THE YOUNG WOMEN'S CHRISTIAN ASSOCIATION CENTRAL CLUB (A compony limiled by guoronlee wiihoul o shore copiloll Charity Regislialion Numbei.. 1071315 Regisleied Company Number.. 03606940 Report and Financial Statements for the year ended 31 December 2020 **The Young Women's Christian Association Central Club** ## **contents** ||**Page**| |---|---| |Reference and administrative information|| |Trustees' Report|2-25| |Independent Auditors' Report|26-29| |Statement of Financial Activities|30| |Balance Sheet|31| |Cashflow Statement|32| |Notes to the Financial Statements|33-40| The Young Women's Christian As$o¢iotion Central Club reference and administrative information Board of Trustees C Bingham - Chair S Aylword K Sanders J Parish - Resigned 27 January 2020 F Deinde Appoinled 24 February 2020 S Holugoii M Comeron C Sykes J Grisl - Appointed 25 Febiuory 2021 N Lomberl Appoinled 25 Februory 2021 K Spooner Appoinled 23 June 2021 Key Monogemeni Personnel Chief Executive. l Grimshow Deputy Chief Execulive.. S Hicks Company Secrelary K Sonders - Appoinled 7 October 2020 Charity Registration 1071315 - Incorpoioled in Ihe United Kingdom Regislered Company 03606940 Governing Documents Memorondum and Articles ol A550cialion Regislered/Principal Office 73 - 81 Souihwark Bridge Road London SEI ONQ Auditors Moore King51on Smith LLP Charlered Accounlanls Devonshire House, 60 Goswell Rood London ECI M 7AD Solicitors Stone King Sewell LLP 13 Queen Squoie Bath BAI 2kll Bankers Clydesdale Bank plc 154.158 Kensington High Sireel London W8 7RL Investmenl Advi$ers Cazenove Copilol Monogement l London Wall Ploce London EC2Y SAU Pooe I structure, governonce and managemenl This report is piepored in occordonce with the Memoiondum and Articles ond Ihe recommendolions ol the Sialemenl ol Recommended Proclice Accounting and Reporting by Charities and complies with applicable low. The Young Women s Chiistion Associolion Cenlrol Club I'ihe Choiity'l wos incoiporoled on 30 July 1998 as a company limited by guaianlee and noi having a share capilal Iiegislered number 036069401. It hos olso been registered os o chaiity Ino. 10713151 ond is peimikked lo exclude the word 'limiled' From its nume. li 15 the successoi lo on unincorporoled iegisleied chority ol Ihe some nome I'the Old Chorily'l which hos been wound up ond deregisleied with oll nel 055els Iionsleried lo this Charity. organisotional and decision making structure The Trustees ore responsible lor Ihe geneiol control ond monagemenl ol the Choiity. They give their lime Freely and receive no remuneration or other financial benelils. The Board ol Tiustees is responsible loi oll decisions in respect ol the running ol the facilities, seivices ond oclivilies ol the Chorily ond tokes decision5 ieloled lo Ihese ol its quorterly meetings. To 055151 in the smooth running ol ils operations, there are Ihiee sub-committees which advise the Board and make recommendolions IHumon Resources, Finance and Markelingl which also meet on a quarterly basis. A sloff Heulih and Sulety Committee repor15 to Ihe Hutnan Re50uFces Sub-commimee. The day lo doy monogemenl ol rhe Choiity's services, locililies ond piogiommes 15 delegoled lo slall. A Delegation Fromewoik guides the senioi staff ond sub-committees re.. the scope of Iheii delegated authorities. recruitment and appointment of trustees Each yeoi the Tiuslees coriy out a skills audit, ol existing Tiuslees lo esloblish the skills, knowledge ond experience within the existing Boord membership ond identify ony gops. Subsequent to this, 0 period ol iecruilmenl follows where vacancies ale widely adverlised lo allracl a broad diversity of applicants lo ensure a balance of skills, experience, knowledge and backgrounds. Interested polenliol Irustee5 meet wilh o smoll group ol Trustees ond senior sloff lo give them Ihe oppoilunily to lind oul more oboul rhe Choiily's oims, objectives ond oclivilies They ore then inviled lo ollend o Board Meeting as observers. This process allows propel consideration ol the individual s eligibility, specialisl ski115 ond knowledge. New Trustees ale then elected by the members al their Annual General Meeling. The Truslees may al ony lime co-opt any person qualified lo be appoinled os a Trustee to lill a vacancy until the next AGM. trustee induction and training All new Truslees are encouraged lo spend some lime with slall employed by Ihe Charity lo lamiliorise themselves with the work of the Choiity and the context within which it opeioles. On oppoinlmenl, Ihey ore given o copy ol the Boord Member Hondbook, The Memorondum ond Articles 01 Page 2 A550cialion, the latest sel ol NAanagemenl Accounts and the mosl recent Annual Report and Financial Siolemenls. The handbook conloins key Information about Ihe Chority - the work il does, the re5ponsibililies ol Trustees, Governonce ieloting to the Choriw, Terms OF Reference loi Ihe Boord ond its Sub-commillees, role descriplions, inlormolion on compliance, Trustee biogrophies ond o Booid Colendar, elc. The Tiuslees and senior sloFF ol the Choiity iecognise the imporlonce ol keeping up-to-dole with 90vernance developments and the regulatory environment and allend seminars ond other infoimalion sessions relevant lo their particular oreas ol inleiesl and expertise. pay policy for senior staff and trustees According lo Ihe Directors, the key monogement personnel ol Ihe Chorily comprise ol Ihe Boord ol Trustees and the Senior Managemenl Team. Trustees ore in charge ol direclin9 the Chorily and the doy lo doy opeialions ore delegated lo the Managernenl Team. All Iruslees give Iheii time Freely and no Iruslee received remuneiotion From the Choiity during the yeoi. Detoils ol Iiuslees, expenses ond reloled porly Iionsoclions ore disclosed in note 15 10 the occounls. Soloiies foi the senior monogement ore sel ond reviewed onnually by the Boord ol Tiuslees. They". use benchmorking lo ensure that salaries remain compelilive,. deleimine Ihe iemunerolion package ol the Senior Mona9emenl Team,. opprove the onnuol percenloge increose in the poyroll lor oll sloFF (which con be zero, opoit Iiom those receivin9 the London Living Wage), takin9 Into account the RPI os al 31 December loi the previous yeor. public benefit The Trustees confirm Ihol they hove complied with Iheii duv under section 17 01 the Chorilies Act 2011 , lo have due regard lo the Charity Commission's general guidance on public benefit, including 'public benelil." running o chority., In each ol the oclivilie5, 5ummori5ed below, Ihe TIu51ee5 believe they comply wilh Iheir iesponsibililies with regord lo public benefit. Alihou9h most of the Chority's piogrammes ore reslricled lo women, Iiuslees believe this is o sufficient seclion ol the public. Individuols can 5ell.reler,' progrommes ore Free lo occess," and reduce the overall disease burden and pressure on healih setvices and ony personol benefit is incidental,. The Chariw also reaches out lo wornen in the community, vio severol Open Weeks held each yeai, where members ol Ihe public ore invited lo use rhe locililies Iiee ol chorge loi o week. The Open Weeks aim lo gel women more active by removing cost borriers and offering diFFerenl forms physical activity lo show Iheie ore options loi keeping active other than gyms. The health and lilness seclion piomoles healihy lilesyles and works with porlicipanls lo increose awareness ol whal Ihis involves in order lo contribute lo the ieduclion ol ill-healih and poor wellbeing. It olso works with the seivice users from the RISE, SWAP ond BOX-IT projec15 who are given free membership, i.e. access lo the gym and health and lilness closses. Poge 3 To minimise risk and ovoid harm, all stall in this section are lully qualified and some are Iiained lo work with specific conditions some hove 'Exeicise on Relerral, qualilicalions covering woikin9 with users wilh common conditions lhyperlension, cholesterol, COPD, osihma, obesity, diobeles, rheumoloid orihiilis, osleoporosi5, bock poin, ond onxiev ond depression)," some ore Iroined in working with people who are overweighi/obese (the Souihwark Healihy Weighi Trainin91', and others have undertaken speciolisl training. All staff working closely with service users have appropriate qualilicalions and are subject lo DBS checks. public benefit and individual services NB All services explained in detail undei Achievemerpls and Performance The SWAP project locuses on suppoiling women lo lead oclive lives and odopl susloinable, healthy eatin9 habits and behaviours as permonenl lifestyle changes ond thus reduces the oveioll disease buiden ond pressure on heulih services. Empiiicol data 0150 tells us thot the impact ol the piogiamme is wider than the porliciponls, wilh partners ond children experiencing improved lifestyles. The RISE project is resliicled lo women with low level menlal health, many ol whom have sufteied abuse and Iraumo ond hove expressed o strong need lor a womon only service. The BOX-IT project is open lo both women ond men. It is available lo people living in Souihwork os delivery oulside this aiea would be loo much ol o challenge. The YOGA project was Funded by Sport England lo support women living in Souihwark land the 5uiiounding boioughsl who were toking port in less thon 30 minutes ol rnoderale physicol oclivily per week lo become more physicolly octive through yogo ond mindlulness The heolih and fitnes$ provision is resliicled to women For severol reosons, including.. o the need lor women only health and lilness provision lor those whose religion and/or culiuie, confidence or body image prevents them From accessing mixed o the locililies ore too smoll lo occommodale men ond women Other than the woman-only ieslriclion on ceiloin projects, Ihere are no other bariieis lo occess - piojecls ore free lo ottend and there is o very acce55ible lee structure lor gym membership, including concessionory ond free membership safeguarding In caiiying oul ils work, the Chaiity does not wish lo cause horm and works lo minimise iisks, poiliculoily those ossocioled with working with vulneroble odulis. Soleguording ond Boundoiies Policies are in place and all stall ogree lo abide by the policies. All stall underlake onnual safeguarding training. Staff who work closely with vulnerable clienls have specialist qualilicalions in their field ond are required lo undergo DB5 checks. The Charity recognises Ihal vulnerable adults, children and young people are more al risk as a result ol Covid-19 ond in porliculor during 'lockdown' e.g. domestic violence, Iiaudslers, sell- horm/suicidol Ihoughis ond the Chorily, releis people lo appiopriole medicol/prolessionol services Po9e 4 where appropriole. A risk assessment ielaling lo working with service users on-line was undertaken and miligaling actions were pul in place. impact of Covid-19 on the Charity in 2020 The Chority closed ils operolion5 on sile on 20 Moich 2020 bul most choriloble oclivilies immediately moved lo digital working. trustees and staff communicotion: the Boord ol Tiuslees ond Senioi Siaff mel more frequently Ivio video-linkl lo deol with emerging issues in o timely monnei,. furlough: all sloll whose work could not be caiiied out From home weie furloughed. This afFecled relained staff.. Stall who were reloined were fully etnployed and engoged in supporting seivice users during Ihese porliculoily dilliculi times ond responding ciealively lo emerging needs, e.g., starling a Iiee food delivery seivice lo help cornbal food insecurity lor vulnerable people,. hielding: slall who were in the vulneroble colegoiy, or live with someone shielding worked From home before and durin9 lockdown,. anxiety.. a number