## **Sisters of the Holy Cross CIO**
**Annual Report and Accounts**
31 December 2023
Charity Registration Number 1195162
**Contents**
|**Reports**||
|---|---|
|Reference and administrative information|1|
|Trustees’ report|3|
|Independent auditor’s report|23|
|**Accounts**||
|Statement of financial activities|28|
|Balance sheet|29|
|Statement of cash flows|30|
|Principal accounting policies|32|
|Notes to the accounts|37|
Sisters of the Holy Cross CIO
## **Reference and administrative information**
|**Trustees**|Sister Imelda Fleming|
|---|---|
||Sister Ursula Eberhardt|
||Sister Elizabeth O’Donohoe|
||Sister Margaret Donovan|
|**Leader**|Sister Imelda Fleming|
|**Bursar**|Sister Margaret Donovan|
|**Administrative Address**|The Grange|
||Grange Road|
||Chalfont St Peter|
||SL9 9AH|
|**Registered Address**|41 Westbury Road|
||New Malden|
||KT3 5AX|
|**Charity Registration Number**|1195162|
|**Auditor**|Buzzacott LLP|
||130 Wood Street|
||London|
||EC2V 6DL|
|**Bankers**|HSBC Bank plc|
||73 High Street|
||Watford|
||Hertfordshire|
||WD17 2DS|
|**Property Advisers**|Gerald Eve LLP|
||72 Welbeck Street|
||London|
||W1G 0AY|
|**Solicitors**|Pothecary Witham Weld|
||70 St George’s Square|
||London|
||SW1V 3RD|
Sisters of the Holy Cross CIO **1**
**Reference and administrative information**
|**Investment Managers**|BlackRock Investment Management (UK)|
|---|---|
||Limited|
||12 Throgmorton Avenue|
||London|
||EC2N 2DL|
||Rathbone Investment Management Limited|
||Port of Liverpool Building|
||Pier Head|
||Liverpool|
||L3 1NW|
||Sarasin & Partners LLP|
||Juxon House|
||100 St Paul's Churchyard|
||London|
||EC4M 8BU|
Sisters of the Holy Cross CIO **2**
**Trustees’ report** Year ended 31 December 2023
The trustees present their statutory report, together with the accounts of the Sisters of the Holy Cross, CIO, for the year ended 31 December 2023.
The accounts have been prepared in accordance with the accounting policies set out on pages 32 to 36 of the attached accounts and comply with the charity’s trust deed, applicable laws and 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 Congregation of the Sisters of the Holy Cross (the Congregation) was founded in Switzerland in 1844 by Mother Bernarda Heimgartner. The Congregation is of Pontifical Right. The sisters work in Southern Africa, India, Iraq, Sri Lanka, Latin America, Germany, Switzerland, Italy, Northern Ireland and England. The sisters first came to England in 1902 and at the beginning lived in Wimbledon.
The accounts accompanying this report are the accounts of Sisters of the Holy Cross CIO on which the assets of the English Province of the Congregation were held and through which its finances operated. The charity is governed by a constitution dated 14 July 2021 and is registered under the Charities Act 2011, Charity Registration No. 1195162.
The Charity was dormant until midnight on 31 December 2022 and until that time had no assets and no liabilities. With effect from midnight on 31 December 2022, the assets and liabilities of Sisters of the Holy Cross Charitable Trust (Charity Registration Number is 238426), excluding those relating to Sisters of the Holy Cross Preparatory School, were transferred to the Charity in accordance with a legal transfer of undertakings deed.
## **MISSION**
The Sisters of the Holy Cross CIO aims to support the religious and other charitable works carried on by the members of the Congregation.
When setting the objectives and planning the work of the charity for the period, and when encouraging the work of individual sisters, the trustees have given careful consideration to the Charity Commission’s guidance on public benefit.
The ministries of the sisters of the Congregation in England benefit numerous members of the general public. They fall into the following main areas:
- Caring for members of the Congregation.
- The provision of care, social, pastoral and counselling services by individual sisters.
- Support of the overseas missionary work of the Congregation and the provision of grants and donations to other organisations with objectives consistent with those of the charity.
Sisters of the Holy Cross CIO **3**
**Trustees’ report** Year ended 31 December 2023
## **ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES**
## **Caring for members of the Congregation**
In common with many religious congregations in England, the age profile of the sisters is increasing towards the older age groups.
The age profile of the sisters in the English Province at 31 December 2023 is shown graphically below:
**----- Start of picture text -----**
AGE PROFILE OF SISTERS
8
6
4
2
0
70-79 80-89 90-99
AGE
NO OF SISTERS
**----- End of picture text -----**
The Congregation has an obligation to provide care for its members, none of whom has resources of their own and all of whom have devoted a significant part of their lives to the work of the congregation. As a consequence of the age profile of the sisters, the trustees are giving careful consideration to the health and needs of the sisters, the property requirements of the Province and their financial implications. The aims of the trustees in the forthcoming years include:
- Ensuring the sisters receive the high level of care that they require;
- Enabling all sisters to continue with their ministries for as long as possible; and
- Reviewing the charity’s properties and assessing their suitability for the elderly.
## **Social and pastoral work**
The following are some examples of social and pastoral work undertaken by the sisters:
- Caring for sisters of the Congregation in need;
- Working in parishes including visiting, helping in catechetical programmes, and assisting parishioners to develop their spiritual life;
- Spiritual direction and guiding prayer groups;
- Teaching in schools;
Sisters of the Holy Cross CIO **4**
**Trustees’ report** Year ended 31 December 2023
## **ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES** (continued)
**Social and pastoral work** (continued)
- Visiting the elderly and infirm;
- Supporting the homeless;
- Working with environmental groups;
- Working with groups that combat trafficking; and
- Teaching immigrants
The aims of the trustees of the charity include:
- Enabling all sisters of the Province to carry out their works of charity within the community after assessing their skills and the needs of the local area;
- Encouraging and motivating the sisters to work with and assist the poor, elderly and marginalised; and
- When possible, ensuring that the sisters are remunerated for such work by way of salary or stipend. Such income is donated to the charity, and this helps ensure that the work of the sisters and the charity may continue into the future and develop.
## **Support of overseas missionary work and the provision of grants and donations**
During the period, the charity supported the work of the sisters of the Congregation in developing countries. The money donated to the Congregation by the English Province is administered by the General Administration in Switzerland. Funds are transferred only when requested by the sisters on the mission field. The Generalate receives regular reports on how this money is spent by the sisters in India, Sri Lanka, Lesotho, Zambia and the Cape Province, and in turn informs the trustees. In consultation with the Generalate in Switzerland, when appropriate, the trustees decide on the amount of donations and other payments in support of missionary work and ministry.
In addition to supporting the work of the Congregation overseas, the charity also provides grants to other organisations with objectives consistent with its own. Details of the charity’s grant making policy and the approach to grant making are given later in this report.
Sisters of the Holy Cross CIO **5**
**Trustees’ report** Year ended 31 December 2023
## **ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES** (continued)
## **Investment policy**
The charity’s investments are managed by BlackRock Investment Management (UK) Limited, Rathbone Investment Management Limited and Sarasin & Partners LLP. There are no restrictions on the charity’s power to invest. The investment strategy set by the trustees takes into account income requirements, the risk profile and the investment managers’ views of the market prospects in the medium term. The strategy is to maximise total returns, within acceptable levels of risk.
Pope Francis’ encyclical, Laudato Si, has encouraged the Sisters of the Holy Cross to focus on care of creation. For some time, we have been urging our investment managers to reduce reliance on fossil fuels. We have realised that engagement with these companies only has limited success. We have now informed our investors that we have decided to gradually disinvest from fossil fuels, and thus work towards a zero-carbon future.
In the light of new technologies and developments in science, we are constantly reviewing our attitude to ethical issues. We look at which companies are not in line with Catholic Social Teaching, discuss these issues with our investment managers, and ask them to take appropriate action.
