Reglstered number: 03012233 Charlty nUM￿r. 1043739 YMCA WOLVERHAMPTON TRUSTEES. REPORT AND FINANCIAL STATEME FOR THE YEAR ENDED 31 MARCH 2024 WR Partners Protecting your future. YMCA WOLVERHAMPTON (A company Ilmlted by guarantso) CONTENTS Page Raforenco and admlnlstratlve detalh of the Charlty, Its Trustees and advisers Tru$tee$' report 3-13 Independent audftors, report on tho flnan¢ial ¥tatements 14-17 Statemgnt of financial activltles 18 8•lance sheet 19 8tstsment of ¢ash flow5 20 Notss to the financial 8tatsmonts 21-35 YMCA WOLVERHAMPTON (A company limlt•d by guarantee) REFERENCE AND ADMIN18TRATIVE DETAILS OF THE CHARITY, ITS TRUSTEes AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustses J oak￿Y, Chair A Walsh. VI￿ Chair S Balog G England M Fu5sell R Malhan (appolnted 27 Juno 2024) S Patrid( J Rowe J Sargeant M Shenton G Stonyer {appointed 11 December 2023) P Tomlwlson P W2lker J Welsby Cornpany reglstered number 03012233 Charlty règlstered nuffl￿r 1043739 Ragl8tsred offlco YMCA, Tramway Drive Wolverhampton West Midlands WV2 18J Company secretary Jill Law Chief executive officor Steve Bavington Page 1 YMCA WOLVERHAMPTON IA company Irmlted by guarantse) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, rr8 TRU8TEE8 AND ADV18ERS (coKriNUED) FOR THE YEAR ENDED 31 MARCH 2024 Indopondent auifitors WR Partners Chartorad Accountants Stsiuttyy Auditors Be1m(￿t House Shrewsbury Business Park ShrevAtyJry Shropshire SY2 6LG Bankorn Unity Trust Bank PIC Four Brindley Plar B wmingham 812J8 Chlef officer team Steve Bavington- Chief Exe¢ullve Offi¢er Jill Law- Chlef Corporate Officer Sally Cowen- Chief Operatlons Officer (Places) Joanne Gofdle- Chlef Operatlons OffiRr (Progammes) Helen Brown- Chief Operallons Officer (Earfy years) (appointed 10 June 2024) Page 2 YMCA WOLVERHAMPTON (A company limilod by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their Annual Report together with the audited finandal statemerts of YMCA Wdverhampton for the year ending 31 March 2024.The Annual Report ser¥e5 the purpose of both a Twslees. report and a Directors, report under company law. The Trustees confirm that the Annual Report and finanaal statemerrt8 of the Company comply with the current stslutory ￿qUIreMents, the requirements of the company's goveming document and the provisions of the Statement of Rewmmended Practlce {SORP}. applicable to chaTibes preparing their accounts in acwdance with the Financial Reporting Standard appI￿able in Ihe UK and Republic of Ireland {FRS 102) (effective October 2019) as amended by UFrflatsd Bulletin 1 and 2. Slnce the Charty qualifies a5 small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large cornpanies under the Companles Act 2008 (strategic Report and Directorfs Report) Regulations 2013 has been omitted. YMCA Wolverhampton Is a charltable ￿rnPany. sole member is YMCA Black c￿Jntry Gr￿P (the Group). Obiactlvas and acttvltles Mi•siory Etho• & Valuès YMCA Wolverhampton is a charfty commltted to communty transfomi8tlon. enabling people to develcy In mind. body and spirtL and principally servlng the area of Wofverhampton, the Black County. and South Staffordshire areas. Built on a Christian foundatlon, ￿ryth an etho8 that is inclusive of all. we are a youth minded organlsation, wlth a communty approach. We ￿)[k wllh ¢hlldren, young people and thelr farnilies. offering support & advlca, accommodation, family work, health & wellb¢lng, and tralnlng and educalion service$. Durlng the year the prfndple actlvltles of the YMCA Wolverhampton were young people's Ix)using (38%> and thijdcare (82%). Our values. of Insplre. Trust, Compassion and Hope. shared in common with tho Group, descrlbe the vry we behave. They aim to be Christ Cent￿d, inclusive for all and aspirational. b. Connoctsd Communltles". A 3tatogic Guide The Chaiity's diredion of travel is guided by a groupwide strategy. delailed in Connected Communltles.. 2020-25. a Strategk Gulde. This forward strategy will be delivered through five areas of fo￿$. Places of Translorniatlon. A YMCA p￿Sence sprgad across our area. w'th transksm7ational community impact. Programmes for People. Peopl& developm8nl progTrmme4 coveiFng the range ol YMCA sewices. iiil Empowering Young People. Spe￿81 emphas￿ on onablirnj young people aged yea￿. to Belong, c4￿tribute & Thiive. iv) Growing Ethos & Values. Nurturfw an Incluth Chrfsuan culture. wher8 everyone beneffts. Invostlng In TalonL Crafting a sknlled, motfvated and Greatlve staff team to implemenl the Strat Pay& 3 YMCA WOLVERHAMPTON (A company Ilmtt¢d by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢hi•vemgnts and perfomian¢¢ Key flnan¢lal perfomance The charlty Is mlndful of Its limited resources and challenging operating environment caused by higher Interest rates on borrowng, and rlsing inflation whleh18 reS￿lIng in higher c08ts for good$ and sebViC88. Despitè this. it remains committed to fulfilling its mission of WOTking with thos8 in the local community who are most in ed. 2023124 was