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← YMCA London City And North

2025-03-31-accounts

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2024-5 ANNUAL REPORT OF YMCA LONDON CITY AND NORTH

Our Vision

A society where young people can thrive by creating and enjoying their own vibrant futures.

Our Purpose

To collaborate with young people, so that they make informed and supported choices through access to accommodation, youth services and community engagement.

Young people are at the centre of all that we do. We seekunderstand, to provide to contribute;new opportunities and to succeedfor youngin apeoplerapidlyto changing society assisting them to become constructively engaged with their local community. Our unique Charity provides platforms for young people to develop the skills essential for their success.

Our Distinctiveas = Services2

Y M CA LO N D O N C ITY A N D N O RT H ——

Head Office -ondon ae Street EC1Y 8SE Repieucred Dari Ne dba eee Company Number 3169665 Social Housing No H4099 Ofsted No 2598756 & 2775038

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Table of Contents

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|||||||||| |---|---|---|---|---|---|---|---|---| |Introduction|4| ||||| |About|Us|6| |Our Year|in|Review||| |ow outputs|.|a|.|,|.| |Their Appreciation and Stories|}|||8|7| |Vibrant|Futures 2025: what we have achieved|this year|||11||| |Future Think:|looking|to the year ahead|O|||14|-| |Business and|Financial|Review|Sn| |7|Value for Money|||}|16||| |||Volunteers,|Partners and Funders|i|17| |Financial|Review|||Oo|a|18| |Corporate|Information|}|}|||}|20 -| |Corporate|Governance Information|||||21| |Regulatory & Statutory Obligations|a|;|22| |Independent|Auditor’s|Report|||||Oe|;|25||| ||| |Financial|Statements| |Statement of Comprehensive|Income|a|||||28| |Balance|Sheet|_|Oo|||7|29| |Cashflow Statement|7|||7|a|30| |i|Notes|to the|Financial Statements|||ee|||31|||

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2024-5 ANNUAL REPORT OF YMCA LONDON CITY AND NORTH

Welcome

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Thank you for taking the time to read our Annual Report for 2024 - 2025. This document provides a review of the activities that YMCA London City and North have delivered over the last year. Our commitment to young people across north and east London remained strong. Our mission has continued to adapt to the changing world in which we work.

We also launched a search for new Trustees, and Iam pleased that we were able to identify four leading professionals with specialisms including finance & investment, human resources, construction project management and EDI & te aS TE a ‘

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mission has continued to adapt to the The work of all our staff and volunteers, in
changing world in which we work. enabling us to flourish, is greatly appreciated.
year has seen the departure of some some I commend this report to you.
dedicated Trustees whose term whose term term has expired. tents ou
These leaders have seen us through through the ; {3}
development of LandAid LandAid House, the Covid ‘fly ; f
personalPandemic andthanks a mergergoPandemic andthanks a mergergothanks a mergergo a mergergo mergergogo to them of ourfor two their charities.hard work My them of ourfor two their charities.hard work My of ourfor two their charities.hard work My ourfor two their charities.hard work Myfor two their charities.hard work My two their charities.hard work My their charities.hard work My charities.hard work Myhard work My work My My MV [- ft/ ‘|ee{ . eh,
resolve to radically accomplish accomplish our mission. Mr Marek Wiluszynski
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This year has seen the departure of some some dedicated Trustees whose term whose term term has expired. These leaders have seen us through through the development of LandAid LandAid House, the Covid personalPandemic andthanks a mergergoPandemic andthanks a mergergothanks a mergergo a mergergo mergergogo to them of ourfor two their charities.hard work My them of ourfor two their charities.hard work My of ourfor two their charities.hard work My ourfor two their charities.hard work Myfor two their charities.hard work My two their charities.hard work My their charities.hard work My charities.hard work Myhard work My work My My and resolve to radically accomplish accomplish our mission.

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2024-5 ANNUAL REPORT OF YMCA LONDON CITY AND NORTH
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Welcome to our 2025 2025 annual report. YMCA YMCA into
London City and and North implemented its work work
under this year’s year’s guiding theme theme of Future
Think: Demonstrating durability and and shaping
organisation betterment. We We continue to to An
successfully outwork outwork for our key beneficiary
groups ~ young ~ young young people and their communities communities
across London.
Our financial report demonstrates that we we have
continue to be financially resilient. At the same
time, we are operating in an increasingly
difficult fiscal and economic environment. An
example ofthis is seen through the impact on
access to affordable move-on accommodation
for our residents.
We halve alse Beer PrO-CGUNE; 66 keep up to date
with changes or increases to regulations to
ensure that we retain our position of excellence.
The year has incorporated some unexpected My thanks
outcomes, be they pleasant surprises or
unwelcoming challenges. However, you will see
through this report that we have remained to engage
resilient and agile in our position.
You will find the observations of YMCA London
City and North, presented through the lens of the
young people, provide for a thought-provoking
and genuine context of our services and impact.
Dr
Looking ahead, we commence our journey to
reshape our strategic framework to lead us
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Welcome to our 2025 2025 annual report. YMCA YMCA London City and and North implemented its work work under this year’s year’s guiding theme theme of Future Think: Demonstrating durability and and shaping organisation betterment. We We continue to to successfully outwork outwork for our key beneficiary groups ~ young ~ young young people and their communities communities across London.

into 2030. This is an exciting juncture for the charity as we engage with internal and external stakeholders in defining our goals and ambitions for the years ahead.

An intrinsic part of our aspirations is to shape places that stand the test of time and invest in what we own. To utilise an analogy generated from our Harringay Club Gymnastics delivery: we have a springboard (i.e. the experience gained through LandAid House and Monarch Court developments) to help vault us up and over the pommel horse to attain the development of our Crouch End site. This_ project we call ReGEN. We havea bold vision to redevelop the site and create more bed facilitatespaces. With the ourrequired 2025 investment surplus we to will assess viability ; My thanks to all our supporters, partners and friends who make our mission around young people possible. Your generosity and willingness to engage continues to mean so much to us. Yours

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Dr Gillian Bowen
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About us

YMCA London City and North (YLCAN) is an Over 120 years we have helped tens of independent charity that is affiliated to the thousands of young people. Today, at any one YMCA movement. We work across some of time we house nearly 400 who are London's most deprived boroughs in Islington, experiencing homelessness, and we impact Haringey, Tower Hamlets, Newham, Barnet the lives of thousands more. eee OO. the City oT i Our future will be shaped by the core values . i ond h young people cat our that have defined our history. We want a paren or Londen nome. society where young people can CREATE a Young people are at the centre of all we do. vibrant future, to collaborate, respect and Our vision is for a society where they are empower, be accessible, transform and be equipped to create a future of their own excellent. choosing. We collaborate with them so that they make informed choices through access to accommadation, youth services and community engagement.

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Crouch End Oe community sites across Netth and East London
(155beds) 4 |
Tarling Road / Elmfield Avenue |
Community Hub é (5 beds) f
Toyne Way i
(3 beds) ‘
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Whitecross Street Party VYBZ (87 beds)
Youth Hub
LandAid House
(146 beds)
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1024-5 ANNUAL REPORT OF YMCA LONDON CITY AND NORTH

