Company registration number.. 03684583 Charity registration number.. 1073674 YMCA Cornwall (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2023
YMCA Cornwall Contents Trustees Report 1109 Referen and Administmb've Delails Slalement of Trustees, Responsibilities 10 Independent Auditors, Report 111014 Slalemenl of FinanrAal Activities 151016 Balance Sheet 171018 Statement of Cash Flows 191020 Notès to the Financial Statements 21to43
YMCA Cornwall Trustees Report The Iruslees, who are directors for the purposes of company law. present the annual report together with the financial slalemenls of the charitable company for the year ended 31 March 2023. Objectives and activities YMCA Cornwall Misslon Statement "To provide or assist in the provision in the interests of social welfare of fa¢ilits'es for recreation and other leisure time occupation for all with the object of improving their conditions of life. YMCA Cornwall is part of an International Christian Movement which recognises the equal value of all people. It seeks lo serve the community in Cornwall with an emphasis on the young, by providing them with a stimulating and supportive environment, enabling them lo enrich their lives and the lives of others." Objects and aims The objects of the charity as deflned in the Memorandum and Articles of As80¢ialion Irevised Dember 20221 are.. 1.To advance, enable and empower people of 811 ages and In particular young people, to flourish throLFgh experiencing and responding lo the care and SUPFX)rt. 2.To provide residential accommodation, including Social Housing, for people of all ages and in particular young people, who are in need, hardship, or distress by reason of their social, physical, emotional, or economic circumstances. 3.To advance and enabling people of all ages and in particular young people, lo be empowered lo thrive through experiencing high quality support. 4.To provide or assist in the provision in the interests of social welfare of facilities for recreation and other leisure lime occupation for all with the object of improving their conditions of life. 5.To promde or as51sI in the provision of education for people of all ages and in particular yotjng people, with the object of developing their physical, mental. or emotional health. 6.To ielieve or asslst in the relief of people of all ages and in particular young people, who are in conditions of need, hardship, or distress by reason of their social, physical, emotional. or economic circumstances. Page 1
YMCA Cornwall Trustees Report The YMCA is a Christian Federation and welcomes into ils fellowship persons of all religious faFths and ol none. In accordance wth its Chr6slian values the YMCA stands for. A worldwide fellowship based on the equal valve of all persons., Respect and freedom for all, IDlerance and understanding between people of different opinions., . Active concern for the needs of the community., United effort by Chrtslians of different Iradilions. As the expression of ils Christian purposes the YMCA aims lo.. Provide a welcome lo ils members for themselves in a meeting place which is theirs to share. where friendships can be made and counsel sought", Develop activities which slimulale and challenge members in an environment that enables them lo take responsibility to find a sense of achievement., Involve all member8 In the care and work of olher8', Create opportunities for exchanging views so that members can improve their understsnding of the world, of themselves and of one another. Objectlves, strategles and activlties YMCA Cornwall has developed two main areas of service in order lo achieve its aims,. 11 Youth Housing 21 Youth and Community Public benefit The main areas of charitable activity undertaken lo further public benefit are the provision as follows.. Youth Housing Resettlement.. Youlh and Community work- involving youth clubs and adult actwities, including providing affordable room hire facilities for other community groups. The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Commission for England and Wales. involves Social Housing for 18-25 year-olds. Housing Advice, Counselling and Structurei governance and management Nature of governing document The charity is registered as a charitable company limited by guarantee and was sel up by a Memorandum of Association dated 4 December 1998 (revised December 20221 and is registered charity number 1073674. In the event of the company being wound up members are required lo contribute an amount not exceeding £1 each. Page 2
YMCA Cornwall Trustees Report Recruitment and appointment of trustses The Directors of the company are also Charity Trustees for the purposes of charity law and under the compansls Articles are known as members of the Management Committee. Under Ihe Requirements of the Memorandum and Articles of Association the members of the Management Committee are elected lo serve for a period of three years after which they musl be re-elected 21 the next Annual General Meeting. Due to the nature of focus, social housing lor young people and youth activities make Ltp much of the chaiills work and, inevitably, the organisalion's focus is on young people. The Management Committee seeks to ensure that the needs of these groups are appropriately reflected through the diversity of the Ir(Jslee body. Induction and training of truste8S New trustees are invited and encouraged lo attend 8 short training session lof no more than an hour) to familiarise themselves with the charity and the eonlexl wlhin which il operates. The Chair of the Management Committee or the Chief Executive of the charity can cover and lead these.. The obligations of Management Committee members., The main dUmentS which set out the operational framework for the charity including the Memorandum and Articles., Resourcing and the current finandal position as sel out in Ihe18test published accounts- FutLJre plans and objectives. The YMCA Cornwall Trustee Induction pack, last reviewed in 2022, draws information from the various Charity Commission publications signp051ed through the Commission's guide The Essential Trustee" as a follow up to these sessions. Thi5 is distributed to all new Iruslees 21ong with the Memorandum and Articles and the latest financial statements. Organisational structure YMCA Cornw811 hss a Management Committee consisting of a body of mett)bers who meet quarterly and are responsible for the strategic direction and policy of the charity. The ThAembers are from a variety of professional backgrounds relevant to the work of the Ch2rity. The Secretary also sils on the Committee but has no voting r¢ghts. A scheme of delegation is in place and day lo day responsibility for the provlsion of the services rest with the Chief Executive along with the senior leadership team eonsi81ing of Finance Manager, the Housing Manager, and the Corporate SeNices Manager. The Chief Execulive is responsible for ensuring that the Charity delivers the services speafied and that key performance indicators are mel. After the post year-end resignation of the Chief Executive Officer, these duties are now carried ovl by the senior leadership team. The senior team have responsibility for the day to-day operational management ol their departments within the organisalion, individual supeNision of the staff le8m and also ensuring that the team continues lo develop their skills and working practices in line wlh good practi. Relationships wlth related partles In so far as il is complimentary lo the Charity's objects, the Charity is guided by both local and national policy. Page 3
YMCA Cornwall Trustees Report Reference and Administrative Details Chief Executive Offleer David Hall-Davies (Resigned Q611012023) TrLEStees Derek Tilby (Chairl Penny Marns Hudson Smith Chris Seamarks ITreasurerl lan Hurst (Resigned 16101120231 Nicola Hemsley Chiislopher Weavill (Resigned 05101120231 David Leah {Resigned 0110W2023) David Hall-Davies IReslgned 06110120231 Secretary Charity Registratlon Number 1073674 Company Registration Number 03684583 Principal Officè The Orchard Alverton Road Penzance Cornwall TR18 4TE PKF Francis Clark statutory Auditor Lowin House Tregolls Road Truro Cornwall TR12NA Auditor Solicitors: C(K)des Soliulors 49-50 Morrab Road Penzan Cornwall TR184EX Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill Wesl Malling Kent E19 4JQ Page 4
