Bridgwater Young Men's Christian Association (Trading as Bridgwater YMCA and YMCA Du￿ertOn Group) (A company Ilmited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2022 Re815tered Compary Number: 03746771 Registered Charity Number: 1076434 Registered Sxial Landlord Number: H424S Brid8water Young Men's Chrfstian Assoclation Contents Reference and Administrative detsils Ito3 Trustees. Report (incorporating a Strateglc Report) 4t017 Ststement of Trustees, Responsibilities 18 Independent Auditors, Report 19to22 Statement of CoMp￿henSlve Income 23 Balance Sheet 24 Statement of Chan8es in Reserves 25 Ststement of Cash Flows 26 Notes to the Financial Statemènts 27to47 Bridgwater Youn8 Men's Chrirtian Associatlon Reference and Admlnlstrative detalls Other tradlng names Brid8water YMCA YMC4 Dulverton Group J G W Ennals Chairnian Presldent A H Leigh Vl¢e Chalmian M A Matthews Trustees and Directors J M Hobday J aarey S Slevin JRFord D P Cockroft Company Secretary G P Jones (appointed 27104120221 M Hodgson Iresi8ned 27104120221 Senlor Manazement Team Chlef Executlve Head of Chlldcare Head of Re50urce and Rlsk Management Head of Social Enterprise Head of Housing Head ol Development P Stephen50n Ire51gned 1911112021) Dlrector of Business and Finance R Cuthbert (resigned 19111120211 Head of Hotels and Accommodation M Hodgson N Purkiss {appointed 21106120211 Gjones D Jackson (resigned 27109120211 J Walklnshaw S Cortoran (appointed 2310312022) Finance Business Partner Head of Marketin8 and Communicatlons H Peppard (appointed 1112120211 L Easterbrook lappointed 10105120221 Page I Bridgwater Young Men's ChrAstlan Associatoon Reference and Administrative detalls Company Reglstration Nurnber 03746771 Charlty Reglstrati4)n Number 1076434 Reglstered Social Landlonl Number H4245 Otsted Number Barley Wood Nursery EY489024 Yew Tree Nursery EY555987 Stepping Stones 2518634 Young Ones Nursery 25555 Meadowside Nursery 2552086 Play Afterschool Wrington ÉY492736 Castle Kids Club 2594556 The Old Potting Shed 2663313 Wooden House 2677451 Reqlstered offl¢e and place of George Williams Centre buslness Frlarn Avenue Bridgwater TA6 3RF Audltors Monahans Chartered Accountants County Gate County Wav Trowbridge BA14 7FJ Page 2 Brldgwater Young Men's Chrfstian Association Reference and Adminlstratl¥e detalls Solleltors Tozers Broadwalk House Southernay West Exeter EXI IUA Bankers Allied Irish Bank 19 Whiteladies Road alfton Bristol Uoyds 25 Cornhlll Brid8water Sornerset Barclays Bank 2 Chruchill Place Canarywharf London E14 5RB Triodos Triodos Bank UK Deanery Road Bristol. BSI SAS Page 3 Brid£water Young Men's Christlan Associatlon Trustees, Report (incorporatlng a Strategle Report) For the year ended 31 March 2022 The Board of Dirertors of Bridgwater YMCA, who also act as the trustees of the tharitable company, present their report. includin8 a Strategic Repor¢ and the financial ststements of the AssociatK)n for the year ended 31 March 2022. The Association is a prlvate registered provider of social housing and an incorporated charity registered in the UK. The terms director and trustee are used interchan8eably within the report. which combines a Trustees. Report and Report ofthe Board of Dirertors. Review of artlvitles. de¥elopmertS •Dd achlevements The principal activities of the association indude the provision of supported hou5in8 lor youn8 people and hostel accommodation for homeless families and individuals, and a w￿e range of Early Years, Youth Club. Youth Tralnin& Social Enterprise and Recreation Facilities. ObJertlv•s and aclfvltles The objects of Bridgwater YMCA are as follows: To unlte those who. regardin8 Jesus Christ as their God and Saviour according to the Holy Scriptures. desire to be His dlsciples in their faith and in their lrfe. and to associate their efforts for the extenslon of His Klngdom. To lead young people to the Lord Jesus Christ and to fullness of life in Him. To provide or a551St in the provislon in the interests of social welfare of facllities for recreation and other leisure time occupation for men and women with the object of Improving their conditions of Ilfe. To provide or asslst in the provislon of education for persons of all ages with the object of developlng thelf physical, mental or splritual capacltie5. To relieve or assist in the relief of persons of all ages who are in conditlon5 of need, hardship or distress by reason of their soclal, physlcal or economtc circumstances. To provide residential accommodètiw for persons of all ages who are in need, hardship or distress by ieason of their social, physical or economic circumstances. Durlng 2021122 the board continued to review the Vision and Mlssion for the next ten years alongsSde its more immediate Covid recovery planning. This was launched in September 2022 as a ten year plan, In three sta8e5, focu55in8 on recovery, stability and 8rowth. l. Misslon Staternent Together, the YMCA Federatlon in England shares a common goal- to create supportive, Inclusive and ener8isinB communities where youn8 people can tmty belon& contribute and thrive. Page 4 Bridgwater Young Men's Chrlstian A$50clation Trustees, Report (inmrporatlng a Strategic Report) For the year ended 31 March 2022 2. Strategic Alms The Board has uses a list of high-level strategic aims for Brid8water YMCA. Under each headin8 a series of SMART strategic objertives are created by the Senior Leadership Team to fom) the basis of reporting to the trustees. These will also wovide the CE(Ys personal targets. l. Develop and malntain productive workin8 partnerships with other YMCAS and young people's a8encie5. 2. Identify and fill gaps in community provision and the wellbeing of individuals in our strategic Work Areas. 3. Make Brfd8water YMCA self-sustaining. 4. Seek opportunities to dellver skills, trainin& learning and physical exerclse. 5. Bulld a network of patronsladvocates to champion Brid8water YMCA'S objectlves. Vlslon An inclusSve Christian mi>vement transforming communities so that all youn8 people can belon contribute and thrive. How we help YMCA enables people to develop thelr fvll potential In mlnd, body and splrit. Inspired by, and faithful to, our Christian values. we create sUPPOrtive, inclusive and enerBisin8 communitles where youn8 people can truly belong, contribute and thrive. Work Areas WÈ work across four key areas, wrth a fifth- support and advice- running through them all. Heatth & Wellbeing belleve that everyone should be able io enjoy the benefits of physlcal exercise, from Improved health to better educatlon and life chances.. Trointng & Educorion "We believe that every young person should be able to fulfil their full potential.. Family Work We believe every family should have the support they need to develop and lead more fulfilling lives. Accommodt7tlon "We believe that every young person should have a safe plate to stay.. Support ondAdvice believe that every young person should have somei>ne they can trust." Alrns INCREASING OUR IMPAcf- We wlll help more young people in more communities. EXTENDING OUR INFLUENCE - We will publicly champion the interests of youn8 pÈople in Society. WORKING TOGETHER 8ErrER- We will deliver a shared vision in a spirit of trust. respect and partnership. SHAPING THE FUTURE- We wlll develop a bu￿ne$S model that ensu￿5 our long-term future. Ethos We Seek Out. we Welcome. we Inspire. we Speak out, we Serve Others. Pa8e S Brldgwater Young Men's Christlan A$￿￿latIon Trustees, Report (Incorporatin8 a Strateglc Report) For the year ended 31 March 2022 Values Value the Indlvidual - Respect others, ourselves and the people we work with in all that we do Giving of our best- Showing commitment in our work and to enable young people Carin8 Deepty- Have 3 passion for the work we carry out Provlding Creative Solutions- Show innovation in the approaches we take in supporting young people Communltate authentically and truthfully- Show openness in our deallngs and approaches to people Progr•mmes Bridgwater YMCA programmes consist of.. Early Years for Children 3 months to 5 years all year round includln8 wrap around care Social Enterprlse attivities includin8 Training Hotels and Community Meetin8 and Weddlng Venue Outdoor Activities for schools, communty groups and individuals Day Camps for chlldren and youn8 people Youth Work and Positr¥e Arttvities for young people Trainln& work experience and apprenticeships Volunteer recruitment and development proyammes Housln8 and Support for young people a8ed 16-25 Move on Accommodatlon for youn8 people a8ed 1&25 Emergency Hostel Accommodation for Individuals and Families Homelessness Preventlon, Advlte, Guldance and Accommodation