Young people are at the centre of[all][we][do] Our Outputs

bed spaces exclusively for young people experiencing homelessness

Young people housed

Breakfasts provided P

, ‘ine engaged in a Education, Training an Employment programmes

Years average stay

Children a week attend gymnastics, ballet and performance classes

Aged between 16-30

Weekly gymnastics sessions

Hours of assistance

, Dinners served } a | Invested into Children and - | Young People —

Young people engaged in our new drop in youth hub | people volunteered

| 2024-5 ANNUAL REPORT OF YMCA LONDON YMCA LONDON LONDON CITY AND NORTH _ Young people are at the the centre of all we do all we do we do do | | Thh e | if App | if App if App Apppp re C | 6 |tl | 6 |tl 6 |tl |tltl O N |! 7

| 2024-5 ANNUAL REPORT OF YMCA LONDON YMCA LONDON LONDON CITY AND NORTH | | _ Young people are at the the centre of all we do all we do we do do H | Thh e | if App | if App if App Apppp re C | 6 |tl | 6 |tl 6 |tl |tltl O N We have used AI to createto protect a computerthe identify generatedof our imageyounginpeople order :| | |! 7 | ] | | “Hello YMCA, my refuge° - and. to all the wonderful You are doing* an incredible job - not. only. by providing | | people who made it feel like home, accommodation, but by transforming lives. You are | | 1 I've lived in various accommodations over the past fe rnde Haag aei el peeonie (| i three years, and while all of them had good staff, Stable, indgpenden’ ana nopefulagan [1 || YMCA stood out as one of the most impactful. You As they say, life is a journey with many stops. I've | | provided me with a safe place to live and an experienced many of them - but YMCA will always be | | environment that encouraged focus and growth. one of the most memorable. | |I loved the place. I loved the people. I truly did. Words Now, it's time for me to move on to the next stop in | || cannot fully describe how grateful I am. my life. But before I go - from the bottom of my heart. | [| Thank you. Thank you. Thank you”. li | || “A heartfelt thankyou to Diane for the meaningful, her experience helped solve so many of my | [| impactful work she does every day to support people. problems. She stood up for my rights and guided me : | Thank you to Julia and Nathaniel as well, for their life thrgugmenuntiess CHauenges, | | advice and professionalism, I truly appreciate it. Michelle is patient and professional. She has a way of | | I'm also thankful for Gillian, Sue and Maxine, who apsareingitne ican ek detente mignTaany | ‘ and calmly helping them settle before addressing | | asked about my exams and results a simply gesture sha cagliend. Wacieesunalltan Tanuiiaarecaied || | | that meant a lot to me. P : g ase ‘ | | Thankyou to Janique for her cooperation and She made me feel heard, understood and respected. | | cuiaredinauahoubha Hee tbee Thank you, Michelle, for being there, for giving me || | PP 9 id space to think and make decisions at my own pace” | I also want to take this space to thank my key i | worker, Michelle. She was incredibly supportive, and : | || 1]|| | | Page8 of 27 | || |

2024-5 ANNUAL REPORT OF YMCA LONDON CITY AND NORTH

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| fe : _. - ; This is Mahanad Mahanad Jedo, a young young person who has given who has given has given given his consent consent | using his real name and photograph. photograph. 1] Mic Ss | ¢ If STC yt yt yi¢ itive af I if] \¢ Ny to tell his storyusing storyusing | Meet Mohanad Jedo, a young refugee from Sudan so did his confidence, allowing him to actively | who arrived in the UK, carrying with him dreams of engage in job searches and interview preparation. | building abrigriter, oalet future, Deteralhed te However, another significant hurdle stood in Mo’s | | educate himself, gain independence, and make : is. : , || {| : ah . . path: obtaining an SIA badge, essential for his | | meaningful contributions to his new community, desired career in security. The process was | [} Martaeedithhe sauarntin task ar navigating life as complicated by the requirement for a Sworn Oath | neonate! ae sae en | oe from a legal representative - a document Mo initially | ° shane can sical ; en ing = . struggled to secure. Monthsoffrustration followed, | beginning of a transformative chapter in his life. but his Key Worker remained a steadfast advocate, H From his very first day at YMCA, Mo was embraced eventually identifying and coordinating with a | 1 by a team dedicated to his success. He was assigned solicitor who provided the necessary legal support. || | . si arene aa Garantie Key Worker wath With the legal and language barriers now behind | 1 provided rift witht ansistentt Giewa-otle quince, him, Mo’s determination only grew stronger. He and job searches together, {| te ilaciee: ae vine Benoa si d his Key Worker conducted | | si sa cane sane ‘alpen var _ lea ene hee practiced mock interviews, and identified promising || | significant barriers, particularly in securing tunities, Theil effarte Bald etPuahar: Mi 1 | | employment. Although he enjoyed the supportive ee eee | | | heey . successfully secured a position at Pret in London, | | | atmosphere of his new residence, he often found Victoria — a role that nat only fulfilled his | Recognisinghimself unsureMo’s of potential,how to progresshis Key towards Worker his took goals.a significantemploymentmilestone aspirationsin his but journey also represented of a || | proactive role in mapping out a structured and independence. | || ee oe e. critical Since June 2022, Mo has thrived in his new role, |} | | eee ane ae steadily building a stable and fulfilling life in the UK. H | pletielaney, Suir waibaliadasiig tis abiiyrta He credits the unwavering support of his Key i — the Jon faaiket Tegethet, may erenhad Worker and YMCA for believing in him, guiding him i | | personalised development plan, enrolling him in P : : | | : i Z through obstacles, and ultimately helping him turn | | i| English workshopsP and organising‘ dedicatedine ® hiis aspirationsaeinto reality.i ||| | | language sessions. As his language skills improved, a

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| Shines on the World St: ive

{| From his early beginnings at The YMCA Harringay “Otis McAuliffe went for broke with his pass which | | Gymnastics Club, Otis McAuliffe has gone on to produced oneofthe highest scores of the final. Great a || achieve international success as a member of the height on both of { Senior Great Britain Double Mini Trampoline (DMT) dismount saw himhisreceive skills combined38.200 from withthe a[judges.”] stuck ||ii | ial team. Otis competed at the 2021 Trampoline, — we ; | | | Tumbling and DMT World Championships in Baku, Fit acs cheer len ead ma de [| | | Azerbaijan, where Team GB placed an impressive g aap POE, SE i {| 5th overall. “Both Otis and I consider his gymnastics journey to | | | | Otis trained in The Harringay Club’s squad until the he tary pire ation eiets ts : | ) age of 8 or 9, at which point coaches recognised his co It Rae made the eh ts Peale aan | | exceptional potential and recommended he move to ‘ : | | | a club that could further his development. He later Everyone at The Harringay Club is incredibly proud : returned to The Harringay Club around the age of 11 of Otis’s achievements and wishes him continued | i to participate in tumbling and gymnastics camps, success in his gymnastics career. | | | maintaining a strong connection to the club where i | his journey began. | Nowa Senior GB athlete, Otis delivered a standout | | | performance at the Worlds, described by British | | | Gymnastics as: 1||1| | | i }[[]] | Page10 of 27 i i! I |

What we have achieved this year Vibrant Futures 2025

We have continued to work in line with our Vibrant Future Strategy.

This has seen the implementation of our year three emphasis, to embed the previous year’s outputs and to progress to excellence.

Aspire 2030

In terms of the development of our sites, in January we secured outline planning permission allowing us to consider the refurbishment of our 5-bed property in Elmfield Avenue. We have started work on ReGEN, a vision to regenerate our Crouch End site. A subcommittee of the board has been established and a project lead appointed to undertake research to inform our considerations. Our thanks to four professionals who have volunteered to sit on this committee.

We created a framework to advance our tenyear vision, mission and values. The work started with a full review of our trustee board including succession planning for trustees concluding an extended term of office agreed to take us through the LandAid House development and merger. The outcome will come into effect through a raft of new Trustee appointments in Summer 2025 moving us into a second stage assessment of organisation objectives for 2030.

New Youth Provision We concluded the fit-out of two street-facing units in LandAid House, opening VYBZ Youth Hub on 29% May 2024.

H ometessness We have successfully registered with Ofsted to provide housing accommodation to 16- and 17-year-old care experienced young experienced young young people. We commissioned Young London to review our services and benchmark our commitment commitment to fair access for all and created a new Tenancy Tenancy Ready Course for residents to support their transition to independence.

17-year-old care experienced young experienced young young people. Our WBZ project recognises the unique We commissioned Young London to review our position we hold to showcase diversity at services and benchmark our commitment commitment to YLCAN due to the wide age range of young fair access for all and created a new Tenancy Tenancy people we connect with. This year’s theme for Ready Course for residents to support their Youth delivery from VYBZ is Seen and Heard. transition to independence. Each Quarter, VYBZ deep dives into a sub A new partnership with St Giles Cripplegate on theme that elevates the voices and faces of the Barbican Estates secured a new chaplain young people who are not always given the for residents at LandAid House. Deacon Lucy platform to shine. We are paying particular has quickly established herself as an attention to the fact we house a number of . independent support for young people who are refugees, and we champion them to use their often familiar with the nature of the chaplains voice and find their place. VYBZ is now open from custodial institutions. Her work further five days each week for 96 young people who enhances their journey to independence. are between 8 to 25 years of age. We commissioned Volterra to produce an Our thanks to Sidley Austin LLP and YMCA assessment of the Social Impact of LandAid England and Wales for making VYBZ possible. House as a new home for young people impacted by homelessness. The report will be published in Autumn 2025.

