Bridgwater Young Men's Christian Association (Tradln8 as Brwater YMCA and YMC4 Dulverton Group) (A company lirnited by guarantee) Annual Report and Finandal Statements for the Year Ended 31 March 2023 Re81slered Company Number: 03746771 Re8iStered Charlty Numbei: 1076434 Re8lStered Soclal Landlord Number.. H4245 Brid8water Young Men's Christian Associatlon Contents Reference and Administrative details Ito3 Trustees. Report lincorporatin8 a Strategit Report) 4t017 Staternent of Trustees, Responsibilities 18 Independent Auditors, Report 19to22 Staternent of Comprehènsive Income 23 8alance Sheet 24 Statement of Chan8es in Reserves 25 Statement of Cash Flows 26 Notes to the Flnanclal Statements 27to47 Bridgw*er Youn8 Men's Christlan AM¢xlatlon Reference and Admlnlstratlve detalls Othertrdding narnes 8ridKwaterYMCA YMCA Dulverton Group J R Ford lappolnted 04110120231 J G W Ennals (resigned 04110120231 A H Lei8h Ch•lmian Presldent Vlce Chalrnian J M Hobday (appointed 04110120231 M A Matthews Ireslgned 24105120231 J M Hobday J aèrev S sI￿1n Trustees and Dlrertors JRFord D P Cockroft (res￿ned 04110120231 D Ecdes (appointed 04110120231 Company S•er•l•ry G P Jones lappolnted 2710412022) M Hodgson (resigned 27104120221 S•nlor Mana8om•nt Tèam Chlef EX￿UtIVe M Hod8SOn Exec Oirector Re50urte and Rlsk Management Exec Dlrector of Corporate Service G Jones (previously Head of Resource and Risk Management) H Peppard (prevlously Flnance Buslness Partner} Exec DSrector of Operatlons J Walkinshaw Ipreviously Head of Housing) Head of Youn8 Peoples Serylces K Lllwall (aP￿Inted 31103120231 Head of Childcère Purkiss Head (rf Adults Service5 J Heslop (appointed 31103120231 Head of Hotels and Accommodatlon S c￿Coran Head of Facilities and Estates T Man8nall laapolnted 15112n0221 Head of Marketlng and Communication5 L Easlerbrook (appointed 10105120221 Head of Property Revenue H Rees (appointed 3V0312023) Page I Brld8water Young Men's Chrfstlan As%Jclatk)n Reference and Administrdtive details Company Re8istralion Number 03746771 Charlty Re8btratlon Number 1076434 Retstered Sodal Landbrd Number H4245 Ofsted Number Barley Wood Nursery EY4W3024 Yew Trees EY555987 Stepping Stones Nursery 2518634 Meadowside Pre-school 2552086 Play After Wrington School EY492736 The Old Pottlng Shed 2663313 Wooden House Nursery 2677451 Reglstered offlce and place of Geof8e Willhms Centre businKs Frlarn Avenue 8rid8water Somerset TA6 3RF Audltors Sumer Audit Ifom)erty Monahansl County Gate County Way Trowbridge 8A14 7FJ Page 2 Bridgwater Young Men's Christian Association Reference and Administratlve detalls 50lidtors Tozers BrOa￿alk House Southernay West Exeter EXI IUA Bankers Lloyds 25 Cornhill Bridgwater Somerset Triodos Trlodos Bank UK Deanery Road Bristol BSI SAS Barclays Bank 2 Chruchlll Pl￿e Canary Wharf London E14 5RB Page 3 Brldgwater Young Men's (hr15tlan Asso¢latlon Trustees, Report (ineorporatlng a Strateglc Report) For the year ended 31 Marth 2023 The Board of Directors of Brityater YMC4. who also act as the trustees of the charitable Company. present their report. Includlng a Strategic Report, and the financial statements of the Assoclatlon for the year ended 31 March 2023. The Assoclatlon is a company limlted by surantee. a private reglstered provlder of soclal housln8 chafity registered in the UK. The terms director and trustee are used Interchangeably within the report, which combine5 a Trustees, Report and Report of the Board of Dlrectors. Re￿•W ol artlvltle5, de￿lo￿nents and •¢hhe¥ements The principal aclivttles of the associalion include the provlslon of supported housSng for youn8 people, and hostel accommodation for homeless famllles and Indlviduals, and a whje range of Early Years, Youth Club, Youth Tiainin& Social Enterprise and Recreatlon FacllTties. Objtrtives •nd aclfvltles The objects of Bridgwater YMCA are as follows: To unite those who. re8ardin8 Jesus Christ as thelr God and Savlour acwrdlng to the Holy Scrlptures, deslre lo be Hb dlsclples In thelr faith and In thelr lffe. and to assodate thelr efforts for the extenslon of His Klngdom. To lead young people to the Lord Jesus Chrlst and to fvllness of Ilfe In HIM. To provlde or assist in the provlsb)n In the interests of 50clal welfare of facilltles for recre3tlon and her leisure tlme occupatlon for men and women with the oblecl of improvlng thelr condltlons of Ilfe. To provlde or assist in the provision of educatlon for person5 of all a8es With the object of developlng thelr physlcal. mental or splrltual capacltles. To relleve or a55Lst In the relief of persons of all ages who are In condltk¥n5 of need. hardshlp or dlstress by reason of their social, physical or economic clrcumstances. To provlde resldentlal accommodallon for persons of all ages who are In need, hardshlp or dlstress by reason of thelr soclal* phy51cal or economlc circumstances. During 2022123 the board contlnued to ￿leW the V151on and Msslon for the next ten years alongslde more immedlate Covld recovery and Buslness plannin8. This wa5 launthed in Apdl 2023 as a three year plan. In three stages. focu55in8 on recovery. stsblllty and growth. l. MSsslon Statement Together, the YMCA Federatlon In England shares a common goal.. to create sUPPOrtfve, Inclu51ve and ener8ising communities where youn8 people can truty belon& contribute and thrNe. Page 4 Brfd8water YOU￿ Men'5 Christian A5￿￿latIon T￿￿tee5, Report {Incorporatlng a Strateglc Report) For the year ended 31 March 2023 2. Strate81¢ Aims The Board has used a list of h￿h-TreVel ￿TateS1¢ aims for Bridgwater YMC Under each headln8 a serles of SMART strategic objectives are created by the Senior Leadership Team to form the basis of reportin8 to the trustees. These will also provide the CEO'S personal targets. l. Develop and maintain productlve W0￿1n8 partnerships with other YMCAS and young people's 8encles. 2. Identify •nd fill gaps In communlty provlslon and the wellbeing of individuals in our strategic Work Areas. 3. Make 8rid8Water YMCA selF-sustainine. 4. Seek opportunltles to deliver skllls. tralnin& learning and phy51cal exerclse. 5. Bulld a network of patronsladvocates lo champion Brid8water YMCA'S oblect￿eS. Vlslon An Incluslve Chrlstian movement trnnsfomiin8 communltles so that all youn8 Peop￿ can belon& contrfbute and ihrlve. How we help YMCA enables people to devek>p thelr full p)tentlal In mind, body and spirit. Inspired by, and faithful to, our Chrlstian values, we create supportlve, Intlushe and èMrglsln8 communities where young people n truly belon& contribute and thrive. Work Are•s We work across four key areas. wilh • fifth- SUp￿rt and advice- runnln8 through them all. Het71th & Wellbelng ￿e believe that everyone should be able to enjoy the beneffts of physlcal exerclse. from Improved health to better educ•tion and life chances.. Trolnlng & Educatlon "We believe that everyyoun8 person shoukl be able io fulfil thelrfull potentlal." Fomity Work 'We belleve every famlly should have the supwrt they need to develop and lead more fvlfilling Ilves." Actt•mmodotion Yle believe that every young person should hove a safe place lo stay." Support ondAdvlce *ie believe that every youn8 person should have someone they can trust.. Alms INCREASING OUR IMPACT- We will help more youn8 people in more communitles. EXtENDING OUR INFLUENCE - We wlll publlcly champion the interests of young people in society. WORKING TOGETHER BErrER - We will dellver a shared vlslon In a spirit of trusi, respect and partnership. SPIAPING THE FUTURE- We will develop a business model that ensures our lon8-tern) future. Ethos We Seek Oul. we Wekome. we Inspire. we Speak OUL we Serve Others. Page 5 Bridgwater Youn8 Men's Chrlstlan Assoclatlon Trustees, Report Ilncorporatlng a Strateglc Report) For the year ended 31 March 2023 Values Value the Indlvldual- Respecl others. ourselves and the people we work with in all that we do Glvlng of OUT best- Showing commitment in our work and to enable young people Carin8 Deeply- Have a passKin for the work we cary out Providing Creative Solutions- Show innovalK*n in the approaches we take in sUPPOrtin8 young people Communlcate authentically and iruthfulty- Show openness In our dÈalln8s and approaches to people Pro8rammes Bridgwater YMCA programme5 cons15t of: Early Years for Children 3 months lo 5 years all year round Indudln8 wrap around care Social Enterprise activities Including Trainin8 Hotels and Community Meetin8 and Wedding Venue Outdoor Activltles for schools, communlty 8roups and Indp41dua15 Day Camps for chlldren and youn8 people Youth Work and Posftfve Activrtles for youn8 people Tralnln& work experbence and apprentlceshSps Volunteer recwitmenl and development programmes Hi)uslng and Support for youn8 people a8ed 1&25 Move on Attommodatlon for young people aged 1&25 Emergency Hostel Accommodation for Individuah and Famllies Homelessness Preventlon. Advlce. Guldonce and Accommodation pwisK)n Community facililies for sthoob. community 8ri)ups and indivlduals Publlc Benefft The Trustees confirm that the main activities of Bridgwater YMCA are undertaken to further the charlty's purposes for the publk beneflt and that they have had due re8anl to the guldance publlshed by the Charity Commlsslon on Publlc 8enefft. Page 6 Brid8water Young Men's Chrlstlan Assoclatlon Trustees. Report (incorporating a Strategic Report) For the year ended 31 March 2023 Str4ts8i¢ Report ACHIEVEMENTS AND PERFORMANCE The Trustees •nd senior staff team have continued to review and implement new policies during the course of the year. and have monltored performance through KP15 in financial and non-financial terms. Family Work Durin8 the year the association continued to delNer high qualty OFSTED re8irtered ear￿ years Provisions across slx sltes In North Somerset. Sometset and Oevon. Yew Trees Nursery has contlnued to thrive durin8 this year, thls setting Is rnted GOOD by OFSTED. Yew Trees Is also the hub for our earty yeats catering provision, which provides 250 mea15 per day for four of our 5ettln6s. Our Day Camp provbion from thls settlng contlnues and Is well supported. Yew Trees currentty offers flve early years apprentlceshlps. Barley Wood, raled GOOD by OFSTED was the first ea￿ years settln8 created and delivèred by Brld8water Young Men's Chrlstian Associatlon. for ages 3 months to S years. Durlng the year thls 5ettin8 has contlnued to thrive. The nursery Is cTrlocated wlth a vlbrant community meetin8 $￿ce and weddln8 venue wlth atcommodatlon. Th15 enterprise has created nlne on8olng apprentlceshlps across a ran8e of dlsclpllnes, and hosted a further Day Camp Scheme a8aln provldln8 ouidoor artivities for IW children per day durlng each of the school holidays. Stepplng Stones In Claverham bs a temi tlme onty earfy years facillty attached to the local school, durln8 this year we have seen conslderable 8r¢)wth the settln& whilst it sustalns its reputation for work with SEND thlldren. Again. thb settlng is rated GOOD by OFfsED. Thi5 settSn8 has dellvered two apprentlceships during the year. Meadowslde Nursery In Backwell rated GOOD by OFSTED. has continued to develop and