Charity No: 206331 THE SAINT SAVIOUR'S ALMSHOUSES Financial Statements Year ended 31 March 2023
THE SAINT SAVIOUR'S ALMSHOUSES CONTENTS OF THE FINANCIAL STATEMENTS For thè y8ar endèd 31 March 2023 Charlty Infoimatlon Strateglc Report Trustee's Report 34 Independent Examlnerfs Reportto theTNstee statement of Financial Activities Statement of Financial Position statement of Cash Flows Notes to the Financial Statements 9-15
THE SAINT SAVIOUR'S ALMSHOUSES CHARITY INFORMATION For the year ènded 31 March 2023 TRUSTEE First Garden Cities Homes Limited Isole Trustee) REGISTERED OFFICE Pioneer House Noilon Way South Lelchworlh Garden Cily Hertfordshire SG6 1NY INDEPENDENT EXAMINER Vincent Marke ACA, Crowe U.K. LLP Sl James House Sl James Square Cheltenham GL50 3PR BANKERS NIA CHARITY NUMBER.. 206331
THE SAINT SAVIOUR'S ALMSHOUSES STRATEGIC REPORT For the year ended 31 March 2023 The Trustee presents ils report and the Financial Slalemenls for the year ended 31 March 2023. PRINCIPAL ACTIVITIES The principal activity of the Charity is the provision of Almshouses for the benefit of poor persons. not less than 80 years of age. The Charity is based in Hilchin, Herlfordshire, with its registered office in Lelchworlh Garden City. REVIEW OF THE CHARETY The land and buildings known as Saint Saviour's Almshouses (The Cloislersl Is owned by the Charity, a nol-for-profil registered Charity. The surplus made by the Charity has been used in Ils entirely in reducing the long-lerm funding facility extended by First Garden Cities Homes, the sole Iruslee, as revealed in the following financial accounts. The Charity has 10 owned proporties and has no external borrowings. The properties are managed by First Garden Cities Homes. LAND AND BUILDINGS Propèrties in the Slalement of Financial Position are slated al cost. Al 31 March 2023 the cost lolalled £1.1 m compared lo a valuation of £2.6m for insurance purposes. FINANCIAL RISK MANAGEMENT The Charity's activities expose il lo a number of potential financAal risks induding credit risk cash flow risk. The Charity's principal financial assets are bank balances. rent arrears. other receivables, and inveslinenls, VALUE FOR MONEY The Charlty belleves that a focus on expenditure levels ensures that efficiency continues lo improve. We are committed lo achieving value for money on behalf of Dur residents by ensuring compelilive procuiement of goods and service8. £1 m lapprox.) has been sponl on rèlLirbishments since 2015, as part ol a programme designed lo maintain our assets lo a high standard both now and for the fLJture, these were part funded by the sole Iruslee.
THE SAINT SAVIOUR'S ALMSHOUSES TRUSTEE'S REPORT For the year ended 31 March 2023 The Trustee presents ils report and the Financial Statements for the year ended 31 March 2023. TRUSTEE First Garden Cities Homes is the sole Trustee. Ay Trustee, the Charily has lille lo the land on which Ihe properties are built, in Ifust for the Charity and is requiied lo adminis16r and manage the properties, STRUCTURE, GOVERNANCE AND MANAGEMENT The Saint Saviour's Almshouses is a registered 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 lo continue ils work through the careful ownership of existing resources and is responsible for the management of 2 scheme of almshouses known as The Cloisters, Hil¢hin. Rlsk Management The Truslea is responsible for the management ol the risks faced by the Charity. Risks are identified. assessed and ¢onlrols are established IhroughoLJt the year. The Trustee has consSdered the major risks to which the Gharily is exposed and has established systems and pro¢edures lo manage those risks. The Trustee is satisfied that the major risks identified have been adequately mitigated where necessary. PUBLIC BENEFIT Charitable Objects The objects are to provide Almshouses for the benefrt of poor persons of not less than 60 years of age and ¢ommuni¢anls of the Church of England. Oblectlves for the year The objectlves for the year are shaped by these strategic aims. FINANCIAL REVIEW The Saint Saviour's Almshouses, surplus of £8,045 for the year ended 31 March 2023. which has been used in ils entirely lo reduce the long-lerm Ilability of funding ceiVed from the sole Iruslee al the lime of the refurbishment programme in 2015. The Saint Saviour's Almshouses also incurred a £31,437 interest charge in relation lo the afoTemenlioned long-lerm liability. The reserves al year end 31 March 2023 were £304,547.