a perfod of consolldatton for our Chlldcare serrfices havihg undertaken a period of expans￿} durlng the preceding yeard. Taking into aecount thè annual depreciation charge, the ov•rall financA81 posltlon was a surplus amounting to £29,612 compared with last years surplus of £53,146. b. R•viow of aetlvltie8 of The Charlty Place5 f Trans YMCA Wdverhampton ¥upported 179 young people in w¢￿Ve[haMp￿) from Its Cannock Road. Pendeford and gur Rugeley projects. During the year. YMCA opened its ninelh day nursery and served over 1,300 chlldren who recelved hkjh qualty chlldcare and early yearfs education through the 9 nurserfes in Sandwell. Wa15all, Wolvarhampton Dudley. The year also saw the consolidalon of ow grovth In thlldcare. enabllng our Earfy Years team to embed our YMCA Curriculum acros6 all our setting$. 1 of the settlngs Is graded Otstsd Outstandlng, vthile the remaining 8 are Ofst8d graded 'Good.' Page 4 YMCA WOLVERHAMPTON {A company limited by guarantso) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perforniance leontlnued) Pro rammes frjr Peo OLf develc¥)ment programmes covernd a rangè of sepiice areas induding learning and skills, ttealth & wellbelng. famlly and support and advlce programrnes. Wotvetham on- The Youth Work Programme. Y's Yotsth has reduced d8ll¥iery durlng lom tirnes due lo a lack oflunding. Thè curreni programme delivers tsNo Yesslons per week, one for SEND chlldren 8nd one for home educaied young people. Both lake place during the daytime. In Ihe hollday periods viè conlinue to dellvei Ihe Hollday Adtvlty prograrnme whlch In conlrActed for al main 8th001 holidays an(5 funded by addmional #YES grants for Ihe half18mi provision. This ctsnliftues lo be very well att&nd¥d 8nd One of the maln pathways to engage wtth young people In Wolvethampton. afford ire Borders The RAF Airplay contract began in January 2022. In Sèptember2023YKICA Black Country handed back RAF Shawbury to the mBin conlrgci holder. Thls was duè to Ihe geographical dEslance of the projéct locatad In the Shrewsbury. YMCA Black CouAty originalty took on the projèct instead ol YMCA Wellington who dld not have capadty to d8llvor the prol8d, however the Intensty of managemènt and distance 10 the project was unsustainable for the avadable finances of the pmJecL Em rin Youn Peo We have agaln seen a tangible growth on the area ol youth work at despite the availabillty of fundlng to deliver. We now have youth work regularty reachlng an average of 600 toonagers per month compared with 450 in 2022123. Page 5 YMCA WOLVERHAMPTON (A company limited by guarantee) TRUSTEES. REPORT ICONTINUED} FOR THE YEAR ENDED 31 IAARCH 2024 Aehièvements and pèrfonnanc• (contlnued> s & Valuea A n8w Head of Chd8tlan Mission for the group was appointed durfng the year. She Is taklng sloth of the Internal Ethos Champions, a$ well as supporting the various settings with confidentiAI chaplalncy supporL This is eXP8Cted to increa$e as sh818 developlng partnership8 Ilfjth local charitable organlsations and churches wl)o are based dose to the YMCA locations. h￿lUdIng 811 YMCA Wolverhampton sites. YMCA Black Country Group's chlldcare curriculum conlinue8 to provide an excellent platlorm for leaming across all our childcare settings embedding Mind Body & Spirft and Belong, Contribute & Thrive withln the Early Years Framework. During the year under review, our Curriculum was presented at UK Unlfy In Ayll 2023 and at YMCA National Conferenca in July 2023. This has enabled othw YMCAS to improve their practi(% and qualSty. and to modèl dlvarsity within a Christian etho8 framework The Chanty Group contlnued to support the planning of YMCA'$ UnSfy Christian Mlsslon events wilh face40- face •¥ents resumlng during the year induding 15 members of Staff and trustees attendlng UK Unify in M0￿m in May 2023. Our Chief Operating Officer {Prowammes) is a member of the YMCA Youth Unify Planning GroLP aKI led a small delegation of young peoplé to this event in August 2023 in Budapest. YMCA European Unlfy took place In Prague in February 2024 and was attended by a nurnber of YMCA staff and Board Members. The of Chrigtian Mission furthar supports the spiritual lrfe of the organlsatlon. partlcularty In taking a lead to provide pastQTal support to ¥taff and providing pastoral vlsits to proje¢t managers. Thè Charity's Chaplaincy gervice hos continued to be supported during the year through the Wèst Bromwlch Chur¢h of England Deanery, and Blue Fish Ch8plaincy, Wclverhampton. Further devetopments are planned lor the next flnancial year wifh the proposed ￿¢rUthent of o new Chaplalncy Co¢xthnator. who wlll be able to rKrull, Iraln and oversee of volunteer chaplain$. The Charity Group has continued to support thè work of the YMCA Movem8nt through Involvement In the Reglonal forums & nehvorks and GOverna￿e C(xnmittees. Investln in Talent The Charity was not Immune from the ¢ost-of-Ilvlng ￿1$1$ and the economic impact of in¢reaslNJ Snfiatlon, compounded by the fuel crisis placing a