Company registratlon number. 03426094 Charity registratlon number: 1066919 Plymouth Young Men's Christian Association (A company Ilmited by guarantee) Annual Report and Financlal Statements for the Year Ended 31 March 2024 WESTCOTTS CHARTEftID ACCOUNTANTI OVSINISS ADVISEAS
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023 Reference and Administrative Details 2to3 Trustees, Report 4t013 Independent Auditors, Report 14to17 Statement of Financial Activities 18 statement of Financial Position 19 statement of Cash Flows 20 Notes to the Flnancial Statements 21 to40
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Our Inipact The aphiC below outlin&s a few af our key impact siatisti(3 frurn the last yw Sert 2022123. 12-M¢nihs Jl YMCA Plym¢x¢ih I Sepl 1022- 2O2J We've 5UPPOrted 18,000 people In Plymouth IO0+ hours ol Pie• trfv 6 (ilvlllts htlplrTrg eldeily people 04rtof lonellnoss &1solotlon 20-30% 819 ur• •xp•cton¢y inipiovon)p.nt loi people uslng Quf ¢ordia r•hab Mnrl¢• fv•o youth club (Mf 500 p•opl• spaces & meals benefited from our plovlded to mentol health support di%iiLlw(J':iuiJfrd ygury peDp 1,652 rneals offnot&v donoted 10 Iypl Inrnllleq md 5,400 If l?-rul..trJ>l7 prov5dtd to vuln•iabl• youry yopl• 200+ I,OOO+ hours of youth mentorln9 9lven, wlth 100 % progr•s$ion to posltlve de$tlnatlon5 vuln•rabl• younq p•op rnyaged throu •du¢oilon. Émploym•f•t ortrolnlng plates fDi thlldr•tt wlth dlsab1l1as 600 trees planted & $ensory needs In our local communlty I,OOO+ 98 fre.p "- j i.Trf.Itbai ' coaching thl session5 delivered JTrkn Page 1
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Chairnian Victor Hibb8rt Chlef Executive Offlcer Tom Lavis Trustèos Astra Bassett (Appolnted 2610612023) John Barton Coates (Appointed 0411212023) Victor Hibbert Helan Mary Hart David Tylherlelgh (Appointed 2610612023) Tom Buttrlss (Reslgned 0610712023) Arash Dlnarl Graeme Charles Catllng Annelte Marie Stone Dean Anthony Bennett Jo Greenwood Jeremy Robert Sleet Rev Lawrenc8 Braschi Secretary Marla Stella Azzop8rdi Charlty Reglstratlon Number 1066919 Company Raglstratlon Numbor 03426094 Registered Offlce Honicknowte Lane Plymouth Devon PL5 3NG Audltor Westcotts (SW) LLP Plym House 3 Longbridge Road Plyrnouth Marsh Mills Devon PL6 8LT Sollcltors: Wolferstans 60-66 North Hlll Plymouth Devon PL4 8EP Page 2
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Bankers HSBC Bank PIC 4 Old Town Street Clty Centre Plymouth PL1 1DD Page 3
PLYMOUTH YOUNG MEN'S CHRIsTN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (contlnued) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees. who are directors for the purposes of cornpany law. present the annual report together with the financial statements and auditors. report of Ihe charitable company for the year ended 31 March 2024. The financial statements have been prepared in accordanGe with the accounting policies set out in note 1 to the accounts and comply with the Charitys Memorandum and ArtiGles of Association. the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice appllcable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published effective 1 January 2019. YMCA Plymouth 'Vlslon & Mlsslon, & Stratoglc Alms Our vlslon To be a leading educallon. health and families charity in our community, that enables all people to belong, contribute and Ihrive. Our Ml8slon To deliver professional and personable servlces that support young people and our communltys education, health and family needs. Strategic Aims Training & Education 'We belleve every young person should be able to fulfil their potential, Health & Wellbeing 'We believe everyone should enjoy the benefits of good health and wellbeing, Famlly & Youth Work 'We believe every family should have the support to lead more fijlfilling lives, Our values are: Welcomlng - We offer people space they need to feel Secure. respected, heard and valued Empowering - We insplre each parson we meet to realise thelr own strengths and reach their full potential in all they do Inclusiveness - We ensure that everyone regardless of their ability, age, ethnicity, gender, religion, sexual orientation or SOGlO-economic background has the opportunty to belong, contribute and thrive. Serving - We are comrnitted to the wellbeing of the communities we Serve and believe in the positive benefit of participation. locally and in the wider world Page 4
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Background YMCA Plymouth has been providing opportunities for young people since 1848. It is affilialed to YMCA England & Wales and is part of a wider Intemational Movement with 45 million members operating in more than 125 countries. It is a charity and company limited by guaranlee that is govemed by a voluntary Board of Trustees. The Board of Trustees determine the vision and direction of the Association. YMCA Plymouth is a sustsinable charity which balances the need to generate income whilst achieving its social impact. Publlc Beneflt The Charity's Trustees have complled wlth thelr duty In Section 4 of the Charities Act 2011 to have due regard to Public Benefit guidance issued by the Charity Commission. The Trustees do not receive any private benefit from the Charity. Executlve Summary YMCA Plymouth offer a wide range of services across facilities. We operate from our main centre, based in Honicknowle Plymouth, as well as from a community hub in Torpoint, Cornwall. Our mlssion is to deliver professional and personable services Ihat support young peopla and our community, focusing on our 3 strategic prioritles: YMCA Plymouth are an inclusive charity that aims to reach out to 811 people, inspiring them to develop in mind, body & spirit. We do this by supporting young people and the wider community with a diverse range of Commercial and Charitable sarvices including: Vocational Education Training Community Gyms • Fitness Classes Grass root Sports & AGtlvitles Disability Sports & Activities Holiday Club provision Cardiac Rehabilitation Targeted Youth Work Crisis Support Affordable Facility Hire Family Activities Social Prescription Activities Community garden providing food for famllles In crlsls NEET Engagement & Employability Programmes YMCA Plymouth strives to be a sustainable charity which balances the need to generate income whlle achieving our social impact. In delivering our work we have adopted a Social Enterprlse Model where every penny generated through our activities is reinvested in our business (For more info see page 6 -'Business Model.). Our social enterprise activities h81p sustain our organisation, whilst maximising the social benefits and ch8ritable work on offer to our community. YMCA Plymouth's revenue is further supported by a combination of grants and funding streams which allow us to develop, promote and deliver innovative new programmes to invest in our people. regardless of age, sex, social economic backgrounds etc. Page 5