Learning Management

Our commitment excellence is largely achieved through our expert and dedicated workforce. We therefore continued to add new modules to CreateLab, our Learning Management System, including; A new Onboarding course that helps reinforce our values with new colleagues; Foundation Knowledge course to establish a uniform baseline of knowledge and consistency across all teams; An Essential Learning course including critical regulatory and compliance courses. Bespoke Learning Pathways, designed for identified needs including Housing Roles. Take up is strong with colleague log in ; ; quadrupling over six months.

We have invested into our leadership team. A Development Programme considered our individual leadership and management styles seeking to bolster the competencies of our second tier of management to strengthen our organisation.

A Tri-Annual Pay & Benefits Review was undertaken that retains our commitment to the London Living Wage.

We have been able to reduce the turnover of staff from 56% in 2022 to 22% this year. This ‘a turn has benefitted our recruitment programme.

Our Hubs

Our specialist gymnastics and performance art programmes at The Harringay Club continued to adapt, introducing new pilot programmes around Performing Arts and day-time activities for Home-Schooled young people. Throughout the year, we worked with Haringey Council on a proposed lease to secure the future of the club and conversations continue as the council devise a new formula that informs rent discounts based on the social value delivered through the centre.

Anew partnership with YMCA Central, led to the openinaP g of the Mooraate Fitness Club. , a .[g] .. new health and wellbeing provision for our young residents and for the wider community. Together with the VYBZ hub, these two projects see our new building, LandAid House, brought into full use.

We made considerations with the London Borough of Barnet over the running of the Tarling Road Community Hub. The conclusion was for them to take service in-house to ensure that maintenance and management sat under the same lead to enhance the physical environment. We therefore then led ona TUPE consultation with colleagues over the transfer of the service (April 2025).

Digitisation

We continue ourjourney[to][digitise] our systems and processes, relocating our finance systems into the cloud, completing the implementation of SharePoint across all departments and commissioning a new online booking system for The Harringay Club.

2024-5 ANNUAL REPORT OF YMCA LONDON CITY AND NORTH

Unexpected Opportunities

Once again, the year brought up several unexpected opportunities and challenges including:

vy, ).

Of our workforce is female

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2024-5 ANNUAL REPORT OF YMCA LONDON CITY AND NORTH

Looking forward to the year ahead

Future Think

The final phase of our Vibrant Futures Strategy will focus on Future Think — highlighting our durability and shaping betterment. This phase will result in new 5-year operational objectives to advance our vision and mission into the next decade.

Aside from the day-to-day delivery of our mission and programme, this year we want to give special attention to the following core areas:

Beyond 2030

Engage across the organisation to define new objectives that advance our vision, mission and values beyond 2030.

Innovation

Review our operations to identify how we innovate to achieve efficiencies through joined up systems and AI technology.

Crouch End ReGEN

We will continue to plan for the regeneration of our Crouch End site concluding a full Options Appraisal for the site, consulting with our colleagues, local dignitaries and our neighbours, and continue our journey to the submission of a planning application to Haringey Council.

Board of Trustees

We will onboard four new trustees to our board and to our sub committees.

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4,IFFFFFFFFF.F FFFFF FFFFFF IFFr, olts LTrl' rmiik 14iiTri 11 •v • In .J••w brt Yl'ic LondAid House, our Ilagship occommodation foryoung people experiencing homelessness, locoted in Errol Street, London

2024-5 ANNUAL REPORT OF YMCA LONDON CITY AND NORTH

Our Year to 31 March 2025

Business and Financial Review

Value for Money

The Charity has reviewed its metrics in accordance with the Value for Money Code of Practice. The core housing information is set out in the following table.

Metric Definition 2025 2024
Business Health
Operating Margin
- Social Housing		 Operating surplus or (deficit) from socialhousing
lettings/turnoverfrom social housing lettings		 19.70% 13.67%
ieeeae Operatingsurplusofdeficitoverall/turnoveroverall 14.61%
EBITDA MRI
interest cover		 Earnings before interest, tax, depreciation, amortisation,
 Major repairs included interest cover% 279%
.
Development
Newsupply as% ofcurrent units 0.25%
Shortterm loans+ long term loans - cashand cash _—
Gearing equivalents + finance lease obligations /Tangible fixed 23% 29%
assets: Housing properties at cost (current period)
Outcomes
_
Retevastrnent ih		 Developmentofnewproperties (housing)+ newlybuilt
Arapervesacquired
workISeMbtng housi g properties
+capitalised interestonhousingproperties+schemes
 completed /Tangible fixed assets housing at cost 0.62%
_ Effective Asset Management
Return on Capital
Employed(ROCE)		 Operating surplus or (deficit) overall /total assets less
 currentliabilities
Costper Unit
Headlinesocialhousingcostperunit £16,755 £15,904

We benchmark our performance against other registered providers in the sector. There has been no new update to the Global Accounts for Registered Providers published in 2024. The report covers the accounting period from April 2023 to March 2024 and provides the basis for the Value for Money benchmarking. For purposes of comparison, we benchmarked against a subset of Supported Housing Providers defined as those with at least 30% supported housing stock. We then overlay a London weighting. In 2023/24 those with supported housing stock reported a cost per unit (CPU) of £10,710. The uplift against a mixed site base for London providers was 63%. Applying this uplift to the supported housing stock returns a CPU of £17,457 aligned with our peers.

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Volunteers

Volunteers continue to make a valuable contribution to our work. 125 individuals supported us. Their time and commitment allowed us to put on the Whitecross Street Party, support residents in gaining new skills and experiences, provided pro-bono legal advice and raised vital funds.

Partners and Funders

Our sincere thanks go to all our partners and funders that have facilitated our work in providing accommodation to homeless young people and supporting those young people who are most at risk:

Age UK Haringey Works Pivot Barbican Young Poets Hays International Prior Weston School! Benefact Trust Hornsey Parochial Council Salters Company Crown Workspace UKI Hornsey Parish Church Soapbox Derwent Hudson Sandler LLP Sidley Austin LLP Fat Macy’s London Borough of Islington Pinky, Aunty Chok, Cripplegate Foundation (Community Festivals Fund, Perspierce, Karski, Hazard Derwent London Community Infrastructure One, EPOD and 17 other Eastside Levy & Local Initiatives Fund) street artists Finding Rhythms Key Changes St Giles Church of England Garfield Weston Foundation Kings Cross Congregation St Lukes Community Centre Google PPC Kurt Geiger Travers Smith LLP Greig Trust Little Angel Theatre Wesley's Chapel Greater London Authority London Borough of Barnet Willian Barry Oswald Estate Groundworks-The support Maurice & Hilda Laing Trust YMCA England and Wales stopped end of the financial Mouse Trap YMCA Met Region Trust year. However, conversations NHS Saturday Youth Build UK about further projects are No Frills Social Club current in play. Oak Residential ..and to many other friends.

Housing Delivery Partners

Our network of housing referral partners ensures that together we place the right young people in our services and accommodation. This year we have worked with:

Albert Kennedy Trust Kent Council Barnet Homes Kickstart Homes Broxbourne Borough Council Kings Crass Church C4WS Homeless Project London Borough of Hackney Care 4 Calais London Borough of Haringey Catch 22 London Borough ofIslington Centrepoint London Borough of Newham Cornwall Council (16+ and London Borough of Waltham Children Seeking Asylum Service) Forest Crisis Manna Society Depaul UK Margins Project Glassdoor New Horizon Enfield Council No Second Night Out Freedom from Torture Outside Project Hestia P3 Charity Hope for the Young PAIWAND Hope Worldwide Passage House

Pause Camden Project Providence Row Riverside Refugee Council (Resettlement and Migration Team) Saint John of God Shelter SHPS St Mungos Surrey Leaving Care Team Single Homelessness Redcross Thames Reach YMCA North Staffordshire Lambeth Living Well Centre MHS Homes

Our Year 2024-25

Financial Review

The financial year 2024/25 witnessed headline inflation easing and cut to the Bank of England Base Rate. Although these two economic indicators have improved, the overall outlook remains pessimistic due to rising regional conflicts and the new U.S. administration's tariff trade war. With all of these in perspective, the Charity ended the financial year with a surplus of £874k (Actual 2023/24: £344k). This performance results from strong teamwork, higher occupancy rates, and effective cost control.

