Yn¢A YMCA ST PAUL'S GROUP (Limited by guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Registered company: Registered charity: Registered houslng provider: 02971930 1041923 LH4078 'ADEHTSJF• 2511012024 COMPANIES HOUSE #136 CONTENTS Corporate Inlorniatlon Strateglc Report Achievements and Perfornianc• Financlal & Operatlng Revlew streamlined Energy and Carbon Report Risk Management Fundralslng Corporate Governanc• Independent Auditors Report Consolidated and Charlty Statements of Compr•h•nslv• Income Consolldated and Charity Balance Sheets Consolldated and Charity Statements of Changes in Reserves Consolidated cashflow Statement Not•s to the Flnan¢lal Statements 19 2S 29 32 33 38 42 48 46 48 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 CORPORATE INFORMATION CORPORATE INFORMATION Trustees and Dlrectors Helen Brewer Kenneth Youngman Roni Savage Chair Chair of Audit & Risk Committee Vice-chair and Chair of Development & Assets Committee (resigned 27 February 2024) Vice-chair and Chair of People & Governance Committee Chair of Performance Committee, Safeguarding Champion and Vice-chair (from 19 May 2024) Duncan Ingram Graham Beech Chris Stem Ingrid Jack Joelle Jenny Allan Wickham John Swarbrick (appointed 5 October 2023) Company Se¢retsry Peler Shanks Executive Team Richard James Fred Angole Jessica Laryea Julie Finn Nilavra Mukerji Chief Executive Officer Group Finance Director Group Director of Operations Group Director of People and Culture (from 2 January 2024) Group Director of Propety & Places (from 19 Febniary 2024) Corporate Informatlon Registered office 49 Victoria Road, Surbiton, Surrey Kr6 4NG Company number 02971930 Charity number 1041923 Registered Social Housing Provider LH4078 Otsted RP524773 Audltor (External Buzzacott LLP Auditor Ilnternal) TIAA Limited Principal Sollcltors Devonshires LLP Bates Wells LLP Principal Bankers Natwest Bank PIC Barclays Bank PIC The Trustees, who a￿ also directors for the purpose of the Companies Act, present their annual report (incorporating the Charity's strategic report) and financial statements of YMCA St Paul's Group (the 'Charity' I'YMCA SPG, I'YSPG,) for the year ended 31 March 2024. YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 STRATEGIC REPORT STRATEGIC REPORT MCA St Paul's Group is a large and local YMCA working across London and surrounding areas. resources that are available to a larger charity. Structur• The Charity is a company limited by guarantee and incorporated in England & Wales (number.. 02971930), a registered provider of social housing (number.. LH4078) and registered charity (number-. 1041923). It is governed by its Trustee Board. With over 150 years of work across London, our work is built on the legacy of those who have been part of our YMCA'S journey in years gone by, an underlying Christian ethos and hope for a better future. As part of the wider YMCA Federation in England and Wales, we pride ourselves on responding to needs in each locality where vrfe are based whilst also drawing on the Charltable Objectlves The Charity's charitable objectives are for the public benefit. They are.. to advance the Christian faith, including by.. a. promoting a Christian environment inspired and motivated by the life, example and teaching of Jesus Christ, where people of faith and people of none can work together for th8 transformation of comrnunities,. and enabling people of all ages and, in particular, young people, to flourish through experiencing and responding to the love of God demonstrated by the life, example and teaching of Jesus Christ. to provide or assist in the provision of social welfare facilities for recreation and other leisure time occupation for men and women with the object of improving their conditions of life; to provide or assist in the provision of education for people of all ages and in particular young people, with the object of developing their physical, mental or spiritual capacities., to relieve or assist in the relief of people of all ages and, in particular. young people, who are in conditions of need, hardship or dIst￿sS by reason of their social, physical, emotional. spiritual or economic circumstances; and to provide residential accommodation, including Social Housing, for people of all ages and, in particular, young people, who are in need, hardship or distress by reason of their social, physical, emotional, spiritual or economic circumstances. (iv) (v) YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 STRATEGIC REPORT (continued) Ision and Mission Our Children, Youth and Families team works with children and young people to help them be safe, happy. connected and confident people who can go on to contribute and achieve in their communities. teams ensure we are a financially sustainable, effective and efficient organisation that has the reSoUr￿S to grow. Our Property and Places team empowers our customers, staff and service users by providing them with an excellent service and welcoming properties where they can thrive. Our Communications, Fundraising and Marketing team help raise awareness, engagement and voluntary income for the work we do. Across London and beyond. YMCA St Paul's Group: Empowers young people by providing the resources and support so they can thrive. Creates inclusive, active and healthy communities where everyone can flourish. Our Health and Wellbeing team brings people together by encouraging them to b8 healthy physically and mentally. With an approach informed by our Christian faith basis we work with fellow community collaborators to see this vision realised. To support the delivery of the vision.. To meet our vision.. Our People, Culture and Chaplaincy team enable the Strategic Plan 2024-27 organisation to respond to the future with an equipped, The new Strategic Plan is empowered workforce that is focused on investing in our flexible and agile, and which future. that means our is built on a Christian ethos. foundations, our customers and our future gr0￿h, as outlined in more detail below.. Our Housing, Care & Support team provides those in need of a place to call home a roof over their head and supports them with services that empower them to build a positive future. Our Finance, ICT and Business Improvement The Ih•m• lor our new StrGre9lc Plon Is in¥esting in our lutuie., we do Ihi5 by investln4 In ovrfoundptiqn5. our cus1ome￿ nnd niir gfnwtrh ThlF Irw•slm•nt Is mod• L*P of lime. eneigy. locus and wh•(• r•qulr•d finonce. It is obout pvtlhi9 th1 lov•.car• ond otl•nilon InLo Ouf cho¥ityso Ihot we con best delN•r otsr vision ond rni5510n IfrI¥ESYIIIG IN OUR FQUNDATJOMS 114¥ESTING IM OUR CUsfoiiERS IHVESllXG KN OUR GStowrH After o chollenqlng feY4 yeorl whlchwve aff•ct•d by Covld Entrgy ond lobgur 0rt09es. 0$ o YMCA w• rKo9nli* th• Irnportun¢e, ot the siortof this new piorK in in¥esiinyln ow fDUtTdotions und 9Èiting t esseobols flght. Frarn comploints handling io rtpolrsperfomionce.from ¥tyd rnanagemEnt iore¢nrritmenL retention and tmSnlnty We wont to hove o towsienL effideni ond effecbbt way ofwor&in9 thot ddivers th? be51 ovtcomes for Qui ywn9 people and communities. As o YMCAouf svcce551s define(I by th• impoct w• htw• In people's U¥e5. fvom re51Llents supported Into independenc•. to yUUn9 people who ore fulfilbrvj theiw potentlol ond custorners involved in Ouf c4rnmvThily seryiceswe ore ￿re io see wople ond communitles thyfvè ond fl¢Jviish. Investin9 in our cu51omer4 rnlons putting them gt thi heart ol everythin9 we do, helpiNJ shope our 5?ryites defmè our outtnmesoftdth￿etore imwoveouF impocL IrNe51ing in ourfviure15 obovl IoDkiry lo what we should b• doing nèxt, how ￿ con bulld oneven Strongw finondal IxJsi whnst otso tnuéoslt)9 the impact we hovè. Jn o wrfd ih(rt 15 eyer chonginqb Stonding tll 1$ 9oln9 bock4¥0rds ond so we we hqv• th* opportunity to buildw the leyy of Ihos• who hove go￿ belore u5 to invest in gr￿¥th for the fvtyre fof Ih05e thot carne after Our three stro[eg￿ ￿￿OritieS overfop ond link toyeiher. In ihe f115t ye(Fr of ihe plan %ve need 10 9¢1 the essenLials ii9hL Aswe do we we LheTh oble to better support our cv5torneis ond dernDn5tiOLe the lrnprovemenl in impocL11 we gel Ouf ossenliols light ond have Ilarity a[￿nd Ihe impoct we hov? then that give5 us the ￿0￿orM to invest in our Ivrute by looking lof oPr￿rtUnIdQSlo glow and ￿e￿lop. helplng poslthety impacr on more pea￿e ond ensufe on even more su5loinoblE YMCA for the future. YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 STRATEGIC REPORT (continued) Section 172 Statement - Promoting the success of the Charity The Trustees are committed to promoting the success of the Charity as required by Section 172 of the Companies Act 2006 and have.. the pursuit of short, medium and long term goals., engaging with employees to develop organisational effectiveness and be a great place to work" listening and working with service users and customers to ensure that activities meet the needs of Individuals- residential accommodation and new community facilities, Approving a new 2024127 Strategic Plan., Living out the Customer Engagement, Involvement & Empowerment Charter as well as strategies on Governance, People, ICT & Digital and Service Delivery. engaged with employees, suppliers, customers and others., and had regard to employee interests, the need to foster our relats'onships with suppliers, service users and others when taking into account principal decisions and the effect that Ihey have. working closely with commissioners to provide effective and efficient services that deliver public benefit and positive outcomes for the people that are served., liaising with suppliers to secure value for money., measuring the impact of activities through nationally accredited metrics so that social value can be established., prornoting environmental efficiency particularly in relation to energy use: and striving for good governance and regulatory verification in how the organisation is run. This Section 172 statement focuses on matters of strategic importance and the information disclosed is consistent with the size of our organisation. Governance processes have been deployed in good faith so that decisions taken are those that would most likely promote our success for the public benefit and having regard to.. the likely consequences of any decision in the long term. the interests of employees., the need to foster good relationships with service users, commissioners, customers and suppliers., the impact upon the community and environment., the desirability for us to maintain a reputation for high standards of conduct; and the need to act fairly. As a Christian charity, we are committed to fairness and equality and are committed to the long-term prospects of our work. Key Decisions Key decisions taken by the Board during the financial year include the following.. Suc￿sSfUllY operating as a merged YMCA following the Corporate Transfer of West London YMCA into the parent charity; Completing the Wimbledon hostel development, which delivered 121 units of new The Trustee report and the section on achievements and perfomance, sets out how we are delivering on our objects, vision and mission by.. delivering services and supporting service users in YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 STRATEGIC REPORT (continued) Employees We place great value on our staff and aim to create a culture where everyone feels that they can bring their best selves to work. This means creating an atmosphere of trust and inclusion that is free from harassment and abuse. in the lower pay roles. Work will continue to address this by creating opportunities for progression and the promotion of flexible working practices across all parts of the organisation. robust safeguarding procedures and reporting. Each person who works for us is assigned a safeguarding training pathway to complete, based on their role and direct involvement with vulnerable customers. As well as the gender pay gap, during the year we published A safeguarding panel exists to our first ethnicity pay gap review training performance as report. The report shows well as to monitor compliance that we benchmark well against with DBS checks and renewals. our peers- for every £1 earned The Board has a designated by a white employee a Safeguarding Champion who, colleague from the ethnic along with an independent minority group earns 93 pence. expert, meets with the Chief Executive and the Executive lead for Safeguarding to review performance quarterly, escalating key matters to the Perfomance Committee and Board. Finally, as part of its annual performance reporting cycle, the Board receives an annual safeguarding report. We recognise the importance of creating an inclusive environment which benefits everyone equally. We place high value on the quality and diversity of our employees and work hard to ensure all are working together to shape a charity that serves the best interests of our Se￿iCe users. The detailed review Shov￿ that whilst in our upper and lower quartiles we can demonstrate equity, the lower and upper middle quartiles show we have work to do to ensure equity across all pay bands. To this end the Board has approved a People Strategy which is monitored through the People & Governance Committee. Internally, the Executive Team share information on its objects'ves, progress and activities through regular management and departmental staff meetings. In addition, staff forums, conferences, and events such as Flourish Fest and team days are used to celebrate and recognise employees, contributions, generate ideas and positively engage with staff, Health & safety The Trustees are aware of their responsibilities on all matters relating lo health and safety. Alongside a detailed health and safety policy and accompanying training, the Board monitors compliance through detailed quarterly reporting, that is first reviewed by the Development and Assets Committee and then presented to the Board. The Board also receive an annual report on Health and Safety performance that brings together the full 12 months, perfomance. Sadly, during the year, we experienced four serious safeguarding related incidents, which were reported to the Charity Commission with no further actions required. Internal reviews identified areas of learning and servi improvement,. these were reviewed and supported by the Safeguarding Champion r8view meeting. To demonstrate our progress in creating an inclusive workpla￿, we publish a Gender Pay Gap report each year. Informatlon securlty We are committed to infomation security and continue to promote good and appropriate collection and use of data and information. We continue to relain a dedicated Data Protection Officer to aid compliance, assurance and advisory work in this area. During Ihe year, we maintained Cyber Essentials accreditation and continue to work to achieve further accreditation and As is noted below, health and safety reporting was reviewed and revised during the year to increase Board members, visibility on matters relating to Landlord Health & Safety. In April 2024 this showed mean pay gap with women paid 11.750/0 more than men and a median pay gap in favour of women of 2.2'A. Whilst this compares favourably Safeguarding lo many other sectors, we continue to be aware that Much of our work Is with young women continue to be and vulnerable people and as disproportionately represented such it pla￿5 a priority on YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 STRATEGIC REPORT {conlinued) assurance positions. trustees and staff to demonstrate the highest standards of honesty at all times. Public Benefit Compliance with taxation We are