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
Vin￿nI 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