THE SAINT SAVIOUR'S ALMSHOUSES TRUSTEE'S REPORT Forthe year ended 31 March 2023 ACCOUNTING AND REPORTING RESPONSIBILITIES The Trustee is 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 Standards). The law applicable ID charities in England and Wales requires the Trustee lo prepare financial slalemenls for each financial year which glve a tru& and fair view of the slate of affairs of the charity and of the incoming resources and appllcalion of resources of the charity for that period. In preparing these financial slalemenls, the Trustee is required lo.. Select suitable accounling policies and then apply them consi4lenUy', Make judgments and estimates that are reasonable, and pnjdenl., stale whethèr applicable accounting standards and slalements of recommended practice have been followed, 5u4.ecl lo any departures disclosed and explained In the Financial Slalemenls, and., Prepare the Financial Slalemenls on the going concern basis unless il is inappropriate to presume that the Charity will continue in operation. The TrLJslee is responsible for keeping aCGounling records which disclose with reasonable accuracy the financial position of the Charity, and which enables il lo ascertain the financial position of the Chaiity and which enables il to ensurts that the Finan04al Slalemenls complywih Ihe Charities Act 2011 ancl the Charrty IAcGoun15 and Reports) Regulations. The Trustee is responsible for safeguarding the assets of the Charity 8nd hèn¢e forlaking reasonable steps for the prevention and detection olfraud and other irregularities. The Slralegr Ropth and fruslee's Report were approved by the Trustee on 21yi July 2023 and signed on behalf by. Rlchard Laval
SAINTSAVIOUR'SALMSHOUSES INDEPENDENT EXAMINER'S REPORT TO THETRUSTEE For the year ended 31 March 2023 I report lo the Iruslees on my examination ol the accounts of The Saint Saviour's Almshouses for the ye ended 31 March 2023 which are sel out on pages 6 10 16. This report is made solely to the charity's Iruslee accordance with section 154 of the Charities Act 2011. My independent examiner's work has been undertaken so that I might slate to the charity's Iruslee those matlers12m required lo stale lo them in an indepenolenl examiner's report and for no other purpose. To the fullest exlenl permilled by law, I do not accept or assume responsibility lo anyone other than the charity, the Charity's members as a body 2nd the charily's trkJSte6 for my independ&nt ex8miner's work, for this report, or for the opinions I have formed. Re5pon5ibilities and basis of report As the charity Iruslees of the Trust you are responsible lor the preparatlDn of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe Acl'l. I report in respect ol my &xaminalion of the Trust's accounts carried out under section 145 01 the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by Ihe Charity Cornmission under section 14515llbl of the Acl. Independent examinerfs statement I have completed My examination. l Confirm that no material mallers have come lo my attention in connection with the examination giving me cause lo believe that In any material respect.. accounting records were not kept in respect of IhB Trust as r¢quired 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 rèquirements Concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and lar view, which is not a matter Considered as parl of an independent examination. 4. the a¢counls have not been prepared in accordance with the methods and principles ol the Slalemenl ol 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 1021. I have no concerns and have come across no other mallers in connection wlth the examination lo which attention should be drawn in this report in order lo enable a pioper unoserslanding of the accounts lo be reached. o.L t- ncenl Marke ACA Crowe U.K. LLP Sl James House st James Square Chellenham Gloucestershire GL50 3PR
STATEMENT OF FINANCIAL ACMVIMES For the year ended 31st March 2023 Notes Unrestrlcled Restrlcled Funds Funds Total Total 2023 2022 Incomo from.. Donations andle9 Charltable adiviliss Olherlra(Slngacti¥ibes 65,192 65.192 62,e84 Total Income 66.192 65.192 62,684 Expèndltura on.. 129.0041 129.W41 149,0511 Total Expendlture 129,0041 129,0041 149.0611 Net Irb¢omtl Itxp6ndltur¥l b&foro Investment g•ln$ I1108$081 3&1B7 36,187 13.633 Flnance IKoma Iniéwi pay¥blè and fin8ntsno ws Nel gaIn Ilossesl on Swestwls (31.4371 2,g91 131,4371 2,991 12,628 Net Incom lexpeodlturel for the year 8,046 8,045 26,261 Rèconclllatlon of lunds.. und balances al lh8 start of the year Fund balances at the end ol the year 296.502 3D4,547 296.502 304,647 270.241 296,502 The financial statements were approved by the board on 20 July 2023 and were signed on 14 September 2023.. Richard Laval Boar(I Chalr
STATEMENT OF FINANCIAL POSITION For the year ended 31 March 2023 2023 2022 Notes Fixed Assets Housing properties Investment 878,067 45,262 893,126 42,271 10 Total Fixed Assets 921,329 935,397 Current Assets Debtors Cash at bank and in hand Total Current Assets 3,980 63 10,236 10,299 3,980 Current Llabllltr8s crlIOrs.. amounts falling within one year 18,3401 16,5111 et urrent ssets 14,3601 3,788 sse ess urren ies Creditors falling due after more than one year 12 612,422 642,683 Totsl NetA85et8 304.547 296,502 Unrestricted Income Funds General funds 304,547 296,502 Total Charlty Funds 304,547 296,502 The financial slalemenls were approved by the bDard on 201h July 2023 and were signed on 141h September 2023.. Richard Laval Board Chalr
