Homes and Communities Agency registration number: H4246 Company registration number: 3817056 Charity registration number: 1078728
Bournemouth Young Men's Christian Association Consolidated Financial Statements for the Year Ended 31 March 2025
Bournemouth Young Men's Christian Association Financial Statements for the Year Ended 31 March 2025
| Contents | Page |
|---|---|
| Registered Social Housing Provider Information | 3 |
| Trustees Report | 4-13 |
| Independent Auditor’s Report | 14-17 |
| Statement of Comprehensive Income | 18 |
| Balance Sheets | 19 |
| Statement of Changes in Equity / Reserves | 20 |
| Statement of Cash Flows | 21 |
| Notes to the Financial Statements | 22-39 |
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Bournemouth Young Men's Christian Association Registered Provider Information for the Year Ended 31 March 2025
| Homes and Communities Agency registration number | H4246 |
|---|---|
| Company registration number | 3817056 |
| Charity registration number | 1078728 |
| Members of the board | Richard Elms (Chair) |
| Colin Hartland (resigned 17th October 2024) | |
| David Williams | |
| Thomas Southgate | |
| Bruce Viney | |
| Andrew Dobbins | |
| Simon Potterton | |
| Mark Petrauskas | |
| Secretary | Ronnie Bugler |
| CEO | Gareth Sherwood |
| Registered office | Delta House |
| 56 Westover Road | |
| Bournemouth | |
| BH1 2BS | |
| Auditor | Ward Goodman Audit Services Limited |
| 4 Cedar Park, Cobham Road | |
| Ferndown Industrial Estate | |
| Wimborne | |
| BH21 7SF | |
| Solicitor | Dutton Gregory |
| 48/50 Parkstone Road | |
| Poole | |
| BH15 2PE | |
| Bankers | NatWest |
| The Square | |
| 5 Old Christchurch Road | |
| Bournemouth | |
| Dorset | |
| BH1 1DU |
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Bournemouth Young Men's Christian Association Trustees report for the Year Ended 31 March 2025
The purpose of this report is for Bournemouth YMCA’s Board of Trustees to present its audited financial statements for the year ended March 2025, which have been prepared in accordance with the statement.
Objectives and Activities
The Charities area of activity, to further its purpose for the public benefit, continues to operate in Social Housing, Children and Family Work, Youth Work and Health and Fitness work with the aim being to make a positive impact in mind, body and spirit on each person and ultimately transform people’s lives for the better.
Bournemouth Young Men’s Christian Association is a charitable Housing Association incorporated as a company limited by guarantee and registered with the Homes and Communities Agency. It is governed by its Memorandum and Articles of Association.
YMCA’s vision in England and Wales is of an inclusive Christian movement transforming communities so that all people can belong, contribute and thrive.
Structure, Governance and Management
Bournemouth YMCA is governed by its Memorandum and Articles of Association. This includes the Paris Basis of the YMCA 1855 – “The YMCA seek to reunite those who, regarding Jesus Christ as their God and Saviour according to the Holy Scriptures, desire to be His disciples in their faith and in their life, and to associate their efforts to the extension of His Kingdom.” Trustees are elected Full Members of the Association at the Annual General Meeting. The Board of Trustees have power of co-option, up to one third of its numbers during the year and such person co-opted are eligible for election at the next AGM.
A review of the major risks to which the Charity is exposed is undertaken annually and systems established to mitigate those risks. The continual updating of Policies and Procedures remained a key priority together with the Risk Register. Key Performance Indicators are set for each Department and ultimately drilled down to the performance of each individual. Annual Appraisals/Support reviews are undertaken which allows for a continuing assessment of performance and corrective action if required.
Reference and Administrative Details
Charity Name: Bournemouth YMCA Charity Number: 1078728 Company Registration Number: 3817056 Housing Association Number: H4246 Registered Address: Delta House 56 Westover Road Bournemouth BH1 2BS Directors and Trustees: Richard Elms (Chair) Colin Hartland (resigned 17 October 2024) David Williams Simon Potterton Mark Petrauskas Andrew Dobbins Bruce Viney Thomas Southgate Company Secretary: Ronnie Bugler
Company Secretary:
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Bournemouth Young Men's Christian Association Trustees report for the Year Ended 31 March 2025
The Board of Trustees delegate day to day responsibility to the Chief Executive Officer, Gareth Sherwood. The Trustees have had regard to Charity Commission guidance on public benefit.
Recruitment and appointment of new trustees
Board members are recruited with the assistance of a skills matrix for need and experience required on the Board at the time. All Board members must be Christians as per the articles below and are recruited from the full membership of the Association. Board members are voted on to the Board at the Annual AGM meeting and will consist of between 6-12 people.
Policies and procedures for induction and training of trustees
Trustee induction procedures include key documents, support from fellow trustees, introductions to management and front line staff, a meeting with other trustees, preliminary attendance of a board meeting, and invitations to meet beneficiaries, service users, and supporters. Training includes safeguarding, GDPR, health and safety and specific training for trustees in areas of governance and finance.
Arrangements for setting pay and remuneration of key management personnel and any benchmarks, parameters or criteria used
A benchmarking exercise takes place in Q3 in preparation for the budget setting process at the beginning of Q4. When setting pay a number of parameters are considered, including for example; the cost of living, living wage, job role and responsibilities, inflation and affordability.
Risks
The major risks during the period were the financial and operational performance due to the growing impact of inflation, the costof-living crisis, and the ongoing war in Ukraine; specifically causing increases to cost of materials, a more competitive fundraising environment, rising costs and utilities and reduction in customer confidence. There was also the impact of staff vacancies nationally and locally and supply chains affected by various national and international crisis, although this is now starting to show signs of improvement. The accounting period for this report covers twelve months from 1 April 2024 to 31 March 2025.
During 2024/25, we continued to be heavily impacted by the rise in utility costs and usage and the increase in demand for our support services specifically.
Budget projections were reviewed regularly and tight control remained on areas of expenditure to ensure a solid cash position, although housing voids and bad debt have impacted on the finances of the Association.
Following planning permission being granted for the development of Westover Road we continued to move forward the plans to commence the redevelopment and have had to rework plans to make this option financially viable, we will also know this coming year about the strategic need from the local authority.
Fund-raising
We continued to search for funding opportunities and availability of grants to help in various areas of our work, but it is becoming harder to attract funds due to increased competition and our need to accumulate reserves to develop our housing portfolio.
Other secured income
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Health and Fitness memberships – increased footfall and membership at our two lesiure sites
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We received confirmation of continuing funding as follows: - Children’s Centre/Family Hubs contracts were renewed for the whole year
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SP funding for housing continued
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Early years funding for funded children in pre-school
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Bournemouth Young Men's Christian Association Trustees report for the Year Ended 31 March 2025
Achievements and performance
The surplus of income for the year was £148,000 for the group (£125,000 for Bournemouth YMCA alone). Like all charities that rely on funding and donations as an essential part of its income generation, YMCA Bournemouth has experienced reductions in contract values over recent years as well as some shortfalls in grant funding.