committed to conducting business with integrity, transparency and fairness. and in compliance with all relevant rules, regulations and legislation. We value our reputation for ethical behaviour and financial probity. The Board holds service users at the heart of its approach to fomiulating the strategic objectives and associated strategies. In doing so, the Trustees confirm that they have given due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity. Through the work that we undertake in our service areas, we deliver public benefit and serve a wide range of people, many of whom are vulnerable. Indemnity 5nsurance Our insurance policies indemnify the Truslees and Officers against liability when acting for the Charity, providing their actions are not reckless or fraudulent. We will not knowingly engage with any individual or business that does not share our commitment to the prevention of tsx evasion. We require all YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 ACHIEVEMENTS AND PERFORMANCE ACHIEVEMENTS AND PERFORMANCE 0234 was the year that we sought to put the external challenges of the last few years behind us, looking to establish a strong foundation and platfonn for future development. that has been over 15 years in the making. It was therefore a great delight to welcome a wide range of past and present friends and supporters of the YMCA to the official opening in October 2023. The new YMCA Wimbledon, developed in partnership with Thornsett Group and built by the construction company Neilcott, provides 121 places to live for young and vulnerable people, At the start of the year, the alongside a range of Regulator of Social Housing community spaces. Much to the carried out our second In Depth delight of the local team, one of Assessment {IDA) The IDA the new community spaces was process included the quickly booked by the Strictly submission of a suite of Come Dancing team for dance document5, a series of rehearsals in advance of the interviews with Executive and live show. key Board members and Board meeling observation. in April 2024, set out our focus on Investing in our Future through Investing in Foundations, Customers and growth. In a departure from the 2021-24 plan, the new Strategy sets out 15 different objects'ves and accompanying success measures thai will demonstrate that we have achieved the aims of the Plan. It was a year with a few key milestone moments but, more importantly, improvement in performance and a reduction in management challenges. This focus on consistent performance meant that over the year we saw an improvement in void levels, a reduction in staff vacancy numbers, and a reduction in current rental arrears. This, combined with tight cost control, ensured that we finished the year slightly ahead of our operating surplus budget and wilh a stronger foundation to look forward to the years ahead. Alongside the development of YMCA Wimbledon, the roll out of the Psychologically Informed Environment (PIE) gathered pace within the year. Across the 5 PIE pillars that have been adopted, we continued to These corporate level develop our physical spaces to improvements were made be more conducive for support. possible by enhancements in Compassionate Mind Therapy financial reporting, including training was rolled out, first to monthly forecasting and the the Housing and Youth Work inlroduciion of a contribution teams and then latterly across analysis meihodology. This the wider organisation. contribution analysis, split over Reflective practj'ce sessions four levels, allowed us to review were introduced for the different all activities and identify at what teams and a monitoring and level they were providing a evaluation framework was financial return. introduced. At the end of the process, we were informed that whilst we retained a compliant grade, it was being changed from a G1 to G2. The change was linked to.. Strengthening Siress testing, risk mitigation and assurance arrangements to safeguard against covenant headroom risks., Delivering higher assurance levels on landlord health & safety; and Refocusing the strategic objectives so they are prioritised with clear outcomes. One of the milestone moments within the year was the completion of the new YMCA in Wimbledon. This is a project Over the course of the year, we focused on the development of our new Strategic Plan. The final plan, which was approved YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 ACHIEVEMENTS AND PERFORMANCE (continued We have responded positively to this and worked with the Regulator as there is a joint desire for the organisation to return to G1. Q3 of 2024125. The results of this review are likely to be announced in the autumn of 2024. new regulatory requirements, we registered to become a registered provider of accommodation for 16- & 17- year-olds. The application was accepted and is currently being assessed in accordance with the new requirements. Given that we provide We envisage that our G2 rating accommodation for under 18s, will be reassessed during Q2 & during the year, in response to HOUSING, CARE & SUPPORT Behveen April 2023 and March 2024, we housed 1,560 residents across our 37 housing sites. Of these 1,560 residents, 512 Moved-on during this period, with 297 positive Move-on outcomes. The table below shows the deslination of positive Move- Ons. We successfully transitioned our tsvo care homes to supported living as of April 2023 and continued to deliver a wide range of supported accommodation, including dedicated accommodation for mothers and their babies, complex needs support for ex rough-sleepers and 16117 accommodation. For the latter we submitted our application with OFSTED to become a registered provider of 16117 year-old care leaver accommodation. Type of Move-on Numb•r ot Residents 99 68 53 43 20 Proportion R•ntln rlvat•l owned accommodatlon Sta in with famil members Moved into su orted housin Moved to take u a Local Author wlth frlend5 Returned to revious hom? Moved to takè u aR• Ist•r•d Soclal Landlord t•nanc Moved to unlversl Moved Into accommodatlon as owner occu Movèd into shèltèrèd housln 33% 23% 18% 14% 7% 1% 1% t•nanc •n•ral n•eds •n•ral n••d5 1% 297 100% YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 ACHIEVEMENTS AND PERFORMANCE Icontlnued) The following case studies highlight and bring to life the impact that the work of the housing team has on the residents we support.. Resident release came to prison. street history warrant towards through alcohol raised within public. homeless following assaults, behaviour issued arrest mother. arrival withdrawals, mental health presenting Resident coming following continual harassment no access was issues, safeguarding us serious threats to With multi-agency council positive relationship to prevent repeating support Sleepers alcohol SUPPOrt we were giving service to Mental Health of trust, behaviours. us to stroet homeless, Resident one option- surrender supported to prison. was now to support needed. presentation to warrant, re-released to urrently on probation. missed himself to was police was not supporting addressing stable accommodation receiving police station, was arrested support was getting. regards warrant on return now continue support Resident mental health services are relationships family moves Initially. immediate move on supported accommodation care aspect. review 5UPPOrting move independent accommodation now managing finances, health offending behaviour. to medical appointments, helping rebuild supportive network engage once further now we are project Resident complex clients, essential own independent accommodation, whilst multitude to provide intense supporting to receiving support move on support 10 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 ACHIEVEMENTS AND PERFORMANCE (continued) Reside17t pregnant, suffering family woman arrived months depression anxiety. minimal support father mother passed away when father always working, leaving taking care sister. resulting wounds. was was as sibling, endured significant trauma support mistrust people emotional providod support extensive practical Support to assistance. encouragement. Resident offering showed emotional was giving Through support independent living skills, manage tenancy. provided significant emotional single mother. juggle responsibilities Residont dovoloped skills budgeting abilities essential skills, mental health support staff to advice, managing her tenancy caring cooking as Resident more confident managing income soiioht counselling to addre55 her trauma eventually feeling return part-time nurser,y. progression supported applying developing interview skills. charity clothes attended to al budgeting, paying ol YMCA depression, dllviided reating referred interviews. Resident prospect returiiing helped interviews confidence Resident readiness comfortable obtaining demonstrated excellent lurnish was eventually offered independent living. herself applying for grants budgeting skills, through successfully progression council, indicating created supported Resident savings settled new Resident actively looking support received from played crucial journey toward5 independence, helping her overcome significant challenges stable, hopeful future herself part-time Progression Team Activitie8 passionate Progression Coaches with a diverse range of expertise, the Progression Team plays a pivotal role in driving positive change and fostering growth within our community. They run timetabled sessions across all our housing schemes, with an approach guided by a framework of compassion, integrity, and empowerment. They support residents, recognising the unique strengths and challenges of each individual, and work tirelessly to tailor their support and services. The Progression Team serves as a dedicated and dynamic group within our organisation, committed to supporting the holistic development and empowerment of the residents we serve. Comprised of YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 ACHIEVEMENTS AND PERFORMANCE (continued) This year the team has worked with 652 different people through over 800 sessions, including support with employment skills, volunteering, budgeting, move- on. driving theory practice, health and wellbeing, involvement & empowerment as well as a range of projects including art & craft, drama, gardening & music. skills, using slow cookers donated by Cadent. We delivered healthy eating sessions to 217 residents, providing workshops on shopping on a budget, preparing a meal safely and exploring different methods for cooking. representing us in national media outlets, through press statements and interviews, becoming advocates for the young people they represent through meeting with and influencing key decision makers such as MPS and community leaders. During the year we also ran a Level 2 Gym Instructor programme at the YMCA Hawker Centre, which saw 9 residents successfully pass and move on to applying for a Level 3 course. We have had success with the Resident Representative programme which has allowed us to achieve the following.. We have run events and activities, including.. Black History Month, Christmas and Mental Health Awareness Week, seeing us bringing together multiple sites to learn, collaborate and achieve. Engage with more residents across the charity, providing them with various opportunities lo share feedback. We worked with the Financial Conduct Authority to support the residents at Northolt The Progression Team created Grange with financial tems to site-focused wellbeing cafes at build on financial literacy and Surbiton and Ventura House, becoming familiar with credit made to minimise loneliness, (good and bad) and APR, and encourage positive financial intelligence to develop engagement and provide a safe good financial housekeeping, space for our residents to building a realistic budget and express themselves. Residents generating savings. have had the opportunity to learn new skills in cooking, public speaking and leadership through the model of the Wellbeing Café. Ensure residents have further insight and influence over the way we deliver our services. Meet the regulatory standards and key legislation on engaging and listening to residents. Ameliorating the way we communicate with residents. We have supported Mio residents with securing employment within the YMCA, one in Property & Places and one in Children, Youth and Families. The programme has 25 regular residents from across 22 projecls, they meet regularly to review and discuss the impact of the service and how we can improve the resident experience. History Month (with outings and in house get togethers). We have seen success from the Community Kitchen in Wimbledon, encouraging residents to gei together in the communal kitchen and prepare and cook meals. We have successfully enrolled o residents onto the YMCA England and Wales Youth Ambassadors programme to support with gaining skills in understanding policies and supporting in shaping our policies, public speaking to act as a spokesperson The team has supported residents with the pressure of the cost￿f-11vIng crisis and gaining Independent living 12 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 ACHIEVEMENTS AND PERFORMANCE (continued Customer Engagement & Involvement months with Senior Management and the Board. Resident's Annual Report. Alongside their role on the The Resident Rep Panel gave Panel, many of the Reps took scrutiny to areas of on external facing roles, helping organisational perforrnan￿, launch the YMCA London including around complaints, manifesto as well as the YMCA repairs, satisfaction and national manifesto in communication. The Panel also Parliament. Reps also attended scrutinised the resident survey All Paty Parliamentary Groups responses, providing qualitative on Youth Affairs and gave insight into the quantitative evidence. Working with YMCA results that had been gathered. England and Wales, Reps also This led to the publication of a attended Paty COnferen￿S to You Said, We Did brochure that speak on behalf of YMCA. was shared across all sites. It also helped infomi the The engagement with customers and, in particular, residents was enhanced throughout 2023-24. Building on the Customer Charter agreed in 2022, in March 2023 we held our first YMCA St Paul's Group Resident Reps Panel. This panel continued to meet regularly throughout the year with the progression team managers and then every six HEALTH AND WELLBEING (H&WB) We believe that wellbeing is a crucial foundation that enables people to develop in all areas of their lives. H&WB offer a range of activities across several of our sites. Gym and Clas808 Wimbledon and YMCA Hawker. Attendance numbers have grown throughout the year and we are now averaging 48 classes per week across the 40 locations. There are plans to further expand activity in this area in 2024-25. Reformer Pilat8s at the Hawker centre and have not looked back since. The classes a small. which means that the instructor can 8ttend to everyone's technique, making it feel very much like a private session. Since starting. I was surprised to find how quickly my St￿ngth had improved. The classes are easy to follow and Paula is bnlliant 8t combining ch811enge with fun... The Refom?erprovides a great support to the body whilst simultaneously making it work. Customer ￿actIOn to the new I'm not certain how it does that, service has been exiremely however, l always feel like I've positive. For example, we had had a good workout by the end the following feedback from one of the class. If you are of our YMCA Hawker considering trying it. don't