEAR LATER

HARVESTING MAIZE, SHELLING MAIZE & SWEET REED.....& CRUSHING BEANS

The Congregational Leader visited the Sisters in Botswana in June 2024 to attend the final Profession of one of the Motswana Sisters. She also made an emergency visit in February 2025, as one of the Sisters was critically ill and it was feared that she would not live. As there are only two Cross and Passion Motswana Sisters in Botswana at present, it was felt that they would need some support, so a sister from Ireland has moved there temporarily to give that support.

Sisters of the Cross and Passion 11

Report of the Trustees Year to 31 March 2025

PART ONE (continued)

CHAPTER TWO - Activities, Achievements, Future Plans (continued)

4 Future Plans

Sisters of the Cross and Passion 12

Report of the Trustees Year to 31 March 2025

PART ONE (continued)

CHAPTER THREE – Financial Review

1 Income

Income is generated through:

2 Expenditure

The main role of the Congregational Leadership Team (CLT) is the pastoral care of the Sisters and having an overview of the charitable activities of the Congregation. The Congregational Leader is the official representative of the Congregation in the Roman Catholic Church.

Before the advent of Covid this involved the team travelling to all areas where the Congregation was situated. During and since Covid, travel expenses have greatly reduced, but with the increasing use of online video communication, other expenses have increased, such as investment in IT services, equipment and skills in order to facilitate digital communication throughout the Congregation. Now that travel is allowed, it will be incumbent on the Leadership Team to make pastoral visits to the Sisters in different parts of the world. However, we are conscious of the cost of air transport in terms of our carbon footprint and the damage to the planet, so we will continue to hold many of our meetings on Zoom. To facilitate better communication among all our Sisters we have upgraded our Zoom package to include translation transcripts. We have also replaced two computer monitors in the CLT office.

During 2024/25 the Congregational Leader has visited the Sisters in Botswana, USA and all the houses in the UK and the Republic of Ireland. Team members have visited Vietnam, Peru and Argentina. Therefore, travel expenses have increased.

Expenditure of the Charity comprises:

Sisters of the Cross and Passion 13

Report of the Trustees Year to 31 March 2025

PART ONE (continued)

CHAPTER THREE – Financial Review (continued)

3 Tangible fixed assets

Tangible fixed assets consist mainly of buildings with their fittings and furniture and plants in our convents. The Charity owns office equipment in its office in Drumalis Retreat Centre.

4 Results for the year

The statement of financial activities for the Charity shows net expenditure before listed investment losses and fair value gains on the assets held for sale of £13,195 (2024 – £10,213,569) with total income amounting to £252,433 (2024 – £428,533) and expenditure prior to donations to the Sisters of the Cross and Passion CIO of £nil (2024 – £9,820,000) amounting to £265,628 (2024 – £822,102).

Total income for 2025 includes £28,449 (2024 – £54,659) of donations, legacies and similar income. Other major categories of income include investment income and interest receivable, and grants receivable from the UK Province.

Total expenditure for 2025 was £265,628 (2024 - £10,642,102) and included donations to the Sisters of the Cross and Passion CIO of £nil (2024 – £9,820,000). Total net expenditure before investment gains (losses) for the year, therefore, was £13,194. After listed investment gains of £57,196 (2024 – gains of £485,104), and losses on the disposal of the property arising from professional fees of £nil (2024 – £192,221), there was a net increase in funds of £44,001 (2024 – a net decrease in funds of £9,920,686).

5 Investment performance

The purpose of holding listed investments is to earn income to be used to facilitate the work of the CLT and further the charitable work of the Congregation now and in the future. The Congregation has discretionary investment agreements with Sarasin & Partners LLP and Rathbone Investment Management Limited.

Representatives of the Trustees meet with the fund managers and financial advisers during the year to ensure that the funds are managed in accordance with the investment policy and the religious and ethical principles of the Congregation.

