2022-03-31-accounts - Sisters Of The Cross And Passion CIO

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	Trustees	Sister Claire Dawson C.P. (appointed 10August
		2022)
		Sister Margaret Gorman C.P. (SisterCarmel)
		SisterAnne Hammersley C.P.
		Sister Margaret O'Regan C.P. (Sister Therese)
		Sister Margaret Steed C.P. (SisterSavio)
	ROI Committee	Sister Máire Ni Shúilleabháin
		Sister Anne Harnett
		SisterSavio Steed
		Sister Carmel Miley
	Province Leader	Sister Margaret Steed C.P.
	Province Bursar	Mrs Sakina Lowe
	Principal address	Cross & Passion Convent
		299 Boarshaw Road
		Middleton
		Manchester
		M242PF
	Telephone	0161 655 3184
	Email	pltcpsisters@gmail.com
	Website	www.crossandpassion.com
Charity	Registration Number
	England and Wales	1185348
Charity	Registration Number
	Republic of Ireland	20015893
	Accountants	Buzzacott LLP
		130Wood Street
		London
		EC2V6DL
	Auditors	RSM UK Audit LLP
		Bluebell House
		Brian Johnson Way
		Preston
		Lancashire
		PR2 5PE

Investment Managers	Sarasin & Partners LLP
	Juxon House
	100 St Paul's Churchyard
	London
	EC4M 8BU
	Charles Stanley & Co Ltd
	55 Bishopsgate
	London
	EC2N 3AS
Principle bankers	The Royal Bank ofScotland pic
	1 Dale Street
	Liverpool
	L2 2PP
	Bank of Ireland
	2 CollegeGreen
	Dublin 2
Solicitors England and Wales	Wrigleys Solicitors LLP
	19 CookridgeStreet
	Leeds
	LS12 3AG
Solicitors Northern Ireland	Conway, Todd & Co
	22 Market Square
	Antrim
	BT41 4DT
	Edwards & Co
	28 Hill Street
	Belfast
	BT1 2LA
Solicitors the Republic of Ireland	Mason Hayes + Curran
	South Bank House
	Barrow Street
	Dublin 4
Finance and General Purposes	Elizabeth Wilson, Wrigley's Solicitors
Committee	Amanda Francis, Buzzacott
	Andrew Mather, CS2
Insurance Brokers	Steve Burns, Marsh Insurance, UK
	Liam Conlon, Arachas, Ireland
Energy Broker	Charles Lowe, EnergyFlowe Ltd, UK
	Sisters ofthe Cross and Passion CIO2

			Un-		Total	Un-		Total
			restricted	Restricted	funds	restricted	Restricted	funds
			funds	funds	2022	funds	funds	2021
		Notes	£	£	£	£	£	£
Income from:
Donationsand legacies			1,635,606	4,035,317	5,670,923
Investment income and interest
receivable		2	476,119	165,221	641,340
Charitable activities
Provision of hospice care		3		4,929,605	4,929,605
Retreat and similar income			260,410		260,410
. Grants receivable			2,709,164		2,709,164
Othertrading activities
. Income from charityshops				3,380,441	3,380,441
.Room hire and rental income			8,912		8,912
. Fundraising eventsand lotteries				858,245	858,245
Othersources
. Surplus on disposalof tangible fixed
assets			166,281		166,281
Miscellaneousincome			21,515	50,814	72,329
			5,278,007	13,419,643	18,697,650
Transfer from Sisters of	the Cross
and Passion (Charity	Registration
Number 1038483)and itssubsidiary		24	43,839,248		43,839,248
Total income			49,117,255	13,419,643	62,536,898
Expenditure on:
Raising funds
Cost of raising donations				1,363,528	1,363,528
. Fundraising activitiesincluding
charityshops				2,662,257	2,662,257
. Investment management	costs		6,546	29,133	35,679
Charitable activities
Provision of hospice care		4		8,331,712	8,331,712
. Donationsand support of overseas
missions		5	60,848		60,848
Supportof membersof the
Congregation and theirministry		6	6,113,106		6,113,106
Total expenditure			6,180,500	12,386,630	18,567,130
Net income before net investment
gains			42,936,755	1,033,013	43,969,768
Netinvestment gains			599,644	244,175	843,819
Net income and net movement in
funds		8	43,536,399	1,277,188	44,813,587
Reconciliation of funds:
Fund balancesat 1 April2021				12,886,778	12,886,778
Fund balancesat 31 March 2022			43,536,399	14,163,966	57,700,365

