BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Registration No. 02574169 {England and Wales) Charity Registration No. 1001884
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION LEGALAND ADMINISTRATIVE INFORMATION Trustees Blackburn YMCA (Appointed 5 September 2023) Secretary M Lloyd Charity number 1001884 Company number 02574169 Registered office 125 Deansgate Bolton Greater Manchester BL11HA Auditor Champion Accountants LLP Unit 2 Olympic Court IhFtehills Business Park Blackpool Lancashire FY4 5GU
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION CONTENTS Page Trustees. report Independent auditor's report statement of finar)cial activities Balance sheet Statement of cash flows 10 Notes to the financial statements 11-24
.4 YOUNG MEN'S CHRISTIAN ASSOCIATION .STEES' REPORT (INCLUDING DIRECTORS, REPORT) .-OR THE YEAR ENDED 31 MARCH 2024 The Trustee presents their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 3 to the financial statements and comply with the charity's Memorandum and ArtÉcles of As50Giation, the Companies Act 2006 and "Accounting and Reporting by Charities- Statement of Recommended Practice applicable to chartties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). Objectives and activities The charity's objectives are the advancement of the Christian religion amongst young people, the relief of poverty and sickness, the protection of the good health of the public, the profflotion of vocational tralning and the provssion of facilities for recreation in Bolton. Each year the trustees review the objectives and tIvItieS to ensure they continue to reflect the aim5 of the charity and provide public benefit. The trustees are satisfied that they do so. The trustees have paid due regard to the guidance issued by the Charities Commission in deciding what activities the charity should undertake. 'The Bolton YMCA'S viston is to be a sustainable young person's Christian organisation, which rec(>Jntses the multi-cultural nature of Bolton. Through harnessing the energy and potential in our community, it empowers young people, especially those who are most disadvantaged, by helping them to develop their potential in body. mind and spirit. The YMCA also empowers young people to fully participate in our community and wider society through engaging with local and global issues which positively support community cohesion and intercultural harmony" Bolton YMCA'S Missson statement remains the same, "Transforming communities so that all young people can belong, contribute and thrive" In accordance with its Christlan faith and values, the YMCA stands for: A worldwide fellowship based on the equal value of all persons Respect and freedom for all, tolerance and understanding between people of different opinions Active concern for the needs of the communFty United effort by Christians of different traditions. As an expression of this Christian purpose, Bolton YMCA'S strateglc aims are to be: Christian organisation, harnessing the energy and potential from people of alE faiths and none and from all communities across Bolton; young persons. organisation, empowering young people, especially those who are most disadvantaged. helping them to develop their full potential in body, mind and spirit and to participate fully and positively in the community and wider society; an international organisation, recognising the multicultural nature of Bollon and engaging with global and local issues to support community cohesion and intercultural harmony and sustainable. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activ*ties the charity should undertake.