ol sloll were odversely allecled by the pandemic, experiencin9 depression or anxiety - one member ol the team was so concerned thal she took annual leave before the oclivities were olliciolly closed down on 20 Morch. It wos identified Ihol some 51off would be afraid lo relurn lo woik/iravel when a decision is loken lo re-open and this proved lo be true in a Few cases,. positive change.. Iiuslees and staff odapled lo difFerenl ways ol working and communication and some ol Ihese will be incoiporaled into work polleins/behaviouis going foiward., flexibility and agility.. suppoil seivices/progrommes weie Immediately Iiansleired online, and here ogoin stall rose lo the challenge ol finding new ways lo interocl wilh beneliciories lo keep them engoged ond molivoted to sloy both physicolly ond menlolly heolihy. income streams The Chority very much relies on ils own diverse income slieoms roihei thon lunding, ond oll ol Ihese eiiher slopped 01 were signiliconily reduced.. rent from le05eholdeis/ienonls in spoces not currently needed by the Chority - some tenonts asked loi rent ieduclions and/oi rent free periods, however, following legal advice, tenants were Instead 'held in bleach, and paid only hall rent and service charges lor a peiiod. All occoun15 ole now lully poid," one lenonl did not renew when their lease cotne lo end in Augu51 2020 ond due lo the uncerloin morket, onoihei lenonl wos still nol successfully locoled by the end 012020., meeting room hire there was zero income following the closure ol the building on lo the end 012020.11 Is anlicipaled Ihol il will lake a signiliconl lime for this area lo iecovei lo ony reasonable rate", gym membership income - zero income since the Chaiity closed Ils building. Unlike some gyms, the Choiify immediolely 'fioze membership lees os we hove users poyirng concessionoiy rates who can ill afFord lo pay loi memberships they connol lully ulilise. Research inloimed Ihol a large percenloge of members will reluin when gyms are ollowed lo open bul the Chaiity lakes a Page 5 cautious approach and has Iried lo keep members engaged by hosting classes on ils social media channels and vio video-link - these hove been well ieceived,. café - zero income since the Charity closed ils buildin9. When a decision lo re-open is taken, the café hos the advantage ol being a laiily large space so social dislancing will be possible, however il will be bodly ollecled by the lock ol income from groups booking meeting rooms ond rnay be ollecled by lear levels in the general public, more people workin9 from home, elc. It is planned lo continue lo use the spoce loi the management ol the food delivery pioiecl, described below, which will conlinue afver lockdown ho5 been eased as food insecurity is likely to conlinue. Addilionolly, when service users reluin, this spoce will conlinue lo be used lo 'house the Chorily piojecls,. investment income ond reserve$ - The Chorily relies on dividends From investments ond diow down from reserves lo fund the chaiilable projects. Since the end ol December 2020 the porilolio voluolion hod gone up by 51. by the end olJune 2021 impact of Covid-19 on service user5 Immedialely the Chaiity closed Ils doors on 20 Maich 2020, it moved ils services and projecls online. The response from service users to the Chorily'5 online piogrommes hos been incredibly positive bul does not meel user needs in the some way as lace-lo-loce conlocl. From our user groups we hove evidence ol increosed.. anxiety/ponic/leoi/depression,' safeguarding risks le.g. suicide risk, sell-haim, domestic violencel,. social isolation,. need lor odditional one-lo-one Iheropeulic support ond more relerrols lo GP ond h05pilol menlol healih se￿IceS,. lileslyle 's1ipping' 05 o result ol comfort eoling, snocking, lock ol physicol oclivity, shielding or lear ol leaving home,. linancial slruggles., support needs to deol with ditticuli issues le.g. Univeisol Credit, legol issuesl-, boredom lock ol meoninglul octivilies - slaying in bed lor long peiiods, watching TV all day. On a positive note we have seen people coming logeiher and supporting each other re.. above issues. Some people are Iiying out new things online (pottery demo, lolks on arlis1s1. objectives and activities The YWCA Central Club's current strategy focuses on reducin9 Inequalilies irb women s health and wellbeing, in paiticuloi the prevention ol ill.healih ond poor wellbeing. To suppoil Ihese gools, it runs Iiee lo occess, lorgeled progrommes - some focusing on wellbeing lor those with low level menlol healih/common mental disorders and some supporting people lo improve lifestyle, make healihiei choices ond reduce the iisk ol developing prevenloble conditions such os type 2 diabetes, heart diseose ond slrole. In addition lo these piogiammes, the Charity offeis women in geneiol Ihe opportunity lo Improve ond enhonce their lives through the provision ol o longe ol olloidoble heolth ond fitness locilities," occess Poge 6 lo a varied and diverse programme ol parl-lime health and well_being classes,. and the chonce lo porlicipale in various events pul on by the Chority. key objectives for 2020 continue lo run the RISE project", 2 pilot the new co-pioduced, ossel bosed progromme loi people with low level menlol heolih,. 3. 10 operate the BOX-IT projecl a food delivery lo help tackle food insecurity and mental wellbeing,. continue lo loige links within the community ond with locol chorilies/volunlory orgonisolions ond in particular lo identify pailnership oppoilunilies lor the above piojecl,. 5. Iinalise and pilot the online SWAP piojecl and, il successful, adopt and roll out the programrne., 6. develop o progromme, principolly lor older women - oimed ol reducing sociol isololion, Si9nposling lo community services and improving health and wellbeing., continue lo make inloimalion on healthy living ovailoble lo the wider commurbity vio oui websile, sociol ond other medio, continue lo run the curienl health ond lilnes5 focililies ond octivilies, whilst providing more people in the wider community with accessible lilness. lovender IRISE ortis120201 achievements and performance In order lo ensure the Charity's aims, obieclives and activities remain focused on Ils slated purposes, the Board reviews Its 51Falegy each year. It looks ot the Chaiily s achievements and the outcomes ol ils work in the previous yeor and considers Ihe success ol eoch key activity ond the benelils eoch hos brought lo the people the Charity is sel up lo suppoil. In addition lo luiiheiance ol the charitable purposes ond public benelil, the slralegy was informed by local need, naliorbal ond local governmenl slralegies ond current acodemic thinking in heolth ond wellbeing. P(Jge 7 objective I: continue to the RISE projecl land the impacl ol and response lo COVID-191 Post Morch 2020. The Chority's response to COVI D- I g took seveiol forms the tronsler of existing services to online ond the oddilion ol some new sewices 10 sUPPOlt the wellbeing ol service users. The RISE project works Wlth women with low level menlol heolih, mony with cotnplex needs. The service is Free ond women con sell.relei. The project hod 30 oclive porliciponts in 2020, compared lo 37 in 2019. Some clients did not like workin9 digilally ond leli Ihe online video-link piogiarnme bul may return afrer lockdown eases and confidence grows and o lew just used the messaging seivice lo keep connecled. The 5errfice is operolional one doy a week Ihioughoul the yeor, with closure only lor two weeks in December. Once lockdown hod begun and the progrotnme sel up immediolely online, the Chority did not consider il wise to bring in new porliciponls os il wos Ihoughi il would be diFFiculi to inlegiole them while services were digital. However, one ieferrol was accepted and she inlegraled quite quickly and was welcomed by the established group. Should Ihere be luiiher ieslriclions, incieosing the inloke will be properly piloted. The project is based on the NEF'S Five Ways lo Wellbeing and has several components.. physical activity: mony ol Ihe service users do not engage in regulai physical activity,. many ore overweighi 01 obese. To lockle Ihis and so wofflen experience the positive effecl of physical oclivify on tnood, eoch tnoining 51ails with a physicol activity session. These are voiied lo enoble women lo experience dillerenl forms ol oclivily so everyone con lind somethin9 they may continue lo pursue. Sessions include difteienl forms of dance, boxing, yogo, Pilales, exercise classes, elc. These sessions moved online Iiom the end of March and ore led by quolilied inslruclois known Io stoll Women olso hove Iiee occess lo the onsite gym, alihough Ihis remained closed or vio video-link from the end ol March onwards. lunch: o nuliilious lunch is provided so the viomen con sil together Io sociolise, shore ideas, elc. This service was suspended during lockdown bul many ol the seivice users were eligible lo receive food vio Ihe BOX-IT piojecl. ort therapy.. the afternoon session is art therapy, led by an experience arl and psychological Iheiopi51 and focilitaled by members ol the Chorify Teom. As the group members begin lo Irusl each other ond feel secure, life stories begin lo emerge and experiences ore shored ond users support each other. There were concerns when this moved online in NAorch Ihol this project moy not wor di9ilally. These leois were nol realised as a iesuli ol the privacy ollorded by being in a 'piivale space al home, rnony group members reporled feeling more secure oboul revealing their underlying Irourna FGM, physicol abuse, mental health diognoses, etc. Online orl Iheiapy via video link kepl the established group ol women connected with each other and the progiamrne lacilil01015," gave thetn the opportunity lo hove sociol contocl in spile ol being isololed ol home," provided them with o mindlul, oclivity (producing oil workl, and the chonce lo express Iheir emotions, lears and anxiety in on empaihelic environmenl with the support of qualified counselloFs/psychoiherapisls and other gioup members. Page 8 one-lo-one therapy- limited on-lo-one counselling was increased and lorgeled al Ihose in mosl disliess. Mony ol our service users ore on long woiling lists lor mentol heolih services and inevilably crises occur where users need Iheiapeulic or practical support lo enable Ihem lo cope. This service was critical durin9 lockdown when mony of the service useis were experiencing onxiety, increosed depression ond sociol isolotion. Some were experiencing domestic violence and others having suicidal thoughts. The one-lo-one sessions moved online throughout lockdown. WhalsApp group (new service in response lo COVID-191.. locililoled by reloined staff and some volunteer support in rhe form ol counsellors/psychologicol Iheropist. The WholsApp Group keeps our beneliciories connected 24/7 ond hos enobled some users uncomlorloble workin9 via video links lo remain connected. There ore disadvantages lo this form ol communication il is o loirly blunt instrument and conflicts can arise that can't be deoli with in the some woy os oiher forms ol communicolion. l.. l email and phone conloct (new service in response lo COVI D. I 91.. lo support people who ale al the poirbl ol 'giving up, or less engaged as a iesuli ol their arbxiety. overall projecl impaci during lockdown: Ihe project minimised the further decline ol both physicol and menlal health, including suicidal Ihoughis., minimised the effects ol social isolalion,. and maintained o sense ol supportive cornmunity. the use of volunteers: Iheie was a move lo involve volunteers, starling in the aulumn 012019. Several