	CIO	Charitable
	and	Trustand
	subsidiary	subsidiary
	Year to 31	Yearto 31
	March	March
	2022	2021
	£	£
Income	18,697,650	14,502,031
Expenditure	(18,567,130)	(17,721,422)
Net investmentgains	843,819	6,049,647
Net income	974,339	2,830,256

		Un-		Total	Un-		Total
		restricted	Restricted	funds	restricted	Restricted	funds
		funds	funds	2022	funds	funds	2021
	Notes	£	£	£	£	£	£
Incomefrom:
Donationsand legacies	1	1,635,606		1,635,606
Investment income	2	476,119		476,119
Retreat and Similar income		260,410		260,410
Grantsreceived		2,709,164		2,709,164
.Room hire		8,912		8,912
Other income (including foreign
exchange gain)		187,796		187,796
		5,278,007		5,278,007
Transfer from Sistersof the Cross
and Passion (Charity Registration
Number 1038483)and itssubsidiary	24	43,839,248		43,839,248
Total income		49,117,255		49,117,255
Expenditure on:
Investment managerscosts		6,546		6,546
Donationsand support of overseas
missions	5	60,848		60,848
Support of membersof the
Congregation and theirministry	6	6,113,106		6,113,106
Total expenditure		6,180,500		6,180,500
Net Income before net investment
gains		42,936,755		42,936,755
Other recognised gains & losses
Gains losseson investment assets
Realised		165,006		165,006
. Unrealised		434,638		434,638
Net income and net movement in
funds	8	43,536,399		43,536,399
Reconciliation of funds:
Fund balancesat 1 April 2021
Fund balancesat 31 March 2022		43,536,399		43,536,399

		Group		Charity
	Notes	2022	`2021`	2022	`2021`
		£	£	£	£
Fixed assets:
Tangible assets	`11`	28,586,478		26,022,639
Investments
. Listed investments	`12`	22,992,410		16,246,335
. Programme related investments	`12`	133,645		133,645
Total fixed assets		51,712,533		42,402,619
Current assets:
Stocks		15,752
Debtors	`13`	1,331,000		11,363
Investments		2,026,457
Cash atbankand in hand		4,216,517		1,417,220
Total current assets		7,589,726		1,428,583
Liabilities:
Creditors: amountsfalling due
within one year	`14`	(1,601,894)		(294,803)
Net current assets		5,987,835		1,133,781
Total net assets		57,700,365		43,536,399
The funds of the Charity:
Restrictedfunds	`15`	14,163,966
Unrestricted funds
. Designatedfunds	`16`	16,288,950		16,288,950
. Tangible fixed assetsfund	`17`	26,022,639		26,022,639
. General fund		1,224,810		1,224,810
		57,700,365		43,536,399

		2022	2021
	Notes	£	£
Cash flows from operating activities:
Netcash provided by operating activities	A	621,515
Cash flows from investing activities:
Investmentincome and interestreceived		641,340
Proceedsfromthe disposal oftangible fixed assets		284,353
Purchase oftangible fixed assets		(3,218,718)
Proceedsfromthe disposal ofinvestments		4,115,109
Purchase ofinvestments		(1,267,355)
Net cash provided by investing activities		554,729
Change in cash and cash equivalents in the year		1,176,244
Cash and cash equivalents transferred from Sisters of the
Cross and Passion (Charity Registration 1038483)		1,784,402
Cash and cash equivalents relating to St Gemma's Hospice at
1 April 2021		3,951,855
Change in cash and cash equivalents due to exchange rate
movements		55,446
Cash and cash equivalents at 31 March 2022	B	6,967,947

			2022	2021
			`£`	£
			-----
	Net movement in funds (as per the statement of financial activities)		44,813,587
	Adjustments for:
	Depreciation charge		1,196,056
	Gainson investments		(843,819)
	Transfer from Sisters of the Cross and	Passion (Charity Registration
	Number 1038483)		(43,839,248)
	Investment income and interestreceivable		(641,340)
	Netsurpluson disposal oftangible fixed assets		(131,456)
	Decrease in stocks		2,474
	Increase in debtors		(444,886)
	Increase in creditors		510,147
	Net cash provided by operating activities		621,515
B	Analysis of cash and cash equivalents
			2022	2021
			`£`	`£`
			-----
	Cash atbankand in hand		4,216,517
	Cash held by investmentmanagers		724,973
	Currentasset investments		2,026,457
	Total cash and cash equivalents		6,967,947