There is an ethical policy precluding investment in any organisation, which, after reasonable enquiry, clearly has significant profits from an activity that is contrary to the objectives of the Catholic Church.
The trustees meet regularly with the investment managers to review the performance of the portfolio and the investment strategy.
## **Caring for members of the Congregation**
The charity continued to assist the active members of the Congregation in their charitable and religious work. Any salary or stipend received by a sister was donated to the charity. In addition, the charity supported several members to work as volunteers in their chosen ministries. The charity continued to provide for those sisters who need additional support and care.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Social and pastoral work**
The sisters continue their social and pastoral care work as described earlier. This includes:
- One sister works part-time in administration in a retreat centre;
- One sister teaches religious studies in a school;
- Some sisters accompany people for spiritual direction;
Sisters of the Holy Cross CIO **6**
**Trustees’ report** Year ended 31 December 2023
## **ACHIEVEMENTS AND PERFORMANCE**
## **Social and pastoral work** (continued)
- One Sister prepares children for the Sacraments;
- Many sisters support our older and infirm sisters;
- One sister works part-time at the Coombe as a pastoral coordinator;
- One sister works with Interfaith within the Westminster Diocese;
- One sister is an educator on ecological issues;
- Three sisters work within their parishes on justice and peace issues;
- One sister works with groups engaged in support of trafficked people;
- One sister works with vulnerable women at a Centre; and
- One sister teaches girls who have recently arrived in the Country and have no school to attend.
## **Support of overseas missionary work and the provision of grants and donations**
## _**Overseas missionary work**_
The Sisters of the Holy Cross in England give the Congregation Leadership Team (CLT) money for Initial and On Going Formation. They distribute the money to various Provinces, according to needs and the number of people in formation.
Initial Formation includes providing programs for those considering Religious Life. A number of ‘Come and See’ gatherings are organized.
On-Going Formation strengthens a sister in her Religious vocation and also equips her for her chosen mission in life.
Below is a quotation from three young Sisters who were sponsored by the Sisters of the English Province to participate in a six month Formation course in Rome.
“The Program has provided us with many opportunities for personal growth and transformation. The content was holistic, touching all aspects of our lives The program provided us with opportunities to pray , and grow in communion with each other, in our diverse personalities, age, culture, charisms and nationalities. The Group Dynamics were enriching, and inspiring and it enabled us to see that despite our differences, we walk the same path, share the same call and move to the same goal”.
Sisters of the Holy Cross CIO **7**
**Trustees’ report** Year ended 31 December 2023
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
**Support of overseas missionary work and the provision of grants and donations** (continued)
## _**Overseas missionary work** (continued)_
Ongoing formation helps the Sisters to deepen their spirituality and respond to the demands of the mission and challenges in the world.
Three Holy Cross Sisters attending Formation Course in Rome
Sister in Initial formation is studying for her degree in the foundation phase, as an Educator as well as a three year course in Theology.
Education of children in the missions
Sister teaching a young child in Chile to read
Sisters of the Holy Cross CIO **8**
**Trustees’ report** Year ended 31 December 2023
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
**Support of overseas missionary work and the provision of grants and donations** (continued)
## _**Overseas missionary work** (continued)_
Learning about Life in a hospice including training to be Nurses and caring for patients in a hospice
Sisters sharing community life - cooking and housekeeping.
For young sisters, community living becomes an important aspect in developing skills. Sisters learn to interpret their spirituality with community life and apostolic service.
Sisters of the Holy Cross CIO **9**
**Trustees’ report** Year ended 31 December 2023
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
**Support of overseas missionary work and the provision of grants and donations** (continued)
## _**Overseas missionary work** (continued)_
Sisters in initial formation continue their professional training for various ministries, teacher training, nursing, social work or other occupations.
Formation helps candidates to discover, assimilate and deepen their identity as a child of God, set apart for a special mission and purpose – to be His credible witness by their transformation into the person of Jesus Christ.
Sisters of the Holy Cross CIO **10**
**Trustees’ report** Year ended 31 December 2023
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
**Support of overseas missionary work and the provision of grants and donations** (continued)
## _**Scope of Grant-Making**_
The primary focus of our grant-making is the support of holistically educational and/or faith projects within the four Roman Catholic dioceses of Northampton, Westminster, Southwark and Brentwood; these are ‘preferred’ (geographically) due to the fact that members of the congregation still live in in each of the four dioceses. The projects must benefit young people (up to and including age 25) and/or the marginalised, disadvantaged and vulnerable sectors of society (not age-dependent). The eligibility criteria and scope are publicised at our website — Grant Making Sisters of the Holy Cross (holycrossengland.org.uk). Projects which fall outside the publicised eligibility criteria, or where the grant requested exceeds the published financial limits, may be considered by the trustees on an exceptional basis.
The majority of applicants learn of our grant-making through recommendations and referrals, either from trust fundraisers employed by the four ‘preferred’ dioceses or from previous beneficiaries. A proportion of applicants do find out about it through internet searches. A number of grant requests in this financial year have been re-applications from previous beneficiaries **(34%),** although the year has fielded a higher percentage **(66%)** of new applicants. The publicised scope of our grant-making states that grants will be awarded for a maximum of 2 years but does not categorically rule-out further assistance beyond that. Flexibility is possible in cases where previous grant awards have been modest rather than maximum, and in cases where emergency funding is required to safeguard the future of an organisation / project. The trustees generally limit maximum awards to £20K.
## **Statistics & Finance**
The financial year opened with grant commitments of **£273,960** brought forward from previous years and transferred from Sisters of the Holy Cross Charitable Trust. However, one commitment of £15,000 (made in July 2022) was cancelled in November 2023, thereby reducing the ‘brought forward’ commitment total to **£258,960** .
The trustees met to consider new applications in March, July and November 2023. A total of **46** grant applications were considered, resulting in **45** awards to the value of **£846,715** . These 45 awards are listed in the next section. In-year payments totalled **£849,225** and the period closed with grant commitments of **£256,450** carried forward.