The objective of the fund managers is to achieve a reasonable return of both income and capital growth with no more than a conservative to moderate level of risk. The performance and structure of the principal portfolios continues to be closely monitored.

An income yield of 2.4% (excluding interest on cash held by the investment managers) was achieved, and the investments produced a capital yield of 0.9%.

Sisters of the Cross and Passion 14

Report of the Trustees Year to 31 March 2025

PART ONE (continued)

CHAPTER THREE – Financial Review (continued)

5 Investment performance (continued)

At the end of the year the Charity’s portfolio of listed investments comprised 54.7% unitised equity funds, 11.5% UK equities, 4.9% fixed interest based funds, 1.3% overseas unit trusts, 22.4% property based investments and 5.2% alternative investments.

The market value of the listed investments increased by £167,178 from a market value of £7,123,934 at the end of March 2024 to a value of £7,291,112 at the end of March 2025, an increase of 2.3% after accounting for additions and disposals of listed investment holdings.

6 Reserves policy

The Trustees have examined the need for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The Charity is dependent in part on investment income generated by the listed investments held to enable it to meet its ongoing expenditure. The Trustees estimate that this income needs to be approximately £160,000 per annum and hence based on an income yield of 2.5%, the value of the Charity’s investment portfolio needs to be approximately £6.5 million. Consequently, the Trustees believe the Charity’s free reserves should at least equal this figure plus an amount at least equal to annual unrestricted expenditure, which for the year ended 31 March 2025 was approximately £0.3 million. This gives a total target level of free reserves of approximately £6.8 million. The Trustees consider that, given the nature of the Charity’s work and its commitments, it is prudent to retain this level of free reserves.

7 Financial position

The balance sheet shows total reserves at 31 March 2025 of £7,987,662 (2024 – £7,943,661).

The tangible fixed assets fund, representing the value of assets unavailable for application without realisation, totals £55,820 (2024 – £59,851) and represents tangible fixed assets.

Free reserves at 31 March 2025, which were available for the Charity to conduct its dayto-day activities amounted to £7,931,842 (2024 – £7,883,810).

Whilst this level of free reserves is slightly above that demanded by the above policy, given the current macroeconomic and geopolitical climate across the world, the Trustees deem the free reserves to be adequate but not excessive.

Sisters of the Cross and Passion 15

Report of the Trustees Year to 31 March 2025

PART ONE (continued)

CHAPTER FOUR – Trustee Duties and Compliance with Charity Requirements

St Gabriel’s Hall

On 5 July 2023, the Charity completed the sale of St Gabriel’s Hall, a property that had been used as an all-female hall of residence for Manchester University and which was leased to the University on a peppercorn rent. The sale included the adjoining Imani Centre. The sale of this property realised proceeds of £11,007,775. In 2024 £9,750,000 of the money received from the sale was transferred to the successor charity, Sisters of the Cross and Passion CIO (Charity Registration Number 1185348) and has been invested to enable the CIO to continue its work into the future. The residual proceeds were retained by the Charity to assist the work of the Congregational Leadership and provide working capital. Some of that capital has been used to purchase a house for the Sisters in Vietnam, in Ho Chi Minh City. The purchase was completed in March 2024.This house is close to the University where the young Sisters study. Given its location, a possible future use might well be as a hall of residence for women attending the university. It is fitting that some of the monies generated from the sale of St Gabriel’s Hall was used for the purchase of this property.

2 Policies, Reports and Plans

We reviewed our: Risk Management Policy Disaster Plan Safeguarding Policy GDPR Policy

We compiled our: Charity Annual Report and Accounts (UK)

3 Safeguarding

The CLT is responsible for ensuring that Safeguarding Policies are in place throughout the Congregation.

4 Archives

One Sister is engaged full-time in preserving the archives of the Congregation. She ensures that all collections are sorted, carefully stored and remain confidential. Finding a permanent home for the storage of our archives still remains one of our goals.