strain on the Trustee's ablllty to rnaintain real term pay levels. Whilst progress towards the implemenlation of the Rèal Uvlng Wage was not rnade, the Bo8rd set all staff pay above the National Minimum wage. During the year, the Charity $tsrted a Childwe Appr￿liceShIp Aeademy to train our wi appr8ntirx. In partnershlp wlth Central YMCA. Two cohorts of appren￿CeS have now succ88sfully b&en racruited and traned through academy. In response to the eost of Ilving crlsls, the Board awarded a cost of Ilvlng upllft of 5% for staff pald above National Living Wage from 1 April 2Q23, and 2.5% fr￿￿ 1 April 2024. The TYu$tee5 would like to place on record thelr Ihanks to the Charity's team of staff and volunteers. in such unprecedented tlmes have made such a dlfferen¢e in tha lives of many chlldren, young people and famRy members a<¥oss the Black Country and surroundlng area, eviderlced In the above revlew of 8Ctivlties. Page 8 YMCA WOLVERHAMPTON (A company limitèd by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 IAARCH 2024 Flnanel81 rnvl a. Going concern The Trustees. supported by the Finance Audrt and Rlsk Committee, have undertaken a detailed going (x)ncem review of current and future operations of the Charity Ihe Group as whole and. after making appropriate enquiries. very thDraugh consideration of draft budgets and cash flow up to March 2024 and beycmd. Having taken key strategic decisions, th& Trustees have a reasonable expectation thal the Charity has adequate resources to continue in operational existence for the foreseeable future. Trustees have no doubt that the Charity can pay its debts when they fall due, certalnly for in excess of one year from the date the amual aceounts ware approved. For thls reason, they continue to adopt the going concern basis in preparing the fjnancial statements. The Trustees noted at the time of approval of these accounts, the prudent budget setting for 2024125 had so far resulted in the charity operabng above bLxlgeted levels. At 31 July 2024. turr)over (excluding inter-entty Income) was up c.£120k compared to budgeL This resulted in a M(th 4 positive variance against budget of ¢.£158k attrI￿table prirnarily to our childcare operations. b. Re$¢rve• policy The Board have agreed a policy of malntalnlng ¢ash reserves at a minlmum of the average monthty ￿jI901n9s. whi¢h for 2023124 was £265k. Al 31 March 2024 the actual cash reseTve of the charity was £711 k a¢hlevlng the policy requirement. In Considering ￿￿dIUM term risks the 80ord have also agreed that unreslricted fvnds (including propety but net of bfjrowing) should be belween 3 arKI 6 monlh$ operatlng cost, vthith at 31 March 2024 NYdS bebrnen £776k and £1,552k. Actual unfestriGted funds ewalled £1.143k whith is withln the required range. The Board ajso tracks a measure of Income Security. requring thè proportion of budgeted income considered s￿re to be >80% of the overall budget. Based on recent performance, budgeled a￿0mmOdation. contract and childcare income are considered Becure. The Income Securty Measure for the charity at 31 March 2024 was 97% provldlng a good Indlcalon otfirtur8 stability. aterial investments polley Under the Articjes and Articles ofAssociation, the charity has the power to invest in any way the Trustees with. The TNstees, having regard to the Ilquidity requirements of day to day operations and to the reserves polcy. have, historically, operated a policy of keeping sulficient funds available on current account (to offset staTrJard bank tharg89) and in an interest bearing accourrt in order to generate a modest rale of return on such monies. The Charity currently does not have funds availatle to utilise for investment purposes,. working capital requiremerrts are met from the Charity'5 current account. d. Deslgnated funds policy In a(*lition to the Gash reserves referred to above. Trugtees have set aside the following cash resource to be designat￿ as follows: Childcare Assets- £681k beirKJ the Temalning funds set aside for the expansion of thildcare in line with strateglc objectives. Page 7 YMCA WOLVERHAMPTON (A company Ilmlted by guarantaè) TRUSTEE8' REPORT (CONTINUEO) FOR THE YEAR ENDED 31 MARCH 2024 e. Principal rlsks and uncertalntles YMCA Wolverharnpton maintains a Corporate ￿'sk Register which is tr￿n "RAG. rated. This is scrutinised the Finance Audit and Risk Committee annually and presented to the Board for approval. Thls is review￿ on a regular basi5 by the Chiet Officer team who. in accordan￿ with the Risk Management Policy. are required to notify the Chair of the Board (nomially vla the CEO) of any new risks or any re evaluated existing Retsined (Net) Risks which exceed the Acceptable Risk Score Threshold as identified on the Cofporate Risk Register. The FAR completed it5 annual scrutiny of the CorpK)rate Risk Register at its June 2024 meetiry and reconvnended this to the Board for approval. In 8ddition. the Seniar Leadership Tearn are responsible for highfighting operati¢)nal risks bthS¢h are