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2024-12-31-accounts

Sisters of the Holy Cross CIO

Annual Report and Accounts

31 December 2024

Charity Registration Number 1195162

Contents

Reports
Reference and administrative information 1
Trustees’ report 3
Independent auditor’s report 20
Accounts
Statement of financial activities 25
Balance sheet 26
Statement of cash flows 27
Principal accounting policies 29
Notes to the accounts 34

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 Audit LLP
130 Wood Street
London
EC2V 6DL
Bankers HSBC Bank plc
1 Cornmarket
High Wycombe
Buckinghamshire
HP11 2AY
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 2024

The trustees present their statutory report, together with the accounts of the Sisters of the Holy Cross, CIO, for the year ended 31 December 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 29 to 33 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.

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:

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Trustees’ report Year ended 31 December 2024

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 2024 is shown graphically below:

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:

Social and pastoral work

The following are some examples of social and pastoral work undertaken by the sisters:

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Trustees’ report Year ended 31 December 2024

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES (continued)

Social and pastoral work (continued)

The aims of the trustees of the charity include:

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.

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Trustees’ report Year ended 31 December 2024

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:

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Trustees’ report Year ended 31 December 2024

ACHIEVEMENTS AND PERFORMANCE

Social and pastoral work (continued)

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 need and the number of people in formation. Sisters follow various fields, such as skills on leadership, technology, administration, agriculture work, care of the environment and spirituality.

Young Sisters are taught different lessons appropriate for each stage in formation and vocational journey.

Initial formation focuses more on providing programmes for those considering vocation and those in the early stage of religious life.

Ongoing Formation strengthens a Sister in her religious vocation. It also equips her for her chosen mission in life.

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Trustees’ report Year ended 31 December 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Support of overseas missionary work and the provision of grants and donations (continued)

Overseas missionary work (continued)

The goal of ongoing vocation is to support the individual religious on her journey, from the time of commitment to the end of her life.

Sisters collaborate with Sisters from different Congregations to be trained in different kinds of ministry.

.

Liturgical vestments made by a sister during her training

The course included making candles and rosaries

Catering students on graduation day

Learning about growing vegetables

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Trustees’ report Year ended 31 December 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Support of overseas missionary work and the provision of grants and donations (continued)

Overseas missionary work (continued)

Spiritual renewal course

Learning computer skills

Sisters in Kenya on a formation course

One Sister wrote: “Retreat is a time to deepen our relationship with God, to reflect on our vocation and ministry, to renew our commitment, and to rekindle our spiritual flame. The Retreat also provides us with a time for rejuvenation in a supportive environment so that we can return to our ministries with renewed energy, clarity and dedication.”

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Trustees’ report Year ended 31 December 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Support of overseas missionary work and the provision of grants and donations (continued)

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Overseas missionary work (continued)
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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 (61%), although the year has fielded a good percentage (39%) of new applicants. Grants will usually be awarded either for one year or a maximum of two consecutive years, after which a period of 12 months is expected to elapse (following expiry of the grant period) prior to consideration of any further applications. Granting financial assistance for a third year is not always ruled out; 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.

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Trustees’ report Year ended 31 December 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Statistics & Finance

The financial year opened with grant commitments of £256,450 brought forward from previous years.

The trustees met to consider new applications in March, July and November 2024. A total of 62 grant awards were made to the value of £1,093,179 , of which six awards were for the maximum amount of £20,000 for each of two years (£40,000 in total). The average award for one year was £17,632. In-year payments totalled £979,059 and the period closed with grant commitments of £370,570 carried forward.

Grants awarded in 2024

Grants awarded in 2024
Grants
Awarded		 Value of
Grants		 Paid in-
year		 Commitments
carried
forward
Commitments brought forward - £256,450 £236,450 £20,000
March 2024 meeting 17 £358,970 £249,500 £109,470
July 2024 meeting 18 £284,515 £264,515 £20,000
October 2024 extraordinary award 1 £594 £594 £0
November 2024 meeting 26 £449,100 £228,000 £221,100
Totals 62 £1,349,629 £979,059 £370,570
Type of award Amount of award
Salary Contributionyear 1 £453,350
Salary Contributionyear 2 £266,345
Operational and running costs £139,600
Educationalproject costs £99,140
Religiousproject costs £80,744
Building works and repairs £39,000
Set up costs £15,000
Total £1,093,179

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.