5 General Data Protection Regulation (GDPR)

With the help of our solicitors we have drawn up an umbrella Data Protection Policy for the Charity, which covers the processing and control of data from four main areas: employment data; data relating to Sisters in care; data relating to the users of our retreat centres and data kept on individual Sisters in the Congregation’s office. This policy is reviewed on an annual basis.

6 Investment Policy

The Charity’s investments are managed by Sarasin & Partners LLP and Rathbone Investment Management Limited.

Sisters of the Cross and Passion 16

Report of the Trustees Year to 31 March 2025

PART ONE (continued)

CHAPTER FOUR – Trustee Duties and Compliance with Charity Requirements

6 Investment Policy

There are no restrictions on the Charity’s power to invest.

The Investment Strategy is set by the trustees and takes into account income requirements, the risk profile and investment managers’ views of the market prospects in the medium term.

The policy is to maximise total return through diversified portfolios whilst providing a level of income advised by the trustees from time to time.

There is also an Ethical Policy precluding any investment in any company which, after reasonable enquiry, clearly has significant profits from any activity whose objectives are contrary to ours and considered to be unjust or damaging to health and wellbeing. We updated our Investment Policy in 2024, to ensure that it is in line with our commitment to the Care of the Poor and the Earth.

The performance of the portfolios and the Charity’s Investment Strategy are reviewed by the trustees, who meet with the investment managers at least annually.

7 Insurance

A review of the Charity’s insurance is undertaken annually by the trustees.

8 Continued Professional Development

For our own professional development and to keep ourselves updated with changes we have attended numerous online courses and Zoom meetings.

During 2024/25 the Congregational Leader or her representative attended:

Sisters of the Cross and Passion 17

Report of the Trustees Year to 31 March 2025

PART ONE (continued)

CHAPTER FIVE – Governance, Trustee Responsibilities, Risk Management

1 Governance

Sisters of the Cross and Passion

In terms of Canon Law, at international level the Congregational Leadership Team (CLT) is the major spiritual and administrative body of the Congregation of the Sisters of the Cross and Passion. The administration of the CLT continues to be centred in the United Kingdom.

In keeping with the charitable work envisaged by the Trust Deed, the CLT often make donations to other charitable organisations. The finances of the CLT also incorporate the administrative and financial costs and the expenses incurred by the members of the team.

In terms of civil law, the Charity is governed by its own Trust Deed dated 25 March 1994 and is a registered Charity under the Charities Act 2011; Charity registration number 103843 (England and Wales). It is also a registered Charity in Scotland, Charity registration number SCO 38416 (Scotland). In recent years, the trustees have been working on a project to de-merge the Province and the Generalate and simultaneously to incorporate the Province. This took a major step forward on 1 April 2021 when the Province assets, activities, contracts, employees and liabilities were transferred to Sisters of the Cross and Passion CIO (registered Charity number 1185348). Generalate assets remain in the charitable trust for the time being.

The trustees of the Charity are the Congregational Leader, the Provincial Leader and provincial councillors. As all trustees are members of the Congregation they have a detailed knowledge of the work of the Charity and of its structure. The trustees, are members of the Congregation. They receive no remuneration or reimbursement of expenses in connection with their duties as trustees. On being appointed, new trustees spend time with those trustees leaving office. They also meet with the Congregation’s legal, accounting, investment and property advisors in order to obtain a full briefing of their responsibilities and the Charity’s position. They attend training courses and seminars where appropriate.

The names of the trustees who served during the year are set out as part of the reference and administration details on page 1 of this annual report and accounts.

The key risks for the Charity, as identified by the trustees, are described below, together with the principal ways they are mitigated.

Sisters of the Cross and Passion 18

Report of the Trustees Year to 31 March 2025

PART ONE (continued)

CHAPTER FIVE – Governance, Trustee Responsibilities, Risk Management (continued)

Sisters of the Cross and Passion (continued)

During their pastoral visits, the trustees continue to monitor the major risks to which the Charity may be exposed and systems are investigated and established to mitigate these risks.

