Sisters of the Cross and Passion CIO
Unaudited Annual Report and Accounts
31 March 2021
Charity Registration Number 1185348
Contents
Reports
| Reports | Reports |
|---|---|
| Reference and administration details of the | |
| charity, its trustees and advisers | 1 |
| Report of the trustees | 2 |
| Accounts | |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Principal accounting policies | 8 |
| Notes to the accounts | 10 |
Sisters of the Cross and Passion CIO
Reference and administration details of the charity, its trustees and advisers
| Trustees | Sister Eileen Fucito |
|---|---|
| Sister Carmel Gorman | |
| Sister Anne Hammersley | |
| Sister Therese O’Regan | |
| Sister Savio Steed | |
| Principal address | Cross & Passion Convent |
| 299 Boarshaw Road | |
| Middleton | |
| Manchester | |
| M24 2PF | |
| Telephone | 0161 655 3184 |
| pltcpsisters@gmail.com | |
| Website | www.crossandpassion.com |
| Charity Registration Number | 1185348 |
| Accountant | Buzzacott LLP |
| 130 Wood Street | |
| London | |
| EC2V 6DL | |
| Bankers | The Royal Bank of Scotland plc |
| 1 Dale Street | |
| Liverpool | |
| L2 2PP | |
| Principal Solicitors | Wrigleys Solicitors LLP |
| 19 Cookridge Street | |
| Leeds | |
| LS12 3AG |
Sisters of the Cross and Passion CIO 1
Report of the trustees Period to 31 March 2021
The trustees present their report together with the accounts of the Sisters of the Cross and Passion CIO (the “charity” or the “CIO”) for the year ended 31 March 2021.
The accounts have been prepared in accordance with the accounting policies set out on pages 8 and 9 and comply with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 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 (FRS 102).
Introduction
The Sisters of the Cross and Passion CIO (the charity) is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission (Charity Registration Number 1185348) and governed by a constitution dated 17 September 2019.
Principal activities, objectives and aims
The CIO was set up to continue much of the work of the unincorporated charity the Sisters of the Cross and Passion (Charity Registration Number England and Wales 1038483, Scotland SC038416 and Republic of Ireland 20015893) (the “charitable trust”). 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 of the Sisters of the Cross and Passion, certain of the activities, assets and liabilities of the charitable trust relating to the Province were transferred as a going concern into the CIO. The Sisters of the Cross and Passion CIO will be the main vehicle for delivering Province activities going forward. The CQCregistration of the charitable trust transferred to the CIO on 1 April 2021.
The mission of the Sisters of the Cross and Passion (the Congregation) 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.
The objectives of the Sisters of the Cross and Passion CIO, 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 will regularly evaluate their pastoral activities in the light of their charism, present day needs and requests for help in new ministries and new localities. They will continue to evaluate their pastoral activities in the light of their diminishing numbers, increasing age profile and decreasing financial resources. Policies and procedures will be reviewed and updated regularly in accordance with statutory regulations and Congregational objectives.
Sisters of the Cross and Passion CIO 2
Report of the trustees Year to 31 March 2021
Principal activities, objectives and aims (continued)
As Sisters of the Cross and Passion, the Sisters hope that their lives are witness to the reconciling, merciful and compassionate love of God. They are covenanted to be bearers of the mercy of God by responding to the needs of the world in our time, as Elizabeth Prout, their Foundress, did in hers.
Activities and performance
The charity had no activities and hence no income or expenditure during the year ended 31 March 2021. As noted above, with effect from midnight on 31 March 2021, certain of the assets, liabilities and activities of the unincorporated charity were transferred to the CIO.
Governance, structure and management
Governance
The charity is a Charitable Incorporated Organisation (CIO), governed by a Constitution and registered with the Charity Commission on 17 September 2019.
The members of the CIO are the charity’s trustees.
The names of the current trustees are given on page 1 of this document. These are also the first charity trustees. Future trustees will be appointed by trustees in office at the date of appointment. At any time there must be a minimum of three trustees.
Apart from the first charity trustees, trustees are appointed for a term of three years.
In selecting individuals for appointment the charity trustees have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
Trustees’ responsibilities statement
The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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:
-
♦ select suitable accounting policies and then apply them consistently;
-
♦ observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102);
-
♦ make judgements and estimates that are reasonable and prudent;
-
♦ state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
Sisters of the Cross and Passion CIO 3
Report of the trustees Year to 31 March 2021
Governance, structure and management (continued)
Trustees’ responsibilities statement (continued)
- ♦ prepare the accounts 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 disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the governing document. 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.
Structure and management reporting
The trustees are ultimately responsible for the policies, activities and assets of the charity. Following the transfer of certain of the assets, liabilities and activities from the charitable trust, they will meet regularly to review developments with regard to the charity or its activities and make any important decisions. When necessary, the trustees will seek advice and support from the charity’s professional advisers including investment managers, solicitors and accountants.
Key management personnel
The trustees consider that they together with the Province Bursar 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.
Risk management
In preparation for the transfer of certain of the activities, assets and liabilities from the Sisters of the Cross and Passion with effect from midnight on 31 March 2021, the trustees have assessed the major risks to which the CIO will be exposed. These major risks concern potential damage to reputation or name, protection of assets, liabilities, and compliance with laws and regulations. The trustees are satisfied that systems will be in place to mitigate any exposure to the major risks.