Sisters of the Holy Cross CIO **11**
**Trustees’ report** Year ended 31 December 2023
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
**Statistics & Finance** (continued)
||**Applications**
**considered**|**Grants**
**Awarded**|**Value of**
**Grants**
**awarded**
**2023**|
|---|---|---|---|
|March 2023 Meeting|16|15|£293,100|
|July 2023 Meeting|14|14|£275,000|
|November 2023 Meeting|16|16|£278,615|
|**Totals**|**46**|**45**|**£846,715**|
## _**Grants awarded in FY 2023**_
_March 2023_
|1|Music4Wellbeing|Regenerate: Get Well Kent (80 activity sessions)|
|---|---|---|
|2a
2b|Centre for ADHD & Autism Support (Yr1)
Centre for ADHD & Autism Support (Yr2)|0.35 FTE Youth Worker- salary contribution (Yr1)
0.35 FTE Youth Worker- salary contribution (Yr2)|
|3a
3b|Haringey Migrant Support Centre (Yr1)
Haringey Migrant Support Centre (Yr2)|Advice and Casework staff - 2 x salary contribs (Yr1)
Advice and Casework staff - 2 x salary contribs (Yr2)|
|4|Kids Alive International|Helping Children in Karundas (Kenya) @ Hall Mead|
|5|Newham Catholic Deanery|Deanery Youth Worker (new post) - salary
contribution|
|6|The Little Sisters of the Poor|Agency staff costs - St Anne's & St Peter's care
homes|
|7|Housing Justice|Faith in Affordable Housing project - in London|
|8|Catholic Worker Farm|Monthly [annual] rental costs|
|9|Community of Christ Prince of Peace|New Dawn Family Pilgrimage 2023 - ARC / op costs|
|10a
10b|Education Commission RCAOS (Yr1)
Education Commission RCAOS (Yr2)|Senior Chaplaincy specialist (salary contribution) -
Expansion of apprenticeship programme|
|11|Life|Housing Support Worker (Northampton House) -
salary contrib|
|12|Baytree Centre|Mentor Manager - salary contribution|
|13|Thomas Becket Catholic School|Creation of zoned spaces within SEN base|
|14|CJM Music|Teach Us to Pray schools programme - devpt costs|
|15|theASCENT|10 Year Anniversary Retreat|
Sisters of the Holy Cross CIO **12**
**Trustees’ report** Year ended 31 December 2023
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
## **Statistics & Finance** (continued)
## _**Grants awarded in FY 2023** (continued)_
## _July 2023_
|16|Blossom Antenatal|Baby bank provision (full-time) in Harrow|
|---|---|---|
|17|West London Mission|Hd of Counselling / Snr Counselling Admin (salaries)|
|18a
18b|Fairbeats Music (Yr1)
Fairbeats Music (Yr2)|Youth Worker / General Manager (salaries) - Yr 1
Youth Worker / General Manager (salaries) - Yr 2|
|19a
19b|Harlington Hospice (Yr1)
Harlington Hospice (Yr2)|CABS Psychotherapist salary contribution - Yr 1
CABS Psychotherapist salary contribution - Yr 2|
|20|Bishop's Stortford Youth Project|Annual operating costs|
|21|Accuro|Annual operating costs|
|22|Feed the Minds|Annual operating costs|
|23|The Tablet Trust|Supply of The Tablet free-of-charge to schools|
|24|Hackney Doorways|Annual operating costs|
|25|One Hope Project|National Director (new post) - salary contribution|
|26|Caritas St Joseph's|ARC Caritas St Joseph Family Support and Outreach
Service|
|27|Las Casas Institute|CCT Project - Project Lead & Project Consultant
salaries|
|28|Fulham Good Neighbours|Contribution to 3 x salaries|
|29|OFD Catholic Charismatic Community|Costs of creating open retreats for young people|
Sisters of the Holy Cross CIO **13**
**Trustees’ report** Year ended 31 December 2023
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
## **Statistics & Finance** (continued)
## _**Grants awarded in FY 2023** (continued)_
## _November 2023_
|30|re:generation Harrow|Annual running costs|
|---|---|---|
|31|ORCHYD|Annual running costs / summer residential camp|
|32|HACS|Salary contrib - Children & Young People's Service
Manager|
|33|Pilgrim Ways|Year 2 administrative / running costs|
|34|The Catholic Union|Annual running costs|
|35a
35b|St Vincent's Centre Southend (Yr 1)
St Vincent's Centre Southend (Yr 2)|Salary contrib - Programmes & Activities Coordinator
Salary contrib - Programmes & Activities Coordinator|
|36|Catholic Unscripted|Annual running costs|
|37|March for Life|Rethink Abortion Day(s) costs|
|38|Kingston Churches Action on
Homelessness|Housing Crisis Intervention Service - running costs|
|39a
39b|Spitalfields Crypt Trust (Yr 1)
Spitalfields Crypt Trust (Yr 2)|Salary contrib - Therapeutic Programmes Mgr (Yr1)
Salary contrib - Therapeutic Programmes Mgr (Yr2)|
|40|Baptism Box (Shrewsbury diocese)|Initial production costs (Baptism Box)|
|41|Friends of the Holy Land|Education Bursary Fund (14 students)|
|42|Youth Strategy - RCAoS|Youth Days for 10 -16 year olds - running costs|
|43|Catholic-Muslim YP leadership
programme|Catholic-Muslim YP Leadership Project|
|44|Wintershall CIO|Salaries contrib - Education Officer & Education
Team staff|
|45|St John Bosco Children's Camp|Annual running costs|
## _**Visits to Beneficiaries**_
The following visits were undertaken by the trustees, in order to engage with both past and present beneficiaries:
|present beneficiaries:|||
|---|---|---|
|**Beneficiary**|**Event**|**Date**|
|Baytree Centre|Acquaintance visit|18 Jan 2023|
|Prison Advice and Care Trust|Supporters’ Mass and Roadshow|20 Jun 2023|
|Catholic Worker Farm|Benefactors’ Dinner|22 Jul 2023|
|Jesuit Refugee Service UK|Founders’ Day Service|14 Nov 2023|
## _**Progress Reports**_
Progress reports for a majority of projects in receipt of our grant funding were scheduled, received and assessed (initially) by the Grants Administrator. These reports are particularly important in assisting the trustees to decide whether or not to consider re-applications for further funding.
Sisters of the Holy Cross CIO **14**
**Trustees’ report** Year ended 31 December 2023
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
## **Some Projects Supported**
_**The Baytree Centre**_ is an educational charity for women and girls, based in the heart of Brixton, south London. An integral part of the community since 1991, the centre provides holistic support through personal development activities and workshops, mentoring, coaching, as well as English classes and integration support for newly arrived migrants and refugees. In March 2023 we awarded a grant of £20,000 towards the Mentor Manager’s salary.
_**Fairbeats**_ is a music charity working with young refugees, asylum seekers, newly arrived migrants and their families. It works with community centres across south London, engaging with families from all over the world. Young people are brought together through music-making and other artistic activities in a way that is creative, relaxed, dynamic and fun. In July 2023 we awarded a grant of £20,000 for each of 2 years, towards salaries of both a Fairbeats youth worker and general manager.
_**ORCHYD**_ was set up in 1971 when members of the Ruislip Christian Council got together with Scope to run a residential summer holiday scheme for children with physical disabilities. Although Scope is no longer involved, the core purpose is the same: to provide an amazing summer holiday for disabled children. In recent years, ORCHYD has expanded and has regular day trip and weekend schemes - even taking a group to Disneyland Paris! In November 2023 we awarded a grant of £15,000 towards the running costs of activities in 2024.
The work of Spitalfields Crypt Trust started in 1965, when a soup kitchen and night shelter was established from the crypt of Christ Church, Spitalfields. Fast forward to today: SCT runs an addiction treatment centre, offering personal development and training services for people in
recovery, alongside a number of social enterprises. SCT’s pioneering approach embodies best-practice around addiction recovery by treating the whole person and their needs. The charity’s work has been inspired and motivated by Christian faith and values; the life and teaching of Jesus is characterised by a love which is honest and challenging, accepting and healing. The future vision is a society where anyone with drug or alcohol addictions and complex needs can transform their life. In November 2023 we awarded a grant of £20,000 for each of 2 years, towards salary of the Therapeutic Programmes Manager.
Sisters of the Holy Cross CIO **15**
**Trustees’ report** Year ended 31 December 2023
## **FINANCIAL REVIEW**
## **Results for the period**
A summary of the period’s results can be found on page 28 of the attached accounts. The charity was incorporated on 14 July 2021 but did not become active until 1 January 2023, therefore no comparative figures are presented.
Total income in the period was £52,781,276. Net assets transferred to the Charity from Sisters of the Holy Cross Charitable Trust (Charity Registration Number 238426) as at midnight on 31 December 2022 amounted to £51,191,636 (comprising £0.5m general funds and £50.5m designated funds).
Total expenditure in the period was £2,769,405. Expenditure of £1,053,004 was incurred on maintaining sisters and enabling them to carry out their work. Expenditure of £1,659,758 was incurred on grants, donations and support of missionary work and ministry. The charity awarded grants of £849,225 as per note 7 to the accounts.
Therefore, the net income for the period before investment gains was £50,011,871. Net investment gains amounted to £1,705,951.
The resultant net income i.e. the net surplus in funds for the year was £51,717,822 giving rise to total funds at 31 December 2023 of £51,717,822.
## **Investment performance**
During the year, the charity’s investments achieved an income yield of 2.9% and a capital yield of 5%. The investment managers continued to invest in accordance with the trustees’ investment policy set out earlier in this report. At the end of the period, the charity’s portfolio of listed investments comprised 42% Alpha CIF for Endowment income units, 13% UK equities, 17% UK unit trusts, 11% overseas equities and 1% cash instruments.
