Charity No: 206331
THE SAINT SAVIOUR'S ALMSHOUSES
Financial Statements
Year ended 31 March 2022

THE SAINT SAVIOUR'S ALMSHOUSES
CONTENTS OF THE FINANCIAL STATEMENTS
For the year ended 31 March 2022
Charlty Inlormatlon
Strategic Report
Trust99's Report
34
Independent Examlner's Report to the Trustee
Statement of Financlal Activities
Statement of Financial Position
Statèment of Cash Flows
Notes to the Financial Statements
9-14

THE SAINT SAVIOUR'S ALMSHOUSES
CHARITY INFORMATION
Forthe year ended 31 March 2022
TRUSTEE
First Garden Cities Homes Limited Isole Trustee}
REGISTERED OFFICE
Pioneer House
Norlon Way South
Let¢hworth Garden City
HerlfordshiTe
SG61NY
INDEPENDENT EXAMINER
Guy Biggin ACA, FCCA
Crowe U.K. LLP
Sl James House
Sl James Square
Chellenham
GL50 3PR
BANKERS
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill, Wèst Malling
Kent
ME19 4JQ
CHARITY NUMBER.
206331

THE SAINT SAVIOUR'S ALMSHOUSES
STRATEGIC REPORT
For the year ended 31 March 2022
The Trustee presents ils report and the Financial Statements for the year ended 31 March 2022.
PRINCIPAL ACTIVITIES
The principal activity of the Charity is the provision of Almshouses for the benefit of poor persons. not
less than 60 years of age. The Charity is based in Hilchin, Herllordshire, with ils registered office in
Letchworlh Garden City.
REVIEW OF THE CHARITY
The land and buildings known as Saint Saviour's Almshouses (The Cloisters) is owned by the Charity,
a nol-for-profit registered Charlty. The surplus made by the charity has been used in its entirely in
reducing the long-term funding facility extended by First Garden Cities Homes, the sole Iruslee. as
revealed in the following financial accoLJnls.
The Charity has 10 owned properties and has no external borrowing5. The propertie5 are managed by
First Garden Cities Home5.
LAND AND BUILDINGS
Properties in the Slalement of Financial Position are slated al cost. At 31 March 2022 the cost tolalled
£1.1 m compared lo a valLJation of £2.6m for insurance purposes.
FINANCIAL RISK MANAGEMENT
The Charity's activities expose il lo a number of potential financial risks including credit risk and cash
flow risk. The Charity's principal financial assets are bank balances, rent arrears, other receivables. and
investments.
VALUE FOR MONEY
The Charity believes that a focus on expenditure levels ensures that efficiency continues lo improve.
We are commilled lo achieving value for money on behalf of our rèsidents by ensuring competitive
procurement of goods and services.
£1 m lapprox.) has been spent on refurbishments since 2015. as parl of a programme designed to
maintain our assets to a high standard both now and for the future, these were parl funded by the sole
trustee.

THE SAINT SAVIOUR'S ALMSHOUSES
TRUSTEE'S REPORT
For the year ended 31 March 2022
ACCOUNTING AND REPORTING RESPONSIBILITIES
The Trustee 15 responsible for preparing the Trustee's Report and the financial statements in accordance with
applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting
Slandardsl.
The law applicable lo charities in England and Vvales requires the Trustee to PTepare financi81 statements for
each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming
resources and application of resources of the charity for that period. In prepaTing these finaneial slalements, the
Trustee is reqUI￿d lo..
Select suitable accounting policies and then apply them consislenlly.,
Make judgments and estimates that are reasonable and prudent.,
Slate whether applicable accounts'ng standards and slalements of recommended practice have
been followed, subject to any departures disclosed and explained in the Financial Slalements.
and;
Prepare the Financial Slalements on the going concern basis unless il Is inappropriate to presume
that the Charity will continue in operation.
The Trustee is responsible for keeping accounting records which disclose with reasonable accuracy the
financial position of the Charity, and which enables it to ascertain the financi21 position of the Charity and
which enables il lo ensure that the Financial Slalements comply with the Charities Act 2011 and the Charity
{Accounts and Reports) Regulations. The Trustee is responsible for safeguarding the assets of the Charity
and hence for taking reasonable steps for the prevention and detection of fraud 2nd other irregularities.
The StrategiG Report and Trustee's Report were approved by the Trustee on 24th November 2022 and sioned
on its behalf by..
Laval