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT {contlnued) FOR THE YEAR ENDED 31 MARCH 2024 Since COVID-19. YMCA Plymouth has continued to make improvements in our annual sales and funding projections by continuing to secure numerous partnership contracts with the local authority, commercial stakeholders, other charities, schools and Ihe ESF, focusing our expertise on Heatth & Wellbeing. Youth & Families and Education markets, plus wisely reinvesting in our offerings. alongside good financial management. These efforts maintain our long-temi sustainability, whilst allowing us to plan forthe future. For example we have: • Launched the 'Plymouth Youth Awards,, YMCA'S largest sponsored event, recognlslng the amazing achievements and resilience of the young people in our city Through our new gym facilities increased membership from 370 to 700+ Increased usage of our immersive spin studio by 57'h Launched the Ocean City Soft Play facility s8rving 210 f8mili6s p8r week (on average) Fully refurblshed our outdoor court wlth Astro4urf, LED floodlights and re-bound board8 to offer a low cost activity facility to the community Installed 56Kw solar PV system. reducing our ongoing costs and helping to protect the envlronm8nt Increased fundraising through encouraging local businesses to fund through materials and labour thus reducing our costs Launched a 'Provide to Plymouth. scheme where businesses contribute to the charity on an ongoing basis Designed and launched 'Launchpad Llve, where over 2200 school children attend an independent careers event with the support of numerous local businesses present Refurblshed I modemised Sports hall 1, with new floorlng, LED lighting and paint8d walls. Planted over 600+ trees to create a micro-forgst and reading area, benefiting our users with claaner air, noise reduction and overall benefits to their health & wellbeing. Delivered the citys largest mentoring programme. enabling young people the opportunity to receive support from some of the most recognisable business leaders in the city. Delivered the first city-wide 'Women in STEM, event, empowering young ladies to immerse themselves in Science, technology, engineering and maths careers. Additionally, YMCA Plymouth has continually improved lis marketing strategy. particularly with regards to social media platforms, with targetad advertising and promotional campaigns aim8d at increasing our membership, student numbers and club bookings and our numerous other acttvities. Pag8 6
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 YMCA Plymouth Is sultably slructured wlth expertlse in both Govemance and Management. ensurlng ¥ve meet our alm that every penny ralsed Is wlsely Invested back Into our enteTptlse and charltable actlvities. All programmes are scrutlnlsed monthly by the Leadershlp Team for success. affordablllty and purpose. Subsequent informatlon is cascaded to the Board of Trustees. where future dlrectlon can be discussed, mapped out and suitably resourced, providing a cyclical process of 'review-and-do', for the benefits of our members in our community. Buslness Overvlew & Structure YMCA Plymouth is an Independent registered charfty affillated to the Natlonal Coundl of YMCAS In England & Wales. Our affiliation to YMCA England & Wales enables us to be part of a large network of YMCAS In order to share resources, leam from best practice, be part of the national brand and coordlnate wlth n8tlonal campaigns advocatlng for young people. Whllst being part of this federation we rem8ln autonomous as a charlty, enabllng us to shape our provislon independently to address local needs. Buslness Model Our charlty business model Is dlvided between what we term 'charltable work" and 'community piovlslon". Whlle there Is much overlap between both areas, we broadty define our servlces wlthln these categorSes based on the followlng criteria: 1. Whether the servlce generates surplus 2. How targeted or vulnerable the beneficiaries are 3. How spedfic the social outcomes are to those Indmduals Through this framework, the surplus generatlng provlslon follows a typical social enterprlse model, making a social Impact whlle generating surplus to both reinvest in the servlces themselves and support our charitable servlces. As 8 charity this makes us less dependent on grants and donatlons whllst broadening our soc181 Impact at the same Ilme. B•nondarf ndlNJ 01sob4lty ¥paii SxklllldUWor¢ In•11* 6 Yar90104 TottyQLfv)Y¢uih Woth . r0c&M% Swii Crhb5uppo Sotw yen• cmdwry Communiry Piovlsion -CvmmuiirfyFrtnoty yipIu¥ oerate locrACornmunlly Ho1ld(yYLttsCiUb$ s114& OVPWiiini¢l Ipwrt poimli Soc501 Entorprtse Page 7
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (contlnuad) FOR THE YEAR ENDED 31 MARCH 2024 Social Impact YMCA Plymouth's work reaches over 20.000 people each year. Through our work areas of education, health and families. we make 8 posltive impad on people's lives In a multitude of ways" from Improved wellbeing to gaining skills for life. lo feeling a sense of belonging In their communlty. YMCA Plyrnouth operates In and near local areas with partlcularly hlgh levels of deprlvation. indudlng areas within the 4-10% most deprived In England. Over 70% of YMCA Plymouth's seIce users corne from areas withln medium-hlgh levels of deprfvatlon. Our impact is measured though a mixture of quantitate, and qualitatlve data gathered through surveys, data from our EZ Faclllty system, and measures particular to work areas. such as College achievement rates and cardlac patient health checks. Envlronmental Impact YMCA Plymouth recognlses it has a soclal responslblllty to contrlbut8 to the green agenda and has invested In environmental projects that whilst beneflt the organisation In costs savlngs are also of benefit to the wlder 'green Inltiative,. Complete Yn¢A I M•r• for you9 P••P lor¢omfflunltl•s Il•r• lor yots rDrnpkle Complete Zero waste to landfill More Insulatlon Bulldlng a gr•4n•r YMCA for our communlty Electric car ' charglng polnts Ihql Solar Panels MSfaUodorpM rom wrt%hyA LED Lights E-bike Hub [lryIl Miyawaki Forest f uture Net Zero STANDARD BENCHfvIARK CERTIFIED Offidjilyewthlodco F•0tprfntsotllWa¢an measreadéllr Ctywere pwtoN•tZw Community Garden & Greenl Tourism kQiiz 21Yw•sniod d4oFfnai& 9 vaii159liii¥n farf0ml1lnnOtrd Fruit Orchard Page 8
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMrrED BY GUARANTEE) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Publlc Beneflt The Trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wal88. The Charit5ls Trustees have mplied with th8ir duty in Section 4 of the Charities Act 2011 to hav8 due regard to Public Benefit guidance issued by the Charity Commission. The Trustees do not re1ve any private benefit from the Charity. Going concern The Trustees have a reasonable expeclatlon that the organlsatlon, wlth Its flrmly embedded leadership structure, has adequate resources to continue in operational existence for th8 foreseeable future. For thls reason, they continue to adopt the going concem basis in pr8paring the financial statements. Further detalls regarding the adoptlon of the golng conc8rn basls can b8 found In the Accounting Policies. Flnancial review During the year the charity received incoming resources of £1,628,774 (2023: £2.453,956) and had total expenditure of £1,663,632 (2023: £1,689,821), with income mostly reducing due to a legacy of c£920k received in the prior period. Overall net expenditure was £34,934 (2023: net Income of £763,979). The total reserves of the charity at 31 March 2024 were £2,538,271 (2023: £2,573,205). Unrestricted reserve5 at 31 March 2024 were in a deficit of £51,818 (2023: Surplus of £168,589), with this decrease being largely due to assets of value £184,828 which were transferred from unrestricted funds lo the endowment fund. The Irustees have prepared budgets and cash flow forecasts to the end of December 2025, based on prudent assumptions and possible altemative alternative scenarios. The Trustees recognise that the charity will requlre the contlnued support of the bank In the form of an overdraft facility at stages during this tlme and there is no evidence of breaching thls facility. Resèrvès Policy The reserves policy is reviewed annually by the Board of Trustees. The policy seeks to achieve fiscal stability by the continual strengthening of the chariws reserves. This is necessarily a relatively slow process, given the sector in which YMCA Plyrnouth operates, the nature of the services provided. the funding structuro of the projects undertaken and the increasingly difficult financial climate. A policy of full cost recovery is applied to all contracts wherever possible. Despite the difficult economic climate, YMCA Plymouth has contlnued to malntaln all Its exlstlng contracts. We are aiming to achieve 2-months of running costs (excluding depreciation) as a reserve, in the 1 st instsnce our priority over the next two years is to accrue at least £100,000 in free reserves. The Board has established an expectation that. apart from development services, every project or service must go into a new financial year with a balanced budget. Page 9