## **Financial position**
The balance sheet shows total funds of £51,717,822 at 31 December 2023.
As stated earlier in this report, the assets and liabilities of Sisters of the Holy Cross Charitable Trust (Charity Registration Number is 238426), excluding those to Holy Cross Preparatory School, were transferred to the Charity with effect from midnight on 31 December 2022.
The designated funds which had a balance of £39.7 million at 31 December 2023 comprised a retirement reserve of £4.5million, a grant fund of £33.2million and a School Emergency fund of £2m. This grant fund comprises monies that have been invested with the intention of generating income that will be applied towards the provision of grants to support the Congregation’s work overseas, to support other projects based overseas but overseen or administered by other Roman Catholic Congregations and to support UK charities and individuals for purposes consistent with the charitable objectives of the Sisters of the Holy Cross CIO. Details of all designated funds are given in note 18 of the attached accounts.
Sisters of the Holy Cross CIO **16**
**Trustees’ report** Year ended 31 December 2023
## **FINANCIAL REVIEW** (continued)
## **Financial position** (continued)
Free reserves available to support the sisters and their work generally in the future are shown on the balance sheet as the general fund and amounted to £1,174,596 at 31 December 2023. The trustees have examined the requirement for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that, given the nature of the Congregation’s work, the cost of caring for
the sisters and maintaining the convents etc, the level of free reserves should be approximately twelve months annual expenditure (excluding grants payable) to provide for contingencies and unevenness in future outcome. At 31 December 2023 the level of free reserves required under this policy would be approximately £1.1million.
At the date of the balance sheet, the level of free reserves is in accordance with the policy above, the trustees are content with the charity’s level of general funds or free reserves and consider them to be adequate but not excessive.
## **PLANS FOR FUTURE PERIODS**
Plans include the following:
- To monitor the needs of the Sisters and to respond as necessary.
- To continue collaborating with Holy Cross Sisters in various countries of the world.
- To continue supporting Sisters in other parts of the Congregation.
- To review the Safeguarding structures in accordance with the Standards set out by the CSSA (Catholic Safeguarding Standards Agency).
- To ensure Sisters and employees have the necessary training making use of the courses provided by the RLSS (Religious Life Safeguarding Service).
- To review the charities’ risk assessments and policies.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governance**
In terms of Canon Law, the Congregation is governed at an international level by the Congregational Leader and her General Council in Switzerland. They are elected every six years at a General Chapter. During the year to 31 December 2023, the English Province was governed by the Provincial Leader and her Provincial Council. There was a system of accountability throughout the Province to ensure that the Provincial Leader and her Councillors were aware of the ministries carried out by the sisters of the Province. The Congregational Leader makes a visit to the English Province at least once every six years.
From 1 January 2023 the sisters in England no longer form a Province, but have a Covenant Leader from another Province and a Local Leader in England, with two Councillors. These three Sisters are the Trustees alongside the bursar.
Sisters of the Holy Cross CIO **17**
**Trustees’ report** Year ended 31 December 2023
## **STRUCTURE, GOVERNANCE AND MANAGEMENT** (continued)
## **Governance** (continued)
In terms of civil law, the charity is governed by its constitution and trustees.
All trustees have knowledge of the charity and of its structures. They meet with the Congregation’s legal, accounting and investment advisers during the course of the period to obtain a full briefing of their responsibilities and the charity’s position. The trustees attend courses and workshops on the role of trustees and share the information with the other trustees.
The trustees in office during this present period are;
## _**Sister Imelda Fleming**_
Sister Imelda took over as Leader of the sisters of the Holy Cross in England from Sister Margaret Donovan, who had completed her term of Office on January 1 2023. Since making her profession as a Sister of the Holy Cross, Sister Imelda trained as a Secondary School Teacher at Notre Dame Teacher Training College in Liverpool and obtained a B.Ed. from Liverpool University. She taught at Holy Cross Convent School at the Grange and later at Marion High School on the Wirral. Later she trained as a Social Worker and worked for sixteen years in the field of Social Work in Adoption and Fostering, with the Catholic Children’s Society, Westminster. For the last ten years she was Provincial Bursar for Sisters of the Holy Cross in England.
## _**Sister Ursula Eberhardt**_
Sister Ursula completed her teacher training at Digby Stuart College, London. Later she studied for a Theology Degree Hons at Kings College London for three years. She taught in various schools, including 17 years as Deputy Head at Holy Cross Preparatory School in Kingston and then a further seven years at the school before stepping down from classroom teaching. She is engaged in a voluntary capacity at Holy Cross Preparatory School in a pastoral care capacity. She also co-ordinates the First Communion classes at St Ann’s R.C. Church as well as being involved with other parish work.
## _**Sister Elizabeth O’Donohoe**_
Sister Elizabeth O’Donohoe was educated by the Sisters of the Holy Cross at the Grange, Buckinghamshire. After entering the Order, she did he BA and Teachers Certificate at St Mary’s College Twickenham. Having graduated, she taught at the Holy Cross convent school, New Malden for twelve years, and then went to train as a Spiritual Director at St Beuno’s in North Wales. There followed ten years in the Chaplaincy of Brunel University before going to Westminster Pastoral Foundation for training as a counsellor and psychotherapist. At the same time as training, she was invited to work, part-time with the inter-faith team of the Westminster Archdiocese which she continued to do throughout the years as a councillor and psychotherapist at the end of 2016, she retired from her work as a therapist but continued her involvement in interfaith work till 2022.
Sisters of the Holy Cross CIO **18**
**Trustees’ report** Year ended 31 December 2023
## **STRUCTURE, GOVERNANCE AND MANAGEMENT** (continued)
**Governance** (continued)
## _**Sister Margaret Donovan**_
Sister Margaret taught at Holy Cross Catholic Girl’s School in New Malden. She was one of the Assistant Heads for 10 years, responsible for spirituality and the daily running of the school. She taught Religious Education and Mathematics. Sister Margaret trained at Digby Stuart College in Roehampton, has an MA in Religion and Education from St Mary’s University and also studied for a year in Rome. She is a Foundation Governor for Holy Cross Catholic Girl’s School in New Malden. Sister Margaret works with young people to help them discern what God is asking of them in life. She is also supporting education links with Holy Cross Convent School in Lusaka, Zambia.
## _**Statement of trustees’ responsibilities**_
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 the 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
- 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 constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Sisters of the Holy Cross CIO **19**
**Trustees’ report** Year ended 31 December 2023
## **STRUCTURE, GOVERNANCE AND MANAGEMENT** (continued)
## **Structure and management reporting**
The trustees are responsible for the policies, activities and assets of the charity. They meet regularly to review developments with regards to the charity and its activities and make any important decisions. When necessary, the trustees seek advice and support from the charity’s professional advisers, including property consultants, investment managers, solicitors and accountants.
There are 12 sisters in England. One community is situated in Buckinghamshire and the rest are in or near London. The Leader for the Holy Cross Sisters in England communicates and visits the sisters throughout the year and ensures their wellbeing.
During the year a new property in New Malden was purchased.
## **Key management personnel**
The trustees consider that during the period they comprised the key management of the charity in charge of directing, controlling, running and operating the charity on a day-to-day basis.
The trustees are all members of the Congregation and, whilst their living and personal expenses were borne by the charity, they received no remuneration or reimbursement of expenses in connection with their duties as trustees or key management.
All staff employed by the charity were required to have Disclosure and Barring Service (DBS) checks before commencing employment.
Broadly speaking the risks that have been faced by them may be categorised under governance and management, operational risks, financial risks, reputational risks and risks brought about by external circumstances such as changes in law, regulations and government policies.
## **Working with other organisations**
The charity has worked closely with a number of other charities and public bodies which work in the field of education and which enhance communication and understanding of the educational needs of the students at The Coombe. The School is an active member of the Independent Association of Preparatory Schools (IAPS), a body acting for the promotion and maintenance of preparatory schools generally.
