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2023-03-31-accounts

DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

Registered number: 02926525 Charity number: 1037999

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 6
Independent auditors' report on the financial statements 7 - 10
Statement of financial activities 11
Balance sheet 12 - 13
Notes to the financial statements 14 - 29

DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees P T AyresBEM FCA
Dr A J Holden
R Higginbottom
L Garley-Evans
L Keen FCA
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

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DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the audited financial statements of the Company for the year 1 April 2022 to 31 March 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable 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 (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The strategic aims of the Northamptonshire YMCA are:

b. Main activities undertaken to further the Company'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.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

a. Main achievements of the Company

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 the beneficiary of a donation of £11,812 from the two YMCA England and Wales Charity shops operating in Wellingborough. It is expected that further donations will be received annually whilst the shops continue to operate.

As a result of the increased income from lettings during the year and the donation received from the YMCA England and Wales Charity shops, the result before investment gains is a surplus of £38,724 (2022 - deficit £45,693). A formal revaluation of the Derngate property was not undertaken in the year and the Trustees are of the opinion that the current valuation has remained unchanged. With the loss on other investments of £7,750 there is an overall surplus for the year of £30,974 (2022 - surplus £491,799).

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DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance (continued)

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.

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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The Trustees have reviewed the Company’s general reserves of £847,168 (2022 - £816,195) (note 19) although £525,000 of this is the property revaluation in 2022 so only £322,168 (2022 - £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 £303,000 (2022 - £222,000).

c. 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.

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 2023 this accounted for 89% of total income (2022 - 91%). This decrease is because although the Derngate property is still fully let, there is a higher level of income from donations.

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NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management

a. Constitution

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.

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.

b. Organisational structure and decision-making policies

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. 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.

d. 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:

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NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Plans for future periods

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.

We are planning to revisit the structural relationship between Northamptonshire and Milton Keynes YMCAs in late 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 1 May 2020 showed that the Pension Plan deficit had increased from £33.6M to £39M. 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 occurred in the membership profile of the scheme which resulted in changes being made to the allocation of the Deficit Reduction Charge across different YMCAs. This led to an increase of £3,894 (2022 - £26,781) in the provision that was made in the accounts of the Charity for their share of the deficit in addition to the annual contribution and administration fees of £24,806 (2022 - £24,715).

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company 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 Company and of its incoming resources and application of resources, including its income and expenditure, 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 Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Hillier Hopkins LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ Dr A J Holden Chair of Trustees

29-09-2023 | 15:31 BST Date:

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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 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of 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 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

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements 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.

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NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHAMPTONSHIRE YMCA (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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 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 following matters where the Charities (Accounts and Reports) Regulations 2008 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.

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DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHAMPTONSHIRE YMCA (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations 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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

We also obtained an understanding of the legal and regulatory frameworks that the Charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, Charities Act 2011 and relevant tax legislation.

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DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHAMPTONSHIRE YMCA (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 02-10-2023 | 06:45 PDT Date:

Hillier Hopkins LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and legacies
3
Investments
4
Other income
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net income/(expenditure) before net (losses)/gains
on investments
Net (losses)/gains on investments
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
11,932
160,194
-
172,126
63,274
70,128
133,402
38,724
(7,750)
30,974
1,116,195
30,974
1,147,169		 Total
funds
2023
£
11,932
160,194
-
172,126
63,274
70,128
133,402
38,724
(7,750)
30,974
1,116,195
30,974
1,147,169		 Total
funds
2022
£
3,287
124,087
4
127,378
72,589
100,482
173,071
(45,693)
537,492
491,799
624,396
491,799
1,116,195

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 14 to 29 form part of these financial statements.

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NORTHAMPTONSHIRE YMCA (A company limited by guarantee) REGISTERED NUMBER: 02926525

BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
11
Investments
13
Investment property
12
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
16
Net assets excluding pension liability
Defined benefit pension scheme liability
20
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
Designated funds
17
General funds
17
Total unrestricted funds
17
Total funds		 12,749
52,772
65,521
(106,066)
300,000
847,168		 2023
£
36,604
119,061
1,350,000
1,505,665
(40,545)
1,465,120
(207,612)
1,257,508
(110,340)
1,147,168
-
1,147,168
1,147,168		 13,049
22,269
35,318
(71,161)
300,000
816,195		 2022
£
41,042
126,811
1,350,000
1,517,853
(35,843)
1,482,010
(234,418)
1,247,592
(131,397)
1,116,195
-
1,116,195
1,116,195

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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NORTHAMPTONSHIRE YMCA (A company limited by guarantee) REGISTERED NUMBER: 02926525

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ ................................................ Dr A J Holden L Keen FCA Trustee Trustee

Date: 29-09-2023 | 15:31 BST

The notes on pages 14 to 29 form part of these financial statements.