customers: hesitate. Activity levels at our gyms and classes grew throughout the year, with Monthly subscription payers increasing from 2,997 to 3,237, and a further 7,733 registered casual and pay-as- you-go users. The emphasis in Reformer Pilates is on strengthening the body, stabilising the muscles and encouraging controlled mobility of the spine and limbs to improve balance. The gym at our new YMCA Wimbledon opened in the autumn of 2023 and had 420 monthly subscription payers by the end of the financial year, with an additional 1,218 registered casual and pay-as- you-go users. There are 67 residents of the Wimbledon Hostel that regularly use the new gym facilits'es. During the year, we introduced Reformer Pilates at YMCA ' I recently started 13 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 ACHIEVEMENTS AND PERFORMANCE (continued) Hampton Pool Catering Outdoor swimming at Hampton This year saw the cessation of Pool continues to be very catering services at YMCA popular and this year we trialled Wimbledon, as the newly several targeted programmes opened hostel provides self- to support a¢￿$S to the pool catering facilities for residents. from local disadvantaged However, the catering team communities in collaboration remain extremely busy with Hampton Fuel, Hampton providing catering to residents Food bank and 24 attendances at YMCA South Ealing and through our Social Prescribing YMCA Walthamstow, with the with RUIL'S - a Richmond user- delivery of 39,385 meals to led charity supporting disabled residents across the year. This children and adults and people included the provision of with long term health & mental catering for the annual summer health conditions. barbecue parties for residents and the provision of Christmas dinners. sessions, supporting the YMCA residents retreat to Dorset, supporting the progression team at the Wellbeing café in Walthamstow, and delivering counselling sessions to support staff. Over the year the counselling service delivered 1,612 counselling sessions to YMCA residents and members of our communities. Counselling is potentially available to all YMCA residents across all the various housing projects and YMCA residents often present with a high level of distress,. trauma and isolation are often key factors in this. The residents value the Counselling service, as one of our resident states.. We provided 95 GP referral passes as part of the Richmond Council supported free swims programme. The catering team continue to provide community cafes, children's paty food and the provision of catering at Ealing Nursery, corporate, sports, training events, and celebratory events across a number of sites. The total number of attendances for the year at Hampton Pool was 250,848, of which 53,751 were children's swimming lesson attendances at an average of 1,840 children each week. 'Thank you for all of the support - these sessions have given me a sansa of stability & have helped me a lot during these past few months." The catering team have built a very good working relationship with the NHS team at Walthamstow, who have been using the service for their local training and conferences. We introduced social value reporting at the pool, which provides a financial estimate of the assumed NHS health care cost savings generated through the activilies undertaken. This generated an annual social value of £898k, at an average value of £66 per person using Release counselling has seen the pool. It is planned to exiend an increase in clients over the the use of social value reporting year and has been involved in across other areas of H&WB several projects, including services. being at the forefront of PIE (Psychologically Informed Environment), delivering Compassionate Mind Training and Reflective Practice Couns•lllng & P081tlve Mental Health 14 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 ACHIEVEMENTS AND PERFORMANCE (continued) CHAPLAINCY IMPACT caring and compassionate support where required. Our team of chaplains have The issues being supported provided 946 pastoral care continue to be in line with sessions throughout the year. previous years and include 670/0 (630) of these sessions mental and physical health as were provided to our residents well as addiction and matters and 330/01316) to our staff. relating to faith and hope. The Chaplaincy team continue This was particularly important to provide a crucial linking role during the year as sadly the be￿een staff, volunteers, and Charity experienced a higher- residents, providing pastoral, than-nomial number of serious incidents which had an emotional impact on staff and friends of those residents involved. The Chaplaincy team were able to provide a calm, reassuring presence where needed as well as create moments of reflection and lebration for those who have sadly passed. CHILDREN, YOUTH & FAMILY SERVICES Youth Work The Youth team delivered weekly sessions Ihroughout 2023124. across Hayes, Walthamstow and Northolt, ranging from sports such as football, gym, non-contact boxing & basketball through to creative sessions including cooking and True Colours - an arts and wellbeing programme for Females Identifying and LG8TQIA+ as well as its on-site Youth Clubs. LOCATION ArrENDEES' Ha es Walthamstow RAF Northolt Northolt HI h School 3,825 There were a total of 7,085 attendances to sessions made by young people during the year across all of our projects, with football and basketball being the most popular acts'vities. 160 In West London, over 400 young people attended one or more sessions, wth recorded outcomes that included improvements in menial health and well-being, family Our RAF Benevolent Fund's relationship5, behaviour, flagship Airplay programme. reduction in anti-social designed for meeting the needs behaviour in the community, of young people of the seNing attainment, and increased RAF family, as well as resilience through creativity and providing respite and support to sports. Funders included John their parents, has supported Lyon's, City Bridge Trust, over 100 young people during MOPAC, Garfield Weston, A2 the year. Dominion, Cadent, Young Ealing Foundation, Heathrow Community Trust and London Sport. BBC Children in Need, London Youth. Countryside Partnerships and Waltham Borough Council. Championed by Youth Voice, the project aims to tackle, mitigate, and prevent poor social and educational outcomes and raise aspirations. Since the stsrt of this project in October 2023, over 160 young people have signed up to the youth club. One 14-year-old attendee of the project provided the following feedback in response to being asked about his experien￿.. °The youth club is ￿allY good. I've been able to relax a lot better than I have been able to in school. We haven't had anything like this before...... so happy to get to experience this for another 2 years. This year saw a new partnership be￿een Northolt High School, YMCA St Paul's Group and the Education & In Walthamstow, 352 children Skills Development Group, and young people benefited which aims to benefit from basketball, multisport, vulnerable, disadvantaged and True Colours, holiday clubs and 'at risk, childrenlyoung people employment projects funded by aged 11-16 in Northolt. 15 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 ACHIEVEMENTS AND PERFORMANCE (continued) Early Years Levy funded course in 202312024 (varying levels from Level 2 to Level 5, in diverse disciplines of childcare, housing, leadership, IT, and business admin). These staff are scheduled to qualify within the next 18 months. and online events, resulting in 630 live training completions. There were 3,693 e-Learnings completed by YMCA SPG staff in the year. Post-covid, in common with the rest of the sector, the nurseries experienced difficulties recruiting and retaining staff. This position improved significantly in 23124, partly through the use of apprenticeships, which have allowed new and existing staff at different levels to undertake qualifications alongside their work in the nurseries. Examples of training sessions provided include.. • Compassionate Mind Training. Conflict Management and Personal Safety. Conscious Inclusion. • Contextual Safeguarding. Emergency First Aid at Work. Fire Warden Training. Housing Benefit and Universal Credit. Performance Reviews. . Self-Harm. We recruited 5 staff who are being funded by the Apprenti￿ShiP Levy to study maintenance NVQ Level 2 and childcare NVQ Level 2. The YMCA Jumpers Nursery team, in Ealing, worked with 75 children from 6 months to 4 years, old. Two of the management team started studying for the NVQ Level 5 leadership and management CMI accredited course. PEOPLE & CULTURE 13 Mangers have been enrolled on the Ethnically Diverse Leadership and Emerging Leaders Programme (Level 5 & Level 3 CMI accrediled course), which launched this year. Nineteen managers attended our tailored programme for our frontline managers - the SPG REV Management Development Programme, which focuses on recognising, empowering and valuing staff, with an overarching aim of growing inclusive leadership. 109 staff have attended Compassionate Mind Training. This plays a key part in working towards a Psychologically Informed Environment. staff learn how to develop and use their 'compassionate minds, to reduce self-criticism, balance strong negative emotions, e.g. anger, anxiety, shame, and become more compassionate to themselves and others. Wellbeing remains a key priority area given the social and economic climate. We have continued to focus on staff wellbeing, offering support through our Thrivel Wellbeing hub, our Employee Assistance Programme and Mental Health First Aiders. as well as awarding staff a wellbeing day. This year we have focused on providing employability placements to students from some of the disadvantaged communities in which we operate, giving the students the practical knowledge required to become fully qualified, and increasing employment opportunities.. A Kingston College student studying heallh and social care undertook a placement within our progression team. We welcomed 5 students from Waltham Forest College into our Customer Services Team and Catering Team. The roll out of our Compassionate Mind Training to staff, combined with the reflective practise sessions (as part of building a Psychologically Informed Environment). has benefited staff, enabling them to work through emotions and process challenging situations. We have partnered with Green Door, a disability charity, and provided a placement for one of their horticultural students at our Uxbridge Hostel. This has also provided an opportunity for some of our residents from the hostel to be involved, building new relationships, a sense of purpose and gardening skills. In 202312024 we supported our staff in the following ways.. One member of staff was apprenticeship trained and qualified in CIH Level 3., another two continued their Level 5 and Level 7 training, utilising Apprenticeship Levy fvnding. Twenty members of staff started an Apprenticeship There were 53 live training sessions held in 2023-24. These were a mix of in-person 16 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 ACHIEVEMENTS AND PERFORMANCE (continuedl PROPERTY & PLACES our customers to find out how we can make our syslem easier to access. Helping develop and launch London's first-ever Rough Sleeping Charter that was launched by the Mayor of London on 7th Dec 2023. The Property and Places team went through a lot of changes in both leadership and staffing Several capital projects were throughoul the year, hence launched during the year, the 2023-24 Is seen as a year of largest of which was the transition. Pleasingly, by the refurbishment of Rodney Place, start of the new financial year, a in line with the agreement new permanent Director, signed with Surrey County Nilavra Mukerji. was in place Council at the end of 2022-23. alongside other key The works will see the site departmenlal leads. made suitable for the newly implemented supported living model. Supporting residents to attend the All-Paty Parliamentary Group for Youth Affairs at the House of Commons, with one resident sharing her personal experience as a panel speaker. Holding a Grand Opening of YMCA Wimbledon. inviting local stakeholders including local councillors, the Mayor of Merton, members of the Diocese and local companies and businesses who have supported YMCA Wimbledon throughout the development. During the presentation, one resident shared details of her journey with the YMCA. Despite all the changes, the team continued to focus on ensuring a safe and secure Another innovation during the environment for both customers year was the launch of the and staff. Property Condition and Compliance Inspections. These Health and safety compliance surveys, developed as part of and assurance was a major the new Asset Management focus for the year, not least in Strategy. mean that the Charity light of the regulatory feedback. visits and conducts its own in Changes to 2nd line assurance person survey of over 200h of reporting lines were made and its properties each year. As well H&S reporting was enhanced to as checking for overall include all outstanding remedial condition and any required actions. The Development and works, they also help the Assets Committee increased in Charity demonstrate scrutiny, challenging compliance with the Decent management for improvements Homes Standard, which at the in target completions. end of the year was 1000/0 (with 1 property declared void whilst works were being carned out). Hosting a range of MPS and local councillors at YMCA Wimbledon, including Deputy Mayor of London Tom Copley, to see first- hand how our brand-new building is enabling our vision to create places where young people thrive and communities flourish. As well as scrutiny on H&S compliance, the Board and its Development and Asset Committee looked for improvements in repairs response rates. which dropped Throughout 202312024, we during the time of high staff continued to advocate on turnover. behalf of our residents and customers through a range of external communications and engagement opportunities, including.. Becoming a member of the London Housing Panel. The panel comprises organisats'ons across London and meets with decision-makers from the Greater London Authority {GLA) to discuss what London needs. EXTERNAL REACH AND IMPACT Holding an Annual Stars Awards event, which was hosted by Rupa Huq MP at the House of Commons and saw our staff, customers and supporters come together to celebrate the achievements of the YMCA St Paul's Group community. Playing a lead role in the launch of the YMCA London Mayoral Manifesto, providing insight and recommendations to the report, as well as supporting a resident to speak at the launch event about her personal journey to Mayoral candidates. To help with improvements in repairs reporting and monitoring, during the year we launched the pilot of Job Logic, our new repairs management system. Whilst it is still being rolled out, when fully mobilised Job Logic is aimed to help automate and thereby ensure a quicker, more efficient response to repairs and risk remedial actions. As part of reviewing the pilot and moving fomard, we ￿￿11 engage with 17 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 ACHIEVEMENTS AND PERFORMANCE (contlnued) Continuing to support and work These new priorities will build with Trust Impact to develop on the systems and processes YMCA'S real-ts'me national that have been introduced in impact visualisation tool: the last few challenging years, htt .Ilim act. mca.or .uk and will look to create a stronger and more vibrant YMCA St Paul's Group for the future. YMCA FEDERATION ENGAGEMENT During the year we continued to COMPLIANCE WITH THE support the work of the wider REGULATOR OF SOCIAL Federation including.. HOUSING'S GOVERNANCE AND VIABILITY STANDARD The new Federation Strategy Steering Group which developed a new Federation plan and accompanying action tracker. As a registered provider of social housing, we have undertaken an assessment of compliance as required by the Governance & Viability Standard of the Regulator of Social Housing. This report has been prepared in accordance with all applicable standards and legislation. As part of the Culture and Ethos working group. The Brand Development Group, which both helps review Brand usage and The Trustees confimi that we optimisation. have complied with the Supporting the development Governance & Financial of the dynamic, Federation Viability Standard throughout wide, Impact monitoring tool. the year and up to the date of The YMCA Safeguarding approval of the annual report and financial stalements. ne￿ork, helping peer to peer learning across larger YMCAS. As WRII as supporting different groups, strong relationships were maintained with other YMCAS through the sharing of policies, information and advice as well as exchange visits. FUTURE PROSPECTS After several years where external threats dominated internal decision making, the priorities set oul in the new 2024-27 Strategic Plan show that we are now looking forward to a stronger future. These priorities, all under the heading of Investing in our Future, focus on establishing strong foundations, putting the customer at the heart of what we do, and then looking to grow our work and reach. 