increase In lootfall. Thi5 term time settln8 provides both daytime and wrap around care outslde of school hours. We have been able to offer one apprentlceshlp at thls settlng. Durlng the year we have continued to invest and 8row the Old Pottln8 Shed nursery. The settlng has 8rown In number5 and has developed a very positive reputation. It is a rural setting serving the communltles surroundlng Blagdon and Chew Valley. The main growth during the year has been through developing our offer for babies and for toddlers, thls has Increased numbers to 60 at the setting. The Old Pottin8 shed has supported one apprenticeship durlng thls tlme. The Wooden House was acqulred In Aprbl 2022. from a provkler who was retlrin8. The setting In Tiverton has a good reputation however has suffered from fallin8 number5 in recent years. Further to the delrvery of our marketin8 Strate8y for the settln& and the introduction of a new babies room, we have seen signifitant increase in numbers and l¢x)k fop#ard to further growth In 2023124. One new apprenticeship has been offered ihrou8h thls katlon. Covid-19 related absences contlnued during the year to have a slgnificant impact on our delivery acr05S each of our settlngs. Perlods of hlgh levels of staff absente. impacted heavity on the sustainability of the settings, where use of agency staff was required to ensure ratios were adhered to. Page 7 Brid8water Young Men's Christian Association Trustees, Report Ilncorporatlng a Strateglc Report) For the year ended 31 March 2023 Recruitment of ear￿ years prartitioners has continued to prove challengin& this is a sector wide matter. and relates in part to a two year defitlt of new pract￿lOnerS entering the sector and higher wages being offered in other sectors of the economytr which ear￿ year5 income cannot support. Whilst durlng the year this Improved as we have benchmarked salarles a8ainst oiher providers. revisited our added value offer, we must continue to ensure that we invest in our current team to Sustain our offer. Health and Wellbeing Programme dellvery Includlng youth worK fftness and outdoor actfvltles have contlnued to be well supported during the year. North Somerset youth provislon contlnues to flourlsh and be Impactful on the beneficlarles Its seryes, alon8sMle our successful youn8 carers programme. Fltness facllltles, are belng well used however classes continue bein8 more popular than gym access. We contlnue to revlew this offer and a￿ looking at national trends alongside regional tompetitlon to plan for the future. Our schools outdoor actfvity programme, delivered from both our main site in Bridgwater and through moblle provbslon on school sltes has shown thts year yowth. AIon8side thls we reviewed our Daycamp programmes. whlch has allowed for continued delivery to over 12CKI thlldren durin8 the course of the year. The elements of growth above have conllnued to provbde encouragement for the team to develop new #nd innovatlve programme opportunltles. We have in 2023 continued to grow thls team to increase our Impact and opportunlty for delfvery. Training and Education The Beach Hotel, Mlnehead Is now in Its nlnth year of operatlon and provlded this year slx apprentlceshlps In professlonal cookery. hospltallty and housekeeping. Whllst maklng thts provlslon the levels of customer servlce are hlgh, evidenced in our rankin8 as the most popular hotel in the region. Durln8 the spdn8 and summer seasons the hotel ha5 8rown agaln In terms of turnover, guest stays, and meals provlded, and alonBslde the numbers of apprentlceshlps offered f¢)ur have been converted into full time employment. The Impact of the staycation continues to be posltlve and forward bookings for 2023124 look to have Increased again. From a m155lonal perspeetive and to support rerfenues ¢)ver the wlnter thls year we opened our offer to support familles who had been made homele55 through altering some of the rooms in the hotel to famlly facllltles, thls provlded 8 famllles wlth accommodation •nd support throu8h December to Febrnary. The Great Westem Hotel, Taunton has continued to thrlve duiln8 the year. Thls provlsion adjacent to the Taunton Railway statlon offers hotel accommodation. a café. rneeting room5 and collaboratlve work hubs. Thls prov151on durln8 the year offered two apprenliceships. The occupanty of this location contlnues to be in excess of 85% throughout the year thls ts a blend of both buslness and tourtst travellers. Barley Wood continues to Ilourish, the nUrnbe￿ of individual bookin85 be these weddings or whole house hlre5 thls year was the hehest slnce the acqulsltlon of the bulldlng. We have begun to see an increase in midweek conferences and residential st￿. and have developed a marketing str•te8y to further grow this area of work Page 8 Bridgwater Youn8 Men's Chrlstlan A5wciation Tn￿ee5. Report Ilncorporatlng a 5trategl¢ Report) For the year ended 31 March 2023 The Beach Hotel, Weston-super-mare, acquired in March 2021 has provided two apprentice5 during the year. operated at 60% capacity for the year. We have beeun to dèvelop a good reputstion in the town. and this is evidenced through rankings wtth online travel agents. A8ain in this location we have been able to support families dufing the colder season, through worklng wlth North Somerset Council io provide accessible accommodation whilst adaptations are made to famity homes for those with mobilrty issues. Our Tenant Accreditation Scheme which youn8 people attend to support them In achlevlng and SUStalnlng a tenancy has delfvered 38 sessions during the year with 39 completers. Alon8side thi5 the tenant ready schemes which prepares indwiduals whom have been homeless for tenancies has delivered 86 sesslons wlth 86 completers. These schemes have been funded by our local authorities and have exceeded all target5 set. Accommodètlon Somerset Counly Coun¢ll funds the 5UPPOrt elements of our ser¥ke In Sedgernoor and Somer5et West and Taunton, and North Somerset Council funds the support elements of our sepiice in Its own area. We also work closely w￿h Mld Devon Councll In dellvery of floatln8 SUPPOrt and housln8 provlslon. We continue to operate Wade House In Hi8hbrid8e whkh provldes emer8ency accommodatlon for homeless Indivlduals,. thi5 offer has increased. bein8 led by demand, to Include the change of use Into famlly accommodation of Rlverbed House. The partnership with Sed8emoor D15trlcl Councll15 Smportant to both organlsatlons In thts provislon. During this year we began a planned withdrawal of our sUPPOrt to Somerset West and Taunton Councll In the delivery of extra bed spaces and sUPPOrt thiough the Canonsgrove project. 56 bedrooms of student halls slyle, to ensiire that the Councib. duty under 'Everyone In. was met. The project came to an end In November when the bulldin8s were handed back io Bridgwater and Taunton College. Durlng the perbod that the project was dellvered124 March 2020- 7 NovembEr 202311 total of Z09 Indlvldua15 were housed through thls prolect. Pathways to Independence Throughout the year we have contlnued the delfvery ot the P21 contract acro55 both Sedgemoor, and Somerset West and Taunton. The pathway pro¥ide5 541PPOrt In YMCA accommodatlon and floatln8 support to young people Ilvlng In thelr own accommod*bOn. Durin8 thi5 financial yeaf we were infomied that the contract Is to be extended untll March 2024. Fundraising Durln8 the year we dld not engage In any fundrdising exertlses. However any fvndrai5in8 events planned by Bridgwater YMCA do not rely on the sUpF￿rt of other professional fundraising bodles. When carryln8 out fundrab51ng actlvltles we adhere to the code set out by the Fundraising Regulator. These standards are monitored. and durin8 the year we did not fail to compty- We ￿CeIved no complaints with regard to our approath to fvndraislng. When plannlng for fundrnsing events, akjngside the code, we consider rf our approoch coukl be considered an unreasonable encroachment on a person's privacy, we ensure we are not Unreasonab￿ persistent and that we never ptsce undue pressure on a person to elve money or Pfopertv. Young persons, involvement The level of youn8 persons, involvement continues, and refierts In how our se￿Ice Is delfvered. wlth young people's groups at all sltes. and user groups for all artNities. All information 15 fed back to the board thri>ugh clear reporting Ilnes. Pa8e 9 Brfdgwater Young Men's Chrlstlan Assoclatlon Trurtees, Report (Inwporatlng a Strategic Report) For the year ended 31 March 2023 ap.lalncy Provlsion Durln8 this year we have contlnued to develop our Chaplaincy provt5ion to the Association. Thks has served io enrich the lives of our young people who enga8e. and provides an excellent support function to all stsff. Our asplratlon b to contlnue to develop this ro￿ further acr05S the ass¢xktion wlth persons from spe¢rfic parishes servin8 the variou5 ger*draphic locations. staff Development and Wellbeing Staff development has again been Important in the athlevements of thls year. Wlth the contlnuatbon of the introdyrtion of an emer8ing manager programme and sharin8 of tralnlng resources wlth other third sector or8anisalions locally. we have increased the opportunltles made avallable to Staff and volunteers. Alon8side this we have Introduced a staff health care package, whith has been received well by the whole team. Each month we are carryln8 Out staff wellbelng sup•eys. and 5harfn8 the outcorne wlth the whole assoclatlon. FINANCIAL REVIEW Overylew Incomin8 resources generated durln8 the yejr were £10.549,663 12022: É10,524.126) a 0.2% Increase on 2021122. Whilst stralght operatlng costs were tl8htty controlled there was a proportionate uplift as result of the increJ5e. wilh expendiiure totallln8 £11.035.86112022: £10.885,4991 belng Incurred. The Assoclatlon ha5 PQSted a defkit forthe year of £486.19812022: a deficll of £361,373). During the year the association experlenced costs whlch wouhj not be expected in any nomial year. durln8 the year as the aSSoc￿tIon contlnued to recover from Covkl 19 incurring cos15 for staffin& cleanlng and repalrs Incurrlng cost5 related directly to thls of £484,00012022: £466.4231. The a550ciation ha5 dlvested réself or ceased kjss makln8 actfvltles durlng the year, whllst • 5erle5 Of challenglng deCIs￿￿$ has been made. the outcomes support the sustalnabb1￿ of Its wlder actlvltles during the period of recovery from Covkl. Through the Inlrodurtion of new structures wrth our Flnance functlon, we are able to access rea￿tIrne Information which allows limety decision making. The Assoclatlon Is forecasllns a surp￿$ In the comlng year 2023124. thts In splte of the costs of speclflcally recruitment tssues. Thls wlll be athieved ihrough careful management of expen(Jlture, It Is lrnportant to note we also are not forecastlng any one off costs in the year 2023124 which have In previous year5 had a negative impact on our performance. At the end of the year net Ilabllltles were £385.076 representing a decrease of 380.8% agalnst 2022 net ets of £101,122. Thb5 rnovement ￿lateS to the comments ￿latIng to the costs