YMCA Cornwall Trustees Report Achlevements and perfomlance YOUTH HOUSING Cherrytree House, Appletree House, St Levan, Morri5 House (Supported Houslng Projects) Applelree and Che¥rytree Houses are purpose-built, self-conlained accommodation offering SUPFX)rted housing for 22 young people aged 18.25 years. Appletree House was opened in 1994 in partnership with YMCA England and Cherrylree House in 2004 in partnership with Penwilh Housing Association (now Livewesll. In March 2023 we managed lo purchase Cherrylree House from Livewesl which has secured il's use lor the future and will allow us lo develop the property for the benefit of the young people in our ¢are. Our Sl Levan flats are four short term rooms with shared kitchen and bathri)om that are used lo house young people at risk ot being homeless while a suitable place to stsy 18 found. Morris House was created by converting an old sports hall on our main site into self-conl2ined Ilals, supporting 20 fials th tenants across three floors on the ground and upper levels. The project was completed in July 2021 with work Lieing done by our skilled in-house maintenance team. Support Workers continue lo work with these young people to prepare them for independent living within the community. Young people can remain at these projects for up lo years. Move-on Flats Starting in October 2006, Penwith Housing Association, now part of L TrieWe81, seamlessly inlegraled four fials from their general needs stock into the management agreement with YMCA Cornwall. These flats serve a crucial role as move-on accommodations for young indivKluals transitioning out of the supported housing projects following their 0-year stay. As part of a strategic plan lo within Livewesl one of the flats was retuined to Livewest. lacililaling the demolition 2nd subsequent reconstruction, In a commitment to maintaining support services. an additional Ilal was generously provided lo YMCA Cornwall as a replacement. This collaborative effort ensLJres a continuum of care for young people as they progress from supported housing lo more independent living arrangements, fostering a smooth and sustainable Ir8llSition. Atl the aforementioned projects are financially Sustained through the income generated from the rents charged. Thtoughoul this financial year these initiatives have played a crucial role in supporting and offering accommodation lo a lolal 0191 young individuals, including those who remained residents al the conclusion of the financial year. The financial sustainability of these projects underscores their commitment to providing vital services and ensuring a stable living environment for young people in need. Housing AdvicelReseltlement The YMCA Cornwall Housing Advice and Resettlement Sewice has grown again during the past financAal year. The post has been incorporated inlo the general services available lo young people and predominantly SeeS the 16-25 year-old client group. From April 2022 until March 2023 advice and assistance has been given lo 131 young people. Page 5
YMCA Cornwall Trustees Report Room Hire YMCA Cornwall is dedated lo offering excellent, affordable room hire facilities for various community group5 and local organizalions. Additionally, we provide office rental spaces for respected partners such as the Liberal Democrats and Citizens Advice. Our commitment lo providing accessible and high.quality facilities supports the diverse needs of our community, fostering collaboration and engagement Financial Revlew During the year the Charity continued to develop ils services. This year il has generated an overall deficit for the year ending 31 March 2023, which has created a nel decrease in funds of £105,691 12022.. £336,769 surplus). A surplus of £17,193 related lo r6Stricled funds has been generated and will be carried forward for ongoing projects. Unreslricled funds have created a deficit of £122,88412022'. £317,790 surplus) during the year. As at 31 March 2023 unrestricted general funds stood al £429,170 12022.- £552,054) including a designated UnstrICted fund of £54,472 12022.. £54,472). Reslricled funds lolalled £257.461 {2022.' £240,268) at 31 March 2023, During the year £25,580 was spent on fundraising in respect of purchasing Cafe supplies. Income raised from the cafe lotalled £33.093 resulting in a £7,513 profil for the year. Reserves Pollcy The Management Committee has examined the ¢haritWs requirements for reserves in light of the main risks lo the organisalion. 11 has established a policy whereby the unrestricted funds not commilled or invested in tangible fixed assets held by the charity should lje between three and six months of the core expenditure. The reserves are needed lo meet the working capital qUIrementS for the charity and the Management Committee are confident that al this level they would be able to conts'nue the current activities of the charity in the event ol a significant drop in funding. Budgeted core expenditure for 2024125 is £467.406 and therefore the laigel is £116,851 10 £233,703 in free unreslricled reserves. Curienl, free unrestricted reserves (excluding tangible fixed assets and long lemi loans over 1 yearl are £12,040 and therefore not within the target range. During the year funds were used lo purchase Cherrytree House and we believe the increased income generated over the coming financial years will bring the free rEserves back in lo the agreed largel range. Page 6
YMCA Cornwall Trustees Report Investment Pollcles and Objectives Under the Memorandum and Articles of Asgo¢ialion the Charity ha8 the power to invest in any way the Trvslees wish. The Trustees, having regard lo the liability requirements of operating the organisation and lo the reserves policy, have operated a policy of keeping available funds in an inleresl-bearing deposit account. Risk Management The Management Committee h8s conducted a review of the major risks to which the charity is exposed. A risk gIster is in place 8nd is regularly reviewed by the Board. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Significant external risks lo funding have led lo the development of a strategic plan, which will allow for the diversifition of fvnding and activities. Internal control risks are minimised by the implementalion of procedures for aulhorisalion of all transactions and projects. Procedures are in place lo ensure compliance wllh health and safety of staff, volunteers, clients and visiloTS to the ntre. The organisation obtained the Investors in People award in June 2014 and a Silver standard in 2017, and has been successful in maintaining ils Local ALtlhority health and safely recognition standards ICHASI as well as maintaining ils Gold standard in the He211hy Workplace award. Going Concarn YMCA Cornwall like many organis21ions has been affected by the current high inflation and cost of living crisis, however we reviewed staff salaries before the current crisis and compared ourselves lo others in the market and decided lo raise all staff pay by 10QA for the financial year ending March 2023, a further review is undetway lo look at the year ahead. We have also been protected from the current energy price rise due being locked into eleclrialy deals lill summer 2024 and gas until January 2026. we have secured our eleclricity piices from summer 2024 for a further 30 months and although they are l¢e our current rates they are not the 3300/0 we were originally seeing al the start of the UKS energy crisis. The charity was fortunate enough lo sell a property asset in February 2022, which has given us the capital lo reinvest in the current site and purchase Cherrylree House, along with other improvements around the site. This has had a negative effect on our cash flow in the short term,. however. after conducting a comprehensive analysis of our financial projections, we project a subslanlial enhancement in our financial standing toward the end of the financial year ending 31st March 2024. After condLtcling thorough enqLFiries, the Iruslees hold a reasonable expectation that the charity possesses sufficient resources to sustsin operational viability for the foreseeable future. Consequently, they have chosen lo maintain the going concern basis in the prepar81ion of the financial ststemenls. Additional information pertaining lo the adoption of the going concern basis is available in the Accounting Policies. Page 7