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NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

Northamptonshire YMCA is a charitable company incorporated and registered in England and Wales and limited by guarantee.

The registered address is 1 North Sixth Street, Milton Keynes, MK9 2NR.

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.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2019), 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.

2.2 Going concern

There are no material uncertainties about the Charity's ability to continue as a going concern. 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.

2.3 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.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Company's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it 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.

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NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.3 Income (continued)

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.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 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.

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 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 institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 15

DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

2.7 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 the 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 presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.8 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.

2.9 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.

2.10 Liabilities

Liabilities and provisions 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 in the Statement of financial activities as a finance cost.

2.11 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.

Page 16

DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.12 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straightline basis over the lease term.

2.13 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 20 Northamptonshire YMCA has a contractual obligation to make pension deficit payments of £21,375 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 £5,206 per annum to the operating expenses of the Pension Plan and these costs are charges to the Statement of Financial Activities as made.

2.14 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.

3. Income from donations and legacies

Unrestricted
funds
2023
£
Donations
11,932
Unrestricted
funds
2022
£
Donations
120
Grants
3,167
3,287		 Total
funds
2023
£
11,932
Total
funds
2022
£
120
3,167
3,287

Page 17

DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. Investment income

Unrestricted
funds
2023
£
Income from investment properties
153,343
Listed investment income
6,703
Bank interest receivable
148
160,194
Unrestricted
funds
2022
£
Income from investment properties
116,062
Listed investment income
8,007
Bank interest receivable
18
124,087		 Total
funds
2023
£
153,343
6,703
148
160,194
Total
funds
2022
£
116,062
8,007
18
124,087

5. Investment management costs

Unrestricted
funds
2023
£
Property management fees
15,077
Repairs & maintenance
10,612
Heat & light
23,918
Rates, telephone & insurance
4,710
Loan interest
8,957
63,274		 Total
funds
2023
£
15,077
10,612
23,918
4,710
8,957
63,274

Page 18

DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

5. Investment management costs (continued)

Property management fees
Repairs & maintenance
Heat & light
Rates, telephone & insurance
Loan interest		 Unrestricted
funds
2022
£
17,385
26,286
9,304
14,652
4,962
72,589		 Total
funds
2022
£
17,385
26,286
9,304
14,652
4,962
72,589

6. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2023
£
Central costs
64,711
Upton Lodge
5,417
70,128
Unrestricted
funds
2022
£
Central costs
85,538
Upton Lodge
14,944
100,482		 Total
2023
£
64,711
5,417
70,128
Total
2022
£
85,538
14,944
100,482

Page 19

DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Analysis of expenditure by activities

Central costs
Upton Lodge
Central costs
Upton Lodge
Analysis of support costs
Pension costs
Depreciation
Management time
Bank charges
Affiliation fees
Bad debts
Governance costs		 Activities
undertaken
directly
2023
£
-
5,417
5,417
Activities
undertaken
directly
2022
£
-
14,944
14,944		 Support
costs
2023
£
64,711
-
64,711
Support
costs
2022
£
85,538
-
85,538
Total
funds
2023
£
4,763
4,437
50,090
108
279
-
5,034
64,711		 Total
funds
2023
£
64,711
5,417
70,128
Total
funds
2022
£
85,538
14,944
100,482
Total
funds
2022
£
31,487
3,327
44,884
127
604
(87)
5,196
85,538

Page 20

DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

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 £39M. As a result an increase of £3,894 to the 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 £24,806. 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 79.0% from 69.0% at the date of the valuation.

8. Auditors' remuneration

2023 2022
£ £
Fees payable to the Company's auditor for the audit of the Company's
annual accounts 5,034 5,196

9. Staff costs

2023 2022
£ £
Contribution to defined contribution pension schemes 4,763 31,487

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

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

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

The total remuneration for key management personnel for the group amounted to £238,072 (2022 - £217,073).

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL) .

Page 21

DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
11.
Tangible fixed assets
Cost or valuation
At 1 April 2022
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
12.
Investment property
Valuation
At 1 April 2022
At 31 March 2023		 Fixtures and
fittings
£
44,369
44,369
3,327
4,438
7,765
36,604
41,041
Freehold
investment
property
£
1,350,000
1,350,000

The 2023 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 2023 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 (2022 - £1,416,789).