We have been very successful in achieving some additional grants in 2024/25, as follows:
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----- Start of picture text -----
Funder Charity Area of work Amount (£)
Arnold Clark YMCAB Rough Sleeper Support 1,000
Co-Op Community Fund YMCAB Core Costs for Chatterboxes 909
Co-Op Community Fund YMCAB Counselling 1,140
Independent Bournemouth Free YMCAB Counselling for young people 5,000
Church Council
Talbot Village Trust YMCAB Counselling 5,000
SNG Thriving Communities Fund BCP YMCAB Counselling for young people 2,000
The Hendy Foundation YMCAB Counselling for young people 4,550
The Alice Ellen Cooper Dean YMCAB Move on counselling for Delta 10,000
Charitable Foundation House residents
The Valentine Charitable Trust YMCAB Core costs for Contact Centre and 15,000
reduced fee for means tested
parents/carers
MOJ Support Grant YMCAB Core costs - Townsend Contact 2,500
Centre
MOJ Support Grant YMCAB Core costs - Stourvale Centre 2,500
Contact Centre
Asda Foundation TYP Toilet refurbishment - Townsend 18,425
The Valentine Charitable Trust TYP Core costs for youth work 8,000
BCP Youth Fund TYP Equipment for sensory room at 7,070
Townsend
Morrisons Foundation TYP Equipment for sensory room at 9,500
Townsend
BCP Food and Energy Fund TYP Project costs for programme with 6,499
the Friendly Food Club
The Albert Hunt Trust TYP Core costs 5,000
BCP Thriving Communities TYP Core costs 5,000
The Peoples Postcode Lottery TYP Youth work core costs 18,729
KFC Foundation Stage 2 TYP Core costs 2,500
The Leonard Laity Stoate Charitable TYP P A System 200
Trust
----- End of picture text -----
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Bournemouth Young Men's Christian Association Trustees report for the Year Ended 31 March 2025
Achievements and performance continued
Our events fundraising team also had a very positive year, especially running the Big Sleep Easy events for businesses and local schools which raised almost £100,000 from local supporters, for which we are very grateful. During 2024/25, the charity has received no complaints in respect of the charity’s fundraising activities.
Continuing rises in National Living Wage and Employers’ obligations of Employers’ National Insurance Contributions and Workplace Pensions have also impacted on expenditure for the year. The Association pays 7% employers’ pension contributions, which is generous compared to some employers. Benchmarking of salaries against local competitors continues to take place in what is becoming a very difficult recruiting environment.
With rising staff costs, expenditure for repairs, including two lifts having to be replaced, equipment, materials, utilities and servicing to all our sites continuing to increase; the pressure on charities to maintain operations and invest in development is challenging. Ongoing compliance with GDPR, safeguarding and health and safety remains a priority; data systems are regularly checked and staff are trained to ensure robust prevention measures against cyber security attacks. Reviewing efficiencies and best value for all our contracted supplies and purchasing have helped to minimise central costs for the Association and this, together with careful budgeting, maximising income generation and sound financial planning, have helped towards this year’s overall results. The Trustees would like to record their thanks and recognition to the management and staff, whose continued work effort, professionalism and commitment is commended.
In 2024/25, housing and support work continued to see high demand and a continued rise in the level of vulnerability and chaotic living and need of those coming into our support services. We supported 172 people over the year, and with a dedicated worker helping with resettlement, 29 positively moved on to their own accommodation. BCP Council continued to fund via Supporting People and Protect funds our full 73 hostel rooms. Our other 41 rooms of move-on accommodation were filled with other self-referrals. We had started to wind down the numbers living in our Delta Flats in preparation for the upcoming redevelopment but this had to be put on hold, and the flats refilled, which took some time to get adequate referrals. Bad debts have been an issue due to the chaotic nature of a number of our clients making it harder to get payments of the top up fee from them. This is something we are addressing going into 2025 with a dedicated worker supporting the clients to make payments.
With new regulations being put into place for Social Housing we have worked hard to ensure we are following all the changes and are providing the best service we can to our clients, meeting all building and consumer/quality standards to provide a safe and suitable home for them, as we help them move back into independence.
Staff turnover has been high over the year, but despite this client activities have continued to be provided with a variety of sporting activities, group outings, art and craft options and stays at our Sandyholme residential centre for the clients, supported by our housing and chaplaincy teams. These activities give clients opportunities to have meaningful occupation and to gain confidence and social skills whilst creating positive memories.
A new Family Hubs contract was agreed with BCP at the start of the 2024 financial year, which meant that our funding reduced by 50% and a number of staff had to be made redundant or chose to move on. We no longer are paid to manage the hubs but provide Early Help and Family programmes across the whole of BCP, working alongside their staff. Primarily our team have been working in Boscombe, Townsend and Queen’s Park with delivery and have worked with 265 children needing targeted family support. The Pokesdown and Southbourne Family Hub is now used as an outreach hub only, but we work with partners such as midwifery and health visitors and provide sessions specifically for families with younger children. We have also continued to support the work of the local food banks and gave out 321 food support bags to families.
The pre-school continues to thrive with good occupancy, we are grateful to our nursing staff and management for a very effective and needed service which was received by 83 children and 29,240 hours of quality early education provision was delivered.
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Bournemouth Young Men's Christian Association Trustees report for the Year Ended 31 March 2025
Achievements and performance continued
The Child Contact Centre has continued to grow in demand with a much-increased number of referrals including from more Local Authorities (13 different ones now), who have recognised our highly qualified staff provision. We provided 1607 hours of family time to enable 79 families and their children to see their non-resident parents and/or grandparents. On top of this our facilities were used for a further 509 hours of hire for family time sessions.
The activities under Health and Fitness through the Junction Leisure Centre and Bayside have remained very popular with over 6,500+ members. On top of this there were over 62,000 attendances at fitness classes, 1,250 children taught to swim and 12,000 Fusion fitness sessions booked for 11-15 year olds. Parties remained popular (830+) as were adult functions (80+) using the bar area for events and celebrations. The holiday club provision also continues to be popular with 3,600 children attending holiday club sessions. Ongoing investment has taken place in both of our leisure buildings and new equipment purchased for the use of the members.
The effectiveness of our leisure model, built on the body, mind, spirit approach continues to flourish and our community wholeness focus creates a ‘whole lives for the whole of life in whole communities’ vision for the future of coordinated operations in the communities we serve.
The counselling service continues to see growing demand, providing free services to our staff and through our support services whilst offering affordable counselling to outside referrals as its reputation and delivery quality grows. In addition to our internal clients being supported we also supported clients from the local community and we offered 2,216 sessions in the year to 212 clients.