YMCA Cornwall Trustees Report Plans for future periods Aims and key objectives for future periods YMCA Cornwall continues to provide a high quality seNice within all of its projects with a dedited staff team of 29 and a tLtmover of £972,359. The range and quality of services has developed considerably and YMCA Cornwall is seen as a market leader in Housing and Reselllemenl. The YMCA Cornwall h8s also joined a group of YMCA'S headed by One YMCA lo run youth servies for the RAF Benevolent Fund, these services provide youth acltvily clubs on RAF bases across the country. This expansion and development has been achieved through a planned and coordinated approach. However, the work of YMCA Cornwall is far from complete. There are still large numbers of people who are soaally excluded and the organisalion's future focus musl be on housing which is going to be thè biggest issue ol the next len years. YMCA Cornwall now has a strong track record of successful project management on a multitude of different projects. In 2019, YMCA Cornwall reviewed and rewrote its Strategic Business Plan with an emphasis on developing measurable targets in order to influence slratagy and continue the Llevelopmenl of the Organisalion into a dynamic and successful Charity serving the needs of the young people of Cornwall. The plan wll be reviewed in late 2024 and will provide a foundation that will benefit the Association, its members and the youth of Cornwall, for many years lo come. It will also form the basis by which we can measure our impact on the public we seek lo see and prove our public benefit lo which the Trustees have due regard when deciding on the adivilies that the Charity ndertakes. The Iruslees Confirm that they have referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Association's objectives and activities and in planning future activities and projects. The charity's main activities are listed above. Overall Strategy YMCA Cornwall seeks to be a county-wide significant organi58tion that is valued for ils responsiveness lo local need. We shall endeavour lo continue lo increase the quality and quantity of our programmes and activity by.. Researching and developing new programmes and areas of income generation., Offering attractive programme and activity opportunities. Investing in staff, premises and resources-, Building a secure financial foundation for future growth and development. We wll.. Promote and enhance our profile and Influen as a county-wide organisation., Encourage responsiveness locally lo meet the needs of individuals and communities., Build relationships with partner agencies and other stakeholders., Proactively implement new business, programme and activity ideas based on need.. Manage risk effectively and respond to changing environments. Page 8
YMCA Cornwall Trustees Report Dlsclosure of information to audltor Each Iruslee has taken slops that they ought lo have taken as a Irusl8e in order lo make Ihem8elves aware of any relevant audlt information and lo establish that the charity's auditor is aware of that Information, The Iruslees conflrm that there is no relevant informallon that they know of and of whlGh they know the auditor is unaware. Small companles provlslon statement This report has been prepared in accordan wlth the small companies regime under the Companles Act 2006. The annual report was approved by the trustees of the oharity on behalf by., and signed on ils Derek Tilby (Ciiairj Tru8lee Chris Seamara(s (Treasurer) Trustee Page 9
YMCA Cornwall Statement of Trustees, Responsibilities Thè trustees (who are also the dlrectors of YMCA Cornwall for the purposes of company lawl are responslble for preparing the trustees, report and the financial slaloments in accordance with appliaable law and United lfjngdom AccounlSng Standards (Unilod Kingdom Generally Accepted Acoounling Praclicel, including FRS 102 "The Flnancial Reporting Standard applicable in th& UK and Republic of Ireland" Company law requlres the Iruslees lo prepare flnanclal statèments for each financial year. Under ompany law the trustees musl not approve the flnancial 8latemenls unless they are salislied that they glve a true and fair view of the siale of affairs of the charitable company and of the incomlng resour8 and appllcation of resources, includinu ils Income and expendllure, of the charitable Gompany for that period. In preparing these financlal slalemenls, the trustees are required lo.. select suitable accounting pollcies and apply them conslslenlly,. observe the methods and prlnclples In the Charities SORP., make judgements and estimates th21 are reasonable and prudent- stale whether applicable accounting standards, comprislng FRS 102 have been followed, sublecl lo any material departures disclosed and explainèd in the financial slalements,. 8nd prepare the flnancial slalemenls on th& golng concern basls unless il is inapproprlate to presume that the chaTltable company will oontinue in buslness. The Iruslees are responsihle for keeping proper accounllng records that can disclose with re8sonable accuracy 81 any Ilme the financial posS1ion of the charitable company and enable them lo ensure that the Ilnancial stalemenls comply with the Companies Act 20. They are also responsible for safeguarding the assets of the chari12ble company and hence for laklng reasonable steps for the prevention and detection of fraud and other Irffgularllles. The Iruslees are responslble for the malnlenance and integrity of the corporate and Ilnanclal information induded on the ¢harilable company's website. Legislation govtsrnlng the preparallon and dissemination of financial statements may differ from legislation In other lurlsdlcllons. Approved by the INglees of the Charity on IIIIL.Igu&3 and slgned on Ils behalf by.. Deielc Tllby jchalrj Trustee Chrls Seamarks jTreasurei} Trustee Page 10
YMCA Cornwall Independent Auditor's Report to the Members of YMCA Cornwall Opinion We have audited the financtal statements of YMCA Comwall {Ihe 'charily'l for the year ended 31 March 2023. which comprise the Slalemenl of Financial Aclniilies, Balance Sheet, Statement of Cash Flows, and Notes lo the Financial Stslements, including a summary of Significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporb'ng Standard applicable in the UK and Republic of Ireland. and applicable law Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial slalements.. give a true and fair view of the slate of the charity's affairs as al 31 March 2023 and of ils incoming resources and application of resources, including its income and expenditur8. for the year then ended., have been properly prepared in accordance wlh United Kingdom Generally Accepted Accounting practi,. and have been prepared in aceordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Inlemalional Standards on Auditing (UK) {ISAs (UKI) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the 8udil of the financial slalemenls section of our report. We are independenl of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fullilled our other ethical responsibilities in accordanee with these requirements. We believe that the audit evidence we have obtained is sufficient 2nd appropriate lo provide a basis for our opinion, Concluslons relating to going concern In auditing the financial stalemenls, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material UnrtaInlieS relating lo events or conditions that, individually or collectively, may cast significalll doubl on the charity's ability lo continue as a going concern foT a period of al least twelve months from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises Ihe information included in the annual report, other than the financial statements 2nd our audilovs report thereon. Our opinion on the financial statements does not cover the other inform21ion and, except lo the extent otherwise explicitly s18ted in our report, we do not express any form of assurance conclusion thereon. Page 11
