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2022-03-31-accounts

Registered number: 02926525 Charity number: 1037999

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the charity, its trustees and advisers 1
Trustees' report 2 - 6
Independent auditors' report 7 - 9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12 - 26

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022

Trustees

P T Ayres Dr A J Holden R Higginbottom L Keen FCA L Garley-Evans (appointed 16 September 2021)

Company registered number

02926525

Charity registered number

1037999

Registered office

1 North Sixth Street, Milton Keynes, MK9 2NR

Independent auditors

Hillier Hopkins LLP, 249 Silbury Boulevard, Milton Keynes, Buckinghamshire, MK9 1NA

Bankers

National Westminster Bank Plc, 41 The Drapery, Northampton, Northamptonshire, NN1 2EY

Page 1

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their annual report together with the audited financial statements of Northamptonshire YMCA for the year to 31 March 2022. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective 1 January 2015).

As the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

a. Principal Objectives and Activities

The strategic aims of the Northamptonshire YMCA are:

b. Main activities undertaken to further the charity's purposes for the public benefit

Our main charitable activities focus on providing assistance to young people. Our objects and funding restrict the services we provide to those residing in Northamptonshire and its surrounding areas. During the last financial year students residing at our Derngate accommodation have been the main beneficiaries of our work.

Achievements and performance

a. Review of activities

Northamptonshire YMCA continues to focus its activities on generating an income from its properties in central Northampton and Upton. This has been made difficult due to the COVID-19 restrictions impacting the wider housing, accommodation and student lettings sector. The opportunity was taken to refurbish the rooms in Derngate whilst the building was unoccupied to ensure that it can attract market rents through quality housing. The Charity continues to be a subsidiary of Milton Keynes YMCA Limited.

YMCA Northamptonshire was successful in securing a further grant of £2,667 from the Additional Restricted Grants Scheme offered by West Northamptonshire Council to support organisations impacted by the COVID-19 restrictions.

Despite the increased income from lettings during the year the result before investment gains is a deficit of £45,693 (2021 - deficit £71,247). This is due to the expenditure on the refurbishment of the Derngate and the additional pension costs incurred relating to the YMCA Pension Plan. The revaluation of the Derngate property in the year to £1,350,000 resulted in an investment gain of £525,000 which when taken into account with the gain on other investments has resulted in an overall surplus for the year of £491,799 (2021 - deficit £36,579).

Operational Management

During the year the Charity has developed its working relationship with the two new Unitary Authorities established in Northamptonshire, alongside the new Northamptonshire Children’s Trust.

Page 2

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022

In June 2020 the Charity renewed its lease on Upton Lodge with Homes England. During the year, the Charity progressed the development of the Upton Lodge project by seeking opportunities to fully utilise the property and grounds. An agreement was negotiated with Griffin Rock acting as our Property Manager enabling the rental of Upton Lodge to professionals for the next three years. This agreement was signed on 1st May 2021 for an annual rental of between £22,200 to £24,000 being paid to the Charity for the use of the farmhouse at Upton Lodge and surrounding grounds.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Financial risk management objectives and policies

The Trustees continue to keep all external risks under regular review and set strategies and policies to mitigate those risks. Significant external risks to funding have led to the development of a strategic plan that allows for the diversification of funding and activities within the Charity's objectives. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they still meet the needs of the Charity.

c. Reserves policy

The Trustees have reviewed the Company’s general reserves of £816,195 (2021 - £324,396) (note 19) although £525,000 of this is the property revaluation so only £291,195 are free reserves. The Trustees are satisfied that they are adequate for current purposes. The trustees consider that given the nature of the Charity’s work, its financial commitments and the general economic climate this should be at a level greater than the total committed cash outflow for the next 18 months. This is projected to be £222,000 (2021 - £250,000).

d. Principal funding

The principal source of income for the Charity is from the rental of its investment properties; in the year to 31 March 2022 this accounted for 84% of total income (2021 - 76%). This increase is because the Derngate property is fully let now that COVID restrictions have been lifted.

Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 6 May 1994 and registered as a charity on 25 May 1994.

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

The sole member is Milton Keynes YMCA Limited. Milton Keynes YMCA Limited is the only body that may appoint new members. Milton Keynes YMCA Limited may, by resolution of its Trustees, authorise such persons as it thinks fit to act as its representatives at general meetings of the Association, and the persons so authorised shall be entitled to exercise the same powers on behalf of Milton Keynes YMCA Limited which he or she as a representative of Milton Keynes YMCA Limited could exercise if it were an individual member.

Page 3

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022

Milton Keynes YMCA Limited may not be removed as a member, by the Board or otherwise, unless it consents. Milton Keynes YMCA Limited may retire as a member but must appoint at least one replacement member before it does so.

The Board of Trustees shall consist of at least three members appointed by Milton Keynes YMCA Limited. Members of the Board serve a term of up to three years and may be re-appointed for further terms of office.

a. Policies adopted for the induction and training of Trustees

Most Trustees are already familiar with the work of the organisation. New directors are required to attend an induction meeting to familiarise themselves with the charity and the context within which it operates.

b. Organisational structure and decision making

The day-to-day responsibility for the provision of services rests with the Chief Executive Officer (CEO) of Milton Keynes YMCA Limited. The CEO reports on a regular basis to the Board of Trustees, which meets approximately four times a year.

c. Related party relationships

The charity has a Service Level Agreement with Milton Keynes YMCA Limited (its parent company from 22nd November 2012) to provide management services.

The Charity is affiliated to The National Council of YMCAs of England & Wales. On 31 March 2021 YMCA MK and Northamptonshire YMCA reaffirmed their wish to remain part of the YMCA movement by signing the new Memebrship Agreement. By signing this document we have agreed to meet YMCA England and Wales Quality Assurance Standards. In addition by 2023 the Charity will:

Plans for future periods

a. Future developments

For the past few years we have been exploring social issues affecting young people in Northamptonshire, and particularly in Northampton itself, as we seek to grow and develop our charitable activities and return Northamptonshire YMCA back to a provider of choice for services relating to young people.

Discussions were delayed by the pandemic but during the past 12 months have escalated significantly and we are now in detailed negotiations about the launch of a potential new service to provide supported housing to care leavers at our town-centre based Derngate property.

In addition, we are at an earlier stage of exploration for a project to take on additional property in Northampton for young people who are in employment, and we are also starting conversations about the delivery of services in the north of the County.

A new agreement with YMCA England and Wales regarding two charity shops in Wellingborough is expected to provide a springboard for further activity in this town.

Page 4

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022

Future developments (continued)

We are planning to revisit the structural relationship between Northamptonshire and Milton Keynes YMCAs in early 2023, with the aim of managing a merger of the two entities, into a single regional YMCA.

The Charity participated in the YMCA Pension Plan (Pension Plan) a defined benefit based pension for employees of YMCAs in England. This Pension Plan is now closed to new members however the Charity is still required to contribute their share of the Pension Plan deficit. As a result of the effect of the COVID-19 Pandemic on the global economy the valuation of the Pension Plan undertaken on 31 May 2020 showed that the Pension Plan deficit had increased from £33.6M to £36M. The Trustees are optimistic that this situation will be reversed at the next valuation in 2023. By 30 September 2021 the ratio of the value of assets to liabilities of the Pension Fund had increased to 80.8% from 69.0% at the date of the valuation. Despite this good news changes have occurred in the membership profile of the scheme which has resulted in changes being made to the allocation of the Deficit Reduction Charge across different YMCAs. This has led to an increase of £26,781 in the provision that has been made in the accounts of the Charity for their share of the deficit in addition to the annual contribution and administration fees of £24,715.