THE SAINT SAVIOUR'S ALMSHOUSES
TRUSTEE'S REPORT
For the year ended 31 March 2022
The Trustee presents ils report and the Financial Slalements for the year ended 31 March 2022.
TRUSTEE
First Garden Cities Homes is the sole Trustee. As Trustee, the Charity has lille lo the land on which the
properties are built, in trust for the Charity and is required lo administer and manage the properties.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Saint S2ViOLJr's Almshouses is a regigtered Charity, number 206331. The Almshouses were established
by a scheme dated 25 January 1935, amended by a scheme dated 29 May 1958 and further amended by
an order dated 14 February 2013.
The Charity seeks to continue ils work through the careful ownership of existing resources and is responsible
for the management of a scheme of almshouses known as The Cloisters, Hilchin.
Risk Management
The Trustee is responsible for the management of the risks faced by the Charity. Risks are identified,
assessed and controls are established throughout the year. The Trustee has considered the major risks lo
which the Charity is exposed and has established systems and procedures to manage those risks.
The Trustee is satisfied that the major risks identified have been adequatety miligaled where necessary.
PUBLIC BENEFIT
Charitable Objects
The objects are lo provide Almshouses for the benefit of poor persons of not less than 60 years of age and
communicants of the Church of England.
Objectlvgs for the year
The objectives for the year are shaped by these strategic aims.
FINANCIAL REVIEW
The Saint Saviour's Almshouses. surplus of £26,261 for the year ended 31 March 2022 which has been
used in ils entirely lo reduce the long-term liability of funding received from the sole trustee al the lime of the
refurbishment programme in 2015. The reserves al year end 31 March 2022 were £296,502.

SAINT SAVIOUR'S ALMSHOUSES
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE
For the year ended 31 Ma￿h 2022
I report lo the trustees on my examination of the accounts of The Saint Saviour's Almshouses for the year
ended 31 March 2022 which are sel out on pages 6 10 14.
This report is made solely lo the charity's Iruslee in accordance with section 154 of the Charities Act 2011.
My independent examiner's work has been undertaken so that I might stale lo the charity's trustee those
mallers l am required lo stale to them in an independent examiner's report and for no other purpose. To the
ftjllesl exlenl permitted by law, I do not accept or assume responsibility to anyone other than the charity, the
charity's members as a body and the charity's trustee for my independent examiner's work, ft)r this report,
or for the opinions I have formed.
Responslbllltles and basls of report
As the charity Iruslees of the Trust you are responsible for the preparation of the accounts in accordance
with the requirements of the Charities Act 2011 I'lhe Act'l.
I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act
and in carrying out my examination I have followed all the applicable Directions given by the Charity
Commission under section 14515llbl of the Act.
Independent examlner's statement
I have completed my examination. I confitm that no material matters have come lo my attention in
connection with the examination giving me Gause lo believe that in any material respect..
accounting reGords were not kept in respect of the Trust a5 required by section 130 of the Act,. or
2. the accounts do not accord with those records,. or
3. the accounts do not Comply with the applicable requirements concerning the form and content of
accounts sel out in the Charities (Accounts and Reporlsl Regulations 2008 other than any
requirement that the accounts give a 'true and fair view, which is not a maller considered as part of
an independent examination.
4. the accounts have not been prepared in accordance with the methods and principles of the
Statement of Recommended Practice for accounting and reporting by charities applicable lo
charities preparing their accounts in accordance with the Financial Reporting Standard applicable in
the UK and Republic of Ireland IFRS 102).
I have no concerns and have come across no other mallers in connection with the examination lo which
allenlion should be drawn in this report in order lo enable a proper understanding of the accounts lo be
reached,
Guy Biggin ACA. FCCA
Crowe U.K. LLP
Sl James House
St James Square
Chellenham
Gloucestershire
GL50 3PR

