Charity No: 206331 THE SAINT SAVIOUR'S ALMSHOUSES Financial Statements Year ended 31 March 2024
THE SAINT SAVIOUR'S ALMSHOUSES CONTENTS OF THE FINANCIAL STATEMENTS For the year ended 31 March 2024 Charlty Information strategic Report Trustee's Report 34 Independent EXarnInes Report to the Trustee Statement of Financlal Actlvltles Statement of Financial Position statement of Cash Flows Notes to the Financial Statements 9-16
THE SAINT SAVIOUR'S ALMSHOUSES CHARITY INFORMATION For the year ended 31 March 2024 TRUSTEE First Garden Cities Homes Limited Isole Trusleel REGISTERED OFFICE Pioneer House Norlon Way South Letchworlh Garden City Herlfordshire SG61NY INDEPENDENT EXAMINER Vincent Marke ACA, Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW BANKERS NIA CHARITY NUMBER.. 206331
THE SAINT SAVIOUR'S ALMSHOUSES STRATEGIC REPORT Forthe year ended 31 March 2024 The Trustee piesenls ils report and the Financi81 Statements for the year ended 31 March 2024. 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. Hertfordshire, with its registered office in Let¢hworlh Garden City. REVIEW OF THE CHARITY 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 Ch21ily has been used in its entirety in reducing the long-lerm funding facility extended by First Garden Citie5 Homes, the sole trustee, as revealed in the following financial accounts. The Charity has 10 owned properties and has no external borrowings. The properties are managed by First Garden Cities Homes. LAND AND BUILDINGS Properties in the Statemenl of Financial Position are slated al cost. Al 31 March 2024 the cost tolalled £1.1 m compared lo a valuation of £2.6m for insuffince purposes. FINANCIAL RISK MANAGEMENT The Charity's activities expose it lo a number of potential financial risks including credit risk and cash flow risk. The Charity's principal finanGial assets are bank balances, rent arrears. other receivables, and inveslmenls. 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 SidentS by ensuring competitive procuremenl of goods and services. £lm lapprox.I has been spent on refurbishments Sin 2015, as part of a programme designed to maintain our assets to a high standard both now and for the future, these were part funded by the sole Iruslee.
THE SAINT SAVIOUR'S ALMSHOUSES TRUSTEE'S REPORT For the year ended 31 March 2024 The Trustee presents ils report and the Financial Statements for the year ended 31 March 2024. 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 lor the Charity and is required lo administer 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 a scherne of almshouses known as The Cloisters, Hitchin. Rlsk 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 to which the Charity Is exposed and has established systems and procedures to manage those risk5. The Trustee is sats'sfied that the major risks identified have been adequatety mitigated where necessary. PUBLIC BENEFIT Charitable Objects The objects are to provide Almshouses for the beneftl of poor persons of not less than 60 years of age and communicants of the Church of England. Oblectlves foT the year The objectives for the year are shaped by these strategic aims. FINANCIAL REVIEW The Saint Saviour's Almshouses, surplus of £9,114 for the year ended 31 March 2024, which has been used in its entirely lo reduce the long-lerm liability of funding received from the sole trustee al the time of the refurbishment programme in 2015. The Saint Saviourfs Almshouses also incurred a £29,087 interest charge in relation to the aforementioned long-term liability. The reserves al year end 31 March 2024 were £313,661.