The charity has cooperated and worked closely with the following organisations:
- The Northampton, Southwark, and Westminster Roman Catholic Dioceses;
- Kingston Education Authority; and
- English Heritage.
Sisters of the Holy Cross CIO **20**
**Trustees’ report** Year ended 31 December 2023
## **STRUCTURE, GOVERNANCE AND MANAGEMENT** (continued)
## **Raising funds**
The charity has aimed to achieve best practice in the way in which it communicates with donors and other supporters. It has taken care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It has applied best practice to protect supporters’ data and never sells data, it has never swapped data and it has ensured that communication preferences could be changed at any time. The charity managed its own fundraising activities and has not employed the services of professional fundraisers. The charity has undertaken to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the charity received no complaints about its fundraising activities.
## **Risk assessment and control**
The main areas of risk that have been faced by the charity along with the measures in place to mitigate them, are as follows:
- There is both a moral and legal obligation to care for the older members. None of the members of the Congregation have resources of their own as all earnings, pensions and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant. As the age profile increases, so too does the need to provide care for the sisters. Key elements of the management of this risk are: (a) ensuring that the charity has the available financial resources to finance this care both now and in the years ahead by setting aside assets in a designated fund, the value of which has been based on actuarial principles; and (b) ensuring that processes are in place to review regularly the ministries and needs of individual sisters, encouraging those who need it to take on less demanding ministries and for identifying those who need extra care and help.
- The charity, includes vulnerable adults and older people. The Charity has a safeguarding policy, which all employees are aware of, and trustees attend workshops and seminars to ensure they are up to date with changing legislation.
- The charity donates monies in support of the wider Congregation and other organisations. Most donations sent overseas are to fund projects administered directly by members of the Congregation. Whether or not the funds are used here in Great Britain or overseas, the trustees always ensure that they are fully briefed about and familiar with the work of a potential recipient of funds, that funds are transferred via bank transfer, that proof of receipt is obtained and that, wherever possible (and always in the case of monies sent overseas), a written report of how the monies have been utilised and applied is obtained from the recipient.
- The charity’s principal asset comprises listed investments, the value of which is dependent on movements in UK and world stock markets. The investments are managed by reputable investment managers who adhere to a policy agreed by the trustees. The trustees meet regularly with the investment managers and their performance and that of the portfolios is monitored. The investment strategy is assessed regularly to ensure it remains appropriate to the charities.
Sisters of the Holy Cross CIO **21**
**Trustees’ report** Year ended 31 December 2023
## **EMPLOYEES, VOLUNTEERS, AND MEMBERS OF THE CONGREGATION**
The trustees would like to record their recognition of the professionalism and commitment of all the staff, volunteer friends of the Holy Cross, and the individual members of the Congregation and to say how much they have appreciated their support.
Signed on behalf of the trustees:
Brigid Fleming Trustee
Approved by the trustees on: 4 September 2024
Sisters of the Holy Cross CIO **22**
**Independent auditor’s report** Year ended 31 December 2023
## **Independent auditor’s report to the trustees of Sisters of the Holy Cross CIO**
## **Opinion**
We have audited the accounts of Sisters of the Holy Cross CIO (the ‘charity’) for the year ended which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. 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 accounts:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2023 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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 accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts 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 accounts 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 Holy Cross CIO **23**
**Independent auditor’s report** Year ended 31 December 2023
## **Other information**
The other information comprises the information included in the Annual Report, including the trustees’ report other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. opinion on the accounts does not cover the other information and 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 accounts 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 accounts 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**
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the trustees’ annual report is inconsistent in any material respect with the accounts; or
- sufficient accounting records have not been kept; or
- the accounts are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 19, the trustees are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, 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 Holy Cross CIO **24**
**Independent auditor’s report** Year ended 31 December 2023
## **Auditor’s responsibilities for the audit of the accounts**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## _**How the audit was considered capable of detecting irregularities including fraud**_
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the charity through discussions with management and trustees and from our knowledge and experience of the charity sector;
- We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011 and 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); and
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and those charged with governance and review of minutes of trustees’ meetings.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Making enquiries of trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
Sisters of the Holy Cross CIO **25**
**Independent auditor’s report** Year ended 31 December 2023
## **Auditor’s responsibilities for the audit of the accounts** (continued)
_**How the audit was considered capable of detecting irregularities including fraud** (continued)_
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested and reviewed journal entries to identify unusual transactions;
- Carried out substantive testing of expenditure including the authorisation thereof;
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation;
- Reading the minutes of meetings of trustees; and
- Enquiring of as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Sisters of the Holy Cross CIO **26**
**Independent auditor’s report** Year ended 31 December 2023
## **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. Our audit work has been undertaken so that we might state to the charity’s 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.
Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL
Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Sisters of the Holy Cross CIO **27**
## **Statement of financial activities** Year ended 31 December 2023
|Notes|
**Total**
**funds**
**Year ended**
**31 December**
**2023**
**£**|Total
funds
Period ended
31 December
2022
£|
|---|---|---|
|**Income from:**
Donations
1
Investments and bank deposits
2
Charitable activities
. Rental income
3
Other income
**Income before funds transferred in**
Transfer from Sisters of the Holy Cross Charitable Trust
(Charity Registration Number 238426)
22
**Total income**
**Expenditure on:**
Raising funds
. Investment management costs
4
Charitable activities
. Support of members of the Congregation and their ministry
5
. Grants, donations and support of missionary work and ministry
6
**Total expenditure**
**Net income for the year before investment gains**
Net gains on the revaluation and disposal of investments
14
**Net income and net movement in funds**
**Reconciliation of funds:**
Fund balances brought forward at 1 January 2023
Fund balances carried forward at 31 December 2023|**257,393**
**1,186,327**
**143,750**
**2,170**|—
—
—
—|
||**1,589,640**
**51,191,636**
|—
—|
||**52,781,276**|—|
||**56,643**
**1,053,004**
**1,659,758**|—
—
—|
||**2,769,405**|—|
||
**50,011,871**
**1,705,951**|—
—|
||**51,717,822**
—|—
—|
||**51,717,822**|—|
All income and expenditure in the above relates to unrestricted funds.
The CIO was registered with Charity Commission on 14 July 2021 and remained dormant until 31 December 2022.
With effect from midnight on 31 December 2022, the activities, transactions, assets and liabilities of Sisters of the Holy Cross Charitable Trust (Charity Registration No 238426) excluding the activities of the Holy Cross Preparatory School, were transferred to Sisters of the Holy Cross CIO (see note 23).
All recognised gains and losses are included in the above statement of financial activities.