THE SAINT SAVIOUR'S ALMSHOUSES
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 31 March 2022
Notes Unrestrictgd Restri¢t9d
Funds
Funds
Total
2022
Total
2021
Income from:
Donations and legacies
Charitable activities
Other trading activities
62,684
62,684
59,623
Total Income
62,684
62,684
59,623
Expenditure on:
Lelling activities
149,0511
{49,0511
130,2411
Total Expenditure
149,051)
{49,0511
130.2411
Net Income I lexpenditurel before
Investment gains I1105sesl
13,633
13,633
29.382
Finance income
Nel gains I Iloss8s} on investments
23
12,628
12,628
Net income I
ex
endkure
for the
ear
26.261
26,261
Reconciliation of funds..
Fund balances al the start of the
Fund balances at the end of the
ear
270 241
296,502
270,241
296 502
240,837
270 241
ear

THE SAINT SAVIOUR'S ALMSHOUSES
STATEMENT OF FINANCIAL POSITION
As at 31 March 2022
2022
2021
Notes
Fixed Assets
Housing properties
Investment
893,126
42.271
937,951
29,643
Total Flxed Assets
935.397
967,594
Current Assets
Debtors
Cash al bank and in hand
63
39
10,367
Total Current Assets
10,299
10,406
Current Llabllltles
Creditors.. amounts falling within one year
10
16,5111
13,568)
Net Current Ass¢t$
3,788
6,838
Total Assets less Current Liabilities
939.185
974.432
Creditors falling due after more than one year
642,683
704,191
Total Net Assets
296,502
270,241
Unrestrlcted Income Funds
General funds
296,502
270,241
Total Charitx Funds
296 $02
270.241
The Financi81 Statements on pages 6 to 14 were approved by the TTuslee on 8th December 2022 and were
signed on ils behalf by..
Rlcha
val

THE SAINT SAVIOUR'S ALMSHOUSES
STATEMENT OF CASH FLOWS
For the year ended 31 March 2022
2022
2021
Notes
Cash flows from operating activities
Net incomel(expendilurel for the year
Adjustments for..
Depreciation charges
(Gainslllosses on investments
Income frotn investments
Ilncreaselldecrease in stocks
Ilncreaselldecrease in debtors
Increaselldecrease} in creditors
Increaselldecrease} in provisions
Net cash in I loutlflow from operating
activities
26,261
29,405
44.825
112,628)
24.849
{24}
158,565}
10,877
165,146)
11311
115)
Change in cash in the year
11311
115)
Cash and cash equivalents al the beginning of the year
Cash at the end of the year
10.367
10,236
10.382
10.367
1 April
2021
Cash
Flows
31 March
2022
Net funds reconciliation
Cash al bank and in hand
10,367
11311
10,236
Net Cash
10,367
11311
10,236