provlslon Communrty facilitles for schools. community groups and Individuals Public 8enefft The Trustees confirm that the main activities of Bridgwater YMCA are undertaken to further the charlvs purposes lor the public benefit and that they have had due regard to the 8uidance published by the Charity Commission on Public Benefit. Page 6 Brld8water Young Men's Chrlstian Assoclatlon Trustees. Report (incorporatlng a Strategic Report} For the year ended 31 March 2022 Strategic Report ACHIEVEMENfs AND PERFORMANCE The Trustees and senior staff team have continued to review and Implement new policies during the course of the year. and have monitored perfomance through KPIS in financial and non-financlal terms. Work During the year the association contlnued to deliver high quality OFSTEO registered early years provlslons across six sites in North Somerset. Somerset and Devon. Yew Trees Nursery has tontinued to thrive durin8 this year, achieving GOOD In its OFSTED inspection durin8 August 2021. Further development work towards developing a Day Camp scheme to the venue catering for 100 chlldren each day of the school holidays was completed. Barley Wood. the first early years settin8 created and delivered by 8ridgwater Youn8 Men's Christian Assoclation, has a capacity ol Ilxi plate nursery providin8 wrap around care for ages 3 months to S year5. In April 2022, again it received an OFfSED inspection achievin8 GOOD. The nursery 15 co-located with a vibrant communlty meetin8 space and wedding venue with accommodation. This enterprise ha5 created 4 on8oin8 apprenticeships across a range of discSpllnes, and hosted a further Day Camp scheme again catering for It￿ chlldren per day durln8 each of the School holidays. Stepplng Stones in Claverham is an earty years facility attached to the local school, we contlnue to 8row the setting, and its reputation for work with SEND children. During the year the setting achleved GOOD in its OFfsED Inspettion. Meadowside Nursery in Backwell continues to thrive. our work here has allowed the setting to develop and increase in foorfall. OFTSED inspected the settlng in July 2022 with the 5ettlng achievln8 GOOD. In November 2021 we aouired the Old Pottin8 Shed nursery. The settin8 has grown in numbers and has a posltive reputation. It is a rural setting 5ervin8 the communities surrounding 8la8don. We wlll durln8 2022 be Browing this settlng to offer further place for babie5. The Wooden House was acquired in April 2022. from a provider who was retirin8. The settin8 in Tlverton has a good reputation however has suffered from lallin8 numbers In recent years. We have developed a marketing strategy for the settin& aftd look forward to growth in 2023. Sadly during the year Young Ones Nursery in Cullompton was forced to close. it struggled to recover from the pandemic with ¢xcupancy belng low. and recruttment being è significant challenge. Thi5 along with Castle Kids Club, whlch again following re-openin8 in September 2021, failed to attract the numbers of children to make the setting sustainable. We transferred this setting to the local schooL4 along with the remainin8 staff. Covid-19 continued durine the year have a sienificant impact on our delivery across each of our settings. Periods of hlgh levels of staff absence as they isolated in line with government advice, impacted heavily on the sustainability of the settings, where use of agenty staff was required to ensure ratlos were adhered to. Recruitment of early years practitioners has since the relaxation of restrictions proven challen8inL thls is a sector wide matter. and relates in part to a two year deficit of new practitioners enterlng the sector and higher wages being offered in other sertors of the economy. which earty years income cannot support. This said we have at the time of writing seen an increase in applications to all roles. Page 7 Bridgwater Young Men's Chrlstian Association Tru5tees' Report (incorporatlng a Strateglc Report) For the year ended 31 March 2022 Health and Wellbein Programme delivery induding youth work. fitnes5 and outdoor actNitles began to rtropen during the year. Whilst North Somerset youth provision continues to flourish and be impactful on the beneflciarles its serves. we have been unable with the exception of our successful young carers programme to re-open facilities in Somerset. Fltness activities. have slowly be8un to recover with dasses being more popular than gym access. We continue to revlew this offer, and are looking at national trends alongside regional competition to plan for the future. Our schools Outdoor actlvity programme, delivered from both our main site in Bridgwater and through mobile provision on school sites has shown thls year growth. A partnership with Britol Beèr5 Communtty team gave us access to a variety of dtfferent SEND schools In Bristol. and gave access to our sltes across Somerset. Alongside thi5 we reviewed our Daycamp programmes. which has allowed for continued delivery to over 1200 children during the course of the year. The elements of growth above have continued to provide encouragement for the team to develop new and innovatlve programme opportunities. We look to in 2023 be8in to grow thls team to increase our Impact and opportunity for delNery. Training and Education The 8each Hotel, Mlnehead Is now in rts eighth year of operation and has since its inception provided 72 new apprenticeships in professlonal cookery, h05Pltality and housekeeping. Whilst making this provision the leve15 of customer serwlce are hi8h, evldenced In our ranklng as the most popular hotel in the region. FollowinB re-opening as ? Hotel in the year. after its period of serving as accommodation under the 'Everyone In, programme, the hotel has grown again in terms of turnover, guest stays, and meals provided, but also in the numbers of apprenticeships offered and those which have been converted Into full time employment. The impact of the staycation in the summer of 2021 was Posltive. and looks to have continued into 2022. Barley Wood continues to offer trarning opportunitres to young people, during the prior year we were unable to deliver weddings as a result of the national lockdown. each of these bookin85 was honoured and rolled into the summer of 2021. The Great Westem Hotel has continued to thrive durin8 the year. This prowsion adjacent to the Taunton Rallway station offers hotel accommodation, è café. meeting rooms and collaboratfve work hubs. Thls provision has now offered 14 apprenticeships. The Beach Hotel. Weston-super-mare. was acquired in March 2021 and has provided two apprentices to date, and operated at 87% capacity for the period to September 2021. We again secured funding to develop a Tenant Atcreditation Scheme which young people attend in order to support them in achieving and sustaining a tenancy. Accommodation Somer5et County Council funds the support elements of our service in Sedgemoor and Somerset West and Taunton, and North Somerset Council fvnds the 5UPPQrt elements of our service in tts own area. We also work closely with Mid Devon Council in delivery of floating support and housin8 provision. Pa8e 8 Bridgwater Young Men's Christian Assoclatlon Trustees, Report (incorporatlng a Strategic Report) For the year ended 31 March 2022 We contlnue to operate Wade House in Highbridge which provides emergency accommodation for homeless individuals- this offer has increased. being led by demand, to include the thange of use into family a¢¢ommodation of Riverbed Flouse. The partnership with Sedgemoor District Council is important to both organisations in this provislon. Alongside the above we have continued to support Somerset West and Taunton Council in the delivery of extra bed spaces and support through the Canonsgrove project. 56 bedrooms of student ha115 Style, to ensure that the Counclls, duty under 'Everyone in. was met. Our actions of provision, support and development have been highlighted as good practice nalionally by MHCLG. Pathway5 to IndeLndence Throughout the year we have continued the delivery of the P21 contract across both Sed8emoor, and Somerset West and Taunton. The pathway provides support in YMCA accommodation and floating SUPPOrt to youn8 people living in thelr own accommodation. Durin8 the prior year we were informed that the contratt is to be extended until March 2023. Fundraisin During the year we did not enga8e in any fundraising exercises. However any fundraising events planned by Bridgwater YMCA, do not rely on the 5UPPOrt of other professlonal fvndraising bodies. When carrylng out fundraislng activities we adhere to the code set out by the Fundraising Regulator. These standards are monitored, and during the year we did not fail to comply. We a150 received no complaints with regard to our approach to fundraising. When plannin8 for fundraisln8 events, alongside the code, we consider if our approach could be considered an unreasonable encroachment on a person's privacy, we ensure we are not unreasonably perslstent and that we never place undue P￿ssUre on a person to glve money or property. Youn .