YMCA Cornwall Independent Auditor's Report to the Members of YMCA Cornwall In connection with our audit of the fi'nancial slalements, our responsibility is lo read the other information and, in doing so, consider whether the other informalK>n is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether there is a material misstatement in the financial statements or a material misslatemenl of the other inforn7ation, If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this reg£rd. Oplnlon on other matter prescrlbed by the Companles Act 2006 In our opinK)n, based on the work undertaken in the course of the audit.. the information given in the Trustees Report for the financial year lor which the financial slalements are prepared is consistent with the financial statements., and the Trustees Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light ol our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misslatemenls in the Trustees Report. We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequ21e a(LOLJnling records have not been kept, or returns adequate for our audit have not been received from branches not visited by us", or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees remuneration specified by law are not made,. or we have not received all the Information and explanaiions we require for our audit. the direclors were not ents'lled lo prepare the financial slalements in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the directors, report and from the requirement lo prepare a strategic report. Responsibilities of trustees As explained more fully in the Stslement of Trustees, Responsibilities (set out on page 101, the Iruslees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial slalements that are free from material misslalement, whether due lo fraud or error. In preparing the financial slalemenls, the Iruslees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charity or lo coase operations, or have no realistic altemative but lo do so. Page12
YMCA Cornwall Independent Auditor's Report to the Members of YMCA Cornwall Auditor responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assuran about whether the fln2ncial 8talements as a whole are free from material misslatemenl, whether due lo fraud or error, and lo issue an aLJdilor's report that includes our opinion. Reasonable assuran is a high level of assurance, bul 18 not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misslalement when il exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalemenls. Irregularities, including Iraud, are instances of non-compliance with laws and regulations. We design procedures in line wth our responsibilities, outlined above, to detect material misstalemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the charity and the sector in which il operates lo identify the key laws and regulations affecting the entity. The key laws and regulations we identified were health and safely, gafeguarding, data protection, employment law and compliance with grant funding conditions. We also considered those laws and regulations that have a direct impact on the preparation of the financial slalements, primarily the Companies Act 2006, Charities Act 2011 and wmpliance with the Charities Statement of Recommended Practice. We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deals with reporting any issues if they 8rise. We assessed the susceplibilily of the charity's financial slalemenls to material mislatement, including how fraud might occur as part of the audit planning process. We determined that these risks are low considering the fact that the charity operates on a not for profil basis and so there would be no motivation for management to influence perfomiance for Individual gain. Based on this understanding we designed our audit prOdureS to identify non-compliance with such laws and regulations. Our proGedures involved the following.. We reviewed legal and professional costs to identify any non-compliance or legal costs in relation lo non-compliance. We reviewed the board minutes for anything L*nusual. We made enquires lo management regarding their knowledge of any non-compliance with laws and regulations that Could affect the financial statements. We reviewed a sample gf expenditure lo confirm il has been incurred and allacaled lo the appropriate fund. We reviewed the risk register for anything unusual. We audited the risk of management override of controls through lestlng journal entries and other adjuslmenls for appropriateness. As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud of which there were none. Page 13
YMCA Cornwall Independent Auditor's Report to the Members of YMCA Cornwall Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstalemenl in the financial slalements. This risk increases the furlher removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements 8s we are less likely lo become aware of instances of non-compliance. The risk of not detecting a material misslalemenl due lo fraud is higher than the rtsk of not detecting one resulting from error. as fraud may involve deliberate COnalMent. collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at". ww.frc.org.uklauditorsresponsibililies. This doscriplion forms part of our audito¢s report. Use of our report This tEport is made solely lo the charitable company's members , as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so Ihal we might slate lo the charity's members those matters we are required lo stale to them in gn auditoff s report ancl for no other purpose. To the fullest extent permilled by law. we do not acp1 or assume responsibility lo anyone other than the charitable company and ils members as a *)dy, for our audit work, for this report, or for the opinions we have formed. Ptp Q(rL Darren Perry BA {Honsj ACA DChA (Senior Slatulory Audilorl PKF Francis Clark, Slalutory Auditor Lowin House Tregolls Road Truro Comwall TR12NA Date.. 18 December 2023 Page 14
YMCA Cornwall Statement of Financial Activities for the Year Ended 31 March 2023 {Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrlcted funds Restrlcted funds Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income 6,323 853.405 33,093 1.999 6,323 930,944 33.Q93 1,999 77.539 Total Income 894,820 77.539 972.359 Expenditure on: Raising funds Charitable activities {25,5801 992,1241 125.5801 1.052,470 {60,346 Total expendilu Nel lexpenditurellincome 1,017,704) {60,348 1,078,050 122.8841 17.193 1105,6911 Nel movement in funds 1122,884) 17,193 1105,6911 Reconcillatlon of funds Total funds brought forward Total funds carried fotward 552,054 240,268 792,322 21 429,170 257.461 686.631 The note8 on pauès 21 to 43 form an integral part ol these financial slalemenl8. Page 15
YMCA Cornwall Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Comparative Statement of Flnancial Activities for the year ended 31 March 2022 Unrestricted Restrlctèd funds funds Total 2022 Note Incomè and Endowménts from., Donations and legacies Ch8ritsble activities Other trading aclivilies Investment income 5.569 807,384 21.617 38 5.56g 913,241 21,617 38 105,857 Tot81 income 834,608 105,857 940,465 Expenditure on: Raising funds Charitable aolivilies 119.1171 497,7011 (19.1171 584.5791 86.878 Total expenditure 516,818 86.878 603,696 Nel income 317,790 18,979 336,769 Net movement in funds 317,790 18,979 336,769 Reconciliation of funds Total funds brought forward Total funds carried fonmard 234,264 221,289 455,553 21 552.054 240,268 792,322 All of the charity's aclivilies derive from continuing operations during the above bNo periods. The funds breakdown for 2022 is shown in note 21. The notes tsn pages 21 to 43 fom an inlegral part of these financial slalemenls. Page 16