Covid-19

The Charity took the opportunity to refurbish the rooms in Derngate whilst the building was unoccupied as a result of COVID to ensure that it can attract better market rents through quality housing. This has resulted in full occupancy in the current academic year of 2021/22 and a high level of bookings already for 2022/23.

Trustees' responsibilities statement

The Trustees (who are also directors of Northamptonshire YMCA for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

NORTHAMPTONSHIRE YMCA (A company limited by guarantee) TRUSTEES. REPORT feontlnued) FOR THE YEAR ENDED 31 MARCH 2022 DT$closure of Infom)atlon to auditors Each of the persons who are Trustees al the tine ￿en this Trustees. rerrtjrt is approve(I has confimied that so far as that Trustee is aware. there is no rethnt audit information of which the charitable company'3 audrtOTS are unaware, 8nd that Trustee has taken all Ihe steps Ihal ought lo have been taken as a Trustee in order to b& awsro of any relevant audit infonnation and to establish that th8 ch8Titable companls auditor5 are awarg of th* infomiation. This report was approved by the Trustees. on37 21 and Sign￿ on their behalf by.. J Hoiil¢n Chair Page 6

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHAMPTONSHIRE YMCA

Opinion

We have audited the financial statements of Northamptonshire YMCA (the 'charitable company') for the year ended 31 March 2022 set out on pages 10 to 26. 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 of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 7

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHAMPTONSHIRE YMCA

In connection with our audit of the financial statements, our responsibility 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible 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 charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 8

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHAMPTONSHIRE YMCA

Auditors' responsibilities for the audit of the financial statements

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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Hillier Hopkins LLP 249 Silbury Boulevard Milton Keynes Buckinghamshire MK9 1NA 29 September 2022

Page 9

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

Note
Income from:
Donations and legacies
2
Investments
3
Other income
Total income
Expenditure on:
Raising funds
4
Charitable activities
7,5
Total expenditure
8
Net expenditure before investment gains
Net gains on investments
13,14
Net income / (expenditure) before other recognised gains
and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricte
d funds
2022
£
3,287
124,087
4
127,378
72,589
100,482
173,071
(45,693)
537,492
491,799
491,799
624,396
1,116,195		 Total
funds
2022
£
3,287
124,087
4
127,378
72,589
100,482
173,071
(45,693)
537,492
491,799
491,799
624,396
1,116,195		 Total
funds
2021
£
6,123
54,601
-
60,724
57,022
74,949
131,971
(71,247)
34,668
(36,579)
(36,579)
660,975
624,396

The notes on pages 12 to 26 form part of these financial statements.

Page 10

NORTHAMPTONSHIRE YMCA IA company Ilmited ty guarnnteel REGISTERED NUMBER: 0292652S BALANCE SHEET AS AT 31 AIARCH 2022 2022 2G21 Nol• Flxed assets Tangiblè assets Investment propèrty 12 13 41.042 1.3SO.000 44,369 825,000 Total tangible a859ts Invesknents 1,391,042 126,811 869,369 124,319 14 1,517,B53 993,688 Current a889ts Debtors Investments Cash * bank and in hand 15 16 13,lJ49 21,497 60,000 14,241 35.318 95.738 Creditors: amounts fdling due within one 17 171,1611 (77,318) Net current Iliabilitiesyassets {35.8431 18.420 Total assets less current liabilitias 1A82,010 1,012,108 Creditor5: amounts falling due after mor than one year 18 (234,4181 (261. 867) Net assets excludlng penslon schemo liabilities 1,247,592 (131,3971 750.241 (124845) Defined be￿ffi pen$lon scheme Ikqbilty 21 Net assets includlng ponslon s¢h$mg liabilities 1,116,195 624,396 Charlty Funds unrp5trict￿l fvnds 1,116.195 624,396 Total funds 1.116.196 624,396 Tho companvs finanaal Stste￿￿Trts have been prepared in accordart¢e with the prtiwsions applieable to companie8 subject to the small companies regime. The finon¢lal statements were approved and authorfsed for issue by the TTU$tg95 L)n 2 7 signed on their behalf, by. /,/ It and L Keen FCA The notes on page$ 12 to 28 fomi part of these finanaal statements. Pagg11

(A company limited by guarantee)

NORTHAMPTONSHIRE YMCA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting Policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Northamptonshire YMCA meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Company status

The company is a company limited by guarantee. The sole member of the company is Milton Keynes YMCA Limited. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1.