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and managemant Constitution Plymouth YMCA Limited is a company limited by guarantee govemed by its Memorandum of Association dated 23 June 2009 and Artides of Association dated 26 December 2019. It is registered as a charity with the Charity Commission. Recruitment and appointment of Trustees Appolntment of Trustoes The Board of Truslees, who are also Directors, consists of such number of individuals elected from amongst the Full Members at the AGM as required to ensure that, followlng the AGM, the total number of Directors will comprise a minimum of six and a maxlmum of fourteen. Directors are appointed for a period of three years, which may be renewed twice, by vote at the AGM. A Director who Is retiring from oifiLe after three temis of three years shall nol be eligible for re-election until period of Iwelve months has expired since they were a Director. The Board has the power to COwOPt new Trustees between AGM meetings as they consider appropriate. Appolntment of Chalrman and Vlce Chairman The Chairman and Vice Chairman are elected by the Board and the Board decide the p8riod during which the Chairman and Vice Chairman are each to hold office. An individual may only hold office as Chairman or Vice Chainnan so long as helshe is a Director and shall not be eligible for re-election by the Board as Chairman and Vice Chairman if helshe has already served for consecutive three-year lerms of office as Chairman and Vice Chaiman unless a period of tWee months has expired since helshe was Chairman or Vice Chaimian. The current Chairman was appointed at the board meeting held in April 2022. Inductlon and tralnlng of Trustees Prospective Trustees are given a detailed introduction to YMCA Plymouth. the role, structure and governance of the Association. The candidate is given guldance on Ihe responsibilities of a Trustee as defined in the YMCA'S Board of Trustees Handbook. New Trustees are co-opled until the following AGM, when they can stand for election to the full Board. Co-opted Trustees have full voting rights, but their appointment must be ratified at the next AGM. Training for the Board takes many forms which include an induction process and the provision of regular reports and literature. Trustees can also obtain 'hands on, experience by working with the YMCA and where possible Trustees are linked with a p8rt of the business to support managers with their knowledge and experience. Organisatlonal structure The Board of Trustees overall responsibility is setting the strategic direction of the Association and establishing policy. The day-to-day management of the YMCA is delegated to the Chief Executive Officer. who is responsible to the Board of Trustees. Communication is maintained via regular Board, Leadership Team & Departmental meetings, with full staff meetings also being held. Additionally, the CEO & Board Chair meet weekly. Page 10
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (contlnued) FOR THE YEAR ENDED 31 MARCH 2024 frJt•f ExKuNv• YMCA Plymouth contlnually demonstrates a proactive response to sustalnablllty challenges. Wlth traditlonal fundlng sources continulng to be cut. combined with Increased forced rlses In expenditure due to government leglslatlon, YMCA Plymouth staff are committed to generate income streams that are more sustalnable In the long term, thus making the Association less reliant on short term contracts and short-term grant fundlng. Grants are still very important to pursue but should be based on enhancing the programme rather than supporting non-sustainable delivery. These are difficult times for many charities, but especially those working with young people. YMCA Plymouth Ss determined to ensure that it safeguards its future by creating new areas of growth to ensure longer term sustainabillty. Rlsk Management The Board of Trustees Is responslble for the organisatlon's systerns of Internal control, includSng risk management. The Chief Executive Officer Ss the accountable officer and is responsible for the management of systems for internal control and the Implementation of pollcies set by the Board. The Flnance Sub Commlttee of the Board monitors and scrutinises the budget and accounting practice. YMCA Plymouth Business Plan determines the strategic direction of the organisation. Operations and day-to4ay management are determined by financial regulations. and internal controls are supervised by the Chief Executlve Officer. with support from the Finance Director. We continue to monitor our risk management framework and follow the guidance of the CharSty Commission °Charities and risk management CC26' to ensure that we comprehensively capture risk across a range of categories. The Finance Sub Committee has overslght of our financial risks, review them regularly and report back to every full Board meeting. Manage risks, costs and resources to deliver our strategy o Maintain a 'risk-registerf outlining the key financial risks to the business o Maintain an up-to-date business Gontinuty plan o Ensure a thorough and robust budgetary process is followed and approved by the Board of Trustees o Ensure a sultable reviewing process by Leadership Team and finance subcommittee Page11
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (contlnuod) FOR THE YEAR ENDED 31 MARCH 2024 Develop new commercial and sustslnable sources of income o Continue the ongolng redevelopment program at Honicknowle slte o Develop and invest In new opportunities. ensuring Ihey are viable and sustainable o Ensure any new commercial ventures are suitsbly resourced and promoted through a planned approach to marketing Infomiation on fundraising practlce The Trustee5 are committed to follow the Charity Commlsslon CC20 guidance to make sure YMCA Plymouth meets the standards In the code of Fundraising Practice and complles with the law. Dlsclosure of Informatlon to Audltorg Each trustee has tsken steps that they ought lo have taken as a trustee in order to make themselves aware of any relevant audit information and to establish Ihat the charity's audltor Is aware of that infonnation. The trustees confim that there Is no relevant Information that they know of and of which they know the auditor Is unaware. Our Charlty Patrons Organisations who kindly support our work wlth contributions or regular donations: rJwe IKKIER Tr.iii We#• I.K*Ko(k A4AZITS Page 12