Sisters of the Holy Cross CIO **28**
**Balance sheet** 31 December 2023
|Notes|**31**
**December**
**2023**
**£**|**31**
**December**
**2023**
**£**|31
December
2022
£|31
December
2022
£|
|---|---|---|---|---|
|**Fixed assets**
Tangible assets
13
Investments
14
**Current assets**
Debtors
15
Short term deposits
Cash at bank and in hand
**Creditors**: amounts falling due
within one year
16
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**The funds of the charity:**
Unrestricted funds
. Tangible fixed asset fund
17
. Designated funds
18
. General funds
**Total funds**|**10,843,226**
**39,478,314**|**50,321,540**
**1,396,282**|—
—|—
—|
||**68,003**
**1,777,067**
**153,695**||—
—||
||**1,998,765**
**(602,483)**||—
—||
||||||
|||**51,717,822**||—|
|||**51,717,822**||—|
|||**10,843,226**
**39,700,000**
**1,174,596**||—
—
—|
|||**51,717,822**||—|
Approved by the trustees and signed on their behalf by:
Brigid Fleming Trustee
Approved on: 4 September 2024
Sisters of the Holy Cross CIO **29**
## **Statement of cash flows** Year ended 31 December 2023
|Notes|**Year ended**
**31**
**December**
**2023**
**£**|Period
ended 31
December
2022
£|
|---|---|---|
|**Cash flows from operating activities:**
Net cash used in operating activities
A
**Cash flows from investing activities:**
Investment income and interest received
Purchase of tangible fixed assets
Proceeds from the disposal of investments
Purchase of investments
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the period**
**Cash and cash equivalents at 31 December 2023**
B|**(1,771,230)**|—|
||**1,124,624**
**(174,326)**
**2,870,156**
**(3,041,351)**|—
—
—
—|
||**779,103**|—|
||**2,245,414**|—|
||**2,245,414**|—|
**Notes to the statement of cash flows for the period from 1 January 2023 to 31 December 2023.**
## **A Reconciliation of net movement in funds to net cash used in operating activities**
|**Net movement in funds (as per the statement of financial activities)**
**Adjustments for:**
Incoming resources for the year
Depreciation charge
Losses (gains) on investments
Investment income and interest receivable
(Increase) in debtors
Increase in creditors
Transferred in from Sisters of the Holy Cross Charitable Trust
(Charity Registration No 238426)
**Net cash used in operating activities**|**Year**
**ended 31**
**December**
**2023**
**£**
**51,717,822**
**302,720**
**(1,705,951)**
**(1,186,327)**
**(6,300)**
**602,483**
**(51,495,677)**
**(1,771,230)**|Period
ended 31
December
2022
£|
|---|---|---|
|||—
—
—
—
—
—
—|
|||—|
Sisters of the Holy Cross CIO **30**
**Statement of cash flows** Year ended 31 December 2023
## **B Analysis of cash and cash equivalents**
|**Analysis of cash and cash equivalents**|||
|---|---|---|
||**Year ended**
**31**
**December**
**2023**
**£**|Period
ended 31
December
2022
£|
|Cash at bank and in hand
Short term deposits
Cash held by investment managers
**Total cash and cash equivalents**|**153,695**
**1,777,067**
**314,652**|—
—
—|
||**2,245,414**|—|
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 Holy Cross CIO **31**
**Principal accounting policies** 31 December 2023
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 December 2023. Comparative information is displayed for the period from 14 July 2021 to 31 December 2022.
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 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) (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 pound.
## **Critical accounting estimates and areas of judgement**
Preparation of the accounts requires the trustees to make significant judgements and estimates.
The items in the accounts where such judgements and estimates have been made include:
- estimating the useful economic life of tangible fixed assets for the purpose of calculating the depreciation charge; and
- determining the value of designated funds needed at the year end, in particular in respect to the assumptions made in determining the value of the retirement fund.
## **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.
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. 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).
Sisters of the Holy Cross CIO **32**
**Principal accounting policies** 31 December 2023
## **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, investment income and interest receivable, rental income and other income.
Donations, including salaries and pensions of individual religious received under Gift Aid or deed of covenant, 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.
Investment income is recognised once the dividend has been declared and notification has been received of the amount 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.
Rental income comprises rent receivable from Holy Cross Preparatory School Kingston CIO and is recognised when due under the lease agreement.
A surplus on the disposal of tangible fixed assets is defined as the difference between the sale proceeds and the net book value of the asset at the time of disposal and after deducting any costs associated with the disposal. The surplus is recognised at the time when legal completion of the sale takes place.
Miscellaneous income is measured at fair value and accounted for on an accruals basis.
## **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. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:
Sisters of the Holy Cross CIO **33**
## **Principal accounting policies** 31 December 2023
## **Expenditure recognition** (continued)
- Expenditure on raising funds includes expenditure associated with raising funds for the charity. This comprises those investment management fees charged directly to the charity. Fees in respect to those investments which comprise pooled investment vehicles, including common investment funds, are inherent within the relevant investment holding. The fees accounted for in this way are included within note 2 to the accounts.
- Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include:
- direct and support costs in respect to the support of members of the Congregation and enabling their ministry (including governance costs).
- Grants and donations payable include amounts towards the support of the other parts of the worldwide Congregation’s and its overseas missions as well as grants to other organisations for purposes consistent with the charity’s charitable objectives and which fall within the remit of its grant making policy. Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved and communicated to the recipient but not paid at the end of the financial year are accrued. Grants where the beneficiary has not been informed or has to fulfil performance conditions before the grant is released are not accrued for but are disclosed as financial commitments in the notes to the accounts.
All expenditure is stated inclusive of irrecoverable VAT.
## **Allocation of support and governance costs**
Support 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.
Support costs and governance costs are allocated directly to support of members of the Congregation and their ministry.
Sisters of the Holy Cross CIO **34**
**Principal accounting policies** 31 December 2023
## **Tangible fixed assets**
All assets costing more than £1,500 and with an expected useful life exceeding one year are capitalised.
- Freehold land and buildings
Non-specialised buildings are those designed as, and used wholly or mainly for, private residential accommodation. Those that were purchased by the predecessor charity on or prior to 31 August 1993 are stated at a trustees’ valuation made, with professional assistance, based on market value for existing use as at that date. Under the transitional arrangements set out in FRS 102, this valuation was deemed to be the cost of the relevant assets as at 1 September 2014. Subsequent additions to non-specialised land and buildings are stated at cost. Such buildings are not depreciated. Their value and condition are reviewed annually by the trustees, who are satisfied that their residual value is not materially less than their book value.
Specialised buildings comprise the school building (let to Holy Cross Preparatory School Kingston) and the convent situated at the Grange Chalfont St Peter, Buckinghamshire. Those that were purchased by the predecessor charity on or prior to 31 August 1993 are stated at a trustees’ valuation made, with professional assistance, based on replacement cost for existing use as at that date. Under the transitional arrangements set out in FRS 102, this valuation was deemed to be the cost of the relevant assets as at 1 September 2014. Subsequent additions are stated at cost. Depreciation is provided at 2% per annum on a straight-line basis to write the buildings off over their estimated useful economic life to the charity. Improvements and enhancements to existing buildings are depreciated at 10% per annum on a straight-line basis. The all weather pitch and pavilion at the school are depreciated at 5% per annum on a straight line basis.
- Furniture, equipment and motor vehicles
Expenditure on furniture, equipment and motor vehicles is capitalised and depreciated over either a four, five or a ten year period on a straight line basis.
## **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 and losses are calculated as the difference between the fair value at the year end and their carrying value at that date.
Sisters of the Holy Cross CIO **35**
**Principal accounting policies** 31 December 2023
## **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. They have been discounted to the present value of the future cash receipt where such discounting is material.
## **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. Deposits of more than three months but less than one year are disclosed as short term deposits.
## **Creditors and provisions**
Creditors and provisions 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 and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.
## **Fund accounting**
Designated funds are monies set aside of unrestricted general funds and designated for specific purposes by the trustees.
The tangible fixed assets fund comprises the net book value of the charity’s tangible fixed assets, the existence of which is fundamental to the charity being able to perform its charitable work and thereby achieve its charitable objectives. The value represented by such assets should not be regarded, therefore, as realisable.
General funds represent those monies that are freely available for application towards achieving any charitable purpose that fall within the charity's charitable objects.
## **Services provided by members of the Congregation**
For the purposes of these accounts, no monetary value has been placed on the administrative and other services provided by the members of the Congregation.