							Total			Total
					Unrestricted	Restricted	funds	Unrestricted	Restricted	funds
					funds	funds	2022	funds	funds	2021
Group					£	£	£	£	£	£
Salaries	and	pensions		of
individual			religious
received	under Gift Aid			or
deed of covenant					1,469,782		1,469,782
Legacies						2,350,710	2,350,710
Donations					160,703	1,369,218	1,529,921
Grants						315,389	315,389
Othervoluntary income					5,121		5,121
Total funds					1,635,606	4,035,317	5,670,923

			Total			Total
	Unrestricted	Restricted	funds	Unrestricted	Restricted	funds
	funds	funds	2022	funds	funds	2021
Group	£	£	£	£	£	£
Income from listed investments	475,518	160,771	636,289
Interest receivable
. Bank interest	396	4,450	4,846
. Interest on cash held by investment
managers	205		205
	601	4,450	5,051
Total funds	476,119	165,221	641,340

			Total			Total
	Unrestricted	Restricted	funds	Unrestricted	Restricted	funds
	funds	funds	2022	funds	funds	2021
Group	£	£	£	£	£	£
District Health Authority Income		4,054,263	4,054,263
Covid 19 grant income from NHS
England		683,231	683,231
Training and education		142,855	142,855
Bistro		40,428	40,428
Other income		8,828	8,828
Total funds		4,929,605	4,929,605

		Total			Total
Unrestricted	Restricted	funds	Unrestricted	Restricted	funds
funds	funds	2022	funds	funds	2021
Group £ -----''---------------	£ -----	£ -----	£ -----	£ -----	£ -----
ln-patient care	5,410,700	5,410,700
Community care	1,610,278	1,610,278
Day hospice	460,229	460,229
Bereavement support	239,864	239,864
Education and research	610,641	@od1
Total funds	8,331,712	8,331,712	------------

			Total			Total
	Unrestricted	Restricted	funds	Unrestricted	Restricted	funds
	funds	funds	2022	funds	funds	2021
Group and Charity -----'-------"-------	£ -----	£	£ ----	£	£ ----	£ ----
Total funds: Grants to the
Congregation's overseas missions	oc

						Total			Total
				Unrestricted	Restricted	funds	Unrestricted	Restricted	funds
				funds	funds	2022	funds	funds	2021
Group and Charity				£	£	£	£	£	£
							----
Sisters' living and personal expenses				2,217,360		2,217,360
Premises				2,857,189		2,857,189
Education,	training	and	spiritual
renewal				231,438		231,438
Administrative and similarcosts				539,786		539,786
Othercosts				27,542		27,542
Foreign exchange (gains)/losses				67,693		67,693
Governance	costs (note	7)		172,098	1o9_
Total funds				6,113,106	----	6,113,106	--------		-----

Governance costs
			Total			Total
	Unrestricted	Restricted	funds	Unrestricted	Restricted	funds
	funds	funds	2022	funds	funds	2021
Group	£	£ -----	£ -----	£ £ ----- -----'		£ -----
Accountancy	135,990		135,990
Auditor's remuneration
. Statutory	25,583	18,500	44,083
. Non-statutory		2,900	2,900
Other St Gemma's costs		85,483	85,483
Bank fees and charges	10,5251.o
	172,098	106,883&""S-

						Total
				Unrestricted	Restricted	funds			Total
				funds	funds	2022	Unrestricted	Restricted	2021
				£	£	£	£	£	£
Raising funds					34,232	34,232
ln-patient care					46,920	46,920
Community care					11,514	11,514
Day hospice					6,192	6,192
Bereavement support					2,442	2,442
Education and	research				5,583	5,583
Support of	members	of	the
Congregation and theirministry				172,098		172,098
				172,098	106,883	278,981

	Total	Total
	2022	`2021`
Group	£	£
Staffcosts (note 9)	11,205,373
Auditor's remuneration
. Statutory	38,900
. Non statutory-taxation services	1,900
- reporting to Group auditors	1,000
Depreciation	1,091,144
Operating lease rental - land and buildings	485,740
Operating lease rental - equipment	7,595