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Our Charlty Partners Key organisations and partners we work wlth: FIOLICE Ciri e" course PLYMOLITH The ymouth resonance arter DEVON S PLYMOUTH CHAMBER POST%% I 7 I NHS IL ITALIA CONTI ASSOCIA7ES .1 ¢¢YI.. POP+ H EIIIOpTr LesfdiLL• -+1 trevi wkn14e b¥il 5TANOAID iifiz(111 CQM MVNITY TRUSY The annual report was approved by the trustees of the charlty on 7 behalf by.. and signed on Its Victor Hibbert Chairman and trustee Page 13
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Independent Audltor's Report to the Members of Plymouth Young Men's Christian Association Oplnlon We have audited the financial statements of Plymouth Young Men's Christian Association (the 'charity') for the year ended 31 March 2024. which comprise the Statement of Financial Activities. Statement of Financial Position, Statement of Cash Flows, 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 United Kingdom Accounting Standards. comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: glve a true and fair view of the state of the charitrfs affalrs as at 31 March 2024 and of Its Incoming resources and application of resources, including its income and expenditure, for th8 year then ended; have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared In accordance with the requirements of the Companles Act 2(106 and the Charities SORP. Basls for oplnlon 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 responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirernents 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 rolatlng to golng concem In auditing the financial statements, we have concluded that the trustees use of the going concern basls 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 charity's abilty to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for Issu8. Our responsibilitles and the responsibilities of the trustees with respect to golng concern are described in the relevant sections of this report. Other Informatlon The trustees are responsible for the other information. The other information comprises the information included in the annual pOrt, other than the financial statements and our auditof s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly ststed in our report, we do not express any form of assurance conclusion thereon. Page 14
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Independent Auditor's Report to the Members of Plymouth Young Men's Christian Association 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, w8 are required to report that fact. We have nothing to report in this regard. Oplnion on othèr matter prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audlt., the information given in the trustees, report and for the financi81 for whlch the financlal statements are prepared is consistent with the flnancial statements; and the trustees, report has been prapared in accordance wlth applicable leg81 requiremants. Matters on whlch we are required to report by exception In the light of our knowledge and understanding of the charlty and its environment obtained in the course of the audit, W8 have not Identified material misstatements in the Trustees, Report. We have nothlng to report In respect of the following matters where the Companies Act 2006 requires us to report to you If, In our oplnlon". adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us; or the financial statements are nol in agreement with the accounting records and returns; or certain disclosures of trustees remuneration specified by law are not made: or we have not received all the information and explanations we require for our audit. Responslblllti88 of the tru8teeg As explalned more fully In the trustee's responslbllltles statement, the trustee (who Ss also the director for the purposes of company law) is responsible for th6 preparation of the financial statements and for being satisfiad that they give a true and fair view, and for such Internal control as the trustee determinas is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparlng the financlal statements, the truslees are responslble for assesslng the charity's ability to continue as a going concern, dlsclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees elther intend to Ilquidate the charlty or to cease operats'ons, or hav8 no realistic alternative but to do so. Auditor rnsponslbllities for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether thg financial stataments as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs 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 tak8n on the basis of these financial statements. Page 15
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMrrED BY GUARANTEE) Independent AuditoVs Report to the Members of Plymouth Young Men's Christian Association Irregularities. including fraud, are instances of non-compliance wilh laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respecl of irregularities. including fraud. The extenl lo which our procedures are capable of detecting irregularities. including fraud is detailed below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial stat8ments from our general commercial and sector experience and through discussion with the directors and other management. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throughout the audit. The charity and group are subject to laws and regulations that govem Ihe preparation of the fin8nclal statements, including financial reporting legislatlon, and other charity legislation. The charity is also sub]ect to other laws and regulations where the consequences of non-compliance could have a material impact on Ihe amounts or disclosures within th8 financial statements, including employment, 8nti4)ribery, antl-money launderlng and certain aspects of charities legislation. Owlng to the Inherent Ilmitations of an audit. there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. even though we have properly planned and performed our audit in accordance with auditing standard5. In any audit. there remains a higher risk of non-detection of irregularities. a5 these may involve collusion, forgery, intentional omissions, misrepresentations, or the oveIde of intemal controls. We are not responsible for pr8venting non-compliance and cannot be expected to detect non compliance with all laws and regulations. As part of an audit in accordance with ISAS (UKI, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material mlsstatement of the financial stat8ments, whether due to fraud or error, design and perform audit procedures rasponsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. Tha risk of not detecting a material misststement resulting from fraud is hlgher than for one resulting from error, as fraud may involve colluslon, forgery, intentional omissions, mlsrepresentstions, or the override of internal control. ty Obtsin an understanding of intamal control relevant to the audit In order to dèsign audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an oplnion on the eff8ctiveness of the internal control. Evaluate the approprlateness of accountlng policles used and the reasonableness of accounting estimates and related dlsclosures made by the trustee. Conclude on the appropriateness of th6 trustee's use of the golng concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitls ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial ststements or. if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our auditorfs report. H¢)wever, future events or conditions may cause the charity to ceas8 to continue as a going concern. Page 16