￿rsonS. Involvement The level of youn8 persons. involvement continues. and refletts In how our service 15 delivered, with Young people's 8roups at all sites. and user groups for all activitie5. All informatlon Is fed back to the board through clear reportin8 Ilnes. Chaplainc .Provision During this year we have continued to develop our Chaplaincy provision to the AssoclatSon. This has served to enrich the lives of our young people who engage. and provides an excellent support function to all staff. We look to continue to develop this role further across the organisation wlth persons from specific parishe5 serving the various 8eo8raphic locations. Staff Develop_ment and Wellbein Staff development has again been important in the achievements of thi5 year. With the continuation of the introduttion of an emerging manager programme and sharing of training resources with other third sector or8anis?tlons locally, we have increased the opportunities made available to staff and volunteer5. Page 9 Bridgwater Young Men's Chrf5tian Associatlon Tru5tees' Report (Incorporating a 5trategk Reportl For the year ended 31 March 2022 FINANCIAL REVIEW Overview Incoming resources generated during the year were £10,524.12612021: £9,788,601) a 7.5% Increase on 2020121. Whilst straight operating costs were tightty tontrolled there was a proportionate uplift as result of the Increase. with expenditure totalling £10.885.49912021.. £9.840,7231 bein8 incurred. The A5sociatlon has Posted a deficit for the year before exceptional expenditure of £361.373 12021., a surplus of £6,287), and a deflcit after exceptional expenditure of E361,37312021'. a deflcit of £52,122). Durlng the year the association experienced costs which would not be expected In any normal year, these consisted of: £237,518 relating to re-financin8 as a result of its previous bankin8 facility leaving the SME sector and also during the year as the association continued to recover from Covid 19 incurring costs for staffing, cleaning and repairs incurrin8 Costs related directly to this of £466,423. The Assoclation has divested itself or ceased 1055 making actNilies durin8 the year. whilst a serles of challenging decisions has been made. the outcome5 5LlPPOrt the sustainability of its wlder artfvlties during the period of recovery from Covid. Through the inlroduction new strurtures with our Finance function. we are able to access realtime information which allows tlmely decision makin8. The Association is forecasting a surplus In the coming year 2022123, this in spite of the costs of its activitles remainlns high as we manage recovery from Covid and specifically recruitment issues. This will be achieved through carefvl management of expendtture, it Is important to note we ?150 are not forecastin8 any one off costs In the year 2022123 which have In prevlou5 years had a negatlve impart on our performance. At the end of the year nel assets We￿ É101.122 repre5entln8 a decrease of 78% against 2021 net assets of £462,495. This movement relates to the comments relating to the costs experienced In the year. Further detalls are given in the goin8 concern accounting polky In note 2. lue for Money The Assoclation In1Sne with Its VFM pollcy has a duty to ensure an efficient ènd effective seNlce to all It serves. Our operational environment is often hi8hly complex and variable, and thi5 is reflected through our variety of funding streams. During the year, the YMCA has ensured VFM for each of its clients and funders throu8h effective procurement of 8oods and effkient delivery of service5. Pa8e 10 8rfdewater Young Men's Christian A55oclation Trustees. Report (incorporatlng a Strategic Report) For the year ended 31 March 2022 The value for money metric5 that we are required to report upon by the Value for Money Standard are as follows.. Metrk R•sult 2022 Result 2021 5.1% Metrk I: Reinvestment (%) Metrlc 2a- New Supply {Social Housin8 Units) {%) Metrlc 2b: New Supply {Non-Social Housing Unltsl (%) Metric 3: Gearin81%1 Metric 4.. E81TDA MRI Interest Cover Metrlc 5: Headline Social Houslng Cost Per Unit 1£) Metric 63: Operatin8 Margin (Social Housin8 Lettin8511%) Metric 6b.. Operating.Mar8ln (Overalll (%) Metrlc 7: Return on Cathal Employed [%} er¥e5 Policy The Association's reserves pollcy states that It aims to ensure that it retains £5CQ,OL)O of unrestricted re5erve5, Wlth the board informed rf this drops below £180,OLKI. Reserves at the year-end were £101.122, however free reserves, i.e. unrestricted reserves less the carrying amount of lunctional assets, were In a deficit posltion, havlng been through a 518nificant period of 8rowth and investment. It remalns a kev element of the business plan to achieve the aim of £5CO,C￿, throu8h consolldation of current services, development of new services and through careful mana8ement of budgets to achieve healthy surpluses. The 5UPPOrt of our Bank Is key in this, and durin8 the year we began a working relationship wlth Trlodos 8ank to whom our loan book was transferred in July 2021. Accommodation occupancy levels durin8 the year ended 31 March 2022 have stabilised. This has had a positive impact on revenue. alongside the fvrther embeddin8 of social enterprise models In our work whlch again have made significant contrlbutlons to our income streams. In the dellvery of the latter we have both had a signlficant impact on our beneficiaries. and increased our non-restricted funds to a level supportln8 the ongoing development of the Associat￿ and sustaining Its presen￿ as an important provlder of community fesources. The trustees, along wlth a restructured senior management team, have continued to adhere to a 5erles of actlons agreed durin8 the year ended 31 March 2021. These durin8 the year 2022123 have shown that the plan to intrease reseThes is working well, and we intend to continue thls work durin8 the next financlal year. li.o% -2.6% 30.4% 0% 98.3% 94.7% 11.201 £17,513 3.6% 0.74 £15,440 6.3% -3.4% -0.5% -1.5% -0.2% Investments Polic The trustees have again kept reserves as liquid as possible during the last twelve months. This has been to ensure that the AssociatÉon has been able to meet its obligations to creditors and staff by careful management of cashflow. The Trustees will continue to monitor the situation throughout the year. Page 11 Brid8water Young Men's Chrlstian Assoclation Trustees. Report (Incorporatlng a Stratezic Report) For the year ended 31 March 2022 RINCIPAL RISKS AND UN£ERTAI￿lEs Risk is the threat or possibility that an artion or event {or sometimes inartionl will ad¥ersely affert an organisation'5 abilty to achieve its objectives. Risk Polic The aim of our risk pollty is to enable Brid8water YMCA to achieve its mission. Therefore, we accept those risks to whlch we must subject ourselves to deliver our mission. We strive to.'_ • avold unnecessary risks.. • control r15ks which inevitably arlse as a result of our attivities: monitor risks which cannot be tightly controlled without compromislr* dellvery of the mis51on: and take risks which we have assessed as likely to lead to positrve outcomes. Control and moni We aim to understand, document and review all significant risks that arlse from our ongoing activlties. We do this by making and regularly updating a business risk analysis and following up all matters that require attention. Where controls can be created or improved in a practical and cost-effective manner, these are Implemented. The business risk analysis is made available to the board annually for review, and any matter that arlses during the year with a risk xore of 20 or more is highli8hted at the next board meetln8. Work during the year has identified that financial sustainability continues to be the major financial risk for the charlty. A key element In managing thi5 risk is a regular review of avallable funds to settle debts as they become due. Regular liaison with the bank and artive management of trade debtors and creditors balances to ensure sufficient workin8 capital Is key to this. Over the past six years we have seen an increase in threats toward staff, and an Increase In the vulnerability of the clients with whom we work. These matters clearly indicate a rlsk to staff. We have