YMCA Cornwall (Registration number: 03684583) Balance Sheet as at 31 March 2023 2023 2Q22 Note Fixed assets Tangible assets 975.472 507,562 Current assets Stocks Debtors Investments Cash al hank and in hand 12 13 14 15 1,322 66,850 230 423,448 70,496 230 102,858 173,584 491,850 Creditors: Amounts falling due withln one year Net current assets 16 120,157 111,946 53.427 379,904 Total assets lèss current liabilities 1,028,899 887,466 Creditors: Amounts falling due after mora than ono year 17 Net assets (342,2681 686,631 95,144 792,322 Funds of the charity.. Reslricled Unresliicled 257,461 429,170 240,268 552,054 Total funds 21 686,631 792,322 For the financial year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating lo sm811 companies. The Trustees have however elected to be audited on a voluntary basis. Directors, responsibilities= The members have not required the charity lo obtain an audit of its accounts for the year in question in a¢Gordance with section 476., and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and the preparation of accoijnts. These financial statements have been prepared in accordance with the special provisions relating to companies subject lo the small companies regime Mrilhin Part 15 of the Companies Act 2006. The note5 on pages 21 to 43 form an inlegral part of those financial slalements. Page 17
YMCA Cornwall (Registration number: 03684583> Balance Sheet as at 31 March 2023 The financia on slatemenls on pages 15 to 43 were approved by the Irusiees, and auihorised for issue 2 3d 81gned on thelr behalf by. Derek Tllby IChaSrj Trustètt Chrjs Sfygm8rks ITrag$urerJ Trustee Tha noto8 on pages 21 to 43 fomi an Integral part of thsBe flnanclal 8tatemenis. Page 18
YMCA Cornwall Statement of Cash Flows for the Year Ended 31 March 2023 2023 2022 Note Cash flows from operating aetivltlès Nel cash lexpendilurellincome Adjustments to cash flows from non-cash items Depreciation Investment income Interest payable Profil on disposal of tangible fixed assets {105.6911 338,769 71,654 11,9991 1,953 57,689 1381 678,394 1283,9741 134,0831 Working capital adjustments DecTeasellincreasel in stocks Increase in debtors Incre8se in creditors Decrease in deferred income 12 13 16 17 1,322 13.6461 12,887 113,889 1396) 144,4271 3U,840 Nel cash flows from operating activities 137,409 1297,9571 Cash flows from Investlng activities Interest receivable and similar income Purchase of tangible fixed assets Sale of tangible fixed assets Purchase of investments 1,999 1539,5641 38 145,735) 679,197 101 11 Nel cash flows from investing activities 537,565 633,490 Cash flows Irom financing activities Value of new loans obtained during the period Repayment of loans and borrowings Repayment of Gapilal element of finance leases and HP contracts 29g,000 137,5401 16 134,4261 18 7,076 Net cash flows from financing activities Net {decreasellincrease in cash and cash equivalents Cash and cash equivalents at 1 April Cash and cash equivalents at 31 Thlarch 254,384 134,4261 1320,5901 423,448 301.107 122,341 423,448 102,858 The notes on pages 2110 43 form an Integral part of these financlal statements. Page 19
YMCA Cornwall Statement of Cash Flows for the Year Ended 31 March 2023 Reconclliation of net cash flow to movement in net funds IDecrease)lincrease in cash Cash inflow from increase in loans Cash outflow from repayment of loans Change in net Ideblllfunds resulting from cash flows New finance leases 1320,5901 1259,0001 37.540 301,107 34,426 1542,0501 34,877 335,533 Movement in nel Ideblllfunds Nel fundslldebtl al 1 April 2022 Net Idebtlllunijs al 31 March 2023 1576,9271 290,764 335,533 44,769 1286,1631 290.764 All of the cash flows are derived from continuing operations during the above iwo periods. The notes on pages 21 to 43 form an integrxl part of these financi81 stalements. Page 20
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 1 Charity status The charity is limited by guarantee, incorporated in England & Wales, and consequently does not have share capital. Each of the members is liable lo contribute an amount not exceeding £1 towards the assets of Ihe charity in the event of liquidaliot). The address of ils rIStered office is.. The Orchard Alverton Road Penzance Cornwall TR18 4TE 2 Accounting pollcies Summary of significant accounting policies and key accounting estimates The princ4pal accounting policies applied in the preparation of these financial slalemenl8 are sel out below. These policies have been consislenlly applied to all the years presented, unless otherwise stated. Statement of compliance The financial statements have been prepared in accordan with Accounting and Fleporting by Charities.. Statement of Recommended Practice 8pplicable to charities preparing their accounts in aOrdan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {Charilies SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. They also comply with the Companies Act 2006 and Charities Act 2011. Basis of preparation YMCA Cornwall meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transach'on value unless otherwise slated in the relevant accounting policy notes. Going conce¥n The financial statements have been prepared on a going concern basis. The trustees 2ssess whether the use of going concern is appropriate i.e. whether there are any material UnrtaInlieS related to events or conditions that may cast Significant doubl on the ability of the charity to continue as a going concern. The Iruslees make this assessment in respect of a period of one year from the d21e of approval of the financial sl8lements, Having considered the future impact of inflation. losn covenants, cashflow and projected housing seNices income, the trustees consider that there are no material uncertaintie5 about the charity's ability lo continue as 8 going concern nor any signilicanl areas of UnrtainlY that affect the carrying value of assets held by the charity. P39e 21
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 Income and endowments All income is recognised once the charity has entillemenl lo the income, it is probable that the income wll be rettived and the amount of the income receivable can be measured reliably. Donations and legacles Donations are recognised when the certalnty of receipt and the amount re1vable has been established. Where the donated go is a fixed asset, il is measured al fair value, unless il is impractiC21 to measure this reliably, in which case the cost of the item lo the donDI ghould be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and deprec121ed over the useful economic life in accordance with the charitable Company's accounting policies. On receipt, donated professional services and facilities are recognised on the basis of thè value of the gift lo the charitable company which is the amount il would have been willing lo pay lo obtain servi$ or facilities of equivalent economic benefit on the open mart<el'. a ¢OTresponding amount is then recognised in expenditure in the period of receipt. Grants receivable Glanls receivable are recagnised in the year lo which they relate. Grants are deferred when they relale to a specified future period. Grft ald Incoming resources from lax reclaims are included In the Statement ol Financial Activities at the same lime as the gift lo which they relate. Investment Income Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company., this is normally upon nolificalion of the interest paid or payable by the institution with whom the funds are deposited. Income tax recoverable in relation lo investment income is recniSed at the lime the investment income is receivable. Expenditure Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic beneftl to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliat)ly. Expenditure is classified by aclivily. The costs of each aclNity are made up of the total of direct costs 8nd shared costs. including supwrt costs involved in undertaking each activity. Direct costs athibulable lo a single adivity are allocated directly to that activity. Shared costs which ¢onlribule to more than one activity and support costs which are not atlribulable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent and depreciatio charges allocated on the portion of the asset's use. All expenditure ig inclusive of irrecoverable VAT. Page 22