We also continue to partner with local charities and businesses to offer clinical supervision to their teams and the service offers an excellent support to many people in the local area and for them to support their front-line staff with clinical supervision. Our fundraising team are working very hard to support the costs of running this incredibly valuable service and had a very successful year with this.
The Chaplaincy team have also been meeting the spiritual needs of our staff, clients and members of the local community, providing 408 pastoral support meetings, 120 group meetings and 20 bible study groups.
Pokesdown Community Youth Centre continues to operate as a youth centre in the Southbourne area of Bournemouth. Pokesdown is one of the oldest youth clubs in the country and thousands of young people have benefited over 100+ years. Room hire and increased use of the facilities has been seen in the past year, with regular hire of office space and the upstairs area by Aspire.
The Townsend Youth Partnership also continues to impact on the lives of young people living on the Townsend estate providing positive activities and outcomes for them. Townsend Youth work provides a safe place for young people to go, providing positive opportunities for them to develop personal and social/interpersonal skills. We continue to give young people a safe place, once a week, to play and grow; providing support by trained youth workers who can advise, encourage and work with young people at a critical time in their lives to maximise their potential. There was also a Home Education group using the facility throughout the year and this supported 55 children and their families.
Townsend Children’s Project continues to run weekly sessions for younger children from 5-11 years old with an average of 30 attending across both sessions. Chatterboxes also runs two face to face sessions a week and two zoom sessions with approximately 25-30 young people per session and providing 513 hours of 5 direct support. Both projects have continued to thrive and grow throughout the year. Chatterboxes also providing training, support and advice to local organisations on supporting people with disabilities.
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Bournemouth Young Men's Christian Association Trustees report for the Year Ended 31 March 2025
Achievements and performance continued
Townsend Children’s Project continues to run weekly sessions for younger children from 5-11 years old with an average of 30 attending across both sessions. Chatterboxes also runs two face to face sessions a week and two zoom sessions with approximately 25-30 young people per session and providing 513 hours of 5 direct support. Both projects have continued to thrive and grow throughout the year. Chatterboxes also providing training, support and advice to local organisations on supporting people with disabilities.
The Charity’s strategy continues to be one of intentional development in our primary operational areas, striving for excellence, Christian compassion, and wholeness of life in our staff and those we serve. We continue to look for opportunities to develop, particularly within our leisure, family hub and housing programmes; we are striving to create affordable, effective and sustainable services to our local communities.
Financial Review
Restricted reserves as at 31 March 2025 are £113k (2024: £106K). Designated reserves are £694k (2024: £718K). Revaluation reserves are £1,537K (2024: £1,537K). The Trustees consider that the financial performance reflects the activity undergone in the period and continue to be satisfied that future benefits will be derived from them.
There was ongoing investment in CAPEX throughout the financial year to ensure facilities have been kept up to a good standard, large items such as air conditioning at Bayside, new fitness equipment at the Junction, refurbishment of rooms within our housing areas and upgrading of Sandyholme. Reserves have been strengthened to a total £7,195K (£7,046K in 2024). Reserves are held for the furtherance of the development of the activities of YMCA Bournemouth and its premises, and to allow continued capital investment in the buildings and infrastructure.
Reserves policy
It is worthy to note that reserves are held for the furtherance of the development of the activities of YMCA Bournemouth and its premises, and to allow continued capital investment in the buildings and infrastructure. Our reserves policy is to keep 3 months of salary at all times and we need at least £650,000 to progress to the next stage of the re-development of Westover Road. This means to progress to the start of development stage of Westover Road and keep to our reserves policy, we will need £1.4 million of cash reserves. We then intend to use more reserves to fill the gap between the expenditure on redevelopment and that raised.
It is also worth noting, with regard our current increased reserves; YMCA Bournemouth is a registered social landlord and follows the Housing SORP and not the Charities SORP in respect of financial statement disclosures. A social landlord cannot designate funds for specific purpose in the primary financial statements, however, the unrestricted cash within the organisation has been increased over the past few years in order to have sufficient reserves to comply with changes in legislation in respect of Decent Homes Standards and fire regulations. The Trustees consider the expenditure requirement to be significant over the next two years and have therefore increased reserves for this purpose.
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Bournemouth Young Men's Christian Association Trustees report for the Year Ended 31 March 2025
Strategic Review
This report is a fair review of Bournemouth YMCA’s business and is in accordance with the SORP.
Areas that have been recognised are:
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l Effective business planning
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l Effective performance management of all staff to ensure all activities are delivered to the highest possible standard in exceptional circumstances with much of the workforce working remotely
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l Continue to review value for money and outcomes based on:
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Financial returns
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Key performance indicators and bench-marking
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Quality of services delivered
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Social benefits to individual and communities
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Benefits to Association
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l Generate surpluses to maintain a viable organisation, fund the capital programme and continue to develop services for customers
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l Ensure high levels of customer satisfaction are achieved
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l Promote the Association’s Christian values
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l Expand use of volunteers to enhance services
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l Secure existing rent charges and additional support funding – partnering with Local authorities
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l Develop and increase in quantity and quality of accommodation
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l Prepare for future SP funding changes
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l Continue outreach work for street homeless (linking with Chaplaincy team) and work to combat homelessness in our area
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l Provide excellent family support services in the local area and secure Children’s centre contracts
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l Further expand our chaplaincy and counselling services
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l Expand holiday activities ages 5-11
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l Increase the positive impact on the lives of children and young people in the community
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l Secure funding for youth projects and extend work in Dorset and Poole
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l Extend partnership working with other Christian organisations / Churches / Schools
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l Extend training offer for in-house training and to external organisations
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l Extend our Health and Wellbeing work Identifying new leisure facilities
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Bournemouth Young Men's Christian Association Trustees report for the Year Ended 31 March 2025
Value For Money Metrics
The Board of Trustees is committed to achieving value for money (VFM) in YMCA Bournemouth’s service planning and delivery in accordance with its five-year strategy and The Regulator of Social Housing’s (RSH) value for money standard.
YMCA Bournemouth aims to:
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l Integrate VFM principles within all management, planning and review processes l Adopt appropriate, recognised good practice
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l Promote a culture of continuous improvement
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l Demonstrate to both internal and external stakeholders that the achievement of VFM is sought in all activities undertaken
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l Embed VFM principles in the culture of YMCA Bournemouth so that all trustees, staff and volunteers recognise their continuing responsibility to seek VFM for the charity as part of their routine activities.
VFM is to achieve the right balance between economy, efficiency and effectiveness. Essentially YMCA Bournemouth is required to assess the impacts of all its costs to best meet its stakeholders’ needs. This means spending efficiently to ensure there is optimum balance between relatively low costs, high productivity and successful outcomes.
In 2024/25, we have ensured VFM in a number of ways
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Occupancy levels were broadly in line with projections in the year due to the planned temporary closure of the flats and some refurbishment for the Delta House development works. We did have higher than expected bad debts at some sites: total voids and bad debts in the hostel were 6.6% of total income (target 7%); total voids and bad debts in Delta flats were 28.5% of total income (target 35% - higher than average due to planned closure); total voids and bad debts in Trafford House were 28.5% of total income (target 15%); and total voids and bad debts in Bournemouth Road were 15.8% of total income (target 5%).