With efficient and effective management, we continue to increase our surplus to fulfil a number of our priorities with the budget, investing in our people, meeting financial covenants as well as building reserves to kick of the ReGEN project. Our surpluses have been purposely generated to ensure we have the necessary seed funding to start the development of our major new build at the Crouch End site. An agreed ambition since the merger of City YMCA London and North London YMCA. At an estimate cost of Circa £35 million, this project will see a build program with the potential to deliver high numbers of LandAid House style accommodation to our beneficiaries in that Borough.

The overall average Housing Occupancy rates across all sites is 94% (Actual 2023/24: 90%). Relationships with referral agencies and local authorities are strong and have continued to develop with our waiting lists currently exceeding the number of available rooms.

During the financial year, our long-standing community activities at the Hornsey Haringey Club - a centre the charity has operated for over 50 years - faced a significant challenge when the Haringey Local Authority unexpectedly issued a notice requiring the Charity to vacate. However, this is being resolved through negotiations, and a rolling lease of three years is being worked on, ensuring we are able to deliver services for the foreseeable future.

We have returned stewardship of the provision of services to the community hub at Tarling Road in Brent. This was a successful partnership delivering on the ambitions of the Local Authority with a considerable uptake of usage by the local community.

During the financial year, the basement at the LandAid House was leased to Central YMCA to operate a fitness facility similar to our Crouch End site. Third party fitness provision is the preferred option for the Charity, whilst it maintains focus on its core provision of accommodation for young people experiencing homelessness.

The Charity continues to meet and exceed all its financial covenants to Unity Bank in relation to the mortgage of £8.8m on LandAid House.

Reserves Policy

Unrestricted reserve funds held by the charity should be sufficient to meet all its payment obligations and to contribute towards the Charity fulfilling its aims and purposes. The reserves as of 31st March 2025 were £7.7million (2024/25: £6.8million) of which restricted funds is £135k (2024/25: £146k).

In determining the level of unrestricted funds held as free reserves to cover working balances and payment obligations, the Trustees consider the following matters:

On 31st March 2025, YMCA LCAN holds £3.5 million in readily realisable unit trusts and cash, this is £300k short of the Trustees’ target.

Going Concern

The Trustees have reviewed the Charity’s financial position, other financial commitments necessary to the delivery of its activities and three years financial forecasts that modelled both income and expenditure as well as cashflows against a few scenarios including realistic and severe. From the outcome of the review, the trustees believe the charity is well positioned to manage both external and operational risks successfully.

The Trustees have unequivocally concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, a minimum of which is a period of twelve months. Therefore, the charity continues to adopt the going concern basis in preparing its financial statements.

Risk and Uncertainty

The Audit Committee has delegated authority from the Board of Trustees to ensure that an active risk management process is in place and form part of the ongoing charitable governance. This is a standing item at each Audit Committee and Trustee Board meeting allowing risks to be reviewed on a regular basis.

The Trustees are satisfied that the charities internal controls comply in all material respects with the guidelines issued by the Charity Commission and the regulator of Social Housing. The principal risks affecting the charity are:

Our Year to 31 March 2025

Corporate Information

TRUSTEE BOARD AND BOARD OFFICERS

Chairman Marek Wiluszynski Vice Chairman Daniel Gerring Treasurer Mark Henshaw Trustees Payal Anand Valerie Bossman-Quarshie Emma Downey (appointed 17% June 2025) Jerry Gallagher (appointed 17% June 2025) Michael Hickman (appointed 17** June 2025) Suzanne Long (resigned 1% October 2024) Patsy Mills (appointed 28" February 2025) Nathaniel Segaren Cliff Speed (appointed 17° June 2025) Company Secretary Gbenga Olagbolabo

EXECUTVE MANAGEMENT TEAM Chief Executive

Chief Executive Gillian Bowen Deputy CEO, Director of Estates & Major Projects Jonathan Faulkner Director of Community & Enterprise Chris East Director of Corporate Services Emir Feisal Director of Housing & Youth Leighanne Grant PATRONS AND VICE-PRESIDENTS Patrons Lord Mayor of the City of London The Rt Revs & Rt Hon Dame Sarah Mullay, Bishop of London The Revd Rose Hudson-Wilkin, Bishop of Dover President Robert Thompson PROPERTY DEVELOPMENT COMMITTEE Marek Wiluszynski (Chair) Janet Crome Jeremy Stibbe Payal Anand (Trustee) Andrew Dewhirst Andy Von Bradksy Emma Downey (Trustee) CORPORATE INFORMATION Registered Company 03169665 Registered Charity 1053864 Registered Housing Provider H4099 Registered Office LandAid House, 10 Errol Street, London EC1Y 8SE Ofsted 2598756 & 2775038

AUDITORS, BANKERS AND SOLICITORS Auditor HaysMac LLP, 10 Queen Street Place, London, EC4R 1AG Bankers Allied Irish Bank (GB), Ealing Cross, Uxbridge Road, London W5 5TH Unity Trust Bank, Four Brindley Place, Birmingham B1 2JB Solicitors Travers Smith, 10 Snow Hill, London, EC1A 2AL Stone King LLP, 91 Charterhouse Street, London, EC1M 6HR

Our Year to 31 March 2025

Corporate Governance Information

Constitution of the charity

YMCA London City and North is governed by its Articles of Association and was incorporated on 8 March 1996 and commenced trading on 1 October 1996. The charity has been formed through the merger, via full transfer, of several YMCAs, including Barbican YMCA on the 1 December 2005 and YMCA North London on 9 October 2020. The company is limited by guarantee and does not have a share capital.

Network and other relationships

YMCA London City and North is an independent member of the YMCA movement in England and Wales.

Trustee Board

The Trustee Board is responsible for the overall governance of the charity. Those who have served during the year are set out on page 20. They hold a dual role of being Trustees of a registered charity as well as being directors for the purposes of the Companies Act.

In accordance with the Articles of Association, Trustees serve for a three-year term. A Trustee requires at least two nominations to be elected, or re-elected. Trustees serve for a maximum of nine years. All Trustees are subject to Disclosure and Baring Service vetting, in recognition of the fact that the charity works with vulnerable groups. New Trustees receive a formal induction to acquaint themselves with the charity, its policies and practices, aims, activities, management, and governance.

The Group's insurance policies indemnify the Trustee Board and Officers against liability when acting for the Charity providing their actions are not reckless or fraudulent.

Strategic management

The Board of Trustees is the central decision-making body of the Charity. The Board is responsible for setting an appropriate strategy for the Charity. It also ensures that relevant performance measures are in place. The Board meets at least quarterly. There are three sub-committees of the Board: The Audit Committee, Remuneration Committee and Property Development Committee. These committees have defined Terms of reference, and report to the Board at each meeting or as necessary.

The Board delegates the day-to-day responsibilities of managing the activities of the Charity to a staff team. The Executive Management Team are the senior staff that manage the charities operations and are led by the Chief Executive Officer and Deputy CEO. This was alongside the team comprising Director of Community and Enterprise, Director of Corporate Services and Director of Housing and Youth. They act with authority delegated by the Trustee Board.

Employees

The Charity recognises the strength of its colleagues who are committed to supporting the delivery of our strategy and who seek to serve the best interests of our residents and service users. The Charity shares information on its objectives, progress and activities through regular management and staff department meetings. The Charity is committed to equality, diversity and inclusivity in its outlook and practices including in recruitment, retention, and throughout the employee lifecycle.

