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 dlsab1l1￿as 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 CHRIsT￿N 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•1￿1* 6 Yar90104 TottyQLfv)Y¢uih Woth . r￿0￿c&M% Swii Crhb5uppo Sotw yen• cmdwry Communiry Piovlsion -CvmmuiirfyFrtnoty yipIu¥ oerate locrACornmunlly Ho1ld(yYL￿ttsCiUb$ s￿114& 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 se￿Ice 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 you*9 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 MSfaUod￿orp￿M rom wrt%hyA LED Lights E-bike Hub [￿lryI*l* Miyawaki Forest f uture Net Zero STANDARD BENCHfvIARK CERTIFIED Offidjilyewthlodco F•0tprfntsotl￿lWa¢an meas￿rea￿d￿￿￿éllr Ctywere pwtoN•tZw Community Garden & Greenl Tourism kQiiz 21Yw•s*niod d4oFfnai& 9 vaii*1*59liii¥n farf0ml1￿lnnOtrd 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 re￿1ve 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 tWe￿e 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¥i*l 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 ove￿Ide 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 be￿een 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 Othe￿ISe 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, nonped. 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 saNi￿S £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