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We continue to work closely with BCP Council to ensure referrals are assessed within 24 hours to reduce void periods and ensure maximum use of our accommodation
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We have been successful in securing additional contracts for services We actively encourage attendance in our gym and physical activities in the sports hall to enhance the clients’ health and well-being
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Health and wellbeing sites monitor attendance levels in the gym, swimming academy and fitness classes to enable us to determine what, if any, changes are required to maximise the facilities and staff members, as well as income
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The upskilling of employees within our Health & Fitness areas ensures that employee development is encouraged and structured, and that VFM is inserted within our programme delivery as direct costs are lowered
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Occupancy levels across all our locations are managed and continually monitored to maximise return The cross-utilisation of staff within our Health & Fitness locations and Business Development delivery enables VFM to be achieved through the lowering of staff costs
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Children’s services continually monitor attendance levels in their various schemes, classes and sessions to ensure that any targets set by funders are being met and to ensure that our facilities and staff members are being used to their full potential
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Youth services monitor attendance levels in their sessions, enabling them to meet funders’ objectives and to ensure best use of facilities and staff
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We monitor customer satisfaction across all our service to consider improvements that may be made in delivery and outcomes
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Staff structures across all departments are continually under review.
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Bournemouth Young Men's Christian Association Trustees report for the Year Ended 31 March 2025
Value For Money Metrics Continued
Alongside compliance with the Value for Money Standard and Code of Practice, we are expected to report on certain VFM Metrics to enable effective comparison across the sector. The metrics are included below.
| VFM Matrix | 2025 | 2024 | 2023 | 2022 | Benchmark | Benchmark | |||
|---|---|---|---|---|---|---|---|---|---|
| 1 | Reinvestment | 1.21% | 0.72% | 0.07% | 2.99% | 21.80% | |||
| (Total capex incl purchase of new | |||||||||
| properties and CAPEX on existing properties | |||||||||
| as % of housing properties at cost) | |||||||||
| 2a | New supply delivered - Social housing | 0.00% | 0.00% | 0.00% | 5.26% | 0.00% | |||
| 2b | New supply delivered - non social housing | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 3 | Gearing | 23.59% | 27.20% | 27.60% | 27.79% | 33.00% | |||
| 4 | EBITDA | 101.30% | 131.52% | 475.00% | 280.00% | 570% | |||
| 5 | Headline social housing cost per unit | £ | 9,973 |
£ | 8,266 |
£8,113 | £16,719 | £ | 13,558 |
| 6a | Operating margin (Social housing lettings) % | 39.61% | 50.43% | 49.47% | 14.53% | 14.80% | |||
| 6b | Operating margin (overall) % | 39.61% | 50.43% | 49.47% | 14.53% | 6.10% | |||
| excluding sale of fixed assets | |||||||||
| 7b | ROCE (overall) | 2.54% | 5.04% | 23.93% | 13.34% | 3.50% |
Future Plans
The group’s results in 2024/25, although not as high as budgeted has still been positive and positioned YMCA Bournemouth for expenditure in investment in our leisure facilities and housing redevelopment. These are the primary focus into the next year, but we will continue to review other opportunities to assess affordability, ethos and how they fit specifically into our strategic plan and current operational commitments.
The risk of economic uncertainty, a challenging recruitment environment, rising costs and political uncertainty continue to create a challenging operating environment. This means YMCA must remain agile and adaptive to the future development, taking opportunities where possible but remaining robust in its planning and risk management.
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Bournemouth Young Men's Christian Association Trustees report for the Year Ended 31 March 2025
Trustees' responsibilities statement
The Trustees (who are also directors of Bournemouth Young Men's Christian Association for the purposes of company law) are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
The Companies Act 2006 and registered social housing legislation require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the association and of its income and expenditure for the period.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the association will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the association and enable it to ensure that the financial statements comply with the Companies Act 2006 the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2015. It has general responsibility for taking reasonable steps to safeguard the assets of the association and to prevent and detect fraud and other irregularities.
Disclosure of information to the auditors
We, the directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:
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there is no relevant audit information of which the company’s auditors are unaware; and
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we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.
In approving the Trustees Report, we also approve the Strategic Report included therein, in our capacity as company directors.
On behalf of the Board
Pickard SIGNED SECURELY26/09/2025 at 4:07:32 PM UTC Elma
…………………………………………………
Richard Elms, Chairman Date: [26/ SIGNED SECURELY26/09/2025 at 4:07:32 PM UTC Q9/2025
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Bournemouth Young Men's Christian Association Independent Auditor's Report for the Year Ended 31 March 2025
Independent Auditor's Report to the Members of Bournemouth Young Men's Christian Association
Opinion
We have audited the financial statements of Bournemouth Young Men's Christian Association (the parent company and its trading subsidiaries, together ‘the group’)) for the period ended 31 March 2025 which comprise the Group and Association Statement of Comprehensive Income, Group and Association Balance Sheet, Group and Association Statement of Changes and Reserves, Group Cash Flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the group and association’s affairs as at 31 March 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2019.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and association in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
· the board’s use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
· the board has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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Bournemouth Young Men's Christian Association Independent Auditor's Report for the Year Ended 31 March 2025
Other information
The board is responsible for the other information. The other information comprises the information included in the Board Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
· the information given in the board report (incorporating the strategic report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
· the board report (incorporating the strategic report) has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and its environment obtained in the course of the audit, we have not identified material misstatements in the board report (incorporating the strategic report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
· adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors’ remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 requires us to report to you if, in our opinion:
· a satisfactory system of control over transactions has not been maintained.
Responsibilities of the board
As explained more fully in the board’s responsibilities statement set out on page 13, the board members (who are also the directors of the association for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the board determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the board is responsible for assessing the association’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board either intends to liquidate the association or to cease operations, or has no realistic alternative but to do so.
Page 15
Bournemouth Young Men's Christian Association Independent Auditor's Report for the Year Ended 31 March 2025
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities including fraud. The extent to which are capable of detecting irregularities, including fraud is detailed below:
-
We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, the UK Corporate Governance Code and UK corporate taxation laws.
-
We obtained an understanding of how the Group are complying with those legal and regulatory frameworks by making inquires to the management. We corroborated our enquiries through our review of board minutes and papers provided to the Committee of Management.
-
We assessed the susceptibility Group's financial statements to material misstatement, including how fraud might occur.
