Charity No: 206331 THE SAINT SAVIOUR'S ALMSHOUSES Financial Statements Year onded 31 March 2025
THE SAINT SAVIOUR'S ALMSHOUSES CONTENTS OF THE FINANCIAL STATEMENTS For the year ended 31 March 2025 Charity Information strategic Report Trustee's Report 34 Independent Examlner's Report to the Trustee Statement ol Financial Activities Statement of Financial Position Statement of Cash Flows Statement of Changgs in Reserves Notes to the Flnanclal Statements 10-16
THE SAINT SAVIOUR'S ALMSHOUSES CHARITY INFORMATION For the year ended 31 March 2025 TRUSTEE First Garden Cities Homes Limited Isole Trusleel REGISTERED OFFICE Pioneer House Norton Way South Letchworth Garden City Hertfordshire SG6 1NY INDEPENDENT EXAMINER VinnI Marke ACA, Crowe U.K. LLP 55 Ludgale Hill London EC4M 7JW BANKERS NIA CHARITY NUMBER.. 206331
THE SAINT SAVIOUR'S ALMSHOUSES STRATEGIC REPORT For the year ended 31 March 2025 The Trustee presents ils report and the Financial Statements for the year ended 31 March 2025. PRINCIPAL ACTIVITIES The princip818Ctivity of the Charity is the provision ol Almshouses for the benefit of poor persons, not less than 60 years of age. The Charity is based in Hitchin, Hertfordshire, with ils registered office in Lelchworth 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-PTofil registered Charity. The surplus made by the Charity has been used in its entirely in reducing the long-lerm funding facility extended by First Garden Cities Homes, the sole trustee. a5 revealed in the following financial acoounls. The Charity has 10 owned properties and has no external borrowings. The propertles are managed by First Garden Cities Homes. LAND AND BUILDINGS Properties in the Slalemenl ol Financial Position are slated al cost, Al 31 March 2025 the cost lotaled £871 k compared to a valuation of £1.9m for insurance 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 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 to improve. We are committed lo achieving value for money on behalf of our residents by ensuring competitive procurement of goods and services. £1m lapprox.) has been spent on refurbishments since 2015, as part of a programme designed lo maintain our assets lo a high standard both now and lor the future. these were part funded by the sole trustee.
THE SAINT SAVIOUR'S ALMSHOUSES TRUSTEE'S REPORT For the year ended 31 March 2025 The Trustee presents ils report and the Financial Statements for the year ended 31 March 2025. TRUSTEE First Garden Cities Homes is the sole Tru51ee. 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 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. Thè Charity seeks lo continue its 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 to which the Charity is exposed and ha5 established systems and procedures lo manage those risks. The Trustee is satisfied that the major risks identified have been adequately mitigated where necessary. PUBLIC BENEFIT Charltable 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. Objectives for the year The objectives for the year are shaped by these strategic aims. FINANCIAL REVIEW The Saint Saviour's Almshouses made a loss of £36,000 for the year ended 31 March 2025, thi5 was due lo window and path replacement works which were required. In the past any surplus has been used in ils entirety lo reduce the long-term liability of funding received from the sole trustee al the time of the refurbishment programme in 2015. Therefore no repayments have been made for this year and the long term liability has increased by this amount. The Saint Saviour's Almshouses also incuired a £29,087 inleresl charge in relation lo the long-temi liability. The resetves al year end 31 March 2025 were £277,661.
THE SAINT SAVIOUR'S ALMSHOUSES TRUSTEE'S REPORT Forthe year ended 31 March 2025 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 Slandardsl. The law applicable to ch8rilies in England and Wales quiTeS the Trustee to prepare financial statements for each financial year which give a true and fair view of the slate ol affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial slalemenls. the Trustee is required to". Select suitable 8ccounting policies and then apply them consislenlly., Make judgments and estimates that are reasonable and prudent., stale whether applicable accounting standards and statements of recommended practice have been followed. subject to any departures disclosed and explained in the Financial Statements, and., Prepare the Financial Statements on the going concein basis unless it 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 financial position of the Charity and which enables il to ensure that the Financial Statements comply with the Charities Act 2011 and the Charity IA¢counls and Reportsl Regulations. The Trustee is responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularities. The Strategic Report and Trustee's Report were approved by the Trustee on 11th September 2025 and signed Dn its behalf by.. Richard Laval
