HALTON YIIICA LIMITED COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Reglstratlon No. 3205893 (England and Wales) Charlty Reglstratlon No. 1057237
HALTON YMCA LIMITED COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr C Christou Mf R M Dawson Mr R F Kirkman Mr R Nulty MrA Keenan {Appointed 25 September 2023) Secretary Mr G Oatridge Charlty number 1057237 Company number 3205893 Reglstered offlce St Albans Road Lytham SIAnnes Lancashire FY8 1XD Independent examlner Champion Accountanls LLP Unil 2 Olympic Court hilehills Business Park Blackpool Lancashire FY4 5GU
HALTON YMCA LIMITED COMPANY LIMITED BY GUARANTEE CONTENTS Page Trustees, report Independent examinerfs report Statement of financial acllvities Balance sheet Notes lo th8 financlal stalements 6-14
HALTON YMCA LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Thè tnjstees present their annual report and financial stalements for the year ended 31 Mafch 2024. The financlal statements have been prepared in accordance with the accounting policies sel out in note 1 to Ihe financial sl8lements and compjy with the charity's Igoveming document], the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing thèir accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objectlves and actlvltles The charity'5 principal activities are to benefit the public by: Offering accommodation and support lo vulnerable homeless people (mainly 16-25 year olds (700k) and preparing homeless people for independenl living via the provision of complementary supporl aclivilies. Apply a holislic approach to the needs of individuals Encourage freedom of choice and self determination withln a Chr15tlan framework Provide genuine equality of opportunity and outcome Operale to the highesl standards bolh elhlcally and financially Secure a true partnership beeen members, staff and volunteers Develop, train and equip lay-members and workers both pald and voluntary Provide opportunilies for spirilual development in general and in particular In an environment in whlch people can explore and develop a relationship wilh Jesus Chrlst. The trustees have paid due regard lo guidance issued by Ihe Charity Commission in deciding what activities the charily should underlake. Achlevements and performance The charity has continued to be engaged wilh Iwo olhei charitles lo dellver its charitable oblectSves. YMCA Blackburn remain the freeholders of HaSton Lodge and engage YMCA Halton to manage Ihe on the ground operation In turn. YMCA Hallon currenlly have a management agreement with Changing Live5 t who provide supported accommodallon lo 66 residents within Hallon Lodge, courtesy of a commlssioned contract with Hallon MBC. Flnanclal revlew The results for the year set out on page 4 sh¢)w a surplus on unrestricted funds of £74,863 (2023: £41,678) and after the actuarial surplusl{deficit) on the pension scheme Ihe net surplus for the year of £112,956 (2023.. (£31,427)) has been carried fotward lo nexl year. Total reserves are £414,089 {2023 . £301.133). In year activity took place to make remedial building repairs in accordance with annual health and safety audils and fire risk assessments. It 18 Ihe pollcy of the charity that unrestricted funds which have not been designated for a specrfic use should be malntaine(fj at a level equivalent to between three and six month's expendilure. The level of reserves Is deemed appropriale and will be monitored Ihroughoul the year by Iruslees with investment in the building being considered in order lo ensure qualily of provision and reduce reactive maintenance spend. The trustees note the risk relaling lo YMA Halton's participation In a defined benefit pension scheme, whi18t also a¢knoedg1ng that this risk has reduced over Ihe last few years. Additlonal conlribulions continue to be made lo reduce the deficil, bul these contributions are viewed as being manageable. As part of the YMCA federation, the multi-employer pension scheme is run by an independent Trustee board wilh employer representation through the Principal Ernployer, National Council of YMCAS. The trustees have reviewed the long term financial position of the charrty and have considered cashflow required lo meet bank loan requirements. Ongoing income is sufficient to meet operating costs and all anticlpated expenditure. The trustees are Iherefore of Ihe opinion that the charily can continue lo operale on a going concern basis.