18 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 FINANCIAL AND OPERATING REVIEW FINANCIAL & OPERATING REVIEW t 31 March 2024, the Group had property and assets of £66.5m, reserves totalling £33.8m and an annual turnover of £28.7m. Our principal sources of income arise from our charitable activities of providing Housing & Support, Health & Wellbeing services and Children's, Youth & Family Work. TURNOVER £k 2024 2023 Soclal Houslng Lettln Other Social Housing Activities Olhei Aclivilies 19,600 3,538 17,250 2,975 6,078 26,303 The Group achieved turnover from social housing and other activities for the year ended 31 March 2024 of £28.7m, an increase of 9.2 /0 year on year. 28,722 SUMMARY CON SOLIDATED STATEMENT OF COMPREHENSIVE INCOME £k The Group achieved a significantly improved surplus in 2023-24 of £1,369k, up from £154k the previous year. The increase resulted from several factors, including income growth, a reduced level of void losses, a lower level of bad debt write-offs, a non 33,763 134,118) .31394 19 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 FINANCIAL AND OPERATING REVIEW (continued At 31 March 2024 we had £2.2m cash and cash equivalents (2023.. £3.7m). In the year we.. CONSOLIDATED CA SHFLOW £k 2024 2023 Cash Generaled From l (Used) in erations Cash {U$ed In) l From Investsnent Activities Cash {Used In) l From Financing Activities Received £3.7m from our operating activities. Invested £5.1 m in existing and new stock, including the completion of YMCA Wimbledon. Repaid £6.6m of loan balances and had £6.Om of new loan drawdowns. Paid Inte￿ st of £0.9m. 3,723 9,817 15,027) (12.102> 1110) {3,4191 Nel Change uivalents 11,414} (5,704) VALUE FOR MONEY (Vfm) A key part of our Vfm Strategy is compliance with the Regulator of Social Housing Vfm Standard. The Standard recognises that there are special circumstances surrounding the provision of supported housing which make them more costly to operate than general needsllraditional housing. For the purposes of the Standard, the Regulator has defined supported housing providers as those that have supported housing that accounts for more than 30Vo of their total housing stock. These registered providers are noted to have higher costs and lower operating margins than more traditional housing providers, primarily due to the broader range of services that they provide. We face all Ihe above challenges and more due to the provision of community services, which represent circa 20QA of overall activities. 2. How we will challenge costs and obtain Vfm In the procurement of goods and services across the Charity. 3. How we will work to improve the overall efficiency of the business, including irnprovernents to systems and sharing these benefits across the Charity. Vfm underpins the delivery of our vision and aims. The overarching Vfm objective is to achieve corporate priorities to provide better services to residents and service users and lo maintain capacity to support Our overall aim is to gradually reduce unit costs Ihrough cost business growth. It is an area of control, better use of priority for the Board, who consider it a commercial technology and growih. We necessity as well as an have the objective of growing obligation to drive Vfm through the operating margin the business. Our position as a percentage in the medium- growing charity increasingly term, whilsl working to make relies on our ability to become the business operate more ever more efficient and to economically, efficiently. and generate healthy operating effectively through a (financial) margins. programme of incremental, sustainable improvements. The approach is captured in six Vfm commitrnents.. The Regulator recognises that these high costs and lower margins tend to mean that these organisations are less able to support debt to finance investment activity. As a result, they tend to have lower gearing than organisations with less supported housing and consequently their reinvestment and new supply metrics remain below the sector median. The Board believes achieving Vfm is essential to the delivery of our key priorities. Our Vfm strategy addresses the way we work, covering three important Vfm principles that underpin our organisats'onal efficiency and maximisation of value.. 1. Cost Savings and Pro¢urement'. We will scrulinise spending and challenge costs to ensure we achieve greater economy, redu￿ waste and deliver greater value. 1. How we ensure the best use of our assets. 20 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 FINANCIAL AND OPERATING REVIEW (continued) 2. Customer Service.. Ensure that the customer voice is at the heart of everything we do. This will help us deliver a better targeted, informed support service that minimises inefficiencies and delivers better outcomes. processes and systems, making better use of data, automating pro￿$sing activity and improving cost analysis. 6, Great place to work.. We will be known as a Great Place to Work @, helping us retain and attract the best people to work for us, reducing recruitment and outsourced staffing costs. with similar geography and housing provision that is predominantly Supported Housing. There are a limited number of providers that are predominantly Supported Housing and have a significant presence in the London region we include 4 providers in our peer group, an increase of 1 from last year to improve the quality of comparison. 3. Asset Management.. We will ensure that our homes and other facilities are safe and decent whilst working towards making our overall stock more environmentally and economically efficient, thereby reducing costs. 4. Growth.. We will be a leading provider of Supported Housin9 to young people in London, enabling us to expand our work without significantly increasing our overheads. 5. 8u81ne88 Efflclency.. We will deliver efficiencies across the Charity by reducing overheads, streamlining baCk￿ffiCe Performance Against the Regu13tor'• Vfm Motrl¢s The median values from the peer group, which includes the Charity, are used to provide a comparison in the table below. Note that the peer group figures are based on the 2022123 Global Accounts statistics of Registered Providers with stock comprising rnore than 300/0 Supported Housing and a presence in London of at least 200￿ of total stock. As such, they are a direct comparison for our 2023 results in the table. We have produced the metrics prescribed by the Regulator of Social Housing and ensured they are consistent with the financial statements as a whole. The section below addresses the metrics and our comparative performance across these indicators and the Sector Scorecard. To benchmark performance, we have established a peer group 2024 202J Peer M•dlan Target 2024 Target. ,2023 ratln Ma in 8.5% 4.2% 8.0% 7.4% Bu$lness Hearth E81TDA MRI Int•rest Cover 266% 212% 40% 164% 289% New Supply a5 a % ot Current Units Gearin Development 4.4% 0.3% 4.4% 31% 44% 10% 26% 33% Outcomes Reinvestment % 6.4% 41.YA 3.8% 7.5% 20.6% Effective Asset Mana em•nt ROCE 3.6% 1.7% 3.0% C05t Per Unrt Headline Social Housing Cost £12.8k £12.Ok £12.Ok £13.5k £11.5k Registered housing providers target. We achieved better are required by the Regulator to performance than the peer publish their performance median from 2023, with against seven indicators, as operating margins in the peer shown above. group ranging from -2.60kn to 10.5/0. improved operating margin and that capital maintenance spend was lower than targeted. The increase in new supply as a percentage of current units reflects the completion of the new Wimbledon hostel and the transitioning of care home We achieved a significantly better operating margin than last year {8.50/0 against 4.2010), which was 0.50A higher than EBITDA MRI has improved year-on-year and is above target in 2024, reflecting the 21 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 ACHIEVEMENTS AND PERFORMANCE (continued) rooms to supported living in 2023-24. in 2024, reflecting the completion of the Wimbledon hostel in August 2023 (construction was in prog￿S$ throughout the previous year). resources, is significantly higher than last year, reflecting the improved operational performance. Gearing has reduced in 2024 following the completion of the Wimbledon hostel, which has increased the book value of our housing stock. Gearing is higher than the peer group, but lower than is typically seen across the sector for larger housing providers. Sector Scorocard Headline social housing cost has increased by 6.70/0 in 2024, reflecting inflationary cost pressures- we had the median value in the 2023 peer group, with peer group values ranging from £7.2k to £25.6k. In addition to the metrics prescribed by the Regulator, we assess our performance using the Sector Scorecard as well as an internal performance scorecard. This ensures that the Board and stakeholders can assess performance against our overall strategy. Reinvestment 0￿ (housing property capital investment as a The ￿tUrn on capital employed. proportion of housing book which measu￿$ the efficiency value) has reduced significantly of investment of capital The Operaling Margin Social Housing Lettings ISHL) performan￿ is higher than last year and the peer group median, with the peer group ranging from -5.90kn to 5.2%. BUSINESS HEALTH. 20241, ' 2023 Targét,. 2024 Talgel èratin Pllar eratin Mar iri - SHL. EBITDA MRI Interest Covei in 8.5% 17.0% 266% 4.2% 14.0% 212% 4.2% ' 8.0% 17.0% 164% 7.4% 14.0% 269% 40% The EBITDA MRI interest cover measure is a key indicator for liquidity and investment capacity. Our performance has improved and is significantly better than the peer group median (3 of the 4 peers have a negative E8ITDA MRI). New supplies, which are additional units of accommodation created from new development, propety acquisitions or remodelling existing hostels, have increased by 54. reflecting the net increase in units from the new Wimbledon hostel (11) and the transitioning of 44 care home rooms to social living. DEVELOPMENT Peèr Media Targol 2024 Targel 2023 2024 2023 Nodala 0.3% 10% New Su New Su Gearin Number Social Housln l % . Social Housin 4.4% 31% 0.7% 44% 4.4% 26% 22 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 FINANCIAL AND OPERATING REVIEW (continued) Occupancy levels have improved in 2024, following a significant focus in reducing void levels by ensuring any required end of tenancy maintenance work is completed quickly and working closely with our partners to fill vacant rooms. ASSET MANAGEMENT 2024 2023 Peer Median Targei 2024 Target 2023 ROCE Occu Ratio of Responsivg to Planned Malntenence 3.6% 95.7% 1.7% 93.8% 1.7% 2.9% 95.0% an N04Jata 95.0% 610% Nodala 540% 2,08iV Resident Feedback During the year, an annual residents, survey was carried out. The Resident Suniey is held across all sites simultaneously, inviting residents to share their views against all elements of the services we provide to them. Highlighls of the results are summarised below.: 670/0 of respondents reported that they were satisfied with the overall level of service received (2023.. 73 % ). 690/0 of respondents were satisfied that we keep them informed about things that matter to them (2023.. 78fi/o 420/0 of respondents who reported making a complaint in the last 12 months were satisfied with our approach to complaints handling {2023'. 380/0). 670/0 of respondents who received a repair in the last 12 months were satisfied with the overall repairs service (2023,. 720/0). 83 % of respondents fell that we treated them fairly and with respect (2023.. 81 %). 670/0 of respondents were happy with the way we dealt with anti-social behaviour complaints (2023.. 61 Q/o). 'Nol8 that the 2024 surv8y results have bèèn calculatéd on a weighted ba&ls. whlch wa8 not thg case in 2023. Complaints continues to be an area of significant focus and is being closely monitored by both ser)ior management and the Performance Committee. Operating Efficlency 2024. Peer." Median Tawget 2024 Target 2023, Cost per Unit Headline Social Housin Mana ement £k Maintenance £k Fdla or Re alrs £k Service Chaw e£k Other Social Housin Costs £k Rent Collected as oh of Rent Due Overheads as a % of Ad usied Turnove £k £12.8k £3.9k £0.8k £0.8k £6.7k £0.6k 95.6% 16.7% £12.Ok £4.Ok £0.5k £0.7k £6.1k £0.7k 91. 17.7% £12.Ok Nodata £13.5k £3.9k £1.Ok £1.4k £6.9k £0.3k 99.0% 18.2% .£11.5k £3.6k £0.7k £0.7k £6.2k £0.3k 99.0% 18.2% Nodata Nodata Nodata No data Nodata No data 'Note Ihat Overheads as a % of Adjusted Turnover is after removing the impact of actuarial valuation adjustments to the defined benefit per6ion scheme deficit. 