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Independent Audltor's Report to the Members of Plymouth Young Men's Christian Association Evaluate the overall presentation, structure and content of the financial statements. including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding. among other matters, the planned scope and timing of th8 audit and significant audit findings, induding any significant deficiencies in intemal control that we identify during our audit. Use of our report This report is made solely to the charltable companvs trustees, as a body, In accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charlty's trustees those matters we are requlred to state to them In an audltorfs 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 charitsble company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed. Adam Croney ACA (Senior Statutory Auditor> For and on behalf of Westcotts (SW) LLP, Chartered accountants & statutory auditor Plym House 3 Longbridge Road Plymouth Marsh Mills Devon PL6 8LT Page 17
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) statement of Financial Actlvities for the Year Endad 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrlcted Restricted Endowment funds funds funds Total 2024 Total 2023 Note Income and Endowmènts from: Donations and legacles other trading activities Investment income 43,322 1,564,347 1.255 19.850 63.172 1,564.347 1,255 1,088,914 1,364,770 272 Total income 1,608,924 19,850 1.628.774 2,453,956 Expenditure on: Raising funds Charitsble activities (16,715) 1,629,012 (16.715) 1,648,217 (16,242) 1673 579 2.841 Total expenditurg Gainsl(losses) on investment assets (1,645,727) 53.636 (72,841) (1.664,932) (1.689,821) 76 76 156 Net (expenditure)lincome Transfers beeen funds (36,879) 73,486 (72,841) (36,234) 763,979 184,828 185,960 Net movement in fvnds (221,707) 72,354 113,119 {36,234) 763,979 Reconclllatlon of funds Total funds broughl forward 133,691 168 589 2.538,307 2,573,205 1,809,226 Total funds carried forward 53,118 61,337 24 2,651,426 2,536,971 2.573,205 The notes on pages 21 to 40 fomi an integr81 part of these financial statements. Page 18
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) (Registration number: 03426094) Statement of Financial Position as at 31 March 2024 2024 2023 Not• Flxed assets Tangible assets Investments 15 16 2,992,209 4,077 3,066,774 4,153 2,996,286 3,070,927 Current assets Stocks Debtors Cash at bank and in hand 17 18 19 500 98,944 68,995 168,439 500 50,339 25,476 76,315 Credltors: Amounts falllng du8 wlthin one year 20 434,653 255,143 Nat currant Ilabllltlas 266,214 178.828 Total assots less current Ilabllltles 2,730,072 2,892,099 Credltors: Amounts falllng due after more than one year 21 193,101 318,894 Net assets 2,536,971 2,573,205 Funds of the charlty: Endowment funds Restricted funds Unrestricted funds 2,651,426 (61,337) 53,118 2,538,307 {133,691 } 168,589 Total funds 24 2,536,971 2,573,205 The financi I ststements on pages 18 to 40 were approved by the trustees, and authorls8d for issue and signed on their behalf by: Victor Hibbert Chairman and trustee The notes on pages 21 to 40 fomi an integral part of these financial statemants. Page 19
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Nota Cash flows from operating actlvltles Net cash (expendlture)lincome Adjustrnents to cash flows from non4ash items Dgpr8¢iation of tangible fixed assets Investment income Interest income (36,234) 763,707 15 185,398 76 1,255 169,740 156 147,985 933,603 Worklng capltal adjustments Decrease in stocks (Increase)Idecrease In debtors Decrease in creditors Increasel(decrease) in accruals and deferred incom8 N8t cash flows from op8rating 8Ctlvitles Cash flows from investlng activltles Interest recelvable and similar income Purchase of tanglble assets Net cash flows from inv8Sting activities 17 18 20, 21 20 250 23,499 (300,757) 20,672 (48,605) (103,844) 98.209 93.745 635,923 1,255 110,833 272 343,829 15 109,578 343.557 Cash flows from financlng activities Repayment of loan5 and borrowings Proceeds from other borrowings durlng the period Payments of finance lease liabilities Net cash flows from financing activities Net (decrease)lincrease in cash and cash equivalents Cash and cash equivalents at 1 April Cash and cash equivalents at 31 March (12,639) 45,000 (44,0891 11,728 1125,626) (56,518 182.144 (27,581) 15,171 110.222 95,051 19 12,390 15,171 The notes on pages 21 to 40 fomi an integral part of these financial statements. Page 20
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements for the Year Ended 31 March 2024 1 Charlty status The charity is a public benefit entrty and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Finance Department, Honicknowle Lane. Plymouth. Devon, PL5 3NG. 2 Accounting policies Summary of significant accountlng pollcles and key accountlng estlmates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless OtheISe stst8d. Statement of compllance These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. Basls of preparation Plymouth Young Men's Christian Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Golng concern The trustees consider that the a no material uncertainties about the charitys ability to continue as a going concem nor any signiflc8nt areas of uncertalnty that affect tha carrylng value of assets held by the charity. Fund accountlng The Endowment Fund represents the net t)ook value of the Kitto Centre. the Charitys main operational premises, except for additions to the property made out of restricted funds. An annual transfer is made of any unrestricted additions made to the property each into the endowment fund. Page 21
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements for the Year Ended 31 March 2024 Incomlng resources All incoming resource5 are included in the statement of financial activities when entitlement has passed to the charity,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of incom8: income from donations or grants is recognised when there is evidence of entitlem8nt to the gift, receipt is probable and its amount can be measured reliably. legacy Income is recognlsed when receipt Is probable and entitlement is established. income from donated goods Is measured at the falr value of the goods unless this is Impractical to rneasure reliably. in which Case the value is derived from the cost to the donor or the estirnated resale value. Donated facllltles and servlces are recognlsed In the accounts when received If the value can be reliably measured. No amounts are included for the contribution of general volunteers. Incom8 from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Government grants are recognised at Ihe fair value of the asset received or receivable, Grants are not recognised until there is reasonable assurance Ihat the charity will comply with the conditions attaching to them and the grants will be received. Where the grant does not impose specified future performance-related conditions on the recipient, it Is recognised in incom8 whan the grant proceeds are received or receivable. Whore the grant does impose specified future performance-related conditions on the recipient. it is recognised in income only when the performance- related conditions have been met. Where grants received are prior to satisfying the revenu6 recognition criterla, they are recognised as a liability. Resources Expendad Expenditure is recognlsed on an accruals basis as a liability Is Incurred. Expendltur8 includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to whlch It relates.. expenditure on raising funds Includes the costs of all fundraising actlvlties, events, non<haritable trading acb'vitios, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity In undertaking activltles that further its charitable alms for the benefit of its benefiGiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to ralsing funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and Gonsistent basis. Page 22