Audit procedures performed by the engagement team included:
1) Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
2) Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
3) Challenging assumptions and judgments made by management in its significant accounting estimates;
4) Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
5) Assessing the extent of compliance with the relevant law and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Page 16
Bournemouth Young Men's thristian Association Independent Auditor's Report for the Year Ended 31 March 2025 Use of our report Thi5 report is made solely to the association's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the association's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pem)itted by law. we do not accept or assume responsibility to anyone other than the association and the a&sociation's members as a body, for our audit work, for this report. or for the opinions we have formed. l M Rodd Bsc FCA FCC4 (Senior Statutory Auditor) for and on behalf of Ward Goodman Audit Services Limited ststutory Auditor 4 Cedar Park Cobham Road Ferndown Industrial Estate WimLx)rne Dorset BH217SF Date: Page 17
Bournemouth Young Men's Christian Association
Statement of Comprehensive Income (Including Income and Expenditure Account) for the Year Ended 31 March 2025
| Group | Group | Association | Association | ||
|---|---|---|---|---|---|
| Period 01.04.24 | Period 01.04.23 | Period 01.04.24 | Period 01.04.23 | ||
| to 31.03.25 | to 31.03.24 | to 31.03.25 | to 31.03.24 | ||
| Total | Total | Total | Total | ||
| Note | £000 | £000 | £000 | £000 | |
| Turnover | 2 | 7,190 | 6,733 | 7,099 | 6,678 |
| Cost of sales | (7,006) | (6,378) | (6,938) | (6,319) | |
| Operating surplus / (deficit) | 184 | 355 | 161 | 359 | |
| Interest receivable and similar income | 4 | 29 | 24 | 28 | 23 |
| Interest payable and similar charges | 4 | (77) | (92) | (77) | (92) |
| Surplus / (deficit) for the year generated | 136 | 287 | 112 | 290 | |
| from ordinary activities | |||||
| Insurance claim | 13 | 53 | 13 | 53 | |
| Gain/(loss) on revaluation | - | (737) | - | (737) | |
| Surplus / (deficit) for the year | 149 | (397) | 125 | (394) | |
| Release of Social Housing Grants due to | - | 1,761 | - | 1,761 | |
| change to revaluation model | |||||
| Revaluation of property | - | 1,537 | - | 1,537 | |
| Total comprehensive income for the year | 149 | 2,901 | 125 | 2,904 |
The income and expenditure account has been prepared on the basis that all operations are continuing operations. [26/ SIGNED SECURELY26/09/2025 at 4:07:32 PM UTC 09/2025 The income and expenditure account was approved on …………………………….. signed on behalf of the board by: Pickard SIGNED SECURELY26/09/2025 at 4:07:32 PM UTC Elma
…………………………………………………
Richard Elms, Chairman
The notes on pages 22 to 39 form part of these financial statements Page 18
Company registration number: 3817056
Bournemouth Young Men's Christian Association
Balance Sheet for the Year Ended 31 March 2025
| Balance Sheet for the Year Ended 31 March 2025 |
|||
|---|---|---|---|
| Group Group Association |
Association | ||
| 2025 2024 2025 |
2024 | ||
| Total Total Total |
Total | ||
| Note | £000 £000 £000 |
£000 | |
| Fixed assets | |||
| Intangible assets | 8 | - - - |
- |
| Tangible assets | 9,10 | 7,683 7,551 7,571 |
7,425 |
| Current assets | 7,683 7,551 7,571 |
7,425 | |
| Stocks | 11 | 6 7 6 |
7 |
| Debtors | 12 | 846 707 846 |
710 |
| Investments | 13 | 510 506 510 |
506 |
| Cash at bank and in hand | 1,265 1,494 1,122 |
1,350 | |
| Creditors: amounts falling due within one year | 14 | 2,627 2,714 2,484 (1,202) (1,225) (1,192) |
2,573 (1,179) |
| Net current assets / (liabilities) | 1,425 1,489 1,292 |
1,394 | |
| Total assets less current liabilities | 9,108 9,040 8,863 |
8,819 | |
| Creditors: amounts falling due after more than one year | 15 | (1,913) (1,994) (1,913) |
(1,994) |
| Total net assets / (liabilities) | 7,195 7,046 6,950 |
6,825 | |
| Reserves | |||
| Income and expenditure reserve | 17 | 4,851 4,685 4,664 |
4,500 |
| Revaluation reserve | 17 | 1,537 1,537 1,537 |
1,537 |
| Restricted reserve | 17 | 113 106 55 |
70 |
| Designated reserve | 17 | 694 718 694 |
718 |
| Total reserves | 22 | 7,195 7,046 6,950 |
6,825 |
[26/09/2025 SIGNED SECURELY26/09/2025 at 4:07:32 PM UTC
The financial statements were approved and authorised for issue by the Board on ……………………………
Signed on behalf of the board by . SIGNED SECURELY
………………………………………………… 26/09/2025 at 4:07:32 PM UTC
Richard Elms, Chairman
The notes on pages 22 to 39 form part of these financial statements
Page 19
Bournemouth Young Men's Christian Association Statement of Changes in Reserves for the Year Ended 31 March 2025
| Group | Income and | ||||
|---|---|---|---|---|---|
| expenditure | Revaluation | Restricted | Designated | ||
| reserve | reserve | reserve | reserve | Total | |
| £000 | £000 | £000 | £000 | £000 | |
| At 31 March 2023 | 3,346 | - | 49 | 750 | 4,145 |
| Surplus / (deficit) for the year | (434) | - | 68 | (31) | (397) |
| Release of Social Housing Grants due to change to | |||||
| revaluation model | 1,761 | - | - | - | 1,761 |
| Revaluation of tangible fixed assets | - | 1,537 | - | - | 1,537 |
| Total comprehensive income | 1,327 | 1,537 | 68 | (31) | 2,901 |
| Transfers At 31 March 2024 Surplus / (deficit) for the year |
12 4,685 153 |
- 1,537 - |
(11) 106 11 |
(1) 718 (15) |
- 7,046 149 |
| Total comprehensive income | 153 | - | 11 | (15) | 149 |
| Transfers (see note 17) | 13 | - | (4) | (9) | - |
| At 31 March 2025 | 4,851 | 1,537 | 113 | 694 | 7,195 |
| Association At 31 March 2023 Surplus / (deficit) for the year Revaluation of tangible fixed assets Release of Social Housing Grants due to change to revaluation model |
Income and expenditure reserve £000 3,161 (431) 1,761 - |
Revaluation reserve £000 - - - 1,537 |
Restricted reserve £000 11 68 - - |
Designated reserve £000 749 (31) - - |
Total £000 3,921 (394) 1,761 1,537 |
| Total comprehensive income | 1,330 | 1,537 | 68 | (31) | 2,904 |
| Transfers (see note 17) At 31 March 2024 Surplus / (deficit) for the year |
9 4,500 155 |
- 1,537 - |
(9) 70 (15) |
- 718 (15) |
- 6,825 125 |
| Total comprehensive income | 155 | - | (15) | (15) | 125 |
| Transfers (see note 17) | 9 | - | - | (9) | - |
| At 31 March 2025 | 4,664 | 1,537 | 55 | 694 | 6,950 |
The notes on pages 22 to 39 form part of these financial statements
Page 20
Bournemouth Young Men's Christian Association Statement of Cash Flows for the Year Ended 31 March 2025
| Note Cash flow from operating activities 18 Interest paid Net cash flow from operating activities Cash flow from investing activities Payments to acquire tangible fixed assets Interest received Net cash flow from investing activities Cash flow from financing activities Repayment of loans Net cash flow from financing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 April 2024 Cash and cash equivalents at 31 March 2025 Cash and cash equivalents consists of: Cash at bank and in hand Short term deposits 13 Cash and cash equivalents at 31 March 2025 |
Group Group Period 01.04.24 Period 01.04.23 to 31.03.25 to 31.03.24 £000 £000 288 1,014 (77) (92) 211 922 (431) (589) 29 24 (402) (565) (34) (36) (34) (36) (225) 321 2,000 1,679 1,775 2,000 1,265 1,494 510 506 1,775 2,000 |
|---|---|
The notes on pages 22 to 39 form part of these financial statements
Page 21
Bournemouth Young Men's Christian Association Notes to the Financial Statements for the Year Ended 31 March 2025
1 Summary of significant accounting policies
Legal form
Parent entity
Bournemouth Young Men's Christian Association is a private registered provider of social housing in the United Kingdom and a registered company limited by guarantee. The address of the registered office is given in the registered provider information of these financial statements.