1.3 Going concern

There are no material uncertainties about the Charity's ability to continue as a going concern. As a result of COVID-19, the Trustees are reviewing the situation with regard to lettings on a regular basis and looking at other options and relationships. Should the need arise the Charity has a number of alternative opportunities to ensure investment property income is maintained.

1.4 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably, in accordance with the Charities SORP (FRS 102).

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 12

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting Policies (continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

1.6 Tangible fixed assets and depreciation

All assets costing more than £1,000 are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

1.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities incorporating income and expenditure account.

Page 13

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting Policies (continued)

1.8 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

1.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.10 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.12 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.13 Pensions

Northamptonshire YMCA participated in a multi-emplyer defined benfit pension plan for employees of YMCAs in England, Scotland and Wales, which was closed to new members on 30 April 2007. Due to insufficient information, the plan's actuary has advised that it is not possible to separetely identify the assets and liabilities realting to Northamptonshire YMCA.

As discussed in note 21 Northamptonshire YMCA has a contractual obligation to make pension deficit payments of £21,230 per annum over the period to April 2029, accordingly this is shown as a liability in creditors to these accounts. In addition, Northamptonshire YMCA is required to contribute £5,124 per annum to the operating expenses of the Pension Plan and these costs are charges to the Statement of Financial Activities as made.

Page 14

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting Policies (continued)

1.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

2. Income from donations and legacies

Donations
Grants
Total donations and legacies
Total 2021		 Unrestricte
d funds
2022
£
120
3,167
3,287
6,123		 Total
funds
2022
£
120
3,167
3,287
6,123		 Total
funds
2021
£
120
6,003
6,123

3. Investment income

Unrestricted
funds
2022
£
Income from investment properties
116,062
Listed investment income
8,007
Bank interest receivable
18
124,087
Total 2021
54,601		 Total
funds
2022
£
116,062
8,007
18
124,087
54,601		 Total
funds
2021
£
46,443
8,074
84
54,601

Page 15

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

4. Investment management costs

5.

Unrestricted
funds
2022
£
Property management fees
17,385
Repairs & maintenance
26,286
Heat & light
9,304
Rates, telephone & insurance
14,652
Loan interest
4,962
72,589
Total 2021
57,022
Analysis of expenditure on charitable activities
Unrestricted
funds
2022
£
Central costs
80,342
Upton Lodge
14,944
95,286
Total 2021
68,996		 Total
funds
2022
£
17,385
26,286
9,304
14,652
4,962
72,589
57,022
Total
funds
2022
£
80,342
14,944
95,286
68,996		 Total
funds
2021
£
7,012
21,186
14,012
9,482
5,330
57,022
Total
funds
2021
£
49,749
19,247
68,996

Page 16

(A company limited by guarantee)

NORTHAMPTONSHIRE YMCA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6. Support costs

Management time
Bank charges
Affliation fees
Bad debts
Pension cost
Depreciation
Total 2021		 Unrestricte
d funds
£
44,884
127
604
(87)
31,487
3,327
80,342
49,749		 Total
2022
£
44,884
127
604
(87)
31,487
3,327
80,342
49,749		 Total
2021
£
16,060
132
386
-
33,171
-
49,749

The Charity participated in the YMCA Pension Plan (Pension Plan) a defined benefit based pension for employees of YMCAs in England. This Pension Plan is now closed to new members however the Charity is still required to contribute their share of the Pension Plan deficit. As a result of the effect of the COVID19 Pandemic on the global economy the valuation of the Pension Plan undertaken on 31 May 2020 showed that the Pension Plan deficit had increased from £33.6M to £36M. As a result an increase of £6,773 provision has been made in the accounts of the Charity for their share of the deficit in addition to the annual contribution and administration fees of £26,783. The Trustees are optimistic that this situation will be reversed at the next valuation in 2023. By 31 March 2021 the ratio of the value of assets to liabilities of the Pension Fund had increased to 80.0% from 69.0% at the date of the valuation.