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Flnanclal Statements for the Year Ended 31 March 2024 Governance costs These include the costs attributable to the charitS compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and relmbursed expenses. Government grants Govemment grants are recognlsed based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period In whlch th8 related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognlsed as deferred income. Tanglblè flxed assets Tangible assets 8re initially recorded at cost. and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated d8preciation and subsequent aGcumulated Impalrment losses. An Increase In the carrylng amount of an asset as a result of a revaluation. is recognised in other recognised gains and losses, unless it reverses a charge for impalrment that has previously been recognised as expenditure within the statement of financial activities, A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, excapt to which it offsets any previous revaluation gain, in which case th8 loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation and amortlsatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Asset class Freehold property Long leasehold property Furnitura and fittings Motor vehicles Computer equipment Depreciation method and rate 5 to 50 years Over the period of lease 2 to 10 years 5 years 2 to 5 years Investments Unlisted equity investrnents are initially recorded at cost. and subsequently measured al fair value. If fair value cannot be measured, assets 8re measured at cost less impairment. Listed investments are measured at fair value wtth changes in fair value being recognised in income or expenditure. Page 23
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Flnancial Statements for the Year Ended 31 March 2024 Stock stocks are measur8d at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs Incurred in bringing the stock to its present location and condition. Flnance leases and hlre purchase contracts Assets held under finance leases and hire purchase contracts are recognised in the statement of financial posltion as assets and Ilabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease terni. Any Inltlal direct costs of the lease are added to the amount recognised as an asset. Lease paents are apportioned beeen the finance charg8S and reduction of the outstanding lease li8bility uslng the effective interest method. Finance charges are allocated to each perlod so as to produce a constsnt rate of interest on the remaining balance of the Ilability. Government grants Govemment grants are recognised at the falr value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity wlll comply with the conditions attaching to them and the grants will be reIved. Where the grant d085 not Impose specified future performance-relatad conditions on the recipient, It is recognised in incom8 when the grant proceeds are received or receivable. Where the grant does impose specified fulure performance-relaled condltions on the recipient, It is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. Page 24
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Flnanclal Statements for the Year Ended 31 March 2024 Financial instruments Recognltion and measurement A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and curnt liabilities are subsequenlly measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investrnents in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured al fair value with changes in fair valua recognised in incom8 and expenditure. All other such investments are subsequently measured at cost less impaimient. Other financial instruments, including derivatives, are Initially recognised at fair value, unless payment for an asset is deferred beyond normal business temis or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, wlth the exception of hedging instruments In a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of Impairment at the end of each reporting date. If there is objective evidence of impairment, an Impairment loss is recognlsed under the appropriate heading in the statement of financial activities in which the Initial gain was recognised. Impalrmant For all equity instruments regardless of signrficance. and other financial assets that aro IndividualFy significant, these are assgssed in(Jividually for impairment. Other financial assets are either assessed Individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal doe5 not result in a carrying amount of the financial asset that exceeds what th8 carrying amount would have been had the impairment not previously been recognised. Page 25
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION {A COMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements for the Year Ended 31 March 2024 Defined contributlon plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prePaent will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arlses. Pensions and other postwrntirem•nt obllgations The Charity partlclpated in a mulll-employer defined benefit penslon scheme for employees of YMCA'S in England, Scotland and Wales, whlch was ctosed to new members and accruals on 30 Aprll 2007. Due to insufficient information, the plan's actuary has advlsed that it is not posslble to separatoly identify the assets and liabilities relating to YMCA Plymouth. As described in note 28, YMCA Plymouth has a contractual obligation to make a pension deficlt payments of £28,505 pa over the period lo April 2029, accordingly thls Is shown as a liability In these accounts. In addition, YMCA Plymouth is required to contribute. £6,190 pa to the operating expenses of th8 Pension Plan and these costs are charged to the Statement of the Financial Activities (Incorporating Income and Expenditure account) as made. 3 Llmited by guarantee The charity is limited by guarantee, incorporated In England and Wales, and consequently does not have share capital. Each of the Iru5tees is liable to conlribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. Page 26
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Financlal Statements for the Year Ended 31 March 2024 4 Income from donations and legacies Unrestricted funds Restrlcted funds Total 2024 Donatlons and legacies: Donations from Individuals Gift aid reclaimed 41,761 1,561 41,761 1,561 Other grants 19,850 19,850 43,322 19,850 63,172 Unrestrlcted funds Restricted fund8 Total 2023 Donatlons and legacies: Donations from indivlduals Legacies Gift aid reclaimed other grants 14,740 921.915 2,461 91.944 14,740 921,915 2,461 149,798 57,854 1,031.060 57,854 1,088,914 Page 27
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Flnancial Statements for the Year Ended 31 March 2024 5 Income from charitabl8 actlvltlas Unrestrictsd funds Total 2024 Facilities Sports Courses Rental income Catering income Membershlps Other Income Grant income 546,744 100,287 711,872 81,988 1,421 13,606 42,511 34,640 546,744 100,287 711,872 81,988 1,421 13,606 42.511 34,640 1,533,069 1,533,069 Unrestricted fund8 Total 2023 Facllities Sports Courses Rental income Catering income Memberships Other income Grant income 442.838 105.584 633,653 81,069 1,421 16.901 51.655 31,649 1,364,770 442,838 105,584 633,653 81,069 1.421 16,901 51,655 31,649 1,364,770 6 Investment Income Unrestrfcted funds Total 2024 Total 2023 Interest recelvable and slmllar income. Interest receivable on bank d8posIts 1,255 1,255 272 Page 28