ensured durin8 this period that we update lone working policies, thèt the correct equipment is carried by those who do lone work, and that in areas of high tolerartce to our clients there a￿ two staff members present at all times. We continLre to monitor this rlsk. The ongoing imp3ct of Covid.19 on activities and the impart on risk has been discussed at each board meetin& with the trustees reviewing each element of the business individually to ensure the correct levels of mitigation are applied. It is clear that some elements of our revenue were imparted conslderably more than others, and ensuring that these areas were isolated and mana8ed through government support Iwhere available) was key. Equally there were pressures placed on areas of need in our communities, which through staff re-POSltlonin8 we were able to sustain. PiANS FOR FUTURE PERIOD5 Or anisation Durin8 Quarter three of 2022123 we will be publishing our new 3 year stratewy for the Association. This contSnues the focus on more efficient use of resources. with the aim of increased SLtstJinabllity and improved outcomes for communities, irtcluding children, young people and adults who may wish to access our ser¥ice5. Page 12 Brldgwater Young Men's Chrfstian Assoclation Trustees, Report (incorporating a Strategic Report) For the year ended 31 March 2022 Delive We look throughout 202212023 to continue to increase our Impart across Sedgemoor, Taunton, West SomerseL North Somerset and Devon. We will be enhancln8 the facillties across each of our sites, Increasing capacity and relevance for our varied user groups. and increase children's, families, and young people's access to support. Through enhancing our facilities, we look to ensure that all 'green' optlons are explored in terms of procurement of buildings, provision of energy and disposal of waste. Much of the above is in Ilne with our strategic plan, and its ongoing review in light of increasin8 Utility costs. We will continue to be a key partner for Somerset County Council, North Somerset CoLtncil, Devon County Council, Sedgemoor District Council. 5omerset West and Taunton, Mid Devon, Weslon-super-mare Town Council and Cullompton Town Council. in the prov15ion of new and innovative approaches to create opportunities for young people. plus preventing and managing homelessness for youn8 people and families acr055 the dlstricts. We also Intend to further develop our services into Devon and work closely with the area both at county and dSstrict level. Partnerships will be key in achieving the above where we look to the third sector, public and private sector5 lo join together to enable the best outcomes for all. whilst showin8 efficiencies in all that we do. STRUCTURÉ, GOVERNANCE AND MANAGEMENT Governins Document The compary is incorporated under the Companies Act 2C￿ and Is governed by its Memorandum and Artlcles of Association. It is a company limited by guarantee without share capital. The Articles of Association govern the rules concernlng membership and election of the Board of Trustees. The company was registered on 7 April 1999, and it is also a charity registered under the Charlties Act and a private registered provider of social housing. The liability of its members in the event of a winding up is limited to £1. A￿OIntment of Trustees Trustees are elected at the Annual General Meeting. Detalls of trustees are included in the Associatlon legal and administration information on pa8e l. Trustee Inductlon and Trainin Board members are recruited from the communities we serve and in line with the needs identified from the skills audit. These members are interviewed by the Chair. President and Chief Executive, and then inducted to the full board, includin8 safeguarding trainin& professional boundaries and policy review. Before becomin8 full board members. Potential new trustees/dire¢tors, must attend at least three meetinE5. Each year a skills audit is carried out with our Board members in order to ensure continued experlence and skills are present within the Board. anisational structure The Board of Trustees meets at least four times a year and is SUPPOrted by another four trainin8 events. Day to day running of the association is dele8ated to the senior management team under the leadership of the Chief Executive. Declsions made by the Board of Tn￿tees. are based on rewmmendations presented to them by the senior management team, these WOLrld include acquisitions. disposals and any thanges which would have a material financial impart on the association. this includes the adoption of yearly budgets, and acceptance of any re-forecasting based on extemal chan8es impacting performance during the year. Pa8e 13 Brid8water Young Men's Christlan Associatlon Tru5tees' Report (incorporatlng a Strateglc Report) For the year ended 31 March 2022 Decisions whlch are made by the senior management team are limrted to those of an operational nature, these are experted to be in line with the association's values and objectives. The senior management team are responsible for their own individual reports to the trustees, the content of which will reflect perfomiance in the previou5 quarter alongside any recommendations as noted above. Governance and financial viabilit and code of overnance We regularly monitor and report on our performance and the delivery of our plans. and residents involved in our govemance structure are consulted on budget priorities and the strateglc plan. We have a comprehensNe risk register and Iramework that are regularly reviewed by boards and committee5, and complete risk analysis in our business plan financlal model. The strategic plan is suitably finantially conservative and risks are managed, with the business plan being independently valhlated by our Bank. We have strong short. medium and lon8-temi cash-flow management systems and all our future commltments are fulty funded by a8reed loan fatllities with our banks for at least twenty years. Our strategic plan makes sure ol effective management and that our loan covenants are contlnuously monitored. Annual and periodlc external audits of our accounts are completed to ensure they and our business plans are robust and viable. Our self-assessment statement was updated during the course of 2021122 with additional Snformation on how 8ridDvater YMCA meets the Homes England revlsed Governance & Financial Viability Standard. The Associatlon has been assessed by Homes En8land under the tontinued qualification process for Investment partners 2020121. As a result of the assessment the Association has retained continued qualiflcatlon as an Investment partner for programmes and the applicable succes50r programmes. The assotiation has been audited by Homes England in the year. this relating to the development of The Gascony, Minhead and is pleased to note that it had no recommendatlons nor artlons relatlng to thls or future development5. Arran￿eMentS forsetilns￿fflana ofke rsonnel The directors consider the boafd of directors, who are the charivs trustees, and the senior mana8ement team comprise the key management personnel of the charity in charge of directin& controlllng and operatlng the charity on a day-to-day basls. Ail dirertors, expenses and related party transactions are dlsclosed in notes B and 25 to the accounts. The pay of the senior staff is ￿vIeWed annualty and normally Increased in accordance wlth average earnings. In view of the nature of the charity. the directors benchmark against pay levels in other YMCAS of a similar slze. The remuneration benchmark is the midpoint of the range paid for similar roles. adjusted with a weighting of up to 20% for any additional duties. If recruttment has proven difficult then in this instance. we will pay no more than greater than the maximum benchmarked salary for a comparable role. Page 14 Brld8water Young Men's Chrlstian Association Trustees. Report (incorporatlng a Strateglt Report) For the year ended 31 March 2022 The Group employed an avernge of 211 people on a full time equivalent basls in 2021122120201211871. Through its equality. diversity and inclusion policy. the association seeks to ensure that every employee. without exception. is treated equally and fairty and that all employees are aware of their responsibilities. Our policies and procedures fully support our disabled colleague5. We tske artive measures to do so vla. a robust reasonable adjustment poly and processes to ensure colleagues a￿ ful￿ supported. The assoclation Is responsive to the needs of its employees. As such, should any employee of the Group become disabled during their time wrth us. we will actively retrain that employee and make reasonable adjustments to thelr working envlronment where possible. in order to keep the employee with the Group, It is the policy of the Group that the recruitment, training, career development and promotion of dSsabled persons should, as fèr as possible. be identical to that of other employees. Em .