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievernents and performance At the time of opening the new building in 2022, economic uncertainty and rising base rates brought fjnancial instabiltty to YMCA Bolton. To mÉtigate the risk YMCA Blackbum became the parent company, providing the relevant govemance and financial support required to stabilise the situation and to take YMCA Bolton forward. The trustees were pleased to enable the continuation of the key work of the charity and the delivery of serdices at YMMCA Bolton. As part of the consolidation process the decision was made to sell the freehold to YMCA BlaGkburn, and this ftjrther enhanced the security of YMCA Bolton due to the income received. Over 2023124 YMCA Bolton has successfully delivered the aims of the project achieving full occupancy throughout the year and provides affordable safe accommodation to young people who are economically active but who, typically, are in low paid insecure jobs. YMCA Bolton has maintained the partnership with BAND Family Action, which delivers recovery focused support to with adults with lived experienced of rnental health in the building's activity space, the communty and NHS settings. From a financial perspective, we have seen 8 reduction in energy costs, and are hopeful of a reduction in the base rate. Ilvhile we remain alert to potential fluctuations in the economy, with the SLlPPOrt of YMCA Blackburn, we are cautiously confident that Bollon can continue to offer affordable accommodation to young people, which És especially important and is a positive response to the housing crisis. Financial review The financial statements show a surplus of £12,946 (2023: deficit as restated£176,890). The prior year deficit is predominantly due to the write down of the Charity's property in the sum of £125,826, and a deficit on the pension scheme funding. Retained reserves at 31 March 2024 amounted to £17,487 being restricted funds of £24,301 and unrestricted funds of £{6,814}. The deficit on unreslricted funds is due to the pension creditor of £30,646 which is not all due within one year. There are therefore suffjcient liquid funds to cover the restricted fund balances. It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to beeen three and six month's expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has not been maintained throughout the year. The charity has not been able to mainlain this level of funds in the current or prior year. The Charity does not have sufficient free reserves for investment. Monies are held on an interest bearing bank account whenever possible. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The trustees regularly review the economic, logistical and health and safety risks faced by Bolton YMCA in delivering its seprfices, as part of formulating a long term policy in this area. Risk assessments are carried out on all new projects and, on an ongoing basis, by staff in all areas of activity. Our insurance Company periodically requires an independent risk assessment to ensure the premises meet all health and safety leg*slative requirements. The Board receives reports from the Chief Executive to monitor the organisation's financial risks. structure. governance and management
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The charity is a company registered under the Charities Ad 1960 and is limited by guarantee. The company is governed by its Memorandum and Articles of Association. Under paragraph 6 of its Memorandum, every member undertakes to contribute to the assets of the company in the event of it being wound up during the time he or she is a member, or within one year afterwards. for paytnent of the debts and liabilities of the charity contracted before helshe ceases to be a member, and the costs, charges and expenses of winding up, and for the adjustments of the rights of the contributors among themselves. such contribution as may be required not ordi narily to exceed £1 per tnember. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: D M Bradley Mr R Chikwama Mr D M Hearn R C Liddell Mr J K Shepley Blackburn YMCA (Resigned 5 September 2023) (Resigned 5 September 2023) (Resigned 5 September 2023) (Resigned 5 September 2023) (Resigned 5 September 2023) (Appointed 5 September 2023) Trustees are elected from amongst the full members of the charity. They are elected at the Annual General Meeting lo serve for up to three years. They can then be re-elected for a further three year term, after which time they are required to retire from Offi for at least one year, before potentially being re-elected. There is facility within the Memorandum and Articles of Association for the Board to co-opt further trustees, to help ensure an appropriate diversity of backgrounds and relevant skills. During the year the elected Board mernbers passed a special resolution to install YMCA Blackbum as the sole member and Trustee of Bolton Young Men's Christian Association. This governance change came into effect from 5th September 2023. Bolton YMCA has a comprehensive induction pack for trustees. The Chief Executive provides support, advi and guidance for new trustees according to their needs. Board members can engage in the YMCA'S North West regional nefvrfork and periodically a variety of training for governance opportunities are available from YMCA England, including a programme of Board Development.
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ststement of trustees, responsibilities The trustees, who are also the diiectors of Bolton Young Men's Christian Association for the purpose of company law, are responsyble for preparing the Trustees, Report and the financial statements in accordance with applicable Eaw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. Company Law requires the trustees to prepare financsal statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to- select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis unless it is inappropriale to presume that Ihe charity will continue in operation. The trustees are responsible for keeping adequate accounting records that dtsclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statemerrts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. Audbtor In accordance with the company's articles, a resolution proposing that Champion Accountants LLP be reappointed as auditor of the company will be put at a General Meeting. Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant infomation and to establish that the auditor is aware of such information. The trustees, report was approved by the Board of Trustees. Mr G Oatridge On behalf of Blackburn YMCA On behalf of Blackburn YMCA Dated: 24 September 2024
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION Opinion We have audited the financial statements of Bolton Young Men's Christian Assoc¢ation (the 'charitl) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting PractI- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Slandards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit ol the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements, We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements,, we have concluded that the trustees, use of the going concem basis ol accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charily's ability to continue as a going concem for a period of at least twelve months from when the financial staternents are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the finarcial stalements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financtal statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibilsty is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent rnaterial misstatements, we are required to determine whethei this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the followtng matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require LJS to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the trustees, report; or sufficient accounting re¢ords have not been kept. or the financial statements are not in agreement with the accounting records. or we have not received all the information and explanations we require for our audit.