volunleeis were found bul only one was able lo slorl work beloie lockdown. Once lockdown came into effect, the need loi volunteers diminished. art exhibition: an exhibition ol work produced by seivice users engaged in the ail therapy was pul online (woik is nortnolly di5ployed in Ihe colé). The exhibition, Ihe 'Pandemic ond Me piovide5 the women with o sense ol ochievemenl ond pride and on opportunity lor Ihe Charity lo showcose ils work lo the public. This is now an annual evenl, ond rhe exhibition will return lo the calé when il Is sale lo do so. extract from a poem written by a RISE participanl We shore OLJr wonderlul colourful eKpre55ions. Aiilul, trealive creaiions os we gel in louch both menlolly And etnolionally with our Inner being We Show OUT hope5, Dreom5 ond occ05ionolly leor5. Well Igcililoled by the worbderlul Queens Caiherine ond Chorlolle. As we warm To IhÈ Bridge AliÈr on ab5Ènt* ol ovér ts year we Find IiiÈnd5hip ond Coffloroderie hos reoched o new peok We reolise we hove Gol lo know each other exceedingly well. One ol the benelils 01 WhoisApp and olso Zoom. We choller like old friends. Especiolly me 051 QTn a newbie lo the group I leel occepled SO nice lor me. The cole chel ond 035islonl moke us Feel ol Home loo. They engage us in memoiy lane conversolions. Exlracl From Pleosonl Memories by Gennorio Miles 202 Poge Q healih conditions The graph opposite shows the healih Imenlal ond physicall issues ol the poiticiponls in 2020. Some ol these conditions impocl on loctors such 05 allendance, with users sometimes having lo be cooched, inlo getting out ol the house lo join Ihe se55ions, ond inclusion, loi users wilh sighi 01 hearin9 issues. Ideally, the Charity would hove someone proficient in sign longuoge. Lockdown W05 exliernely dillicult lor some,- oiher5 will lind opening up jusl os dilliculi as a result ol leor/onxiely. .dewo54 PT5D p%￿hr The gioph opposite shows the employment slalus ol the 2020 porlicipanls. Some women used Iheii holidoy enliilemenf 01 flexible working ariangemenls lo be able lo allend or have jusl parl-allended the day. This has highlighted the need lor a seD/ice oulside ol working hours. Older people and carers ale also well represented on the progromme. Many in the group report Ihal they ore onxious lo lind employment. employment wd ¥￿er pre1￿￿110&Y¥ ethnicity The gioph opposite show5 the ethnic breakdown ol Ihe group, as expie5sed by the pailiciponls. The diversity ol the group in terms ol eihnicily, age, religion and background adds a real richness to the work ond brings a ieol sense community cohesion aribbe( Ythiie andbl¢Kk cuilknn otherthilpbgthgwovnd Page 10 Single Flower IRISE artisl 20201 Emerging fvom my Bubble IRISE arlisl 20201 walÈr colour and tolour&d marker objective 2: develop a new co-produced, asset based programme for people with low level menlal heolih The idea loi thi5 piogromme grew out ol several identified need5". lo assist in reducing the wailing list foi the obove programtne,. lo offer a move on programme loi users ol the RISE project., lo provide a service lor a similor user group when other services are closed lil will be an evening or weekend progrommel., lo provide a service Ihol people wilh low mental well-being who are working can allend. The liist sloge ol developing Ihis project wos underloken desk reseorch was coriied out lo invesligole Ihe need ond the dilleienl models loi asset based work. Following this, current sepdice useis look parl in a focus group lo inform the programme. Two more locus groups were plonned loi early 2020 - one wilh individuals who do not use the Charity's services and one with piolessionols workin9 in ielevonl Fields, such as menlol heolih ol corer support sepdices. Unforlunolely, Ihese could nol toke ploce os o result ol the emergence of the pondemic. We will however continue lo develop this pioiecl when circumstances permil and hope lo run Il in 2021. Poge 11 objective 3: the BOX-IT project {new food delivery/educalional/mental wellbeing programmel A5 0 direct result ol leedbock from service users oboul linoncial slruggles, food insecurity, ond lock ol engoging oclivilies, o new project wos lounched Moy 2020, 'Ihe BOX.IT project, Food delivery scheme with educational conlenl and a meonin9ful activity. The project delivers weighed ingredients with recipe cords ond nulrilionol inloimolion loi two healihy and lasly meals o week lo the doorsteps ol lomilies In Souihwork who are vulneiable and experiencing food insecurity. The project delivers around 300 meals a week. Irbdividuals can sell.refer providing they sell.declore thot Ihey ore experiencing food insecurily". sotne porlicipunts were shielding, others were seriously ill 01 disobled, oihers were unemployed 01 slrug9ling lo cope financially. Each week, the team offers elements ol choice lo the service users - loi example, o choice ol hvo meal kits would be tnade by the pailiciponl eoch week Iiorn o list ol oplions, ond olieinotives were mode ovoiloble lo lit cultuiol 01 dielory iequiiements, such as holol meal oplions. Volunteers help pack and deliver Ihe Service. It has been well received by the iecipienls who show Iheii appieciolion vio positive feedback and small gifts for Ihe delivery team. A pilot project wos run Succe￿IU11Y with the help ol exisling service users and people quickly sell- releried and numbers using the service built up quickly in June and July and were laiily stable throughout the yeoi and the pailicipolion ol women and was laiily balonced. total meals per rnonth gender breakdown Women • M8n reasons for joining BOX-IT In the hgWmLhlewaie riskgioup reasons provided under oihe. included.. shock ol son dying From overd05e,' mobility issues,. breast cancer. Striekli Worried abJutleavin8the hDuselstTugOinB th menial heallhand v￿lIbein8 FinanEial hardship other Page 12 the BOX_IT project food pockoge delivery service users show iheir apprecialion with cakes ond hand-made gifts impact.. the project ensures lomilies eol ol leos1 two nuliitionolly bolonced meals o week., it provides learning opporlunilies about new ingiedienls, the healih benefits ol cerlain foods ond geneiol nuliilionol infoimolion", ond provides a rneoninglul activity lor people during lockdovin ond beyond "The Bridge h05 helped my lomily lo hove nulrilioL15 heolihy meals. Before the BOX-IT project I wos cooking o lol ol unheolihy loods. Throughoul thè proiecl I hov* lÈoTned bosic ways lo cotrk heolihy m&olÈ. Thè bÈsl thing oboul the proiecl is Ihal my leenage kids also enjoy loking parl in cooking Ogd since then Ihey started lo lake an inleresl In hoving o heolihy lifestyle which 5vrprised ffle 05 my kid5 normolly eol iunk food My Doughiei'5 lesl resulis, school work ond 011enlion spon hos improved since she slorled lo eol more nulriliously. Page 13 'Box li meols hove been omozing- nulrilious, healthy, losw and someihing posiliwe lo look lorword lo during the glootny weeks ol IhÈ pandÈtnic, 50 11,5 even a mental upliftl My lovourile recipes wilh all the nulrilional conlenl exploined ore, lor curry loveT5-Thoi sqU05h ond coconut curTy & Cojun jomboloyo. The lemon & Broccoli linguine W05 0 new heolihy woy ol eolin9 poslo ond oll the fish recipe5 -solmon, mockerel & cod were o heolihy reol Ireol Ihanks lo Box-il. .1 su(Fer from Menlol Heolih & ond ony di51roclion is o bonu3, when l om cooking I lorgel Ihol l om lonely, I connol wail lo eat the food I have made. .1 would like lo soy o grÈol big Ihonk you lo oll IhÈ sloll & volunlè&rs who hove h*lp&d me gÈl ovèr my lÈor ol cooking, il rnoke5 such o di(FeFence lo know whol 15 in your food, knowing whol you ore cooking 15 good ond healthy & I hope this project gels the funding lo continue because this project h05 helped me lo eol healthy ond think oboul my wellbeing.. continue to forge links within the community and with local charities/voluntary organisotions and in particular to idenlify partnership opportunities for the above project Sustainable Travel Theme Group- The Bridge continues lo ploy a key role in suppoiling ond influencing the improved susloinobility ol rhe locol oreo Ihiough its work choiring the Better Bankside s IBIDI Sustainable Travel Theme Group. In 2020, Bellei Bankside bioughi in new slrolegic aims, one being eneigising our community into climate action with the SffG ploying o cenliol port in ochieving Ihis gool. The STTG continues lo work in person and digilolly during lockdown lo advocate lor better air quality, sustainable Iieighi provision and more walking and cycling options loi the areo. This Includes liaising on Souihwaik Council s 'Cleon Air Neighbouihood, 5chetne and progie55ing with Ihe Funding Iiom TIL lor o 'Gieen Logistic Cenlie project, which oims lo reduce congeslion locally Ihrough technology and caigo bike deliveiy. 'The Greal Get Together, Bankside: This annual everbl Invites all who live, work and visit Fjankside lo get together ond celebrate ull thot they hove in common. The Chorily planned lo provide the colé os o bose lor TGGT volunleeis. Due lo the pondemic ieslriclions, the usuol slieel party formal luined into a TGGT On Air celebrotion, bringing everyone together over the radio. The Bridge contributed on accessible rodio woikoul closs, led by the Healih ond Wellbeing NAonogei, lo gel the locol community moving, strelching ond connecting from the safety ol their homes. Community Southwark Hub.. through Community Souihwark's neNvoiks and COVID-19 Cross-seclor Conference Iwhich oimed lo slieomline Souihwoik's volunloiy and community sector response lo Covid-191, The Bridge receives regulor food insecurity ieleirols lor the BOX.IT project through rhe Community Souihwork hub King's Fund Cascoding Leadership: The Bridge was selected to be parl ol the King s Fund Cascoding Leodership progromme, which aims lo culiivote peer-lo-peer leodeiship development Ihroughoul Ihe volunlory ond community sector. Over the course ol the g-month project, The Bridge conlribuled lo ond beneliled From nelworks ond I I leorning from other organisalions wiihirb the Health and Wellbeing sector, which continues digilolly during the pondernic. Page14 RunTalk Run- In the liisl quailei ol Ihe year the Charity continued lo support RunTolkRun, a menlol heolih focused running group, with Ihe choiily Rethink Menlol Heolth. Members used the calé space Iiee ol char9e as their base every Thursday evening. The gioup leaves Iheir bags and when they Feluin, use the space lo connect with oiheis. Fiom Ihe end of March onwards il wos not possible lo do this. Contoct the Elderly (now colled Reengogel.. Under normol ciicumslonces Ihe Chority would host two lea pailies, supporled by volunteers,. one in June ond one In December. Unforlunolely, the pondemic halted this oclivity. The Bridge Choir.. The calé was used one evening a week by o locol community choir to pioctice. This wo$ 0150 pul on hold while the building wos shul during lockdown. Oasis Waterloo Ischooll.. a connection was made wilh Oasis Woleiloo aliei an expression ol inleresl wos mode lo look ot how women could be Supported back into lilness, alier losing confidence and/or lime since becoming a parent lusl oheod ol lockdown, women were given free gym passes and plans were developed for a O-week course lo help them gel more physically aclive. objective 5- continue lo run the SWAP project and finalise and pilot the online SWAP project and, if successful, odopt ond roll out Ihe progromme SWAP is o piogiomme designed lo supporl people lo improve Iheii lileslyle, moke heolihier choices and ieduce their risk ol developing pievenlable health conditions such as Type 2 diabetes, heorl disease, stroke and certoin types of cancer through behovioui change. Thi5 includes proclicol cooking lesson Ihol supporl poiliciponls lo move lowords heolihy, controlled ealin9 choices and free occess lo physical activity Ihiough The Bridge s health arbd lilness piovision. All pailicipanls who enrol in this progromme are oveiweighi 01 obese with a Body Moss Index IBM11 be￿leen 26 ond 48, ond leod sedenloiy lilestyles Iless Ihon 150 minutes ol physicol aclivity/weekl. SWAP 2020 . deyesgc pLin Women come lo Ihe programme with a lange ol health condilions ond cerloin elements ol the piogromme have lo be adapled lo work with the presented conditions, especially Ihe exercise/physicol oclivity componenls and nulrilion/healihy eating. hith blood[￿es￿re hith - J5PQ5 ￿(￿kFa1￿ chronic PFe diaktnc 010￿le1￿5 QnAiely uD&iacJNe IhbTiid bipolordwTder PTSD Poge 15 Ag• 70 Women from oll oge group5 take poll in SWAP, odding lo the richness ol the project. 