Statements on internal controls Trustees' ibiliti di rustees responsibilities regaraing regulatory and statutory obligations

Charity Commission

YMCA London City and North meets the requirements set out by the Charity Governance Code. The Trustees regularly undertake an evaluation of the Board and its performance. At the time of this report the Charity complies with all necessary regulations and reporting requirements.

Public Benefit Statement

The Trustees have referred to the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning future activities. The Trustees consider that our activities are a true reflection of our aims and objectives, and that they are designed to provide accessible services and activities that benefit the public in accordance with our charitable objectives. We demonstrate the public benefit of our work on pages 5 to 12 of this strategic report.

Regulator of Social Housing

The Trustees have conducteda self-assessment this year against the Governance and Financial Viability Standard and can confirm that we comply with the standards set by the Regulator of Social Housing.

National Housing Federation Code of Governance

As a Registered Provider the Charity has adopted the NHF Code of Governance 2020, with modifications as suitable to a smaller housing provider. We also review this item in recognition of and compliance with the Charity's Memorandum and Articles of Association. The Board is satisfied that it complies with the spirit of the code and the principles set out in it. Trustee succession planning is being managed to ensure we retain the skills appropriate to activities and risks the Charity faces.

This financial year, the Charity completed Level 1 Self-Assessment satisfying its membership of The YMCA England and Wales.

Housing Ombudsman Compliant Handling Code

The Housing Ombudsman Service’s new statutory Complaint Handling Code took effect on 1 April 2024. This Code has been issued in line with the provision of the Social Housing (Regulation) Act 2023 (‘the Act’), which enables the Housing Ombudsman to issue a code of practice about the procedures members of the Scheme should have in place for considering complaints. The Act also placed a duty on the Ombudsman to monitor compliance with the Code. The Charity complies with this Code.

Fundraising Statement

The aim of our fundraising approach is to support the generation of unrestricted funding to complement our contract and commercial income streams. It must be noted that some income may also be generated to support new strategically important projects or services.

YMCA London City and North voluntarily signed up to the Fundraising Regulator in 2018 and all fundraising activities continue to be carried out under the Fundraising Code. We continue to adhere to the GDPR regulations in our ongoing communications about our work. We have received no complaints about our fundraising activities or about our use of personal data during the year.

All our fundraising work has been carried out by our Trustees or staff. Our Director of Community and Enterprise is a member of the Institute of Fundraising. Fundraising activities are regularly reviewed by the Board in line with our reporting procedures. We partner with a very small number of donors and never ask an individual for a donation more than twice a year.

Statement on Investment Powers

The Trustee Board may exercise the power to delegate to any person, company, or other organisation any of the Charity's powers of investment, administration or management of all or any part of the money and investments ofthe[Charity.][Accordingly,][the][funds][held][as][investments][by][ the][Charity] were managed on behalf of the Trustees by CCLA Investment Management Ltd and Rathbones Investment Management. YMCA London City and North has continued to adopt a conservative investment policy that seeks to balance capital preservation and achieving an appropriate return,

Statement on Internal Financial Controls and Trustees’ Responsibilities

As Trustees for YMCA London City and North we acknowledge our ultimate responsibility for ensuring that the charity has in place a system of controls that is appropriate to the various business environments in which it operates. These controls are designed to give reasonable assurance with respect to:

Controls and procedures in place include the following:

Our approach to risk management is set out in the risk and uncertainties section of the Trustees' Report. Risk management is overseen by the Audit Committee and approved by the Board. The Audit Committee considers reports on risk at each of its meetings, and these are reported at each Board meeting together with a formal report on risk management annually to the Board.

Trustees’ | responsibilitiese oye e

Company law requires the directors to prepare the financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the surplus or deficit of the Charity for that period. In preparing those financial statements the directors are required to:

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006 and legislation relating to Registered Providers of Social Housing. They are also responsible for safeguarding of assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the directors has confirmed that so far as they are aware, there is no relevant audit information of which the company's external auditors are unaware, and that they have taken all the steps that they ought to have taken as directors to make themselves aware of any relevant audit information and to each that the company's independent auditors are aware of that information.

Auditors

A resolution to reappoint the auditors, Haysmac LLP will be proposed at the forthcoming annual general meeting. This report, including the Trustees' Report and Strategic Report, was approved by the on the 17 September 2025, and was signed for and on behalf of the Board by:

Mb) i l—

Ho

Mr Marek Wiluszynski, Chairman Mr Mark Henshaw, Treasurer

Page 24 oF 77

Independent Auditors Report to the members of YMCA London City and North

Opinion

We have audited the financial statements of YMCA London City and North for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue,

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 24, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error,

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

2024-5 ANNUAL REPORT OF YMCA LONDON CITY AND NORTH

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

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to social housing, Charity Law, Ofsted, and Health and Safety regulation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, the Housing and Regeneration Act 2008 and consider other factors such as tax compliance.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to o estimation uncertainty and manual accounting journals. Audit procedures performed by the engagement team included:

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

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

rd Tracey Young (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditor Date: 29th September 2025

10 Queen Street Place London EC4R 1AG

Page 27 of 27

YMCA LONDON CITY AND NORTH

Statement of Comprehensive Income (incorporating a Statement of Changes in Reserves) for the year ended

31 March 2025

2025 2024
Income from: Unrestricted Restricted Total Funds Total Funds
Social HousingActivities Note £ £ £
Income from Social Housing 2 8,139,471 - 8,139,471 7,295,240
Non Social Housing Activities
Donations- fundraising activities 45,375 - 45,375 144,871
Donations - Drum building - ~ 22,500
Donations - legal fees - 178,365 178,365 259,334
Youth Projects income - 145,913 145,913 292,256
Community activities income 509,513 336,463 845,976 766,908
554,888 660,741 1,215,629 1,485,869
Total income 8,694,359 660,741 9,355,100 8,781,109
Expenditure on:
Fundraising 82,009 - 82,009 270,309
Costs ofraising funds 82,009 ” 82,009 270,309
Expenditure on Social Housing 2 6,536,471 - 6,536,471 6,297,875
Youth Projects - 192,313 192,313 160,555
Community activities 697,339 301,738 999,077 948,831
Legal Fees pro bono - 178,365 178,365 259,334
Expenditure on charitable activities 7,233,810 672,416 7,906,226 7,666,595
Total expenditure 7,315,819 672,416 7,988,235 7,936,904
Operating Surplus 1,378,540 (11,675) 1,366,865 844,205
Interest receivable and investment income 4 99,637 - 99,637 51,840
Interest payable and similar charges 5 (575,802) - (575,802) (762,608)
Movement in fair value financial instruments 11 (16,850) - (16,850) 33,744
Movement in pension valuation - - - 176,760
Surplus for the financial year 6 885,525 (11,675) 873,850 343,941
Reconciliation of funds:
Net movement in funds 885,525 (11,675) 873,850 343,941
Tota! funds brought forward 6,700,948 146,385 6,847,333 6,503,392
Totalfundscarriedforward 7,586,473 134,710 7,721,183 6,847,333

The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 31-44 form part of the financial statements.

28

YMCA LONDON CITY AND NORTH

Company No, 03169665

BALANCE SHEET AS AT 31 MARCH 2025

2025 2024
FIXED ASSETS note £ E
Fixed Assets
Social Housing Properties 9 23,167,976 23,583,234
Non Social Housing Properties 9 ~ -
Intangible Assets 10 7,249 11,552
Other Tangible Assets 10 501,663 714,163
Investments il 620,418 575,919
TOTAL FIXED ASSETS 24,297,306 24,884,868
CURRENT ASSETS
Stock 14,953 9,065
Debtors 12 789,442 654,446
Short Term Deposits 2,419,178 1,347,939
Cash at bank and in hand 468,133 486,910
3,691,706 2,498,360
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 13 (2,808,439) (2,813,524)
NET CURRENT LIABILITIES 883,267 (315,164)
TOTAL ASSETS LESS CURRENT LIABILITIES 25,180,573 24,569,704
CREDITORS: AMOUNTS FALLING DUE AFTER
MORETHAN ONEYEAR		 14 (17,459,390) (17,722,371)
TOTAL NET ASSETS 7,721,183 6,847,333
FUNDS: 17
Capital and Reserves
Designated Fixed Asset Funds 7,815,489 6,999,743
Pension reserve 18 (229,016) (298,795)
Restricted 134,710 146,385
TOTALFUNDS 7,721,183 6,847,333