23 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 FINANCIAL AND OPERATING REVIEW {continued) All of the targets and KPIS have Future Prospects been reviewed, ensunng that we continue to track both business-critical metrics and regulatory items. activities. We remain very mindful of the difficulties residents and sen￿l¢e users are experiencing because of the cost-of-living crisis. Inflation and the rising cost of building safety standards have put upward pressure on service charges and charges to Servi￿ users, although the pressure on prices is now reducing. Group as a Going Concern The financial statements are prepared on the basis that the Group will continue for the forthcoming 12 months from the date of signing of these financial statements. Management costs have remained broadly in line with prior year, partly reflecting the fact that some senior roles were vacant for parts of the year, pending recruitrnent. Our business plan has been stress tested and the Board has considered the potential impacts from numerous single and multi-variant adverse scenarios. Maintenance, major repairs and service charge costs have all increased over last year, reflecting the inflationary cost pressures. The Board will continue to manage costs through a rigorous annual budget setting process and consider the impact on service costs for The Board reviewed and residents. An updated business debated the detailed stress plan has been approved by the testing at its meeting in May Board, An asset management 2024. This year, the stress review is in progress, which will testing focussed on a wide determine the capital range of economic and investment priorilies for the operational risks, including duration of the new Strategic adverse inflation, interest rates, Plan 2024-27 and beyond. voids and arrears. The impact of a serious operational incident at one of our larger siles was also modelled, in this case a lift failure, resulting in the need to decant all residents to hotels, for one month, until the lift became operational. Rent collection has improved over the previous year, reflecting a tightening of procedures around the collection of arrears, which saw a significant increase in 2023 due to the cost￿f-11vlng crisis. Overheads as a percentage of turnover remains a key focus area for the Board and will be subject to a full review in 2024- 25. Re8arve8 Pollcy The reseNes that we have set aside provide financial stability and the means for the continued development of the principal charitable activities. We intend to maintain unrestricted funds at a sufficient level to cover management and administration costs for at least three months. We maintain strong resenles position to protecl our social housing activities. Capital Structure and Treasury Pollcy Alongside these single variant impacts, multi-variant scenarios were modelled, a black-swan event14 single variant stresses occurring simultaneously - higher void losses, loss of support contract, regulatory requirement to complete unplanned capital maintenance work and higher than forecasl siaff costs) and an economic shock event (escalation of conflict in the Middle East, resulting in wst inflation and interest rates increasing, leading to higher staff costs, increased rental arrears and a reduction in non- housing income). Our debt is sourced from number of UK banks. All drawn and undrawn loans were secured against social housing assets. Together with the available cash balance, these funds are sufficient to meet the funding commitments. We have a Treasury Management Policy, which is approved by the Trustees. The Treasury Management Policy seeks to address funding and liquidity risk and covenant compliance. The Board regularly reviews the level of reserves that are required to ensure that they are adequate to fulfil continuing obligakn'ons. This is guided by our Business Plan, Risk Miligation Protocol, banking covenants and stress testing 2024 2023 Loan Facilities Available 25.3 28.1 Loan Drawln Undrawn Facllltles 21.8 22.1 The outcome of the stress tests perfomied focused on liquidity, 24 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 FINANCIAL AND OPERATING REVIEW (continued) security and covenant compliance as a result of adjusting the key inputs. Board considers this to be prudent in the current uncertain economic environment. included the impact of pension scheme deficit repayments in considering going concern status. reserves, and the risks and uncertainties that we face noted elsewhere ir) this report. Options for mitigation to ensure the business can continue in the short and longer term have also been reviewed. Mitigations exist for all scenarios as a precaution, to ensure compliance with all covenant and regulatory requirements. We recognise possible concerns relating to our participation in a defined benefit pension scheme. Appropriate We benefit from the pension action has been taken. The scheme Trustee and the scheme was closed to new Principal Employer seeking members in 2007, and the link suitable specialist professional to final salary broken in 2011 advice both to manage the with additional contributions scheme and in the continuing continuing to be made lo effort to explore ways of reduce the deficit. As part of the reducing the overall pension YMCA federation, the multi- deficit. The notes to the employer pension scheme is Accounts include an accounting run by an independent Trustee policy and further details in board with employer notes 23 and 24. representation through the Principal Employer, National Council of YMCAS. The pension scheme Trustee obtains an actuarial valuation every three years and we have considered the implications on our finances from the latest available actuarial valuation. The lift failure single variant stress test (in 2025-26) and the black swan lin 2024-25 and 2025-26) and economic shock (in 2025-26 to 2026-271 multi- variant events indicaled covenant breaches could occur if mitigating actions were not taken. Mitigating actions showed that we would be able to withstand these external pressures. After making enquiries, the Board has a reasonable expectation that the overall Group has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months after the date on which the report and financial statements are signed. For this reason, it continues to adopt the going concern basis in the financial ststements. No material uncertainties exist. Periodic updates to the financial business plan, management accounts forecasts and key performance indicator reporting enables continuous monitoring of the business. We maintain higher liquidity levels than the funding requirement identified in our updated business plan., the We have reviewed our ability to continue to deliver our charitable objectives by ensuring budgets, forecasts and plans are available and include the impact of deficit repayments. The Board 25 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 STREAMLINED ENERGY AND CARBON REPORT STREAMLINED ENERGY AND CARBON REPORT he Charity is committed to reducing its carbon footprint and has developed a detailed environment policy. threshold. As such we are required to report.. UK energy use (to include as minimum purchased electricity, gas and transport). • associated annual global greenhouse gas (GHG) emissions., • at least one emissions Intensity ratio: previous yearfs figures for energy use and GHG emissions (except in the first yearl., • a narrative on energy efficiency measures. and details of the methodology used in calculation of disclosures. These are divided below: Emissions from combustion of gas tC02e (Scope 1) = 1.470 tC02e. Emissions from combustion of transport fuels tC02e (Scope 1) = 6 tC02e. Emissions from purchased electricity tC02e (Scope 2, Location Based) = 790 tC02e. Streamlined Energy and Carbon Reporting (SECR) was introduced in 2019, as legislation to replace the Carbon Reduction Commitment (CRC) Scheme. SECR requires obligated companies to report on their energy consumption and associated greenhouse gas emissions within their financial reporting for Companies House. The carbon intensity (both gross and net) ratio in 2023124 is 0.0789 kilograms of CO2- equivalent per pound spent. SECR requires businesses to include their energy use (including electricity, gas and transport) emissions and an intensity metric in their annual Directors,￿rUstees, report for financial years beginning on or after 1 April 2019. This regulation applies to all quoted companies and large UK companies with over 250 employees or annual turnover of more than £36rn or an annual balance sheet of over £18m. We are committed to reducing our carbon footprint and have developed a detailed environmental policy. We have also appointed a "Green Team" which has been working toward the implementation of our sustainability policy. Summary Our Scope 1 and 2 Greenhouse Gas emissions (henceforth referred to as GHG emissions) are mainly from owned and rented building energy use. Quantificatlon and Methodology Energy data The total gross GHG emissions in 2023124 for Scope 1 and 2 are equal to 2,266 tC02e, which means.. Energy consumption data has been monitored using the Pilio energy and carbon sofbNare. Energy data is added to the Pilio So￿are by means of. Manual meter readings. Actual and estimated meter readings on energy bills. For the purpose of SECR compliance, we are considered a large company as we have more than 250 employees and an annual balance sheet value in excess of £18m. together with an energy consumption in the UK above the 40,OOOkWh a reduction of 300/0 compared to the 2018119 baseline emissions {3,249 tC02e). a reduction of 10/0 compared to the 2022123 previous year (2,297 tC02e) 26 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 STREAMLINED ENERGY AND CARBON REPORT (continued) HH kwh shared by the appointed Data Collector. Previous year comparison The previous yearfs (2022123) energy consumption and carbon emissions are reported from the SECR 2022123 report. of the total, while the emissions from Scope 2 {electricity) account for 350kn. Transport data The emissions from the combustion of fuels used for transport are calculated from reported mileage in 2023124. The total net GHG ernissions for 2023124 for Scope 1 and 2 are equal to 2,266.0 tonnes of C02-equivalent12022123 2,296.5) thanks to renewable electricity generation and exports to the national grid (-0.3 tC02e). Reporting boundaries To ￿port the 2023124 emissions, we have used an operational control approach, Greenhouse Gas Ernissions are where we report on all sources calculated by using the of environmental impact over DEFRA'S Greenhouse Gas which we have operational reporting conversion factors control. 2023 as most of the reporting period fa115 in 2023. These are.. Emission conver8ion factorJ The carbon Intensity (gross) ratio for 2023124 is 0.0789 kilograms of C02equivalent per pound spent {2022123 0.0869). Quantlfied GHG Inventory of Emissions and Removals Gas = Natural gas kwh (Gross CV), 0.18293 kgC02elkVVh. Electricity = UK electricity, 0.207074 kgC02elkWh. Scope l and 2 GHG em1881on8 Intensity mea8ur8m•nt The Charity is a service provider and as such the metric "Scope 1 and 2 emissions in kilogram of C02e per £ of turnovel, was chosen as the reference for intensity measurement. As outlined above, total carbon emissions in 2023124 were equal to 2,266,3 tC02e (2022123 2,296.5 tC02e) Emissions from Scope 1 (gas and Iransport) account for 650/0 GHG PROTOCOL CATEGORY 2024 2023 Energy $1) a. Natual Gas S1) b. Other Fuèls S2) a. Electricity Total Energy Usage 8.036.908 NIA 3,814,952 11,851,860 8 019 173 NIA 4,276,186 12.295,359 Emissions (tC02e} S11 a. Emissions from the combustion of natural gas S1) b. Emlsslons from the combustion of transport fuels 521 a. Emissions from purchased electricity (Location-Based) S2) b. Emisslons from purchased heat. steam or cooling Total Scope 1 &2 Emissions Gross Exported renewable electricity Total Scope 1&2 Emissions Net 1,470.2 1,463. 790.0 826.9 2,266.3 2,296.8 2,266.0 2,296.5 Intensity Measurement Total turnover IkgC02ei 0.0789 0.0869 27 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 STREAMLINED ENERGY AND CARBON REPORT {continued) Carbon Offsets allowed under the 2013 UK Government environmental reporting guidance. (Hawker), alongside installing additional solar panels. Moved all fleet vehicles to electric. No carbon offsets have been used in 2023124. Heat generation Electricity Electn'city purchased for own use or consumption.. 3,815.0 Mwh (2022123 4,276.2 Mwh). Renewable electricity generated from owned or controlled sOur￿S.. 33.5 Mwh (2022123 9.2 Mwh). Generated onsite backed by REGOS Electricity exported to the grid.. 1.7 Mwh {2022123 1.8 Mwh) No heat was generated in 2023124. Capital investments.. The new Wimbledon hostel, which opened in August 2023, is our best practice hostel with an air source heat pump (no gas). Continuation of our LED replacement programme. Continued with our behavioural change programmes, including.. Switch off campaign. Earth Day tree planting. Litter picking & awareness. ESG. Resident programmes. Monitoring questionnai￿. Scope 3 emissions Scope 3 emissions are not required from SECR reporting and thus have not been calculated. GHG reductlon Initiatlve and internal performance tracking We recognise the urgency of energy and climate action and have put in place some initiatives to reduce our energy usage and environmental footprint. Among these, we have.. We have exported renewable electricity to the National Grid from on-site Photovoltaic generation in the Y-cube building. This amount of electricity, which is monitored using meter readings and a monitoring tool, was multiplied by the grid average emissions factor and deducted from the gross emissions figure as Installed more smart meters across our property estate. Started a pilot heat pump scheme at one of our sites 28 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 RISK MANAGEMENT RISK MANAGEMENT e regularly consider risk and have developed a detailed risk strategy that takes into account straiegic, operational and project risks. assurances that demonstrate risks are being managed. This is supported by independent internal auditors who report directly to the Audit & Risk Committee. Health and safety risk assessments are developed by the departmental staff and managed by operational managers. Assurance is provided by both internal audit and business improvement officers. Incidents, accidents and complaints are regularly reviewed with lessons leamt used to infom future risk assessments and policy and procedure development. We use a dynamlc, cloud- based, risk management syslem that allows the monitoring of strategic risks as well as subsequent controls and actions. The Risk Policy was updated in January 2023. The Board also regularly considers its key risks as well as any changes to our risk profile. In relation to fire risk, we employ an exiemal consultant who undertakes an independent inspection of all our property assets. This review includes a review of all hazards as VRII as checking that fire compliance has adhered to and evidenced. All Trustee reports include a consideration of risk and any new project or major development has Ils risk register and is presented as part of the governance process. We employ a full-time Head of Health & Safety to oversee compliance and manage associated risks. The Audit & Risk Committee is . tasked with reviewing the Key Strategle Rlsks The key Strategic risks and uncertainties under review by the Board are: Busln•ss Arèi Posslble Rlsh Mltlqatlon Organisalional stretch impa¢ts on Ihe successful dèlivery of lh• Strat•glc Plan. This re5pond51o the Charty5 desire lo navigale safely to the lulure and actlve manage its pannershbp. collaborallon an(J Impacl otyecllves. The pthncipal mmgallon lo partnershlp and collaboratlon Msks are capacty revIe￿5 to ensure thal there Is sufficlenl banolyidlh lo accommodale any new initlallves. STRAIEGIC PLAN DELIVERY Key aspecls of OUT heallh and safety are auOrteO fly Inlemal audltors, as part of a guartedy compliance checK Flre and gas safety. water hygiene and asbeslos are a150 sublecl to in41epth audlls on a Ihree-year rolllng prc4Jramme. ExFert ad￿$0[$ are engageo In all Ihese areas lo ensure Ihal Ihe assessments and processe5 are Ihorough and remain in step with best pracb"ce. The Chanty has conb.nueo R5 investment in115 Property & Places departrnenl lo ensure that rt ha5 the In-house expertlse lo manage and dlrecl all salety obllgallons. Inadequat• h•alth & sal•ty proctdur•5 andlor adheren¢e to procedures results in a serious health & safety Incld•nt HEALTH & SAFETY 29 YMCA ST PAUL'S GROUP ANNUAL REPORT 2023-24 RISK MANAGEMENT (continued) Business Area Possible Risk MitigalioTh An ICT & Digrtal Strategy has t)een approved by the Board thal Involves significant Investment in cyber security. The cnarty has also upaated prlvacy nollces and tralned all staff on me data prolecllon ano Info￿atIOn securlty. In temis ol system securlty. there Is a well Ihoughl oul secunty afchlteclure. well eveiopeo framewofk of managemenl controls ano Inde￿nIent penelrauon testing. The Chantys 3rd line accreditation joumey is succe5sfulty progressing. BUSINESS CONTINUITY AND DATA LOSS Data 1055 andlor serious operatlonal dlsruptlon due to cyts•r Incldont. The Boafd has approveil a lulty funded lOng-te￿ financial plan. Our ffinancial perlormance and poslllon Is closely rnonlloTed by the Execultve Team and Is reported lo the Board ￿￿laty. Whilsl the extemal laclors thal could lead lo nanclal shock cannot be conlrcAled or prevented by Ihe Chanty. the BusinesslFinancial pian is suDjected to mul￿a￿ale stress testlng an¢J we eftsure thal there Is adequale headroom lo wrthsland such evenls In Ihe short le￿. The Chartty has In place a treasury pollcy, wnich Inclu¢Jes a Ilqululty pollcy Ihal Ihe Board monitors. The Policy Is approved annually ano Is prepared lolnlty vAlh our Ireasury advlsors. Econom1¢ conditions15hocX5 impact th* ongclng financlal viablllty of the organlsatlon. FINANCIAL VIABILITr Inadequaie safeguarding pr¢¢edures andlor adh•r•n¢• to pro¢•dur•s results in a s•rlous sateguardino Incident. A saieguaraing polity ana procedure Is Sn place along vAth a 8oard designated Safeguardlng lead. Safeguarding Iralnlng I workshops have been provided to the 8oard so Ihal they can undersland Ihelr obllgallons. Saleguardlng lead5 exisl across the Chamty and posleis are dlsplayed whlch identity a chaln o( command. rhere Is also a trustee safeguardlng lead. SAFEGUARDING Go¥ernanc• struc*ur•s and proc•ss•s do not provld• a l•v•l of scrutlny to optSmlso dècision maklng. The Chanty has an experlented and skilled Board Ihal has been strenglhene over the last lew months. 