THE SAINT SAVIOUR'S ALMSHOUSES TRUSTEE'S REPORT For the year ended 31 March 2024 ACCOUNTING AND REPORTING RESPONSIBILITIES The Trustee is resFX)nsible for preparing the Trustee's Report and the financial slalements in accordance with applicable law and United Kingdom Generally Accepted AccoLJnling Practice (United Kingdom Accounting Slandardsl. The law applicable to charities in England and Wales requires the Trustee lo prepare financial statements for each financial year which give a trije and fair view of the slate of affairs of the charity and of the incoming resources and application of resource5 of the charity for that period. In preparing these financial statements, the Trustee is required to.. Select suitable aecounting policies and then apply them consislenlly., Make judgments and estimates that are reasonable and prudent., Slate whether applicable accounting standards and slalemenls of recommended practice have been followed, subject to any departures disclosed and explained in the Financial Slatemenls, and., Prepare the Financial Statements on the going ¢oncern 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 asTrrtain the financial position of the Charity and which enables il to ensure that the Financial Slalements comply with the Charities Act 2011 and the Charity ccounls and Reports) Regulations. The Trustee is responsible for safeguarding the assets of the Charity hence for taking reason2ble steps for the prevention and detection of fraud and other irregularities. The sign ITategic Report and Trustee's Report were approved by the Trustee on 12th September 2024 and its behalf by.. Richard Laval
THE SAINT SAVIOUR'S ALMSHOUSES STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 March 2024 I report lo the trustees on my examination of the accounts of The Saint Saviour's Almshouses for the year ended 31 March 2024 which are sel out on pages 6 to 18. This report is made solely to 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 Iru51ee those mallers I am required to stale lo them in an independent examiner's reporl and for no other purpose. To the fullest exlenl permitted by law, I do not accept or assume responsibility lo anyone other than the charity, the charity's members as a body and the charity's Iruslee for my independent examiner's work, for this report, or for the opinions I have formed. Responsiblllties and basis of report As the charity trustees of the Trust you are responsible for the preparation of the aecounts in accordance with the requirements of the Charities Act 2011 ('Ihe Acl'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 examiner's statement I have completed my examination. I confirm that no material mallers have come to my attention in connection with the examinats'on giving me cause lo believe that in any material respect". accounting iecords were not kept in respect of the Trust as 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 wuirements concerning the ft)rm and conlenl of accounts set OLJI in the Charities IA¢counls and Reports) Regulations 2008 othe¥ than any requirement that the accounts give a 'lrue 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 acwunling and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1 D21 I have no concerns and have come across no other mallers in connection with the examination lo which allenlion should be drawn in this reporl in order lo enable a proper understanding of the accounts lo be reached. Vincent Marke ACA Crowe U.K. LLP 55 Ludgale Hill London EC4M 7JW 16.09.2024
THE SAINT SAVIOUR'S ALMSHOUSES STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 March 2024 Notes Unrestrlcted Restrleted Funds Funds Total 2024 Total 2023 Income from: Donations and legacies Charitable activities Other trading activities 72,418 72,418 65,192 Total Income 72,418 72,418 65,192 Expenditure on: Letting activities 137,077) {37.077} (29,0041 Total Expenditure 137.077 137.077) (29,0041 Net Income l (expendlturel before investment galns I Ilossesl 35.341 35.341 36.187 Finance income Interest payable and financing costs Nel gains I Ilossesl on investments 59 129,0871 2.800 59 129,087) 2.800 304 {31,4371 2,991 10 Net income I ex enditure for the ear 8,045 Reconciliation of funds.. Fund balances al the start of the Fund balanogs at the end of the ear 304,547 313 661 304,547 313 661 296,502 304 547 ear
THE SAINT SAVIOUR'S ALMSHOUSES STATEMENT OF FINANCIAL POSITION As at 31 March 2024 2024 2023 Notes Fixed Assets Housing properties 863,788 876,067 Total Fixed Assets 863.788 876.067 Current Assets Debtors Investment Cash al bank and in hand 3.954 48,062 3.980 45,262 10 Total Current Assets 52.016 49,242 Current Liabilities Creditors." amounts falling within one year 11 14,5061 {8,340} Net Current Assets 47,S10 40,902 Total Assets less Current Liabilities 911,297 916,370 Creditors falling due after more than one year 12 597,637 612,422 Total Net Assets 313,661 304,547 Unrestricted Income Funds General funds 313,661 304,547 Total Charit Funds 313.661 304 547 Th wer inancial Statement5 on pages 6 to 14 were approved by the Trustee on 12th September 2024 and igned on ils behalf by.. Rlchard Laval