￿loyee en aLement Details of how the association addressed employee engagement and wellbein8 issues, alon8 wlth workplace arrangements, arSsln8 fr¢yn the disruption caused in 2020121 are set out wlthin the trustees report. BrSd8Water YMCA en8èges with its employees on a regular basis and in a number of ways to sult their different workin8 patterns. Thls includes.. line manager briefing5; 'At Home, days, where we meet with staff on a monthly basls to share news from across the association emall news alerts, noting that not all stsff have acce55 to emall we also use an onllne platform to Inform all staff of news and opportunities focus 8roups; • weekly bulletlns- specifitalty targeted at housing and early years staff. and • employee social media Bfoups Detalls of the financial and economic factors affectlng the perfomance of the Company are shared with all employees at the appropriate tlme usin8 the methods listed above. This Involves attendin8 'At Home, daysi focus groups and providin8 feedback on values and behaviours. employee development and upskrlling and ensuring that feedback is listened to and atted upon where appropriate. The Board envisage that the employee voice role will become more active in the coming year as the business recovers from the impact of the pandemic and that the insight monthly 5ur¥eys of satlsfattion are able to provide will be very helpful to the Board in understanding the vlews of employees. Updates on employee matters are normally presented to the Remuneration Committee or Board at least twice a year and cover a wide range of issues. Over the course of 2021122 these updates have focused on the ongoing response to the pandemic and. in particular, workforce planning, employee engagement and wellbeing and the reinvigoration of our apprenticeship strategy. The Remuneration Committee is also inforrned where significant changes are proposed to employment condltions and policies elsewhere in the Assocation. or if there are important employee related projects underwav. Pa8e 15 Brfdgwater Young Men's Christian Assoclation Trustees, Report (incorporatlng a Strateglc Report) For the year ended 31 Marth 2022 Durin8 the Covid-19 pandemic. the Chief ExecutNe. Martin Hod8son. has given fortnightly updates to the whole of the thociation's workforce on how the Association has been dealing Wlth the challenge5, and opportunities. arising from the effect of closures and re-openings of the Compan*s trading sites and central offices. These updates were available to all employees, including those furlou8h. We provide opportunitie5 for employees to give their feedback to the Association in a number of wa￿. from team or managers meetings across our work and engagement surveys for all employees. 8rSd -￿Water YMCA Staff Offer Our clearly defined people promise enables US to drfferentiate our employmert propositlon, and the diagram below illustrates In more detail the elements of our offer. Clearly, pay 15 a very Important element but other fartors a150 play an important part of the overall value proposttion, whlch is known Internally as our'staff Offerf. Our people value opportunities for progresslon, challenge within their role. fair rewards and a safe working environment. Our research has also shown that. in normal times, unlike some industrie5 and employers. Brid8water YMCA offers a number of important dlfferentiatots which our employees value: Flexibility and convenlence.. Bridgwater YMCA ha5 always promoted a flexible approach to working from the frontllne through to our support centre. The Covid-19 pandemic ha5 further demonstrated how flexibility and convenience are an ever more important factor for employees across all employee groups. More job sat15fartion.' As part of our research we learnt that working for 8rid8water YMCA gave employees a strong sense of family and that employees put a high value on the day-to4ay variety of work. This comes throu8h very strongly in our suThey results. A 8reat atmosphere: Undoubtedly workin8 across our services for chlldren and young people. especially at the frontline. 15 hard work. However, we als0 know that it can be great fun. Our aim at Bridgwater YMCA Is to make the working Ènvironment as fun and friendly as possible whi15t ensurln8 that beneflciarles receive great servlce. 11 Is clear that as a result of Covid-19 many employees have begun to reassess what is Important to them and their work. In addition, other industr￿$ have been able to demonstrate how they now can offer careers that provide some element5 of our proposition in a way not seen before, lor example through very flexible working arrangements. It will therefore be important to review and refresh our research 50 that our '5taff Offer evolve5 and remains relevant to current and prospertive team members. Page 16 Bridgwater Young Men's Christian Assoclation Trustees, Report (incorporatlng a Strateglc Report) For the year ended 31 March 2022 e wellbein arran ments and workL' ace Im licètion5.' The Company ha5 an established wellbeing strate8V that encompasse5 five pillars of wellbein8- soclal. environmenial, physical, mental and financial. Within these pillars there are a range of resources and tools available for line managers and employee5 to access. including.. our employee as51Stance programme which is run by the YMCA Kssociation of Professional Staff. They operate a free, 2417 confidential helpline and a website available to all employees. • an onllne wellbeing centre that provides access to workout vide05, nutritional advke, financlal wellbeing tools and mindfvlness and meditation videos and articles. financial wellbeing tools and support via the above. • mental health iraining available for all line managers to assrst them In supportlng thelr teams. In additlon. the association has trained a number of mental health first aiders. wellbeing days, which are now intended to be held Virtualty and thi5 wlll enable all employees to participate in the various actlvities and workshops. discounts on our servlces from free childcare. through to famlly overnight stays at our soclal enterprise hotels. Relationship between the charity.and relate￿d rties 8ridgwater YMCA has strong relationships Wlth its partners, whilst also having strong links wlth fellow YMCAS workSng in conjunrtion with them to develop our services and skllls. Our operations are subject to regular review by a number of external agencies, Includlng, OFSTED. Homes England, Somerset County Council. North Somerset Councll audltors and others. ststement of dlsdosure of Inforniallon to Audltors Insofar as the trustees are aware.. there is no relevant audit information ol which the Association's auditor is ynèware; and the trustees have taken all step5 that they ought to have taken to make themselves aware of any levant audit Information and to establish that the auditor is awa￿ of that information. Audltors A resolution to reappoint Monahans as auditors will be put to the members at the Annual General Meeting. In appr¢)ving the Trustees, ReporL we also approve the Strateglc Report included therein, In our capaclty as company dlrertors. Approved by the Boared of Trustees on 2710112023 and slgned on its behalf by: J G W Ennals Chair Page 17 Bridgwater Young Men's Christlan Assoclatlon Statement of Trnstees, Responsibilitles For the year ended 31 March 2022 The Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and Unlted Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Practice). Company law and re￿Stered social housing leglslation requires the trustees to prepare financial Statements for each financial year. Under cornpany law, the Trustees must not approve the financSal statements unless they are satisfied that they give a true and fair view of the state of affairs of the charltable company and of its incoming resources and application of resources, includin8 Its income and expenditure, for that peri¢xl. In preparing these financial statements, the Trustees are requlred to: select suitable accountin8 policles and apply them consi5tently.' observe the methods and principles of the Housing SORP120181,' make jud8ements and accountin8 estimates that are reasonabfe and prudent,. State whether applicable UK Ac¢ountin8 Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained In the financial statements,. and prepare the financial statements on the going