The notes on pages 31-44 form part of the financial statements. The financial statements were approved and authorised for issue by the Board on 17 September 2025 and signed on its behalf by:

Ban L—

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HW
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Mr Marek Wiluszynski, Chairman

Mark Henshaw, Treasurer

29

YMCA LONDON CITY AND NORTH CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
£ £
Cash flows from aperating activities
Net cash provided by operating activities
(note A)		 1,352,632 1,083,039
Cash flows from investing activities
Purchase of tangible fixed assets (258,599) (486,215)
Sale of investments - 114.00
Purchase of Investment (61,349) (36,713)
Investment income received 99,637 51,840
Gain on pension revaluation - 176,760.00
(Decrease)/increase in Defined Benefit
Pension Scheme		 (69,779) (272,347)
(290,090) (566,561)
Cash flow from financing activities
Long Term Loan (repayment)/drawn (10,080) 1,066,828
onanae incash and cash equivalents inthe 1,052,462 1,583,306
veal and cash equivalents atthe startofthe
Cash and cash equivalents attheend of
theyear (noteB)		 1,834,849
ee
1
77887311		 251,543
aaa
1,834,84
—__1834/8439
Note A: reconciliation of net income to
net cash provided by operating activities
Net income/(expenditure) for the year 873,850 343,941
Adjustments for:
Depreciation 890,661 687,164
Amortisation of GLA grant (173,760) (173,760)
Lass/(gain) in investment 16,850 (33,744)
(Gain) on pension revaluation - (176,760)
Investment income (99,637) (51,840)
(Increase)/decrease in Stock (5,888) 8,700
(Increase)/decrease in debtors (134,997) 437,704
(Decrease)/increase in creditors (14,447) 41,634
Net provided by operating activities 1,352,632 1,083,039
Note B: analysis of cash and cash
equivalents
Short term deposits 2,419,178 1,347,939
Cash at bank and in hand 468,133 486,910
2,887,311 1,834,849
Note: analysis ofmovement in netdebt At the start of
the year		 Cash-flows Movement of
loan from > 1
year to < 1 year		 Atthe end of
the year
Cash 486,910 (18,777) 468,133
Cash equivalents 1,347,939 1,071,239 2,419,178
Sub-total 1,834,849 1,052,462 2,887,311
Loans falling due within one year (10,057) - (6,445) (16,502)
Loans falling due after one year (8,825,275) - 16,525 (8,808,750)
Total (7,000,483) 1,052,462 10,080 (5,937,941)

The notes on pages 31-44 form part of the financial statements.

30

YMCA LONDON CITY AND NORTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. PRINCIPAL ACCOUNTING POLICIES

YMCA London City and North is charitable company limited by guarantee (under number 03169665). It is registered as a provider of social housing with the Housing Regulator, HCA (number H40499), and as a charity with the Charity Commission in England and Wales (number 1053864), It is a Public Benefit Entity. A summary of the principal accounting policies, which are appropriate to the entity status follows:

a. Basis of Accounting — The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Housing SORP 2018 (Statement of Recommended Practice for registered social housing providers), the requirements of the Housing and Regeneration Act 2008 and the Companies Act 2006, and the Accounting Direction for Private Registered Providers of Social Housing 2022. In addition, the Trustees have had regard to Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (updated 2019) - (Charities SORP (FRS 102)), where it does not conflict with the Housing SORP.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). Investment assets are restated at fair value at each balance sheet date. All financial instruments are considered to be basic financial instruments.

In the opinion of the Trustees, in applying the accounting policies adopted, no judgements were required, that have a significant effect on the amounts recognised in the financial statements, nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

The accounts are prepared in £’s and rounded to the nearest pound.

b, Going Concern - FRS102 requires the trustees to adopt a going concern basis in preparing the financial statements unless they intend to liquidate the charitable company or have no realistic alternative to do so. The Trustees have reviewed the Charity’s financial position, other financial commitments necessary for the delivery of its activities and three years financial forecasts that modelled both income and expenditure as well as cashflows against a few scenarios including realistic and severe. From the outcome of the review, the trustees believe the charity is well positioned to manage both external and operational risks successfully.

The Charity continues to meet and exceed all its financial covenants to Unity Trust Bank in relation to the mortgage of £7.7m on LandAid House.

31

YMCA LONDON CITY AND NORTH NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

c. Income - All income is measured at the fair value of the consideration received or receivable. Rent is recorded net of VAT in line with occupancy, donations and grants are recognised when the criteria for entitlement and probability have been met and income due can be estimated with reasonable accuracy, membership and course fees are recognised as courses are delivered.

d, Capital Grants for housing properties - Government grants are accounted for under the accruals models as set in the Housing SORP, being initially accounted for as a liability and then amortised over the expected life of the related asset. The amortised amount for the year is shown as part of housing income (see note 2).

e. Fixed Assets and Depreciation — Tangible fixed assets, except housing properties, are stated at cost less accumulated depreciation. Depreciation on non housing assets is charged on a straight line basis over the expected useful economic life of each asset at the following annual rate: Equipment including computer equipment, gym equipment, motor vehicles,office equipment, fixtures and fittings and intangible assets - 20% per annum

f. Taxation

YMCA London City & North charges Value Added Tax (VAT) on some of its income and is able to recover part of the VAT it incurs on expenditure. The financial statements include VAT to the extent that it is suffered by the charity and not recoverable from the HM Revenue and Customs.

g. Property

Property assets are stated at cost less depreciation

In compliance with the component accounting requirements of the Housing SORP, those components of each asset with materially different useful economic lives have been separately identified and depreciated over the following useful economic lives:

Freehold Social Housing Properties

Freehold Social Housing Properties
Useful
Economic Life
Building (years)
Main Fabric 100
Sub Fabric 100
Roof structures and Coverings 70
Windows and external doors 30
Gas boilers/fires 15
Kitchen 20
Bathroom/WCs 30
Mechanical systems (heating, ventilation, 30
plumbing)
Electrics 40
Total
No depreciation is provided on freehold land.
Freehold Non Housing Properties
Building Improvements 50
Leasehold Social Housing Properties
Existing structure, roof & windows 16
Bathrooms 8
Leaseholdimprovements Uptotheexpectedleasebreak-point

32

YMCA LONDON CITY AND NORTH NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

  1. PRINCIPAL ACCOUNTING POLICIES (continued)

g. Investment — Investments are included in the Balance Sheet at fair value. Gains or losses on the investment portfolio are accounted for in the Statement of Financial Activities (SOFA)

h. Funds — Any restricted or designated funds held by YMCA London City and North at the year end are separately shown as such in the primary financial statements.

i. Unrestricted funds are available for use at the discretion of the Board in furtherance of the general objectives of YMCA London City and North.

ii. Restricted funds are funds where the donor has imposed restrictions as to future use.

i. YMCA Pension Plan -YMCA London City and North participated in a multi-employer 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 to separately identify the assets and liabilities relating to YMCA London City and North.

As described in note 18 YMCA London City and North has a contractual obligation to make pension deficit payments of £83,404 pa over the period to April 2027 (2023: £83,404 pa to April 2027),accordingly this is shown asa liability in these accounts. In addition, YMCA London City and North is required to contribute £26,097 pa (2024: £26,583 pa) to the operating expenses of the Pension Plan and these costs are charged to the Statement of Comprehensive Income as made. Employees joining after 30 April 2007 are eligible to join a defined contribution scheme. YMCA London City and North’s contributions to this scheme are accounted for as the expenditure falls due and there is no further liability to the scheme.

j. Operating Lease Rentals - Operating lease rentals are charged to the income and expenditure account as incurred,

k. Donations of gifts, services and facilities - YMCA London City and North recognises donated professional services and donated facilities as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.

In accordance with the charities SORP (FRS 102), volunteer time is not recognised.