Sisters of the Holy Cross CIO **36**
**Notes to the accounts** Year ended 31 December 2023
## **1 Income from: Donations**
|**Income from: Donations**|||
|---|---|---|
||**Year to 31**
**December**
**2023**
**£**|Period to 31
December
2022
£|
|Salaries and pensions of individual religious received under deed of
covenant|**257,393**|—|
||**257,393**|—|
## **2 Income from: Investments and bank deposits**
|**Income from: Investments and bank deposits**|||
|---|---|---|
||Unrestricted||
||**Year to 31**|Period to 31|
||**December**
**2023**
**£**|December
2022
£|
|Income from listed investments
Interest on cash held by investment managers
Interest on short-term deposits|**1,096,230**
**79,457**
**10,640**|—
—
—|
||**1,186,327**|—|
## **3 Income from: Rent receivable**
||Unrestricted|Unrestricted|
|---|---|---|
||**Year to 31**|Period to 31|
||**December**
**2023**
**£**|December
2022
£|
|Rent receivable from HolyCross PreparatorySchool Kingston|**143,750**|—|
## **4 Expenditure on: Raising funds**
|**Expenditure on: Raising funds**|||
|---|---|---|
||Unrestricted||
||**Year to 31**
**December**
**2023**
**£**|Period to 31
December
2022
£|
|Investment managers’ fees|**56,643**|—|
Sisters of the Holy Cross CIO **37**
**Notes to the accounts** Year ended 31 December 2023
## **5 Expenditure on: Support of members of the Congregation and their ministry**
||Unrestricted|Unrestricted|
|---|---|---|
||**Year to 31**
**December**
**2023**
**£**|Period to 31
December
2022
£|
|Staff costs (note 10)
Premises
Sisters' living and ministry expenses
Education, training and spiritual renewal
Governance costs (note 8)|**224,811**
**535,145**
**192,471**
**5,487**
**95,090**|—
—
—
—
—|
||**1,053,004**|—|
## **6 Grants, donations and support of missionary work and ministry**
||Unrestricted|Unrestricted|
|---|---|---|
||**Year to 31**
**December**
**2023**
**£**|Period to 31
December
2022
£|
|Contribution to the Generalate of the Congregation towards formation
expenses
Annual contribution to the Generalate of the Congregation
Contribution to Holy Cross Preparatory School (note 21)
Donations in support of the Congregation’s missions
Grants payable to other organisations (see below)
Grant administration costs|**248,272**
**510,000**
**38,515**
**849,225**
**13,749**|—
—
—
—
—
—|
||**1,659,758**|—|
Sisters of the Holy Cross CIO **38**
**Notes to the accounts** Year ended 31 December 2023
- **7 Grants, donations and support of missionary work and ministry**
|**Grantspayable to other organisations**|**£**|
|---|---|
|Wave for Change
Responsibility (ECCR)
Hope at Home
St Mary's Bakhita Centre
Prison Advice and Care Trust
Irish Chaplaincy
Anscombe Bioethics Centre
BCYS Youth Leadership
St Bernadette's Catholic Primary
The Mark 10 Mission
Celebrate Trust
St Francis of Assisi, Stratford
Hackney Migrant Centre
Music4Wellbeing
Centre for ADHD & Autism
Haringey Migrant Support Centre
Kids Alive International
Little Sisters of the Poor
Housing Justice
Catholic Worker Farm
Community of Christ Prince of Peace
Education Commission RCAOS
Life
Baytree Centre
Thomas Beckett Catholic School
CJM Music
theASCENT
West London Mission
Fairbeats Music
Harligton Hospice
Bishops Stortford Youth Project
Accuro
Feed the Minds
The Tablet Trust
Hackney Doorways
One Hope Project
Caritas St Josephs
Las Casas Institute
Fulham Good Neighbours
OFD Catholic Charismatic Community
re:generation Harrow
ORCHYD
HACS
Pilgrim Ways
The Catholic Union
Catholic Unscripted
March for Life
Kingston Churches Action on Homelessness
Spitalfields Crypt Trust
Baptism Box
Friends of the Holy Land
Wintershall CIO
St John Bosco Children's Camp|**16,680**
**20,000**
**20,000**
**15,000**
**20,000**
**15,000**
**20,950**
**20,000**
**5,950**
**20,000**
**7,500**
**250**
**10,000**
**20,000**
**10,900**
**15,600**
**19,600**
**20,000**
**20,000**
**20,000**
**15,000**
**14,000**
**20,000**
**20,000**
**10,000**
**20,000**
**7,500**
**20,000**
**20,000**
**20,000**
**20,000**
**20,000**
**20,000**
**10,000**
**20,000**
**20,000**
**20,000**
**15,000**
**10,000**
**5,000**
**5,000**
**15,000**
**20,000**
**5,815**
**15,000**
**15,000**
**10,000**
**20,000**
**20,000**
**10,000**
**12,800**
**20,000**
**20,000**|
||**849,225**|
Sisters of the Holy Cross CIO **39**
**Notes to the accounts** Year ended 31 December 2023
## **8 Governance costs**
|**Governance costs**|||
|---|---|---|
||**Year to 31**
**December**
**2023**
**£**|Period to 31
December
2022
£|
|Legal and professional fees
Audit and accountancy fees (note9)|**25,460**
**69,630**|—
—|
||**95,090**|—|
## **9 Net income for the year before investment gains**
This is stated after charging:
||**Year to 31**
**December**
**2023**
**£ **|Period to
31
December
2022
£|
|---|---|---|
|Staff costs (note 10)
Auditor’s remuneration (including VAT)
. Audit services – current year
. Audit services – prior period
. Other services – taxation
. Other services - non audit and advisory
Depreciation(note 13)|**238,560**
**27,300**
**4,300**
**3,816**
**34,214**
**302,720**|—
—
—
—
—
—|
## **10 Staff costs and remuneration of key management personnel**
|**Staff costs and remuneration of key management personnel**|||
|---|---|---|
||**Year to 31**
**December**
**2023**
**£**|Period to
31
December
2022
£|
|Staff costs during the period were as follows:
Wages and salaries
Social security costs
Other pension costs
Staff costs per function were as follows:
Support of members of the Congregation and their ministry (note 6)
Grant administration|**214,457**
**14,352**
**9,751**|—
—
—|
||**238,560**|—|
||**224,811**
**13,749**|—
—
—
—|
||**238,560**|—|
The number of employees who earned £60,000 per annum or more (including taxable benefits but excluding employer pension contributions) during the period was Nil.
Sisters of the Holy Cross CIO **40**
**Notes to the accounts** Year ended 31 December 2023
## **10 Staff costs and remuneration of key management personnel** (continued)
The average number of employees during the period, calculated on average headcount basis and analysed by function, was as follows:
||**Year to 31**
**December**
**2023**|Period to
31
December
2022
£|
|---|---|---|
|Support of members of the Congregation and their ministry
Grant administration|**13**
**1**|—
—|
||**14**|—|
The Trustees consider that they comprise the key management of the charity in charge of directing, controlling, running and operating the charity on a day-to-day basis.
## **11 Trustees’ expenses and remuneration and transactions with trustees**
As members of the Congregation, the trustees’ living expenses during the period were borne by the charity but they received no remuneration in connection with their duties as trustees during the year.
As members of the Congregation, none of the trustees have resources of their own as all earnings, pensions and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant. During the year, the total amount donated by the Trustees to the charity was £111,311.
## **12 Taxation**
The Sisters of the Holy Cross 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.
Sisters of the Holy Cross CIO **41**
**Notes to the accounts** Year ended 31 December 2023
## **13 Tangible fixed assets**
|**Tangible fixed assets**||||||
|---|---|---|---|---|---|
||Land and|buildings|Furniture
and
equipment
£|Motor
vehicles
£|**Total**
**£**|
||Specialised
£|Non-
specialised
£||||
|**Cost or valuation**
Transfer from Sisters of the Holy
Cross Charitable Trust on
1 January 2023
Additions
At 31 December 2023
At cost
At deemed cost based on 1993
valuation
**Depreciation**
Transfer from Sisters of the Holy
Cross Charitable Trust on
1 January 2023
Charge for the period
At 31 December 2023
**Net book values**
At 31 December 2023
At 31 December 2022|14,414,833
—|1,253,503
174,326|385,247
—|77,974
—|**16,131,557**
**174,326**|
||14,414,833|1,427,829|385,247|77,974|**16,305,883**|
||11,664,833
2,750,000|1,187,829
240,000|385,247
—|77,974
—|**13,315,883**
**2,990,000**|
||14,414,833|1,427,829|385,247|77,974|**16,305,883**|
||4,697,806
301,630|—
—|384,157
1,090|77,974
—|**5,159,937**
**302,720**|
||4,999,436|—|385,247|77,974|**5,462,657**|
||9,415,397|1,427,829|—|—|**10,843,226**|
||—|—|—|—|—|
All specialised land and buildings are freehold. Non-specialised land and buildings are freehold with the exception of the property purchased in the year which is leasehold.