7. Governance costs

Unrestricted
funds
2022
£
Auditors' remuneration
5,196
Legal fees
-
5,196		 Total
funds
2022
£
5,196
-
5,196		 Total
funds
2021
£
5,940
13
5,953

Page 17

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

8. Analysis of Expenditure by expenditure type

Expenditure on investment
management
Costs of raising funds
Central costs
Upton Lodge
Charitable activities
Expenditure on
governance
Total 2021		 Staff costs Depreciation
Other costs
2022
£
2022
£
2022
£
-
-
72,589
-
-
72,589
31,487
3,327
45,528
-
-
14,944
31,487
3,327
60,472
-
-
5,196
31,487
3,327
138,257
33,171
-
98,800		 Total
2022
£
72,589
72,589
80,342
14,944
95,286
5,196
173,071
131,971		 Total
2021
£
57,022
57,022
49,749
19,247
68,996
5,953
131,971

9. Net income/(expenditure)

This is stated after charging:

2022 2021
£ £
Depreciation of tangible fixed assets:
- owned by the charity 3,327 -
Auditors' remuneration - audit 5,196 5,940

During the year, no Trustees received any remuneration (2021 - £NIL). During the year, no Trustees received any benefits in kind (2021 - £NIL). During the year, no Trustees received any reimbursement of expenses (2021 - £NIL).

10. Auditors' remuneration

The Auditor's remuneration amounts to an Audit fee of £5,196 (2021 - £5,940).

Page 18

(A company limited by guarantee)

NORTHAMPTONSHIRE YMCA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

11. Staff costs

Staff costs were as follows:

Other pension costs (Note 21
)		 2022
£
31,487		 2021
£
33,171

The average number of persons employed by the company during the year was as follows:

2022 2021
No. No.
- -

Staff are employed by Milton Keynes YMCA Ltd and recharged to Northamptionshire YMCA as a management charge, hence no employees.

No employee received remuneration amounting to more than £60,000 in either year.

12. Tangible fixed assets

Cost
At 1 April 2021 and 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Fixtures and
fittings
£
44,369
-
3,327
3,327
41,042
44,369

Page 19

(A company limited by guarantee)

NORTHAMPTONSHIRE YMCA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

13. Investment property

Valuation
At 1 April 2021
Surplus/(deficit) on revaluation
At 31 March 2022
Comprising
Cost
Annual revaluation surplus/(deficit):
up to 2021
2022
At 31 March 2022		 Freehold
investment
property
£
825,000
525,000
1,350,000
1,416,789
(591,789)
525,000
1,350,000

The 2022 valuations were made by the Trustees, on an open market value for existing use basis. The directors do not believe that the market value of this investment property as at 31 March 2022 is materially different to the valuation as at 31 December 2021.

The investment property at Derngate had been revalued at 31 December 2021 by professional valuers Kirkby Diamond. This was valued on a market value basis.

The investment properties, originally acquired and categorised as freehold property, have an original cost of £1,416,789 (2021 - £1,416,789).

14. Fixed asset investments

Market value
At 1 April 2021
Revaluations
At 31 March 2022
Investments at market value comprise:
Listed investments
All the fixed asset investments are held in the UK.		 2022
£
126,811		 Listed
securities
£
124,319
2,492
126,811
2021
£
124,319

Page 20

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

15. Debtors

Trade debtors
Prepayments and accrued income
16.
Current asset investments
Listed investments		 2022
£
315
12,734
13,049
2022
£
-		 2021
£
-
21,497
21,497
2021
£
60,000

Listed investments

The market value of the listed investments at 31 March 2022 was £NIL (2021 - £60,000)) .