2024 2023 Notes Cash flows from operatlng activities Net incomellexpendilurel for the year Adjustments for.. Depreciation charges (Gainslllosses on investmen15 Ilncreaselldecrease in debtors Increaselldecreasel in creditors Interest payable Net cash in I loutlflow from operating activities 9,114 8,045 17,257 13,6901 27 118,6191 29.087 33,176 17,060 12,9911 13,9171 128,4341 10 21,201 Cash flows from financing activities Interest paid Net cash in I loutl flow from financlng activities 31,437 131,4371 {29,0871 Cash flows from invosting actlvltles Disposal of fi'xed assets Purchase of fixed assets Net cash in I lout} flow from investlng activities 2,968 17,0571 14,0891 Change In cash in the year 101 110,2361 Cash and cash equivalents al the beginning of the year Cash at the end of the year 101 10,236 {0)
STATEMENT OF CHANGES IN RESERVES Forthe year ended 31 March 2024 Revenue Reserves 2024 2023 Balance at 1 Aprll 304,547 296,502 Total comprehensive income for the year 9,114 8,045 Balance at 31 March 313,661 304.547
THE SAINT SAVIOUR'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 March 2024 ACCOUNTING POLICIES 121 Basis of Accounting The financial statements have been prepared in accordance with the Slaternent ol Recommended Practice.. Accounting and Reporting by Charities preparing their accounts 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 of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Practice as il applies from 1 January 2019. The Saint Saviour's Altnshouses is a public benefit entity, as defined in FRS102, and applies the relevant paragmphs prefixed 'PBE' in FRS102. Ibl Going Concern The fi'nancial slalements have been prepared on the going concern basi5. An organisation is a going concern il il is expected lo continue operations for the next twelve months. First Garden 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 2024 accounts. Icl Turnover Turnover represents residents. charyes 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 maintenance costs, or result in a significant extension of the useful economic life of the properly in the business. Depreciab'on is calculated 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 treated as separable assets when replaced and depreciated over their expected useful economic lives or the lives of the properties to which they relate, if shorter al the following annual rates.. Roofs 50 years Kitchens 20 years Bathrooms 30 years Windows 30 years Doors 30 years RewiringlElectri¢al 30 years Thermal boarding 20 years Central healing 30 years Lift 30 years Boilers 15 years Freehold land is not depreciated. 10
THE SAINT SAVIOUR'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 lel Investments Investments are stated al fair value (market value). Changes in market value are taken lo the Statement of Comprehensive Incotne. ifj Taxation The Charity has charitable slalus and therefore is not subject lo Corporation Tax on ils surplus arising from charitable activities. Igl VAT The Charity is not VAT registered. Expenditure is therefore shown inclusive of VAT. Ihl Financial InstTum9nts Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the inslrumenl. Financial assets carried at amortised cost Financial assets carried al amorlised cost comprise rent arrears, trade and other receivables and ash and cash equivalents. Financial assets are initially recognised al fair value plus directly allribulable transaction costs. After initial recognition, they are measured al amorlised cost using the effective interosl method. Discountin9 is omitted 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 beiween the asset's carrying amount and the present value of estimated future cash flows discounted al the fi'nancial asset's original effective interest rate. The carrying amount ol the asset is reduced accordingly. A financial asset is derecognised when the contractual rights to the cash flows expire. or when the financial asset and all substantial risks and reward are Iransferred. If the arrangement conslitules a financing Iransaclion, the financial asset is measured at the present value of the future payrnents discounted al a market rate of interest for a similar debt instrument. Financial liabilities carried at amortlsgd cost These financial liabilities include trade and other payables. Social Housing Grant ISHGI and other grants Where grants are received f¥om govemmenl 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 received. Government grants are recognised using the accrual rnodel and are classified either as a grant relating to revenue or a grant relating lo assets. Grants relating to revenue are recognised in income on a systematic basis over the period in which related costs for which the grant Is intended to compensate are recognised. Where a gTant is receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support with no future related costs, il is recognised as revenue in the period in which il becomes receivable. Grants relating lo assets are recognised in income on a systematic basis over the expected useful life of the asset. Grants received for housing properties are recognised in income over the expected useful life of the housing properly structure. Where a grant is received specifically lor components of a housing property, the grant is recognised in income over the expected useful life of the component. Grants received from non-government sources are recognised as revenue using the performance model.