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION Responsibilities of trustees As explained more fully in the statement of trustees. responsibilities. the trustees, who are also the directors of the charity for the PLtrpose of company law, are iesponsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related lo going Goncerrs and using the goFng concern basis of accounting unless the trustees either intend to liquidate the charitable Gompany or to cease operations, or have no realistic alternative but to do so, Auditorf5 responsibilities for the audit of the financial statements We have been appointed as auditor under sectton 144 of the Charities Act 2011 and report Fn accordance with the Act and relevant iegulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guaranlee that an audit conducted in accordance with ÈSAS (UK) wÉll always detect a material misstatement when it exists. Misslatements can arise from fraud or error and are considered material if, indivÈdually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detectrng irregularities, including fraud, is detailed below. As part of our planntng process: We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whelher there was any known, suspected or alleged fraud. Management did not inform us of any known, suspected or alleged fraud. We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: Charities SORP FRS 102, Companies Act 2006. We considered the incentives and opportunilies that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpelrated, and tailored our risk assessment accordingly. Using our knowledge of the company, together with the discussions held with management at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud, and tailored our ProdureS acGording to this risk assessment.
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION The key procedures we undertook to detect irregufarities including fraud during the course of the audit included= Identifying and testing joumal er6tries in the overall accounting records, ill particular those that were signtficant and unusual. Reviewing the financial statement disclosures and detemiining whether aw)unttng policies have been appropriately applied. Reviewing and challenging the assumptfrons and judgernents used by management in their significant accounting estimates, in particular in relation to freehold interest valuation. -Assessing the extent of compliance with the relevant laws and regulations. - Testing key revenue streams, in particular cut-off, for evidence of management bias. Obtaining third party confirmation of material bank balances. Documenting and verifying all significant related paty balances and transactions. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulattons to enquiry of the directors and other management, and the inspection of regulatory and legal correspondence. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website al: https:11 www.frc.org.uklauditorsresponsibitities. Thrs description forms part of our auditoff s report. Other matters The prior year financial statements were unaudited. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charit¢es (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state lo them in an 8uditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity 2nd the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Deborah Thorn FCA (Senior Statutory Auditorl for and on behalf of Champion Accountants LLP 24 September 2024 Chartered Accountants Statutory Auditor Unit 2 Olympic Court IAffiitehills Business Park Blackpool LanGashire P(4 5GU charnpi.on Accountants LLP is eligible for appointment as auditor of the charity by virtue of its eligibilrty for appointment as auditor of a company under section 1212 ofthe Companies Act 2006.