HALTON YMCA LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future perlods The management agreemenl with Changing Lives is due to remain In place untll M8rch 2026, and it is expected that Halton MBC will launch a lender process for supported accommodalion in the area. Over the next 12 months, the truslees will conduct an opllons appraisal to identify opportunities for delivering YMCA'S charilable objecllves in the area. structurè. governance and management The charity is a company limiled by guarantee, incorporated on 31 May 1996. The company was eslablished under a Memorandum of Association which eslablished the objects and powers of the charitable company and is governed under ils Arllcles of Associalion. The trustees. who are also the directors for the purpose of company law, and who setved during the year and up to the date of signature of the financial slalements were: Mrs J Walker (Resigned 31 May 2023) Mr C Chrislou Mr R M Dawson Mr R F Kiikman Mr R Nulty MrA Keenan (Appointed 25 Seplember 2023) The directors of the company are also charity trustees for Ihe purposes of charity law and under the company's Articles are known as members of the Management Committee. Under the requirements of the Memorandum and Articles ofAssocialion the members of the Management Commiltee are elected lo serve for a period of three years after which they must be re-elected at the next Annual General Meeting. Trustees meet a minimum of four limes a year to revlew progress agalnsl strategy, determine approwlate use of charitable resources and assess iisk. New Iruslees are party to an Snduclion programme whlch includes informalion about the YMCA movemert. its history, vision and mission. 11 also includes information on the legal responsibilities of truslees and directors, as set out in the Charity Commission's 'Essenlial Truslee. guidance document and Companies House guldance documents. In so far as Il Is complementary to the charity's objeds, the charily is guided by policies formulaled by Ihe Assoclation. The trustees, report was approved by the Board rustees. Mr R Nulty Truslee Daled: 23 September 2024
HALTON YMCA LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HALTON YMCA LIMITED I reF)Ort to the Irustees on my examination of Ihe financial statements of Hallon YMCA Limited {the charity) for Ihe yeai ended 31 March 2024. Responslbilltles and basls of report As the trustees of the charity (and also its directors for Ihe purpose5 of company law) you are responsible for the preparation of the financial slatements in accordance with the requirements of the Companies Act 201% (the 2006 Act). Having satisfied myself that the financial stalements of the charity are not required to be audited under Part 16 of Ihe 2006 Act and are ellgible lor independent examination. I report in respect of my examination of th8 charily's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Dlrections given by the Charity Commission under section 145(5)Ib) of the 2011 Act. Independent examlnerfs statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed In section 145 of the 2011 Act. I confirm that l am qualified to undertake the examlnation because l am a member of the Institute of Chartered Accountanls in England & Wales. which is one of the listed bodles. I have completed my examinalion. I confirm that no malters have come to my atlention in connection with lh8 examination giving me cause to believe that in any material respect: accounling records were not kept in respect of Ihe charity as required by sectlon 388 of the 2006 Act., or the financial statements do not accord wilh Ihose records; or the financial slalements do not comply with the accounting requirements of section 396 of the 2006 Acl olher than any requirement that the accounts give a Itue and fair vlew which is nol a maller considered as part of an independent examination., or the financial slalemenls have not been prepared In accordance with Ihe methods and princlples of the statement of Recommended Practice for accounting and reporting by charitles applicable to charilies preparlng their accounts In accordance wilh the Financial Reporllng Standard applicable in the UK aiKI Republic of Ireland {FRS 102). I have no concerns and have come across no other m81ters in connection with the examinalion to whlch atlenlion should be drawn in Ihis report In order to enable a proper understandlng of Ihe financial statemenls to be reached. ChLL¥VLO n ft cc£lLLtLkLr¢ LLe . Champlon Accountants LLP Unit 2 Olymplc Court Vvhitehllls Business Park Blackpool Lancashire FY4 5GU Dated,, 23 September 2024
HALTON YMCA LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 2024 202J Notes co Charitable 8clivities Investments 340,439 3,288 351,885 1,000 Total Income 343,727 352,885 Charitable aclivilies 268.864 311,207 Net Income for the yearl Net Incomlng resources 74,863 41.678 Other recognlsed galns and losses Acluarial gainllloss) on defined benefit pension xhemes 38,093 (10,251) Nel movement In funds 112,956 31,427 Fund balances at 1 April 2023 301,133 269,706 Fund balances at 31 March 2024 414,089 301,133 The slalement of financial activilies includes all gains and losses recognised in the year. The slalement of financlal actlvilies includes all gains and losses recognlsed in the year. All Income and expenditure derive from continuing aclivilies. The statement of financial activities also complies wilh the requirements for an Income and expenditure account under the Companies Act 2006.