33

YMCA LONDON CITY AND NORTH NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

2. INCOME AND EXPENDITURE FROM HOUSING

2.
INCOME AND EXPENDITURE FROM HOUSING
2025 2024
£ £
Income from social housing
Rent receivable 2,608,498 2,310,003
Service charges receivable 5,321,360 4,751,661
Government grant amortisation 173,760 173,760
Other social housing activities 35,853 59,816
Net income from social housing activities 8,139,471 7,295,240
Expenditure on social housing
Management and services 4,348,744 4,156,185
Routine maintenance 430,551 421,278
Planned maintenance 322,310 225,332
Bad debts 352,154 538,091
Lease Costs 347,613 308,658
Depreciation on housing property 735,099 648,331
Total expenditures on housing activities 6,536,471 6,297,875
Operating profit on housing activities 1,603,000 997,365
Void Loss:(being rentalincome lostas a resultof
property not being let)		 484,794 759,321
3. ACCOMODATION IN MANAGEMENT
2025 2024
Units Units
Supported Housing 388 388
General Needs 8 8
Numberofunitsinmanagementattheendoftheyear 396 396

34

YMCA LONDON CITY AND NORTH NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

4.
INTEREST RECEIVABLE AND SIMILAR INCOME
2025 2024
£ £
Investment 15,880 12,396
Bank interest 83,757 39,444
99,637 51,840
5.
INTEREST PAYABLE AND SIMILAR CHARGES
2025 2024
£ £
Loans 561,271 746,562
Defined benefit pension charge 14,531 16,046
575,802 762,608
6.
NET INCOME / (EXPENDITURE)
2025 2024
This is stated after charging: £ £
Auditors’ remuneration (excluding VAT) 29,500 34,660
Depreciation 890,661 687,164
Operating lease charges — plant and equipment 7,872 28,812
7.
TAXATION

YMCA London City and North is a registered charity and a Housing Association registered with Regulator of Social Housing and is, therefore, exempt from liability to taxation on its income and capital gains from charitable activities, provided income is applied for its charitable purposes.

35

  1. TRUSTEES AND EMPLOYEE INFORMATION

YMCA LONDON CITY AND NORTH NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

Trustee information

Trustees who for purposes of the Companies Act, are directors. Received no remunerationduring the year (2024- Enil). Trustees are covered by Trustee Indemnity Insurance, but it is not possible to identify the cost separately. There were no related party transactions, During the year £371 expenses were reimbursed to the trustees (2024:£319) for travelling and lunches.

The aggregate emoluments of the key management personnel reflects amount paid to the executive and Associates Directors (inclusive of national insurance plus pension amounted to £421,106- 5 FTE) (2024: £423,554 - 5 FTE).

The highest paid employee’s emoluments and pension costs as an ordinary member of the contributory pension scheme in the year ended 31 March 2025 were £103,490 (2024 £99,472) and £8,279 (2024: £7,958) respectively

2025 2024
Employee cost for the year £ £
Salaries and wages 2,491,103 2,538,105
Social security costs 243,260 229,084
Redundancy and termination payments 2,757 14,958
Defined benefit scheme costs (see note 18) 25,747 24,589
Defined contribution costs 75,091 71,075
2,837,958 2,877,811

FTE number of staff receiving remuneration, excluding pension in excess of £60k

2025 2024
£60,000 -£69,999 2 1
£70,000 - £79,999 1 2
£80,000 - £89,999 2 1
£110,000-£119,999 1 1

The number of persons (including directors) employed by the YMCA London City & North during the year was 96 (2024: 103 staff) and the average of full time equivalent staff (including temporary and part time staff was as follows:

2025 2024
Management 2 2
Housing and support 59 59
Youth projects - i
Community 13 17
Capital Fund Raiser 2 3
76 82

36

YMCA LONDON CITY AND NORTH NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

9. FIXED ASSETS — FREEHOLD PROPERTIES & LEASEHOLD IMPROVEMENTS

31 March
2024		 a
Additions		 .
Disposals		 31 March 2025
Social Housing £ £ £ £
Freehold
Cost 24,338,890 143,291 - 24,482,181
Depreciation (1,330,293) (430,032) - (1,760,325)
Net book amount 23,008,597 (286,741) - 22,721,856
Short leasehold
Cost 1,758,507 - - 1,758,507
Depreciation (1,183,870) (128,517) - (1,312,387)
Net book amount 574,637 (128,517) - 446,120
Totalnetbookamount 23,583,234 (415,258) - 23,167,976

At each reporting date an assessment must be made of whether any indicators of impairment exist. No impairment indicators have been identified for the year ended 31 March 2025 (2024: none).

37

  1. OTHER FIXED ASSETS

YMCA LONDON CITY AND NORTH NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |312024March|Additionssas|Disposals.|312025March| |Tangible|Assets|£|£|£|£| |Computer|equipment| |Cost|172,884|13,703|(122,274)|64,313| |Depreciation|(101,856)|(44,004)|122,274|(23,586)| |Net|book|amount|71,028|(30,301)|-|40,727| |Gym|Equipment| |Cost|6,434|10,786|(2,168)|15,052| |Depreciation|(4,018)|(2,615)|2,168|(4,465)| |Net|book|amount|2,416|8,171|-|10,587| |Motor|Vehicles| |Cost|65,258|-|-|65,258| |Depreciation|(65,258)|-|-|(65,258)| |Net|book|amount|-|-|-|-| |Office|Equipment| |Cost|8,389|-|~|8,389| |Depreciation|(8,389)|-|-|(8,389)| |Net|book|amount|-|-|-|-| |Furniture|and|fittings| |Cost|1,022,108|90,819|(438,556)|674,371| |Depreciation|(381,389)|(281,189)|438,556|(224,022)| |Net|book|amount|640,719|(190,370)|-|450,349| |Total|net|book|amount|714,163|(212,500)|-|501,663| |Intangible|Assets| |Cost|34,734|-|(17,220)|17,514| |Amortisation|(23,182)|(4,303)|17,220|(10,265)| |Net|book|amount|11,552|(4,303)|-|7,249| |11.|INVESTMENTS| |31|March|31|March| |2025|2024| |COIF|Charities|Investment|Fund|&|Rathbones|£|£| |Historical|Cost|466,555|405,206| |Market|Value| |Beginning|of|the|year|575,919|505,576| |Additions|61,349|36,713| |Disposals|-|(114)| |Unrealised|(loss)/gain|on|investment|(16,850)|33,744| |End|of the|year|620,418|575,919|

----- End of picture text -----

In addition to the above investment the Charity held shares in a wholly owned dormant subsidiary, which are carried at Enil.

38

YMCA LONDON CITY AND NORTH NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

12.
DEBTORS
2025 2024
Amounts falling due within one year: £ £
Rent and services recevable 638,269 588,997
Less provision for doubtful debts (59,827) (96,344)
Other debtors and prepayments 211,000
____789,442.		 161,793
854,446
13.
CREDITORS: AMOUNTS FALLING		 DUE WITHIN ONE YEAR
2025 2024
Creditors due within one year: £ £
Trade creditors 216,588 269,531
Other taxes and social security 79,541 58,085
Other creditors 1,244,338 1,342,313
Accruals 774,268 716,233
Deferred Grant & Income 230,746 173,766
GLA Social Housing Grant
(Note 15)		 173,760 173,760
Pension Liabilities (Note 18) 72,696 69,779
Loan (Note 16) 16,502 10,057
2,808,439 2,813,524

A loan facility is in place with Unity Trust Bank for £8,808,750 secured on all property or undertakings of YMCA London City and North, at 31 March 2025 this had been fully drawn down. This repayment of the loan is on an interest only basis for a period of 60 months from the first date on which any part of the loan is drawn, There after on a capital and interest basis by regular payments calculated over a repayment profile of 240 months, Interest on the loan is charged on a daily non compounded basis at 1.5% per annum over the Bank of England bank rate.