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 as 2023 as restated restated Total 2024 2023 as restated Notes Income from: Donations and legacie5 Charitable activities Investments 9,245 9,245 84,898 128,148 84,898 230,618 230,618 128.148 230,618 9,245 239,863 128,148 84,898 213,046 Totsl income Expenditure on: Charitable activities 230,812 15.112 245,924 141,493 114,721 256,214 245,924 141,493 114,721 256,214 Total expenditure 230,812 15,112 Net expenditure (194) {5,867) (6,061) (13,345) (29,823) {43,168) Transfers between funds (6,000) 6,000 other recognised gains and losses: Revaluation of tangible fixed assets Actuarial gainsl(losses) on defined benefit pension schemes (125,826) (125,826) 19,007 19,007 (7,896) (7,896) Net movement in funds 18,813 (5,867) 12,946 (153,067) (23,823) (176,890) Reconciliation of funds. Fund balanS at 1 April 2023 (25,627) 30,168 4,541 127,440 53,991 181,431 Fund balances at 31 March 2024 30,168 4,541 (6,814) 24,301 17,487 (25,627) The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 as restated Notes Fixed assets Tangible assets 12 56,014 61,881 Current assets Debtors Cash at bank and in har7d 13 34,060 28,669 26,573 37,117 62,729 63,690 Creditors: amounts falling due within one year 14 70,610 59,069 Net current (liabilittes)lassets (7,881) 4,621 Total assets less current liabilities 48,133 66,502 Provisions for liabilities 15 (30,646) {61,961) Net assets 17,487 4,541 The funds of the charity Restricted income fijnds Unrestrided funds 16 24,301 (6,814) 30,168 (25,627) 17,487 4,541 The company is entitled to the exemption from the audit requirernent contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024, although an audit has been carried out under section 144 of the Charities Act 2011. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The member has not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. These financial statements have been prepared tn accordance with the provisions applicable to companies subject to the 5rnall companies regime. The financial statements were approved by the trustees on 24 September 2024 MrGO Trustee on behalf of Blackburn YMCA Company registration number 02574169 <England and Kryales)
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 as restated, Notes Cash flows from operating activities Cash absorbed by operations 20 (239,066) (180,845) Investi ng activities Proceeds from disposal of tangible fixed assets Investment income received 2,669 128,148 230,618 Net cash generated from investing activities 230,618 130,817 Net cash used in financing activities Net decrease in cash and cash equivalents (8,448) {50,028) Cash and cash equivalents at beginning of year 37,117 87,145 Cash and cash equivalents at end of year 28,669 37,117 10-
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 CTltical accounting estFmates and judgements In the applFcation of the charity's accounting policies, the trustees are required to make judgements, estsmates and assumptions about the carrying amount of assets and liabilities that are not readiEy apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revtsed where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements Depreciation Depreciation is provided to write down the assets to their residual val(Jes over the estimated useful lives as set out in the Charity's accounting policy. The selection of these estimated lives requires the exercise of management judgement. Useful lives are regularly reviewed and should managemenl's assessment of useful lives change, then depreciation charges and carrying value of fixed assets in the financial statements would change accordingly. Impairrnent of trade debtors At each balance sheet date, the trustees and the finance team undertake a review of outstanding debtor balances and estimate which, if any, should be impaired or provided against. The calculation is based on the financial position of the customers, the historical speed of payment and any ongoing discusssons between relevant parties to the individual debtor. Income from donations and legacies Restricted funds 2024 Restricted funds 2023 as restated Donations and gifts 9,245 11
XXTON YOUNG MEN'S CHRISTIAN ASSOCIATION PK)TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Bolton Young Men's Christian Association is a private company limited by guarantee incorporated in England and Wales. The reg55tered office is 125 Deansgate, Bolton. Greater Manchester, BL11 HA. 3.1 Accounting convention The financial statements have been prepared in accordance with the charity's Memorandum & Articles of Assoication the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. (°FRS 102°) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accoidance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The. charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instrLrnents at fair value. The principal accounting policies adopted are set out below. 