THE SAINT SAVIOUR'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 March 2024 Recycling of grants Vvhere there is a requirement lo either repay or recycle a grant received for an asset that has been disposed of, a provision is inclijded in the Statement of Financial Position lo recognise this obligation as a liability. When 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 Slalemenl of Financial Position. On disposal of an asset for which government grant was received, if there is no obligation lo repay the grant, any unamorlised grant Temaining within liabilities in the Slalemenl of Financial Position related to this asset is derecognised as a liability and recognised as revenue in surplus or deficit in the Slalemenl of Financial Activities. 12
THE SAINT SAVIOUR'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 2 PARTICULARS OF INCOME AND EXPENDITURE FROM LETTINGS st Saviours 2024 2023 General Needs Houslng Accommodation Turnover from social housing lettings Rents receivable Grant amorlised 72,078 340 64,852 340 Total income from lettings 72,418 65,192 Expenditure on letting activities Services Management Depreciation on housing properties Routine maintenance Cyclical m8inlen8nce Planned Maintenance & Major Repairs 6,974 355 17,257 12,491 2,246 928 17,058 8,772 Total expenditure onlgttings Operating surplus on letting activities Voids 3 FINANCE INCOME 2024 2023 Interest receivable Irom short term bank deposits 59 304 4 INTEREST PAYABLE AND FINANCING COSTS 2024 2023 Interest payable from inlercompany loans 29,087 31,437 5 SURPLUS FOR THE YEAR 2024 2023 Surplus for the year is slated after charging.. Independent examiners, remuneration.. 101.4 428 13
THE SAINT SAVIOUR'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 6 STAFF COSTS The Charity does not employ any d1cl staff, all duties are carried out by the parent company FGCH St Saviours TANGIBLE FIXED ASSETS- HOUSING 7 PROPERTIES 2024 2023 Cost At 1 April Additions Disposals 31 March 1,092,980 7,056 2,8 1097,068 1,092,980 1.092 980 Depreciation Al 1 April Wrillen off on disposal Charge for the year 216,913 1890) 17,257 199.853 17,060 At 31 March 233 280 216 913 Net book value Al stsrt of year 876 067 893 127 Al end of year 863 788 876 067 DEFERRED INCOME- GOVERNMENT 8 GRANTS 2024 2023 Al 1 April AmoTlisalion to Slalemenl of Comprehensive Income 13,941 {3401 14,281 13401 Al 31 March 13,602 13.941 Due < 1 year 340 340 Due > 1 year 13,263 13,601 St Savlours 14
THE SAINT SAVIOUR'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 March 2024 DEBTORS 2024 2023 Amounts falling due within one year.. Airears of rent and service charges Other debtors 3,917 37 3.917 63 10 CURRENT ASSET INVESTMENTS 2024 2023 397 NAACIF Accumulation shares Al 1 April Revaluation 45,262 2,800 42,271 2,991 At 31 March 45,262 11 CREDITORS (AMOUNTS FALLING DUE WITHIN ONE YEAR) 2024 2023 Trade Creditors other Creditors Accruals Government grants (note 81 4,435 2,571 994 340 2,534 1,632 340 8,340 12 CREDITORS IAMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR) 2024 2023 Government grants Inole 81 Amounts owed to parent under taking 13,262 584,375 13,600 598,821 597 637 612421 15
THE SAINT SAVIOUR'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 13 CAPITAL COMMITMENTS There were no Capital commitments as al 31 March 202412023 NIL) 14 RELATED PARTY TRANSACTIONS First Gafden Cities Home5 is regarded as the Parent of'The Saint Saviour's Almshouses,. The additions relating lo the works lo the almshouses reflected in the housing properly costs note are funded by way of a loan from the Parent. The board regards First Garden Cities Homes Limited as the ultimate parent entity and the ultimate controlling party. Copies of the consolidated financial slalemenls of First Garden Cities Homes Limited can be obtained from Pioneer House, Norton Way South. Letchworth Garden City, Her1fordshi, SG6 1 NY 16