A review of major risks to which the Charity is exposed and the systems established to mitigate those risks is undertaken annually by the trustees.

2 Trustees’ Responsibility Statement

The Trustees are responsible for preparing the report of the Trustees and the Accounts in accordance with applied law and United Kingdom Accounting Standards including FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, and in Scotland, requires the Trustees to prepare accounts for each financial year, which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the Charity for that period. In preparing these accounts, the Trustees are required to:

Sisters of the Cross and Passion 19

Report of the Trustees Year to 31 March 2025

PART ONE (continued)

CHAPTER FIVE — Governance, Trustee Responsibilities, Risk Management (continued)

The Trustees confirm that they have complied with their duty under the Charities Act 2011 to have regard to the Charity Commission’s guidance on public benefit. Throughout this report, in particular in Chapter Two, the Trustees have demonstrated how the Charity has been faithful to this. The activities of the Charity can be divided into five main areas, namely: Education; Health; Pastoral and Spiritual Care; Social Care and Projects we support financially.

SUMMARY AND ACKNOWLEDGEMENTS

This report is a summary of the work of the Congregation. The accounts accompanying this report show the movement of funds in the year ended 31 March 2025

We, the Trustees, acknowledge with gratitude the professionalism and commitment of all our staff, volunteers and the individual members of the Congregation. Their dedication, support and positive approach are very encouraging for us.

We wish also to record our thanks to the professional bodies on whose advice and expertise we rely.

Approved by the Trustees and signed on their behalf by:

----- Start of picture text -----
fe MO t Kegon ct (Se Teivet)-
cecsesteneasnvesesee
Trustee
Approved by the Trustees on: / / it
----- End of picture text -----

----- Start of picture text -----
wt+ N\ cf‘_
s S pS
=e Po =
¢)a
----- End of picture text -----

Sisters of the Cross and Passion 20

Independent Auditor’s Report to the Members of Sisters of the Cross and Passion for the Year Ended 31 March 2025

Opinion

We have audited the financial statements of Sisters of the Cross and Passion (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cashflows and notes to the financial statements, including 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 charity 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 charity’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.

Sisters of the Cross and Passion 21

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in respect of which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on pages 19-20, the trustees 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Sisters of the Cross and Passion 22

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the charity’s 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.

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. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sectors in which the charity operate.

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, the Charities (Accounts and Reports) Regulations 2008, the Charities Accounts (Scotland) Regulations 2006 (as amended) and guidance issued by the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud.

Sisters of the Cross and Passion 23

Auditor’s responsibilities for the audit of the financial statements (continued)

Audit response to risks identified: (continued)

We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery LLP 10 Wellington Place Statutory Auditors Leeds LS1 4AP Date: 5 December 2025

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Sisters of the Cross and Passion 24

Statement of financial activities Year to 31 March 2025

Notes Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
2025
£		 Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
2024
£
Income from:
Donations and legacies
1
Investment income and interest
receivable
2
Charitable activities
. Grants receivable
16
Other sources
. Miscellaneous income
Total income
Expenditure on:
Raising funds
. Investment management costs
Charitable activities
. Donations and support of overseas
missions
3
. Support of members of the
Congregation and their ministry
4
. Donations to Sisters of the Cross
and Passion CIO
16
Total expenditure
Net expenditure before net
investment gains (losses)
Net gains on listed investments
11
Net fair value losses on the disposal
of assets held for sale
11
Net income (expenditure) and net
movement in funds
6
Reconciliation of funds:
Fund balances at 1 April 2024
Fund balances at 31 March 2025
14		 28,449
203,866
11,300
8,818		 —
—
—
—		 28,449
203,866
11,300
8,818		 54,659
208,726
140,000
25,148		 —
—
—
—		 54,659
208,726
140,000
25,148
252,433 — 252,433 428,533 — 428,533
24,204
106,867
134,557
—		 —
—
—
—		 24,204
106,867
134,557
—		 22,225
555,803
244,074
9,820,000		 —
—
—
—		 22,225
555,803
244,074
9,820,000
265,628 — 265,628 10,642,102 — 10,642,102
(13,195)
57,196
—		 —
—
—		 (13,195)
57,196
—		 (10,213,569)
485,104
(192,221)		 —
—
—		 (10,213,569)
485,104
(192,221)
44,001
7,943,661		 —
—		 44,001
7,943,661		 (9,920,686)
17,864,347		 —
—		 (9,920,686)
17,864,347
7,987,662 — 7,987,662 7,943,661 — 7,943,661