3.2 Prior period error An adjustment has been made to the value of the freehold interest by reference to an external professional valuation which was carried out tn August 2023, but materially affected the value in the Balance Sheet at 31 March 2023. 3.3 Going concern These financial statements are prepared on the going concern basis. The Trustee has a reasonable expectation that the charity will continue in operational existence for the foreseeable future, however, the trustee is aware of uncertainties which may cause doubt on the charity's ability to continue as a going concem. Rental income has been increased in the current year for new lenants and rent paid out has been reduced along with other overheads where possible.The charity has sought assurances from its parenl Blackbum YMCA, that it will financially support the charity if needed. Thus the Trustee has conlinued to adopt the going concein basis of accounting tn preparing the financial statements. 3.4 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the5r charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capitat must be maintained by the charity. Transfers between funds arise when expenditure is incurred in one fund which can be funded or part funded by income from another fund. In addition, transfers may be made from unrestricted funds to clear excess expenditure over income arising in restricted funds. 3.5 Income Income is recognis&d when the charity is legally entitled to tt after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. 12-
Tr OLTON YOUNG MEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continuedl Cash donattons are recognised on receipt. Other donation5 are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations reived under Gift Aid or deeds of covenant is recognised at the time of the donation. LegacFes are recognised on receipt or otheDNise if the charity has been notified of an impending distribution, the amount is known, and reIpt is expected. If the amount is not known, the legacy is treated as a conlingent asset. Grants are recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred. Income from trading activities is recognised once the sale of goods has been completed. Rental income and membership subscriptioris are recognised on an accruals basis and reflected in the year to whtch they relate. 3.6 Expenditure Expenditure is recognised on an accruals basis, once there is a legal or constructive obligatFon kn make payment to a third party, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Costs of raising funds relate to activities undertaken to generate tncome. Expenditure on charitable activities is costs incurred by the charity rn the delivery of its activities and services to its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature neSSary to support them. All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resour. Costs relating to a particular acts'vity are allocated directly, others are app0"0ned on an appropriate basis e.g. estimated usage. 3.7 Tangible fixed assets Tangible fixed assets are inrtially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases= Freehold land and buildings Fixtures and fittings Nil on freehold interest revalued in year 20 % - 33°A on cost {none rn year of purchase) The gain or loss arising on the disposal of an asset is detemined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial actrvities. 3.8 Impalrment of fixed assets The charity reviews the carrying amounts of its tangible assets to determine whether triere is any indiGation that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount ol the asset is estimated in order to determtne the extent of the impairment loss (if any). 3.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with bank5, Other short-tem liquid investments with original maturities of thiee months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current l i8bi lities. 13-
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 3.10 Financial instruments The charsty has elected to apply the provisions of Sectton 11 'Basic Financlal Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assels and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally Ènforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transactior) price tncluding transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initia15y recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If nol, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 3.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are reived. Termination benefits are recognised immediately as an expense when the charity is demonstrabty committed to terminate the employrnent of an employee or to provide termination benefits. 