2021-03-31-accounts - St. Teresa's Home CIO

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St Teresa’s Home CIO

Unaudited Report and Accounts 31 March 2021

Charity Registration Number 1189921

Contents

Reports

Reports
Reference and administration details of the
charity, its trustees, and advisers	1
Report of the trustees	2
Accounts
Statement of financial activities	5
Balance sheet	6
Principal accounting policies	7
Notes to the accounts	8

St Teresa’s Home CIO

Reference and administration details of the charity, its trustees, and advisers

Trustees Sister Patricia Mary Heller (appointed 12 June 2020) David Hince (appointed 6 September 2020) Gabriel MacGregor (appointed 6 September 2020) Sister Mary Josephine Hanningan (appointed 12 June 2020) Sister Jennifer Rosemary Brown (appointed 12 June 2020) Correspondence Address 12 Lansdowne Road Wimbledon London SW20 8AN Charity registration number 1189921 Accountant Buzzacott LLP 130 Wood Street London EC2V 6DL Solicitors Irwin Mitchell LLP Mercantile House 18 London Road Newbury RG14 1JX

St Teresa’s Home CIO 1

Report of the trustees Period from 12 June 2020 to 31 March 2021

The trustees present their report together with the accounts of the St Teresa’s Home CIO (the “charity” or the “CIO”) for the period from the date of incorporation (12 June 2020) to 31 March 2021.

The accounts have been prepared in accordance with the accounting policies set out on page 7 and comply with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The principles set out in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) have been followed in the preparation of this report and accounts.

Introduction

St Teresa's Home CIO (known as St Teresa’s Home for the Elderly or the “Home”) is registered as a 'Care Home with Nursing" with the CQC (Care Quality Commission).

The accounts accompanying this report are the accounts of the St Teresa’s Home CIO, a charity registered on 12 June 2020, Charity Registration No. 1189921.

The charity is governed by a Constitution and registered with the Charity Commission on 12 June 2020.

Objective

The aim of the charity is to relieve sickness by reason of age, illness, or disability. During the year to 31 March 2022 it is intended that the assets, liabilities and activities of St Teresa’s Home for the Elderly in Wimbledon, London, which currently form part of the Congregation of the Sisters of St Anne Charitable Trust (Charity Registration No. 233808), are transferred to the charity.

The aim of the charity will then be to operate the Home and provide a happy, homely, and relaxed atmosphere where the residents are cared for until the end of their days. To that end, all the staff will be encouraged to work as a team maintaining a high professional standard of care for the residents' total needs ensuring the dignity of each individual is upheld. The residents will be supported and enabled to maintain their independence for as long as possible.

Activities and performance

The charity had no activities and hence no income or expenditure during the period from 12 June 2020 to 31 March 2021.

Governance, structure, and management

Governance

The charity is a Charitable Incorporated Organisation (CIO) governed by a Constitution and registered with the Charity Commission on 12 June 2020.

The members of the CIO are the charity’s trustees.

The names of the current trustees are given on page 1 of this document.

St Teresa’s Home CIO 2

Report of the trustees Period from 12 June 2020 to 31 March 2021

Governance, structure, and management (continued)

Structure and management reporting

The trustees are ultimately responsible for the policies, activities, and assets of the charity. They meet regularly to review developments with regard to the charity or its activities and make any important decisions. When necessary, the trustees seek advice and support from the charity’s professional advisers including investment managers, solicitors, and accountants.

Trustees

The first charity trustees were: Sister Patricia Mary Heller, Sister Mary Josephine Hanningan and Sister Jennifer Rosemary Brown.

David Hince and Gabriel MacGregor were both subsequently appointed on 6 September 2020.

At any time there must be a minimum of three trustees.

There is no maximum number of trustees that may be appointed to the CIO.

In selecting individuals for appointment the charity trustees have regard to the skills, knowledge and experience needed for the effective administration of the CIO.

Trustees’ responsibilities statement

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

♦ select suitable accounting policies and then apply them consistently;
♦ observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102);
♦ make judgements and estimates that are reasonable and prudent;
♦ state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
♦ prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

St Teresa’s Home CIO 3

Report of the trustees Period from 12 June 2020 to 31 March 2021

Governance, structure, and management (continued)

Trustees’ responsibilities statement (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.

Key management personnel

The trustees consider that, for the time being, they comprise the key management personnel of the charity.

The trustees receive no remuneration in respect of their duties.

Risk management

As a dormant charity, the trustees have not as yet developed a risk management policy.

Activities performance and future plans

The charity had no activities and hence no income or expenditure in the period ended 31 March 2021.

As noted above, during the year to 31 March 2022 it is intended that the assets, liabilities and activities of St Teresa’s Home for the Elderly in Wimbledon, London, which currently form part of the Congregation of the Sisters of St Anne Charitable Trust (Charity Registration No. 233808), are transferred to the charity.

Reserves policy

Once the charity commences operating, the trustees will develop a meaningful reserves policy.

Signed on behalf of the trustees

Patricia Heller

Trustee

Approved by the trustees on: 19[th] November 2021

St Teresa’s Home CIO 4

Statement of financial activities Period from 12 June 2020 to 31 March 2021

Notes	Period from 12 June 2020 to 31 March 2021 £
Total income Total expenditure Net income and net movement in funds for the period Reconciliation of funds: Total funds carried forward at 31 March 2021	— —
	—
	—

The charity had no recognised gains and losses during the above financial period and therefore no separate statement of total recognised gains and losses has been presented.

St Teresa’s Home CIO 5

Balance sheet 31 March 2021

As there has been no activity from the period of incorporation to 31 March 2021, the charity had no assets or liabilities at that date.

Approved by the trustees and signed on their behalf by:

Patricia Heller

Trustee

Approved on: 19[th] November 2021

St Teresa’s Home CIO 6

Principal accounting policies 31 March 2021

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the period from incorporation on 12 June 2020 to 31 March 2021.

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 (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

Assessment of going concern

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

The 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 once the charity commences activity, it will have sufficient resources to meet its liabilities as they fall due.

Critical accounting estimates and areas of judgement

Other than the assessment of going concern, the preparation of the accounts did not require the trustees to make any significant judgements or estimates.

Income recognition

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

Expenditure recognition

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

St Teresa’s Home CIO 7

Notes to the accounts 31 March 2021

1 Staff costs and remuneration of trustees and key management personnel

During the period the charity employed no staff and therefore incurred £nil staff costs.

The trustees consider that, for the time being, they comprise the key management personnel of the charity.

The trustees received no remuneration or reimbursement of expenses in connection with their duties.

2 Taxation

St Teresa’s Home CIO is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

3 Liability of the members

If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and have no personal responsibility for settling its debts and liabilities.

4 Related party transactions

There were no related party transactions requiring disclosure in the period.

St Teresa’s Home CIO 8