concern basls unless It Is inappropriate to presume that charitable company wlll contlnue in business. The Trustees ère responsible for keepin8 adequate accountin8 ￿cOrdS that are sufficient to show and explaln the charltable company's transactlons and dixlose with reasonable accuracy at any time the flnancial position of the charitable company and enable them to ensure that the financlal statements comply with the Companies Act 2006. the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accountin8 Direction for private registered social prOvIde￿ of social hou5in8 in England 2019. They are also responslble for safeguarding the assets of the charitable Company and hence for taking reasonable steps for the prevention and detectlon of fraud and other irre8ularltles. The board of trustees is responslble for the maintenance and integrity of the corporate and financial information included on the Association's website. Le8lslation in the United Kingdom 8overnlng the preparation and dissemination of financial staterner￿ may differ from legislatlon other Suri5dictions. Approved by the Boared of Trustees on 2710112023 and signed on its behalf by: J G W Enn31s Chair Page 18 Bridgwater Young Men'5 Christian Assodation Independent Audltor's Report to the trustees of Brldgwater Young Men's Chrlstlan Assoclatlon Oplnlon We have audited the financial statements of 8ridgwater Young Men's Christian Association18ridgwater YMCA) for the year ended 31 March 2022 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Reserves. the Statement of Cash Flows and Notes to the Flnanclal Statements. including a summary of signtficant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law an(i United Kingdom Accountln8 Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom General￿ACcepted Accountlng Prattl￿1. In our opinlon the financial statements: give a true and falr view of the state of the assoclation's affairs as at 31 March 2022 and of Its Incoming resources and application of resources. inclu(ling its income and expenditure for the year then ended,. have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared In accordance wlth the requirements of the Companies Act 2(*)6, the Housing and Regeneration Act 21Y)8 and the Accounting Directlon for private re8lStered providers of social housing in England 2019. B•sSs for oplnlon We conducted our audit In accordance with Internatlonal Standards on Auditin8 (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the AudStor's responsibillties for the audit of the financial Statements sertion of our report. We are independent of ihe assoclatlon in accordance wlth the ethical requirements that are relevant to our audit of the financlal statements In the UK, includin8 the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audlt eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinlon. Materlal uncertalnty related to zoln8 Concern We draw attention to Note 2 of the financial statements whlch describe5 the uncertalnty related to 80in8 con¢ern. Our opinion is not qualified in respect of this matter. Other Informatlon The other information comprises the information included In the Trustees. Report, other than the financial statements and our auditorfs report thefeon. The board are responsible for the other information contained within the Trustees. Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicit￿ stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wlth the financial statements or our knowledge obtained in the course of the audit, or otherwise appear5 to be materballv misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this glve5 rise to a material misstatement In the financial statements themsefves.11, based on the work we have performed, we conclude that there is a material misstatement of thls other information. we are required to report that fact. We have nothing to report in this regard. Page 19 Brld8water Young Men's Christian A55oclatlon Independent Auditorfs Report to the trustees of Brldgwater Youn8 Men's Christlan Asso¢lation Oplnlon on othei rnatters prescribed by the Companies Art 2006 In our oplnion, based on the work undertaken in the course of the audit.. the inforniation given in the Trustees. Report linduding the Strate8ic Reportl for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Trusteeg Report lincludin8 the Strategic Report) has been prepared In accordan￿ with applicable legal requirements. Matters on whlch we are requlred to report by exieption In the light of the knowledge and understanding ol the association and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees. Report (including the Strateglc Report). We have noihlng to report in respert of the followin8 matters where the Companles Act 2006 requires US to report to you if. in our opinion: adequate and sufficient accounting records have not been kept. or returns adequate for our audit have not been received from branches not vislted by us.. or - the financlal statements are not in a8reement with the accountln8 ￿COrdS and returns,. or certain dlsclosures of directors, remuneration speclfied by law a￿ not made; or - we have not received all the information and explanations we require for our audit. In addition, we have nothin8 to report in respect of the following matter where the Housln8 and Regeneratlon Att 2008 require5 US to report to you if, in our oplnion.. satisfactory SVStem of control over transactions has not been malntained. Responslbllltles olthe board Ag explained more fully in the Statement of Trustee5' Responslbilities set out on pa8e 18, the board members (who are also the directors of the asSOCiation for the purposes of company lawl are responsible for the preparation of the financial statements and for bein8 satisfied that they give a true and fair vlew. and for such Internal control as the board detemline necessary to enable the preparatlon of financlal statements that are free trom material misstatement, whether due to fraud or error. In preparin8 the financlal statements, the board Is responsible for assesslnB the association's ability to continue as a going concern. disclosin& as applicable. matters related to goin8 concern and using the going concern basis of accountin8 unle5S the board either intend to liquidate the association or to cease operations. or have no realistic alternative but to do so. Audltorfs respon51bllltles forthe audit of the firbandal statements Our objectfves are to obtain reasonable assurance about whether the financlal statements as a whole are free from material misstatement, whether due to fraud or error. and to Issue an auditorf5 report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will alway5 detect a material misstatement when it exlsts. Misstatements can arise from fraud or error and are considered material if, indrvidually or in the aggregate, they could reasonably be experted to influence the economic decisions of users taken on the basis of these flnanclal statements. Page 20 Brid8water Young Men'5 Chrtstian Assoeiatlon Independent Audltor's Report to the trustees of Brld8water Youn8 Men's Christian Association Irregularities, including fraud. are instances of non-compliance with laws and reBulations. We design procedures in line with our responsibilities, outlined above. to detert material misstatements in respect of Irregularities, including Iraud. The extent to whrch our procedures are capable of detectin8 irregularities. includin8 fraud is detailed below. Based on our understanding of the Association and industry. we identified that the principal rlsks of non-compliance with laws and regulations related to compliance with employment law, heahh and safety regulations and registered provider of social housing leglslation, and we considered the extent to which non 15.971,0631 201,800 289.282 1,499,702 1,298.844 261,740 111,281 Revenue grants recelvable were all 8overnment grants. 