captured on an Operational Risk Register. This is periodic8lFy revi￿¢ at Senlor Leadershlp Team meetings with additlonal risks and Changes to existing riskn di¥cu¥SBd. f. FlnanGlal rfsk management obJe¢llv•$ and pollcles The Trustees have over811 responsibRity for the 3y8tem of intem81 financial control, the effectiveness ol %thich has been reviewad and reported on to tho Trustees by Ihe Group Finance, Audit and Risk Subcommittee. The principal 81ements of the system. which is designed to recogni8e the Specific characteriytic8 and obiecllves of YMCA Wolverhampton and the risks to bvhlchll Is exposed. I￿lude. A deaty defined structure which delegales aUth￿y, re8ponslbilty and accountabllSty, including responsibility for internal ilnandal control to management,. Awell establishèd budgèting and reportirg ￿n￿lon, wTrlh budgets and resuhs reviewed at a senior level thin YMCA Wolverhampton to provide a timely and regular monitorlng of financial perfonnance: An investment evaluation procasg to ensurè Trustees. approval for all major capital expendlture commitments: and A regular review procedure carried out by YMCA Wolverhampton of its rlsk exposure and of the syslems of internal financial control in place to mitigate those Tisks. with annual reports of finding5 to the Trustees. Intemal financial control, by its nalure. provtdes 0￿Y reasonable and not absolute assurance against malerial misstatement or loss. g. Prlnclpal fundlnu sourcos The prinapal funding sources for the Chwity for Ihe finanaal year were: Source Accommodation Rent City ol Woivefhampton Councll t)onations Nurse fee5 One YMCA Staffordshlre County Council Pro'ect l Area of Work Includin Housin Benefft and Self-Rent Adult and Communlty Leamlng Inciu&in Indudin the Movin FoThYard Fund Parents Fees and Local Aulhori Fundin Supporting People Further Inforrnatian regarding thè abov8 sour¢eB and other amounts can be found in the attxhed finanrAal Page 8 Yr•lCA WOLVERHAMPTON {A company1Smitod by guarantee) TRUSTEES, REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 struc￿￿. govomanco and manag8mont . Constitution YMCA Wolverhampton is a company limited by guarantee and its goveming document is its Artides of Association. It Is autonomous of, but affiliated to the National CounGil of Young Men's Christian A$S￿latiOns. thich is the mechanism by whith individual YMCAS of England and Wates federate. The Sole membèr of YMCA Wolverhampton Is YMCA Black Country Group. For the gake of clarity. all r8fer8nce8 to Trustees are synonymous with Directors for purposes of Company law. The Obiects of the YMCA Wolverhamptcn. principalty within geographic81 areas are: To advance the Christian faith, includin9 by: a) promoting a Christian environment inspired and motiv8ted by the life, example and toaching of Jesus Christ. where people of faith and people of none can work together for the transfomiation of communltles., and enabling people of all ages arKI in partiular young people, to IIouTigh through experiencing and responding to the love of God demon8tratgd by the lrfe, example And teaching of Jesus Chrtst; b) To provide or assist in the provision in Ihe Interests of fjoc?al welfare of facilities for recreation and other leisu￿ time Occ￿paI10n for men and women with the object of improving thelr condition8 of lrfe: To provide or assist in the provlslon of education for peopl6 of all ages and in particular young peoFIe. with the object of developing their physical. mental or spirituat capacitiey; 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 diStreT￿ by reason of their social, physical, emotiDnal. Spiritual or economic circumstances., and Ta provlde residential accommodation. induding Socia Houslng, for people of all ages and in partthlar young people, who are in need, hardship or thstr8ss by r&ason of thelr social, physlcal, emotional, 8pIritu￿ or economic drcum8tan¢ès. YMCA Wolverhampton vRlcomes, serves and works Kryth p8rsons of all rellglous fa￿hS and of none. Pag8 9 YMCA WOLVERHAMPTON (A company Ilmlted by guarantsè) TRUSTEES. REPORT (coKllNUED) FOR THE YEAR ENDED 31 MARCH 2024 Structurng governanc• and management {conlinued) b. M•thods of appolntment or election of Trustaos The Governance Commltte8 ar8 tasked with oversedng the process of Board skill 9ap analysls and the recru6tment of new Trustees. The Committee have been particularly active in recent years overseelng the recrultment of new trustees as retiring trustees have ¢￿npleted thelr three temis of office. They have sought to develop a healthy diverslty, ensuring afvwayg an approprlate matth of skills and ethos. combined an int￿￿OnsI deslre to broaden gènder, ethnicity and age proflles. During the year the Board rec¥ulted a 'Young TnJstee' as part of a reglonal effort among YMCAS to brlng dovm the average age of trustees and to en8ure that a young persons, volce Is heard at Board level. A young person who had been a resldent of YMCA SupFthed Lodglngs applled and was successful. They ere currenlty being mont￿ed by one of the trustees and have yet to be ctroptsd. The intenuon is that they will be elected at the AGM in November 2024. The Board also welcomed back Geoff Stonyer as a TnJste8 in November 2023 (having ￿ired as a Trustee In November 2022) In order to support development of our a¢tivitie$ across the Black County. Further recruitiwt is planned for 2024125 includlng the r￿rUItment ot a Youn9 Tru$tee.