7ttere are regular Board member s￿lIS reviews antj appralsats. a5 well as reflectlon on govemance good pracuce. GOVERNANCE A high level ot staff turnover Impacts on operational pertornianc• and Increases statt costs by necessltatlng the use of agency Staff. There Is a People Strategy In place Ihal has stall relenllon inltlatlve5, Includlng a focus on wellbelng and fiexlDie working. A Slraieglc review of recrulthieni has conclude(l and an ellec1￿e pay settlemenl In March 2024. coupled wllh Improved wondorce relenllon. Is reducing the Impact ol Ihls rlsk. It *ll conllnue to be closely monrtored by the Charity in response to the macrrkeconomlc Irends affecllng all enlerprlses and ihe housing & chartty sectors more generally. STAFF RECRUITMENT AND RETENTION Th• organisatlon lall$ to m••t th• r•quirem•nts ot Consumer Standards regulations. A nurnber ol aclons are In place lo relthew end to end processes. operaWonal pollcles, and reportlng lo ensure they allgn lo Consumer Slandards requiremenis. A tralnlng prcgramme has been (Jeployeo to upskS11 housing leadefs ano managers lo meet Ihe Consumer Stan¢JarQs requirements lor key postholder5 to have acciedile 1,767 (736 154 Taxatton Suwplus and total comprehenslve income for the year 16 1,369 154 1,767 225 All amounts derive from continuing actmties. The notes on pages 46 to 69 form part of thg financial st8tements. Following a decision of the Trustee Board, the trade and assets of YMCA West London, a wholly owned subsidiary of YMCA St Paul's Group, were transferred inlo YMCA Sl Paul's Group on 31 March 2023 for no consideration. The enlily ("YSPG') Statement of Comprehensive Income shows the resulls of the merged entity for 2024, whereas the prior year resutt {20231 does not incorporate the results ofYMCA West London. The Group resufts are not impacled by the transfer of YMCA West London. Refer to note 28 for more details. 42 Consolidated and Charity Balance Sheets as at 31 March 2024 YMCA St Paul's Group Note Group YSPG 2024 £'OOD 2023 £000 2024 £'QOD 2023 £000 Flxed assets Tangible Assets 15 66,522 62.585 75,033 71,122 Currenl assets Stocks D8btOTS Current asset investments Cash al hand and in bank 76 3,r15 607 2,241 6,699 108 6.682 76 3,320 607 2,239 6,242 108 6.690 17 18 3.655 10.445 3.541 10.339 Creditors= amounts falling due within one year 19 (5,262) (6.5181 15,150) (6.875) Nel current assets 1.437 3.927 1.092 Total assets less current liabilities 67,959 66,512 76,125 74,586 Creditors- amounts fallin9 due after more than.in one year Total net assets 20 134,196) (34.118) 146.641) (46.869) 33,763 32.394 27.717 Reserves Revenue reseNe Restricted funds Total reserves 32,931 832 33,763 31,632 762 28,652 832 26,955 762 27.717 The notgs on pages 46 to 69 form part of the financial statements. The financial statements were approved by the Board and a.uthorised for issu8 on 26 S8pt8mber 2024. wo. Hel•n .Brtwer Choif Peter Shvnk$ Compony Seu•tsry 43 Consolidated and Charity Statements of Changes in Reserves as at 31 March 2024 YMCA St Paul's Group Group Restricted Revenue Reserve Pool rovements Total Other £'ooo £'ooo £'ooo rooo Balance as al 1 Apnl 2023 Surplus ,for the year Balance as at 31 March 2024 31,632 1,299 S95 62 757 67 32.394 1.369 33.763 75 At 1 April 2022 Surplus ,for t',he year Balance as at 31 March 2023 31.ST7 55 31.632 596 99 67 32,240 154 695 67 YSPG Restricted Revenue Reserve £'oDD Pool rovements £'OOD Total Other £000 £'ooo Balance as at 1 April 2023 Surplus for t'he year Balance as ot 31 March 2024 26,955 1,697 28,652 695 62 757 67 27.717 1.767 75 At 1 Apr.il 2022 Surplus for the year Gain on transfer of assets from subsidiary Balance a.s at 31 March 2023 17.934 126 8.895 26,955 596 99 18,530 225 8,962 67 67 695 The Pool Improvements restricted fund is a share of the surplus on Ihe operations al Haryton Pool that is set aside each year lo promde fiJnds for capital Wofks at Ham,pton Pool. Conlfol of the fijnd is shared equally between the Board ofthe Group and Hampton Pool Trust. Th8 notes on pages 46 to 69 form part of the financial staterrtents. 44 Consolidated Cashflow Statement for the year ended 31 March 2024 YMCA St Paul's Group Group 2024 £'OOD Gmup 2023 £'ooo Note Cash flows from operating aclivities Surplus fof the financial year Depreciation charges Capital grants amortisation Inlerest payable and finance cosls Interest received Loss on rfisposa.l of assets Decrease l (increasel in stock Decrease l (increase> in debtors (Decrease) l increase in credrtors and proirisions Net cash Inflow from operallno acllvltles 1,369 1,314 7n 971 154 1.358 (27n 982 119) 16 24 13 12 173 32 2,907 12.708) 13 7,257 349 17 19120 Cash flows from Investing acllvities Purchas8 of fixed assets Interest received Net cash used in investlng acllvitles 15 15.085> 58 (12,121 19 Cash flows fiom financing activities Interest paid on loans Loan refinancing cosls New tefm deposits Loans repaid Proceeds from108ns Caprtal grants received Net cash used in financing activilies 13 (945) (737) {245) <60n 16,6451 6.000 2,087 110 (7.687) 5.250 24 Net change in cash and cash equivalents Opening cash and cash equwdlents Closlng cash and cash equivalents 11,414) 3,655 2,241 (5,704) 9.359 The notes on pages 46 to 69 form part of the financial statements. 45 Notes to the financial statements for the year ended 31 March 2024 YMCA St Paul's Group 1. Legal Status YMCA St Paul's Group is a company limited by guarantee, a registered social housing provider (No. LH4078) and registered charity (No. 1041923). The Company is the ultimate parent of the Group. The details of all entities within the Group are outlined in the Trustees, report on page 5. 2. Accountlng pollcles The financial statements have been prepared in accordance with applicable law and UK accounting standards (United Kingdom Generally Accepted Accounting Practice) which for YMCA Sl Paul's Group includes FRS 102 "the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" the Statement of Recommended Practice (SORP) for Registered Social Housing Providers 2018. "Accounting by registered social housing providers" 2018, the Accounting Direction for Private Registered Providers of Social Housing from April 2019 and the Companies Act 2006. The financial ststements are prepared in accordance with the historic cost convention. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounling eslimates. It also requires Group management to exercise judgemenl in appkying Ihe Group's accounting policies. Parent I subsidiary disclosure exemptions In preparing the consolidated financial statements of the parenl company, advantage has been taken of the following disclosure exemptions available in FRS 102: only one reconciliation of the number of shares outstanding al the beginning and end of the period has been presented as the reconciliations for the Group and the parent would be identical. no cash flow statement has been presented for the parenl company., disclosures in respect of the parent company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the Group as a whole., and no disclosure has been given for the aggregate remuneration of the key management personnel of the parent company as their remuneration is included in the totals for the Group as a whole. The following principal accounting policies have been applied.. Basis of consolldation The consolidated financial statements present the results of YMCA St Paul's Group registered provider of social housing and Its subsidiaries as if they formed a single entity ("the Group"). All financial statements are made up to 31 March 2024. West London YMCA was originally brought into the Group in April 2018, with the entity being a fully owned subsidiary of YMCA Sl Paul's Group. The original amalgamation was accounted for as an acquisition,. as such, the Group consolidated accounted incorporate the acquisition of West London YMCA at fair value. Following a decision of the Trustee Board, the trade and assels of West London YMCA were merged with the parent company, YMCA St Paul's Group, on 31 March 2023 for no consideration. In accordance with FRS 102, merger accounting was applied to this business combination, wrth the assets of West London YMCA transferred into YMCA St Paul's Group on 31 March 2023 at book value. The transaction had no impact on the Group consolidated accounts, which continue to incorporale West London YMCA al fair value from the dale of the original amalgamation. The merger on 31 March 2023 is reflected in the entity accounts (shown as"YSPG" throughout these accounts), with the closing balance sheel of West London YMCA as at 31 March 2023 incorporated into the entity balance sheet and the gain arising from the transfer of the assets shown as an increase in reserves. Further detail on the value of the assets transferred is provided in Note 27. 46 Notes to the financial statements for the year ended 31 March 2024 (continued) YMCA St Paul's Group 2. Accounting policies Icontinued) Going concern The Group's business activities, its current financial position and factors likely to affect its future development are set oul within the Strategic Report. The Group has in place long-term borrowing facilities which provide adequate resources to finance committed reinve5tTnent and development programmes, alon9 With the Group's day to day operations. The Group also has a long-term business plan which shows that it is able to service debt facilities whilst continuing to cornp￿ with lenders, covenants. The Charity's business plan has been stress tested and the Board has considered the potential impacts from numerous single-variant and two multi-variant adverse scenarios. The Board reviewed and debated the detailed stress testing at its meeting in May 2024. The outcome of stress tests performed focused on liquidrty, security and covenant compliance as a result of adjusting the key inputs. Options for mitigation to ensure the business can continue in the short and longer term have also been reviewed. Miligalions exist for all scenarios as a precaution, to ensure compliance with all covenant and regulatory requirements. The resulting worst and 2025-26, rf mitigating actions were not taken. Mitigating actions showed that the Charity would be able to withstand these external pressures. Periodic updates to the financial business plan, management accounts forecasts and key performance indicator reporting enables continuous monitoring of the business. YMCA St Paul's Group maintains higher liquidrty levels than the funding fequirement identified in its updated business plan., the Board consKlers this to be prudent in the current uncertain economic environment. The Group continues to consider in its business plan, and forecasts the potential impact of, legislation changes and potential impacts in the economic and operating environment, in particular inflation. The Board expects housing operations to continue to be resilient and withstand a range of stresses on the business. The Board consider that the Charity has sufficient reserves to weather any short-temi impact on the income of the Charity as a result of operational and economic factors. After making enquiries, the Board has a reasonable expectation that the overall Group has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months after the date on which the report and financial statements are signed. For this reason, it continues to adopt the going concern basis in the financial statements. No material uncertainties exist. Turnover Income is measured at the fair value of the consideration received or recerrfable. The Group generates the following material income streams.. Rent and servlce charges: renial and seprfice charge income receivable {after deducting lost rent and service charges from void properties available for letting) is recognised from the point when properties under development reach practical completion and are fomially let., Supportlng people services: income is recogni88d in the period to which it relates in accordance with underlying service contracts., Membership subscriptions and programrne activities from our Health & Wellbeing and Childrèn, Youth & Family dlvlslons: are recognised in the period to which they relate; Grant Income: revenue income is recognised in the period to which it relates. Grants for capital projects are recognised as recerved and carried foThvard as restricted funds., 47 Notes to the financial statements for the year ended 31 March 20241continued) YMCA St Paul's Group 2. Accounting policies {¢ontinued) Turnover (continued) Donations: are accounted for when received; and Other income: other income is recognised as receivable on the delivery of services provided. Current and deferred taxatlon The tax expense for the period comprises current and deferred tax. Tax 15 recognised in the Statement of Comprehensive Income, except that a change attributable to an item of income or expense recogni5ed as other comprehensive income or to an rtem recognised directly in equty is also recognised in other comprehensive income or directly in equily respectively. The current income tax charge is calculated on the basis of lax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company's subsidiaries operate and generate laxable income. Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except.. the recognition of defefred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilrties or other future taxable profits., any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and where timing differences relate to interests in subsidiaries, associates, branches and joint ventures and the Group can control their reversal and such reversal is not considered probable In the foreseeable future. Deferred income tax is determined using lax rates and laws thai have b88n enacted or substantively enacted by the reporting date. Value Added Tax The Group charges Value Added Tax (VAT) on some of its income and is able to recover part of the VAT it incurs on expendrture. The financial stalements include VAT to Ihe extent that it is suffered by the Group and not recoverable from HM Revenue and Customs. Recoverable VAT arise5 from partially exempt activities and is crediled to the Statement of Comprehensive Income. Pen8lon costs The Group participates in the mulli*mployer defined benefit pension plan for employees of YMCAS in England. Scotland and Wales, which was closed to new members and accruals on 30 April 2007. Due to insufficient information, the plan's actuary has advised that it is not possible 10 separately identify the assets and liabilrties relating to YMCA St Paul's Group for Ihe purposes of FRS 102 disclosure. As described in note 23, YMCA St Paul's Group has a contractual obligation to make pension deficrt contribution payments of £180k per annum over the period to April 2027 (2023: £221 k per annum to April 20291, accordingly this is shown as a liability in these accounts. In addition, YMCA St Paul's Group is required to contribute £57k per annum (2023.. £52k per annum) to the operaling expenses of the Pension Plan and these costs are charged to the Statement of Comprehensive Income as made. Holiday pay accrual A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balan￿ sheet date and is carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement and accrued at the balance sheet date. 48 Notes to the financial statements for the year ended 31 March 20241continued) YMCA St Paul's Group 2. Accounting policies (continued) Termination beneflts Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment. Housing properties Housin9 properties construded or acquired {including land) on the open market are stated at cost less depreciation and impairment (where applicable). The cost of housing land and property includes the cost of acquiring land and buildings, development costs, interest capitalised during the development period, directly attributable administration costs and expenditure incurred in respect of improvements and replacements of major components of existing properties. Where housing properties are in the course of construction, finance costs are only capitalised where construction is on-going and has not been interrupted or teminaled. Vthere a development project is deemed to be relatively inactive, caprtalisalion of interest is ceased until the development becomes active again. The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is d8r8cognis8d. Repairs and maintenance are charged to the statement of comprehensive income during the period in which they are incurred. Social Housing Grant used to finance buildings is repayable under certain circumstances, primarily following the sale of such propety. The amount, which would be repayable is the amount by which any sale proceeds exeeed all other liabilities arising from the release of any loan charges on tha property. Housing properties in the course of construction. are included in Property, Plant, and Equipment (PPE) and held at cost less any impaiment, and are transferred to completed properties when ready for letting. Depreclatlon of houslng property Social housing assets, whether freehold or long leasehold. are split, for the purposes of depreciation belween land, structure and other major components that are expected to require replacement over time with substantially different economic lives. Land is not depreciated on account of its indefinite useful economic lrfe. With the exception of land. social housing assets are depreciated on a straighl-line basis, following the year of acquisition, according to their useful economic life or the life of the lease in the case of long leasehold assets, rf this is shorter. The major components and useful economic lives range as foll0v￿.. Component Structure Modular structure Roofs Bathrooms Kitchens Lifts Windows & doors Heatin stem Electrics Ener Boilers Short- term housin Useful Economic Life 100 ears 50 ears 60 30 20 30 30 30 25 20 ears ears ears ears ears ears ears ears ears rovements 10 ears 49 Notes to the financial statements for the year ended 31 March 2024 (continued YMCA St Paul's Group 2. Accounting policies (continued) Other tangible fixed assets Other tangible fixed assets are measured at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Group capitalise costs incurred as a result of staff spending time on capital projects, provided that time can be linked to bringing a specific. separately identifiable asset into working condition, or substantially enhancing the working life of an existing asset. Intangible fixed assets - computer software Intangible fixed assets are measured at cost less accumulated amortisation and any accumulated impaimenl losses. Depreciation of other than social housing fixed assets Other th8n social housing assets, depreciation on other assets is charged lo allocate the cost, less estimated residual value, of each asset over its anticipated useful lrfe using the straight-line method, as follows.. Asset Type Intan ible assets: IT software Other property - short leasehold buildin Other Furnilure and e Office fittin sande ui Motor vehicles Com uter e ment Other Fixtures & Fittin Useful Economic Lifè ears Lrfe of the lease ment ment 5-7 ears ears ears ears 10-20 ears Houslng Capital Grants Grants received are accounted for using the accrual model. Gran18 are carried as deferred income in the balance sheet and released to the income and expenditure account or) a systematic basis over the useful economic lives of the asset for which it was received. Where grants are restricted to a specified future expiry date the grant is amortised in equal instalments, so it is fully amortised by the expiry date. Grants for mixed asset types a￿ amortised using the weighted average depreciation rate of 3.330/0. This is based on the rates used in component accounting. Grant amortisation commences upon on completion of the project. stocks Stocks are recagnised al cost and then subsequently valued at the lower of cost and their recoverable amount. Debtors and creditors Debtors and creditors with no staled interest rate and receivable or payable within one year are recorded initially at transaction price less attributable transaction costs. Any losses arising from impairment are recognised in the income statement in other operating expenses. Rg¢overable amount of rental and other trade receivables The Group estimates the recoverable value of rental and other receivables and impairs the debtor by appropriate amounts. 50 Notes to the financial ststements for the year ended 31 March 2024 (continued) YMCA St Paul's Group 2. Accounting policie8 (continued) Financial Ilabilities and equity Financial liabilities and equity are classified according to Ih'e subslance of the financial instrument's contractual obligations, rather than the financial instrument's legal fomi. Cash and cash equivalents Cash and cash equivalents in the Group's Consolidated Balance Sheet consists of cash at bank, in hand, deposits, and 5hort-term investments wrth an original maturity of three months or less. Leased assets: Lessee For the leases treated as operating leases their annual rentals are charged to profit or loss on a straight-line basis over the term of the lease. Provl8lon for Ilabllltles The Group would recognise provisions for liabilities of any uncertain timing or amounts. Provisions are measured at Ihe best estimate of the expenditure required to settle the obligalion at the balance sheet date. Where the effect of the time value of money is material the amount expected to be required to settle the obligation is recognised at the present value using a discount rate. The unwinding of the discount 18 recognised as a finance cost in income and expenditure in the period it arises. Reserves Income received, and expenditure incurred, for restricted purp08es is separately accounted for within restricled funds. 3. Judgements In applying accounting policies In preparing these financial statements, the key judgements have been made in respect of the following.. INhelher there are indicators of impairment of the Group's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial PerfO￿ance of the asset and where it is a component of a larger Cash￿enerating unit, the viability and expected future performance of thal unit. The Board have considered the measurement basis to detemiine the recoverable amount of assets where Ihere are indicators of impairment based on existing use value for social housing or depreciated replacement cost. The Board have also considered impairment based on their assumptions to define cash or asset generating units. INhether leases entered into by the Group either as a lessor or a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risk and rewards of ownership have be8n transferred from the lessor to the lessee on a lease by lease basis. 4. Key sources of estimation uncertainty In preparing these financial statements The key sources of estimation uncertainty are.. Tangible fixed assets Tangible fixed assets are depreciated over Iheir useful lives, taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives. factors such as the condition of the asset and its future income generating potential are taken into account. Residual value assessments consider issues such as future market conditions, the remaining lrfe of the asset, technological advances and projected disposal values. 51 Notes to the financial statements for the year ended 31 March 2024 {continued) YMCA St Paul's Group 4. Key sources of estimation uncertainty In preparing these flnancial statements (continued) Tangible fixed assets (continued) The residual values, useful lives and depreciation methods for assets are adjusted prospectively if appropriate, if there is an indication of a significant change since the last reporting date. For housing propety assets, the assets are broken down into components based on management's assessment of the properties. Individual usefLbl economic lives are assigned to these componenls. Rental and other trade recelvable81debtors The estimate for receivables relates to the recoverability of the balances outstanding at year end. A review is performed based on age and where practical, on an individual debtor basis to consider whether each debl is recoverable {see note 17). Defined beneflt scheme deflclt recovery plan Estimations in relation to financial and actuarial assumptions are based upon best estimates derived from the Group's policies and practices and confirmed with actuaries where these are beyond management expertise. Variation in these assumptions may significantly impact the defined benefit obligation amount and the annual defined benefrt expenses. Other ar•as of •stlmatlon uncertalnty Include: Project or scheme costs which are caprtalised on the basis that the scheme will be completed and the costs for each unit upon completion is apportioned on square footage or area of each unit. Should a project or scheme become non-feasible the costs will be written off to the Statement of Comprehensive Income as abortive costs. 52 Notes to the financial statements for the year ended 31 March 2024 (continued) YMCA St Paul's Group S. Income and expenditure from Soclal housing lettlng8 Group 2024 £'QOD 2023 £'ooo £'ooo £'ooo General needs housing Supported housing Tolal housing aclivities Total housing aCti￿lieS Income Renl receiv3b1e nel of identifiable semce charges. Semce charges Amortisal.ion of government grant Total Income 308 1T7 25 510 8.033 10.805 252 8.341 10.982 2TI 7.192 9.781 277 17.250 19,090 19,600 Expenditure on social housing Semces Management Routine maintenance Planned maintenanc8 Bad debts DeprecialiDn of housing properties Operatlng costs on soclal houslng lettlngs 164 124 59 8.063 4.691 887 156 678 705 8,227 4,815 946 156 691 815 7.186 4.788 582 102 862 963 13 110 470 Operating surplus on social housing lettings 2.767 Void losses 43 820 863 1.083 YMCA SPG 2024 roDO 2023 £000 Total housing activities £ODD General needs housing £'QOD Total housing aclivities Supported housin9 Income Rent receivable net of identifiable service charges Semce c,harg89 Amortisation ofgovernment grant Total Income 308 177 25 510 8,033 1D,805 558 19,396 8,341 10,982 583 4,506 S,574 277 11.357 Expenditure on soclal housing Semces Management .Routine maintenance Planned maintenance Bad debts D8pr8ciation of housing properties Operating costs on %Kial housing lettings 164 124 59 8.063 4,656 887 156 678 789 8,227 4,780 946 156 691 899 15,699 4,840 2,789 411 71 865 741 9.517 110 470 Opernting surplus on social housing lettings 4,167 4,207 1.840 Void losses 43 820 863 838 53 Notes to the financial Statements for the year ended 31 March 20241continued) YMCA St Paul's Group 6. Particular8 of turnover, op•rating costs and operating surplus Group 2024 COOD 2023 £:000 £'ooo £'ODO Operating Surplus I {deficit) eooo £000 Operating Surplus I (deficit) Turnover OpeTatlng Tumover Operating cost Social housing lettings Social housln9 lettings (note 5} 19.600 19,600 15,650 15,650 3,950 17.250 17.250 14,483 14.483 2,767 Other social housing activltles Support seNces 3,538 3,538 2.975 2.975 Acllvltles Othei Ihan soclal houslng Care homes Office rent (note n Children youth and family Wofk (note n Heallh and wellbeing (note 7) Other incorn8 (note 7) 668 524 144 175 (1.Q811 (1.027) 139 1.650 139 1.307 3.873 265 139 {815) 11,084> 265 2,122 4,957 1.313 3.597 325 6.078 1394 4.624 186 7.728 7,079 Total 28.722 26,267 2,455 YMCA SPG 2024 £'ooo 2023 £'ooo £'ooo £'ooo Operatlng Surplus l Tumovew (deficit> £'ooo £000 Operatlng Surplus I {deficlt> Turnover Operatlng Operating cost Social housing letting8 Social housing lettings (notè S) 19,906 19.906 15,699 4,207 4,207 11.357 9.517 1,840 Other social housing activitie5 Support seMCeS 3,538 3,538 1.483 1.483 Acllvltles other than so¢lal houslng Care homes Office rent (note 7) Children youth and family work (noto 7) Health and, welSbeing (note 7 Othei income (note 7) 668 170 723 3.597 278 5.436 524 139 1,307 3,873 406 5,725 139 {815 (1,084) 406 1,354 170 (447 (1,027 278 882 2,122 4,957 1,170 4.624 1.079 6.31B Totsl 2,853 958 54 Notes to the financial statsments for the year ended 31 March 20241¢ontinued) YMCA St Paul's Group 7. Other activities: particulars of turnover from charitable activities Group 2024 £'ODO 2023 rooo Turnover Membership Acti￿tY fees Food and beverage Grants Other donations and grants Shop sales Other income Total 936 3,228 430 208 14 881 3,084 390 207 15 104 729 647 Expenditure Maintenance Salaries and wages Other apportioned costs Other direct expendituie 294 3,526 2.927 332 7,079 299 3.636 2.980 289 YMCA SPG 2024 rooo 2023 rooo Tuinover Membership Actimty fees Food and beverage Grants Other donations and giants Shop sales Other income Total 936 3,228 430 881 2.629 390 100 15 104 649 14 121 788 5,725 Expendllure ,M3intenance Salaries a.nd wages Other apportioned costs Other direct expenditure 294 3,526 2,927 332 254 3.095 2,220 225 55 Note• to the flnanclal 8tatements for tho yoar endod 31 March 2024 leontlnuèdl YMCA St Paul'o Group Unlt• of houBlng stock Group 2024 2023 At the 81art of Ihe perlod unl 5￿ck galns I year nlts Stock Stock •ol•s ¢onv•rslorb Period ¢rbd Pqiiod Ind unlti unlts unlls AffoidaFAè •nd g¢n¢ral needs Supported housing Carg homeB Totol soclel houilng unlt• own•d ènd l of manag04J Social housing units manag•d bul not ¢1￿•d Totol owngd and managed J¢¢offlmodotlon 56 121 177 1,046 S6 V111 48 1,21T 48 1,217 26 26 26 1,191 121 1,197 Total unlt• own•d ttnd l or monoged YMCA SPG 2024 2D23 At the slart of Ih? perlod unlts Stock galns In yèar Stock Sto¢k P•rlod ond P•ri¢d Bnd nli• unl Affordable and genoral n6eds Supported huu5Ing Care hom•s Total 8oclal hou&lno unlt8 owned ond l or manaAed Social housing units msn4g8d bul not OWn8d T￿•1 owned 4nd M•n•ged acCoM￿D￿￿11Dn 56 701 4B 8DS 121 412 177 1,046 56 701 48 80£ 53J 1223 26 26 26 TT9 S33￿￿1 1197 T79 T￿•1 unlts owned and l or monoged 805 805 Notes to the financial ststements for the year ended 31 March 2024 (continued) YMCA St Paul's Group 9. Directors, emoluments No member of the Board received any ￿MUneratIon from the Group (2023: £nil). Expenses totalling £27 were ieimbursed to Board members (2023.. £nil). 