The book value of certain of the non-specialised land and buildings (i.e. the land and buildings owned by the CIO’s predecessor charity at 31 August 1993) is stated at a trustees’ valuation made in 1993 based on market value for existing use. The book value of certain of the specialised land and buildings (i.e. the land and buildings owned by the CIO’s predecessor charity at 31 August 1993) is stated at a trustees’ valuation made in 1993 based on replacement cost for existing use. Under the transitional arrangements set out in FRS 102 these values are deemed to be equal to cost. Subsequent additions are stated at cost. Other tangible fixed assets are stated at cost.
It is likely that the open market values of the charity’s land and buildings is materially higher than their book values. These differences arise from the specialised nature of some properties and the effects of inflation. The amount of such differences cannot be ascertained without incurring significant costs, which, in the opinion of trustees, is not justified in terms of the benefit to the users of the accounts.
Sisters of the Holy Cross CIO **42**
**Notes to the accounts** Year ended 31 December 2023
## **14 Investments**
|**Investments**|||
|---|---|---|
||**Year to 31**
**December**
**2023**
**£**|Period to
31
December
2022
£|
|**Listed investments**
Transfer from Sisters of the Holy Cross Charitable Trust on
1 January 2023
Additions at cost
Disposals at book value (Proceeds: £2,870,156; realised loss: £62,118)
Net unrealised gains
Market value at 31 December 2023
**Cash held by investment managers for re-investment**
Cost of listed investments|
**37,286,796**
**3,041,351**
**(2,932,274)**
**1,767,789**|—
—
—
—|
||**39,163,662**
**314,652**|—
—|
||**39,478,314**|—|
||||
||**32,652,556**|—|
All listed investments were dealt in on a recognised stock exchange.
The following holdings represented material holdings when compared to the total portfolio valuation at 31 December 2023:
||**Value of**
**holding**
**£**
**6,352,196**
**16,533,889**|**Percentage**
**of the**
**market**
**value**
**%**
**16.09**
**41.67**|
|---|---|---|
|BlackRock Charity Growth and Income Fund
Sarasin Endowments Fund|||
## **15 Debtors**
|**Debtors**|||
|---|---|---|
||**Year to 31**
**December**
**2023**
**£**|Year to
December
2022
£|
|Investment income receivable
Prepayments|**61,703**
**6,300**|—
—|
||**68,003**|—|
## **16 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**Year to 31**
**December**
**2023**
**£**|Year to
December
2022
£|
|Expense creditors and accruals
Grants payable
Social security and other taxes
Due to Holy Cross Preparatory School Kingston|**91,286**
**256,450**
**4,747**
**250,000**|—
—
—
—|
||**602,483**|—|
Sisters of the Holy Cross CIO **43**
**Notes to the accounts** Year ended 31 December 2023
## **17 Tangible fixed assets fund**
|**Tangible fixed assets fund**|||
|---|---|---|
||**Year to 31**
**December**
**2023**
**£**|Year to
December
2022
£|
|Transfer from Sisters of the Holy Cross Charitable Trust on
1 January 2023
Movement in period
At 31 December 2023|**10,970,531**
**(127,305)**|—
—|
||**10,843,226**|—|
The tangible fixed assets fund represented the net book value of the charity’s tangible fixed assets. A decision was made to separate this fund from the general fund in recognition of the fact that the assets were used in the day to day work of the charity, and the fund value would not be realisable easily if needed to meet future contingencies.
## **18 Designated funds**
The unrestricted funds of the charity included the following funds set aside for specific purposes.
||**Transfer**
**from**
**Sisters of**
**the Holy**
**Cross**
**Charitable**
**Trust on 1**
**January**
**2023**
**£**|**New**
**designations**
**£**|**Utilised/**
**released**
**£**|**Transfer**
**between**
**funds**|**At 31**
**December**
**2023**
**£**|
|---|---|---|---|---|---|
|Retirement reserve
Grants fund
School Emergency fund|**5,200,000**
**34,500,000**
—|**—**
**—**
**2,000,000**|**(700,000)**
**(1,300,000)**
**—**|**—**
**—**
**—**|**4,500,000**
**33,200,000**
**2,000,000**|
||**39,700,000**|**2,000,000**|**(2,000,000)**|**—**|**39,700,000**|
## **Retirement reserve**
This fund consists of monies set aside by the trustees to provide for the future costs of providing nursing and care costs to elderly sisters and also to provide for sisters of retirement age who are still active and not in need of care. The value of the fund is based on actuarial calculations which show that it will need to be preserved in order to provide for the Congregation’s 12 sisters.
## **Grants fund**
This fund comprises monies that have been invested with the intention of generating income that will be applied towards the provision of grants to support the Congregation’s work overseas, to support other projects based overseas but overseen or administered by other Roman Catholic Congregations and to support UK charities and individuals for purposes consistent with the charitable objectives of the Sisters of the Holy Cross CIO.
Sisters of the Holy Cross CIO **44**
**Notes to the accounts** Year ended 31 December 2023
## **18 Designated funds** (continued)
## **School Emergency fund**
In accordance with the transfer deed with Holy Cross Preparatory School Kingston, the trustees have set aside £2million as a fund that the school can apply to access for emergency or other purposes.
## **19 Analysis of net assets between funds**
||**Restricted**
**funds**
**£**|**Unrestricted funds**|**Unrestricted funds**|**Unrestricted funds**|**Total**
**2023**
**£**|
|---|---|---|---|---|---|
|||**Tangible**
**fixed assets**
**fund**
**£**|**Designated**
**funds**
**£**|**General**
**funds**
**£**||
|**Fund balances at 31 December**
**2023 are represented by:**
Tangible fixed assets
Investments
Net current assets|**—**
**—**
**—**|**10,843,226**
**—**
**—**|**—**
**39,478,314**
**221,686**|**—**
**—**
**1,174,596**|**10,843,226**
**39,478,314**
**1,396,282**|
||**—**|**10,843,226**|**39,700,000**|**1,174,596**|**51,717,822**|
## **20 Ultimate control**
The charity, which is constituted as a CIO, was controlled throughout the period by the English Province of the Sisters of the Holy Cross by virtue of the fact that the Provincial Superior of the Congregation appoints all of the trustees.
## **21 Related party transactions**
Sisters of the Holy Cross CIO is connected to Holy Cross Preparatory School Kingston (Charity Registration Number is 1200167) by virtue of the fact that Sister Ursula Eberhardt and Sister Margaret Donovan are also trustees of Holy Cross Preparatory School Kingston (Charity Registration Number is 1200167). During the year, donations totalling £510,000 were paid to Holy Cross Preparatory School Kingston, and £143,500 of rental income was received from Holy Cross Preparatory School Kingston.
There were no other related party transactions other than those disclosed in note 11.
Sisters of the Holy Cross CIO **45**
**Notes to the accounts** Year ended 31 December 2023
## **22 Transfer of activities, assets and liabilities**
The activities, assets and liabilities of the Sisters of the Holy Cross Charitable Trust, excluding those relating to Holy Cross Preparatory School, were transferred to the CIO by deed of transfer with effect from midnight on 31 December 2022. The net assets received by this CIO comprise:
||**£**|
|---|---|
|Tangible fixed assets
. Cost
. Depreciation
Investments
Cash at bank and in hand
Debtors
Creditors: amounts falling due within one year|**15,668,338**
**(4,697,806)**|
||**10,970,532**
**37,793,038**
**2,731,299**
**39,522**
**(342,755)**|
||**51,191,636**|
Sisters of the Holy Cross CIO **46**