° The Board also invited Eric Moore and Br￿da Moore as Emeritus Board Members in May 2023. Trustees are appointed by election at AGM or ctroptlon. In a¢¢ordance with th8 ArUd8s. c. Organlsatlonal structure and docision4naklng pollcles YMCA WDlverhampton's ft)rward strategy, together wlth htgh level policy are approved by Tru$tees. The Chief Executive Officgr IB responsible for tha operational impleffentation. delivered through Chlef Offl¢ers. and a wider Senior LeaderBhip Team. d. Pay pollcy for senlor staff The Grcup, hag established a Chief Officer Remuneration and CEO Revlew Committee which meets annually to approve remuneration of Chief Offie2r p08ts. •. Rlsk manag•m•nt The Trustees have assassed the maJor risks to vthlch the Chartty Is exposèd, in particular those related to ttbe operatI￿S and finance of the Charfty, and are satl$t]ed that Systems and pmcedures are in place to mkilgate exposure to the major risks. The FAR completed its annual scrutiny of the Corporate Risk Register at Ill June 2024 meeting with the Reglster recommended to and approved by the Board In July 2024. Page10 YMCA WOLVERHAMFfoN {A ¢ompany Ilmtted by guarnntee) TRUSTEES, REPORT {CONnNUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for tho futurn year The Conne(*ed Gommunities: 2021>25 strategic guide, ￿lntInUeS to provlde the helpfvl steer tr￿￿ thi turtxthrt time, ￿nkIning sufficient lexiblity across the five areas of focus. to adjust to the changing ironmenL SperAfic initiatives will in the coming year Indude the following.. Explorfng the utlllsallon of Ihe land and buildings adjoinirvJ our premises at Green Lane purchased during the 2022123 year. Expanding youth work and mentoring provis11￿ in Wolvwhampton, EmKX)wering more young people through sponsorship and volunteering opportunltles. Recruiting Ethos Reps to 100% of YMCA locations. Supporting in the coordination of Youth Unity and European Unify devotional programmes. Regulatory Bodies and Statutory Control8 Charfty Commi$$ion Trustees have Gonsidered thelr obllgatlons to the Charity C(xnmission and recegnls&5 that good govemanct is essential to the su¢ces$ of a ¢harfty. YMCA Wolverhampton abides by a Code of Govemance (see below>. There We￿ no serfous Incldents roportable to the Charlty Commission during tha year. Code of Govornanco The Trustees acknoHledge compllarKe with the Charity Ccrtle of Govemance (20201 which was adopted in Marth 2021 and have ta8ked the Governance Committee with the role of annual scrutiny to ensure complian&* reccffimending remedial and improvernent action$ to the 8oard. Fundralslng Statsment F￿KIral$1n9 undertaken by YMCA Wolverharnpton for its charitable activitie8 are carried out by employees or volunteers of YMCA Wolverhampton. Funds ralsed outside of contracts and traded income are mainly sourced throuth tharitable grants obtained through a rigoFOUS process of application. Funds presenty raised from voluntary donations are principally for Specrfied puvpose8. namely the 'Moving FoThwdrd Fund,, with donations raised to provide low cosl resou￿$ to YMCA r&sid￿S who are in the pr￿85 of moving into interdependent accommodatlon. No fundraising has been undertaken on behalf of the YMCA Wolverhampton by a (x>ntracted third party individual or organlsation. Value ft>r Money A Value lor Money Strategy has been developed In complianr* wlth the Group's regulatory requirements. YMCA Wolvethampton proactively engages with all of its seNice users vthether this ba thro￿ one to or SU￿Or( 8eNice user meetings or satisfaction qUes￿nnaireS to ensure that the services dellvered are fit for puw and ¢YJtcomes achieved. Corrtracted vmrk won under competitive tendèriNJ siiuations is scnrtinised against price and quality. with the need to offer and deliver best value to secure new contracted work. Exempt houslng rents are now regulaty scnrtlnlsed by Local Authorities to ensure they ￿PreSent value for mongy. Traded services {e.g. office & mootlng room rental) operates y￿thIn the boundarie$ of local rrrarket forr£s to moderate price. Page 11 YMCA WOLVERHAMPTON company Ilffllt￿ by gUarnnt￿) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Finance Policy of YMCA Wolverhampton has clear leve15 of authority delegated to officers but with certain financial transactions based on value and type of expenditure requiring Trustee approval. Financial and non f￿anCIal outputs and perfonnance are s¢rutinised by the Gmup's Finance Audit and Risk Sub Committee for variances. In addition. a Corporate Risk Register is maintalned. updaied and reviewed on a regular