17. Creditors: Amounts falling due within one year

Bank loans and overdrafts
Trade creditors
Amounts owed to group undertakings
Other creditors
Accruals and deferred income		 2022
£
26,995
9,978
962
21,230
11,996
71,161		 2021
£
32,445
12,139
5,201
20,010
7,523
77,318

There is £Nil (2021 - £565) of deferred income included within the above accruals & deferred income figure, due to rents being paid in advance which has been deferred during the year.

Page 21

(A company limited by guarantee)

NORTHAMPTONSHIRE YMCA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

18. Creditors: Amounts falling due after more than one year

2022
£
Bank loans
234,418
Included within the above are amounts falling due as follows:
2022
£
Between one and two years
Bank loans
33,012
Between two and five years
Bank loans
74,780
Over five years
Bank loans
126,626
Creditors include amounts not wholly repayable within 5 years as follows:
2022
£
Repayable by instalments
126,626
The company has three bank loans.		 2021
£
261,867
2021
£
27,546
72,309
162,012
2021
£
162,012

All loans are secured on the property at 47 - 49 Derngate, Northampton.

The first bank loan of £363,075 with National Westminster Bank is repayable over 25 years from December 2006. It has an interest rate of 1.5% above the base rate.

The second bank loan of £125,000 with National Westminster Bank is repayable over 15 years from September 2007. It has an interest rate of 1.5% above the base rate.

The third bank loan of £252,000 with National Westminster Bank is repayable over 25 years from May 2010. It has an interest rate of 1.77% above the base rate.

Page 22

(A company limited by guarantee)

NORTHAMPTONSHIRE YMCA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

19. Statement of funds

Statement of funds - current year

Balance at
1 April 2021
£
Designated funds
Cyclical Repairs Fund
200,000
New Services Fund
100,000
300,000
General funds
General Funds
324,396
Total Unrestricted funds
624,396
Total of funds
624,396		 Income Expenditure
£
£
-
-
-
-
-
-
127,378
(173,071)
127,378
(173,071)
127,378
(173,071)		 Gains/
(Losses)
£
-
-
-
537,492
537,492
537,492		 Balance at
31 March
2022
£
200,000
100,000
300,000
816,195
1,116,195
1,116,195

The designated funds are as follows:

The Cyclical Repairs Fund relates to the Derngate property. This is the Trustees' estimate of the costs that may be incurred given the property is in a conservation zone.

The New Services Fund was formed to set aside monies to expand services for young people of Northamptonshire and the surrounding area.

Statement of funds - prior year

Designated funds
Cyclical Repairs Fund
New Services Fund
General funds
General Funds
Total Unrestricted funds
Total of funds		 Balance at
1 April 2020
£
200,000
100,000
300,000
360,975
660,975
660,975		 Income
£
-
-
-
60,724
60,724
60,724		 Expenditure
£
-
-
-
(131,971)
(131,971)
(131,971)		 Gains/
(Losses)
£
-
-
-
34,668
34,668
34,668		 Balance at
31 March
2021
£
200,000
100,000
300,000
324,396
624,396
624,396

Page 23

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

19. Statement of funds (continued)

Summary of funds - current year

Balance at
1 April 2021
£
Designated funds
300,000
General funds
324,396
624,396
Summary of funds - prior year
Balance at
1 April 2020
£
Designated funds
300,000
General funds
360,975
660,975		 Income
£
-
127,378
127,378
Income

£
-
60,724
60,724		 Expenditur
e
£
-
(173,071)
(173,071)
Expenditure
£
-
(131,971)
(131,971)		 Gains/
(Losses)
£
-
537,492
537,492
Gains/
(Losses)
£
-
34,668
34,668		 Balance at
31 March
2022
£
300,000
816,195
1,116,195
Balance at
31 March
2021
£
300,000
324,396
624,396