Subsidiary entities
Townsend Youth Partnership is a registered charity, registration number 1093213, and a private company (number 04236016) limited by guarantee, registered in the United Kingdom. The registered office of the charity is Delta House, 56 Westover Road, Bournemouth, Dorset, BH1 2BS. The nature of the charity's operations and principal activities are described in the Trustees annual report
Pokesdown Community Youth Centre is a registered charity, registration number 301918, registered in the United Kingdom. The registered address of the charity is Delta House, 56 Westover Road, Bournemouth, Dorset, BH1 2BS. The nature of the charity's operations and principal activities are described in the Trustees annual report.
(a) General information and basis of preparation
The nature of the registered provider's operations and principal activities are, providing residential accommodation in the form of flats and hostel rooms to those in conditions of need, hardship or distress due to their social, physical or economic circumstances. The Association is committed to helping people, particularly young people, at times of need regardless of their gender, race, ability or faith. In order to fulfil these objectives the Association operates a comprehensive range of programmes of a sporting, social and cultural nature. This involves the management and operation of three youth centres, a children's centre, child contact centre and pre school, a retreat centre and the management of a leisure centre.
The registered provider constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice for Social Housing Providers 2018, and with the Accounting Direction for private registered providers of social housing in England 2019. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008 and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling, which is the functional currency of the registered provider, and rounded to the nearest £000.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) Group accounts
The registered provider is required by the Companies Act 2006 to prepare group accounts. The consolidated accounts comprise the financial statements of Bournemouth YMCA, and of its subsidiaries Pokesdown Youth Club (unincorporated charity no 301918) and the Townsend Youth Partnership (registered company no 04236016, charity number 1093213).
These charities are consolidated into this set of accounts under the basis that Bournemouth Young Men's Christian Association is the sole trustee of the charities.
(c) Stocks
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula.
Page 22
Bournemouth Young Men's Christian Association Notes to the Financial Statements for the Year Ended 31 March 2025
(d) Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
(e) Intangible assets - goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 10 years. The reason for choosing this period is that it is the directors' assessment of the period to be benefited.
(f) Tangible fixed assets
Tangible fixed assets (excluding freehold properties) are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended such as the cost of acquiring land and buildings, developments costs, 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 increasing rental income, reducing maintenance costs or resulting in a significant extension of the useful economic life of the property.
Freehold properties are recognised on a revaluation basis and recognised at fair value at the reporting date. These are depreciated over the useful life of the property between revaluation. Following revaluation at the end of 2024, this has been considered to be 50 years.
Depreciation is provided on all tangible fixed assets (including those held at revaluation), at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows. Where revalued assets are depreciated a transfer is made between the revaluation reserve and the income and expenditure account.
Following the most recent review of the depreciation policies by the Trustees, it was decided that all new capital expenditure from the 1st January 2019 would be depreciated on different rates. These new rates are detailed below, older assets will continue to be depreciated at the previous rates. Additions are depreciated for an entire year during the year of purchase.
| Freehold properties Housing properties Plant and machinery Fixtures and fittings Motor vehicles Improvements to property |
Pre 2019 additions 2% straight line See below 10% straight line 20% reducing balance 20% reducing balance 15% reducing balance / over the term of the lease |
Post 2019 additions & subsidiaries |
|---|---|---|
| 2% straight line See below 10% straight line 20% straight line 20% straight line straight line based on useful economic life / 7 year straight line |
Housing properties under construction are not depreciated until they are in use. The useful economic lives of all tangible fixed assets are reviewed annually.
The entity operates a capitalisation policy of a minimum of £1,000.
Page 23
Bournemouth Young Men's Christian Association Notes to the Financial Statements for the Year Ended 31 March 2025
(g) Housing properties
Housing properties are revalued to their market value at the reporting date. Bournemouth Young Men's Christian Association accounts for its expenditure on housing using component accounting. Under component accounting, the housing property is divided into those major components which are considered to have substantially different useful economic lives. These components are then depreciated over their individual useful economic lives on a straight line basis. The particular components identified by Bournemouth Young Men's Christian Association and their respective useful economic lives are as follows:
| follows: | |||
|---|---|---|---|
| Land | n/a | Bathrooms | 25 years |
| Core building | 100 years | Boiler/heating | 15 years |
| Roof | 60 years | Electrics | 20 years |
| Windows | 25 years | Lift | 25 years |
| Kitchens | 25 years |
(h) Impairment
All fixed assets are considered for impairment annually and detailed reviews of assets for impairment are carried out if there is an indication that impairment has occurred or if they are not being depreciated.
(i) Social housing grant (SHG)
SHG is recognised when receivable.
Housing association grants are included under SHG headings. The performance model has been adopted for the recognition of Social Housing Grants.
(j) Government and other grants
Grants towards capital expenditure (other than housing property) are included within accruals and deferred income, and then released to the income and expenditure account over the expected useful life of the related assets. Grants towards revenue expenditure are released to the income and expenditure account as the related expenditure is incurred.
(k) Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other administrative expenses.
Rights of social landlords to have improvement works carried out to properties by a third party (such as a local authority) are recognised as prepayments where payment has occurred in advance of the works being carried out and receipts in advance from the same third party recognised as liabilities.
Assets and liabilities or income and expenditure are not offset.
(l) Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value.
(m) Leases
Rentals payable and receivable under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease.
Page 24
Bournemouth Young Men's Christian Association Notes to the Financial Statements for the Year Ended 31 March 2025
(n) Tax
The activities of the registered provider are partially exempt from VAT.