	Total	Total
	2022	`2021`
Charity	£	£
Staffcosts (note 9)	2,024,705
Auditors' remuneration
. Statutory	20,400
Depreciation	500,270

	2022	`2021`
Group	£	£
Staffcostsduring the yearwere asfollows:
Wagesand salaries	9,383,570
Social security costs	1,156,533
Other pension costs	665,268
	11,205,373

	2022	2021
Charity	£	£
Staffcosts during the yearwere asfollows:
Wagesand salaries	1,515,770
Social security costs	451,086
Other pension costs	57,849
	2,024,705

	Total	Total
	2022	2021
Group	No.	No.
£60,001- £70,000	2
£70,001- £80,000	2
£80,001- £90,000	2
£90,001- £100,000	1
£100,001- £110,000	1
£140,001- £150,000	1
	9

	2022	2021
	No.	No.
StGemma's Hospice	281
Supportofsisters and their ministry	115
	396

Tangible fixed assets
	Freehold	Improvements	Plant,
	land and	to leasehold	furnitureand	Motor
	buildings	property	equipment	vehicles	Total
Group	£	£	£	£	£
Cost or valuation
At 1 April 2021		6,670,892	4,100,269	59,727	10,830,888
Transfer from Sisters ofthe
Cross and Passion (note24)	27,901,663		1,469,093	480,885	29,851,641
Exchange movement	(58,485)		(1,507)	(1,931)	(61,923)
Additions	2,800,318		417,200	1,200	3,218,718
Disposals	(160,000)		(24,342)	(73,467)	(257,809)
At31 March 2022	30,483,496	6,670,892	5,960,713	466,414	43,581,515
Assets at historic cost	26,889,591				26,889,591
Revalued assets	10,264,798	6,670,892	5,960,713	466,414	23,362,817
	37,154,389	6,670,892	5,960,713	466,414	50,252,408
Depreciation
At 1 April 2021		4,875,722	3,121,254	36,012	8,032,988
Transfer from Sisters ofthe
Cross and Passion (note 24)	4,362,109		1,174,577	345,958	5,882,644
Chargefor year	514,325	331,603	321,259	28,869	1,196,056
Currency adjustment	(10,430)		205	(1,515)	(11,739)
On disposals	(28,800)		(14,670)	(61,442)	(104,912)
At31 March 2022	4,837,204	5,207,325	4,602,626	347,882	14,995,037
Net book values
At 31 March 2022	25,646,292	1,463,567	1,358,087	118,532	28,586,478
At 1 April 2021		1,795,170	979,015	23,715	2,797,900

	Freehold	Plant,
	land and	furniture and	Motor
	buildings	equipment	vehicles	Total
Charity	£	£	£	£
Cost or valuation
At 1 April 2021
Transferfrom Sisters oftheCross and Passion
(note 24)	18,023,202	1,385.207	377,025	19,785,434
Transfer in 1July 2021	9,878,461	83,886	103,860	10,066,207
Additions	2,800,318	26,050	1,200	2,827,568
Exchangemovement	(58,485)	(1,507)	(1.,931)	(61,923)
Disposals	(160,000)		(63,472)	(223,472)
At 31 March 2022	30,483,496	1,493,636	416,682	32,393,814
Assets at historic cost	10,264,798	1,493,636	416,682	12,175,116
Revalued assets	20,218,698			20,218,698
	30,483,496	1,493,636	416,682	32,393,814
Depreciation
At 1 April 2021
Transfer from Sisters oftheCross and Passion
(note24)	2,922,328	1,126,833	275,289	4,324,450
Transfer in 1 July 2021	1,439,781	47,744	70,669	1,558,194
Charge for year	514,325	43,385	22,985	580,695
Currency adjustment	(10,430)	205	(1,515)	(11,740)
Ondisposals	(28,800)		(51,625)	(80,425)
At 31 March 2022	4,837,204	1,218,167	315,803	6,371,175
Net book values
At 31 March 2022	25,646,292	275,469	100,879	26,022,639
At31 March 2021