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges		 Unrestricte
d funds
2022
£
41,041
126,811
1,350,000
35,317
(71,159)
(234,418)
(131,397)
1,116,195		 Total
funds
2022
£
41,041
126,811
1,350,000
35,317
(71,159)
(234,418)
(131,397)
1,116,195

Page 24

(A company limited by guarantee)

NORTHAMPTONSHIRE YMCA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

20. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Unrestricted
funds
2021
£
Tangible fixed assets
44,369
Fixed asset investments
124,319
Investment property
825,000
Current assets
95,738
Creditors due within one year
(77,319)
Creditors due in more than one year
(261,866)
Provisions for liabilities and charges
(125,845)
624,396		 Total
funds
2021
£
44,369
124,319
825,000
95,738
(77,318)
(261,867)
(125,845)
624,396

21. Pension commitments

Northamptonshire YMCA participated in the YMCA Pension Plan (“Pension Plan”) 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 Pension Plan are held separately from those of Milton Keynes YMCA Limited and at the year-end these were invested in the Mercer Dynamic De-risking Solution, 40% matching portfolio and 60% in the growth portfolio and Schroder (property units only).

The most recent completed three year valuation was as at 1 May 2020. 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 held before and after retirement of 2.59% and 1.09% respectively, the increase in pensions in payment of 2.99%, and the average life expectancy from normal retirement age (of 65) for a current male pensioner of 22.0 years, female 24.4 years, and 23.7 years for a male pensioner, female 26.1 years, retiring in 20 years time. The result of the valuation showed that the actuarial value of the assets was £146.1m. This represented 79% of the benefits that had accrued to members.

The Pension Plan was closed to new members and future service accrual with effect from 30 April 2007. With the removal of the salary linkage for benefits all employed deferred members became deferred members as from 1 May 2011.

The valuation prepared as at 1 May 2020 showed that the YMCA Pension Plan had a deficit of £36 million. Northamptonshire YMCA has been advised that it will need to make annual contributions of £21,681 from 1 May 2021. This amount is based on the current actuarial assumptions (as outlined above) and may vary in the future as a result of actual performance of the Pension Plan. The current recovery period is 7 years commencing 1st May 2021.

In addition, Northamptonshire YMCA may have over time liabilities in the event of the non-payment by other participating YMCAs of their share of the YMCA Pension Plan's deficit. It is not possible currently to quantify the potential amount that Northamptonshire YMCA may be called upon to pay in the future.

Page 25

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

21. Pension commitments (continued)

Within One to Two to After 5 After more Total Total
one year two five years than one 2022 2021
years years one year
Total
£ £ £ £ £ £ £
At 31 March 2022 21,230 21,375 64,671 45,352 131,398 152,628 -
At 31 March 2021 20,010 19,427 54,938 51,450 125,845 -
145,855

22. Operating lease commitments

At 31 March 2022 the total of the Charity’s future minimum lease payments under non-cancellable operating leases was:

Amounts payable:
Within 1 year
Between 1 and 5 years
Total		 2022
£
300
900
1,200		 2021
£
300
1,200
1,500

23. Related party transaction

Northamptonshire YMCA has a service level agreement with its parent company, Milton Keynes YMCA Limited, to support it's management.

During the year Milton Keynes YMCA Limited invoiced amounts totalling £48,029 (2021 - £19,915) to Northamptonshire YMCA for accounting, staff recharges and management services.

At the year end, there was £962 (2021 - £5,201) owed to Milton Keynes YMCA Limited from Northamptonshire YMCA.

24. Ultimate parent undertaking and controlling party

The company became a 100% subsidiary of Milton Keynes YMCA Limited from 22 November 2012. The group consolidates its financial statements, copies of which can be obtained from:

1 North Sixth Street Milton Keynes Buckinghamshire MK9 2NR

Page 26