YMCA London City and North drew a bounced back loan from the Co-operative bank £50,000 in November 2020, The loan is repayable over five years, we received a 12 month repayment holiday to November 2021. The interest for the first year of the loan was paid by the Government via a Business Interruption payment

  1. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
Creditors due over one year: £ £
Loan (Note 16) 8,808,750 8,825,275
18) benefitpensionscheme liability (Note 156,320 229,016
GLA Social Housing Grant (Note 15) 8,494,320 8,668,080
17,459,390 17,722,371

39

YMCA LONDON CITY AND NORTH NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

  1. GLA SOCIAL HOUSING GRANT
15.
GLA SOCIAL HOUSING GRANT
2025 2024
£ £
At 1 April 2024 8,841,840 9,015,600
Released to income in the year (note 2) (173,760) (173,760)
At 34 March 2025 8,668,080 8,841,840
2025 2024
£ £
Amount to be released within one year 173,760 173,760
Amounts to be released in more than one year 8,494,320 8,668,080
8,668,080 8,841,840

The GLA housing grants disclosed on the balance sheet relate to;

'

an original grant of £1,120,129 received in 2015 of which £861,649 has been amortised to date. This relates to the Monarch Court hostel.

: an original grant of £8,760,000 received in 2016 for the rebuild of Errol Street Hostel, now named the LandAid House redevelopment, of which £350,400 has been amortised to date. Previously £2,889,792 was received related to the Errol Street Hostel this is not included in the Balance Sheet as the property was revalued at 1 April 2014.

These amounts are potentially repayable if the sites ceased to be used for the provision of social housing. No such change is currently envisaged,

16, LOAN ANALYSIS

2025 2024
£ £
Borrowings
Due within one year
Bank Loans
Co-operative Bank Loans 16,502 10,057
16,502 10,057
Due after more than one year
Bank Loans
Unity Loans 8,808,750 8,808,750
Co-operative Bank Loans - 16,525
8,808,750 8,825,275

40

YMCA LONDON CITY AND NORTH

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

17, TOTAL FUNDS

17,
TOTAL FUNDS
Start of
year		 Income Expenditure
P		 Transfer
between Fund		 Investment
gains		 Pension
Revaluation		 End of
year
Y
O1-Apr-24 31-Mar-25
£ £ £ £ £ £
Unrestricted Funds
Designated Fixed Assets Funds* 6,999,743 8,793,996 (7,891,621) (69,779) (16,850) - 7,815,489
Pension Fund (298,795) - - 69,779 - (229,016)
Total Unrestricted Funds 6,700,948 8,793,996 (7,891,621) - (16,850) - 7,586,473
Restricted Funds
Youth Projects 154,201 145,913 (192,313) - - (46,400)
Community Activities (7,816) 336,463 (301,738) - 34,725
Donation Legal Fees - 178,365 (178,365) - > -
Total restricted Funds 146,385 660,741 (672,416) - - 134,710
Total funds 6,847,333 9,454,737 (8,564,037) - (16,850) “ 7,721,183
TOTAL FUNDS COMPARATIVE FOR 2023
Start of
year		 Income Expenditure
P		 Transfer
between Fund		 Investment
gains		 Pension
Revaluation		 End of
year
y
01-Apr-23 31-Mar-24
£ £ £ £ £ £ £
Unrestricted Funds
Designated Fixed Assets Funds* 7,074,534 8,012,462 (8,025,410) (272,347) 33,744 176,760 6,999,743
Pension Fund (571,142) - 272,347 - (298,795)
Total Unrestricted Funds 6,503,392 8,012,462 (8,025,410) - 33,744 6,700,948
Restricted Funds
Grant & Donation - 104,095 (104,095) - - -
Youth Projects - 292,256 (138,055) - - 154,201
Community Activities - 142,302 (150,118) - (7,816)
Donations Drum Building - 22,500 (22,500) - - -
Donation Legal Fees - 259,334 (259,334) - - =
Total restricted Funds 820,487 (674,102) - - 146,385.00
Totalfunds 6,503,392 8,832,949 (8,699,512) hal 33,744 6,847,333

*Designated Fixed Asset Fund; The net book value of properties where young people live and other fixed assets, such as equipment and furniture, less funding secured against these, used to deliver core charitable activities

Restricted Funds
Period ended 31 March 2025 01-Apr-24 Income Expenditure 31-Mar-25
£ £ £ £
YPS 154,201 145,913 192,313 107,801
Tarling Road (7,816) 336,463 301,738 26,309
146,385 482,376 494,051 134,710

41

YMCA LONDON CITY AND NORTH NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

18. PENSION COMMITMENT

YMCA London City and North participated in a contributory pension plan providing defined benefits based on final pensionable pay for employees of YMCAs in England, Scotland and Wales. The assets of the YMCA Pension Plan are held separately from those of YMCA London City and North and at the year end these were invested in the Mercer Dynamic De-risking Solution, 65% matching portfolio and 35% 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%, the increase in pensions In payment of 3.18% (for RPI capped at 5% p.a.), and the average life expectancy from normal 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.im, which represented 92% of the benefits that had accrued to members.

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

The valuation prepared as at 1 May 2023 showed that the YMCA Pension Plan had a deficit of £9.1 million. YMCA London City and North has been advised that it will need to make monthly contributions of £6,950 from 1 May 2024. This amount is based on the current actuarial assumptions (as outlined above) and may vary in the future as a result of actual performance of the Pension Plan. Agreed future deficit contributions have been discounted using a rate of 4.56% (2024: 4.56%). The current recovery period is 3 years commencing ist May 2024.

Repayable Repayable
Within One to Two to After five
 After more than TOTAL
one year two years five years years
one year		 2025 2024
£ £ £ £
£		 £ £
As at 31 March 2025 72,961 76,288 79,767 -
156,055		 229,016
As at 31 March 2024 69,779 72,961 156,055 -
229,016		 298,795
In addition, YMCA London City and North may have over time liabilities in the event of the non-payment by other participating
their share of the YMCA Pension Plan’s deficit. It is not possible currently to quantify the potential amount that YMCA
North may be called upon to pay in the future.
2025
£
Provision at the start of the period 298,795
Deficit Contribution paid (83,404)
Pension Revaluation -
Unwinding of discount factor (interest expense) 13,625
Provisionattheendoftheperiod 229,016

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

19. OPERATING LEASE COMMITMENTS

As at 31 March 2025 YMCA London City and North had commitments under non-cancellable operating leases as details below

Other Other
March 2025 March 2024
Falling Due: £ £
Within one Year 25,714 41,038
Within two to five years 4,286 30,000
30,000 71,038

42

YMCA LONDON CITY AND NORTH NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

20. CAPITAL COMMITMENTS

At the balance sheet date YMCA London City and North had contractual commitments for future capital expenditure of £Nil (2024: £396,500).

21. POST BALANCE SHEET EVENTS

None

22. RELATED PARTIES

During the year 31 March 2025 there were no related party transactions (2024: None)

43

YMCA LONDON CITY AND NORTH

24 STATEMENT OF FINANCIAL ACTIVITIES 2024 SHOWING SPLIT BETWEEN FUNDS

2024

Income from: Unrestricted Restricted Total Funds
Social HousingActivities Note £ £
Income from Social Housing 2 7,295,240 - 7,295,240
Non Social Housing Activities
Donations- fundraising activities 40,776 104,095 144,871
Donations - Drum building - 22,500 22,500
Donations - legal fees - 259,334 259,334
Youth Projects income - 292,256 292,256
Community activities income 624,606 142,302 766,908
665,382 820,487 1,485,869
Total income 7,960,622 820,487 8,781,109
Expenditure on:
Fundraising 166,214 104,095 270,309
Costs ofraising funds 166,214 104,095 270,309
Expenditure on Social Housing 2 6,297,875 - 6,297,875
Youth Projects - 160,555 160,555
Community activities 798,713 150,118 948,831
Legal Fees pro bono - 259,334 259,334
Expenditure on charitable activities 7,096,588 570,007 7,666,595
Total expenditure 7,262,802 674,102 7,936,904
Operating Surplus 697,820 146,385 844,205
Interest receivable and investment income 4 51,840 - 51,840
Interest payable and similar charges 5 (762,608) - (762,608)
Movement in fair value financial instruments 11 33,744 - 33,744
Movement in pension valuation 176,760 - 176,760
Surplus for the financial year 6 197,556 146,385 343,941
Gift at fair value 24 - - -
Reconciliation of funds:
Net movement in funds 197,556 146,385 343,941
Total funds brought forward 6,503,392 - 6,503,392
Totalfundscarriedforward 6,700,948 146,385 6,847,333

44