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Trustees’ report Year ended 31 December 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Some Projects Supported

Radio Maria England is a 24hr Catholic Radio Station set up to broadcast programmes promoting and expressing the Christian faith. It aims to support Catholics and others in their spiritual life and witness to those who wish to learn more about the Catholic faith. It is part of the World Family of Radio Maria, formed in 1998; which currently has 77 radio stations across 5 continents with 500 million listeners world-wide. Radio Maria England is a non-profit organization run by a mixture of professionals and volunteers, lay people, clergy and religious. We awarded grant funding to this charity for 2 years, to contribute to the salaries of 3 staff members.

The Catholic Youth Ministry Federation

(CYMFed) works to support and help deliver the mission of the Catholic Bishops’ Conference of England and Wales; it works for a world in which there is a vibrant Youth Ministry in every Catholic Community. The CYMFed Flame Congress is a unique event which takes place at Wembley Arena every two years. Above all, Flame is intended to

engage and inspire up to 10,000 young people; helping them to see new dimensions to faith, and to dive more deeply into it. This is the third time we have awarded grant funding to ensure the success of Flame, on this occasion to support Flame 2025 (taking place on 15[th] March 2025).

L’Arche London is a Community of around a hundred people based in West Norwood, south London. Over 30 people with learning disabilities are supported at home and in various workshops (for example drama, gardening arts and crafts). A team of dedicated L’Arche support assistants give support and care to the core members; alongside them are faithful community members, volunteers, friends, and neighbours, all of whom play an integral role in fostering a warm and inclusive atmosphere. Everyone lives and works alongside each other as friends and equals in community, to build a world where everyone belongs. We awarded grant funding to this charity for 2 years, to contribute to the salaries of 2 staff members.

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Trustees’ report Year ended 31 December 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Some Projects Supported (continued)

Kitchen Club, delivered by the Parent Club CIO,

works in Hackney and Haringey. At Kitchen Club, families work together to make a delicious, healthy lunch alongside activities to support positive relationships and good child development. Kitchen Club supports families on low incomes with limited access to healthy food, with additional risk factors like poor mental health, social isolation, and inadequate housing. A majority of the families who

attend Kitchen Club live in temporary accommodation, including a high proportion of asylum seekers and refugees. Three of the weekly projects are for this community, delivered at settings close to local hostels. Kitchen Club delivers 150+ sessions per year, with around 400 unique beneficiaries. We awarded grant funding towards annual running costs.

FINANCIAL REVIEW

Results for the period

A summary of the period’s results can be found on page 26 of the attached accounts.

Total income in the period was £1,571,843. Total income for the year to 31 December 2023 was £52,781,276, of which £51,191,636 was the net assets transferred to the Charity from Sisters of the Holy Cross Charitable Trust (Charity Registration Number 238426).

Total expenditure in the period was £2,599,807 (2023: £2,769,405). Expenditure of £1,208,970 (2023: £1,053,004) was incurred on maintaining sisters and enabling them to carry out their work. Expenditure of £1,351,967 (2023: £1,659,758) was incurred on grants, donations and support of missionary work and ministry. The charity awarded grants of £1,093,179) as per note 7 to the accounts.

Therefore, the net deficit for the period before investment gains was £1,027,964 (2023: net gain £50,011,871). Net investment gains amounted to £2,730,916 (2023: £1,705,951).

The resultant net income i.e. the net surplus in funds for the year was £1,702,952 (2023: £51,717,822) giving rise to total funds at 31 December 2024 of £53,420,774 (2023: £51,717,822).

Investment performance

During the year, the charity’s investments achieved an income yield of 2.9% (2023: 2.9%) and a capital yield of 7% (2023: 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 58% Alpha CIF for Endowment income units, 11% UK equities, 5% UK unit trusts, 21% overseas equities and 5% other investments and cash instruments.

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Trustees’ report Year ended 31 December 2024

FINANCIAL REVIEW (continued)

Financial position

The balance sheet shows total funds of £53,420,774 at 31 December 2024 (31 December 2023: £51,717,822).

The designated funds which had a balance of £39.7 million at 31 December 2024 comprised a retirement reserve of £4.5million, a grant fund of £33.2million and a School Emergency fund of £2m. The 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 17 of the attached accounts.

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 £3,319,796 at 31 December 2024. 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 2024 the level of free reserves required under this policy would be approximately £1.2million.

At the date of the balance sheet, the level of free reserves is higher than the policy above. However, given the volatility in international markets, and the realistic possibility of investment losses in 2025, the trustees are of the view that they are unlikely to remain high over the longer term, and therefore they are content with the charity’s level of general funds or free reserves.

PLANS FOR FUTURE PERIODS

Plans include the following:

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Trustees’ report Year ended 31 December 2024

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 2024, 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.

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.