All recognised gains and losses are included in the above statement of financial activities.

All the activities reflected in the above statement of financial activities related to continuing operations.

Sisters of the Cross and Passion 25

Balance sheet 31 March 2025

Notes 2025 2024
——— ———
Fixed assets:
Tangible assets 10 55,820 59,851
Investments
. Listed investments 11 7,465,848 7,289,296
Total fixed assets 7,521,668 7,349,147
Currentassets:
Current investments — 400,000
Cash atbankand in hand 530,718 266,767
Total currentassets 530,718 666,767
Liabilities:
Creditors: amounts falling duewithin one year 12 (64,724) (72,253)
Netcurrentassets 465,994 §94,514
Total netassets 7,987,662 7,943,661
The funds ofthe Charity:
Unrestricted funds
. Tangible fixed assets fund 13 55,820 59,851
. General fund 7,931,842 7,883,810
14 7,987,662 7,943,661

Approved by the Trustees

and signed on their behalf by:

Le O'fago oP (&Thaies Trustee Approved on: It/ i / PU) ”) ¢

Sisters of the Cross and Passion 26

Statement of cash flows Year to 31 March 2025

Notes 2025
£		 2024
£
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Investment income and interest received
Net proceeds from the disposal of assets held for sale
Purchase of tangible fixed assets
Proceeds from the disposal of investments
Purchase of investments
Proceeds from current asset investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Change in cash and cash equivalents due to exchange rate
movements
Cash and cash equivalents at 1 April 2024
B
Cash and cash equivalents at 31 March 2025
B		 (220,559) (10,402,611)
203,866
—
—
344,239
(456,252)
400,000		 208,726
10,815,554
(2,919)
568,117
(688,429)
(400,000)
491,853 10,501,049
271,294
2,031
432,129		 98,438
—
333,691
705,454 432,129

Notes to the statement of cash flows for the year to 31 March 2025.

A Reconciliation of net movement in funds to net cash used in operating activities

----- Start of picture text -----
2025 2024
£ £
Net movement in funds (as per the statement of financial activities) 44,001 (9,920,686)
Adjustments for:
Depreciation charge 4,031 4,039
Gains on investments (57,196) (485,104)
—
Net fair value losses on the disposal of assets held for sale 192,221
—
Loss on disposal of tangible fixed assets 2,693
Investment income and interest receivable (203,866) (208,726)
Decrease in debtors — —
(Decrease)/Increase in creditors (7,529) 12,952
Net cash used in operating activities (220,559) (10,402,611)
----- End of picture text -----

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2025
£		 2024
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 530,718
174,736		 266,767
165,362
705,454 432,129

No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the Charity and the above cash and cash equivalents.

Sisters of the Cross and Passion 27

Principal accounting policies 31 March 2025

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below. The principal accounting policies relate to both the current and comparative figures.

Basis of preparation

These accounts have been prepared for the year to 31 March 2025 with comparative information given in respect to the year to 31 March 2024.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with the principles set out in 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest £1.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the Trustees and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Critical accounting estimates and areas of judgement

As set out in these accounting policies under “assessment of going concern”, the Trustees have considered the effect on the Charity of the current macroeconomic and geopolitical climate. They have concluded that although there may be some negative consequences, it is appropriate for the Charity to continue to prepare its accounts on the going concern basis.