experienced In the Year. Vahje for Money The A550ciation in line with its VFM kK)licy has a duty to ensure an efflcient and effective service to all it Serves. Our operational environment is often highly comple¥ and variable. and thts is reflected through our varlety of fundlng streams. During the year. the YMCA has ensured VFM for each of cllents and funders throu8h effective pr{KU￿ment of 8¢ods and effiaent dellvery of services. Page 10 Brfdgwater Young Men's Chrlstlan Assodatlon Tntstees, Report {IncorpoAtln8 a Strate8k Report) For the year ended 31 March 2023 The value for money metrks that we are required to report upon by the Value for Money Standard are as follow5: Metrk Result 2023 Result 2022 Metric I: Reinvestment (%) Melric 2a: New Supply Isocial Housing Units) {%) Metric 2b.. New Supply (Non-social Housin8 Unit511%1 Metrlc 3: Gearlng (%) Metrlc 4: EBtrDA MRI Interest Cover 1.4% 5.1% -32.2% -2.6% 103.3% 98.3% 10.561 20,326 11.201 17,513 Metrlc 5: Heodllne Social Houslng Cost Per Unlt {£> Metrlc 6a.. Operatln8 Margln1Sodal HI￿SIng Lettln8511%) Metrlc 6b: Operatln8 Mar8ln Ioveralll {%) Metdc 7.. Return on Capital Employed (%) ReseNes Policy The Associatlon's reserves polky states that It aims to ensure that It relains £5￿.0￿ of unrestrlcted reserves, with the board informed rf this drops below £I80.C￿l0. Reserves al the year-end were -£391,762. also free reserves, l.e. unreslrlcted reser4es less the carrying amount of functional assets. were also in a deficlt Posttion, havln8 been through a 5i8nrficant period of growth and investment. It remalns a key element of the buslnes5 plan to achleve the alm of £500.CX)O, through consolldatlon of current servlces. development of new seThlces and throu8h careful managèmènt of bud8ets to achleve healthy surpluses. The support of our Bank Is key In ihls, and during the year we contlnued a workin8 relatlonship wlth Trlodos Bank to whom our loan book was transferred In Juty 2021. Accommodatlon occupancy levels durln8 the year ended 31 Mèrch 2023 have increased. followln8 the previous several years of redevelopment of Mock. This has had a posttive imp•cl on revenue, alon85ide the fvrther embèdding of soclal enterprtse models In our work whlch agaln have made slgnthcant contributions to our income streams. In the delivery of the latter we have both had a s%nrficant impact on our beneficiarie5, and increased our non-re5trlcted funds to a level sUPPOrtlng the ongolng development of the Associatlon and suslalnln8 Its presence as an Important provbder of communlty resources. 1.8% 3.6% 4.6% -3.4% -2.1% -1.5% The trustees, along wlth a restructured eXeCUtr￿ team. have continued to adhere to a serles of attions greed durin8 the year ended 31 March 2022. These durin8 the year 2022123 have shown that the plan lo Increase reservesls wo￿1￿8 well. and we Intend to contlnue thls work durlng ihe next flnanclal year. Investments Pollty The trustees have again kept reserves as liquid ￿ possible durin8 ihe last twelve month5. This ha5 been to ensure that the Assoclatlon has been able to meet Its obligations to creditors and staff by cafeful management of cashfiow. The Tru5tee5 will continue to monitorthe sI￿atIOn throughout the year. Page 11 Brldgwater Young Men's Chr15tlan As%)ciatlon Trustees, Report lincorporating a Strategie Report For the year ended 31 March 2023 The YMCA Pension and Assurance Plan and Group Lwe Scheme Brid8water YMCA recognises F¥)ssible concem relatin8 to its participation In a defined benefft penslon scheme. Appropriate action has been tsken- The scheme was closed to new members In 2CK17, and ihe Ilnk to final salary broken in 2011. Additional contributions continue to be made to reduce the deficlt. As part of the YMCA federatbon. the muhi-employer scheme Is run by an Independent board of trustee5 with employer representation through the Prtnclpal Employer. the Natlonal Counc51 of YMCAS. The penslon scheme irustees obtaln an actuarlal valuation every three year5 and we have considered the implications to the thartys finances from the latest available actuarlal valuatlon. We have reviewed the charltrfs abillty to contlnue to dellver Ils charilable obiecir¥es by ensuring budgets, forecasts and plans are available and Include the Impact of the deficlt repayments. The trustees included the impart of penslon scheme der￿t repayments in considerin8 going concern status, reserves, and the risks and uncertalntles that the charlty face noted ebewhere in thls Report. Brld8water YMCA beneffts from the penslon seherne trustees and the Pdnclpal Employer seeklng sultable spetiallst professlon advlce both to manage the scheme and in the continLFing effort to explore way5 of reduting the overall penslon defictt. The notes to the Accounts Include an accountln8 polky and further details In nole 18. PRINCIPAL RISKS AND UNCEATAINnES Rb5k Is the threat or posslbS1ty that an actlon or event lor sometlmes Inactlonl wlll adversely affect an organlsatlon's ablllty to achlevells oblectlves. Rb5k Pollcy The aim of our rlsk polky Is to enable BrfdyL¥ater YMCA to athl￿ Its MISS￿n. Thèreforè, we accept those rlsks to which we must Subject our5efvts to delr¥er our mission. We strive to:_ avold unnecessary rlsks: control rlsks whlch Inevltabty •rtse •$ a resuh of our actmiles; monltor r15k5 whlch cannot be tlghtly controlled wlthout compromtsing delbvery of the mlsslon,. and take dsks whlch we have a55essed as Ilkely to leid to posltr¥e outcomes. Control and monftoring of risk arlsing from actNitles We aim to understand, dotument and review all sl8nlflcant rlsks that arlse from our on8oln8 artfvltles. We do th15 by maklng and regularly updating a business rtsk analysis and followin8 up all matters that require attention. Where controls can be ¢￿ated or improved in a practical and c05t-effectNe manner. these are Implemenied. The business risk analysls Is made available to the board annually for revlew, and any matterih•t arises during the year with a risk score of 20 or more ts hl8hllghted at the next l)oard meetlng. Work durfng the year has identified ihat financlal sustalnabillty Is the major flnanclal rlsk for the charfty. A key element In managing this risk 15 a regular review of avallable funds to settle debts as they become due. Regular Ilalson wilh the bank and actNe management of trade debtors and creditors balances to ensure sufficient worklng capltsl Is key to th6. Page 12 Brfdgwatsr Young Men'5 ChTi5tlan A550clatlon Trustees, Report Ilncorporatln8 a Strateglc Report) For the year ended 31 March 2023 Over the past fNe years we have seen an Incfease in threats toward staff. and an increase in the vulnerabilty of the clients with whom we work. These matters deady indicate a risk io staff. We have ensured during this period that we update ￿ne Working policies. that the correct equipment is carried by those who do lone work. and that In areas of hlgh tolerance to our cllents there are two staff members present at all times. We continue to monrlor this ris PLANS FOR FLITURE PERIODS Or8anisation During Quarter four of 2022123 we published our new 3 year strategy for the Assodation. This continues the fiKUS on more efficienl use of resources, wilh the aim of increased sustoinability and improved outcome5 for communriies, includin8 children. youn8 people and aduhs who may wlsh to access our seNlces. Dellve We look throughout 202312024 to contlnue to Increase our Impaet atross Somerset, North Somerset and Devon. We will be enhancing the facilities across each of our sites, increasing capaclty and relevance for our varled user 8roups. and increase children's. families. and young people's access to support. Through enhancin8 our facilities, we look to ensure that all 'green' options are explored in lerm5 of procurement of bulldings, provlsion of energy and disposal of waste. Much of the above is in line wlth our strate8lc plan, and Its ongoin8 revlew In lighi of IncreasSn8 ulilrty costs. We wlll contlnue to be a key partner for Somerset County Councll, North Somerset Councll. Devon County Council, Mid Devon, and Weston-super-mare Town Councll, in the provislon of new and Innovative approaches to create opportunities for young people, plus preventing and managing homelessness for young people and families across the districts. We also intend to further develop our servlces Into Devon and work closely wrth the area both at county and dlstrict level. Partnerships wlll be key In achlevlng the above where we look to the third sector. Publ￿ and private sectors to join tO8ether to enable the best outcomes for all. whllst showln8 effkiencles in all thai we do. STRucfuRE, GOVERNANCE AND MANAGEMENT Governlng Document The company 15 incorporated under the Companies Act 2(K)6 and is 8overned by its Memorandum and Articles of Association. It bs a company limited by guarantee without share capital. The Artlcles of Association govem the rules tonceminB membership and election of the Board of Trustee5. The company wa5 re8i5tered on 7 April 1999. and it is also a charity ￿gIstered under the Charitles Art and • prlvate reglstered provlder of sodal hous1r￿. The Ilablllty of Its members In the event of a wlndlng up Is limited to £1. Appointmenl of Trustees Trustees are eleded at the Annual General MeetSn8. Detslls of trustees are Induded In the Assoclatlon legal and administration information on page l. Trustee Indurtion and Training Board members are recruited from the communitie5 we serve and in line with the needs Identified from the skills audit. These members are inte￿IeWed by the Chair, P￿ident and Chief ExecutTve, and then Inducted to the full board. Including safe8uardlnE traini￿ professional boundaries and policy review. Before becoming fvll board member5. Potential new trustees/directors, must attend at least three meetings. Page 13 Brld8water YouTra Men's Chri5tlan A550d?tlon Trustees, Report (incorporatlng a Strategk Report) For the year ended 31 March 2023 Each year a skills audit is carried out with our Board members in order to ensure continued experience and skills are present within the Board. Organisational structure The Board of Trustees meets at least four times a year and 15 SUPPOrted by another four tralnin8 events. Day to day runnin8 of the assoclation Is delegated to the senlor management team under the leadership of the Chlef Executive. Decisions made by the Board of Trustees, are based on recommendations presented to them by the senlor mana8ement team. these would include acquisition5. dlsposa15 and any chan8es whlch would have a material financial impact on the association. this includes the adoptlon of yearty tsjdgets, 8nd acceptance of any fe-forecasting based on external changes Impactln8 performance durlng the year. Decisions which are made by the executfve team are limFted to those of an operatlonal nature. these are expected to be In Ilne wlth the association's value5 and objecirves. The Senior management team are responsible for thelr own Indlvldual reports to the trustees, the content of which wlll reflert performance In the prevlous quarter alongside any recommendathjns as