THE SAINT SAVIOUR'S ALMSHOUSES STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 March 2025 I report to the trustees on my examination of the accounts of The Saint Saviour's Almshouses for the year ended 31 March 2025 which are sel out on pages 6 10 16. This report is rnade solely lo the charity's Iruslee in accordance with section 154 of the Charities Act 2011. My independent examiner's work has been underiaken so that I might stale lo the charily's Iruslee those mallers I am required to slate lo them in an independent examiner's report and for no other purpose. To the fullest extent permitled 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 examinerfs work, for this report, or for the opinions I have formed. Responsibilities and basis of report As the oharily trustees of the Trust, you are responsible for the preparation of the aecounls in accordance with the requirements of the Charities Act 2011 1.the Act'i. 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 undeT section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my allenlion in conneclion with the examination giving me cause lo believe Ihal in any material respect". accounting records 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 requirements 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 'lrue and fair view, which is not a matter considered as parl of an independent examination. 4. the accounts have not been prepared in a¢¢ordance with the method5 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 Republi of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report 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
THE SAINT SAVIOUR'S ALMSHOUSES STATEMENT OF FINANCIAL ACTIVITIES Forthe year ended 31 March 2025 Notes Unrestricted Restricted Funds Funds £'ooo £'ooo Total 2025 £'ooo Total 2024 £'ooo Income from.. Donations and legacies Charitable activities Other trading activities 75 75 72 Total Income 75 75 72 Expenditure on: Letting activities {85} 185) (37} Total Expenditure {85} 185) 137} Net Income I lexpenditurel before investment gains I (losses 1101 {10 35 Finance income Interest payable and financing costs Net gains l {lossesl on investments 1291 1291 1291 10 Net income I ex enditure for the ear 36 36 Reconciliatlon of funds: Fund balances at the slarl of the Fund balances at the end of the ear 314 278 314 278 305 314 ear
THE SAINT SAVIOUR'S ALMSHOUSES STATEMENT OF FINANCIAL POSITION As at 31 March 2025 2025 £'ooo 2024 £'ooo Notes Fixed Assets Housing properbes 871 864 Total Fixed Assets 871 864 Current Assets Debtors Investment Cash at bank and in hand 10 51 48 Total Current Assets 54 51 Current Liabilities Cfftdilors." amounts falling wilhin one year 11 (241 {31 Net Current Assets 30 48 Total Assets le¥¥ Current Liabilities 901 911 Creditors falling due after more than one year 12 623 598 Total Net Assets 278 314 Unrestricted Income Funds General funds 278 314 Total Charit Funds 278 314 The Financial Slalements on pages 6 10 14 were approved by the Trustee on 111h September 2025 and were signed on ils behalf by.. Rlchard Laval
STATEMENT OF CASHFLOWS Forthe year ended 31 MaTch 2025 2025 £'ooo 2024 £'oooo Notes Cash flows from operating activities Net incomellexpendilurel for the year Adjuslmenls for.. Depreciation charges (Gainslllosses on investments Ilncreaselldecrease in debtors Incre8selldecreasel in creditors Interest payable Net cash In l {out}flow from operating actlvltles {36} 17 {101 17 141 10 46 29 47 (191 29 33 Cash flows from financing activities Interest paid Net cash in I lout) flow from financing activities 29 1291 29 1291 Cash flows from investing activities Disposal of fixed assets Purchase of fixed assets Net cash in I lout) flow from investing activities 1181 171 141 1181 Change In cash in the year Cash and cash equivalents al the beginning of the year Cash at the end of the year
STATEMENT OF CHANGES IN RESERVES For the year ended 31 March 2025 Revenue Reserves 2025 £'ooo 2024 £'ooo Balance at 1 April 314 305 Total comprehensive income for the year 1361 Balance at 31 March 278 314
THE SAINT SAVIOUR'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 ACCOUNTING POLICIES lal Basis of Accounting The financial statements have been prepared in accordance with the Statement of 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 20118nd 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. Ibl Going Concern The fi'nancial statements have been prepared on the going concern basis. An organisalion is a going concern if it is expected to continue operations for the next twelve months. FiTSt Garden Cities Homes as the sole Iruslee of Saint SavioLJr's have assessed the ability to continue as a going concern for twelve months aftei the signing of the year end 2025 accounts. {cl Turnover Turnover reprèsents residents, charges receivable in respect of Almshouses. (dl Housing Properties Housing propety 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 to existing properties are works which result in an Increase in the net rental income, such as 2 reduction in future maintenance costs. or result in a significant extension of the useful economic life of the property in the business. Depreciation is calculated lo write off the cost of fixed assets on a slraighl-line basis over their estimated 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 properties to which they relate, if shorter al the following annual rates.. Roofs 50 years Kitchens 20 years Bathrooms 30 years Windows 3D years Doors 30 years RewiringlElectri¢al 30 years Thermal boarding 20 years Central healing 30 years Lift 3D 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 2025 le} Investments Investments are slated al fair value Imarkel value). Changes in market value are taken to the Statement of Comprehensive Income. ifj Taxation The Charity has charitable slalus and therefore is not SLJbjecl to Corporation Tax on its surplus arising from charitable aclivilies. Igl VAT The Charity is not VAT registered. Expenditure is therefore shown inclusive of VAT. Ihl Flnanclal Instruments Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument. Flnanelal