Page 22

DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13.
Fixed asset investments
Cost or valuation
At 1 April 2022
Revaluations
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
14.
Debtors
Due within one year
Trade debtors
Prepayments and accrued income
15.
Creditors: Amounts falling due within one year
Bank loans
Trade creditors
Amounts owed to group undertakings
Pension fund loan payable
Accruals and deferred income		 2023
£
158
12,591
12,749
2023
£
27,900
777
42,804
21,375
13,210
106,066		 Listed
investments
£
126,811
(7,750)
119,061
119,061
126,811
2022
£
315
12,734
13,049
2022
£
26,995
9,978
962
21,230
11,996
71,161

Page 23

DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. Creditors: Amounts falling due within one year (continued)

2023 2023 2022 2022
£ £
2023 2022
£ £
Deferred income at 1 April 2022 - 565
Resources deferred during the year 941 -
Amounts released from previous periods - (565)
941 -
The deferred income relates to rental income recieved in advance.
16. Creditors: Amounts falling due after more than one year
2023 2022
£ £
Bank loans 207,612 234,418
Included within the above are amounts falling due as follows:
2023 2022
£ £
Between one and two years
Bank loans 27,900 33,012
Between two and five years
Bank loans 83,701 74,780
Over five years
Bank loans 96,011 126,626
The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the
reporting date is:
2023 2022
£ £
Payable or repayable by instalments 96,011 126,626

Page 24

DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. Creditors: Amounts falling due after more than one year (continued)

The company has three bank loans.

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 was repayable over 15 years from September 2007, this has all been repaid during the year. It had 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.

17. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Cyclical Repairs Fund
New Services Fund
General funds
General Funds
Total Unrestricted funds		 Balance at 1
April 2022
£
200,000
100,000
300,000
816,195
1,116,195		 Income
£
-
-
-
172,126
172,126		 Expenditure
£
-
-
-
(133,403)
(133,403)		 Gains/
(Losses)
£
-
-
-
(7,750)
(7,750)		 Balance at
31 March
2023
£
200,000
100,000
300,000
847,168
1,147,168

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.

Page 25

DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Statement of funds (continued)

Statement of funds - prior year

Balance at
Balance at Gains/ 31 March
1 April 2021 Income Expenditure (Losses) 2022
£ £ £ £ £
Unrestricted funds
Designated funds
Cyclical Repairs Fund 200,000 - - - 200,000
New Services Fund 100,000 - - - 100,000
300,000 - - - 300,000
General funds
General Funds 324,396 127,378 (173,071) 537,492 816,195
Total Unrestricted funds 624,396 127,378 (173,071) 537,492 1,116,195
Summary of funds
Summary of funds - current year
Balance at
Balance at 1 Gains/ 31 March
April 2022 Income Expenditure (Losses) 2023
£ £ £ £ £
Designated funds 300,000 - - - 300,000
General funds 816,195 172,126 (133,403) (7,750) 847,168
1,116,195 172,126 (133,403) (7,750) 1,147,168

18. Summary of funds

Page 26

DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Summary of funds (continued)

Summary of funds - prior year

Designated funds
General funds		 Balance at
1 April 2021
£
300,000
324,396
624,396		 Income
£
-
127,378
127,378		 Expenditure
£
-
(173,071)
(173,071)		 Gains/
(Losses)
£
-
537,492
537,492		 Balance at
31 March
2022
£
300,000
816,195
1,116,195

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
36,604
119,061
1,350,000
65,521
(106,066)
(207,612)
(110,340)
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
Total
1,147,168		 Total
funds
2023
£
36,604
119,061
1,350,000
65,521
(106,066
(207,612
(110,340
1,147,168

Page 27

DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior 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
Total		 Unrestricted
funds
2022
£
41,041
126,811
1,350,000
35,317
(71,161)
(234,418)
(131,397)
1,116,193		 Total
funds
2022
£
41,041
126,811
1,350,000
35,317
(71,161)
(234,418)
(131,397)
1,116,193

20. 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, 62% matching portfolio and 38% 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 £39 million. Northamptonshire YMCA has been advised that it will need to make annual contributions of £21,976 from 1 May 2023. 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 6 years commencing 1st May 2023.

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 28

DocuSign Envelope ID: 49BA4DCC-690A-43CA-8011-15CFFE069E9CDocuSign Envelope ID: 119BBEDA-4D78-4B43-B8A9-6929D7D4296B

NORTHAMPTONSHIRE YMCA (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

20. Pension commitments (continued)

After more
Within one One to two Two to five After 5 than one
year years years years year Total Total
Total 2022 2021
£ £ £ £ £ £ £
At 31 March 20223 21,375 21,466 64,956 23,918 110,340 131,715 -
At 31 March 2022 21,230 21,375 64,671 45,351 131,397 - 152,627

21. Operating lease commitments

At 31 March 2023 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
300
600
900		 2022
£
300
900
1,200

22. Related party transactions

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 £51,407 (2022 - £48,029) to Northamptonshire YMCA for accounting, staff recharges and management services.

At the year end, there was £42,804 (2022 - £962) owed to Milton Keynes YMCA Limited from Northamptonshire YMCA.

23. 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 29