STATEMENT OF CASH FLOWS For the year ended 31 March 2023 2023 2022 Note5 Cash flows from operatlng activltles Nel incomellexpendilure) for the year Adjuslmenls for.. DepreciabDn charges {Galns)Ilosse5 on Investtnerits Income from investmenls {Increaselldecrease in stooks Ilncreaselldecreas8 in debtors Incre8selldecreasel in Qredilois Incr88selldecrea581 in provisions Interest payable Net cash In I loutlflow from operating actlvlties 8,045 26,261 17,060 12,991) 44.825 (12,6281 10 13,917) 128,433} 1241 158,5651 31,437 21,201 11311 Cash flows from flnanclng activlties Interest paid Net cash in I loutl flow from financing activitie8 131,43n 131,4371 Change in cash in the year 110,2361 {1311 Cash and cash equivalents al the beginning of the year Cash at the end of thè year 10.236 10,367 101 10,236 l April 2022 Cash Flows 31 March 2023 Nèt fund5 r8conciliation Cash at bank and in hand 10,236 110,2361 101 Net Cash 10,236 110,2361
STATEMENT OF CHANGES IN RESERVES Forthe year ended 31 March 2023 Revenue Reserves 2023 2022 Balance at 1 Aprfl 296.502 270,241 Total comprehensive Income for the year 8,045 26,261 Balance at 31 March 304,547 296,502
THE SAINT SAVIOUR'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 AGCOUNTING POLICIES (a) Basls of Accountlng The financial Slalemenls have been prepared in accordance with the Slalemenl of Recommended Pra¢lice.' Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 Issued in October 2019 and the Financial Reporting Standard applicable in the Unilod Kingdom and Republic ol Ireland IFRS 1021 and the Charities Act 201 l and UK Generally Accepted Practice as il applies from l January 2019. The Saint Saviourfs Almshouses is a public benefit entity, as defined in FRS102, and applies the relevant paragraphs prefixed 'PBE' in FRS102. Ib} Going Concern The financi81 statements have been prepared on the going concern basis. An organisation is a going concern if it is expected lo continue operations for the next twelve months. First Gaiden Cities Homes as the sole Iruslee of Saint Saviour's have assessed the ability lo continue as a going concern for twelve months after the signing of the year end 2023 accounts. Icl Turnover Turnover iepresenls resldenls, charges receivable in respeGt ol Almshouses. Id} Housing Properties Housing properly cost includes the cost of acquiring land and buildings, development costs, interest charges incurred during the development period and expenditure incurred in Tespecl of improvements. Works lo existing propeth'es are works which result in an increase in the nel rental income, such as a reduction in future maintenance costs, or result in a significant extension of the useftjl economic life of the woperly in the business. Depreciation is calGulaled lo write off the Cost of fixed assets on a slraighl-line basis over their eslimaled useful lives. The useful economic life of the structure is 100 years. Major components are Irealed as separable assets when replaced and depreciated over their expected useful economic lives or the lives of the properlie5 to whiGh they relate, if shorter al the following annual rates.. Roofs Kitchens Balhiooms Windows 50 years 20 years 30 years 30 years 30 years RewiringlEle¢trical 30 years Thermal boarding 20 years Central healing 30 years Lrft 30 years Boilers 15 years Freehold land is not depre¢ialed. 10
THE SAINT SAVIOUR'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 Investments Investments are slated al fair value (market value). Changes In market value are taken to the statement of Comprehensive Income. Taxation The Charity has charitable status and therefore is not subject lo Corpor8tion Tax on its surplus arising from charitable aclThiilies. Igl VAT The Charity is not VAT registered. Expenditure is therefore shown inclusive of VAT. Ihl Financlal Instruments Financial assets and financial liabilities are recognlsed when the Charity becomes a party to the contra¢lual provisions of the inslrumenl. Flnancialassets carried at amortised cost Financial assets carried al amortised cost comprise rent arrears, trade and other receivables an ¢ash and cash equivalents. Financial assets are initially recognised al fair value plus directly allribulable transaction costs. After initial recognition, they are measured al amortised cost using the effe¢live interest method. Discounting is omilled where the effect of discounting is immaterial. If there is objective evidence that there is an impairment loss, the amount of the loss is measured as the difference between the asset's Carrying amount and Ihe present value of estimated future cash flows discounted al the financial asset's original effe¢live interest rate. The cairying amount of the asset is redu¢od a¢¢ordingly. A fi'nancial asset is dere¢ognised when the contractual rights to the cash flows expire, or when the financial asset and all substantial risks and reward are Iransferred. 11 the arrangement Conslilules a financing Iransaclion, the financi81 asset is measured al the present value of thè future payments discounted al a matkel rate of interest for a similar debt inslrumenl. Flnanclal Ilabllitles carried atamortised cost These financial liabilities include trade and other payables. Social Housing Grant ISHGI and other grants Vhere grants are received from goveinmenl agencies they are recognised when there is reasonable assuranee that the conditions allached to them will be complied with and that the grant will be received. Government grants are Tecognised using the accrual model and are classified either as a grant relating lo revenue or a grant relating to assets. Grants relating to revenue are re¢ognised in income on a syslemalic basis over the period in whi¢h related costs for which the grant is intended ID compensate are recognised. Where 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 ¢osls, it is re¢ognissd as r&v8nue in the period in whiGh il becomes receivable. Grants relating lo assets are recognised in income on a syslemalic basis over the expected useful life of the asset. Grants received for housing prDperties are recognised in income over the expected useful life of the housing property slruclure. Vvhere a grant is received specifically for components of a housing property. the grant is re¢ognised in income over the expected useful life of the component. Granls received from non-governmanl sources are recognised as revenue using the performance model.