assets carried at amortised cost Financial assets carried al amortised cost comprise rent arrears, trade and other receivables and cash 2nd cash equivalents. Financial assets are initially recognised al fair value plus directly attributable transaction costs. After initial recognition, they are measured at amorlised cost using the effective 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 assefs carrying amount and the present value of estimated future cash flows discounted at the financial asset's original effective interest ¥ate. The carrying 8mount of the asset is reduced accordingly. A fi'nancial asset is derecognised when the conlraclual rights lo the cash flows expire, or when the financial asset and all subslanlial risks and reward are transferred. If the arrangement conslilutes a financing transaction, the financial asset is measurecj at the present value of the ftjture payments discounted at a market rale of interest for a similar debt instrument. Financial liabilities carrled at amortlsed cost These financial liabilities include trade and other payables. Social Housing Grant {SHGI and other grants Wnere grants are received from government agencies they are recognised when there is reasonable assurance that the conditions attached to them will be complied with and that the grant will be received. 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 to compensate are recognised. Where a grant is receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial SUPPOTI with no future related costs. it is recognised as revenue in the period in which it 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 propertie5 are recognised in income over the expected useful life of the housing properly struolLJre. Where a grant is received specifically for components of a housing property, the grant is recognised in income over the expècted useful life of the component. Grants received from non-govemmenl 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 2025 Recycling of grants Where there is a requirerllenl lo either repay or recycle a gr2nl received for an asset that has been disposed of, a provision is included 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 Statement 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 Statement of Financial Position related lo this asset is derecognised as a liability and recognised as revenue in surplus or deficit in the Slalemenl of Financial Aclivilies. 12
THE SAINT SAVIOUR'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 2 PARTICULARS OF INCOME AND EXPENDITURE FROM LETTINGS St Saviours 2025 £'ooo 2024 £'ooo General Needs Houslng Accommodation Turnover from social housing lettings Rents receivable Grant amort15ed 75 72 Total income from lettings 75 72 Expenditure on letting activities Services Management Depreciation on housing propertie5 Routine maintenance Cyclical maintenance Planned Maintenance & Major Repairs 191 121 1171 1571 {71 {17) 1121 Total expenditure on lettings 85 37 Operating surplus on letting activlties 10 35 Voids 3 FINANCE INCOME 2025 £'ooo 202 £'ooo Interest receivable from short term bank deposits 4 INTEREST PAYABLE AND FINANCING COSTS 2025 £'ooo 2024 £'ooo Interest payable from intercompany loans 29 29 5 SURPLUS FOR THE YEAR 2025 2024 Surplus for the year is slated after charging.. Independent examiners, remuneration.. 500 101 13
THE SAINT SAVIOUR'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 6 STAFF COSTS The Charity does not employ any direct staff, all duties are carried out by the parent company FGCH St Saviours TANGIBLE FIXED ASSETS- HOUSING 7 PROPERTIES 2025 £'ooo 2024 £'ooo Cost Al 1 April 2024 Additions Works to existing properties Disposals 31 March 2025 1,097 1,093 18 1.115 Depreclatlon Al 1 April 233 217 Vvritten off on disposal Charge for the year 171 17 17 At 31 March 244 233 Net book value Al start of year 876 At end of year 871 864 DEFERRED INCOME - 8 GOVERNMENT GRANTS 2025 £'oo 2024 £'oo Al 1 April Amorlisalion lo Slalement of Comprehensive Inwme 13.6 10.3) 13.9 10.31 Al 31 March 13.3 13.6 Due < 1 year Due > 1 year 13.3 13.6 14
THE SAINT SAVIOUR'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 March 2025 St Saviours DEBTORS 2025 £'ooo 2024 £'ooo Amounts falling due within one year.. Arrears of rent and service ¢harges Other debtors 10 CURRENT ASSET INVESTMENTS 2025 £'ooo 2024 £'oo 397 NAACIF Accumulation shares At 1 April Revaluation 48 45 At 31 March 51 48 11 CREDITORS (AMOUNTS FALLING DUE WITHIN ONE YEAR) 2025 £'ooo 2024 £'oo Trade Creditors Other Creditors Accruals Government grants (note 8) 19 24 12 CREDITORS (AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR) 2025 £'ooo 2024 £'oo Government grants Inole 81 Amounts owed to parent undertaking 13 610 13 584 623 598 15
THE SAINT SAVIOUR'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS For the year 9nded 31 March 2025 13 CAPITAL COMMITMENTS There were no capital commitments as al 31 March 202512024 NIL) 14 RELATED PARTY TRANSACTIONS First Garden Cities Homes is regarded as the Parent of 'The Saint Saviourfs Almshouses,. The additions relating lo the works to the almshDuses reflected in the housing property costs note are ftjnded by way of 8 loan from the Parent. The board regards First Garden Cities Homes Limited as the ultimate parent entity and the ultim2le controlling party. Copies of the consolidated financial statements of First Garden Cities Homes Limited can be obtained from Pioneer House, Norton Way South, Letchworth Garden Cily, Herlfordshire, SG6 1 NY 16