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Trustees’ report Year ended 31 December 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Governance (continued)

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. She continued to do throughout her years as a councillor and psychotherapist until the end of 2016. When she retired from her work as a therapist she continued her formal involvement in interfaith work until the end of 2022.

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. Sister Margaret works with young people to help them discern what God is asking of them in life. Once a week she teaches Maths to girls who have recently arrived in the Country and do not have a school. She is also supporting education links with the Sisters of the Holy Cross in 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:

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Trustees’ report Year ended 31 December 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Governance (continued)

Statement of trustees’ responsibilities (continued)

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.

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.

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.

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.

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Trustees’ report Year ended 31 December 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Working with other organisations (continued)

The charity has cooperated and worked closely with the following organisations:

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 areas of risk that have been faced by the charity 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.

The most significant specific risks, and their mitigation, have been identified as follows:

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Trustees’ report Year ended 31 December 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Risk assessment and control (continued)

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: 25 June 2025

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Independent auditor’s report Year ended 31 December 2024

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 31 December 2024 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:

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.

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Independent auditor’s report Year ended 31 December 2024

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. Our 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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 16, 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.

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Independent auditor’s report Year ended 31 December 2024

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:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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Independent auditor’s report Year ended 31 December 2024

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:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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 23

Independent auditor’s report Year ended 31 December 2024

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 Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL

3 July 2025

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

Sisters of the Holy Cross CIO 24

Statement of financial activities Year ended 31 December 2024

Notes
Total
funds
2024
£		 Total
funds
2023
£
Income from:
Donations
1
Investments and bank deposits
2
Charitable activities
. Rental income
3
Profit on disposal of fixed assets
Other income
Income before funds transferred in
Transfer from Sisters of the Holy Cross Charitable Trust
(Charity Registration Number 238426)
21
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 (expenditure)/income for the year before investment
gains
Net gains on the revaluation and disposal of investments
13
Net income and net movement in funds
Reconciliation of funds:
Fund balances brought forward at 1 January 2024
Fund balances carried forward at 31 December 2024		 268,332
1,152,661
150,000
700
150		 257,393
1,186,327
143,750
—
2,170
1,571,843
—
 1,589,640
51,191,636
1,571,843 52,781,276
38,870

1,208,970
1,351,967		 56,643
1,053,004
1,659,758
2,599,807 2,769,405

(1,027,964)
2,730,916		 50,011,871
1,705,951
1,702,952
51,717,822		 51,717,822
—
53,420,774 51,717,822

All income and expenditure in the above relates to unrestricted funds.

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

Sisters of the Holy Cross CIO 25

Balance sheet 31 December 2024

Notes 2024
£		 2024
£		 2023
£		 2023
£
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Short term deposits
Cash at bank and in hand
Creditors: amounts falling due
within one year
15
Net current assets
Total net assets
The funds of the charity:
Unrestricted funds
. Tangible fixed asset fund
16
. Designated funds
17
. General funds
Total funds		 10,400,979
42,138,695		 52,539,674
881,100		 10,843,226
39,478,314		 50,321,540
1,396,282
112,282
—
1,214,832		 68,003
1,777,067
153,695
1,327,114
(446,013)		 1,998,765
(602,483)
53,420,774 51,717,822
10,400,979
39,700,000
3,319,796		 10,843,226
39,700,000
1,174,596
53,420,774 51,717,822

Approved by the trustees and signed on their behalf by:

Brigid Fleming Trustee

Approved on: 25 June 2025

Sisters of the Holy Cross CIO 26

Statement of cash flows Year ended 31 December 2024

Notes 2024
£		 2023
£
Cash flows from operating activities:
Net cash used in operating activities
A

Cash flows from investing activities:
Investment income and interest received
Proceeds from the disposal of tangible fixed assets
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 2024
B
**(1,914,898) **		 (1,771,230)


1,127,731
700
—
2,633,981
**(2,471,598) **		 1,124,624
—
(174,326)
2,870,156
(3,041,351)
1,290,814 779,103

(624,082)
 2,245,414
1,621,332 2,245,414

Notes to the statement of cash flows

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
Profit on the disposal of tangible fixed assets
Gains on investments
Investment income and interest receivable
(Increase) in debtors
(Decrease)/increase in creditors
Transferred in from Sisters of the Holy Cross Charitable Trust
(Charity Registration No 238426)
Net cash used in operating activities		 2024
£
1,702,952
442,247
(700)
(2,730,916)
(1,123,923)
(48,088)
(156,470)
—

(1,914,898)		 2023
£
51,717,822
302,720
—
(1,705,951)
(1,186,327)
(6,300)
602,483
(51,495,677)
(1,771,230)

Sisters of the Holy Cross CIO 27

Statement of cash flows Year ended 31 December 2024

B Analysis of cash and cash equivalents 2024
£		 2023
£
Cash at bank and in hand
Short term deposits
Cash held by investment managers
Total cash and cash equivalents		 1,214,832
—
406,500		 153,695
1,777,067
314,652
1,621,332 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 28

Principal accounting policies 31 December 2024

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 2024. Comparative information is displayed for the year to 31 December 2023.