The Association is registered for VAT and is able to recover VAT on a proportion of its purchases. VAT incurred on purchases which is not recoverable is included along with the expense to which it relates, or the item acquired, in the income and expenditure account or balance sheet respectively.
(o) Turnover and other income
Turnover represents income from the various activities undertaken by the group. Rental income from the housing properties, along with fees are recognised in the period in which services are provided. Revenue grants from the local authority and the HCA are recognised in the period in which the related expenditure is incurred. All other trading income is recorded when the service has been provided.
Donations and legacies are accounted for when the group has been notified of the amount receivable. Supporting people income is recognised over the period in which services are provided when receivable and included in turnover under Supporting People contract income.
(p) Employee benefits
When employees have rendered service to the registered provider, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The registered provider operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
(q) Reserves
Restricted reserves are those reserves which are only expendable in accordance with the wishes of the funder or regulatory body. Restricted reserves include funds raised in response to a specific appeal. Revenue and expenditure cannot be directly set against restricted reserves but is taken through the statement of comprehensive income and then a transfer to / from restricted reserves is made as appropriate.
Unrestricted general reserve —these funds can be used in accordance with the objectives of the Association at the discretion of the board.
Designated reserves are part of unrestricted reserves which have been earmarked by the Board for a particular purpose. Such designations may be reversed by future Board decisions.
(r) Judgements and key sources of estimation uncertainty
There are no areas of significant judgement.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities in the financial year include:
The valuation of properties owned by the group. Housing property and Freehold Property are now held at market value at the reporting date. Management assess the valuation annually and consider whether formal valuation is required. A formal third party valuation is obtained by the trustees on a regular basis.
Page 25
Bournemouth Young Men's Christian Association Notes to the Financial Statements for the Year Ended 31 March 2025
2 Turnover, cost of sales, administrative expenditure and operating surplus / (deficit)
The group has not provided information required by schedule 1 part 1 of the Accounting Direction for Social Housing in England 2015 on the grounds that it is not a large Private Registered Provider (PRP).
Social housing turnover and costs
| Rents receivable excluding service charges Revenue grants receivable Amortised government grants Turnover from social housing lettings Staffing costs Establishment costs Equipment and maintenance Operating expenditure on social housing lettings Operating surplus/(deficit) on social housing lettings Overheads Depreciation of housing properties Bad debts Net surplus / (deficit) from social housing activities Void losses Accommodation owned and in management Completed units: Supported housing - Hostel - Delta Flats - Trafford House - Bournemouth Road |
Period 01.04.24 Period 01.04.23 to 31.03.25 to 31.03.24 £000 £000 2,223 2,133 420 393 - 14 2,643 2,540 755 663 217 187 38 34 1,010 884 1,633 1,656 52 41 64 110 76 19 192 170 1,441 1,486 (242) (120) Number of Number of units at units at 31 March 31 March 2025 2024 73 73 22 22 14 14 5 5 114 114 Group and Association Group and Association |
|---|---|
3 Accommodation owned and in management
Page 26
Bournemouth Young Men's Christian Association Notes to the Financial Statements for the Year Ended 31 March 2025
4 Interest and other finance income and charges - Group and Association
| a) Interest receivable and similar income Bank interest receivable b) Interest payable and similar charges Bank charges and other interest Housing loan interest |
Group Group Association Association Period 01.04.24Period 01.04.23 Period 01.04.24 Period 01.04.23 to 31.03.25 to 31.03.24 to 31.03.25 to 31.03.24 £000 £000 £000 £000 29 24 28 23 29 24 28 23 Group Group Association Association Period 01.04.24Period 01.04.23 Period 01.04.24 Period 01.04.23 to 31.03.25 to 31.03.24 to 31.03.25 to 31.03.24 £000 £000 £000 £000 71 86 71 86 6 6 6 6 77 92 77 92 |
|---|---|
5 Surplus / (deficit) on ordinary activities
Surplus / (deficit) on ordinary activities is stated after charging / (crediting):
| Group | Group | Association | Association | |
|---|---|---|---|---|
| Period 01.04.24 | Period 01.04.23 | Period 01.04.24 | Period 01.04.23 | |
| to 31.03.25 | to 31.03.24 | to 31.03.25 | to 31.03.24 | |
| £000 | £000 | £000 | £000 | |
| Auditor's remuneration (including expenses and benefits | ||||
| in kind) for audit | 23 | 25 | 20 | 19 |
| Auditor's remuneration (including expenses and benefits | ||||
| in kind) for non-audit | 10 | 7 | 7 | 7 |
| Depreciation of tangible fixed assets | 297 | 345 | 279 | 327 |
| Impairment of tangible fixed assets | - | 67 | - | 67 |
| Operating lease rentals - equipment | 37 | 38 | 37 | 38 |
6 Board and key management personnel remuneration and Trustee expenses - Group and Association
The total remuneration for key management personnel in the year to 31 March 2025 amounted to £90k (2024 - £91k).
Directors are defined as the members of the board, the Chief Executive and members of the senior management team or its equivalent, which is also the definition of key management personnel. The highest paid director received £85k (2024 - £86k) remuneration (excluding pensions contributions) in the year ended 31 March 2025.
The chief executive is an ordinary member of the pension scheme. No enhanced or special terms apply.
During the year ended 31 March 2025, one trustee was reimbursed for travel and parking expenses totalling £51 (2024 - £91).
During the year ended 31 March 2025, no Trustees made donations to the Bournemouth YMCA (2024: £nil).
Page 27
Bournemouth Young Men's Christian Association Notes to the Financial Statements for the Year Ended 31 March 2025
7 Staff costs
The average monthly number of employees, including members of the executive team, during the year was as follows:
| Management and administration Development Housing, support and care Non - housing operations |
Period 01.04.24 Period 01.04.23 to 31.03.25 to 31.03.24 Number Number 20 19 1 2 22 24 45 53 88 98 |
|---|---|
The average number of employees, including members of the executive team, calculated on a full time equivalent was 88 employees (2024 - 98). Full time equivalent assumes a 40 hour working week.
The average headcount during the year ended 31 March 2025 was 176 (2024:189).
The aggregate remuneration of such employees (Group) was as follows:
| Wages and salaries Social security Other pension costs |
Period 01.04.24 Period 01.04.23 to 31.03.25 to 31.03.24 £000 £000 3,162 3,069 210 203 152 148 3,524 3,420 |
|---|---|
Included in staff costs above is an amount totalling £311,871 relating to staff relating invoiced expenses.
The number of employees who received more than £60,000 as their employee package (excluding pensions costs) are as follows:
| £60,001 - £70,000 £70,001 - £80,000 £80,001 - £90,000 |
Period 01.04.24 Period 01.04.23 to 31.03.25 to 31.03.24 Number Number 3 2 - - 1 1 4 3 |
|---|---|
There were redundancy costs incurred in the year totalling £18,765 (2024: £28,561). As at 31 March 2025, £nil (2024:£26,287) was due for payment after the year end.