40 io Two SWAP progrommes begon in Februaiy 2020 with c. 30 people taking parl some in the daytime piogromme, others in on evening piogiomme. Unlorlunolely, towoids the end ol fklorch, lockdown came into force and the programme was halted. An ahempl was made lo run the programme via Zoom bul Ihis was not a populai oplion so in ils place the options below weie pul inlo place. response to and impact of Covid-l O on Ihe SWAP project sel up on emoil group lo keep porliciponls.. connected with each oihei and our health professionals,. molivaled lo keep on Iiack with their weighi management which is very dilliculi when sulleiing From the impocl ol lockdown ond the onxiely coused by the pondemic (where there is a tendency lo want lo eol comlori/junk loodl ron monihly Zoom sessions lo keep post service users molivoled,. piovided constructive feedback on food diories", piovided nutrilionol advice", delivered online physical oclivity sessions, aiming lo offer a space lo keep poilicipanls physically oclive ond connecled to others in 0 supportive wotnen-only enviionmenl. In order lo widen the reach OF Ihe progiamme, an online version ol the progiamme Is being developed. As o result ol more pressing needs related lo the pandemic, work on this was slowed bul 0 suiloble ploiloim wos found ond oll workshops ond supporting moleiiols were developed. The programme is almost ready lo pilot with a new group in 2021 . impa¢l: minimises the reversion to poor lifestyle choices Ipooi diet, lock ol exercise, snackingl,. moinloins o sense ol suppoilive communiv ond con impocl on lomily heolih. The journey of a serrfice user can be acce55ed here." htt V%f¢%fvV.Ihebrid e-uk.or new5 objective 6: develop a programme, principally for older women aimed ot reducing $ocial isolation, signposting to community services and improvin9 heolih and wellbein9 The programme was developed in 2020 and was piloted in 2021 'Ihe ZEST proiecl,. The piogiamme is aimed al older women, porliculoily Ihose Iiom maiginali5ed groups who underloke less thon 30 minules moderole physicol oclivily o week. ZEST is 0 12-week progromme, running on fvo days a week and contains four main elemenls.. physical activity - the physical activity element in weeks 1- 4 is walking, building up i intensity ond durolion 05 the week5 go by," the wolks continue throughout the progiomme. Ai week 5, an additional physical oclivity is added dance, featuring several differenl styles Pogelo le.g. Zumba ond jazz Dance). Ai week 9, 011 ol the gym s health and lilness closses are added lo the aclivilies. Parliciponls will also hove access lo the gym Ihroughoul the piogiamme ond loi three monihs following grodualion, free ol chorge. sac.ic]l (Jc.livily - o heolthy snock served in the colé olier the physicol oclivily sessions ollers the time and space loi the pailicipanls lo socialise and gel lo know other group members in an informal selling. h&nlih Iil&rac.}I sessions - pie5enlolions led by industry prolessionols ond group discussions led by the piogiamme locililalors and parlicipanls themselves toke place each week on a range ol health subjects, including healthy eating, menopause, Food and mood, elc. The porliciponls hove influence over whot 15 discussed ond how, 05 11 is 0 5poce lor them lo leoin and shore. meolcl b'iellbeing sessioTrs this component consists ol sessions to SUPPOfl pailicipanls menlol wellbeing, os it 15 onlicipoted that rnany pailiciponls will come with oddilional rnenlol heolih needs. This will include stress ond reloxolion sessions ond on 8-week mindlulness course. The programme will be piloted in 2021 objective 7: continue to make information on healthy living available to the wider community vio our websile, sociol and other medio website Health infoimolion on various topics was posled on the Choiity's website ond social media. This included lilness workouts, individual recipes written by a nuliilionisl ond inlormolion on vaiious topics such 05 medilalion, Type 2 Diabele5, onxiety ond weighi management. A recipe book, documenting over l 00 healthy and accessible recipes, was developed, and is scheduled lo be published and freely availoble in 2021 objective 8- continue lo run the current health ond fitness facilities and activities, whilst providing more people in the wider community with accessible Filness Poge 17 The gym wos modernised lo make il suiloble lor women ol all abililies and lo ensure the space moved forward, past il's slalus ol o gym only lor beginners . A positive change in recenl lilness trends sow women looking lo progress further in strength ond bodyweighi Iioining, which the ieluibishmen15 look into occounl The closure period due lo the pondemic allowed loi the work lo be carried out without disruption as the gym remained closed from 20 March lo the end of Ihe yeai. However, during the closure period in 2020, free online lilness closses were pul on lor members ond other benelicioiies/seNice users. Illi• Illlj 'you asked, we delivered, user feedback indicated a need for a more funclional gym IAony ol Ihe women use these women-only Facilities 05 their culiure/religious beliels or sell_ image/conlidence prevents them from using mixed spaces. Some travel across London lo use the locililies. The Chorily annuolly 'freeze5 membe15hips during Ramodon. The charity, memberships are all offered free ol choige lo the individuol, and includes porliciponts from our own piogrommes ond ieleirols from the wider community. Individuols loking port in rhe SWAP piojecl hod free access lo rhe gym lor 4 months ond oll Ihose enrolled on the RISE pioiecl have Iiee gym memberships while erbgaged in the programme. Free memberships 0150 opply to use15 of Mummies Republic, a local community group. totol meThbers breakdown 2020 Poge 18 Across the year, 634 residents and workers made use ol the health and lilness facilities and/or engaged In sorne ol the wide rarbge ol lilness closses. As o result ol Ihe pandemic numbers weie less thon the previous yeor 11,4021. Of the 034, 1 Q°A were concessionory users, compored to 12% in 2019 which indicole5 some success in gelling o wider ieoch in the community., 4°K took advantage ol off-peak rates and 29°A beneliled From reduced sludenl roles - these laller numbers were very similar lo 2019. Charity memberships, i.e. service useis taking port in choiity progrommes ond receiving Free premier memberships, occounl lor 5/0 ol tolol numbers. Mony ol the onnuol membership users coming from all the above calegoiies look the option ol direcl debil payrnenls lo reduce the cost and lo spread the payments Ihioughoul the year. Day membe15hips weie moinly used by member s Friend5 and Family. yoga project The second lol three) eighi-week beginners yogo piojecl for inoclive women, poit-lunded by Sport Englond, started in person in February 2020 and moved online due lo the pandemic. The programme was Iiee lor women in Souihwaik who moy not oihep¢rfise have the resources lo ottend. The course oimed to support inoclive women to incieose the lime Spent being octive ond develop resilient physicol oclivily ond mindlulnes5 hobils. Eoch ollendee received o Iiee 3-monih gym membership. The third course began and ended online due lo the pandemic, with all places offered on the course filled. principal sources of funding The Chority used its reserves lo fund its progrommes ond received exleinol funding from £2,303 in donations. Crarbls were also received from Government in ielalion lo COVID- I g 01 £28,650, and lor Job Retention Scheme of £80.972. use of volunteers Where there 15 0 genuine need for o post to exist, the Choiity will do oll il con lo fund ond reciuil to such o post. li does, however, try lo lind genuine volunleer opporlunilies lor those who, loi example, need some recent work experience lo suppoil them inlo paid employment 01 are looking lo lake parl In an aclivity Ihol ollows them lo connect and give bock lo their community. Examples of the use ol volunleeis is shown ogoinst the relevont projects ond oreos ol work. The Choriw welcomes the contribution mode by its volunleeis, with training ond 5UPPOrt provided. key objectives for 2021 continue lo develop ond run the RISE project,. 2. pilot the new co-produced, assel based pro9ramme loi people with low level mental health, using The Design Council s 'Double Diamond, oppioach. moke plons lo develop u 'community cole to help lockle food insecurity ond mentol wellbeing,. 4. Iinalise and pilot the online SWAP projecl and, il successful, odapl ond roll out the progiamme., 5. pilot the piogiomme lor older women Iihe ZEST projecll., continue lo lun the cuirenl health and lilness facilities ond aclivilies, whi151 pioviding more people in rhe wider community with occessible lilne55', Pagelg 7. toke Forward steps lo reduce the impact ol the Charily's activities on the environment., 8. develop a vision and sliolegy lo make more progiess on implemenling equolity, diversity and inclusion. principal risks and uncertainties The Tiuslees hove considered rhe linoncial ond operolionol risks Ihol rhe Chorily loces, ond conliim Ihol they hove pul in ploce syslerns and controls lo miligale exposure lo these risks. They have drawn up o risk register which idenlilie5 risks according lo oiea ol oclivity," the cotegoiy ol risk,. the likelihood ol occurrence,. the miligoling oclions ond the level ol risk iemoining The register is reviewed on on onnuol basis as a minimum. To keep aware ol emerging issues, risk manogemerbl is a slanding item on the Board Agenda ond review ol the Risk Regisler is on the Board's annual Compliance Register. The Iiuslees ond senior management hove idenlilied the following as the principal risks.. generol polilicol ond economic environment, lor exomple, geneiol morkel risks, especiolly following the pondemic and Iiade deals lor noil relaled lo Biexil,. Ihe spreod ol Covid_19 and luluie waves/spikes and possible emergence ond spreod ol other emerging virus such as G4 Iswine Ilul,. greoler need loi services provided by the Charity,. terrorism Iihe Chority is bosed close lo a number ol high profile London sites?", climote chonge/flooding", reduced ievenue from income streams used to fund choiiloble projects resulting from chonges in usel behoviour, new work pomerns ond businesses Struggling to recover, oll ol which ore likely lo go on loi some time, such os.. univeisilies move to on-line leorning,. public changes the way it uses gyms, coles, meeting spoces", leasehold lenonls unable lo pay full rents and Ihe possibility Ihol new lenonls may be dilliculi lo source,- reduction in Ihe valuation ol the investment portFolio ond incorne generated from the poiilolio,- wide5piead redundancies following Covid- I g. investment