4 Accomodatlon ovmed and In m•na8em•nt 2022 2021 Supported Housing 378 388 5 Interest recefvable and slmljar Income 2022 2021 Bank interest receivable 50 Page 33 Brid8water Young Men's Christian Association Notes to the financial Statements for the Year Ended 31 Marth 2022 6 Interest payablt and slmllai tharye5 2022 2021 Bank loans and overdrafts PensiM interest char8e 362.301 86.6671 275 634 358.755 91,290 450,045 7 S￿￿1U5 l (deficltl on ordinary artlvltles The operatin8 deficit12021- surplus) is arrived at after charging: 2022 2021 Auditor's ￿M￿neratIon- for audrt services Auditor's remuneration . for other services Depreciation of tangible fixed assets Amortisation ol intanBible fixed assets Loss on disposal of fixed assets lincludln8 exceptional expenditure) Government 8rants received Operating lease charges Rent losses from bad debts (Decrease) / increase in pensbn deficit COSt 11,830 3.570 598,765 36,069 10,470 13,942 621,999 37,800 61,654 1248,6441 206,108 8,097 1261.7401 323,660 37.418 (86,6671 91.2SY) 8 Trustees. and kry m•n4ement personnel r•munerdtlon and expenses Total remuneration for key management personnel of the associatlon amounted to £361.137 (2021.. £361,365). The key management include5 the trustee5. directors and senlor mana8ement team as detailed on page l. No rernuneration was reteNed by non-executNe board members Itrustees. The highest pald dlrector receNed £90.531 12021: £81,IS61 remuneratlon (excluding pension contributlonsl. The pension contributions made on behalf of the Chief Executive were £3.52212021- £3,500). He Is an ordlnary member of one of the defined contributlon pension Schemes offered to employees. During the year no trustees received any reimbursement of expenses12021.. £nil}. Page 34 Brid8water Young Men's Chrfstian Association Notes to the financial statements for the Year Ended 31 March 2022 9 Staff costs The a88regate payroll costs were as follows". 2022 2021 Wages and salaries Social secudty costs Penslon costs Pension deficit liability administration costs Le55 stsff costs capltali5ed 4,697.754 341.020 85,705 9,021 71,732 4.626,470 296,251 69.893 7.979 48.471 5,061,768 4.952.122 One employee received remuneration in the £90,￿0 to £IC0,(￿ band 12021- one employee In the £80.OC(I to £90.CW bandl. No other employee received remunerètion over £60,OCKJ. DurinB the year redundancy costs totallin8 £16.039 12021: É30.8861 were paid and these are included wlthln the wages and salaries costs. The trustees and directors received no remuneratlon in the year12021- £nill. The average number of persons employed by the charitable company durln8 the year was as follows.. 2022 2021 No No Management and admlnistration Development Housin& support and care 15 16 59 65 235 221 309 302 The average Week￿ number of employees. Including members of the executr¥e team, calculated on a full time equivalent basls was 21112021- 1871. 10 Taxatlon The association is an exempt charity within the meaning of schedule 3 of the Charrties Act 2011 and is consldered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefo￿ it meets the definition of a charitable company for UK corporation tax purposes. Page 35 Bridgwater Yovn8 Men's Christian Assoclatlon Notes to the financial statements for the Year Ended 31 Marth 2022 11 Intangible fixed assets Intellectual ITsystern Totsl Cost At l Aprll 2021 Addltion5 353.IXXI 25.OCKI 378,000 17,845 17,845 At 31 March 2022 353.1)Jo 25.C 17.845 395,845 Amortisatk)n At l Aprll 2021 Charge for the year At 31 March 2022 i(x).c 7.708 2,500 107,716 36,069 3.569 130,11)8 3.569 143.785 Net l)ook value At 31 March 2022 222.992 14,792 14,276 252,060 At 31 March 2021 252.992 270,284 Page 36 Bridgwater Young Men's Christian Assoclatlon Notes to the financial statements for the Year Ended 31 March 2022 12 Tanglble flxed assets Flxtures. ffttin Nouslw Development Nortr4•ou51 propertles propertles equipment Motor vehkles Totsl Cost or Valuatlon At l April 2021 Transfers Additions 8.954,551 951.829 464.171 951,829 17.022.402 1951,8291 1,536.686 55.230 28,520,698 155.920 121,435 741,526 At31 March 2022 10.370.551 17.178.322 1,658,121 55,230 29.262,224 Depre¢latlan At l April 2021 Charge for the year 1.094,419 139,597 1,477,870 1.082,990 282,402 168,289 22.918 3.678,197 .477 598.765 At 31 March 2022 1.234,016 1.760,272 1,251,279 31,395 4,276,962 Net l)ook value At 31 March 2022 9 136.535 15,418,050 23 835 24 985,262 At 31 March 2021 7 860.132 951.829 15 544 532 453,696 32 312 24 842 501 The net book value of housln8 properties comprised: 2022 2021 Freehold Long leasehold 7,694,260 1,442,275 9.136,535 6,585,919 1,274,213 7,860,132 The net book value of non-hOU￿n8 properties Comprised.. 2022 2021 Freehold Lon8 leasehold 15,331,794 86,256 15.418.050 15,523,124 21,408 15,544.532 Included within properties is land totalling £5,025,CKM)12021: £4.825.tMXII which i5 not depreckited. All properties owned by the associatioll have been pledged as security for liabilities of the association. These assets have restricted tltk. Page 37 Bridgwater Young Men's Chrlstian Associatlon Notes to the financial statements for the Year Ended 31 March 2022 13 Flxed asset investments 2022 2021 Shares in 8roup undertakln8 lo,￿) 10,000 Included within other investments is a 100% holding in the ordinary Sha￿ capit•l of YMCASC Tradlng Umited, a company incorporated in England and Wales. At the year end, the a88regate capital and reserves of the company amounted to £IO.(W and profit / loss for the year amounted to £nil. YMCASC Trading Limited was dormant durlng the period. 14 Debtors 2022 2021 Due wlthln one year Trade debtors (gross soclal housing rent arrears) Provision for bad debts Other trade debtors Other debtors Prepayments and accrued Ineome VAT recoverable 532,858 1137.9071 291,601 8,358 52,407 4.114 388,190 1117.2351 271,677 18,365 88,587 751,431 649,584 Page 38 Bridgwater Young Men's Christlan Associatlon Notes to the financlal statements for the Year Ended 31 March 2022 15 Creditors: amounts fallins due withln one y•ar 2022 2021 Note Other loans Housin8 loan Bank loan Trade creditors Amounts owed to group undertakin8S Other taxation and social securlty VAT 8rant repayable Other credltors Accruals and deferred Income Government grants Social Housing Grant and Other Grants not Spent Pensions liabilitv 61.515 53 164.269 1,065,996 io,cNJo 73.738 298,653 48 261,881 632,491 io,LK)o 77.708 29,624 40,290 790,994 248,644 141.223 38,361 81.624 569,308 261,740 141,223 30,325 19 2,459,791 2.569,917 16 Credltors: •mounts lalllw due •fter one yeav 2022 2021 Note Bank loan Other loans Houslng loan Pensions liability Deferred income Government 8ranls 17 5.761,393 3.2S9,935 11.113 154,738 17,500 14.521.495 4,427,491 3.952,244 11,166 271,730 17 17 19 14,692,081 23,726.174 23,354.712 Pa8e 39 Brldgwater Young Men's Chrfstian Association Notes to the finandal statements for the Year Ended 31 Marth 2022 17 Bormwin8S Included in the creditors are the following amounts due after more than five years= 2022 2021 Between one and two years Nouslng loan Other loans Bank loans 60 64,283 428,913 53 132,059 470,905 493,256 603,017 2021 2021 B•tween two and fl¥e years Housln8 loan Other loans Bank loans 226 2(KJ 282,657 1,057,548 210,732 1,307.078 1,518,036 1.340,405 2022 2021 Over five years Houslng loan Other loans 8ank loans 10,827 2,984.920 4,025,402 10,913 3.537.528 2,899,038 7.021,149 6.447.479 The Housing loan Is repayable over 50 years at a r￿ed interest rate of Il%. The loan is secured on the freehold land that Gerald Townsend House occupies. Other loans represent a loan for £3,325,(XXJ on drawdown from Sedgemoor Oistrict Council on a thirtv year term wlth Inte￿$t bein8 paid char8ed at 4.5%. Bank loans represent a £5,550.CMXI loan from Triodos Bank IUKI on è twenty year term with interest belng paid charged at 3.35%. This was extended during the year for a further £530,(KK) with interest bein8 paid charged at 3% above base rète until the full facility is drawn down and then reverts to the 2.6% above base rate. Page 40 Bridgwater Young Men's Christian Assoclation Notes to the financial statements for the Year Ended 31 March 2022 18 Operallng lease commltments Total fulure minimum lease payments under non-cancellable operating leases are as follows: 2022 2021 Olher Within one year Between one and fNe years After five years 243,335 474.051 579,481 214.195 511.799 374,000 1,296.867 1,099,994 The amount recognlsed in the year in the profit and 1055 attount relatlng to the operallng lease commltments was £323,660 {2021.. £206.6441. 