noted above. Govemance and flnanclal viabiltty and code of governance We regularfy monitor and report on our performance and the delNery of I￿r plans. and resldents Involved In our governance structure are consulied on Iwdget prlorltks and the strdte8ic plan. We have comprehenslve r15k register and framework that are regularty revlewed by boards and commlttèes, and complete rlsk analysL% In our buslness plan financial model. The strategic plan Is 5ultabty finandalty ¢onser¥ative and risks are mana8ed. wtth the buslness plan belng Indepèndently valldated by our Bank. We have strong short. medlum and lon8-temi cash-flow management systems and all our future commttments are fully funded ty a8reed loan facilitie5 Wtth our lenders for at least twenty years. Our slrate8ic plan makes sure of Èffedlve management and that our loan covenants are contlnuou51y monltofed. Annual and perlodk external audlts of our accounts are completed to ensure they and our business plans are robust and vlable. Our self-assessment Statement was updated durire the course of 2021122 wbth addltlonal information on how Brldgwater YMCA meets the Home5 England rev15ed Govemance & Financial Viabllity Standard. The Assoclatlon ha5 been a$s￿ed by Homes En8land under the continued qualification process for Imiestmenl partners 2020121. As a result of the assessment the Assoclallon ha5 retalned contlnued quallflcatbon as an Investment partner for pro8rarnme5 and the applicable successor pro8rammes. Arrangements for setting pay of key management personnel The direttors consider the board of directors. who are the tharlirfs trustees. and the senlor management leam comprlse the key management personnel of the charity in tharBe of directin8, controllin8 and operatlng the charity on a day-tr>day basls. All dlrertors. expenses and related party transactlons are dlsclosed In note$ 7 and 24 to the accounts. The pay of the senior staff i% reviewed annualty and normally Increased in accordance with avera8e eamings. In vlew of the nature of the charfty, the dlrertor5 benchmark against pay levels In other YMCAS of a similar size. The remuneration benchmark is the midpoint of the range paid for similar roles. adjusted with a welghtlng of up to 20% for any additional duties. If recrultment has proven dlfflcult then in this instance. we will pay no more than greater than the maxlmum benchmarked salary for a comparable rose. Page 14 Brid8water Youn8 Men's Chrlstlan Assoclation Trustees. Report Ilncorporatlng a Strnteglc Report) For the year ended 31 Marth 2023 Em ment lici The Group employed an average of 201 people for the year ended 21 March 202312022: 211}. Through Its equality. diversity and inclusion policy. the association seeks to ensure that every employee. without exception.15 treated equalfy and falrty and that all employees are aware of thelr responslbllities. Our policies and procedures ful￿ supw)rt our disabled colleagues. We take actlve measures to do so vla. a robust reasonable adjustment F>olicy and processes to ensure colleagues are fully supported. The assoclatlon Is responsive to the needs of its empwes. As such, should any employee of the Group become dlsabled durin8 their time wilh us. we will activety retrain that employee and make reasonable adjustments to their worknng environment where possible, in order to keep the employee wrf(h the Group. It Is the pollcy of the Group that ihe retruitment. tralnin& career developmenl and promotion of disabled person5 should, 05 far as Possible. be Identlcal to that of other employees. lo eeen ement Bridgwater YMCA engages with Its employees on a regular basls and In a number of ways to sutt thelr dkfferent workin8 patterns. This includes- Appolntment durln8 the Year of 'Head of CoJleè8ue Experlence, Ilne monager briefingS• 'At Home, day51 where we meet wlth 5tsff on a monthty ba5b to Share news from across the a550ciatlon email news alerts, noting that not all staff h•ve accus to email we also use an online platform to Inforrn all staff of news and opportunftles focu5 8roup5; • weekly bulletlns- specMlcaI￿ targeted at housln8 and early years staff. and employee soclal media 8roups Details of the finantial and economic fadoT5 4ffectin8 the perforn)ance of the Company are shared with all ernployees at the approprlate tlme uslng the methods Ilsted above. Thls Invofve5 attendln8 'At Home. days. focus groups and provldln8 feedback on values and behavlours. employee development and upskillin8 and ensurin8 that feedback is listened to and acted upon where appropriate. The Board envisa8e that the employee voKe role will become more active in the comin8 year as the busbness recovers from the impart of the pandemic and that the insight monthly surveys of Satisfactlon are able to provlde wlll be very helpful to the Board In understandlng the vlews of employees. Updales on employee matters are nomially presented to the Remuneration Committee or Board at least twice a year and cover a wide range of issues. Over the coursè of 2022123 these updates have focused on In partlcular. workforce plannln& employee engagement and wellbeing and the reinvl8oration of our apprentlceshlp strategy. The Remuneration Committee Is also Infomied where sgnificant changes are proposed to employment conditions and pollcles elsewhere in the Assoclatlon, or If there are Imwrtant employee relaled proierts underwav. We provide opportunities for employees to give their feedback to the Association in a number of Way5* from team or managers meetlngs across our work and engagement suryeys for all employees. Pa8e IS Brfd8Water Young Men's Chrlstlan Assodatlon Trustees, Report Ilncorporatlng a strategic Report) For the year ended 31 March 2023 BTld8water YMCA Staff ¢)ffer Our cleady defined people promise enables us to differentiate our ernployment proposltlon. and the dlagram below IIIu51rates in more detail the elements of our offer. Clearfy, pay 15 a very important element but other factors also play an lrnportant part of the overall value proposltion, whlch is known inlemally a5 our'staff Offerf. Our people value opportunltles for progresslon, challenge within their role. falr rewards and a safe workln8 envlronrnent. Our research has also shown thal, In normal times. unllke some Industrles and employers, Brld8water YMCA offer5 a number of important differentiators which our employees value.. Fle¥ibility and convenlence- Brid8water YMCA has always promoted a flexible approach to working from the frontline through io our support centre. The Covld-19 pandemlc ha5 further demonstrated how flexibilrty and tonvenlence are an ever more Important fartor for empWe5 across all employee groups. More job satisfaction.. As part of our research we learnl th* worklng for 8rldgwater YMCA gave employees • strong sense of famlly and that employees put a hl8h value on the daY-t￿daY variety of work. This comes through very strongty In our Sy￿eY results. A great atmosphere: Undoubtedty working across our services for chlldren and young people, e5peclally at the frontllne. is hard work. However. we also know that St tan be great fun. Our alm at Bridgwater YMCA is to make the workln8 envlronment as fun and frlendfy as ppsslble wh115t ensurlng that beneficiaries recelve great servi￿. It Is clear that as a result of Covld-19 many employees began to reassess whatls import4nt to them and thelr work. In addltlon. other Industries have been able to demonstrate how they now can offer careers that provide Some elements of our proposltion in a way not seen before, for example throu8h very flexible workin8 arrangements. It wlll therefore be Important to revlew and refresh our researth 50 that our'staff Offer evofves and remaln5 relevant to current and prosF*CtNe team members. Employee wellbelnE arrangements and workplace lrnpllcatlons: The Company has an eslablished wellbelng strate8Y that encompasses flve plllars of wellbeift& 50clal. envlronmental, physical. mental and financbal. W￿h1n these plllars there are a rnn8e of iesources and tools )vailable for line managers ènd employees to access. Includlng.. • our employee asslstance progrnmme whkh Is by the YMCA Assoclatlon of Professlonal Staff. They operate a free, 2417 confidential helpllne and a webslte wallable to all ernployee5. an online wellbeing centre that provides access to workout videos. nutrltlonal advlce, flnanclal wellbelng too15 and mindfulness and meditation vldeos and articles. financlal wellbein8 tools and support via the above. mental health training available for all line managers to a55tst them In 5UPPOrtin8 thelr teams. In additlon, the associatlon has tralned a number of mental health first aider5. • wellbeing days. whith are now intended io be held virtualfy and this will enable all employee5 to participate in the various activlties and workshops. dlscounts on our Services from free thlldcare, through to famlly overnlght 5tay5 at our so¢ial enterprtse hotels. Page 16 Bridgwater Young Men's Chrfstlan Ass(Klallon Trustees. Report qlncorporating a Strategk Report) For the year ended 31 March 2023 Relationshlp between the charity and related parties Bridgwater YMCA has stron8 relat￿nShIpS wrth its partners. whiLst a150 havln8 Strong links wlth fellow YMCAS workin8 in conjunction wrth thern to develop our service5 and skills. Our operatlons are subjeu to re8ular review by a number of external agencies. includin& OFSTED. Homes England, Somerset County CounuL North Somerset Council audttors and other5. Statement ol dlsclosure of Inforn)atlon to Audltors Insofar as the trustees are awère: there Is no relevant audlt information of which the Association's auditor is unaware,. and the trustees have taken all steps that they ou8ht to have taken to make themsefves aware of any relevant audil information and to establish that the auditor is aware of that Informatlon. Auditors A re501ullon to reappolnt Sumer Audlt as audltors wlll be to the members at thè Annual General Meeting. In approvln8 the Trustee< Report. we also approve the Strategic Report included therein, in our capacity as company direeior5. Approved by the Boared ofTrustees on C4).1 I and slgned on its behalf by: JRFord Chair Page 17 Brldgwater Young Men's Chrf5tlan A5￿CIatIOn Ststen￿nt of Trustees, Responsibllltles For the year ended 31 March 2023 The Trustees (who are also the dlrectors of the charilable company for the purposes of company lawl are responsible for preparlng the Trustees. report and the financial statemenls in accordance with appllcable law and Unlted Klngdom Accounlin8 Standafds (United Kingdom Generally Accepted Accounting Practlcel. Compary law and regigtered soclal housing k8islation requlres the trustee5 to prepare financlal statements for each financial year. Under company law. the Trustees must not approve the financial statements unle55 they are satisfled that they give a true and fair view of the state of affairs of the charltable company and of ils incoming resourtes and appllcatlon of resources, Including its Income and expenditure. for that period. In preparing these financval Statements. the Trustees are required to.. 5eled 