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:

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 29

Principal accounting policies 31 December 2024

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 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 30

Principal accounting policies 31 December 2024

Expenditure recognition (continued)

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 31

Principal accounting policies 31 December 2024

Tangible fixed assets

All assets costing more than £1,500 and with an expected useful life exceeding one year are capitalised.

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.

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 32

Principal accounting policies 31 December 2024

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 33

Notes to the accounts Year ended 31 December 2024

1 Income from: Donations

Income from: Donations
Unrestricted
2024
£		 2023
£
Salaries and pensions of individual religious received under deed of
covenant		 268,332 257,393
268,332 257,393

2 Income from: Investments and bank deposits

Income from: Investments and bank deposits
Unrestricted
2024
£		 2023
£
Income from listed investments
Interest on cash held by investment managers
Interest on short-term deposits		 1,112,951
10,972
28,739		 1,096,230
79,457
10,640
1,152,661 1,186,327

3 Income from: Rent receivable

Income from: Rent receivable
Unrestricted
2024
£		 2023
£
Rent receivable from HolyCross PreparatorySchool Kingston 150,000 143,750

4 Expenditure on: Raising funds

Expenditure on: Raising funds
Unrestricted
2024
£		 2023
£
Investment managers’ fees 38,870 56,643

5 Expenditure on: Support of members of the Congregation and their ministry

Unrestricted Unrestricted
2024
£		 2023
£
Staff costs (note 9)
Premises
Sisters' living and ministry expenses
Education, training and spiritual renewal
Governance costs (note 7)		 260,356
672,958
119,921
1,492
154,244		 199,231
535,145
192,471
5,487
120,670
1,208,970 1,053,004

Sisters of the Holy Cross CIO 34

Notes to the accounts Year ended 31 December 2024

6 Grants, donations and support of missionary work and ministry

Unrestricted Unrestricted
2024
£		 2023
£
Contribution to the Generalate of the Congregation towards formation
and other expenses
Contribution to Holy Cross Preparatory School (note 20)
Donations in support of the Congregation’s missions
Grants payable to other organisations
Grant administration costs (note 9)		 230,060
—
14,978
1,093,179
13,749		 248,272
510,000
38,515
849,225
13,749
1,351,967 1,659,758

Further details on the grants awarded during the year are include in the Trustees’ report.

7 Governance costs

Governance costs
2024
£		 2023
£
Legal and professional fees
Audit and accountancy fees (note 9)
Administration costs		 11,504
65,988
76,751		 25,460
69,630
25,580
154,244 120,670

8 Net income for the year before investment gains This is stated after charging:

2024
£		 2023
£
Staff costs (note 9)
Auditor’s remuneration (including VAT)
. Audit services – current year
. Audit services – prior period
. Other services – taxation
. Other services - non audit and advisory
Depreciation(note 12)		 348,468

30,000
—
900
35,088
442,247		 238,560
27,300
4,300
3,816
34,214
302,720

Sisters of the Holy Cross CIO 35

Notes to the accounts Year ended 31 December 2024

9 Staff costs and remuneration of key management personnel

Staff costs and remuneration of key management personnel
2024
£		 2023
£
Staff costs during the period were as follows:
Wages and salaries
Social security costs
Other pension costs
Agency staff
Staff costs per function were as follows:
Support of members of the Congregation and their ministry (note 5)
Grant administration (note 6)
Governance		 267,991
23,512
10,730
46,235		 214,457
14,352
9,751
—
348,468 238,560
260,356
13,749
74,362		 199,231
13,749
25,580
348,468 238,560

The number of employees who earned £60,000 or more (including taxable benefits but excluding employer pension contributions) during the period was Nil (2023: Nil).

The average number of employees during the period, calculated on average headcount basis and analysed by function, was as follows:

2024 2023
Support of members of the Congregation and their ministry
Grant administration
Governance		 11
1
1		 12
1
1
13 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. The key management personnel remuneration was £nil (2023: £nil).

10 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 £118,401 (2023: £111,311).