10. Employee information Group YSPG 2024 £'ooo 2023 £000 2024 £000 2023 £'ooo Staff Costs Wages and Salaries Social security costs Other pension costs 10,407 912 1133) 9.993 870 573 10,407 912 <133} 7.765 679 434 8.878 Group YSPG 2024 fQOD 2023 £000 2024 £QOD 2023 £000 Redundancy and termlnatlon payments Statutory iedundancy payments Payment in li8u of notice period Compensation for loss of office 14 18 10 42 144 107 3S 287 14 18 10 42 84 159 Group YSPG 2024 Numbei 2023 Number 2024 Number 2023 Number Average number of full time equivalenl employees Manager5 Semce Delivery 70 233 303 66 241 307 54 180 241 307 234 The number of employees who earned more than £60.000 (excluding, pensions) durin9 the year was.. Group 2024 Number 2023 Number £60,001- £70,000 £70.001- £80.000 £80.Q01- £90.000 £90,001- £100.000 £100.001 £110.000 £110,001- £120.000 £120.001- £130.000 57 Notes to the f5nanclal statements for the year ended 31 March 2024 (continued) YMCA St Paul's Group 11. Directors. and executives, remuneration Group YSPG 2024 £'ooo 2023 rooo 2024 £'ooo 2023 £'ooo Senior execut:ive emoluments Contr,ibution to pension scheme 456 16 472 525 456 16 472 525 547 547 The fall in senior executNe emoluments in 2024 is due to some posrtions being vacant for part of the year. The highest paid eM￿oYee'S emoluments and pension costs as an ordinary member ofthe contributory pension scheme in the year ended 31 March 2024 weTe £123k (2023= £117k) and £5k (2023.. £5k) 'respectively. 12. Loss on disposal of fixed assets Group YSPG 2024 £'ooo 2023 £'ooo 2024 £'ooo 2023 £000 Proceeds from sale of housing properties Carrying value of asset (Including sellin9 costs) Loss from sale of housing properties Loss on rfisposal of other assets 192) 92 192) 92 181) 173 (81) 173 13. Intere8t payable and 8lmllar charges Group YSPG 2024 £'ooo 2023 £'ooo 2024 £'ooo 2023 £000 'Lo8n interest Amortisation of arrangement fees '.Loan ieffinancing costs 772 199 707 30 245 982 772 199 510 30 196 736 971 971 The curnulative amount of capitalis8d interest at balance sheet dalg was £1.167k (2023- £946k). 58 Notes to the financial statements for the year ended 31 March 2024 (continued) YMCA St Paul's Group 14. Operating surplus on ordinary activities before taxation The operating surplus is slated after charging l (CTedrting)= Group YSPG 2024 £'ooo 2023 £'ooo 2024 roDO 2023 £'ooo Depreciation of tangible assets: Owned assets 1.314 1,358 1,399 1.127 Audllor remunerallon: In their capacity as auditors Tax work 49 45 Operating lease rentals: Land & buildings Other $8P*ices 697 648 24 697 648 18 59 Nots• to th• Ilnanelal 8tAtements for Ihg ygjr gndgd 31 Mar¢h 2023 IGontlnu•dl YMCA St Paul'8 Group 15. Tanglble lIx￿ a•ogt• Group Housln Pro Lt)ng Leasehold Dev8ltspm•NI Land ond Bulldlngs Bulldln9 £'ooo Other A88eti Freehold Bulldlng¥ Compui•r Ftsrnliui• aftd Equlpm8nt Equlpment Motor V•hlcles Tot•1 £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo Co•t or Valuailo At 1 April 2023 Additions SPQS81$ Tian$l•r At JI Mowch 2024 42,770 67 tT21 21,026 8.354 434 10,697 3,536 1,978 2S8 1691 4,244 1,095 16951 147 76.266 5.424 12,07BI 12ri (21,0261 197 154 D•pr$tl4110 Al 1 Apnl 2023 Chaigos for Ihe yeai DIsp09819 At 31 Moi¢h 2024 T.192 515 1,749 235 1.010 1.200 249 2.503 291 16751 27 24 127 13.681 1,314 11,9041 N•t Book Volu8 At 31 Mowch 2024 197 786 IJD At 31 March 2023 778 120 60 Note• to th• flnanclal 8tat•m•nts for th• y•ar ended 31 M•reh 2023 leontlnu•dl YMCA St P&ul'B Group 16. Tanglblg flx•d l¢ontlnugdl YSPG Hou•ln h•r As•gts Long Leasehold Development Land and 6ulldlng$ Bulldlng £'ooo Fr88hold Bulldlngi Computer Furnltur• ènd Equlpmenl Equlpm•nl Motor Vohlclo8 Total É'ooo £'ooo £'ooo £'ooo £'ooo £'ooo CO￿ or Valuatlon Al 1 April 2023 Additions DispD$a15 Transfor At 31 PAorch 2024 36,687 126 1721 21,026 22,754 434 19.028 3.536 1.978 258 1891 4.430 1,095 16951 147 85,024 5,483 12.0781 1271 P1,0261 52B 154 D8pr•clDtlon Al 1 April 2023 Charg•8 foi th• D15posal8 At 31 Morch 2024 7,330 600 1,645 235 1,010 1.200 249 1861 2.690 291 16751 27 24 (271 24 13.902 1,399 11,9041 Net Book Volue At J1 March 2024 528 786 130 At 31 March 2023 T78 120 61 Notes to the flnanclal statements for the year ended 31 March 2023 Icontinued) YMCA St Paul's Group 16. Taxation YMCA St Paul's Group is exempt from Corporation Tax on its charitable activities. The trading company had no Corporation Tax for the year. 17. Debtors GTOUP YSPG 2024 £'ooo 2023 £'ooo 2024 cooo 2023 £'ooo . Rental debtors IProMsion lor bad debts 3,195 11,979) 1.216 3.136 (1.631) 1.505 3,195 11.979) 1,216 11 1,374 719 3,320 3.136 (1,631) 1.505 15 4.503 667 6.690 Amounts owed by group undertalongs Other debtor5 Prepayments and accrued income 1,374 1,185 3.T15 4.510 667 6.682 18. Current asset Inv88tmonts Group YSPG 2024 rooo 2023 £'ooo 2024 £'ooo £'ooo Short4erm deposit8 607 607 607 607 19. Credltor8: amounts falllng duo wlthln one year Group YSPG 2024 £'ooo 2023 £'ooo 2024 £'iioo 2023 £'ooo Bank loans and overdrafts Capilalised loan refinancing Costs Trade creditors Taxalion and Social security Accruals and éeferred incorne ,.Pension defic,it liats'lity (note 22. 23) 'Housing grants (nole 24) Olher creditors Amounts owed to groLkP companies 322 322 25 1,033 2.439 178 555 721 2.130 791 2.309 214 2T7 794 1,040 584 1,900 214 583 790 1.761 6.875 635 2,155 178 861 720 290 5,262 6.518 62 Notss to the financial statsments for the year ended 31 March 2023 Icontinued) YMCA St Paul's Group 20. Creditors: amounts falling due after more than one year Gioup YSPG 2024 rooo 2023 £'ooo 2024 £'ooo 2023 £000 Bank.103ns Capita.lised loan refinancing costs Pension deficit liability (notes 22, 23) Housing Grants (note 24 21.471 22,435 (186) 1,010 10.859 21.472 22.435 (186) 1.010 23.610 334 12.391 334 24.835 The aggregate debt is f8payabl8'. Group YSPG 2024 £'ooo 2023 £'ooo 2024 cooo 2023 £'ooo Due wrthin one year or on demand One y8ar or more butloss than two years Two years or more but less than fve years Five years or more 322 1,272 10,319 9.880 322 1,272 10.319 9,881 1.001 9.853 11.581 1.001 9.853 11.581 Analysis of fixed4erm secured loans: Lender Amounl £000 Explry Interest Rate Barclays Bank - term loan Barclays 8a.nk - revoll￿n9 credit facility Metro Bank - t8rm loan Orcha.rdbrook- term loan 5,000 March 2027 1,500 March 2027 15.000 June 2032 293 Apnl 2045 21,793 Variable - SONIA +1.25% Variable - SONIA +1.25% Fixed - 3.25%" Fixed - 10.875% he Metro Bank fixed rale expires in October 2024. at which point the loan switch8S to Varial￿e (Bank of England base rate +2.5DAI. The ba.nk loans are secured by fixed charges ovgr a number offreehold Properties. 63 Note8 to the financlal ststements for the year ended 31 March 2023 (continued) YMCA St Paul's Group 21. Net debt Reconciliation of nel debt Group YSPG 2024 £'ooo 2023 £oao 2024 £'OOD 2023 £000 Net debt 1 W"1 Reduction in cash and cash equivalents Increase ,in term deposits Repayment of secuied103ns Diaw down of secured loans Tfansfer ofloans from subsidiary Net debt 31 March 18,783 1.414 {60n 16,645) 6.000 15.542 5.704 18,897 1,302 16071 16,645) 6,000 12.131 (7,713) 5.250 (4.000) 5.250 294 18.945 18.783 18,947 18.897 Change In net debt 162 6.875 Analysis of net debt Group YSPG 2024 £'ooo 2023 £'ooo 2024 £'ooo 2023 £'ooo Cash and cash equivalents Term deposits {95 day notice) Bor,rowlngs - amounts lalllng due wlthln one year; Secured loans 2.241 3.655 2,239 3.541 607 607 322 322 BorTowing5 - amounts falling due after mole than one year: Secured loans 21.471 22.435 21,472 22.435 18.897 Net debt 18,945 Notes to the financial statements for the year ended 31 March 2023 (continued) YMCA St Paul's Group 22. Operating lease commitments At the year-end. the total fvture rrinimum lease payments under non- cancellable operating leases were= Group Property 2024 £'ooo 2023 £'ooo Total fvture payments due: Less than one year later than one year and less than fve years Later than five years 700 2.115 2.286 5,101 689 1.789 2.699 5.1TT Lease payments expensed in the year 697 648 YSPG Property 2024 £'ooo 2023 £'ooo Total future payments due: Less than one year lal8r than on8 year and less than fve yeaTS La.ler than fve years 700 2,115 2,286 5,101 689 1.789 2.699 5.1TT Lease payments expensed in the year 697 648 23. Pen81on deflclt Ilablllty Group YSPG 2024 £000 2023 £'ooo 2024 £'ooo 2023 £'ooo At 1 April Unwinding of discount and under provision Triennial revaluation decrease Contribution paid Transfer of liability from subsidiary company At 31 March 1,224 1.228 209 1.224 909 156 1509) 1203) 1509) 1203) (213> (1 S8) 317 512 512 The Pension Deficit Liability repiesents the amounts $el aside to me8t paym8nt$ to the YMCA Pension and Assurance Plan towards its deficit and is included under creditors within the Balance Sheel. The contractual obligation to make pension deficit contribution payments. as calctjlated based on the discounted value of expected fiJture paym8nls. is split as follows: Group YSPG 2024 £ODO 2023 £000 2024 £000 2023 £'ooo Due within one year One year or more but less than two years Two years or more but less than fve years Fwe years oi more 178 165 169 214 209 597 204 1,224 178 165 169 214 209 597 204 1.224 512 512 65 Notes to the financial statements for the year ended 31 March 2023 (continued YMCA St Paul's Group 24. Pensions The Group operates a number of pension schemes.. Defined benefit pension scheme YMCA St Paul's Group participated in a contributory pension plan providing defined benefits based on ftnal pensionable pay for employees of YMCAS in England. Scotland and Wales. The assets of the YMCA Pension Plan are held separately from those of YMCA St Paul's Group and at the year-end these were in the Mercer Dynamic De-risking Solution. 650/0 matching portfolio and 35Vo in the growth portfolio and Schroder (property units only). The most recent completed three-year valuation was as at 1 May 2023. The assumptions used which have the most significant effect on the results of the valuation are those relating to the assumed rates of return on assets of 4.56 /0, the increase in pensions in payment of 3.180/0 (for RPI capped at 50/0 p.a.), and the average life expectancy from nomial retirement age {of 65) for a current male pensioner of 21.5 years, female 24.0 years, and 23.1 years for a male pensioner, female 25.7 years, retiring in 20 years, time. The result of the valuation showed that the actuarial value of the assets was £103.1 m, which fepresenled 920/0 of the benefits Ihal had accrued to members. The Pension Plan was closed to new members and future seNice 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 May2011. The valuation prepared as at 1 May 2023 showed that the YMCA Pension Plan had a deficit of £9.1 m. YMCA SI Paul's Group has been advised that it will need to make monlhly contributions of £15k (2023.. £18kl from 1 M8y 2024. This amount is based on the current actuarial assumptions (as outlined above) and may vary in the future as a resutt of actual performance of the Pension Plan. Agreed future deficit contributions have been discounted using a rate of 5.50/0 (2023-. 5.50/0). The current recovery period is 3 years commencing 1 st May 2024. Defined contrlbutlon penglon Scheme YMCA Sl Paul's Group also operates a defined contribution pension scheme for the majority of its employees. The assets of this scheme are also held separately from those of the company and contributions are charged to the income and expenditure as they fall due. The combined pension charge of both schemes is shown in note 10. 25. Deferred capilal grant Group YSPG 2024 rooo 2023 £'ooo 2024 £'ooo 2023 £'ooo Al 1 April Received during the year Released to incom8 during the year Grant transferred from subsidiary company At 31 Marcih 11,136 2.087 127n 11,413 24.193 2,087 1584) 11,413 (27n (277 13,057 24.193 12,946 25,696 The GTeater London Authority prohuded a grant of £8.346k to build 121 affordable rent units at Wimbledon. In July 2021. following start of work on site. the first 750/0 of thig was received; the rèmaining 250A (£2.087kl was paid in Septemb8r 2023 followirbg Practical completion. This granl has nol yel beoun amortising. Notes to the financial statements for the year ended 31 March 20231continued) YMCA St Paul's Group 26. Capital commitments Gioup YSPG 2024 £'ooo 2023 £'ooo 2024 £'ooo 2023 £000 Commitments contracted but not provided for. Computer software Maintenance Constructson Fixtures and 'Fittings 12 631 12 631 3.229 3.229 643 643 3.246 Expenditure approved but nol contracted: Construckn'on Maintenance 632 854 632 854 29 29 29 29 Capital commilments will be funded: New loans and grants Payments from Thornsett Wimbledon limiled Internal cash Ire5eNes 1,435 1,435 2,647 2.647 672 672 650 4.732 672 672 650 4,732 67 Notes to the financial statements for the year ended 31 March 2023 (continued) YMCA St Paul's Group 27. Related party tran8actlons All transactions with the related party are caNied oul on standard terms of business. The ult4mate controlling party of the Group is YMCA St Paul's Group- registered charity. which itsew has no ultimate controlling party. The one immediate active subsidiary is YMCA Sl Paul's Group (Dev81opment) limited. The trade and assets of YMCA West London were transfer(ed into YMCA St Pa.ul's Group on 31 Maich 2023. The objective of YMCA St Paul's Group (DeveloF%nent} limited is the pmtyision of de￿lOPment se￿iceS to the par,811t. 2024 £'ooo 2024 £000 2023 £000 2023 £000 YMCA West London YMCA St Paul's Group {Developmenl> YMCA West London YMCA St Paul's Group (Development). Charges from the pacent {￿erhead5 charges Catering ehaTgo5 2.350 405 45 45 Charges to the parent Build and design f88S Counsellin9 for r8sidents (3,932) (10,755) (44) 3,932 10.755 Loon balances ,Loans paid to subsidiary (2,000) 28. Galn on transfer of assets from 8ub8ldlary Following a decision ofthe Trustee Board. the trade and assets ofYMCA West London. a wholly owned subsidiary of YMCA St Paul's Group. vweie transferred into YMCA Sl Paul's GfOUP on 31 March 2023 for no consideration. In accordance wilh FRS 102. fflerger accounting has been applied to this business combination. with the assets of YMCA W88t London transferred into YMCA St Paul's Group on 31 March 2023 at book value. The business combination resulted in a transfer to rese￿8$ in YMCA St Paul's Group entity of£8,962k. with the following assets and lialM'liti8s transferred as at 31 March 2023: 2023 £'ooo Flxed assets 26.970 Curient assets Slock5 Deblors Cash at bank and on deposit 607 203 817 Creditors: amounts falling due within one year Credltors: amounts falling due after more than one year ,Nel assets transferred to YMCA St Paul's Group (5.521 (13.304) 8,962 68 Notes to the financial ststements for the year ended 31 March 20231continued) YMCA St Paul's Group 29. Legal status YMCA St Paul's Group is a company limited by guarantee (company number 02971930), a registered charity (number 1041923) and is registered with the Regulator of Social Housing as a social housing provider (number LH4078) 69