5Ultable accountln8 polkies and appty them conslstentty. obser4e the methods and prfnciple5 of the Housing SORP120181: make ludBements and accountin8 estimates that are Teasonable and prudent; St*e whether appllcable UK Accountln8 Standards IFRS 1021 have been followed, stsbject to anv materfal departures dlsc105ed and explained In the financlal statements: and prepare the financial statements on the golng concern basls unless Stls In•pproprlate to presume that charitable company wlll continue in business. The Trustees are responslble for keeping adequate accounting records that are suffldent to show and explaln the charltable company's Iran5aCtions and dbsclose wtth reasonable accuracy at any tlme the financial position of the charitable Company and enable them to ensure that the financial statements comply wlth the Companies Act 2006, the Charltles Art 2011, the Housln8 and Regeneratlon Act 2008 and the Accounting Directlon for prlvate registered social provlders of social housing In England 2022. They are also responslble for safeguardln8 the asset5 of the charitable company and hence for taklng reasonable steps ft>r the prevention and detection of fraud and other Irre8ularltles. The board of trustees ts responslble for ihe rnalntenance and Integrity of the corporate and flnanclal Information included on the Associatk)n's website. Legislation in the United Kingdom 8overnln8 the preparatlon and d155emlnatlon of financial statements may drffer from legislation In otherlurlsdlctlons. Approved by the Boared of Trustees on ofy.11￿&s. and 5i8ned on its behalf by: JRFord Chair Page 18 Bridgwater Young Men'5 Chrfstlan A5soclatlon Independent Audltor'$ Report to the trustees of Brfd8water Young Men's Chrlstlan Asso¢latlon Opinion We have audited the financial statements of Bridgwater Young Men's Christian Association IBridgwater YMCA) for the year ended 31 March 2023 whith comprlse the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Reserve5. the Statement of Cash Flows and Notes to the Finandal statements. including a summary of significant accounting policles. The financlal reportln8 framework that has been applled In their preparation ￿ appllcable law and Unfted Klngdom Accountln8 Standards, includlng Flnancial Reporting Standard 102 'The Flnanclal Reportlng Standard appllcable in the UK and Republlc of Ireland, (United Kingdom Generalty Accepted Accounting Practicel. In our opinion the financial statements: . give a true and falr view of the slale of the assodation's affairs as at 31 March 2023 and of Its Incomln8 resources and application of resources. including rls income and expenditure for the year ihen ended; have been properly prepared accordance wfth UnRed Kln8dom Generally Accepted Accountln8 Practice- and - have been prepared In accordance wlth the requlrements of the Companles Act 21Y)6. the Houslng and Re8eneration Art 2008 and the Accountln8 Dlreclk>n for wl¥ale re815tered provlders of socl•l housln8 In England 2022. Basls for oplnlon We condurted our audit in actordance wlth Intemational Slandafds on Audltlng IUKI IISAS IUKII and applicable law. Our responsibilities under ihose standards are further described in the Auditorfs responslbllltles for the audlt of the financlal statements sectM)n of our report. We are Independent of the association in accordance wtth the ethical requirement5 that è¢È relevant to our audit of the flnanclal statements In the UK, Includlng the FRCS Ethlcal Standard. and we have fvlfllled our other ethlcal responslbllltles In accordance wlth these requirements. We believe that the audit evidence we have obtalned Is suffl¢ient and appropriate to provide a basis for our oplnion. Matfflal uncertalnty related to so￿ cor•c•rn We draw attentlon to Note 2 of the finantlal statements whlth describes a number of condltlons that wlll need to be met, over the next 12 months from approvlng these flnanclal statements, to prevent sÈnlflcant cashflow shortfall. Whlle the chance of these unfavourable condltlons materlalisin8 are consldered unlikely by the Tru5tee5, they are outcome5 which both indNidually or in combinatlon could cast uncertalnty related to the Association's abllty to continue as a 8oin8 concern. In auditing the financval Statements we have concluded that the Trustees, use of the 80ing concern basls of accountin8 for the preparation of the financial statements is appropriate. Our opIn￿n is not qualrfied in respect of thi5 matter. Page 19 Brldgwater Young Men's Chrfstlan A$￿>￿ation Independent Auditorfs Report to the trustee5 of Bridgwater Young Men's Christian Asso¢latlon Other information The other informatlon comprlses the Informatlon Inthded In the Trustees. Report. other than the financial statements ènd our auditorfs report thereon. The board are responslble for the other Informatlon contalned wlthln the Trustees. ReporL Our oplnbon on the finandal 5tstements does not toverthe other information and, except to the extent otherw15e expllcftly stated In our report, we do not express any fom) of assurance concluslon thereon. Our responsibility is to read the other information ond, In dolng so, conslder whether the other Informatlon Is materially Inconslstent wlth the flnancial statements or our knowledge obtained In the course of the audit, or otherwise appears to be materially rn155tated. If we Identify 5uth material inconsistencies or apparent materlal mbstatements, we are required to determine whether this 8ives rise to a material rni55tatement in the finantial ststements themselves. If, based on the work we have performed. we conclude that there Is a materlal mi55tatement of this other infomiation. we are required to reportthat fact. We have nothlng to report In thls regard. Oplnlon on other mattets prescribed bythe Companles Acl 2006 In our opinion. based on the work undertaken in the course of the audlt: the informatlon glven in the Trusttes, Report Ilntludln8 the 5trateglc Report) for the financlal year for whlch the flnanclal statements are preparedls conslstent with the financial statements- and . the Trustees. Report (Includl￿a the Strategk Report) has been prepared In accordance wlth applkable le8al requiremenls. Matters on whlth we are requirtd to rtport by exceptbon In the light of the knowledge and understanding of the associalion and Its environment obt•lned In thè course of the audr£, we have not identrfled materlal mlsstètements In the Trustees, Report Ilncludlng the Strategic Report). We have nothlrig to report In Te5pect of the followin8 matters where the Companles Act 20(￿ requlres us to report to you If, In our opink>n'. - adequate and sufflclent accountlng records have not been kepl or returns adequate for our audlt have not been received from branches not ￿SIted by us: or - the financbal stalemen15 are not in agreement whh the accountin8 records and retums. or - certaln dlsclosures of directors, remuneration specified by law are not made- or we have not received all the infomiation and explanations we requlre for our audlt. In addition, we have nothlng to report In respect of the following matter where the Housin8 and Regeneration Act 2008 requlres us to report to you If. In our opinlon: - a salisfartQry System of control overtransactions has not been malntalned. Page 20 Brfdgwater Youn8 Men's thristian Association Independent Audltor's Report to the trustees of Bridzwater Young Men's Christlan As%xlatlon ResPon￿bIlItIeS of the board As explained more fully In the Ststement of Tnjstees. Responslbllltles sel out on page 18, the board members (who are also the direttors of the assoclatlon for the purposes of company lawl are responslble for the p￿paratIon of the flnandal statements and for being satisfied thai ihey give a true and fair view, and for such internal cclntrol as the board detemilne necessary to enable the preparali of flnanclal 5tatementS that are free from malerial rni55tatement. whether due to fraud or error. In preparln8 the flnandal statements, Ihe board 15 responsible for assessln8 the associatlon's abllity to contlnue as a 8oln8 concern. disclosin& as applicable. matters rekqted to goin8 concern and usln8 the 80in8 concern ba515 of accounting unless the board either intend to liquidate the assoclatlon or to ce45e operations, or have no realistic alternatNe but to do so. Auditorfs responslbllltles for the audit of the fin•Mial statements Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a whole are free from materlal misstatÈment, whether due to fraud or error. and to issue an auditorfs report ihat Includes our oplnlon. Reasonable assurance is a high level of a55urante, but is noi a 8uarantee that an audft conducted In attordance wlth ISAS {UKI wlll always detecl a material mlsstatement when it exlsts. Mlsstatement5 can arlse from fraud or error and are considered mateiial rf, indfvidually or in the a￿regate, they could reasonably be expected to Influence the economic deci51on5 of users taken on the ba515 of these financial 5tatemefits. Irregularities. includin8 fraud. are Instances of nonn or acqulsitlon of the property, interest charges on loans during the development period and expenditure on improvements. Expenditure on Improvements will only be capitalised when it results in Incremental future benefits such as increasin8 rental Income. reducing malntenance costs or re5ultlng In a si8nrfKant extensK)n of the useful ecoftomic lrfe of the property. Depreclatlon is provided on all tsngible fixed assets. at rate5 calculated to write off the cost, less estlmated iesidual value. of each asset on a 5VStematic basis over its expected usefvl lrfe as follows: Pa8e 27 Bridgwater Young Men's Chrlstlan Assoclatlon Notss to the flnanclal ststements for the Year Ended 31 Marth 2023 Nou￿nI properties The association depTeciates housing propertles by materlal tomponent on a stral8ht Ilne basls over the estlmated useful econornlc lrfe of each component. The materlal components, and their useful economic lives, are as follows: Land Not depreciated 80- ITh) years 50- 70years 10- 30 years Over 15 years Over 20 years Over 30years Over 30yeaTS Over40years Main Fabr Roof structure and Coverlng Windows and External Doors Gas boilers / flres Kitchen Bathroom I Wcs Mechanlcal Systems Elertrl¢s Annually housln8 properties are assessed for impairment indicators. Where indicators are identified an ssessment for impalrment Is undertaken comparing the scheme's carrylng amount to its recoverable amount. Where the carrying amount of a scheme ts deemed to exceed Its recoverable amount, the scheme bs wrttten down to bts recoverable amount. The re5ultlng Impalrment 1055 15 reco8nlsed as operatln8 expendrture. Where a scheme is currently deemed not to be providlng service potential to the soclatlon, Its recoverable amount is its fair value less costs to sell. Other fixed assels Freehold and leasehold land Not depreclated 15- IIX) year5 Straight Ilne 15- 100 years stral8ht Ilne 15% reducln8 balance and 4- 20 years stral8ht Ilne 15% reduclng balance and 4- 10 years straÈht Ilne No depreciation is applled to development costs as ihese reflect assets In the