policies, objectives and performance Under the Memorandum and Articles ol Associalion the Trustees have the power lo deposit or invest funds in any mannei (bul lo invest only afvei advice Iiom a financial expert and having regard lo the suilability ol inveslmenls ond the need lor diversilicotionl. The tnanagemenl ol inveslmenls con be delegated lo a linonciol expert, providing cerloin conditions ore mel. The Trustees oppoinled Cozenove Copilol Managemenl as the Investment managers in Jonuory 201 l . The Trustees are looking lo achieve an income Felurn 014.2 / Irotn the charity's inve51menl poiilolio ond an overall return o17°L. financial review During 2020 the group's Funds were invested with Cazenove Copilol Monogemenl inlo o diversified porilolio. The market value ol Cazenove Capital Managemenl as al December 2020 was £5,749,892. (The maikel value 31 December 2019 was £0,240,250). Poge 20 The lolal 2020 Income was £584,73312019.. £748,042). Key sources ol income lor the period included". income From investments (including interest receivable on bonk deposilsl which lololled £383,781 12019. £ 405,781 I, income from course lee5 omounled lo £28412019.. £3, 8021, membership subscription incomÈ. which lolalled £29,577 12019. £100,978) and grants and donations of £120,274 12019. £5171. Expendiluie omounled lo £900,947 (2019. £941 ,9191. reserves policy seclion one: overview In settirbg this Reserves Policy the Board has considered ils strategy and ossocialed budgets, logeihei with major risks to incotne ond expenditure. The policy oims lo hold re5eNes ol o level Ihot enobles the Chori lo monage linanciol risk and shoil leim income volalility,. mainloin oplimol levels ol service over the long term,. ensure that financial commilmenls can be mel as they arise,. implement new slrotegic priorilies and respond lo emer9ing need in uncertain lirnes. It has approved a liquidity-based approoch lo reserves, which requires Ihe Charity lo hold reserves in cosh and iealisable investments equivalenl lo the sum o124,004,000. Details ol Ihis ore provided in sections 2 and 3 01 this policy. The lolal funds ol the Chariw os al 31 December 2020 were £12,534,34Q. Included In these funds are tangible and intangible fixed assets lolalling £4, 327,501 ", an inveslmenl property valued al £2,433,178 ond two designoled Funds, described below. The investment properly consis15 ol the first ond second Floors ol the Choiily building and ore Iheieloie not considered free reserves The investment properly ond inveslmenl poirfolio generate irbcome 01 £3 83,781 which forms a subslanlial parl ol the Charity's lurbding Isee Section 2 01 this policy). designated funds The Board hos ogreed the need to sel up two designoled funds.. I building rrioinlenJnc.e ond ¢qJiprrienl.. £ 1,520,000 As owner ol the property where Ihe YWCA Central Club hos Ils headquorleis,. runs ils charitable aclivilies and programmes,. and hos iesponsibililies lo leaseholdeis, il musl keep the building ond its lixluies ond filling well.moinloined ond sole lor oll users. Discussions with o moinlenonce specialisl eslimole the building needs loi rhe next l O yeors lo be £1,520,000. The sums calculated piovide foi replacement ol plant comirbg lo the end ol ils useful life, including items such 05 lift, windows, oil exliacls and ieplocetneDt boilers. A5 climole chonge h05 been idenlilied 05 o risk loclor, rhe Chorily wishes lo reduce ils coibon loolprinl ond so this provision ollows lor energy-saving measures. The Board olso recognises Ihol o lorge number ol lundeis will not contribute lo copital expenditure. In view ol this and the obove, the Board considers il prudent lo provide, within ils ieserves, lor capital expenditure lor the nexl l O yeors. pxisting r.harilablp piojpcls ond pmprging nppd.. £ I ,000,OCX) With the ouibieak ol the Coionaviius Pandemic, il became apparent that the needs ol exisling beneliciaiies were exaceibaled. Although The Choiity wos able lo provide ils services digitally Poge21 wiihoul delay, service users with mental heolih issues needed more support and extra services lo help prevent further decline in menlol wellbeing. Two examples of this were oddilionol one-lo- one counselling ond o focililoted WholsApp Group. The Choiity was able lo continue ils service, the BOX-IT proiecl, lo support those experiencing Food poverty due lo thi5 'developmenl fund,. Through working with ils service users ihioughoul the pandemic, the Charity was aware ol the issue ol food Insecurity foi vulnerable irbdividuals. The Charity corried out reseaich into local seivice5 ond 50W VUIiOU5 food delivery projecls were being rolled out oc1055 the Borough. The majority hod borriers lo access le.g. resliicled lo one Ward 01 eslale. o child receiving Free school meals, elc.) while other seivices included Ihings like surplus food 01 miciowave meals. As o heolih and wellbeing charity, the learn wonted lo improve on the local offer ond w05 oddilionolly owoie Ihot people were sliiving lo lind meoninglul oclivilies during lockdown. This led lo the development ol the BOX-IT projecl. There ore no iestriclions lo access and individuals can sell-relei. The Booid conlinue lo suppoil this project and il is plonned lo continue this work in some loim until the need hos reduced. The impocl ol the pandemic is already widespiead and any luluie spike will further increase need in the locol oleo we expect lo see increased unemployment, porlicularly in those undei 25,. increosed food insecurity., o greolei need loi menlol heolih services,. on increosed need lor weighi management seivices and online services lor those unable lo, or afraid lo leave Iheii homes. In addition lo the pandemic, Iheie are slill concerns about the challenges brought about by Brexit As the Charities Aid Foundation (CAFI reported in 2019, "There is relatively little discussion (by Government) oboul how the country con be bioughi back together, or what praclicol change this process will deliver loi people with reol concerns about livelihoods, services, ond the slole ol their communities The obove Fund enobles Ihe Chority lo 'loke odvonloge ol slrolegic development opporlunilies and il is able lo respond quickly without having lo chase funding opporlunilies. Feedback Iiom the RISE project service users indicoled the need for o similar service out of hours when oihei SUPPOrt Services are closed. The RISE piogiomtne has a long waiting li51, which olso indicoled Ihe need lor o second menlal heolih progromme. Plons ore undeDNOy lo run such o progromme eiihei in the evenirbg 01 al weekends. The Charity wishes lo be able lo quickly respond lo urgent need and has designated Ihe above Funds to ollow for, in oddilion lo exi51ing projec15, development ol work in the obove ureos ond ony others Ihol moy emerge. Details ol exisling projects ore below under Achievements and Performance. Page 22 seclion two: Ihe charity landscape and risks faced by the Charity funding As CAF reporled in 2019, funding is the 'number one chollenge lor orgonisotions, followed by meeting demond lor services ond ieduclions in funding" This comes Ot o lime when the demand on the Choiity's services had increased over the last 12 months ond is expecled lo increase lurihei. Over recent yeois public funding hos diminished", goveinmenl ond locol ouihorilies hove cul bock seNices and grants,. there is increased compelilion lor funds from private companies and beller resourced largei chaiilies with Fundraising deparlmenls. As a corbsequence, small charities like the YWCA Cenlral Club, lind thetn5elves in o p05ilion ol competing lor o pool ol evei-decreasing Funding whilst the demand on services grows diver$iPi¢otion stralegy To ensure ils long-leim viobilily over Ihe longer term in limes ol reduced lunding ond economic uncertoinly, the Chorily has adopled a slialegy ol diversilicalion so it can be lorgely independent ol external funding. It does not wish lo chonge the identified need lo chase funding opporlunilies. As parl ol this, il wishes lo moke the besl use of oll polenliol sources ol income, including ils properly ond inveslments lo fund charitable activities lor present and luluie beneliciories. To achieve a degree ol financial independence, the Chorily has established several income streams, including the leasing of some spaces not currently needed by the charity, tnetnbership income, dividends Iiom inveslmenls, ond some oncillary income Iiom soles From o colé. The oieas ol diveisilicalion bring with them ii5ks Ihol musl be miligoled, rnonaged and provided foi. leose income.. £850,000136 months) One diversilicolion meosure pul in ploce is the leasing lo Ihird poilies ol spoce not currently needed by the Chariw. Alihough anlicipaled lo be a regular and reliable income slream, the Board identified the risk ol occasionol gaps between lenoncies and a provision o124-monihs renlol income hod been mode loi this. However, Ihe leose ol the li15t floor come lo on end in August 2020 ond no tenant has been found as yel. li is onlicipaled that finding a new lenonl may lake some time. These faclois, together wilh the curienl siluolion with Covid- I g and lenonls sliuggling lo recover busine55, pose gieoler iisk ond the Board has increosed the provision lo ollow loi periods ol non-occuponcy ol le05ed spoces101 36 months while linding tenants, three morbih rent free periods, business iales, se￿iCe chorges and sums foi capital works, Increasingly detnonded by new lenanls. economic uncertointy: £750,000 The Booid hos identified economic unceiloinly os o risk lo the income slreoms sel up Io support the charitable pro9rommes. The uncertainty surrounding Issues such as Covid- I g and posl-Brexil Iiade deals is expected lo have a negolive effect on the income and expenditure ol the Charity.. GDP is expected to drop, inflolion lo increose", unemployrnent to rise", ond commerciol property prices/renls lo loll. These laclors will oll have an adverse impocl on the Chaiily al the lime demand lor services is increasing. Covid- I g hos olieody seriously offecled the Choiity's income slreoms with mony hoving hod zero Income since the end ol March 2020 10 May 2021 when Ihe Charity re-opened (café, Poge 23 meeting room hire, gym membershipl. Income hos gieoily reduced gym, meeting rooms and café have still nol recovered lo pie-COVI D levels and dividends From investments have been ollecled. Revised budgels ond projections show signiliconily reduced income over Ihe coming veors. The obove sum includes £500,WO loi105ses ieloled lo COVI D. I g. NB this is based on the pre-COVID budget income figure less the revised budget income figuie. The Chorily uses income from its investments to supporl its choiiloble oclivilies Without much iecourse lo exlernal Funding. The annual investment income has hisloiically been in the excess ol £225,000 however foi 2022 the budgeted investment income is reduced lo £170,000. operaling cosls: £1, 054,000 A5 these ole exceptional limes, with the possibilily ol several spikes ol Covid-19, the Boord has decided that until condilions chon9e, il should mainloin.. one year ol budgeted general income, net ol costs ol generoting funds", ond one year ol budgeted general expendituie, oiher than that Spent on income generation. coshflow.. £250,000 A working cashllow balance of £250,000 to lake account ol uneven cashllows during the year as a result ol loss ol income from the calé, ffleeling room hire and membership income. potential litigation issues £1, 000,000 Although Ihe Boord has identified risks reloling to issues such os doto breaches/GDPR ond HR issues as low, the severity ol risk is measured as high and the Board