	Group		Charity
	2022	2021	2022	2021
	£	£	£	£
Programme related investments (see a
below)	133,645		133,645
Listed investmentsand cash held for
re-investment(see b below)	22,992,410		16,246,335
At31 March 2022	23,126,055		16,379,980

	2022	2021
Group and Charity	£	£
At 1 April 2021
Transferfrom Sisters ofthe Crossand Passion (see note 24)	134,646
Exchange movements	(1,001)
At31 March 2022	133,645
	2022	2021
Group and Charity	£	£
Oikocredit	133,645

*b. Listed investments and cash held for re-investment*
	2022	2021
Group	£	£
Listed investments
Marketvalue at 1 April 2021
Transferfrom Sisters ofthe Crossand Passion	24,271,372
Additions atcost	1,267,355
Disposals atbookvalue (proceeds: £4,115,109; gains: £165,708)	(3,949,401)
Netunrealised investmentgains	678,111
Marketvalue at31 March 2022	22,267,437
Cash held by investment managers for reinvestment	724,973
	22,992,410
Costoflisted investmentsat31 March 2022	14,345,587

	2022	2021
Group	£	£
Fixed interestbased common investmentfunds	1,138,274
Equities	6,400,949
Unittrusts	9,512,582
Alternative investments	984,458
Overseasfunds	3,828,034
Property	403,140
	22,267,437

					2022	2022	2021	2021
					Market	Percentage	Market	Percentage
					value	of portfolio	value	ofportfolio
Group					£	%	£	%
Sarasin	Endowments	Fund	(Income	Units)	9,512,582	42.7

	2022	2021
Charity	£	£
Listed investments
Marketvalue at 1 April 2021
Transferfrom Sisters ofthe Crossand Passion (see note 24)	18,161,168
Additionsatcost	74,269
Disposals atbook value (proceeds: £3,134,066; gains: £165,006)	(2,969,060)
Netunrealised investmentgains	434,639
Marketvalue at31 March 2022	15,701,016
Cash held by investment managers for reinvestment	545,319
	16,246,335
Costoflisted investments at31 March 2022	9,468,007

	2022	2021
Charity	£	£
Property	454,844
Fixed interestbased common investmentfunds	3,372,147
Equities	9,512,582
Unittrusts	494,238
Alternative investments	1,680,718
Overseasfunds	186,487
	15,701,016

					2022	2022	2021	2021
					Market	Percentage	Market	Percentage
					value	of portfolio	value	ofportfolio
Charity					£	%	£	%
Sarasin	Endowments	Fund	(Income	Units)	9,512,582	60.6

	Group		Charity
	2022	2021	2022	2021
	£	£	£	£
Trade debtors	1,157
Incometax recoverable	210,372
Other debtors	962,932
Prepayments and accrued income	156,530		11,363
	1,331,000		11,363

		Group		Charity	Charity
		2022	2021	2022	2021
		`£`	£	`£`	£
	-----		-----
Expense creditors		50
Taxation and social security costs		50,838		50,838
Other creditors		850,604		21,735
Accrued expenditure		700,402		222,230
		1,601,894		294,803
Restricted funds
The income funds of the Group and Charity include restricted				funds comprising the
following unexpended balances	of donations and grants held on			trust to be	applied fo
specific purposes.
	At1				At 31
	April				March
Group	2021 £	Income £	Expenditure £	Transfers £	2022 £
Hospice funds
Hospicegeneral funds	8,385,066	12,695,384	(10,738,869)	(94,822)	10,246,759
Designated Funds
Ear Marked Funds (designated
funds inthe Hospice)
. Maintenance ofthe Hospice	418,627			(105,791)	312,836
. Bulding Development reserve	350,000		(5,995)	(39,364)	304,641
. ServiceTransformationfund	362,611		(105,436)		257,175
. Digital Development Reserve	250,000		(10,450)	(67,992)	171,558
. COVID Response Reserve	100,000		(25,000)	(36,059)	38,941
Tangiblefixed assets fund	2,797,900		(590,874)	356,813	2,563,839
NHSE Covidfunding		683,231	(683,231)
HMRC Job retention scheme		12,018	(12,018)
Citywideeducation project	12,138		(1,471)		10,667
Fundingfrom Clinical
Commissioning Groupfor various
specific projects	26,369		(5,467)		20,902
Other funds	184,067	273,185	(207,819)	(12,785)	236,648
	12,886,778	13,663,818	(12,386,630)		14,163,966