course of constructlon which had not been brought into use at the year end date. Freehold bulldln85 Leasehold buildings Furnlture and equlpment Motor vehlcles lThl•nglble fixed assets- GoodvAI Goodwill arising on bu5ine5s combinations is capitalised. dassif￿d as an asset on the balance sheet and amortlsed on a 5tralght Ilne basi5 over it5 useful lffe. The period chosen for writin8 off goodwlll Is 10 year5 which is the maximum perniitted by FRS 102. The rea50n for choosin8 this period is it is not POS51ble to make a reliable estlmate of the useful Ilfe of the 8oodwlll however the as50ciatlon fee￿ that the maximum possible perlod should be applbed on the basls of the perlod over whlch the nursery purchased ha5 been trading and built up a reputation 1$ 8reater than 10 years at 17 years. Provision Is made for any Impairment. Page 28 Brldyater Younz Men's Christlan A550clation Notes to the financb•l ststements for the Year Ended 31 March 2023 Intaniible fixed assets- Other Intangible assets acquired Separate￿ from a buslne55 are capitali5ed at cost. Intangible asset5 acquired on business combinations are caprialtsed separately from goodwill if the fair value can be measured reliabty on initial recognition. Provlslonls made for any impaimient. Arnortisation is provided on intangible fixed assels $0 as to wrtte off the cost. less any estimated resldual value. over thelr experted useful economlc Iwe as follows: Intellectual property IT system (￿Ver 10 years Over S years Investments Investments In subsldlarks are measured at cost less ImpalmienL Flnanclal Instruments The association only holds basic flnanclal instruments are defined in FRS 102. The flnandal assets and linancial liabilities of the assoclatlon and their measurement basis are as follows: Financial assets - Trade debtors. accrued income and other debtors ale baslc flnancial instruments and are debt Instruments measured at amortised cost as detai￿ in note 13. Prepayments are not financial Instruments. Cash- Is classffted as a financial Instrument and Is measured at face value. FlnancSal Il•blllties - Trade credltors. acuuals and other ttedltors are flnanclal Instruments. and are measured at amortised cost as detailed in notes 14 and 15. Taxation and soclal securlty are not Included In the financial Instruments dlsclosure definition. Deferred Income 15 not deemed to be a financial liabilily, 85 the cash settlement has already taken place and thefe Is an obll8atlon to delfver serylces rather than cash or another financial instrument. Amounts due to the thartt¢s wholly owned subsidiary are held at face value less any impalrnienl. Housing loans. bank loans and oiher loans. as detailed In notes 14, 15 and 16 are initially recognlsed at the transaction price including transactlon costs and subsequently. they are rneasured at arnortlsed cost uslng the effectlvè Intèrest rate method. le5S Impalrment. Stock Stocks are stated at the lower of cost and estimated selllng prlce less costs to complete and sell. Cost Includes all c05ts of purchase, costs of conversion and other costs incurred in brin8in8 Stock to its present location and condrf¢ion. Provislons Provisions are reco8ni5ed when the ass¢ciation has an obl*atlon at the batsn￿ sheet date as a result of a past event, It Is probable that an outftow of economlc beneffts will be required in settlement and the amount can be reliably estimated. Capital grants can be recytlÈd under certaln condition, rf a property is sold. or ff another relevant event takes place. ReLycled grants can be used for projects approved by the Horne5 England and they are credlted to the Recycled Capital Grant Fund within liabilities. Page 29 Brid8w*er Young Men's Christian Association Notes to the ftnancial statements for the Year Ended 31 Marth 2023 In certain circumstances. such as the sale of housing properties. caprial 8rants may bè repayable. and. in that event. Is subordlnated to the repayment of other loans by agreement wlth the Homes Éngland. It Is ccounted for as soon as the liabilty arises wrthin credilors: amounts falling due within one year. When any grant to be recycled or repaldls less than the grant relating to the dlsp05al. the dKference b treated 05 abated grant. Abated capital grnnts are treated as a comFK>nent of the surplus or defKrt on dlsposal. Operating lease commliments Rentals payable and rece￿able under operatlng leases are charged on a stral8ht Ilne basls over the period of the lease. Taxatlon The assotlatlon Is an emempt charity withln the meaning of schedule 3 of the Charltles Ad 2011 and Is consldered to pass the tests set out in Paragraph I Schedule 6 Flnance Act 2010 and therefore It meets the deflnftlon of a charlty for UK torpofatlon tax purp)ses. VAT The actlvltle5 of the assoclatlon are partially exempt from VAT. Irrecoverable VAT whlch can be ttributed to a capital item or operatin8 expenditu￿ is added to the c05t of the capltal btem of expenses were pracllcable and materhal. Turnover* Bovommenl ir*)ts and other hKome All Income bs recognlsed once the charty has enlltlement to Income, It Is probable that the Income wlll be recelved and the amount of the Income recefvable can be measured rellably. Turnover Is measured at the fair value of the conslder•tlon recel¥ed or recelvable r￿t of VAT and trade discounts. The policies adopted for the reco8nltion of turnover are as follows- Turnover represents rental and service charges Income recefvable In the year net of rent and servlce charye losses from volds, revenue 8rants from the 8overnment (local authorttlesl and the Homès England and other income. Government grants from varlous sources Includln8 the Homes England and Local AUthOr￿leS are recelved In respect of purcha51ng fixed assets. These 8rant5 are reco8nised at the falr value of the asset recelved or recefvable. The assets are accounted for using the cost model and the government grant Ls accounted for using the accruals model. The drfFerence between the fair value of the asset and the consideration Is recognised as a Ilability and amortised over the useful economlc Ilfe of the asset. This amortisation is recognised within turnover. Where disposal of government donated assets are required to be recycled, Ikblllty Is Included to recognlse thls obllgatlon. Page 30 Brldgwater Young ￿￿n.$ Chrlstlan Awdatlon Notes to the flnancial statements for the Year Ended 31 March 2023 Gwants retewed as è contrlbution to T￿enue expenditure are recogni5ed in the statement of comprehenslve Income on a systematic basis over the period in whlch the or8anisation recognises the related costs for whlch the grant is intended to compensate. Grants are recognised In the same period as the related expenditure provided the conditions for receipt have been satisfied and ihere is reasonable assurance that the grant will be reteNed. Other Income streams are recognlsed when the a55oclation ts legally entitled to the Income after any performance conditions have been met, the amount can be MeasU￿d reliably and It Is probable that the Income will be ￿te1ved. More detall on specific elements of other income streams are provided below: For donatlons to be reco8nlsed the association will have been notified of the amounts and the settlement date in wrRln8. If there are condition5 attached to the donatlon and ihls requlres a level of performance before entltlement can be obtalned then Income is deferred until those conditions are ful met or the fulfilment of those conditions is within the control of the a550ciatlon and it is probable that they will be fulfilled. Income lax recoverable in relatlon to donations receNed under Gift Aid or deeds of covenant Is reco8nlsed at the time of the donatlon. No amount is induded In the flnancial 5tatement5 for volunteer time In 1Sne wlth the prlnciples of the Charitles SORP IFRS 1021 as the assoclatlon Is a charity, alihou8h the association does not need to follow the Charltles SORP as the Hou5in8 SORP takes precedence. For legacles. enlltlement is the earlier of the assoclallon belng notified of an Impendln8 dlstrllyjtlon or the legacy bein8 received. At this Fboint income ts rec￿nISed. On occasion legacies wlll be notlfled io the assoclatlon however tt Is not posslble to measure the amount expected to be dbstrlbuted. On these Ixcasions. the le8aCy 15 treated as a contlngent asset and dlsclosed as a note. Income from fundralsln8 events and tradln8 •rtlvilles to ratse funds for the Jssodation Is received In exthan8e for supptyin8 8ood5 and ser4lces In order lo ralse fvnd5 and is reco8nlsed when entbtlement has occurred. Interest Income is recognlsed uslng the éffectlve Interest method. Expendlture All expendlture 15 accounted for on an attruals basis and has been classlfied undei headin8S that 88regate all costs related to the category. Expenditure Is recognlsed where there is a legal 0¢ constrUrt￿Q obllgatlon to make payments to third partie5. it 15 probable that the settlement wlll be required and the amount of the obligation can be measured reliably. CentTrl costs are apportloned mongst the Various actNities on a percentage ba515 of expenditure per category. Page 31 Brldgwater Young Men's Chrlstlan Assodatlon Notes to the finaneFal statements for the Year Ended 31 Marth 2023 Employee benefits and pension v>mmltsnents The charfty operates two defined ContributK￿ penslon scheme5 for ell8ible employee5. Contrlbutlons are expensed as they betome payable. YMCA partlclpated In a multlomplDyer defined benefrt pension plan for ernp￿e$ of YMCAS In England, Scotland and Wales, whtch was closed to new members and attruals on 30 April 2007. Due to Insufficlent InformatM)n, the p￿￿,5 actuary has advlsed that K b5 nol possible to Se￿ratelY identify the assets and liabilities relatin8 to YMCA. As destribed in note 18 8ri(igwater YMCA has a contractual obligatK)n to make pension deficit payments of £31,906 pa over the period to April 2029 {2022.. £38.361 pal, accordingly this Is shown as a Ilablllty In these accounts. In addition, Brid8water YMCA Is requlred to contrlbuie £7,174 pa12022'. £9,021 pal lo the operating expenses of the Pensic*n Plan and these costs are char8ed to the Statement of Comprehensive Income as made. Re5trlrted reserve Restrlcted reseNes are those reserves whith are only expendable In accordance wlth the w15he5 of the funder or regulatory body. Restricted ￿elVeS include lunds raised in response to a specffic appeal. Revenue and expenditure cannot be dlrectty set a8alnsl restrlcted reserves but Is taken through the 51atement of comprehen5Ne income and then a tr4n5ferto restrlcted re5erve515 made a5 approprlate. Goln8 con¢¢rn The year to 31 March 2023 Saw further strain on the association's liquidity as it continued to recover from the Impact of Its servlces reaclln8 to the Covid pandemiG As at 31 Mèrch 2023. cash stood at £123.28212022: £274,455) and net currenl assets remalned In deficlt to the sum of £1.426.383, compared to £1.420,026 at 31 March 2022. WhS1st wiihout doubt ihe assoclatlon did the r*ht things through its respsonse io Covld, quarter one and two of the year 2022123 were still signtfKantty Imparted by the Covid tail, and speclflcally the dellvery of safe and secure seNlces to our beneficlarles In Houslng. One off expendNure In response lo the Covld tall were seen across the followlng. Canonsgrove. the 'Everyone In. delivery teased in November 2022, the Impact of the contlnued dellvery durln8 the year and subsequent decant was £212.1￿. Cleaning t05ts. during 2022123 each (rf our properties communal areas were deaned twice a week, up from weekly prior to Covid. thi5 one off cost incurred durlng the year. which we decided to cease in January was £%,000. On top of the two matters above we had again as a result of our commrtment to safe and secure servlces durln8 Covld Increased concler8e provision acr055 all sites to cover 24 hour5. whereas Prior to Covid this cover extended to 12 hours overnlght. This provision was gradually reduced from January 2023, however resulted in one off costs durin8 the year of £176.