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 Raislng funds These are costs incurred in attractlng voluntary income, the management of investrnent8 and those incurred in trading activities that raise funds. Charltable actlvlties Charitable expenéilure comprises those costs incurred by the charity in the delivery of ils activities and services for ils b$neficiaries. 11 includes both costs that can be alloc21ed directly to such activities 2nd those costs ol an indirect nature necessary to support them. Support costs SupF)Ort costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, foT example, allocating propety costs by floor areas, or per capila, staff costs by the lime spent and other costs by their usage. Taxation The charity is considered lo pass the tests sel out in Pafftgraph 1 Schedule 6 of the Finance Act 2010 and therefore il rneels the definition of a chatitahle company for UK corporation lax purFxJses. Accordingly, the charity is potentially exempl from tsxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such incomè or gains are applied exclusively lo charitable purposes. Tangible flxed assets Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benelils ale probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised al cost. After recognition. under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation and amortisation Depreciation is provideLI on langible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expe¢led useful econoTnic life as follows.. Asset class Freehold property Motor vehicles Fixtures and fillings Office equipment Depreciation method and rate 50 and 10 years straight line 5 years 8lraight line 5 years straight line 3 years slraighl line stock stocks are valued at the lower of cost and nel realisable value after making due allowance for obsolete and slow-moving stocks. Cost inclijdes all direct SIS and an appropriate proportion of fixed and variable overheads. Page 23
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 Debtors Tr2de and other debtors are recognised at the selllemenl amount after atky trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equivalents Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short malurily of three months or less from the dale of acquisition or opening of the deposit or similar accotjnt. Liabilities Liabilities are recognised when the is an obligation at the Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefil will be required in selllemenl, and the amount of the selllemenl can be eslimaled reliably. Liabilities are recognised al the amount that the charitable company anticipates it will pay lo settle the debt or the amount il has reiVed as advanced payments for the goods or services il must provide. Provisions Provisions are measured al the best estimate of the amounts required to sellle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific lo the liabilty. The unwinding of the discount is recognised In the Statement of Financial Activities as a finance Gost. Fund accounting General funds are unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated ft)r other purposes. Dosignated funds comprise unrestrtcled funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out In the notes lo the finallcial Statements. Restricted funds are funijs which are lo be used in 8ccordance with speciftc reslriclions imposed by donors or which have been raised by the charitable company for particular purposes. The costs of raising and adininistering such funds are charged against the specilio fund. The aim and use of each restricted fund is set out in the notes to the financial stalemenls. Investment income, gains and losses are allocated to the appropriate fund. Pensions and other post retlrement obllgatlons The charitable company operates a defined contribution pension scheme and the pension Charye represents the amounts payable by the charitable company lo the ftjnd in respect of the year. FinancSal instruments Classifieatlon The charitable company only has financial assets and flnanclal liabilities of a kind that qalIfy as basic financial instruments. Page 24
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 Recognition and measurement Basic financial instruments are initially recogllised al transaction v81ue and subsequently measured al their selllemenl value th the eXptiOn of bank loans which are subsequently measured al amortised cost using the effective interest method. 3 Income from donations and legacies Unrestrlcted funds Total funds Donations and legacies., Donations 6,323 6,323 Total for 2023 6,323 6,323 Total for 2022 5,569 5,569 4 Income from charltable activities Unrestricted funds Restricted funds Total funds Grant income Housing support selv18 Rent Other servIS 500 545,274 251.599 56,032 77,539 78.039 545.274 251,599 56.032 Total for 2023 853.405 77,539 930,944 Total for 2022 807,384 105,857 913,241 Page 25
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 5 Income from other trading activities Income from fundraising activities Unrestricted funds Total funds Trading income., Cafe income 33,093 33,093 Total for 2023 33.093 33,093 Total for 2022 21.617 21,617 6 Investment Income Unrestri¢t8d funds Total funds Investment income 1,999 1,999 Total for 2023 1,999 1,999 Total for 2022 38 38 Page 26
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 7 Expenditure on charitable activities Activity undertaken directly Aetivily support costs Total expenditure Expended in pursuance of charitable objects 709.149 343,321 1,052,470 Total for 2022 581,384 3,195 584,579 £992,124 12022 £497,701 l of the above expenditure was attributable lo unreslricled funds and £60.346 12Q22 - £86,878) to restricted funds. Page 27
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 Analysis of expenditure on charitable activities Totsl funds 2023 Total funds 2022 Dlrect Costs Payroll costs Other staff costs Outings, activities and welfare Security cover Motor and travel Consultancy 623,064 6,089 9,297 64,676 6,023 510,882 4,081 3,730 57.264 5,184 243 709,149 581,384 Support Costs Depreciation Rent & rates Water Light and heal Communications Office supplies Audit fees Legal & professioftal Affiliation & memberships Insurance Irrecoverable VAT Sundry expenses Rep2irs & maintenance Cleaning & refLJse Finan costs Bad debts Profivloss on disposal of fixed assets Head office re-charge 71,655 3,971 14,491 26,465 10,964 26,654 6,988 3,523 4.159 7.175 49,331 2.711 59,749 16,694 15.168 57.690 5.344 12,563 28,613 9,976 25,190 6,888 25,634 2,892 8,909 41,043 1,844 68,691 12,753 12,562 11,775} 1339,1971 23,575 23,633 343,321 3.195 Incltsded within the expenditure analysed above, there are governance costs of £6,988 12022 £6,888) which relate directly lo charilable aclivilies. Paue 28
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 8 Net incomingloutgoing resources Nel loulgoingl/incoming resour$ for the year inclLJde'. 2023 2022 Audit fees Other non-audil services Profil on disposal of tangible fixed assets Depreciation of fixed assets 4.320 2,668 4.000 2,888 1339,1971 57,689 71,655 9 Trustees remuneration and expanses No trustees. nor any persons connected with them, have r1Ve any remuneration from the charity during the year. Dire¢lly incurred Trustee expenses borne by the Charity in the year totalled £855 12022.. £5601 and were paid lo 2 Truslees12022.' 21, Ail expenses related lo travel. 10 Staff costs The aggregate payroll costs were as follows.. 2023 2022 Wages and Salaries Social security costs Pension costs 549,789 46,827 26.448 462,510 27,637 20,735 623,064 510,882 In addition lo the above staff costs wages and salaries, social securily costs and pension costs lolalling £Nil12022.' £11,421) were capilalised during the year with regard to the conversion of Morris House into flats. These costs are included within additions in the tangible fixed assets nole. Page 29