thinks il prudent lo provide the obove sum lo cover such iisks. key staff c051s- £100,000 Reserves lo cover key stoff costs loi O months should Ihe Charity hove lo close. section three= summary The Trustees normally operale on o Ihree-yeai plan, with resewe thresholds reviewed o tninimum ol onnuolly. This policy is bosed on rhe cuiienl unprecedented siluolion with income levels severely offecled by the spread ol Covid- I g and will be reviewed more Irequenily. The Trustees hove set U5ide o fund to ensure the delivery ol ils slrulegy with reserves rernaining ol on appropriale level. The acluol free reseNes ol the end 012020 were £3, 203,699, leoving a need lor funding income and a further wiihdiowal from Ihe investment porilolio lo realise the £800, 301 needed lo deliver the Charity's work. This iesetves policy lakes Into consideration the nalure ol the services il delivers with little recourse lo exleinal funding. li Ihereloie holds Funds lo ensure Ihol il can meet the service delivery plons emeiging From ils sliolegy. In 2020 the cost ol delivering its choiiloble oclivilies wos £545,838. This wos provided in part by funds from ils diversified income streams, the Income from dividends from the Investment poirfolio1£215,051 | and a small amount |£2.3031 ol donations, lolallin9 £217, 354, and government grants and claims 01 £117,971 leoving o delicil ol £1210,5131. This la51 omount was taken from wiihdrowol From the ol inveslmenl porilolio. Cosh resources ol the yeor-end were below rhe opproved Ihieshold. It is anticipated Ihal Income from all the above sources will be signilicanily reduced in 2022 Page 24 and 2023 and that the Charity will need lo make signilicanl use ol these Funds, held in order lo continue lo develop ils sttalegy and exlend reach lo its beneh"ciaries. balance The desired level ol iesewes of £4,004,000 compares lo actual Iiee reserves of £3.20m al 31 sl December 2020. The Trustees ieco9nise that actual liquid investments equate lo 80 per cent ol the desired reserves. review This policy will be monilored throughout the yeoi and reviewed in Augus12022. statement of trustees, responsibilities The TIu5tees (who are also direclors ol YWCA Central Club foi the puip05es ol company lawl are responsible loi preporino the Tiuslees Repoil and Ihe Financial Sialemenls in occordonce with applicable law ond Uniled Kingdom Accounting Siondords (Uniled Kingdom Generally Accepted Accounting Praclicel. Compony law requires Iruslees lo prepare financial slalemenls lor eoch financial yeor which give o true and lair view ol the slate ol the allairs ol the charilable company and the group and ol the outgoing resources and application ol iesources, including the income and expenditure, ol Ihe cho(iloble group loi thor period. In pieporing Ihese linonciol slotemenls, the Iiuslees ore required 10-. selecl suiloble accounting policies ond then apply them consislenily., observe the rneihods ond principles in the Charities SORP,. make jud9emenls and eslimales that are reasonable and piudenl,. slate whether applicable accounlin9 slondards have been lollowed, subject lo any maleiial deportuies disclosed ond explained in Ihe accounts,. prepore the accounts on a 90ing concern basis unless il is inappropiiale lo presume that the chority will continue in business. The Tiuslee5 are iesponsible lor keeping proper accounting records that disclose with reasonable accuracy al ony lime Ihe Financial position ol the chariw and lo enable them lo ensure Ihal the accounts comply with the Companies Acl 2000. They ale olso responsible loi saleguording Ihe Ossels ol the chorily ond the group ond hence lor toking reosonoble steps lor the prevention ond deleclion ol Iioud and other irregularities. In so lar as the Iiustees are oware. there 15 Do ielevonl oudil inlortnolion ol which the chariloble company's oudiloi 15 unowore", and the Iruslees have taken all steps Ihol they ought lo have taken lo make Ihernselves aware ol any ielevanl audil inloimotion ond lo eslablish Ihal Ihe ouditol 15 owore of that inloitnalion. The company has taken advantage ol the small companies exemption In piepaiirbg Ihe Tiuslees Report. Approved by Ihe Boord ol Trustees, ouihoiised lor issue ond signed on ils beholl.. C 8inghom Dale." 16 Seplembei 202 Page 25 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE YOUNG WOMEN'S CHRISITIAN A550CIATION CENTRAL CLUB Opinion We have audited the Iinoncial slalemenls ol The Young Women s Christian Associalion Cenlrol Club I'the compony'l loi the year ended 31 December 2020 which comprise Ihe Siolemenl ol Finoncial Aclivilies, Ihe Balance Sheet, the Cash Flow Sialement and notes lo the financial slatemenls, Including a summary ol si9niliconl occounling policies. The linonciol reporling Framework Ihol has been applied in Iheir preporalion is applicoble law and United Kin9dom Accounting Siandards, including FRS 102 'The Financial Reporting Standard Applicoble in the UK ond Republic ol Irelond, Iuniled Kingdom Generolly Accepled Accounting Proclicel. In our opinion Ihe linoncial slolemenls.. give a true and lair view ol the slate ol the charitable company's affairs as ai 31 December 2020 and ol Ils incoming resources ond opplicotion ol resources, including ils income ond expendilure, lor Ihe year then ended., have been properly piepored in accordance wilh United Kingdom Generally Accepled Accounling Proclice,. ond have been prepared in accordance with the requirements ol the Companies Acl 2000. Basis for opinion We conducted our oudil in accordance with Inlernalional Standards on Auditing IUKI IISAslUKII and opplicoble low. Our responsibilities under Ihose slondoids are lurihei described in Ihe Audiloi s Responsibililies lor the audit ol the financial 51alemenls section ol our report. We are independent ol the chaiilable company in occoid(Jnce wilh Ihe eihicol requirements Ihol are ielevonl lo our oudil ol the linonciol slalemenls in the UK, includin9 the FRC's Ethical Standard, and we have lullilled our oiher ethical responsibilities in accordance with Ihese requiiemenls. We believe Ihol the oudil evidence we hove obioined is sullicienl ond appiopriole lo provide a ba515 lor our opinion. Conclusions relating to going concern In auditing the financial 51atenen15. we hove concluded that Ihe trustee5 Use ol the going concern ba515 01 occounling in Ihe preporolion ol the linonciol slotemenls is oppiopriole. Bosed on the work we hove performed, we hove nol idenlilied ony moleriol vncertoinlies reloling lo events or condition5 Ihol, Individually or collectively, may ca51 significant doubt on the charitable company'5 ability lo continue 05 0 going concern lor o period ol ol leos1 fvoelve months from when Ihe linonciol slotemenls ore cjuihoiised lor issue. Our iespon5ibililies and the respon5ibililie5 01 the IIu51ees with respect lo going concern are dèscribed in rhè relevonl sections ol this report. Other information The other Inloimalion comprises the information included in the annual report, other than the financial slalements ond our oudiloi's iepoil Iheieon. The Iruslees ore responsible loi the oihei inlormolion. Our opinion on the financial slalemenls does not covei the oihei Inlormalion and, except lo the exlenl oiherw15e expliciily 51aled in our iepoil, we do nol express any form ol assuionce conclusion Ihereon. Page 26 In conneclion with our oudil ol the linonciol slotemenls, our responsibility is lo reod the other inlormolion ond, in doing 50, consider whether the other inlormalion is materially iDcon5151enl with the financial 51alernen15 or our knowledge obtained In the oudil or othepknvise oppeais to be materially misslaled.11 we Identify such material incon5i51encie5 or opporenl moleriol mi551olemen15, we ore required lo delermine whether there 15 0 moleiiol misstalemenl in Ihe Iinoncial slalemenls or a material misstalemenl ol Ihe oihei inlormolion.11, based on the work we hove peiloimed, we conclude Ihal Iheie is o maleiial misslalemenl ol this other inloimolion, we ale required to report that lact We have nothing to report in this ie9ard. Opinions on oiher matters prescribed by the Companies Act 2006 In ovi opinion, bosed on rhe work underloken in rhe course ol rhe oudil". the inlormolion given in the strolegic reporl ond Ihe Iruslees onnuol report lor the linonciol yeor lor which the financial 5talenen15 are prepared Is con515lent with the financial statements-, ond the 51ralegic report and the Iru51ee5 annual report have been prepared in accordonce wilh applicable legol requiremenls. Maller5 on which we are required to report by exceplion In the light ol the knowled9e and underslandin9 01 the company and its environmenl obiained In the course ol the audit, we have nol identified moleiiol misslalemenls in the slialegic iepoil 01 rhe Iiuslees annual reporl. We hove nothing lo iepoil in respect ol Ihe Following malleis where rhe Componies Act 2006 requires us lo report to you il, In our opinion-. adequate accounting records have nol been kept, or returns adequale lor Dui audit have not been received from bronches not visited by us,. or the linonciol slolemenls ore not in ogreemenl with the occounling records ond relurns,. 01 cerloin disclosures ol Iruslees remvnerolion specified by low ore not mode., or we have not received oll the information ond explanations we require lor our oudil. Responsibilities of trustees As explained more lully In the Iiustees responsibilities statement sel out on page 25, the trustees Iwho are also rhe directors ol Ihe charilable company loi the purposes ol compony lawl are responsible lor Ihè pièpoiolion ol Ihe financial slalemenls and lor being satisfied that Ihey give a true and laii view, and loi such internal control os the Iiuslees determine is necessoiy lo enoble the prepaiolion ol linoncial slalemenls that ore Iiee from moleiial misstalemenl, whether due lo fraud or error. In pieparing the financial 51atemenls, the tru51ees are responsible loi 035es5ing the charilable company's ability lo continue as a going concern, disclosing, os opplicoble, molleis reloled lo going concern ond using the going concern ba515 01 accounting unless rhe Iruslee5 either Intend lo liquidate the charitable company 01 lo cease operolions, 01 have no realislic oliernalive bul lo do so. Auditor's responsibililies for ihe audil of the financial ￿ateMents Ovr objectives ore lo obioin reosonoble ossuronce obout whether the linonciol slotemenls os o whole ore free Irorn malerial m1551alement, whether due lo Iiaud or eiioi, ond 10 155ue an auditor s report that include5 our Pa9e 27 opinion. Reasonable 055urance 15 0 high level ol a55urance. bul 15 not a guarantee that an audit conducted in occordonce with ISAS IUKI will olwoys delect o moleriol misslolement when Il exists. Misslolemenls can orise Irorn Iraud or error and are considered rnalerial if, individually or in aggregale, Ihey could re050nably be expected lo Influence the economic decisions ol users taken on the basis ol these Iinoncial stolemenls. Irregulaiilies, including fraud, ore instances ol non-compliance with lows and regulalions. We design procedures in line with our iesponsibililies, outlined above, lo delecl malèriol misslolemenls in iespècl ol irre9ularities. including fraud The exlenl lo which our procedures are capable ol detecting irregularities, including Iiaud is deloiled below. Explanation as to what extent the audil was considered capable of detecling irregularilies, including fraud The objeclives ol our oudil in respect ol Iioud, are,. lo idenlify and ossess rhe risks ol moleiiol misslalemenl ol the financial 51atemen15 due to Iraud,- lo obtain 5ullicienl appropriate