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 reqUId 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 Mah 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 beheen 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 reived. 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