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 The average number of persons employed by the chaiity during the year was as follows.. 2023 No 2022 Management and adminislralion Housing seNices and support Airplay Youth 19 18 28 26 The number of employees whose emoluments fell within the following bands was.. 2023 £60,001- £70,000 The key management personnel of the charity are the Chief Executive Officer, Finance Manager, Housing Manager and Corporate Services Manager. The lolal employee benefits of the key managemenl personnel were £210,07412022 - £175,084). 11 Tangible fixed assets Freehold property Fixtures and fittings Motor vehicles Office equlpment Total Cost Al 1 April 2022 Additions 844,143 466.668 32,009 4,235 15,828 50,000 32,013 18,661 923,993 529,564 Al 31 March 2023 1,310,811 36,244 65,828 50,674 1,463,557 Depreciatlon At 1 April 2022 Charge for the year 350,037 27,395 15,828 23,171 416.431 54,240 1,386 7,500 8,528 71,654 At 31 March 2023 404,277 28,781 23,328 31,699 488,085 Net book value Al 31 March 2023 906.534 7,463 42,500 18,975 975,472 Al 31 March 2022 494,106 4,e14 8,842 507,562 12 Stock 2023 2022 stocks 1,322 Page 30
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 13 Debtors 2023 2022 Trade debtors Prepayments Accrued income Other debtors 18.015 20,392 32,089 2,853 16,927 37,070 10,000 66,850 70,496 14 Current asset Investments 2023 2022 Unlisted investments 230 230 15 Cash and cash equivalents 2023 2022 Cash on hand Cash al bank 3.666 99,192 102,858 13,962 409,486 423,448 Pago 31
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 16 Creditors" amounts falling due within one year 2023 2022 Bank loans Trade creditors Other loang Hire purchase and finance leases Other taxation and social security VAT liability Other creditors Accruals Deferred income 5,640 47,247 33,859 7,254 11,918 663 11,0591 14,635 34,716 37,540 11,478 1485} 828 13,980 13.889 120,157 111.946 Creditors due wthin one year includes the following liabilities, on which security has been given by the charity.. 2023 2022 Other loans Bank loans 27,400 5.640 25.575 33,040 25,575 2023 2022 DeferTed income al 1 April 2022 Resources deferred in the period Amounts released from previous periods 13,889 13,889 13,889 13,889 13.889 Deferred income at year end 13,889 2023 2022 Deferred income Iby granti Lloyds Bank Foundats'on 13,889 Total deferred income 13.889 Page 32
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 17 Cr8ditors: amounts falling due after one year 2023 2022 Bank loans Other loans Hire purchase and finance leases 253,360 61,285 27,623 342.268 95,144 95.144 Creditors amounts falling due after more than one year includes the following liabilities. on which security has been given by the charity: 2023 2022 Other loans Bank loans 52,814 253.360 80,214 306,174 80.214 During the year a loan covenant was breached in respect of interest cover on the bank loan with a carrying amount of £259,000. The loan provider has confimied the breach will not result in repayment or penalities. 18 Obligations under leases and hire purchase contracts The total value of future minimum lease payments related lo the electric minivan was as follows.. 2023 Within one year In bmo to five years 19,434) 30,662 140.0961 5,501 34,595 Less fin8nce charges allocated lo future periods Page 33
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 Assets held under finance leases Electric mlnlvan A £10,000 deposit has been paid towards the purchase of the electric minivan. The remaining £40,000 is held under 8 5 year finance lease which commenced in June 2022. The APR is 6.9°A and monthly payments are £786.20. The nel carrying amount of the vehicle al 31 M8rch 2023 is £42,500 and included in the Motor asset class in the fixed assets note. 19 Penslon and other schemes Defined contribution pension scheme The charity operates a defined contribution pension scheme. Tre pension cost charge lor the year represents trIbutIonS payable by the charity lo the scheme and amounted 10 £28,448 12022 £20,735). Contributions totalling £1153112022 £1321 were payable to the scheme al the end of the year and are included in creditors. 20 Commitments Capital commitment5 Purchase of mini bus.. The total amount contraGled for bul not provided in the financial statements was £Nil 12022 £40,000). Operating leases Al the year end the company had annual commitments under non-cancellable operating leases of £5,27812022 - £1,334). Page 34
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 21 Funds Unrestricted funds Balance at 1 Aprll 2022 Incoming resources Resources Balance at 31 expended March 2023 Unrestricted funds General General unrestr¢olecl fullds 497.582 894,820 11,017,704) 374,698 Designated Major repairs fund Project development fijnd 48,390 6.082 48,390 6,082 54,472 54.472 Total unrestricted funds 552,054 894,820 11,017.704 429,170 Restrleted funds Capital fund Homeless Link Coffee shop refurbishment Housing and resettlement support service Refurbishment of hostel Appletree House refurbishment Cornwall Independent Poverty bursaries Tesco Bag5 for Life Morris House conversion Lloyds Bank Foundation core grant Big Lottery Funding CCF Emergency Fund B&Q Foundation Other reslricled funds Bertrice Laing Trust streèlsmart- Resident Activities Ludgvan Church - Residenl Activities Land Aid Shekhinah - Welcome packs 136,465 1,247 2,627 136,465 873 1,127 {3741 11,5001 1,770 2,138 1,770 2,138 3,463 11,0781 2.375 1.986 612 23,147 1,986 612 20,647 12,5001 7,794 14,246 2,108 4.625 11,653 1.979 13,889 {20,0961 12,1371 12,9001 15001 (5.0031 12001 1,587 12,109 2.008 4,125 6,650 1,779 2.800 3,000 12,1071 893 350 15,271 195 400 23,750 {3421 {12,4521 1821 408 26,569 113 Page 35
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 Balance at 1 April 2022 Incoming resources Resourcès Balance at 31 expended March 2023 Rotary Club SW Trust Fund Big Lottery WIFI & CCTV Upgrade Claire Milne - Stairlift CCF Upper St Levan Boiler Cornwall Community Crisis Fund Leonard Laity - Resident starter Packs Skiplon Building Society Re8idenls Activities 4,702 900 9,200 11,8421 1800) 12.060 100 10,000 6,000 5,000 13,478) 1801 1731 6,522 5,920 4,927 2,500 12,500) 1,000 12381 762 3,000 {641 2,936 Total restricted funds 240.268 77,539 60,346 257,481 Total funds 792,322 972,359 1,078,050) 686,631 Pago 36
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 Balance at 1 April 2021 Ineoming resources Resources Balance at 31 expended March 2022 Unrestricted funds General General unrestricted funds 178,759 834,608 1515,7851 497.582 Designated Major repairs fund Project development fund 49,423 6,082 {1,033) 48,390 6,082 54,472 55,505 1,033 Total unr8Stricted funds 234,264 834,608 516,818 552,054 Restricted Capital fund Homeless Link Coffee shop refurbishment Housing and reselllemenl support service Refurbishment of hostel Applelree House refurbishment Cornwall Independent Povety bursaries Tesco Bags for Life Morris HoLJse conversion Lloyds Bank Foundation core grant Big Lottery Funding CGF Emergency Fund B&Q Foundation Other restricted funds Bertrice Laing Trust Vicar's relief fund Slreetsmart- Resident Activities Ludgvan Church - Resident Activities Land Aid Shekhinah- Welcome packs Rotary Club SW Trust Fund Y-Housing Apple tree refurbishment 136,465 1,870 2,627 136,465 1,247 2,627 16231 1,770 6,401 1,770 2,138 14,2631 5,609 12,1561 3,453 1,986 1,297 25,022 1,986 612 23,147 16851 {1,8751 7,007 14,246 2,108 5,000 9,881 33,333 (32,5461 7.794 14,246 2,108 4,625 11,653 1.979 13751 (8,8541 1211 {1,0001 10.626 2,000 1,000 3,000 3,OOJ 350 23,750 195 5.000 900 350 15,271 195 4,702 900 18,4791 12981 25,703 25,703) Page 37
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 Balance at 1 April 2021 Incomlng resources Resources Balance at 31 expended March 2022 Total restritted funds 221,289 105,857 186,8781 240.268 Total funds 455,553 940,465 603,696 792,322 Page 38