basis. YMCA Wolverhampton has benefited from wst saving5 achieved by way of Group wid8 PrO(￿rement Significant cost 5aving5 continue lo be achieved in rEspec* of insurance. audit and utility costs. &rfeguardlng The Gr￿p Safeguarding Committee is a well established Committee r￿mprising of Trustees, Governan Members, Designated Safeguarding Lead together wilh Deslgnated Safeguarding Officers and which meets monthly to 5crutinise safeguarding incidents and to ensure compliance wth legal and regulatory requirements includiThJ the reporting of incidents as they arise to the rdevant authorilies, including the Charity Commission. Consld•ratlon of furlhOTlng the YMCA Wolvothampton'$ PU￿0$8$ for th• Publlc Benefft The Trustees have consld8red tho general guidance cffl public benefit Issued by the Charity Cornmlss￿n aNJ believes thal havlng r8vlew8d the Charity's a¢tlvltles undertaken to athleve Its charltable objects, the Charlty does indeed provid8 significant public benefil. Dotsils of these a¢tivlties are oulllnad In the Review of Actlvllles of Ihe Charfty. abov&. ststwmnt of Tru$toos' respon$lbllhle$ The Tnsstees (who are also the directors of thè Charity the p￿)0$8$ of company law} are responslble for prepartng the Trustees, report and the financlal statements in accgrdance wilh applicable law and United Kingdom A¢counting Standards (United Kingdom Generalty Accepted Accounting Practice). Company taw r4uiies the Trustees to prepare f￿anCial statements for eath flnanclal . Under company law, the Trustees musl not approve the financial $talen￿nIS unless they are satisfied that they give a true and falr view of the state of affairs ot th8 Charity and of Its IncoThMng resources and application Of resoUr￿S, Including Its Inc(xr* and expenditure. for that period. In prepariry these finarKial statements. the Truslee$ a￿ rewired to: select suitable accounting policies and then appty them ￿nSiStentIy', observe the method8 and principles of the Charities SORP (FRS 102),. make judgment5 and accounting estimates that are reasonable and prudent., state whether applicable UK Accolxrting Standards (FRS 102) have been followed. subject to any ffoterial departures di5dosed and explained in Ihe fin￿cial statements: prepare the financial statements on the going concem basts unless it is inappropriate lo p￿surne that the Charity will continue In business. The Trustees are responsible lor keeping adequate a(xounthg reco￿$ that are sufficient to show arKI explain the Charivs transactions and disclose with reasonable accwacy at any time the finanaal position of the Charity and enable them to ensure that the financial statements comply with the Companies Acl 2006. They are also responsible lor safeguarding the assets of the Charity arKI hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Pago 12 YMCA WOLVERHAMPTON (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Digdogur¢ ol inforniation to auditors Eath of the persons who are Trustees at the tlme when this TNstees' report Is approved has confirn*d that.. so far as that Trustee Is aware, there Is no relevant aurfit Information of which the th&riVs audtors are unawa￿, and that Trustee has taken all the $teps that ought to have been taken as a Trustee In order to be awe of any relevant audit infomialion and to establlsh that the charity's auditors are aware of that infomwtion. Audlto The auditors, WR Partners, have indicated their willingness to ￿ntInue in office. The deslgn8ted Twstees will propose a nxltion reappointing the auditors al a meetirvj of the T￿ste85. Approvod by order of the members of Ihe l)oard of TTUStees and Signed on thelr bahalF by: D*e: I t I6iri Em 202U Page 13 YMCA INOLVERHAMPTON {A company limited by guarantool INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF YMCA WOLVERHAMPTON Opinion W8 have audited the finanaal ststements of YMCA Wolverhampton (the 'charity') for the year end8d 31 March 2024 Kthich compriso the Statement of financial activities, the Balance sheet, the Statement of cash fk)w5 and the related nDtes. including a summary of signlficant ar£o￿tIng p￿IcieS. The finanaal reporting framBwark that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5. including Financlal Reporting Standard 102 The Finandal Reporting Slandard applicable in the UK and Republic of Irelancr (Ur#ted Kingdom Generally Accepted Accounting Pradice). In our opinion the financial state￿nts. give a trt￿ and fair vlew ol the State of charitable Companys affalrs as at 31 March 2024 and of its incoming resources and appllcatlon of resources. induding ts income and expendlture for the year then ended: have been property prepared in accordanc8 With United Kingdom Generally Accepted Accountirrfj Practice: and have been prepared in accordance ￿1th the requlrements of the Companies Act 2006. Baslg for oplnion We corKlucted our audit In accordanc8 with Internattonal Standards on Auditing IUK) (ISA5 IUK)) and applicablelgw. Our re$pon$ibilitÉes under those staNlards are further