audit evidence regarding the a55essed ii5ks 01 maleriol misslolemenl due lo Fraud, Ihrovgh designing ond implementing oppiopiiale responses lo Ihose a55e55ed risk5,- and lo respond appioprialely lo instances ol fraud or 5U5pecled Iiaud identified during the audit. However, the primoiy responsibility lor the prevenlion ond deleclion ol Fraud rests wilh both manogemenl and those charged with governance ol the charitable company. Our approach wa5 a5 follow5". We obiained an under51anding ol the legal and regulatory requiremen15 applicable lo the charitable company and considered Ihol the most signiliconl ore Ihe Companies Acl 2006, the Chorities Act 201 I, Ihe Charity SORP, ond UK linanciol reporting slondard5 a5 issued by the Financial Reporting Councill We obtained an understanding ol how the charitable company complies with these requiremenls by discussions wilh monagemenl and Ihose charged wilh governance. We assessed Ihe risk ol moleiial misslalemenl ol the linonciol slalemenls, including rhe risk ol moleiiol misstatement due lo fraud and how il might occur, by holding discussions with management and those chorged wilh governonce. We inquired ol manogemenl and Ihose choiged with governance as lo ony known instances ol non- compliance or suspected non-compliance wilh law5 and iegulalion5. Based on Ihi5 under51anding. we designed Specific appropriate audil procedures to identify instance5 ol non-complionce wilh lows ond regulolions. This included moking enquirie5 01 monogemenl ond those charged wilh goveinonce and obiaining addilional coiioboralive evidence as required. As port ol on oudil in occordonce with ISAS IUKI we exercise prolessionol judgement ond moinloin piolessionol 5ceplici5m throughout the audil. We a150". Identify ond assess the risks ol moleiial misslalemenl ol the financial slalemenls, whether due lo Iioud or error, desi9n and perform oudil procedures responsive to those risks, and obtain audit evidence thol is sullicienl ond oppropriole lo provide o bosis lor our opinion. The risk ol nol delecling CJ moleiial misstatement iesuliing from fraud is higher than lor one resulting Iiom error, as Iroud may Involve collusion, lorgeiy, intentional omissions, misiepiesenlalions, 01 the oveiiide ol inlernol conlrol. Obtain on underslonding ol inlernol conlrol relevant lo the audit in order lo design oudil procedures Ihol are appropriale in the circumstances, bul not lor the purposes ol expressing an opinion on the effectiveness ol Ihe choriloble compony's inlernol conlrol. Evolvole Ihe opproprioleness ol occovnling policies used ond the reosonobleness ol occounling e51ifftale5 and related di5c105ure5 mode by the Iru51ee5. Pa9e 28 Conclude on the opproprioleness ol the trustees use ol rhe going concern bosis ol occounlin9 ond, bosed on rhe oudil evidence obtained, wheiher o maleriol uncertainly exisls ielaled lo evenls 01 conditions thot moy cast signilicont doubt on the choriloble compony's obility lo conlinve os o going concern. 11 we conclude Ihol o moleiiol uncerloinly exists, we are required lo draw ollenlion in our auditor s report lo the related disclosures in Ihe linanciol stolemenls or, Il such disclosures are inodequale, lo modily our opinion. Our conclusions are bosed on rhe audit evidence obioined up lo the dole ol our auditor s report. However, lulvre evenls 01 conditions may cause Ihe charitable company lo ceose lo continue as o going concern. Evoluole the overall piesenlalion, slruclure ond conlenl ol the linonciol slolemenls, including Ihe di5cIosures, and whether the financial 51alernenls represent the underlying Iran5aclions and even15 in a monner Ihol ochieves loir presenlalion. We communicale with Ih05e charged with governance regarding, among oiher matter5. Ihe planned Scope ond liming ol the oudil ond signiliconl oudil findings, including ony signiliconl deficiencies in inlernol control Ihal we identify during our audil. Use of our report This report 15 made 501ely lo the charitable company'5 member5, a5 a body, in accordance wilh Chaplei 3 01 Porl 16 01 the Componies Acl ?CQO. Our oudil work hos been underloken so Ihol we mighi stole lo the compony s mèmbers those molleis we are required lo stolè lo them in on audiloi's Tèporl and loi no other purpose To the lullesl exlenl permilled by low, we do nol occepl or Ossume responsibility lo ony porty other Ihon Ihe choiiloble compony ond choiiloble company's membeis as a body, loi our audil work, loi Ihis iepoil, or lor the opinions we hove formed J.A LLe Neil Finloyson (Senior Sioluloiy Audilorl lor and on behalf ol Moore Kin9slon Smith ILP, Stalulory Auditor DatÈ". 16 SÈptÈmbÈr 2021 Devonshire House 60 Goswell Rood london ECIM7AD Page 29 ## **The Young Women's Christian Association Central Club Statement of Financial Activities (incorporating the Income and Expenditure Account) For the year ended 31st December 2020** |Note
Income
Donations and grants
Investment income
Investment income and Interest receivable
Charitable activities
Course fees
Subscriptions
Cafeteria and room hire
Total Income
Expenditure
2
Cost of managing Investment
Charitable activities:
Course Fees
Subscriptions
Cafeteria and room hire
Total Expenditure
Net Expenditure for the year before gains
Unrealised gains on investment properties
6
Net realised and unrealised gains on investment
7
Net Income for the year
Unrestricted balance brought forward at
1st January 2020
Unrestricted balance carried forward at
31st December 2020
14|Company
2020
£
120,274
383,781
284
29,577
50,817
584,733
212,064
88,532
318,809
281,543
900,947
(316,214)
(336,147)
(226,564)
(878,925)
13,413,274
12,534,349|Company
2019
£
517
405,781
3,800
100,978
235,648| |---|---|---| |||746,724| |||246,167
37,012
336,990
324,733| |||944,902| |||(198,177)
39,081
650,022| |||490,925
12,922,349| |||13,413,274| All amounts relate to continuing activities. There are no recognised gains and losses other than those dealt with in the above Statement of Financial Activities. The notes on pages 33 to 40 form part of these financial statements. Page :30 **The Young Women's Christian Association Central Club Balance Sheet as at 31st December 2020** |||Company|Company| |---|---|---|---| ||Note|2020|2019| |||£|£| |Fixed Assets|||| |Tangible assets|4|4,324,168|4,321,603| |Intangible Assets|5|3,333|10,000| |Investment Property|6|2,433,178|2,769,325| |Investments|7|5,749,893|6,246,258| |||12,510,572|13,347,186| |Current Assets|||| |Stocks|9|802|1,664| |Debtors|10|67,523|30,003| |Cash at bank and in hand||34,373|127,016| |Bank deposit||130,434|162,163| |||233,132|320,846| |Creditors: Amounts falling due|||| |within one year|11|(209,356)|(254,758)| |Net Current Assets||23,776|66,088| |Net Assets||12,534,349|13,413,274| |Funds|||| |Unrestricted funds - general|14|11,149,034|11,691,812| |Unrestricted funds - revaluation reserve|14|1,385,315|1,721,462| |Total|14|12,534,349|13,413,274| The notes on pages 33 to 40 form part of these financial statements. These financial statements have been prepared in accordance with the special provsions applicable to companies subject to the smaller companies' regime. Approved and authorised for issue by the Board of Trustees on 16 September 2021 and signed on its behalf by: C Bingham Chair Registered Company Number: 03606940 Page: 31 **The Young Women's Christian Association Central Club Cashflow Statement For the year ended 31st December 2020** |Cashflows from operating activities:
Net cash used in operating activities
Cashflows from investing activities:
Dividends and interest from investments
Purchase of property, plant and equipment
Net investment withdrawals
Net cash provided by investing activities
Change in cash and cost equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Reconciliation of net expenditure to net
cashflow from operating activities:
Net expenditure
Depreciation
Loss on disposal of fixed assets
Dividends and interest from investments
(Increase)/Decrease in stocks
(Increase)/Decrease in debtors
(Decrease)/Increase in creditors|Total
2020
£
(696,495)
383,731
(81,408)
269,800
572,124
(124,371)
289,179
164,808
(316,214)
85,510
0
(383,731)
862
(37,520)
(45,402)
(696,495)|Total
2019
£
(425,216)| |---|---|---| |||405,781
(96,824)
217,497| |||526,454| |||101,238
187,941| |||289,179| |||(198,178)
72,960
0
(405,781)
(698)
8,860
97,621| |||(425,216)| The notes on pages 33 to 40 form part of these financial statements. Page: 32 ## **The Young Women's Christian Association Central Club Notes to the Financial Statements For the year ended 31st December 2020** ## 1 Accounting Policies ## Company information The Young Women’s Christian Association Central Club Limited is a limited company domiciled and incorporated in England and Wales. The registered office is 73 - 81 Southwark Bridge Road, London SE1 0NQ. ## Basis of Accounts The charitable company is a public benefit entity for the purpose of FRS 102 and therefore the charity and group's financial statements have been prepared in accordance with 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”) and the requirements of the Companies Act 2006 and the Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. The financial statements have been prepared on the historical cost convention, modified by the recognition of certain tangible fixed assets, investment properties, and financial assets and liabilities measured at fair value. The principal accounting policies adopted are set out below. ## Going Concern These financial statements are prepared on the going concern basis. The budgets and cashflows for 2021 and 2022 have been revised following the outbreak of COVID-19, and the directors have considered the risks relating to the effects of COVID-19. The charity’s activities have been impacted as a result of the pandemic and the measures taken to contain it, however the charity has moved its activities online where possible and has also taken advantage where relevant of government assistance programmes such as the furlough scheme as well as making cost reductions where possible. Whilst the ultimate impact of the pandemic cannot currently be assessed reliably, given the charity’s activities and asset base the directors have a reasonable expectation based on budgets, forecasts and projection that the company will continue in operational existence for the foreseeable future for a period of at least 12 months from the date of the approval of the financial statements. ## Income Donations and course fees are accounted for when receivable. Gym subscriptions are spread over the period of membership. ## Expenditure Expenditure is included on an accruals basis. Cost of investment income and interest comprise those costs directly attributable to managing the investment portfolio and raising investment income. Cost of Cafeteria comprise of those costs directly to managing the cafeteria. Cost of Charitable activities comprise of those costs directly attributable to the charitable activites including health and fitness, and room hire. Support costs are allocated on the basis of usage - maintenance, repairs, insurance, utilites etc are based on floor space. Office and other administration costs such as printing, stationery, telephone etc are based on proportional relevance to each area. Page: 33 1 Accounting Policies (Continued) ## **The Young Women's Christian Association Central Club Notes to the Financial Statements For the year ended 31st December 2020 (Continued)** Tangible Fixed Assets Tangible fixed assets are stated at cost. Items costing over £500 are capitalised. Depreciation is provided on all tangible fixed assets, in the month of purchase in use