￿)0. The one off costs above total £484.000. Page 32 Bridgwater Youn8 Men's Christian Association Notes to the finandal statements for the Year Ended 31 Mar¢h 2023 The changes made above alongside cessation of other services during the year helped the perfomiance In Quarter three and four of 2022123. however more Important￿ have resulted in slgnificant knprovements in financial perfom)ance dudn8 2023124 to date. Cashflow forecasts illustrdte that now Covid ￿lated Hou5in8 services above have ceased, and that perfomiance acr055 Its actlvlly area5 have fully recovered. the cash position will have improved by the end of 31 March 2024, and further improved by 2025. Althou8h cash wlll remaln tlght during the initial perlod, our cashflow forecast allows the or8anisation to continue operatin8. Cash at the end of 2023124 is forecast to be at £269,200. and at the end of 2024125 £601,7ts) growlng to £1.250,(K)O by 2027. The trustees have been and will torttinue to monltor the financial position of the assoclatlon, and recognise that there remalns some uncertalnty re8ardin8 ihe association's 8oin8 concern because of the unknown factors relatin8 to infiatlon. In all short and mid-term assumptions the trustees have assumed that interest rates wlll not exceed 7%. however rnodellin8 has been completed to Illustrate increases to both IO% and 15%. Each area of the associatlons artlvlty hwe been r￿lèwed In full wlth stress testln8 applled to each dlsclpllne. thls stre5$ te5tin8 has been applied over the next three years, following thls, specrfic plans for mltlgatlon and exlt have been agreed wlth relevant triggers. The assoclatlon also Is undertaking a full revlew of its buildlng assets, and has requested formal valuations for each of its freehold properties. It t5 anticipated from thls revlew that fvrther tonfidence wlll be galned In the assoaatlons ability to manage Its assets and ensure that they contlnue to support the aims and objectives. however in the event of any of the areas of stress teslin8 corning to reallty, that the asset5 could be dlsposed of qukkty and In a manner which ensures effective resource mana8ement. The a550clatlon has also been awarded a flve Year wnlrdct for the delivery of housin8 and support by Somerset Council, the support contrèct equNalent to £2,650.OCQ P￿ annum whkh wlth the assoclated housin8 income provldes certalnty of at least 50% of its ievenues for the next period. Therefore the statement ol going concern Is based on the current P051tk>n as Qutlined above and assumptlons below. l. That the assoclatlon remaln5 firm to Its buslness plan Is able to achieve a forecast surp￿5 that meets the Debt Serrflce Coverage Ratio of 120% for the 12 months to 31 March 2024, the a550ciation has Iready achieved a surplus of £380,747 for the peri¢Jd to end of Oclober 2023 wlth a Debt Service Coverage Ratio of 155% ￿ half year. 2. UK Inflation continues to stabilise. 3. UK interest base rates do not exceed 7% (assumed base at 7% for all finèncSal yearsl. 4. Contlnued and tlmely reportSng across all activity areas, with any mitl8atin8 actions taken at pace. 5. Continued and effectNe management of the associètlons assets and contlnued adherence to asset managernent 5trateBy. 6. Banks and other financiers coniinue to provlde financlng at the curreni levels and that there are no punative changes lo ihe financin8 due to breach of covenants. Page 33 Brldgwater Young Men's Chrlstlan A5￿Clat￿on Notes to the financial ststements for the Year Ended 31 March 2023 The twstees are fully COn￿ent that the association wlll continue to grow for the lon8 term benefrt of the communfties It serves. having worked through drfficult times. and in the mid-term rebulld its reserves. In spite of in the year failin8 to meet tts covenant the association has been working Closely with its banks in belng able to achleve thLs. Tiustees are aware of their responsibilitles and will at all times contlnue to take the necessary steps to manage the assoeiatlon's financial securty. Judgements and key sources of estimation uncertalnty Thè key sources of estimation uncertainty at the reporting date th* have a 5i8nrfKant risk of causing è materlal adjustmènt to the tarryln8 amounts of assets and liabllltles Include obl*atlons under defined benefit penslon schemes (note 181 and ihe split of useful economic INes of components of social housing propertle5 (note 111. There also remaln5 uncertainty relatlns to goin8 concem as described above. 3 Soclal hou51w turnov•r and costs 2023 2022 Rent recefvable after volds bul exdudln8 %rvlce charge5 Revenue grants ￿CeIvable Total soclal housln8 Income 4.034,541 1.728.339 5.762.880 4,514,834 1.842,766 6.357.6CKI Soclal Housln8 actfvlty expendlture Operalin8 surplus from social housift8 activities Memo: Void losses Amort15ed 8overnment grants relatin8 to soclal housln8 taken to Income {S.690.C￿l 16,155.81XII 72.872 201,800 1.123.044 1,499,702 261,740 Revenue grants recelvable were all 8overnrnent grants. 4 Aceomodallon owned and In rnana8emrt 2023 286 2022 Supported Housing- Number of units 378 5 Interest payable and sknllar tharzes 2023 Bank loans and overdrafts Pension interest charge 448.061 929 448,990 362,301 186,6671 275,634 Page 34 Bridgwater Young Men's Christian Association Notes to the financlal statements for the Year Ended 31 March 2023 6 Suwus I Idelldtl ordlnary a¢*1￿1•5 The operatin8 deficit is arrived at after charging: 2023 2022 Audltorfs remunerètion- for audkt servkes Auditor's remuneration- for other service5 Depreeiation of tan8lble fixed assets Amortisation of Intangible fLxed a55etS Government grants recelved Operating lease charges Rent losses from bad debts IDecreasel l increase irt penslon defidt cost 21,245 11,830 3,570 598,765 36.069 1261.7401 323.660 37,418 571.161 46,669 1261,7391 475.845 929 186.6671 7 Trustees. and k•y manayment personnel remun•Tallon and exp•ns•s Total remuneratlon for key mana8ement personnel of the association amounted to £414,542 12022: £361,137). The key management includes the trustees. directors and senlor management team as detailed on page l. No remuneratlon was receNed by non*xe¢utlvè board members Itrnstees. The hlghest pald dlrertor rneel¥ed £90,531 12022- £90.5311 remuner•tlon lex¢ludlng penslon contrSbutionsl. The penslon ￿ntribUtIOnS made on behalf of the Chlef Exeujlfve were £3,522 {2022.. £3,522). He Is an ordlnary member of one ofthe defined contributk>n pen51on sthemes offered to employees. During the year no trustees received any relmbur5ement of expense$12022: £nlll. Page 35 Brfdgwater Young Men's Chrfstlan Assodatlon Notss to the Ilnanclal statements for the Year Ended 31 Marth 2023 8 Staff tosts The aggregate payroll costs were as follows: 2023 2022 Wages and salarles Social security costs Pension costs 4.740.189 332.926 93.844 7.174 126,5341 4,697,754 341.020 85.705 9.021 {7L7321 Penslon deflclt Ilabillty admlnistration costs Less staff costs capltallsed 5.147.599 5,061.768 One employee recelved remuneratlon In the £90,IXh) io £IOO.(m band12022'. one). No other employee recefved femuneratlon over £60.iN)O. Durln8 the year redund•ncy costs lOtallln8 £5.139 {2022: £16,039) wèrè pald and thèse arè Intludèd wlthln the wages and salarles costs. The trustees and dlrectors recelved no remuneratlon In the year12022: £nlll. The averd8e number of persons employed by the tharltable company durln8 the yearwas as follows.. 2023 2022 Mo No Mana8emenl and admlnlstration Development Housing* Support and core 13 66 238 15 59 235 317 309 The average weekly number of employees, Including members of the executlve team. calculated on a fvll tlme equivalent ba515 was 20112022- 2111. 9 Taxatlon The associatlon is an exempt charity wlthln the meanlng of schedule 3 of the Charbtles Act 20113nd Is considered to pass the tests set ¢)ut in Paragraph I Schedule 6 Flnance Acl 2010 and therefore It meets the definftkJn of a tharitsble company for UK corporation tax purposes. Pa8e 36 BridgwaterYoun8 Men's Chrfstlan Assodatlon Notes to the financial statements for the Year Ended 31 March 2023 10 Inlan8lble fixed assets Intellectual GooMI property IT system Trfal At l Aprll 2022 353,(h)) 25.IXKI 17,845 395.845 At 31 Marth 2023 353.C(() 25.CMYJ 17.845 395,845 Amortlsatlon At l Aprll 2022 Char8e forthe year 130,1X)8 40,6(M) 10,208 3,569 3.569 143,785 46.669 At 31 March 2023 170.608 12.708 7,138 190,454 Net book v•lu* At 31 March 2023 182,392 12.292 10,707 205,391 At 31 March 2022 222.992 14.792 14.276 Pa8e 37 Bridgwater Young Men's Christian Assoclatlon Notes to the flnanclal slatemebts for the Year Ended 31 March 2023 11 TanBible fixed assets Flxtures. Non-housln8 fittlnp and propertles equlpment Howlni propertles Motor vehkles Tot•1 Cost or v4luatlan At l April 2022 Addltlons 10370.551 123,109 17,178,322 160.279 1,658.121 62,634 55,230 29.262,224 346,022 At 31 March 2023 10.493,660 17,338.601 1.720,755 55.230 29,608,246 Depred•tlon At l Aprll 2022 Charge for the year 1.234.016 141.598 1.760.272 283.072 1.251,279 138,132 31.395 4.276,962 8.359 571,161 At 31 March 2023 1.375,614 2.1)43,344 1,389,411 39,754 4.848.123 Net book value At 31 March 2023 9,118,Cb16 15.295.257 331.344 15.476 24,760,123 At 31 March 2022 9.136.535 15.418,050 406,842 23,835 24,985,262 The net book value of houslng propertles comprised: 2023 2022 Freehold Long leasehokl 7.691.570 1,426,476 9,118,046 7.694,260 1,442.275 9.136.535 The net book value of non-housin8 properties comprised: 2023 2022 Freehokl Long leasehold 15,140.712 154,545 15,295,257 15.331,794 86,256 15.418,050 Included wlthln propertlesls land iotalllng £5,025,(X)012022- £5,025,(KXI} whith 15 not depreciated. Ail propertles owned by the assoclatlon have been pledged as security for liabilities of the assoclatlon. These assets have restricted title. Page 38 Brfd8WaterYoung Men's thrlstlan Association Notes to the financlal statsments for the Year Ended 31 Marth 2023 12 Flxed aMet Investments 2023 2022 Shares in group undertakiftg io,c iO.(KK) Included within other investment5 Is a IIJYA holding in the ordinary share capltal of YMCASC Tradln8 Limited. a company incorporated in England and Wales. At the year end, the aggregate capital and reserves of the company amounted to ÉIO.