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 be￿een 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 Pro￿dureS 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 balan￿S 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