3.12 Retirement benefits Payments to defined contribution retirement benefit schemes are chaiged as an expense as they fall due. The charity participated in a multi-employer defined benefit pension plan for employees of YMCA'S in England, Scotland and vleS, which was closed to new members and accruals on 30 April 2007. The Plan's actuary has advised that it is not possible to separately identify the assets and liabilities relating to Bolton YMCA and therefore the scheme is accounted for as a defined contribution scheme. As described in note 18, the Gharity has 8 contractual obligation to make pension deficit payments of £10.294 per annum over the period to April 2027 (2023 £12,298 per annum to April 2029), and therefore this is shown as a liability in these accounts. Bolton YMCA is required to contribute £3.281 per annum (2023 £2,902 per annum) to the operating expenses of the pension plan and these costs are charged to the Statement of Financial Activtties when made. 14-
TON YOUNG MEN'S CHRISTIAN ASSOCIATION )TES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from charitable activities Restricted funds 2024 Restricted funds 2023 as restated Grants Performance related grants 84,898 Income from investments Un restricted Unrestricted funds funds 2024 2023 as restated Rental income Interest receivable 230,123 495 127,939 209 230,618 128,148 Support costs allocated to activities 2024 2023 as restated Support costs Governance costs 17,500 6,536 9,634 9,634 24,036 Analysed between: Charitable activites 9,634 24,038 15-
rr OLTON YOUNG MEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to activities (Continued) 2024 2023 as restated Governance costs comprise: Audit fees Independent examiner fees Pension scheme adminislralor charges Bank charges Legal fees 2,500 2,782 2,902 50 1,400 3,780 2,726 30 9,634 6,536 Net movement in funds 2024 2023 as restated The net movement in ftsnds is stated after chargingl(crediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 2,500 5,867 5,867 Trustees The trustee (nor any persons connected with them) reiVed any remuneration or benefits from the charity during the year. 16-
,30LTON YOUNG MEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities Charitable Charitable Expenditure Expenditure 2024 2023 as restated 18,400 5,867 191,672 21,591 95 (3,473) 658 16,221 5,867 180,041 16,530 328 1,000 3,721 2,541 4,280 1,649 Staff costs Depreciation and impairment Rent, utilities and insurance Repairs, rnaintenance and cleaning Project and activity Gosts Professional and consultancy fees Sundry expenses Donations to Blackburn YMCAfor building project Advertising Printing, stationery & office costs 1,480 236,290 232,178 17,500 6,536 Share of support costs (see note 6} Share of governance costs (see note 6) 9,634 245,924 256,214 Analysis by fund Unrestricted funds Restricted funds - general 230,812 15,112 245,924 For the year ended 31 March 2023 Unrestricted funds Restricted funds - general 141,493 114,721 256,214 10 Employees The average monthly number of employees during the year was: 2024 2023 as restated Number Number 17-
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Employees (Continued) Employment costs 2024 2023 as restated Vdages and salaries Other pension costs 18,078 322 16,083 138 18,400 16,221 There were no employees whose annual rernuneration was more than £60,000. Remuneration of key management personnel The remuneration of key management personnel was as follows: 2024 2023 as restated Aggregate compensation 18,078 16,083 11 Taxation The charity is exempt from taxatton on its activities because all its income is applied for charitable purposes. 12 Tangible fixed assets Freehold fand Fixtures and and buildings fittings Total Cost At 1 April 2023 39,162 30,620 69,782 At 31 March 2024 39,162 30,620 69,782 Depreciation and impainnent At 1 April 2023 Depreciatron charged in the year 150 150 7,751 5,717 7,901 5,867 At 31 March 2024 300 13,468 13,768 Carrying amount At 31 March 2024 38,862 17,152 56,014 At 31 March 2023 39,012 22,869 61,881 18-
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Tangible fixed assets (Continued) The carryir7g value of land ir)cEuded in land and buildings comprises= 2024 2023 as restated Freehold 24,174 24,174 13 Debtors 2024 2023 as restated Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 28,167 3,317 2,576 26,573 34,060 26.573 14 Creditors: amounts falling due within one year 2024 2023 as restated Trade creditors Other credttors Accruals and deferred income 16,573 25,000 29,037 8,164 50.905 70,610 59,069 15 Provisions for liabilities 2024 2023 as restated Notes Retirement benefit obligations 18 30,646 61,961 30,646 61,961 19-
