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 EXarnIne￿s 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 d1￿cl 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