HALTON YMCA LIMITED COMPANY LIMITED BY GUARANTEE BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Noles Flxed assets Tanglble assels 11 670 457 Current assets Debtors Investmenls Cash al bank and In hand 12 13 6,626 200,000 274,525 30.201 175.000 212,645 481,151 417.846 CredStors: amounts falllng due wlthln one year 14 (14,891) (3,695) Net current assets 466,260 414,151 Total assets less current Ilabllltles 466,930 414.608 Provlslons for Ilabllltles 16 (52,841) (113,475) Net assets excludlng penslon Ilablllty 414,089 301.133 Net assets 414,089 301,133 The funds of the charlly Unrestricted funds 414,089 301,133 414,089 301,133 The company Is entitled to the exemption from the audit requirement contained in seclion 477 of Ihe Companles Act 2006, for the year ended 31 March 2024. The dlreetor acknowledges his responsibilities for comptying with the requirements of Ihe Companles Act 2006 wllh respect to accounting records and Ihe preparalion of financial statemenls. Th8 members have not required the company to obtain an audit of ils financial statements for the year in question in accordance with section 476, Th8se financlal statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime. The financial statements we proved by the trustees on 23 September 2024 Mr R Nulty Trustee Company registration number 3205893 (England and Wales)
HALTON YMCA LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Charlty informatlon Hallon YMCA Limited is a private company limited by guarantee incorporaled in England and Wales. The registered office is Sl Albans Road. Lytham St Annes, Lanca5hlre, FY8 1 XD. 1.1 Accountlng Gonvention The financial statements have been prepared in accordance with Ihe charity's [governing documenll, the Companies Acl 2006, FRS 102 "The Financial Reporting Slandaid applicable in the UK and Republic of Ireland. ('FRS 102.) and the Charities SORP "Accounting and Reporting by Charities= Stalemenl ol Recommended Praclice applicable to charities preparing Iheir accounts in accordance with the Financlal Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102)" (effeclive l January 2019). The charity is a Public Benefit Entity as defined by FRS 102, The charily has taken advantage of the provislons in the SORP for chaiilie8 nol to prepare a Stalement of Cash Flows. The financlal statements are prepared in slerling, which is Ihe funclional currency of the charity. Monetary amounts In these financial slaternents are rounded lo Ihe nearest £. The financlal slatemenls have been prepared under the historical cost convention. The principal accounting policles adopted are sel out below. 1.2 Golng concern At the lime of approving the financial statements, the truslees have a ieasonable expectation that the charity has adequate resources to conlinue in operational existence for Ihe foreseeable fulure. Thus the trustees conlinuo to adopt the going concern basis of accounling in preparing the financial slatemenl5. 1,3 Charltable funds Unreslricled funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to speclfic conditions by donors or grantors as lo how Ihey may be used. The purposes and uses of the reslricted funds are sel out in the notes to the financial 51atemenls, Endowment funds are subject to specific conditions by donors thal the capilal must be maintained by the charily. 1.4 Incomlng resources Income is recognised when the charily is legally enlitled to il after any performance conditions have been met, Ihe amounts can be measured reliably. and it is probable that income will be recelved. Cash donations are recognised on receipl. Other donations are recognised once Ihe chaiity has been notified of the donalion, unless performance conditions require delerral of Ihe amount. Income lax recoverable in relation to donations received urKler Gift Atd or deeds of covenant is recognised at the time of Ihe donation. Legacie5 are recognised on receipt or olherwise if the charity has been notified of an impending dlstfibLJlion, the amount is known, and receipt Is expected. If the amount is not known. the legacy is trealeit as a contingent assel. Gianls are recognised as income when the charity has enlillement lo the funds, any performance conditions attached to the granls have been met, il is probably that Ihe income will be received and Ihe amount can be measured reliably and is nol deferred. Rent receivable under a management contract is recognised when receivable.