11 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 36

Notes to the accounts Year ended 31 December 2024

12 Tangible fixed assets

Tangible fixed assets
Land and buildings Furniture
and
equipment
£		 Motor
vehicles
£		 Total
£
Specialised
£		 Non-
specialised
£
Cost or valuation
At 31 December 2023
Disposals
At 31 December 2024
At cost
At deemed cost based on 1993
valuation
Depreciation
At 31 December 2023
Charge for the period
Disposals
At 31 December 2024
Net book values
At 31 December 2024
At 31 December 2023		 14,414,833
—		 1,427,829
—		 385,247
(206,394)		 77,974
(5,500)		 16,305,883
(211,894)
14,414,833 1,427,829 178,853 72,474 16,093,989
11,664,833
2,750,000		 1,187,829
240,000		 178,853
—		 72,474
—		 13,103,989
2,990,000
14,414,833 1,427,829 178,853 72,474 16,093,989
4,999,436
442,247
—		 —
—
—		 385,247
—
(206,394)		 77,974
—
(5,500)		 5,462,657
442,247
(211,894)
5,441,683 — 178,853 72,474 5,693,010
8,973,150 1,427,829 — — 10,400,979
9,415,397 1,427,829 — — 10,843,226

All specialised land and buildings are freehold. Non-specialised land and buildings comprise two freehold houses and one leasehold flat.

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 37

Notes to the accounts Year ended 31 December 2024

13 Investments

Investments
2024
£		 2023
£
Listed investments
Market value at 31 December 2023
Transfer from Sisters of the Holy Cross Charitable Trust on
1 January 2023
Additions at cost
Disposals at book value (Proceeds: £2,633,981; realised gain: £601,341)
Net unrealised gains
Market value at 31 December 2024
Cash held by investment managers for re-investment
Cost of listed investments		 39,163,662
—
2,471,598
(2,032,640)
2,129,575)		 —
37,286,796
3,041,351
(2,932,274)
1,767,789
41,732,196
406,500		 39,163,662
314,652
**42,138,695) ** 39,478,314
33,091,515 32,652,556

All listed investments were dealt in on a recognised stock exchange.

14 Debtors

Debtors
2024
£		 2023
£
Investment income receivable
Rent receivable from Holy Cross Preparatory School Kingston
Prepayments and sundry debtors		 57,894
50,000
4,388		 61,703
—
6,300
112,282 68,003

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024
£		 2023
£
Expense creditors and accruals
Grants payable
Social security and other taxes
Due to Holy Cross Preparatory School Kingston		 72,398
370,570
3,046
—		 91,286
256,450
4,747
250,000
446,013 602,483

Sisters of the Holy Cross CIO 38

Notes to the accounts Year ended 31 December 2024

16 Tangible fixed assets fund

Tangible fixed assets fund
2024
£		 2023
£
At 31 December 2023
Transfer from Sisters of the Holy Cross Charitable Trust on
1 January 2023
Movement in period
At 31 December 2024		 10,843,226
—
(442,247)		 —
10,970,531
(127,305)
10,400,979 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.

17 Designated funds

The unrestricted funds of the charity included the following funds set aside for specific purposes.

At 31
December
2023
£		 New
designations
£		 Utilised/
released
£		 Transfer
between
funds
£		 At 31
December
2024
£
Retirement reserve
Grants fund
School Emergency fund		 4,500,000
33,200,000
2,000,000		 —
—
—		 —
—
—		 —
—
—		 4,500,000
33,200,000
2,000,000
39,700,000 — — — 39,700,000
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.

Sisters of the Holy Cross CIO 39

Notes to the accounts Year ended 31 December 2024

17 Designated funds (continued)

♦ 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.

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.

18 Analysis of net assets between funds

Restricted
funds
£		 Unrestricted funds Unrestricted funds Unrestricted funds Total
2024
£
Tangible
fixed assets
fund
£		 Designated
funds
£		 General
funds
£
Fund balances at 31 December
2024 are represented by:
Tangible fixed assets
Investments
Net current assets		 —
—
—		 10,400,979
—
—		 —
39,700,000
—		 —
2,438,695
881,100		 10,400,979
42,138,695
881,100
— 10,400,979 39,700,000 3,319,796 53,420,774
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

19 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.

Sisters of the Holy Cross CIO 40

Notes to the accounts Year ended 31 December 2024

20 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 £nil (2023: £510,000) were paid to Holy Cross Preparatory School Kingston, and £150,000 of rental income (2023: £143,500) was received from Holy Cross Preparatory School Kingston. At the year end £50,000 was receivable from Holy Cross Preparatory School (2023: £250,000 payable to).

There were no other related party transactions other than those disclosed in note 11.

21 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 41