		Transfer
		from Sisters
	At1 April 2021	of the Cross and Passion (note 24)	New designation	Utilised/ released	At 31 March 2022
Group and Charity	£	£	£	£	£
Future healthcareofsisters		19,000,000		(3,000,000)	16,000,000
Crisis donations		160,305		(5,000)	155,305
Programme related investments
fund		134,646		(1,001)	133,645
		19,294,951		(3,006,001)	16,288,950

Tangible fixed assets fund
	2022	2021
	Total	Total
Group and Charity	£	£
At 1 April 2021
Transferfrom Sistersofthe Crossand Passion (note 24)	15,465,359
Netmovementin year	10,557,280
At31 March 2022	26,022,639

		Tangible
		fixed
	General	assets	Designated	Restricted	Total
	fund	fund	funds	funds	2022
Group	£	£	£	£	£
Fund balances at 31 March
2022 are represented by:
Tangible fixed assets		26,022,639		2,563,839	28,586,478
Investments	246,336		16,133,645	6,746,073	23,126,054
Netcurrentassets	978,474		155,305	4,854,054	5,987,833
Total net assets	1,224,810	26,022,639	16,288,950	14,163,966	57,700,365

		Tangible
		fixed
	General	assets	Designated	Restricted	Total
	fund	fund	funds	funds	2022
Charity	£	£	£	£	£
Fund balances at 31 March
2022 are represented by:
Tangible fixed assets		26,022,639			26,022,639
Investments	246,336		16,133,645		16,379,981
Netcurrentassets	978,474		155,305		1,133,799
Total net assets	1,224,810	26,022,639	16,288,950		43,536,399

	Group	Group	Charity	Charity
	2022	2021	2022	2021
	£	£	£	£
Unrealised gains included above:
On investments	7,921,850		6,233,009
Total unrealised gains at 31 March 2022	7,921,850		6,233,009
Reconciliation of movements in unrealised gains
{losses)
Unrealised gains at 1 April 2021
Transfer from Sisters ofCross and Passion	8,121,920		6,679,730
Less: in respect ofdisposals in theyear	(878,181)		(881,360)
Netgains arising on revaluation intheyear	678,111		434,639
Total unrealised gains at 31 March 2022	7,921,850	----	6,233,009	----

	Land and	buildings	Office equipment	Office equipment
	2022	2021	2022	2021
Group	`£`	£	`£`	`£`
	-----		----
Within one year	443,736		9,401
Between one and five years	965,346		26,141
	1,409,082		35,542

	Unrestricted	Designated	Restricted	Total funds
	funds	funds	funds	2022
	£	£	£	£
Income:
Donations, legacies and trusts	3,750,114		285,203	4,035,317
Othertrading activities	4,289,500			4,289,500
Investment income	165,221			165,221
Charitable activities	4,246,374		683,231	4,929,605
Total income	12,451,209		968,434	13,419,643
Expenditure:
Cost of raising funds	3,948,450	106,468		4,054,918
Charitable activities	6,790,419	631,287	910,006	8,331,712
Total expenditure	10,738,869	737,755	910,006	12,386,630
Gains on investments	244,175			244,175
Net income (expenditure) before
transfers	1,956,515	(737,755)	58,428	1,277,188
Transfers	(94,822)	107,607	(12,785)
Net movement in funds	1,861,693	(630,148)	45,643	1,277,188
Reconciliation of funds
Fund balances at 1 April 2021	8,385,066	4,279,138	222,574	12,886,778
Fund balances at 31 March 2022	10,246,759	3,648,990	268,217	14,163,966

	1 April 2021
	£
Tangible fixed assets(note 11)
. Cost	19,790,592
. Depreciation	{4,325,233)
	15,465,359
Fixed asset investments (including cash held by investment managers
of£466,935) (note 12)	18,762,634
Debtors (note 13)	10,501
Cash atbank and in hand	1,203,287
Creditors: amountsfalling due within one year (note 14)	(224,728)
	35,217,053

The assets and liabilities were represented by thefollowingfunds:
	2021
	£
Tangible fixed assetsfund (note 17)	15,465,359
General funds	456,739
Restrictedfunds (note 15)	4
Designatedfunds(note 16)	19,294,951
`---------------------------`	35,217,053