HALTON YMCA LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policles (Continued) 1.5 Resources expended Expendiluie Is recognised once there is a legal or construclive obligalion lo transfer economic benefit to a Ihird party. it is probable Ihal a Iransfer of economtc benefits will be required in setllemenl, and the amount ol the obligation can be measured reliably. Expenditure Is classified by activity. The costs of èach aclivily afe made up of the lotal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct cosls attributable to a single aclivily are allocated directly to that activity. Shared costs which contribule to more Ihan one activity and suppori cosls which are not allribulable to a single activity are apportioned behmeen those activities on a basls consistent with Ihe use of resources. Central slaff costs are allocated on Ihe basis of tlme spent, and depreciation charges are allocaled on the portK)n of the asset's use. Expenditure is recognised once there is a legal or constfuclive obligation to make a paymenl lo a third party, It is probable that selllemenl will be required and the amounl of Ihe obligation can be measured reliably. Support costs are those functions that a88isI Ihe vlork of the charity bul do not directly undertake charitable activili8S, Governance costs Include independenl examinatlon fees and certain other expenses that do not relate directly relate to charitable aclivilies. 1.6 Tanglble flxed assets Tangible fixed assels are initially measured at cost and subsequently measured at cost or valualion, nel of depreciatlon and any impairment losses. Depreclatlon Is recognised so as to write off Ihe cost or valuation of assels less their iesSdual values over their useful lives on the following bases: Fixtures and fillings Computers CCTV Fenclng 250A on cost 250kn and 30CA* on cosl 25% on cost 10% and 20% on cost The gain or loss arising on the disposal of an asset is determined as Ihe difference between the sale proceeds and the carrying value ol the asset. and is recognised in the statement of financial aclivilies. 1.7 Impalrment of flxed assets At each reporting end dale, the charity reviews the carrying amounts of its tangible assets to deleimine whether there is any indication that Ihose assets have suffered an impairmenl loss. If any such indkalion exisls, the recoverable amount of Ihe asset is estimated in order to detemiine the extenl of the Impairmenl loss (if any). 1.8 Cash and cash equlvalents Cash and cash equivalents Include cash in hand, deposits held at call with banks. other short-term liquid inveslmenls with original maturities of Ihree months or less, and bank overdrafts. Bank overdrafts ale shown within borrowings in Cuffent liabililies.
HALTON YMCA LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (ContSnued) 1,9 Flnancial instruments The ¢harily has elected to apply the prowsions of Seclion 11 'Bastc Financlal Instruments. and Section 12 'Olher Financial Instruments Issues, of FRS 102 lo all of ils financial instruments. Financial instruments are recognised in the charity's balance sheet when the charlty becomes party lo the contractual provisions of the inslrument. Financial assets and liabilities are offset, with the net amounls presenled in the financial slatemenls, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a nel basis or lo realise the asset and settle the liability simultaneously. Bas1¢ flnancial assels Basic financial assets, which include debtors and cash and bank balances, are inilially measured at Iransaction price including transaction costs and are subsequently carried at amortised cosl Lssing the effective interest melhod unless the arrangement constitutes a financing transaclion, where the Iransaclion is measured at the present value of the future receipts discounled at a market rale of interest. Financial assets classified as receivable within one year are nol amortised. Baslc flnanclal Ilablllties Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless Ihe arrangement conslilules a financlng transaclion, where Ihe debt instrumenl is measured at the present value of the future payments discounted al a market rale of inleresl. Financial liabllilies classified as payable within one year are nol amortised. D8bt instruments are subsequently carried at amorlised cost, uslng the effeclive interest rate melhod. Trade credltors are obligalions to pay for goods or seICeS Ihal have been acquired in the oidlnary course of operations from suppliers. Amounls payable are classified as current liabilities if payment Is due within one year or less. If not, Ihey are presenled as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cosl using Ihe effective inleresl melhod. Derecognltlon ol financial liabllltles Financial liabililles are derecognised when the charity's contractual obligatlons expire or are dlscharged or cancelled. 