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BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assets Current assets1(liabiFities) Provisions and pensions 31,713 (7,881) (30,646) 24,301 56,014 (7,881) (30.646) (6,814) 24,301 17,487 Unrestricted funds 2023 as restated Restricted funds 2023 as restated Total 2023 as restated At 31 March 2023- Tangible assets Current assetsl(l iabilittes) Provisions and pensions 31,713 4,621 (61,961) 30,168 61,881 4,621 (61,961) (25,627) 30,168 4,541 18 Retirement benefit schemes Defined contribution schernes The charity operates a defined contribulion pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to profit or loss i n respect of defined contribution schemes was £322 (2023 as restated - £138). Defined benefit schemes Bolton YMCA participated in a contributory pension plan providing defined benefits based on final pensionable pay for employees of YMCAS in England, Scotland and Wales. The assets of the YMCA Pension Plan are held separately from those of Bolton YMCA and at the year end these were invested in the Mercer Dynamic De-risking Solution, 65 % matching portfolio and 350k in the growth portfolio and Schroder (propety units only). The most recent completed three year valuation was as at 1 May 2023. The assumptions used which have the most significant effect on the results of the valuation are those relating to the assumed rates of return on assets 4.569/0, the increase in pensions in payment of 3.180h (for RPI capped at 50/0 per annum), and ttr average life expectancy from normal retirement age {of 65) for a current male pensioner of 21.5 years. female 24.0 years, and 23.1 years for male pensioners, female 25.7 years, retiring in 20 years tirne. The result of the valuation showed that the actuarial valuation of the assets were £103.1 million. This represented 92 % of the benefits that had accrued to member5. 21
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Retirernent benefit schemes (Continued). The Penston Plan was closed to new members and future senfice accrual with effect from 30 April 2007. With the removal of safary linkage for benefits alb employed deferred members became deferred members as from 1 May 2011. The valuation as at 1 May 2023 showed that the YMCA Pension Plars had a deficit of £9.1 million. Bolton Young Men's Christian Association has been advised that it will need to make monthly contributions of £858 from 1 May 2024. This amount is based on the current actuarial assumptions (as outlined above) and may vary in the fulure as a result of actuarial performance of the Pension Plan. Agreed future deficit contributions have been discounted using a rate of 5.3 % (2023: 3 %).The current recovery period is 3 years commencing I May 2024. In addition, the charity may have over time, liabilities in the event of the norkpayment by other participating YMCAS of their share of the YMCA Pension Plan's deficit. bt is not possible to quantify the potential amount that the charity may be called upon to pay in the future. 2024 2023 as restated Repayable: Within one year Within two to five years After five years 10,294 20,352 12,298 49,192 471 Total liabil ity recognised 30.646 61,961 19 Related party transactions Remuneration of key management personnel The remuneration of key management personnel was as follows: 2024 2023 as restated Aggregate compensation 18,078 16,083 -22-
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Related party transactions (Continued) During the year Bolton Young Men's Christian Association received a grant from Blackbum YMCA to the value of £Nil (2023= £80,000) and paid grants to Blackburn YMCA totalling £Nil (2023: £93,895). Blackbum YMCA is the sole corporate trustee of Bolton Young Men's Christian Assoctation. 20 Cash generated from operations 2024 2023 as restated Surplusl(deficit) for the year (6,061 } (43,168) Adjustments for: Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets Difference beeen pension charge and cash contributions (230,618) 5,867 {12,308) (128,148) 5,867 (12,126) Movements in working capital: (Increase) in debtors Increasel(decrease) in creditors {7,487) 11,541 (1,270) (2,000) Cash absorbed by operations (239,066) (180,845} 21 Analysis of changes in net funds The charity had no material debt during the year. 22 Prior period adjustment Changes to the balance sheet At 31 March 2023 As previously Adjustment reported As restated Fixed assets Tangible assets 187.707 (125,826) 61,881 Capital funds Income funds Restricted funds Unrestricted funds 36,035 94,332 (5,867) (119,959) 30,168 (25,627) Total equity 130,367 {125,826) 4,541 -23-
BOLTON YOUNG MEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Prior period adjustment {Continued) At 31 March 2023 As previously Adjustment reported As restated Fixed assets Changes to the profit and loss accourit Period ended 31 March 2023 As previously Adjustment As restated reported Charitable activities 90,898 (6,000) 84,898 Raising funds Charitable activities 5,867 250,347 (5,867) 5,867 256,214 Revaluation of fixed assets {125.826) (125,826) Net movement in funds (45,064) (131,826} (176,890) The prior year adjustment arises as a result of a revaluation of the freehold interest carried out in August 2023 which was considered to be relevant at 31 March 2023 and adjusted accordingly. Depreciation has been reallocated to charitable activities and adjusted in restricted funds. -24-