The main long term risk facing the charity is that it may not be able to meet all of the costs of caring for sick and/or elderly sisters. This, in general, is not a risk that can be avoided. Prudent management of funds will be exercised and properties may provide a potential source of funding should activities contract in the long term. This risk becomes more acute as the sisters become more dependent. The trustees will review the finances and personnel regularly to assess the level of funding that will be needed to care for elderly sisters.
During each year, the trustees will coordinate an updated review of risk including matters of health and safety and risk assessment. This will be done in conjunction with the health and safety advice from the charity’s insurance brokers.
Activities and performance
The charity had no activities and hence no income or expenditure in the year ended 31 March 2021.
Sisters of the Cross and Passion CIO 4
Report of the trustees Year to 31 March 2021
Future plans
The charity will support the work of the Sisters of the Cross and Passion. Whilst the trustees do not anticipate any significant change to such activities over the next one to three years, they are considering various options to ensure that material assets and spiritual values continue to be protected in the future according to the spirit in which they were put in place.
Reserves policy
As the charity had no activities in the year to 31 March 2021, there were £nil reserves at the balance sheet date (2020 - £nil).
Following the planned transfer of certain of the assets, liabilities and activities of the charitable trust to the CIO, with effect from midnight on 31 March 2021, the trustees are giving careful thought to the need for reserves and will be determining an appropriate policy in the coming months.
Signed on behalf of the trustees
Therese O’Regan
Trustee
Approved by the trustees on: 17/01/2022
Sisters of the Cross and Passion CIO 5
Statement of financial activities Year to 31 March 2021
| Year to 31 March 2021 £ |
17 September 2019 to 31 March 2020 £ |
|
|---|---|---|
| Total income Total expenditure Net income and net movement in funds for the period Reconciliation of funds: Total funds brought forward at 1 April 2020 Total funds carried forward at 31 March 2021 |
— | — |
| — | — | |
| — — — |
— — — |
The charity remained dormant throughout the above two periods.
The charity had no recognised gains and losses during the above financial periods and therefore no separate statement of total recognised gains and losses has been presented.
Sisters of the Cross and Passion CIO 6
Balance sheet 31 March 2021
As there has been no activity from the date of incorporation to 31 March 2021, the charity had no assets or liabilities at 31 March 2021.
Approved by the trustees and signed on their behalf by:
Therese O’Regan
Trustee
Approved on: 17/01/2022
Sisters of the Cross and Passion CIO 7
Principal accounting policies 31 March 2021
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.
Basis of preparation
These accounts have been prepared for the year to 31 March 2021, with comparatives information given for the period from incorporation on 17 September 2019 to 31 March 2020.
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 are presented in sterling and are rounded to the nearest pound.
The accounts have been prepared in accordance 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 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.
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 one year from the date of approval of these accounts.
The CIO was set up to continue aspects of the work of the unincorporated charity the Sisters of the Cross and Passion (Charity Registration Number England and Wales 1038483, Scotland SC038416 and Republic of Ireland 20015893). Certain of the assets, liabilities and activities of the unincorporated charity were transferred to the CIO with effect from midnight on 31 March 2021.
The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.
Critical accounting estimates and areas of judgement
Other than the assessment of going concern, the preparation of the accounts did not require the trustees to make any significant judgements or estimates.
Sisters of the Cross and Passion CIO 8
Principal accounting policies 31 March 2021
Cash flow statement
The accounts do not include a cash flow statement because the charity, as a small reporting entity, is exempt from the requirement to prepare such a statement under 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).
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.
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.
Sisters of the Cross and Passion CIO 9
Notes to the accounts 31 March 2021
1 Staff costs and remuneration of trustees and key management personnel
During the year the charity employed no staff (2020 – none) and therefore incurred £nil staff costs (2020 - £nil).
The trustees consider that they together with the Province Bursar comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis.
The trustees received no remuneration or reimbursement of expenses in connection with their duties.
2 Taxation
Sisters of the Cross and Passion CIO is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
3 Liability of members
If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and have no personal responsibility for settling its debts and liabilities.
4 Related party transactions
There were no transactions with the trustees during the period.
5 Post balance sheet events
With effect from midnight on 31 March 2021, certain of the assets, liabilities and activities of the unincorporated charity the Sisters of the Cross and Passion (Charity Registration Number England and Wales 1038483, Scotland SC038416 and Republic of Ireland 20015893) were transferred to the CIO in accordance with a legal transfer of undertaking deed dated 31 March 2021. The net assets at that date comprised:
| 2021 £ |
|
|---|---|
| Tangible fixed assets . Cost . Depreciation Fixed asset investments (including cash held by investment managers of £466,935) Debtors Cash at bank and in hand Creditors: amounts falling due within one year |
19,790,593 (4,325,233) |
| 15,465,360 18,762,634 10,501 1,203,286 (224,728) |
|
| 35,217,053 |
Sisters of the Cross and Passion CIO 10
Notes to the accounts 31 March 2021
5 Post balance sheet events (continued)
The assets and liabilities were represented by the following funds:
| Post balance sheet events(continued) The assets and liabilities were represented by the following funds: |
|
|---|---|
| 2021 £ |
|
| Tangible fixed assets fund General funds Restricted funds Designated funds |
15,465,360 456,738 4 19,294,951 |
| 35,217,053 |
Sisters of the Cross and Passion CIO 11