THE SAINT SAVIOUR'S ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2022
ACCOUNTING POLICIES
la)
Basis of Accounting
The financial slalements have been prepared in accordan￿ with the Statement of
Recommended Practice.. Accounting anol Reporting by Charities preparing their accoLJnls in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
IFRS 1021 issued in October 2019 and the Financial Reporting Standard applicable in the United
Kingdom and Republic of1reland IFRS 1021 and the Charities Act 2011 and UK Generally
Accepted Practice as il applies from 1 January 2019.
The Saint Saviour's Almshouses is a public benefit entity, as defined in FRS102, and applies the
relevant paragraphs prefixed 'PBE' in FRS102.
Ib)
Going Concem
The financial statements have been piepafftd on the going concern basis. An organisalion is a
going concern if il is expected to conlinLJe operations for the next twelve months. First Garden
Cities Homes as the sole Iruslee of Saint Saviour's have assessed the ability to continue as a
going concern for twelve months after the signing of the year end 2022 accounts.
Icl
Tumover
Turnover represents residents. charges receivable in respect of Almshouses.
Idl
Housing Properties
Housing property cost includes the cost of acquiring land and buildings. development costs, interest
charges incurred during the development period and expenditure incurred in respect of
improvements.
Works lo existing properties are works which result in an increase in the nel rental income. such as
a reduction in future Maintenan￿ costs. or result in a significant extension of the useful economic
life of the property in the business.
Depreciation is calculated to write off the cost of fixed assets on a slraighl-line basis over their
estimated useful lives.
The useftjl economic life of the structure is 50 years.
Major componènts are treated as separable assets when replaced and depreciated over their
expected useful economic lives or the lives of the properties lo which they relate, if shorter al the
following annual lates..
R(x)fs
Kitchens
Bathrooms
Windows
Doors
Central heating
50 years
20 years
30 years
30 years
30 years
30 years
Freehold land is not depreciated.
{e}
Investments
Investments are slated al fair value Irnarket valLJel. Changes in market value are taken to the
Statement of Comprehensive Income.

THE SAINT SAVIOUR'S ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2022
ifj
Taxation
The Charity has charitable status and therefore is not subject to Corporation Tax on ils surplus
arising from charitable activities.
Igl
VAT
The Charity is not VAT registered. Expenditure is therefore shown inclusive of VAT.
{hl
Financial Instruments
Financial assets and financial liabilities are recognised when the Charity becomes a paty to the
conlra¢lual provisions of the inslrumenl.
Financial assets carried at amortised cost
Financial assets Carried at amortised cost comprise rent arrears, trade and other receivables and
cash and cash equivalents. Financial assets are initially recognised al fair value plus directly
atlribulable transaction costs. After initial recognition. they are measured al amortised ¢osl using
the effective interest method. Discounting is omilled where the effect of discounting is immaterial.
If there 15 objective evidence that there is an impaiTmenl loss, the amount of the10ss is measured
as the difference beh￿een the asset's carrying amount and the present value of estimated future
cash flows discounted al the financial asset's original effective interest rate. The Garrying amount
of the asset is reduced accordingly.
A financial asset is derecognised when the contractual rights to the cash flows explre, or when
the financial asset and all substantial risks and reward are transferred.
If the arrangement conslitules a financing transaction, the financial asset is measured at the
present value of the future payments discounted at 8 market rate of interest for a similar debt
inslrumenl.
Flnanclal Ilabllltles carrled at amortlsed cost
These financial liabilities include trade and other payables.
Social Housing Grant {SHGI and other grants
Vvhere grants are received from government agencies they are recognised when there is
reasonable assurance that the conditions attached lo them will be complied with and that the grant
will be re￿ived.
Government grants are recognised using the accrual model and are classified either as a grant
relating lo revenue or a grant relating lo assets. Grants relating lo revenue are recognised in
income on a systematic basis over the period in which related costs for which the grant is intended
lo compensate are recognised. Vvhere a grant is receivable as compensation for expenses or
losses already incurred or for the purpose of giving immediate financial support with no future
related costs, it is recognised as revenue in the period in which il becomes receivable.
Grants relaling lo assets are recognised in income on a systematic basis over the expected useful
life of the asset. Grants received for housing propeilies are recognised in income over the
expected useful life of the housing properly 51ruclure. Where a granl is receivecj specifically for
Components of a hoLJsing property, the grant is recognised in income over the expected useful life
of the component. Grants received from non-government sources are recognlsed as revenue
using the performance rrK)del.
10