1.10 Employee beneflts The cost of any unused holiday entitlemenl is recognised in the perlod in which the employee's services are received. Termination benefits are iecognised Immediately as an expense when the charity is demonstrably commilled to teiminate Ihe employment of an employee or to provide termination benefits. 1.11 Retlrement beneflts Hallon YMCA Limited participated in a multi-employer defined benefit pension plan for employees of YMCAS in England, Scotland and Wales. which was closed lo new members and accruals on 30 April 2007. Due to insufficient information. the plan's acluary has advised Ihal il is not possible to separately identify the assels and liabilities relaling to Hallon YMCA Limited. As described in note 17, Halton YMCA Limited has a contractual obligation to make pension deficil paymenls of £18,001 p.a. over the period to April 2027 (2023 = £22.541 p.a. to April 2029), and accordingly this is shown as a liability in these accounts. Halton YMCA Limited is required to conlribute £5,737 p.a. (2023.. £5,323 p.a.) lo the operating expenses of the pension plan and these costs are charged lo the Statement of Financial Activities as made.
HALTON YMCA LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from charitable actlvltles Houslng support 2024 Houslng support 2023 Chaiilable renlal income 340,439 351,885 Income from Investments Unrestrlcted Unrestrlcted funds funds 2024 2023 Interest receivable 3,288 1,000 Descrlptlon of charllable actlvltles Provision of accommodalion and support to vulnerable homeless people. Support cosls allocated to actlvltles Support costs 2024 Total 2023 Administration charges Governance 26,990 7,497 25,385 7,732 2024 2023 Governance costs comprlse: Legal and professlonal Accounlancy other costs Pension plan expenses 102 2,342 431 4.857 1,850 332 5,315 7,497 7,732 Comparalive figures have been amended to reallocate renl charges out of support costs admlnislrative charges to direct expenditure on charilable activiltes.
HALTON YMCA LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net movement In funds 2024 2023 The net movement in funds is stated after chargingl{crediting)= Depreclatlon of owned tangible fixed assets 383 234 Trustees None of the trustees (or any persons connected with Ihem) received any remuneration or benefits from Ihe charily during the year. Charltable actlvltles 2024 2023 Staff costs Depreciation and impairment Rent Repairs & maintenance Insurance Motor & travel Telephone Other office costs Sundry expenses Tralnlng 14,988 383 145,804 69,004 2,828 114 164 937 13,208 234 129,414 130,524 2.096 219 246 2,018 145 130 234.377 278,090 Share of support costs (see nole 5) Share of governance cosls {see note 5) 26,990 7,497 25,385 7.732 268,864 311,207 Analysls by fund Unrestricted funds 268.864 268.864 For the year ended 31 March 2023 UnrestrScled funds 311,207 311,207 10-
HALTON YMCA LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employee5 The average monthly number of employees during the ye8r was: 2024 Number 2023 Number Number of staff Employment costs 2024 2023 Wages and salaries 14,988 13,208 There were no employees whose annual remuneralion was more Ihan £60,000, There were no key management personnel during the year. 10 Taxatlon The charily is exempt from laxalion on its activities because all ils income is applied for charitable purposes. 11 Tanglble flxed assets Flx(ures and littSng5 Compuiers CCTV Fonclng Total Cost At 1 April 2023 Addilions 30,166 596 86,186 77.068 8.321 201.739 596 At 31 March 2024 30.762 86.186 77,066 8,321 202,335 Depreclallon and Impalrment At 1 April 2023 Depreciation tharged in the year 29,709 383 86,186 77,066 8,321 201,282 383 At 31 March 2024 30,092 86,186 77.066 8,321 201,665 Carrylng amount At 31 March 2024 670 670 At 31 March 2023 457 457 11