THE SAINT SAVIOUR'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 ReGycling of grants Vlthere there is a requirement lo either repay or recycle a granl received for an asset that has been disposed of, a provision is included in the SlaleFFTrenl of Financial Position lo re¢ognis& Ihis obligation as a liability. When approval 15 received from the funding body lo use thè grant for 8 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 lo repay the grant, any unamortised grant remaining within liabilities in the Slalemenl of Financial Position related lo this asset is derecognised as a liability and recognised as revenue in surplus or delicil in the Slalemenl of Financial Activities. 12
NOTES YO THE FINANCIAL STATEMENTS For the year ended 31st March 2023 2 PARTICULARS OF INCOME AND EXPENDrruRE FROM LETTINGS St Savlours 2023 2022 General Needs Housing Accommodation Tumover from social housing lettlngs Rents receivable Grant amortised 64,852 340 62,297 387 Total Incoma from lèttings 65,192 62,684 Expendlture on letting actlvltles Services Management Depreciation on houslng pmpertiès Routine maintenance Cyclical maintenance Planned Maintenance & Major Repairs 2,248 928 17,058 8.772 1,807 480 44,825 1,939 Totsl expenditure on lettings 29,004 49.051 Operating surplus on lettlng aetlvities 36,188 13,633 Volds 3 FINANCE INCOME 2023 2022 Interest receivable from short term bank deposits 304 4 INTEREST PAYABLE AND FINANCING COSTS 2023 2022 Interest payable from inloicotnpany loans 31.437 6 SURPLUS FOR THEYEAR 2023 2022 Surplus foi the ye8r is slated after charging.. Independenl examiners, remuneration= 428 480 6 STAFF COSTS The Charity does not employ any staff. 13
NOTES TO THE FINANCIAL STATEMENTS For th8 year ended 31st March 2023 st Saviours 2023 7 TANGIBLE FIXEDASSETS- HOUSING PROPERTIES 2022 Cost Al l April Additions Disposals 31 March 1,092,980 1,092,980 1,092,980 1,092,980 Depreclatlon AIIApr Charge for the year 199.853 17.060 155,029 44,825 At 31 March 216,913 199,853 Net book value Al start ol yoar 893,126 937,951 Al end of year 876,067 893,126 8 DEFERRED INCOME-GOVERNMENTGRANTS 2023 2022 Al 1 April Opening Balance Adjustmènt Amortisalion lo Slalemenl of Comprehensive Income 14,281 14,867 1471 13401 {3401 Al 31 March 13,941 14,281 Due < 1 year 340 340 Due > 1 year 13,601 13,941 14
NOTES TO THE FINANCIAL STATEMENTS For the earended 31st March 2023 st Savlou 9 DEBTORS 2023 2022 Amounts falling due wilhin onp year. Ariears ol tent and seivice ch8rg8s Otherdebtors 3,917 63 3,980 63 10 CURRENT ASSET INVESTMENTS 2023 2022 397 NAACIF Accumulation shares At 1 April Rev8lualion 42.271 2,991 29.643 12,628 At 31 Maich 4S,262 42,271 11 CREDITORS IAMOUNTS FALLING DUE WITHIN ONE YEAR) 2023 2022 Trade Creditors Other Creditors Accruals Governmentgrants (note 71 4,435 2,571 1,024 4.667 480 340 340 8,340 6,511 12 CREDITORS (AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR) 2023 2022 Governrnenl grants Inole 71 ounts owed to parent und8r tsking 13,601 598,821 13,941 628.742 612,422 642.683 15