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 The specific purposes for which the funds are ta be applled are as follows.. Designated fijnds Major repairs fund - The Trustees have designated funds for major repairs whlch may be required al Applelree House, Chenytree House 8nd St Levan irk the lulure. Included in the balance of this fund is the nel book value ol capital assets purchased as part of the works and as such in future years depreciation on these assets will be allocated lo this fund. Project development reseNe - The Trustees have designated funds for the Start-up costs and ongoing costs of projects around Cornwall. Reslricled funds Capital fund The freehold property is held wthin this fund which is being depreciated over the expected life of the building al 2D/o per annum. The balance al the year-end is equal to the nel book value of the property. Homeless Link- The funds were provided as part of Homeless Link's Covid-19 emergency funding lo help alleviate losses and additional expenditure related to the Covid-19 pandemic. Coffee shop refurbishment - These funds were fftceived from the Big Lottery Awards for All schemè and Beatrice Laing Charitable Trust in order to create an open to all catering facility within YMCA Cornwall in the existing dining area which was in serious need of modernisalion. Expenditure in the year is on depreciation tsf capi185 assets purGh8sed dLtring this project. Housing and resettlement support serviGe - These funds were received from the Henry Smith Charity, The Keslrelman trust, Masonic Charitable Trust and Sl James Place in order lo enable staff to work lo settle and help inlegr8te young housing clients into the community by helping them move on lo secure, independent Accommodation, enter training or employment or secure benefits. Motor vehide - Funds were received from Beatrice Laing Charitable Tmsl, Nineveh Gharilable trust and Ihe Clolhworkers, Fotjndation lo purchase a Renault Traffic Motor vehicle and assist with its running costs. The balance at the year-end is equal to the nel book value of the vehicle which is now fully depreciald. Refurbishment of hostel - Funding was received from the Big Lollery fund in order lo refLsrbish the Backpackers. Hostel 2t YMCA Cornwall. Applelree House refurbishment - This grant was awarded by The Garfield Weston Foundation towards the refurbishment of Applelree House. Cornwall Independent Poverty bursaries These funds are received lor the general running costs of providing accommod21ion for the homeless young people of Cornwall. Tesco Bags for Life funding Funds were received from the Tesco Bags for Life initiative lor the provision of small items of furniture and other household equipment for Morris House residents. Page 39
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 CCF Emergency Fund - This grant was awarded lo cover part-time salary costs for the frontline housing staff working directly with the young people on sile for 12 months. Morris House Conversion Funds were received from CRASH Charity. Land Aid Charitable Trust, The Sylvia Waddilove Foundation and The Albert Hunt Trust towards the conversion of Morris House into 20 new flats for young people. Lloyd8 Foundation - The grant was awarded to fund an addition81 housing support officer lo help with increased case loan upon the creation of the Morris House conversion. Big Lollery Fund - This grant was awarded to cover financial impact of Coronavirus crisis for 6 months which included stsffing costs, addilional cleaning provision and IT equipment and support to enable home working. B&Q Foundation This grant is lo help with material costs for the final phase of the Morris House conversion project lo enable us lo house more residents on sile. Bertice laing Bike Shed - This grant is lo fund a new bike shed for YMCA visitors. Vicals Relief Fund This granl was to provide a deposit for a resident moving into thier own nted accommodation after moving on from the YMCA. Slreelsmart Resident Activities To fund residents events and aclivilès, including organised days out and events on sile. Ludgvan Church Resident Activities organised days out and events on site. To be used on residents events and acliviles, including Land Aid - Grant lo fvnd Applelree building extemal renovations. Y-Housing Applelree refurbishment - Head Office support grant lo 1mbUrSe expenditure incurred for Applelree refurbishment W81s. Shekhinah Welcome Packs - This grant was to provide welctsme packs for new residents joining YMCA. Rotary Club- Funding from the Rotary Club was lo help residents onsite and those moving on through the cost of living crisis, help ranged from paying for carpels for an ex residents new flat, deposits for residents Tnoving on, crisis vouchers and activities. The Rotary Club has also provided fund5 for the internal refurbishment of Cherrylree as the building had been badly neglected by the previous owners. Post year end, the funds have since been spent on bringing two Ilals lo a standard in line with our other building8. SW Trust Fund - To fund staff training in fundraising department. P8ge 40
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 Cornwall Community Crisis F*Jnd - CCF have provided on going support to residents in need of crisis SUPPOrt vouchers. The funds are used by the YMCA Cornwall lo purchase Tesco vouchers to be used on food groceries and toiletries. Big Lottery WIFI & CCTV Upgrade - Funding from the National Lottery Awards lor All scheme was lo upgrade our Wi-Fi around the building and integrate CCTV into the same system. Prior lo the new Wi-Fi system from Ubiquiti we had a number of black spots around the site which often affected residents flats and their ability to get a stable connection lor college work, the new system offers superfast broadband Wi-Fi for the whole sile. This was phase one of the project and we intend lo integrate Ubiquili CCTV cameras during the next financial year which will improve the quality of recording including sound if needed. Skipton Buidling Society Residents Activities Skiplon Building Soclety have provided funds for resident actiwlies which include off sile days out along with in house cooking and arts clubs plus a monthly residents social pizza & pool night. Leonard Laity Resident Slarter Packs - The Leonard Laity Sloale Charitable Trust provided funding for residents starter packs for essentials that many of our resident do not have when they arrive al the YMCA Comwall. items include bedroom lurnishings, cooking utensils and kitchen items. Claire Milne StaiTlift -The Claire Milne Trust provided us with funding to install and maintain a stair lift to our studio downstairs a8 il was difficult for visitors and residents with disabilities lo access. CCF Upper St Levan Boiler - The Cornwall Community Foundatlon provided funding for a new boiler in our admin office after the old unil was condemned after its annual inspection, the funding was a massive help as we had already had an unexpected issue with a hot water cylinder in another part of the building in December and had not budgeted for a second large expense. Page 41
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 22 Analysis of net assels between funds Unrestricted funds Restricted Total funds Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total t7el assets 759,398 105,629 193,5891 342,2681 429,170 216,074 67,955 126,568} 975,472 173.584 1120,1571 342,268 686.631 257,461 Total funds at 31 March 2022 Unrestricted funds Restricted Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total nel assets 337,867 398,273 {88,9421 95,1441 552,054 169,695 93,577 123.0041 507,562 491,850 1111,9461 {95,144 792,322 240,268 Page 42
YMCA Cornwall Notes to the Financial Statements for the Year Ended 31 March 2023 23 Related party transactlons During the year the charity made the following related party transactions.. Alverton Holdlngs Limited (Derek Tilby is a director of the dormant company) YMGA paid for Ihe confirmation statement lo be filed at a cost of £13 12022.. £131. At the balance sheet dale the amount due tolfrom Alverton Holdings Limited was £Nil12022 - £NIII- P8ge 43