described in the Avditor$' responsibllltles for the audit of the financial statements section of our report. We are independent of the charitsble company in accordance with the ethical requirements that are relevant to our audit of the financial statements In the United Kingdom. induding the FinanLyal Reportlng Councifs Etlmcai Standard, and have fulfilled our other ethical responsibilitles in accordance ￿th these requirements. We bellevfy that the audit evidenGe we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions rolating to going concern In auditiTrJ the financial Statements, we have conduded that the TTh￿eeS, use of the going con￿rn basis o accounting in the preparation of the financial statements is appropriate. Based on the work have perfomed, v* have not identified any materlal uncertaintles relating to events or corKlitions that, individually or collectively, may casi significant doubt on the chaTÉtable company's ablity to continue as a going Con￿rn for a period of at leasl fv￿1Ve months from when the financial statement$ a authorised for issue. Our responslbilitles and the responsibilities of the Trustees with respect to going concem are d88crb8d In the relevant $e¢llons of thls report. Pag8 14 YMCA WOLVERHAMPTON (A company Ilmlted by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBER8 OF YMCA WOLVERHAMPTON (COTrmNUED) Other Infommtlon The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, exckpt to the extent otherwise explicttly stated In wr repor( we do not express any form of assurance condusion thereon. Our responsiblllty is to the other information and, in dolng so. consider %%thelher the other infomation is materlally Inconsistent with the financial statements or our knowledge obtained in the e4)urse of the audit. or otheNJlse appears to be materially misstated. If vft idenlfy suth material inc4)nslstencies or apparent material misstatements, we aTe required to determlne whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomed. we concludè Ihat there is a material misslatement of this other Informthon, we are required to report that fact. We have nothing to report In this r•gard. Oplnlon on othor matt•r8 pr•scribad by the Gompanies Act 2006 In our 0￿￿nIon, ba$ed on the work undertaken In the course of the audtt: the inlomatlon glven In thè Trustee$, Report for the flnan¢Sal year for which Ihe financial statsmenis are prepared is wnsistent vAth the financial 5tstement& the Trustees, Report has been prepared in accordance ￿ryth appli(sble leg81 requirements. Matters on which wo are r•qulr•d lo report by excgption In the light of our knO￿edge and understanding of the chwilable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustee5' Report. We have nothing to report in respect of the following matters in relatit)n to which Companles Act 21)06 requlres us to report to you if, in our opinion: adequate accounting record5 PAve not been kept. or retums adequate ft)r our audlt have not been received from branchès not visited by us: or the financial statements are not in agreement with Ihe accounting records and retums., or certain digdosures of Trustses, remuneration speofied by law are nol made: or we have not received all the information and ewanatlons we require for our audit: or tho Trustees were not entitled to prepare th8 financial statements in accordance with the small companies reg1rn8 and take advantage of the sm811 companies, exaMp￿OnS in preparing thft Truste8S' Repgrt and from the requirement to prèpare a Strategic Report. Page 15 YMCA WOLVERHAMPTON (A company Ilmlted by gwrantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF YMCA WOLVERHAMPTON (CONTINUED) Responslbilifles of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who a￿ also the directors of the tharitable company for the purposes of company law) are responsible for the preparation of the financial statenEnts and for being satisfied that they give a true and falr vlew. and for suth internal control as the T￿SteeS deleTmine is ne￿sSary to enable the preparatron of financial statements that are free from material misstatement, vthether due to fraud or error. In preparing the finanaal statornents. the Trustees are responsible ft)r assessing the tharitable company's ability to continue as a going concem. disclosing, as applicable. matters related to going concem and using the going concem basis of accounting unless the TNstees either intend to liquidale the charitsble company or to cease operations. or have realijtic *mative but to do so. Auditorn, mponsibilities for th? audit of th• financial statsmonts Our objèctives are to obtain reasonable assuranc4 about whether the financial statements as a whde are free from material mlsstatement, whether due to fraud or error, and to i$sue an Auditors, report that Includes our oplnlon. Reasonable assurance is a high level of assurance. but is not a guarantse that an audit LY)nduc*ed in acxxrdance wtth ISAS (UK) wlll aw$ dete¢t a materlal mlsstatement vknen It