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Flnanclal Statements for the Year Ended 31 March 2024 7 Expenditure on raising funds Unrestrlctad funds Total 2024 Total 2023 Marketing and publicity Staff Costs 15,368 1,347 16,715 15,368 1,347 16,715 15,702 540 16,242 8 Expendlturo on ¢harltablo a¢tlvltlg5 Actlvlty undertaken dlrectly Support costs 2024 2023 Staff costs Depreciation Premises costs Lease costs Subscription Te18phone, printing and stationery Irrecoverabl8 VAT Programme costs Banking costs Pension deficit costs Other costs Govemance costs 1,064,558 185,398 168,807 24.025 34.737 1,064,558 185,398 168,807 24,025 34.737 1,032,324 169,740 146,551 29,256 24,980 11,570 14,700 92.255 25.334 {66,706) 56,550 11,570 14,700 92.255 25.334 (66,706) 56,550 36,989 1,648,217 10,914 31,824 91,135 33,632 22,310 50,395 30,518 1,673,579 36.989 36,989 1,611,228 Page 29
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Flnancial Statements for the Year Ended 31 March 2024 g Net losses on investmonts Unrestrlctod funds 2024 Total 2024 Total 2023 Gains l (losses) on listed Investments 76 76 156 76 76 156 10 Analysls of governance and support costs Governance costs Unrestrlcted funds Total 2024 Total 2023 Audlt fees Legal fees 8,250 28,739 8,250 28,739 7,500 23,018 30,518 36,989 36,989 11 Net Incomlngloutgolng resources Net (outgoingyincoming resources for the year include.. 2024 2023 Audit fees Depreciation of fixed assets 8,250 185,398 7,500 169,740 12 Trustees remun6ration and expenses No trustees, nor any persons connected with them, have recelv8d any remun8ration from the charity during the year. No trustees have rec8lved any raimbursed expenses or any other beneflts from the Charity during the year. Pag8 30
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements for the Year Ended 31 March 2024 13 Staff costs The aggregate payroll costs were as follows., 2024 2023 Staff costs durlng the year were: Wages and salaries Social security costs Pension costs Other staff costs 970.357 73.380 20.821 45,016 1,109,574 933.714 76.719 21.891 34,564 1,066,888 Th8 average head count of 8mploy8es (including senior management team) during the year was 51 (2023: 50). The average number of full-tlme equlvalent employees durln9 the year Is 8nalysed as follows: 2024 No 23 2023 No 22 Plymouth Site Torpoint Site Discovery College Back of House 17 17 51 50 No employee recelved emoluments of more than £60.000 durlng the year (2023: Nil). Key Manag8m¢nt Personnel Key managemant personn81 Include all persons that hava authorlty and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £102,515 (2023:£101,448). 14 Auditors. remuneration 2024 2023 Audit of the financial statements 8,250 7.500 Page 31
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to tha Financial Statements for the Year Ended 31 March 2024 IS Tangible fixed assets Long Fixtures, Freehold leasehold fittings & property property equlpment Motor Computer vehicl88 oqulpmenl Total Cost At 1 April 2023 Additions 3,731,227 17,256 46,641 746,776 80,637 67,800 102,841 4,695,285 12.940 110,833 At 31 March 2024 3,748,483 46,641 827,413 67.800 115.781 4,806.118 Dopreclatlon At 1 April 2023 Charge for the year 1,016,916 80.141 42,790 918 400,560 100,334 67,800 100,445 1,628.511 4.005 185,398 At 31 March 2024 1,097 057 43,708 500.894 67,800 104,450 1.813,909 Ngt book value At 31 March 2024 2,651,426 2,933 326.519 11.331 2,992,209 At 31 March 2023 2,714,311 3,851 346,216 2.396 3,066,774 Page 32
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Financlal Statements for the Year Ended 31 March 2024 16 Investments Other investments Total Cost or Valuatlon At 1 April 2023 Revalualion 4,153 76 4,153 76 At 31 March 2024 4,077 4.077 Not book value At 31 March 2024 4,077 4.077 At 31 March 2023 4,153 4.153 17 Stock 2024 2023 Stocks 500 500 18 Debtors 2024 2023 Trade debtors Prepayments 63,966 34,978 46,581 3,758 98,944 50,339 19 Cash and cash aqulvalents 2024 2023 Cash at bank 68,995 25,476 Bank overdrafts 81,385 10,305 Cash and cash equivalents In statement of cash flows 12,390 15,171 Page 33
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Flnancial Statements for the Year Ended 31 March 2024 20 Creditors: amounts falling du• wlthin one year 2024 2023 Bank overdrafts Bank loans Trade creditors Other loans Hire purchase and finance leases Other creditors Accruals Deferred Income 81,385 14,043 59,639 18,094 44,997 52,674 75,838 87,983 10,305 8,234 26,053 17,560 44,997 82.382 30,179 35,433 434.653 255,143 Credltors due within one year includes the followlng Ilabillties, on which security has been gSven by the Charity: HSBC Bank loans - £40,595 (2023: £8,234) HSBC Bank PLC have a first legal charge dated 10 August 2017 over freehold property known as YMCA. Honicknowle Lane, Plymouth, PL5 3NG and on freehold property known as land on the north east side of Honicknowie Lane, Honicknowle. HSBC Bank PLC also have a debenture including a fixed charge over all present freehold and leasehold property. a first charge over book and other debtors, chattels, goodwill, and uncalled capltal, both present and future and a first floating charge over all assets and undertakings both present and future. dated 10 August 2017. other loans Included in other loans are the following unsecured amounts: Postcode Innovation Trust - due within one year £17,560, due after one year - £47,680, all repayable within five years, interest charged at 3Yo pa. 2024 2023 Defarred incom6 Deferred income at 1 Aprll 2023 Resources deferred In the period Amounts released from previous periods 35,433 87,983 35,433 75,967 35,433 (75,967 35,433 Deferred income at year end 87.983 Page 34
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Flnanclal Statements for the Year Ended 31 March 2024 21 Creditors: amounts falling due aftar one yaar 2024 2023 Bank loans Other loans Hire purchase and finance leases Pension scheme creditors 26,552 47,680 77,156 41,713 65,774 121,245 131.875 193,101 318,894 The finance leas85 relate to gym equipment and a boiler recognised within the fixtures and fittings and chrome books recognised as computer equipment all of which are Included in fixed assets. The finance leas8s ar8 secured by the lessorfs title to the leased assets which have a carrying value of £121,245 (2023.. £163,206). The Trustees consider that the carrying amounts of the obligations under the finance leases are appropriate to their fair values. 22 Obllgatlons underloases and hlre purchase contracts Operatlng lease commltments Total future minimum lease payments under non-cancellable operating leases are as follows: 2024 2023 Within one year Beeen one and five years 12,113 17,075 16,246 29,188 45,434 29,188 23 Panslon and othar post-retlrement bonefltg. Commltments due wlthln one year provided for In the accounts amounted to £22,294 (2023: £27,343). Amounts due within one to five years amounted to £41,713 (2023.'£106,132). Amounts due after the five yoars amoLJnted to £NII (2023:£25,743). Commitsnents not provided for in the accounts amounted to Nil (2023- Nil). Page 35