19 Penslon and other schemes The association operates two defined contribution pension scheme5, one with Scott15h Wldows Iprevlously with Avival and one with the People's Penslon. The assets of the schemes are held separate from those of the association In independently administered funds. The penslon cost charge represents contributions payable by the association to the two funds and èmounted to £85,02612021'. £69,8931. Contrlbutlons totalling £17,965 12021: £17.1791 were payable to the funds at the year-end and are Induded In creditors. The YMCA Penslon and Assuran(e Plan •nd Group Ufe kheme Bridgwater YMCA participated in a contributory pension plan providin8 defined benefits based on final pensionable pay for employees of YMCAS in En8land, kotland and Wales. The assets of the YMCA Pension Plan are held separately from those of Brid6water YMCA and at the year end these were invested in the Mercer Dynamic De.risklnB Solution, 63% matchin8 Portfollo and 37% In the growth portfollo and Schroder Iproperty units only). P￿e41 8rid8water Youn8 Men's Christian Assodatlon Notes to the financial statements for the Year Ended 31 March 2022 The most recent completed three year valuation was as at l May 2020. The a55umptions used which have the most significant effect on the results of the valuation are those relating to the assumed rates of return on assets held before and after retirement of 2.59% and 1.09% respectively, the in¢￿aSe in pensions in payment of 2.99% (for RPI capped at 5% p.a.l. and the average life expectancy from normal ￿tirernent age lof 651 for a current male pensioner of 22.0 years. female 24.4 years, and 23.7 years for è male pensioner, female 26.1 years. retiring in 20 years. time. The result of the valuation showed that the attuarial value of the assets was £146.Im. which represented 79% of the benefits that had accrued to meM￿r$. The Pension Plan was closed to new members and fvture servlce accrual with effect from 30 April 2007. With the removal the salary linka8e for benefit5 all employed deferred members became deferred membersasfrom l May2011. The valuation prepared as at l May 2020 showed that the YMCA Pension Plan had a deficit of £39 milllon, 8ridgwater YMC4 has been advised that it will need to make monthly defictt contributions of £2,610 from l May 2022. These amounts are based on the current actuarial assumptions las outlined above) and may vary In the future as a result ol actual performance of the Penslon Plan. The current recovery perlod Is 7 years from l May 2022. In Ilne wlth the requiremenis of the Charities SORP IFRS 1021 a Ilability for the present value of the contribution payments to fund any deficit relating to Past service has been Included In the financlal Statements. The discount rate applled Is 3%. Llablllty 2022 2021 Openlng Ilabilty Unwinding of the dlscount factor linteresl expense) and Increase in recovery perkKI Deficit contribution pald Closing liabS1ity 310,091 256,043 186,667} 138.3611 185,063 91.290 137.2421 310,091 Repyable W51hln one One to two two to five After tlve years years Total As èt 31 March 2022 As at 31 March 2021 30.977 38,361 30.325 38.361 90.976 115.083 32,785 118,286 185,063 310,091 In addition. 8ridgwater YMCA may have over time liabilities in the event of the noJFpayment by other participating YMC4s of their share of the YMCA Pension Plan's deficit. It is not possible Cur￿ntlY to quantify the potential amount that Brfjd￿ater YMCA may be Cal￿ upon to pay in the future. Page 42 Bridgwater Youn8 Men's Chrtstlan Assoclation Notes to the finandal statements for the Year Ended 31 March 2022 20 ContlTrcent liabilitles On l June 2013, the Association regIste￿d a charge In favour of the Department of Education. This charge relates to grant funding of £3.972 milllon received in previous years which could become repayable In tertain cirtumstance5, particularly rf the association were to sell or significantly change the use of the grant-funded building. The trustees consider the likelihood of such clrcumstances occurrinB to be remote. This contingent liability is secured against the Geor8e Williams Centre. which is Included as a freehold property in note 13 of the financial statements. The Associatlon receives capital grants from Homes England and other funders, which Is used to fund the acqui51tion and development of properties and their components. In certain circumstsnces upon disposal of grant lunded properties the a550ciation Is required to repay thls grant or rerycle it by credlting a Recycled Capital Grant Fund. At 31 March 2022, the Associatlon has not dlsposed of any such components and plans to hold in perpetuity. It is therefore unlikety any such futu￿ disposal will take place, no provision has been reco8nlsed in these financial statements. 21 Share tapltal The Association is a company limlted by guarantee and as such has no Issued share capital. Page 43 Bridgwater Young Men's Chrfstian Associatlon Notes to the financial statements for the Year Ended 31 Marth 2022 12 Reser¥es Summary ol lunds Summary of funds- current year 8ala•K• at i Aprll 2021 Transfers Prfor year onl0￿ adjustment 8alance at 31 Marth 2022 Inc¢xne Expendlture Income and expenditure reserve 455.809 10,524,126110,885,499) 6,686 94,436 Restrlcted funds 6.686 462,495 10,524,126110,885,499) Summary of funds- prlor year 101.122 Balance at I Aprll 2020 Transfers Prlor year Inlout adJustrnent Balancè at 31 March 2021 I￿Om• Expendlture Income and expenditure reserve EdXI,077 9.788.601 19.840.723) 26.186 19.5(MI 1111.6461 455,809 I19.5￿) Restrirted fund5 6.686 626,263 9.788,601 19.840,7231 Statement of funds. current year {111,6461 462.495 Balance at I Aprll 2021 Balance •t 31 March 2022 T￿nsfer5 In/out Incomé E¥pendlture Unfestrlcted IwKIs Income and expenditure reserve 455.809 10.524,126 (10,885.4991 94,436 Restrfcted funds Move on Grant Positive Lives Matter Grant 6,686 6,686 20.0 (20.(kXII Totsl restrirted funds 6,686 20,IXK) 120.C4XJI 6,686 Total fuThls 462.495 10.544,126 10.905.499 101,122 Page 44 Brldgwater Young Men's Christian Associatlon Notes to the financial statements for the Year Ended 31 Marth 2022 Ststement of fvnds- prioryear Balance at l Aprfl 2020 Balan¢e at 31 March 2021 Tran￿er5 Prior year Income Expendlture Inlout •dlu5tment Vnrestrfrted funds Income and expenditure ￿SerVe 6(M).077 9.788.601 19.840,7231 19.5(M) 1111,6461 455,809 Restrfrted funds Moveon Grant Know Your Worth Workbook Complex Adults Initiative Grant 6,686 6.686 12,CKKI 112,Lh)O) 17.5(Kl Totsl rnstrfcled fun 26.186 19,5 Totsl fvnds 19.51x1 462 495 Page 45 Brfdzwater Young Men's Chrfstlan A$S￿l8tion Notes to the financial statements for the Year Ended 31 Marth 2022 Restrlrted resetve Revenue and expenditure cannot be dirertty set against re5trlcted reserves but is taken through the statement of comprehen5Ne income and then a transfer to restricted reserves is made as appropriate. Such transfer5 are detailed above. Any restricted funds held at the year end date are represented by cash. estrirted r serve d Move on GTrnt- Fundlng to help rough sleepers lfve independently in Sedgemoor Know Your Youth Workbook - Funding for the creation of a support module workbook relatlng to Countyllne5 artivity and being safe Compl•x Adults Inftlative Grant - Grant to fund an outreach worker 2 days a week for 12 month5 to delivery 5UPPOrt for Complex Adults Initiative Posltlve Llves Matter Grant- Grant for residents at Canons8rove prolert relating to"Everyone In" maklng it more than lust a room providing lrfe skills and wellbeing artivities for resldents. 23 Analysls of than8es In net debt At31 Mar¢h 2022 At l Aprll 2021 C*sh flows Loans due In les5 than l year Loans due in more than l year Total liablllties 1560.5821 274,081 1286,5011 18.390.901) {580,8761 18.971.777) 18.951.483) {306,7951 19,258.2781 605,393 1330,9381 274,455 605,393 1661,8761 Cash at bank and Sn hand Total cash and cash equivalents 156.483} Total net debt 18.346,0901 {968.671) 19,314.7611 24 Caphal commliments At the year end the association had known capltal commitments of approximatety £nil12021.. £nill. Page 46 Brid8water Young Men's Chrlstian As%Jclatlon Notes to the finanrial statements for the Year Ended 31 Marth 2022 25 Related party tr•n54rtlons During the year PLtr¢hases of £2,45012021.. £10,020) were made from JE Air Conditionin8 Limrted, a company owned by a close relative of the Chief Executive, J E Hehir. No amounts were oijtstandlng at the year end date. The transactlOn5 were made on an arm's len8th basis. Durlng the prior year Eleanor Matthew5. the daughter of one the trustees Alastair Matthews was employed by the charity in a Public Relations and Marketin8 Officer role. She has since left ihe charity and during year she was paid £1.41812021.. £24,601). At the year end date an aMI￿nt of £3.113 was due from the Chief Éxecutive12021.. £301 due to the ChSef ExecutNel. 26 Uttlmatt cortralNw party The trustees conslder that the associatlon is ￿intlY controlled by the trustees and that there Is no ultlmate controlllng partv. 27 Exceptlonal expendlture In the prior year, the capital works and grants as50clated with a leasehold property included in non housln8 property fixed assets were transferred to another charlty. YMCA Brunel Group, who owned the freehold of the property. The total amount transferred was as follows.. Net book value of non-housing property asset at transfer date Deferred government grant balance at transfer date Net expenditure on transfer 1.853,809 (1.795,4001 58.409 Page 47