at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life as follows: Freehold Property 2% per annum straight line Computer equipment 33% per annum straight line Furniture and equipment 25% per annum straight line Plant & machinery 25% per annum straight line Intangible Fixed Assets Tangible fixed assets are stated at cost. Items costing over £500 are capitalised. Amortisation is provided on all intangible fixed assets, in the month of purchase in use at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life as follows: Computer Equipment 33% per annum straight line Investment properties Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets. ## Investments Investments are included on the balance sheet at their market value. Realised and unrealised gains and losses are credited, or debited, to the statement of financial activities in the year in which they arise. Following the outbreak of COVID-19 the market value of the investments fell. Since December 2020 they have recovered by approximately 5% as at June 2021 ## Bad debts provision A provision is made for bad debts where it is considered that the outstanding debt will not be received. ## Financial Instruments The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. ## Stock Stock is valued at the lower of cost and net realisable value after making due allowance for obsolence and slow moving items. ## Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Page: 34 ## **The Young Women's Christian Association Central Club Notes to the Financial Statements For the year ended 31st December 2020 (Continued)** ## 1 Accounting Policies (Continued) ## Judgements and estimates In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## Critical judgements The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 10 for the net carrying amount of the debtors and associated impairment provision. The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 5 for the carrying amount of the property, plant and equipment and note 1 for the useful economic lives for each class of asset. The company uses the valuation performed by its independent valuers as the fair value of its investment properties. The valuation is based upon the key assumptions of estimated rental values and market based yields. With regard to redevelopments and refurbishments, future development costs and an appropriate discount rate are also used. In determining fair value the valuers make reference to market evidence and recent transaction prices for similar properties. Details of the valuation methodology and key assumptions are given in note 6. Management consider the significant assumptions to the valuation of investment properties to be estimated rental values and market based yields. ## Pension The company operates a defined contribution pension scheme. The amount charged to the consolidated statement of financial activities in respect of pension costs is the company's contributions payable in the year. The assets of the scheme are held separately from the charity. The pension cost in the year was £ 17,588 (2019: £16,849). |2
Expenditure
2020
_Cost of generating funds:_
Investment management fees
_Charitable activities:_
Course Fees
Subscriptions
Cafeteria and room hire
Support Costs
Total|Staff
Costs
£
2,016
88,466
82,913
319,350
492,745
-|Direct
Costs
£
20,544
86,516
9,366
16,411
295,909
428,746|Support
Costs
£
191,519
-
220,977
182,219
(615,259)
-|2020
Total
£
212,064
88,532
318,809
281,543
-| |---|---|---|---|---| |||||900,947| Page: 35 ## **The Young Women's Christian Association Central Club Notes to the Financial Statements For the year ended 31st December 2020 (Continued)** - 2 Expenditure (Continued) |2019
_Cost of generating funds:_
Investment management fees
Charitable activities:
Course Fees
Subscriptions
Cafeteria and room hire
Support Costs
Total|Staff
Costs
£
-
14,136
98,147
100,404
319,304
531,991|Direct
Costs
£
22,527
22,876
13,225
35,434
318,849
412,911|Support
Costs
£
223,640
-
225,618
188,895
(638,153)
-|2019
Total
£
246,167
37,012
336,990
324,733
-| |---|---|---|---|---| |||||944,902| Governance costs totalling £ 14,281 (2019: £ 16,145 ) are included above within support costs and consist of audit fees (including irrecoverable VAT), meeting costs, legal fees and trustees insurance. |Charitable expenditure includes:
Auditors' remuneration:
Audit (net of VAT)
Trustees' indemnity insurance
3
Staff Costs
Wages and salaries inc. tutors
Social security costs
Pension Costs|2020
£
11,075
2,080
2020
£
442,233
32,924
17,588
492,745|2019
£
10,000
1,976| |---|---|---| |||2019
£
480,614
34,528
16,849| |||531,991| The average number of staff employed during the year, analysed by function was as follows: |Governance, Administration and Support
Gym Instructors
The CEO received remuneration amounting to between £60,000 and £70,000 in 2019 and 2020
Key management personnel salaries during the year were:
CEO and Deputy CEO|2020
12
3
15
2020
£127,505|2019
13
3| |---|---|---| |||16| |||2019
£127,828| Page: 36 ## **The Young Women's Christian Association Central Club Notes to the Financial Statements For the year ended 31 December 2020 (Continued)** ## 4 Tangible Fixed Assets |Tangible Fixed Assets||||| |---|---|---|---|---| |Cost
At 1st January 2020
Additions
Disposals
At 31st December 2020
Depreciation
At 1st January 2020
Charge for the year
Disposals
At 31st December 2020
Net Book Value
At 31st December 2020
At 31st December 2019|Freehold
Buildings
£
4,542,282
(2,762)
4,539,520
317,456
45,766
363,222
4,176,298
4,224,826
-
-|Computer
Equipment
£
12,248
5,074
-
17,322
7,761
2,229
9,990
7,332
4,487
-|Furniture
and
Equipment
£
256,543
79,096
335,639
164,253
30,848
195,101
140,538
92,290
-
-|Total
£
4,811,073
84,170
(2,762)| |||||4,892,481| |||||489,470
78,843
-| |||||568,313| |||||4,324,168| |||||4,321,603| The freehold property is held for direct charitable purposes. The property is recorded at its historic value. ## 5 Intangible Fixed Assets |Intangible Fixed Assets|||||| |---|---|---|---|---|---| |||||Furniture|| ||Freehold||Computer|and|| ||Buildings||Equipment|Equipment|Total| |Cost|£||£|£|£| |At 1st January 2020||-|20,000|-|20,000| |Additions||-|-|-|-| |At 31st December 2020||-|20,000|-|20,000| |Depreciation|||||| |At 1st January 2020||-|10,000|-|10,000| |Charge for the year||-|6,667|-|6,667| |At 31st December 2020||-|16,667|-|16,667| |Net Book Value|||||| |At 31st December 2020||-|3,333|-|3,333| |At 31st December 2019||-|10,000|-|10,000| Page : 37 **The Young Women's Christian Association Central Club Notes to the Financial Statements For the year ended 31st December 2020 (Continued)** |6 Investment property
At 1 January 2020
Unrealised gain
As at 31 December 2020|2020
£
2,769,325
(336,147)
2,433,178|2019
£
2,730,244
39,081| |---|---|---| |||2,769,325| Investment property comprises of the first and second floor of the property 73 - 81 Southwark Bridge Road, London. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Field and Sons Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts included in the financial statements would have been as follows: |Cost
Carrying amount
7 Investments
Market value at 1st January
Net withdrawals
Net realised and unrealised investment (loss)/gain
Market value at 31st December
Listed investments comprise the following:
Cazenove - Investments
Cazenove - Cash
UK investments
Overseas investments
Cash
Material investments over 5% of the total investment are listed as follows:
i) 1,440,000 units of “SUTL CAZENOVE CHARITY EQTY INC FUND”
ii) 2,080,000 units of “SUTL CAZENOVE CHARITY EQTY INC FUND”
iii) 788,481.142 units of “M&G INVESTMENT MAN GLOBAL DIVIDEND I INC”
iv) 340,000 units of “M&G INVESTMENT MAN GLOBAL DIVIDEND I INC”
v) 6,463.21 units of “SCHRODER STRATEGIC CREDIT FUND SHS - S - DIS'”
vi) 183,500 units of "TROJAN INCOME FUND"
vii) 10,000 units of "VANGUARD S&P 500 UCITS ETF"
viii) 924,967.59 units of "SCHRODER ASIAN INCOME MAXIMISER UNITS CLASS S"
ix) 135,000 units of "CAPITAL FIN TROJAN S INC NAV" (formerly "TROJAN Invest Funds")
x) 470,422.79 units of "PROPERTY INCOME TRUST FOR CHARITIES"
xi) 1,055,323.63 units of "SCHRODER STERLING CORPORATE"
Historic Cost|2020
£
1,047,863
1,047,863
2020
£
6,246,257
(269,800)
(226,564)
5,749,893
5,743,517
6,376
5,749,893
3,552,762
2,190,755
6,376
5,749,893
2020
£
647,280
-
873,874
-
628,119
330,080
518,288
512,247
386,060
378,831
684,377
2020
4,685,978|2019
£
1,047,863| |---|---|---| |||1,047,863| |||2019
£
5,813,732
(217,497)
650,022| |||6,246,257| |||6,242,955
3,302| |||6,246,257| |||4,382,275
1,860,680
3,302| |||6,246,257| |||2019
£
-
1,119,248
-
820,998
629,233
376,652
463,463
517,982
360,572
417,500
620,108
2019
4,995,775| Page: 38 ## **The Young Women's Christian Association Central Club Notes to the Financial Statements For the year ended 31st December 2020 (Continued)** ## 7 Investments |Investment in Subsidiary Company
B/fwd - ordinary shares (YWCA Central Club (Trading) Limited)
Balance at 31st December 2020
8
Financial instruments
Carrying amount of financial assets
Debt instruments measured at amortised cost
Carrying amount of financial liabilities
Measured at amortised cost
9
Stock
Wines and spirits, biscuits
10
Debtors
Trade debtors
Provision for Bad debts
Other debtors
Prepayments and accrued income|2020
£
-
-
Company
2020
45,953
151,630
Company
2020
£
802
2020
£
41,750
-
4,203
21,570
67,523|2019
£
1| |---|---|---| |||1| |||Company
2019
11,706| |||172,516| |||Company
2019
£
1,664| |||2019
£
5,322
(488)
6,384
18,785| |||30,003| Trade debtors disclosed above are measured at amortised cost. |11
Other creditors
Other taxes and social security
Accruals
Deferred Income
Creditors: Amounts falling due within one year|2020
£
113,637
13,100
37,993
44,626
209,356|2019
£
142,466
22,407
30,050
59,834| |---|---|---| |||254,758| Page: 39 ## The Young Women's Christian Association Central Club Notes to the Financial Statements For the year ended 31st December 2020 (Continued) |12
Future Rents due from Tenants
The Charity has 3 (2019: 4) tenants leasing property within their building.
Amounts due within 1 year
Amounts due between 2 and 5 years
13
Deferred Income Analysis
Brought forward
Released in the year
New Provision added
Carried forward|2020
£
102,329
91,540
2020
£
59,834
(59,834)
44,626
44,626|2019
£
137,376
156,869| |---|---|---| |||2019
£
31,327
(31,327)
59,834| |||59,834| Deferred income relates to rent, service charges, membership and contract income where the charity has not earned entitlement to the income. |14|Funds||||||ae||| |---|---|---|---|---|---|---|---|---|---| ||2020||||Opening|||Investment|Closing| ||||||Balance|Income|Expenditure|Gains|Balance| ||||||£|£|£|£|£| ||Unrestricted|-|general||11,691,812|584,733|(900,947)|(226,564)|11,149,034| ||Unrestricted|-|revaluation|reserve|1,721,462|-|-|(336,147)|1,385,315| ||Total||||13,413,274|584,733|(900,947)|(562,711)|12,534,349| ||2019||||Opening|||Investment|Closing| ||||||Balance|Income|Expenditure|Gains|Balance| ||||||£|£|£|£|£| ||Unrestricted|-|general||11,239,968|746,724|(944,902)|650,022|11,691,812| ||Unrestricted|-|revaluation|reserve|1,682,381|-|-|39,081|1,721,462| ||Total||||12,922,349|746,724|(944,902)|689,103|13,413,274| ## 15 Trustees' Remuneration and Expenses None of the Trustees received any remuneration from the charity either in their capacity as Trustee or in any other capacity. None of YWCA Central Club Trustees (2019 - 0) received reimbursement of expenses incurred during the year in connection with travelling expenses and meetings of £0 (2019 - £0). Meeting costs of £0 were incurred by 6 trustees during the year (2019 - Meeting costs of £318 were incurred by 6 trustees) . Page: 40