¢JY) and profft Iloss for the yeai amounted to £nll12022: £nill. YMCASC Trddin8 Limited was domiant durin8 the period. 13 Debto 2023 2022 Due wlthln one year Trade debtor$18ross soclal housing renl arrears) Provlslon for bad debts 556.655 1178.2481 231,364 21,210 Zll,243 532,858 1137,9)71 291,601 8,358 52,407 4,114 Other trade debtors Other debtors Prepayments and accrued Income VAT recoverabie 842.224 751431 Page 39 Brld8water Young Men's Christian Association Notes to the financlal statements for the Year Ended 31 March 2023 14 Credltors: amounts falllng due wlthln one year 2023 2022 Bank loans 246.599 107,498 59 164,269 61,515 53 other loans Houslng loan Trade creditors Amounts ¢)wed to group undertakln8s Other taxatlon and soclal securlty VAT 695,544 iO,LTh)O 73,321 25.224 161.175 639.554 261,739 141,223 30.325 1.065.996 iO,L 73.738 Other tredltors Accruals and deferred income Government grant5 Social Housin8 Grant and Other Grants nol SI￿ Penslons Ilablllty 81.624 569,308 261,740 141,223 30,325 17 18 2,392.261 2,459.791 15 Cr•dltOfS: •mounts f•llln8 due •fter year 2023 2022 Bank loans 16 5,570.305 3,602,304 11,053 10,500 14.629.142 123.761 5,761.393 3,259.935 IL113 17.500 14.52L495 154,738 Other loans 16 Hou51ng loan Deferred Income Government grants Pensions liability 16 17 23,947,065 23,726,174 Page 40 Brfd8waterYoung Men's Christian AS￿)ciation Notes to the finandal ststements for the Year Ended 31 March 2023 16 8orrowln8S Included in the credtlors are the following amounts due after more than five years: Z023 Between one and two year5 Bank loans Other loan5 Housln8 loan 219.867 213.960 428,913 64,283 433,893 493,256 2023 202Z Between two and flve years Bank loans Othei loan5 Housin8 loan 732.279 480.081 249 1,307,078 210,732 226 1,212,609 1.518,036 2023 2022 Over flve years Bank loans 4,618,159 2,908.263 10,738 4,025.402 2.984.920 10.827 Other loans Housing loan 7.537.160 7,021,149 Bank loans rep￿Sent a £5.550,0￿ loan from Triodos 8ank {UKI on a twenty year term with Inte￿$t being paid at a variable rate. This was exlended during the year for a fvrther £530.000 with interest being paid charged at 3% above base rate untll the full facllity is drawn down and then reverts to the 2.6% above base rate. Other loans represent a loan £3,325,IMJ on drawdown from Sed8emoor Dlstwlrt Council on a thirty vearterm with interest being pald charged èt 4.5%. The Housing loan Is repayèNe over 50 year5 at a fwl interest rdte of Il%. The ban is secured on the freehold land ihat Gerald Townsend House ¢)ccupies. Pa8e41 Brfdgwater Young Men's Chrf5tlan A5soclatlon Notes to the IlnancSal statements for the Year Ended 31 Marth 2023 17 Grants grants Grants recel¥*d At be8inning of year Addition5 17,148,240 369.386 Dlsposals 17.517.626 Amortlsatlon At beginning of year Amortlsed In year Diswsals 2.365,IM)5 261,740 2,626,745 Net INJok value At 31 March 2023 14,8YX),881 14,783.235 At 31 Marth 2022 Due In le55 than one year Due in more than one year 261,739 14.629.142 18 Penslon and other Khemes The 0550clalbon operatès two deflned contrlbutkin penslon schemes. one wlth Scottlsh Wklows Iprevlously wlth Avfval and one w￿h the peop￿,5 Pension. The assets ol the Schemes are held separate from those of the assoclation in independently administered funds. The penslon cost charge represents contributions payable by the assoclation to the two funds and amounted to £91.997120Z2: £85,026). Contributlons totalling £21.813 12022: £17.9651 were payable to the funds at the year-end and are Included In credhors. The YMCA PensloTh •nd Plan and Group Ufe Sthen BrldBwater YMCA pèrtltipated in a contrlbutory penslon plan provldln8 deflned beneflts based on flnal pensionable pay for employees of YMCAS In England. Scotland and Wales. The assets ot the YMCA Penslon Plan are held Separately from those of 8rid8water YMCA and at the year end these were Invested In ihe Mercer Ltynarnic De-risking Soluiion. 62% matching portfolio and 38% In the growth )rtfolio and Schroder (property units onlyl. Page 42 Brldgwater Youn8 Men's thristlan Assodatlon Notes to the financial statements lor the Year Ended 31 March 2023 The m05t recent completed three year valuatlon was as at l May 2020. The a55umption5 used whkh have the most Si8nificant effert on the results of the Yaluation are those relatlng to the assumed rates of return on assets held before and after retirement of 2.59% and I.0￿ respectNely. the Sncrease in pensions in payment of 2.99% Ifor RPI capped at 5% p.a.), and the average life expectancy from normal retlrement age lof 651 for a current male pensloner of 22.0 years. female 24.4 years. and 23.7 years for male pensioner, female 26.1 years. retlrln8 In 20 years. time. The result of the valuation showed that the actuarlal value of the assets was £146.Im, whith represented 7% of the benef￿ that had accrued to members. The Pension Plan wa5 c105ed to new members and future SeN1￿ accrual with effert from 30 Aprll 2007. Wlth the removal the salary linka8e for beneftts all employed deferred members became deferred members a5 from l May 2011. The valuatron prepèred ￿ It l May 2020 showed that the YMCA Penslon Plan had a defic￿ of £39 million. 8rid8water YMCA has been advbed that It will need to make monihty deficit contributlons of £2,688 from l May 2023. This amount Is based on the current actuèrlal assumptbons las outlined above) and may vary In the future as a resutt of actual performance of the Pension Plan. Agreed future deflclt contrlbutlons have been dlscounted u51ns a rate of 3%12022: 3%1- The current recovery period Is 6 years commenclng 1st May 2023. U•bMIty 2023 2022 Openln81Sablllty Unwindin8 of the dsscount factor Ilnterest expense) and Increase in recovery period DeficSt contritrwtion paid aoslng Ilabilhy 185,063 310.091 929 131.9061 154.086 186,6671 138,3611 185,063 Repayable Wlthln one One to t¥M two to Ilve After flve ve• vears Tot*1 As at 31 March 2023 As at 31 March 2022 30,325 30,977 30,325 30,325 90,976 90,976 2.460 32,785 154,086 185,063 In additlon, Brldgwater YMCA may have over time liabilities in the evenl of the non-payment by other partklpatln8 YMCAS of their share of the YMCA Pension Plan's deficft. It 55 not posslble currently to quantify the potential amount that Bridgwaler YMCA may be called upon to pay in the future. Page 43 Bridgwatsr Youn8 Men's Chrlstlan Association Notss to the flnanclal statements for the Year Ended 31 March 2023 19 Operating lease commitments Tolal future minimum ￿ase payrnents under non-cancellable opernting leases are as follows: 2023 2022 Within one year Between one and ffve years After five years 198.960 455.974 536,755 243,335 474,051 579,481 1,191,689 1,296.867 The amount recognt5ed In the year in the profit and loss account relatln8 to the opernling lease commltments was £475.84512022: £323.6601. 20 ContlD8ent Il•bilblieJ On l June 2013, the A550Ciation re8istered a charge in favour of the Department of Educatlon. Thls charge relates to 8rant fundin8 of £3.972 mllllon recefved In prevbous years whbch could become repayable in certain circumstances, partlcularty If the a550ciation were to sell or siinificantty thange the use of the 8rant-funded bulldbng. The trustees conslder the likellhood of such clrcumstanw occurring to be remole. Thls contln8ent Ilablllty 15 secured against the Geor8e Wllliams Centre. which is included as freehold property In note 13 of the financlal statements. The Assoclatlon recelves ￿P￿018rants from Homes En8land and other funders. whlch Is used to fvnd the acqulsltlon and development of properties and their components. In certain clrcumstances upon disposal of 8rant funded Pfopertles the association is iequlred to re￿Y this grant or recycle it by trediting a Recycled Capital Grant Fund. At 31 March 2023, the Assodatlon has not d15posed of any such components and plans to hold In perpetuity. It Is therefore unllkely any such future dlspos•l will take place, no prOv￿10n has been recognlsed In these financlal ststements. 21 Sh•re capital The A550clatlon is a ￿MpanY Ilmited ￿ guarantee and •$ suth has no issued share capital. Page 44 Brldgwateryoung Men's Chrlstlan Assodatlon Notes to the flnanclal statements for the Year Ended 31 March 2023 22 Reserves Summary of funds- current year Balance at I Aprfl 2022 Balance at 31 March 2023 Income Expendituve Transfers Inlout Income and expenditure reserve Restrfcted funds 94.436 10.549.663111.035.8611 1391.7621 6,686 101.122 10,549.663111,035,8611 1385.0761 Stknment of funds- current year B•l•nc• at 31 M•r¢h 2023 Bal•nce •1 I Aprll 2022 Trnnsfers Inlout Income E¥pendlture Unrestrlcted funds Income and expenditure reseNe 94.436 10.549.663 111,035,861) 1391,7621 Restrlrt•d fufids Move on Grant 6,686 6,686 Totsl funds 101122 10,549 663 11,035.861 385 076 Page 45 Bridgwater Young Men's Chrfstlan Assoclatlon Notss to the Ilnanclal statements for the Year Ended 31 March 2023 Summary of funds- wloryear l•n¢e at I Apwll 2021 Balance at 31 Mar(h 2022 Income Expendlture Tra￿lerS Inlout Income and expenditure reserve Restritted funds 455,809 10.524,126110.885.4991 6.686 94.436 6.686 462.495 10,524,126110.885,4991 101.122 statement of funds- prfor year B•lan¢e at I Aprll 2021 Transfers Inlout Balance al 31 March 2022 lficome Expthidltuye Vnrestrfrted lunds Income and expendlture reserve 455.809 10.524,126 110.885.499) 94,436 Restilcted fimds Move on Grant 6,686 6,686 PositNe Lives Matter Grant 20.CXJ) I20.t￿l Total restrlcted lunth 6.686 20,(KX) I20,1X￿} 6.686 Tot•1 462,495 10,544.126 {10,905,499) 101,122 Re51rlctqd r•s•rwp Revenue and expendlture cannot be dlrertty sel agalnsl reslrlcted reserve5 but ts taken through the statement of comprehenslve Income and then a transfer to restricted reserves Ls made as appropriate. Any restrlcted funds held al the year end date are represented by &ish. Restrirted reserve descriptions M(Ne on GrJnt- Funding to help rough sleepers live independentfy in Sed8emoor Page 46 Brfdgwater Young Men's Christian Association Notes to the financial statements for the Year Ended 31 Marth 2023 23 An4￿$1$ of changes In net debt At31 March 2023 At i Aprfl 2022 Cash flows Loans due in le5S than l year Loans due in more than l year Total Ilablllties {286.5011 1217,5131 1504,0141 18,971,777) 162,0271 19,033.8041 19.258,2781 1279,5401 {9.537,8181 Cash at bank and In hand 274,455 1151.1731 1151.1731 18.983,823) 1430.7131 19.414,536) 123.282 Total cash and cash equivalents 274,455 123,282 Total net debt 24 Related wrtytr•rMrtlan$ Durin8 the year purchases of £1,512 12022.. £2.4501 were rnade from JE Air Conditioning Limited, company owned by a close relative of the Chief ExecLrtlve, J E Hehlr. No amounts were outstandsn8 at the year end date. The transactions were made on an arm's len8th ba515. At the year end datè an amount of £645 was due to the Chlef Executlve12022: É3,113 due from the Chlef Executive). 25 Ultlm•te ¢ontroHln8 p¥ty The trustees consider that the assoclatlon Is Jolntty controlled by the tnislees •nd that there Is no uhlmate controlling pèrty. Page 47