Sisters of the Cross and Passion 28

Principal accounting policies 31 March 2025

Assessment of going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

Certain of the previous activities of the Charity are now carried out by Sisters of the Cross and Passion CIO and the relevant assets and liabilities were transferred in 2021 and 2022 on a going concern basis. However, the Charity will continue to carry out the remaining activities and has retained certain assets and liabilities (investments and certain administrative functions). Hence, the Trustees of the Charity have concluded that it is appropriate for the accounts to be prepared on a going concern basis.

The Trustees acknowledge and recognise the impact of the macroeconomic and geopolitical climate and have concluded that there may be some negative consequences such as greater volatility in the value of the Charity’s listed investment portfolio and related income. However, the Trustees are of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next 12 months, the most significant areas that affect the carrying value of the assets held by the Charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the Trustees’ report for more information).

Income recognition

Income is recognised in the period in which the Charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises donations and legacies, investment income and interest receivable, grants receivable and miscellaneous income.

Donations and grants receivable are recognised when the Charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Gifts in kind and donated services, where relevant, are included at the lower of their value to the Charity and their estimated market value.

Legacies are included in the statement of financial activities when the Charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the Charity.

Sisters of the Cross and Passion 29

Principal accounting policies 31 March 2025

Income recognition (continued)

Entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the Charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the Charity.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. The classification between activities is as follows:

All expenditure is stated inclusive of irrecoverable VAT.

Sisters of the Cross and Passion 30

Principal accounting policies 31 March 2025

Allocation of indirect costs and governance costs

Indirect costs represent indirect charitable expenditure. In order to carry out the primary purposes of the Charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs comprise the costs involving the public accountability of the Charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Indirect costs and governance costs are able to be allocated to the specific charitable activities to which they relate and all are connected with the support of the members of the Congregation and their ministry.

Tangible fixed assets

All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised.

Fixed asset investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The Charity does not acquire put options, derivatives or other complex financial instruments.

As noted above the main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains (or losses) are calculated as the difference between the fair value at the year end and their carrying value at that date.

Sisters of the Cross and Passion 31

Principal accounting policies 31 March 2025

Fixed asset investments (continued)

Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors

Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors are recognised at the amount the Charity anticipates it will pay to settle the debt.

Fund structure

The general fund comprises those monies which may be used towards meeting the charitable objectives of the Charity and which may be applied at the discretion of the Trustees.

The tangible fixed assets fund is an unrestricted, designated fund which represents the net book value of the tangible fixed assets.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the average rate of exchange for the year. Exchange differences are taken into account in arriving at the net movement in funds.

Services provided by members of the Congregation

For the purpose of these accounts, no monetary value has been placed on the care, administrative and other services provided by the members of the Congregation.

Sisters of the Cross and Passion 32

Notes to the accounts 31 March 2025

1 Donations and legacies

Donations and legacies
Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2025
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2024
£
Legacies
Donations
Other voluntary income
Total		 12,418
16,031
28,449		 —
—
—		 12,418
16,031
28,449		 30,083
8,544
16,032
54,659		 —
—
—
—		 30,083
8,544
16,032
54,659

2 Investment income and interest receivable

Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2025
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2024
£
Income from listed investments
Interest receivable
. Interest on cash held by
investment managers
Total		 173,128
30,738		 —
—		 173,128
30,738		 167,922
40,804
—
—		 167,922
40,804
203,866 — 203,866 208,726
—		 208,726

3 Donations and support of overseas missions

Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2025
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2024
£
Grants to the Congregation’s
Overseas Missions		 106,867 — 106,867 555,803 — 555,803