THE SAINT SAVIOUR'S ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2022
Recycling of grants
Where there is a requirement to either repay or recycle a grant received for an asset that has been
disposed of, a provision is included in the Slalement of Financial Position lo recognise this
obligation a5 a liability. Vvhen approval is received from the funding body lo use the grant for a
specific development, the amount previously recognised as a provision for the recycling of the
grant is reclassified as a creditor in the Slalement of Financial Position.
On disposal of an asset for which government grant was received, if there is no obligation to repay
the grant, any unamortised grant remaining within liabilities in the Statement of Financial Pos11ion
related lo this asset is derecognised as a liability and recognised as revenue in surplus or deficit
in the Slalement of Financial Activities.

THE SAINT SAVIOUR'S ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2022
PARTICULARS OF INCOME AND EXPENDITURE FROM LETTINGS
2022
2021
General Needs Houslng Accommodatlon
Turnover from social housing lettings:
Rents receivable
Grant 8mortised
62.297
387
59.330
293
Total Income from lettings
62,684
59,623
Expenditure on letting activities:
Services
Management
Depreciation of housing properties
Routine maintenance
1.807
480
44.825
1,939
1,979
453
24,849
2,960
Total expenditure on letting5
49,051
30,241
Operating surplus on letting activlties
13,633
29,382
Voids
2,226
FINANCE INCOME
2022
2020
Interest receivable from short term bank deposits
23
SURPLUS FOR THE YEAR
2022
2021
Surplus for the year is staled after charging".
Independent examiners, remuneration..
480
216
STAFF COSTS
The Charity does not employ any staff.
12

THE SAINT SAVIOUR'S ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2022
TANGIBLE FIXED ASSETS- HOUSING PROPERTIES
2022
2021
Cost
Al 1 April
Additions
Disposals
1,092,980 1,092,980
31 March
1,092.980 1,092,980
Depreciation
Al 1 April
Charge for the year
155,029
44,825
130.180
24,849
At 31 March
199,854
155,029
Net book value
Al start of year
937,951
962,800
At end ofyear
893,126
937,951
DEFERRED INCOME- GOVERNMENT GRANTS
2022
2021
Al 1 April
Opening balance adjustment
Amorlisalion lo Statement of Comprehensive Income
14.667
{461
13401
14,960
12931
Al 31 March
14,281
14,667
Due < 1 year
340
293
Due > 1 year
13,941
14,374
The original total value of the grant is £17,000
CURRENT ASSET INVESTMENTS
2022
2021
397 NAACIF Accumulation shares
Al 1 April
Revaluation
29,643
12,628
29,643
Al 31 March
42,271
29,643
13

THE SAINT SAVIOUR'S ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2022
DEBTORS
2022
2021
Amounts falling due within one year..
Arrears of rent and service charges
63
39
63
39
10
CREDITORS IAMOUNTS FALLING DUE WITHIN ONE YEAR)
2022
2021
Trade Creditors
Other Creditors
Accruals
Government grants Inole 71
1.024
4.667
480
340
190
3.085
293
6.511
3,568
11
CREDITORS (AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR)
2022
2021
Government grants Inole 7)
Amounts owed to parent undertaking
13,941
628,742
14,374
689,817
642,683
704,191
12
CAPITAL COMMITMENTS
There were no capital commitments al 31 March 202212021 NIL)
13
RELA TED PARTY TRANSACTIONS
Fiisl Garden Cities Homes is regarded as the Parent of'The Saint Saviour's Almshouses,. The
additions relating lo the works to the almshouses reflected in the housing property costs note are
funded by way of a loan from the Parent. The board regards First Garden Cities Homes Limited
2s the ultimate parent enlily and the ultimate controlling party. Copies of the consolidated
financial statements of First Garden Cities Homes Limited can be obtained from Pioneer House,
Norlon Way South, Letchworlh Garden City, Herlfordshire, SG6 1 NY
14