HALTON YMCA LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Debtors 2024 2023 Amounts falllng due wlthln one year: Trade debtors other debtors Prepayments and accrued income 3,233 1,064 2,329 27,615 349 2,237 6,626 30.201 13 Current asset Investments 2024 2023 Loans 200,000 175,000 Loans are lo relaled parties as delalled in note 18. 14 Credltors: amounts falllng due wlthin one year 2024 2023 Trade crediloTS Accruals and deferred income 12,591 2,300 3,695 14,891 3,695 15 Provlslons for Ilabllllles 2024 2023 Notes Retirement benefit obligations 17 52.841 113,475 52,841 113,475 16 Unr8Str5cted funds The unrestricted funds of the charily comprise the unexpended balances of donations and grants which are not subject to specific condilions by donors and grantors as to how they may be used. These includ8 designated funds whlch have been sel aside out of unrestricted funds by the trustees foi specific purposes. At 1 Aprll 2023 Incomlng resources Resources At 31 March expended 2024 General funds 301,133 343.727 {230,771) 414,089 12-
HALTON YMCA LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Unrestrlcted funds (Contlnuedl Previous year: At 1 Aprll 2022 Incoming resources Resources At 31 March expended 2023 General funds 269.706 352.885 (321,458) 301,133 17 Retlrement beneflt schemes The charity operates a defined contribulion pension scheme for all qualifying employe85. The assets of the scheme are held separately from those of the charity in an independenlly administered lund. No conlributions were payable during Ihe yeai. Deflned beneflt schemes Halton YMCA Limited particlpaled In a conlribulory penslon plan providlng defined benefits based on fin81 pensionable pay for employees in YMCAS in England, Scotland and Wales. The assets of the YMCA Pension Plan are held separately from those of Hallon YMCA Limited and al the year end Ihese were invested in the Mercer Dynamic De-risklng Solulion. 650A matching portfolio and 35% in the growth portfolio and Schroder (property unlts only). Valu81ion The most recent completed three year valualion was as a11 May 2023. The assumptions used whlch have the most significant effect on the results of Ihe valuation are those relaling to the assumed rates of relurn on assets of 4.56%, the increase in pensions in payment of 3.18Yo (for RPI capped al 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 male pensioners, female 25.7 years. reliring in 20 years time. The resull ol Ihe valualion showed Ihat the actuarial value of the assets was £103.1 m, which represenls 920/0 of thé benefits that had accrued to membeTS. The pension plan was closed lo new members and fulure seice accrual with effecl 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 valuatlon prepared 8t 1 May 2023 showed Ihat Ihe YMCA Pension Plan had a total deficit of £9.1 milllon and Hallon YMCA LSmited has been advised that il will need lo make monthly contributions of £1500 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 5.30kn (2023.. 30A). The Cufient recovery period is 3 years commencing 1 May 2024. 2024 2023 Repayable.. Wlhin one year 2-5years Afier 5 years 18,001 37,502 22,541 78,894 12,040 Tolal due 55,503 113,475 13-
HALTON YMCA LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Retlrement benefit schemes Icontinued) In addition, Halton YMCA Limited may over tlme have liabilities in the event of non-payment by other participaling YMCAS of their share of the pension plan deficit. It is not possible lo currently quantify the potential amount Ihal City of Bradford YMCA maybe called upon to pay in the future. 18 Related party transacllons Remunerat5on of key management personnel There were no key management personnel during the year. Al the balance sheet date Hallon YMCA was owed loan monies from Blackburn YMCA of £175,000 whlch is interest free. unsecured and repayable on demand. Hallon YMCA was also owed loan monles from Bolton YMCA of £25,000, which is a subsldiary of Blackburn YMCA. The enlilies are connected by virtue of a common director. 14-