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Flnancial Statements for the Year Ended 31 March 2024 24 Funds Balance at 1 Aprll 2023 other Balance at gainsl 31 March (loss8s) 2024 Incomlng Resources resources exp8nd8d Transfers Unre8trlcted funds General 168,589 1.608,924 (1,845,727) {184,828) (76) (53,118) Restrlcted funds Panslon fund Sports grants Xmas household fund Capltal Other small grants (159,218) 20,254 66,706 28,505 (6,900) (28,054) (64,007) 14,700 836 4,437 836 1,834 (1,020) (1,583) 5,150 53,636 (133,691) 19.850 (1,132) (61,337) Endowmenl funds Pwmanent 2,538,307 72,841 185,960 2.651,426 Total fund8 2,573,205 1,628.774 1,664,932 76 2.536,971 Page 36
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Financlal Ststements for the Year Ended 31 March 2024 Balance at 1 April 2022 Galns and losses Balance at 31 March 2023 Income Expenditure Transfers Unrestrlcted funds General Unrestricted funds (549.689) 2.396,102 (1,561,054} (116,614) (156) 168,589 Restrlcted Petroc Pension Fund Kickstarter Outslde Classroom Sports grants Climbing grants Xmas Household Fund Capital (Ocean play & Solar Panels) Ys Group 1,613 (164,584) (1,613) (22,309) {6,206) {1,000) (10,892) (4,367) 27.675 (159.218) 6,206 1,000 31,146 4,367 20,254 9,000 (8,164) 836 4,455 {18) 1,680 4,437 Total rostrlcted funds (162,971) 57,854 (56,249) 27,675 (133,691) Endowment funds Pemianent Pemianent Endowment Fund 2,521.886 88,939 2,538,307 Totsl funds 1,809,226 2,453,956 (1,689,821 156 2,573,205 Page 37
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements for the Year Ended 31 March 2024 The specific purposes for which the funds are to be applied are as follows: In prior years th8 charity received communlty grant fundlng of £4,996 from Petroc towards the costs of salaries and various other costs in connection with Discovery College. Expenditure of £3,383 has previously been incurred and the balance of £1,613 will either be used in future years or repaid to Patroc. Pension Fund is the liability the charity has for payment to the YMCA England Defined Benefit Pension Scheme to cover their portion of the overall deficit. This is currently expected to be repaid in 2029 Kickstarter Fundlng has been r8c8lved from Kickstarters to fund staff costs for employlng people to devek)p new skills. Out51de Classroom funding has been received via Semble Nerk and has been used for small items purchased for a new classroom b8ing devek>ped. Football grants covers Income received from The Football Foundation, Barclays Community Fund, and The Together Fund. This has been awarded and used to increase participation and experiences in football for disadvantaged youths, as well as for tha laying of an artificial surface which is hald wlthin fixed ass8ts. Climbing Grants have been received to fund places for young people to be able to participate in indoor climbing and to enable repalrs to the climbing wall in PlyThouth. Xmas Household funding was r8ceived to spend on 8UPPOrt for families struggling with financial pressures around Christmas time. This w8s not fully spent in December 2022, any amounts not spent in future periods may need to be repaid. Other Capltal grants have been recelved to aid in the installatlon of solar panels and the new soft play facility at the YMCA centre in Honicknowle. Ys Group fundlng has been received to cover costs of runnlng the group whlch supports over 65's to reduce and tackle social isolation and loneliness. Page 38
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements for the Year Ended 31 March 2024 25 Analysls of net assets between funds Total funds at 31 March 2024 Unrestrlcted funds Restricted funds Endowment funds Tangible fixed assets Fixed asset investments Current assets Current liabilities Creditors over 1 year Total net assets 338,949 4,077 168,903 {412.359) 151,388 1,834 2,651,426 2,992.209 4,077 169,739 (434,653) 193.101 836 (22.294) 41.713 51.818 61.337 2,651.426 2,538,271 Total funds at 31 March 2023 Unrestrlcted funds Restrlcted fund8 Endowment funds Tangible fixed assets Fixed asset investments Current assets Current liabilities Creditors over 1 year 506,232 4.153 73,023 (227.800) 187,019 22.235 2,538.307 3,066,774 4,153 76,315 (255,143) 318,894 3.292 (27,343) 131,875 Total net assets 168,589 133.691 2,538,307 2,573,205 26 Anatysls of net funds At 1 April 2023 At 31 March 2024 Cash flows Cash at bank and in hand Bank overdraft 25,476 10,305 43,519 71,080 (27,561} (5.809) (26.552> 44.089 68.995 81,385 (12.390) (14,043) (26,552) 122,153 15,171 (8,234) Debt due wlthln one year Debt due after more than one yaar Finance leases and hire purchase conlracts Net debt 166,242 159,305 15,833 175.138 Page 39
PLYMOUTH YOUNG MEN'S CHRISTIAN ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements for the Year Ended 31 March 2024 27 Related party transactlons During the year the charity made the following related party transactions.. Vlc Hlbbert - Trustee During the year the charity paid VH HR saNiS £10,446 (2023.. £10,400) for services in connection with Human Resource Consultancy. This is a business run from Vic Hibbert on a self-employed basls. At the balance sheet date, the amount due to Vic Hibbert was £Nil (2023.. Nil). Arash Dlnarl - Truste8 Arash is a solicitor at Wolferstans LLP In Plymouth, during the year the Wolferstsns made donatlons to the charlty of £108 (2023.. £60). At the balance sheet date the amount due to Wolferstans was £NII (2023: Nil). At the balance sheet date, the amount due tolfrom Arash was £NII (2023.. £Nil). J•remy Sleet - Trusteè During the year the charity has paid a retainer of £Nil per month, on favourable terms, to 'No Accidenv a business owned by J8r8my in connection with covoring health and safety servicgs (2023: £435 per month). At the year end the balance due tolfrom No Accident was £Nil (2023.. £Nil). 28 Penslon commltments Plymouth YMCA participated In a contributory pension plan providing defined benefits based on final pensionable pay for employees of YMCAS in England, Scotland and Wale8. The assèts of the YMCA Pension Plan are held separately from those of Plymouth YMCA and at the year end these were invested in the Mercer De-risking Solution, 40¥0 matching portfolio and 60D/o in the grovAh portfolio and Schroder (property units only). The most recent completed three year valuation was as at 1 May 2023. The assumptions used which have Ihe most significant effect on the results of the valuation are those relating to the assumed discount rate of 4.56°/o, the increase in pensions in payment of 3.41 /. (for RPI capped at 5 % p.a.), and Ihe average life expectancy from normal retirement age (of 65) for a current male pensioner of 22.2 years, female 24.1 years and 24.0 years for a male pensioner, female 26.0 years. retiring in 20 years, time. The result of tha valuation showed that the actuarial value of the assets was £103.3m. This represented 920A of the benefits that had accrued to members. Th8 Pension Plan was closed to new members and futu service accrual wlth effect from 30 April 2007. With the removal of the salary linkage for benefits all employed deferred members b8came def8rred members as from 1 May 2011. The valuation prepared as at 1 May 2023 showed that the YMCA Pension Plan had a deficit of £21.8m. PIyTnouth YMCA ha5 been advised that it will ne8d to make monthly contributions of £1,943 from 1 May 2023. Thi5 amount is based on the current actuarial asSUITlPtions (as outlined above) and may vary in the futur8 as a result of the actual performance if the pension plan. The recovery period is now expected to b8 4 years commencing 1 May 2023. Page 40