exlsls. Mlsstatements can arlse from fraud or error and are consldered materlal If, Sndlvldually or in the aggregate. they could reasonably be expethd to knnuence the economlc deci$lons ol users taken on the basss of these ffnan¢lal statenEnts. Irr8gulaAtles. Including fraud, are inBtsncas of nonngumable$ 238 238 Page 29 YMCA WOLVERHAMPTON (A company Ilmlted by guar4nt•è) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1& Debtor8 2024 2023 L￿e within one year Trade debtrKs Amounts owod by group undertakings Other debtor8 58,183 315,132 19.847 111.806 118.326 10, 197 20.016 504968 152, 159 16. Crnditors.. Amounts falllng due wlthln one yev 2024 2023 Trade creditors Arnounts aw￿ to group uTrJ8rtakings Other tsxatton and sodal security Other ¢redltors Accruals and deferred incc*ne 68.114 59, 642 51,572 27,D41 8,784 143.910 39, 171 183,080 247.849 333,465 Page 30 YMCA WOLVERHAMPTON (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 hlARCH 2024 17. Stat•mont of fvnd8 Statoment of funds - current year Bolance at Transfern 31 Mar Inlout Balanc? at 1 April 2023 Income Expenditure Unrestrfctod funds Dgslgnaled funds ChIld￿re Assets 737,711 (6Q068) 681,643 Gonoral fundg General Funds- all fund$ 1,057,689 3,284,055 (3,254,443) 56.068 1.143,369 Total Unrnstrlctod funds 1.795800 3,284065 (3,264,443) 1.825,012 Dèslgnated Funds Childcare assets designated furKts have be￿ designated by the Tntstees for Arture expansion of child￿re services. Page 31 YMCA WOLVERHAMPTON company limit#d by guarant40) NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statèment of funds (contlnuod) Statsment of funds . prior yaar Balance at Trdnsfers 31 Ma￿h i￿out 2023 Balance at l ApnlW22 Income Expend Unrestrl¢ted funds Do8lgnatsd funds Chlldcare Assets 746.213 (8,502) 737, 711 General funds General Funds- all fvnd¥ 996,041 3. 138,596 (3.085,450) 8.502 1,057,689 Total Unvo8trlcted fvnds 1.742,254 3, 138,596 (3,08&4￿) 1, 795,400 Deslgnated Funds designated fjjnds have been designated by the Trustees for motor vehicle repIa￿rnent. Chlldcare assets designated fvn(ts have been des*Jnated by the Trustees for fvrture expansion of Clwldcare seNices. Temple Street Restricted funds have been created to cary fonvard the capital grants received. Depreoation on the assets purchased is charwl agalnst thls fvnd. Page 32 YMCA WOLVERHAMPTON {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Analy•is of net ￿8¢ts boiween funds Anal￿8 of net a￿ets betmn funds - current Pgriod Unrastrlcted fundg 2024 Total funds 2024 Tangible ￿ed assets Current assets Credltors due within one year 356,389 356A89 1.716,472 1,716A72 {247.849) 1247,wd) Total 1.825.012 1,825,012 Analysls of net assets betweèn funds - prlor perlod Urn?sbict8d runds 2023 funds 2023 Tangible fred assets 304.928 >)4,928 1,821937 1,823.937 (331465) (333.465) Crethtors due wthin one year Total 1.79&400 1,794400 19. Roconclllatlon of not movement In funds to net cash Ilow from opgrallng aclivitioB 2024 2023 Ngt income for the period (as por Statemtrnt of Financial Activities) 29,612 53,146 Adjuttmènls for: Oepreciation Charges Increase in debtors Decrease in creditors 46,909 32,882 1352,809) 127, 763) (85,616) (346,052) Not cash used In operatlng activities (361,904) (287. T87) Page 33 YMCA WOLVERHAMPTON (A company linNted by guardnteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of cash and o$h •qulvalents 2024 2023 Cash in hand Ntilice dEpo￿ts Oe35 than 3 months) 679,617 S31,M9 1, 146,813 524, 727 Total cn¥h and cash equfvalonts 1,211,266 1,671,540 21. Analy818 of changes In not dobt At 1 Aprfl 2023 Cash flows At 31 March 2024 Cash at bank and In haNI 1.671,540 (460.274) 1311,266 1,671,540 (460374) 1.211.266 21 Pension commilments The Charlty operates a deffined contributions penston scheme. The 888ets of the scheme are held separately from those of the company In an indeperthntly administered fund. The pension cost charge represents C4Jntribulions payable by the charity to the fund and amounted lo £24,690 (2023.. £26.271). Page 34 YMCA WOLVERHAMPTON {A company limitsd by guarantge) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Op•ratlng laasè ¢ommltm•nts At 31 March 2024 the Charlty had commltments to make fuiure minimum lease payments under no cancellable q)eAting leases as follows.. 2024 2023 Not later than 1 year Later than 1 year and not latsr than 5 years L*eT than 5 years 169,340 564,274 1.001.286 133,233 99,600 281,513 1.734.91JO 514,346 The foll¢xirKJ lease payments have been rewJnlsed a$ an expense In the Statement of financial activities: 2024 2023 Operating lease rentals 133,233 66,400 X Relatsd party transacllons The Charity ha5 taken advantage of the exemption available not io disdose transactions entered into betrw*n two or more members ol a Group. as the Charity is a vtholly rjvmed subsidiary undertaking of the Group to which It Is paty to th8 transact￿n. Controlllng party ultknate parent company Is YMCA Black County Group. a company registered in England and Wale& Pag8 35