4 Support of members of the Congregation and their ministry

Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2025
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2024
£
Sisters’ living and personal
expenses
Premises
Education, training and spiritual
renewal
Administrative and similar costs
Other costs
Governance costs (note 5)
Total		 —
4,848
25,807
33,059
39,080
31,763
134,557		 —
—
—
—
—
—
—		 —
4,848
25,807
33,059
39,080
31,763
134,557		 14,175
93,336
36,876
27,513
22,294
49,880
244,074		 —
—
—
—
—
—
—		 14,175
93,336
36,876
27,513
22,294
49,880
244,074

Sisters of the Cross and Passion 33

Notes to the accounts 31 March 2025

5 Governance costs

Governance costs
Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2025
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2024
£
Accountancy
Auditor’s remuneration
. Statutory audit (current year)
. Statutory audit (prior year)
Bank fees and charges		 14,206
13,000
2,167
2,390
31,763		 —
—
—
—
—		 14,206
13,000
2,167
2,390
31,763		 35,453
13,002
—
1,425
49,880		 —
—
—
—
—		 35,453
13,002
—
1,425
49,880

The above governance costs have been allocated to the following activities:

Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2025
£		 Unrestricted
£		 Restricted
£		 Total
2024
£
Support of members of the
Congregation and their ministry		 31,763 — 31,763 49,880 — 49,880

6 Net income (expenditure) and net movement in funds

This is stated after charging:

2025 2024
£ £
Auditor’s remuneration
. Statutory audit 15,167 13,002
Depreciation 4,031 4,039

7 Staff costs and remuneration of key management personnel

The Charity employed no staff during the year end ended 31 March 2025 (2024 - none)

The Trustees consider that they comprise the key management personnel of the Charity in charge of directing and controlling, running and operating the Charity on a day to day basis.

All Trustees are members of the Congregation and they receive no remuneration or reimbursement of expenses in connection with their duties as Trustees.

The total remuneration (including taxable benefits, employer's pension contributions and employers’ national insurance contributions) of the key management personnel for the Charity was £ nil (2024 – £ nil).

Sisters of the Cross and Passion 34

Notes to the accounts 31 March 2025

8 Trustees' expenses and remuneration and transactions with Trustees

The Charity's Trustees are all members of the Congregation. No Trustees received any remuneration or reimbursement of expenses in connection with their duties as Trustees (2024 – none).

9 Taxation

The Sisters of the Cross and Passion is a registered charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

10 Tangible fixed assets

Tangible fixed assets
Freehold
buildings
£		 Plant,
furniture and
equipment
£		 Motor
vehicles
£		 Total
£
Cost or valuation
At 1 April 2024 and at 31 March 2025
Depreciation
At 1 April 2024
Charge for year
At 31 March 2025
Net book values
At 31 March 2025
At 31 March 2024
69,916 30,814 9,900 110,630
20,972
1,397		 26,342
654		 3,465
1,980		 50,779
4,031
22,369 26,996 5,445 54,810
47,547
48,944		 3,818

4,472		 4,455
6,435		 55,820

59,851

11 Investments

Investments
2025
£		 2024
£
Listed investments
Market value at 1 April 2024
Additions at cost
Disposals at book value (proceeds: £344,239; losses: £7,724)
Net unrealised investment gains
Market value at 31 March 2025
Cash held by investment managers for reinvestment
Cost of listed investments at 31 March 2025		 7,123,934
456,252		 6,518,518
688,429
7,580,186
(351,963)
62,889		 7,206,947
(406,522)
323,509
7,291,112
174,736		 7,123,934
165,362
7,465,848 7,289,296
5,393,921 5,173,275

Sisters of the Cross and Passion 35

Notes to the accounts 31 March 2025

11 Investments (continued)

Listed investments as at 31 March 2025, all of which were either dealt in on a recognised stock exchange or were unitised funds comprising investments listed on a recognised stock exchange, were as follows:

----- Start of picture text -----
2025 2024
£ £
Fixed interest based common investment funds 356,737 279,239
Other unitised funds 3,987,719 3,820,028
Equities 835,362 954,614
Alternative investments 380,317 270,467
Property 1,633,831 1,701,647
Overseas funds 97,146 97,939
7,291,112 7,123,934
----- End of picture text -----

Included in the investment portfolio was the following holding which, at 31 March 2025, had a market value which was deemed material in comparison with the market value of the total portfolio at that date:

2025
Market
value
£		 2025
Percentage
of portfolio
%		 2024
Market
value
£		 2024
Percentage
of portfolio
%
53.62
Sarasin Alpha CIF Endowments Fund (Income Units) 3,987,719 54.7% 3,820,028

12 Creditors: amounts falling due within one year

12 Creditors: amounts falling due within one year
2025 2024
£ £
Accrued expenditure
64,724		 72,253
13 Tangible fixed assets fund
Tangible fixed assets fund
2025 2024
Total Total
£ £
At 1 April 2024 59,851 63,664
Net transfers – relating to depreciation (4,031) (3,813)
At 31 March 2025 55,820 59,851

The tangible fixed assets fund represents the net book value of the tangible fixed assets. A decision was made to separate this fund from the other funds of the Charity in recognition of the fact that the tangible fixed assets are essential to the day to day work of the Charity and as such their value should not be regarded as funds that would be realisable with ease, in order to meet future contingencies.

Sisters of the Cross and Passion 36

Notes to the accounts 31 March 2025

14 Analysis of net assets between funds

----- Start of picture text -----
Tangible
fixed
General assets Total
fund fund 2025
£ £ £
Fund balances at 31 March 2025 are represented by:
Tangible fixed assets — 55,820 55,820
Investments 7,465,848 — 7,465,848
Net current assets 465,994 — 465,994
Total net assets 7,931,842 55,820 7,987,662
Tangible
fixed
General assets Total
fund fund 2024
£ £ £
Fund balances at 31 March 2024 are represented by:
Tangible fixed assets — 59,851 59,851
Investments 7,289,296 — 7,289,296
Net current assets 594,514 — 594,514
Total net assets 7,883,810 59,851 7,943,661
----- End of picture text -----

The total unrealised gains as at 31 March 2025 and 31 March 2024 constitute movements on revaluation and are shown below.

----- Start of picture text -----
2025 2024
£ £
Unrealised gains included above at 31 March 2025:
On investments 1,897,191 1,950,659
Reconciliation of movements in unrealised gains
Unrealised gains at 1 April 2024 1,950,659 10,516,955
—
Less: in respect to disposals of assets held for sale (9,097,829)
In respect to disposals of listed investments (116,357) 208,024
Net gains arising on revaluation of listed investments in the year 62,889 323,509
Total unrealised gains at 31 March 2025 1,897,191 1,950,659
----- End of picture text -----

15 Ultimate control

The Charity, which is constituted as a trust, was controlled throughout the period by St Paul’s Province of the Sisters of the Cross and the Passion by virtue of the fact that the members of the Province appoint the Trustees. The Province does not hold any assets, incur liabilities or enter into any transactions in its own right.

Sisters of the Cross and Passion 37

Notes to the accounts 31 March 2025

16 Related parties

During the year ended 31 March 2025, the Charity received donations amounting to £11,300 (2024 – £140,000) from the Sisters of the Cross and Passion CIO to cover legal fees, insurance premia, utility bills and security costs relating to St Gabriel’s Hall and the Imani Centre. The properties were sold by the Charity in 2024, resulting in a donation of the proceeds of £nil (2024 – £9,750,000) to the Sisters of the Cross and Passion CIO. In addition, in 2024 (the prior year) a donation of £70,000 was made to the Sisters of the Cross and Passion CIO to support its charitable work.

Other than the transactions described above and detailed in note 8, there were no further related party transactions during the year that require disclosure (2024 – none).

Sisters of the Cross and Passion 38