Page 28
Bournemouth Young Men's Christian Association Notes to the Financial Statements for the Year Ended 31 March 2025
8 Intangible fixed assets - Group and Association
| Cost: At 1 April 2024 Additions At 31 March 2025 Amortisation: At 1 April 2024 Charge for the year At 31 March 2025 Net book value: At 31 March 2025 At 1 April 2024 Goodwill arose in 2009 as a result of the purchase of trade and assets of Broadstone Leisure Centre. Tangible fixed assets - Housing properties - Group and Association Cost or valuation: At 1 April 2024 Additions: completed properties acquired Additions: works to existing properties Revaluation At 31 March 2025 Depreciation: At 1 April 2024 Charge for the year Revaluation At 31 March 2025 Net book value: At 31 March 2025 At 1 April 2024 |
Goodwill Total £000 £000 32 32 - - 32 32 32 32 - - 32 32 - - - - Total £000 £000 3,670 3,670 - - 44 44 - - 3,714 3,714 - - (64) (64) - - (64) (64) 3,650 3,650 3,670 3,670 Housing property for letting |
|---|---|
9 Tangible fixed assets - Housing properties - Group and Association
Housing property valuations have been obtained by Jones Lang LaSalle Inc and Eddisons Chartered Surveyors and were conducted in September 2024.
Valuations are performed on an open Market Basis utilising the EUV-SH Valuation Model.
If housing properties had never been revalued, they would be held at depreciated historical cost of £3,192k.
Page 29
Bournemouth Young Men's Christian Association Notes to the Financial Statements for the Year Ended 31 March 2025
9 Tangible fixed assets - Housing properties - Group and Association - continued
The net book value of land and buildings comprised:
==> picture [540 x 96] intentionally omitted <==
----- Start of picture text -----
2025 2024
£000 £000
Land and buildings:
Freehold 3,650 3,670
- -
Long leasehold
Short leasehold - -
3,650 3,670
----- End of picture text -----
Included within the freehold property are two leased shops which are part of Delta House, the cost of which is not separately identifiable.
10 Tangible fixed assets - other
Group
| Group Cost or valuation: At 1 April 2024 Additions Disposals Reclassification Revaluation At 31 March 2025 Depreciation: At 1 April 2024 Charge for the year Eliminated on disposal Reclassification Revaluation At 31 March 2025 Net book value: At 31 March 2025 At 1 April 2024 |
£000 £000 £000 £000 £000 £000 £000 431 2,682 - 636 1,435 25 5,209 207 - 3 28 149 - 387 - - - - - (5) (5) - - - - - - - - - - - - - 638 2,682 3 664 1,584 20 5,591 - (274) - (97) (939) (18) (1,328) - (60) - (13) (159) (1) (233) - - - - - 3 3 - - - - - - - - - - - - - - (334) - (110) (1,098) (16) (1,558) 638 2,348 3 554 486 4 4,033 431 2,408 - 539 496 7 3,881 Freehold Land and buildings Short Leasehold/ property improvement Assets Under Construction Freehold improvement Equipment Motor vehicles Total |
|---|---|
Short leasehold improvements are for the property at Broadstone, this is held on a 83 year lease with peppercorn rent being paid.
Total group tangible fixed assets:
| Housing properties Other |
2025 2024 £000 £000 3,650 3,670 4,033 3,881 7,683 7,551 |
|---|---|
Page 30
Bournemouth Young Men's Christian Association Notes to the Financial Statements for the Year Ended 31 March 2025
10 Tangible fixed assets - other - continued
Association
==> picture [540 x 340] intentionally omitted <==
----- Start of picture text -----
Short Leasehold/
Assets Under Freehold Motor
Freehold Land property Equipment Total
Construction improvement vehicles
improvement
and buildings
£000 £000 £000 £000 £000 £000 £000
Cost or valuation:
At 1 April 2024 431 2,293 - 636 1,395 25 4,780
Additions 207 - 3 28 146 - 384
- - - - -
Disposals (5) (5)
Reclassification - - - - - - -
Revaluation - - - - - - -
At 31 March 2025 638 2,293 3 664 1,541 20 5,159
Depreciation:
- - -
At 1 April 2024 (97) (910) (18) (1,025)
- -
Charge for the year (46) (13) (156) (1) (216)
Eliminated on disposal - - - - - 3 3
Reclassification - - - - - - -
Revaluation - - - - - - -
At 31 March 2025 - (46) - (110) (1,066) (16) (1,238)
Net book value:
At 31 March 2025 638 2,247 3 554 475 4 3,921
At 1 April 2024 431 2,293 - 539 485 7 3,755
----- End of picture text -----
Total association tangible fixed assets:
| Housing properties Other |
2025 2024 £000 £000 3,650 3,670 3,921 3,755 7,571 7,425 |
|---|---|
Freehold property valuations have been professionally valued by Jones Lang LaSalle Inc, Eddisons Chartered Surveyors and Oliver Miles Chartered Surveyor and were conducted in September 2024.
While income and expenditure of the revalued properties has been considered in coming to a valuation, potential improvement of performance has also been factored in when coming to a market valuation.
If freehold properties had never been revalued, they would be held at depreciated historical cost of £1,881k (Group) and £1,782k (association).
Page 31
Bournemouth Young Men's Christian Association Notes to the Financial Statements for the Year Ended 31 March 2025
11 Stocks
Finished goods
| 2025 | 2024 |
|---|---|
| £000 | £000 |
| 6 7 |
|
| 6 7 |
12 Debtors
| Trade debtors (gross social housing rent arrears) Trade debtors (others) Amounts owed by group undertakings Prepayments and accrued income Current asset investments - Group and Association Listed investments Short term deposits Creditors: amounts falling due within one year Housing loans Bank loans Trade creditors Deposits received in advance Other tax and social security Other creditors Accruals and deferred income |
Group Group 2025 2024 £000 £000 402 298 143 217 - - 301 192 846 707 Group Group 2025 2024 £000 £000 7 7 39 34 512 490 8 9 63 60 11 18 562 607 1,202 1,225 |
Association Association 2025 2024 £000 £000 402 298 138 213 6 8 300 191 846 710 2025 2024 £000 £000 - - 510 506 510 506 Association Association 2025 2024 £000 £000 7 7 39 34 510 488 8 9 63 60 11 17 554 564 1,192 1,179 |
|---|---|---|
13 Current asset investments - Group and Association
14 Creditors: amounts falling due within one year
Page 32
Bournemouth Young Men's Christian Association
Notes to the Financial Statements
for the Year Ended 31 March 2025
15 Creditors: amounts fall due after more than one year - Group and Association
| Bank loans Housing loans Accruals and deferred income |
2025 2024 £000 £000 768 806 48 49 1,097 1,139 1,913 1,994 |
|---|---|
The housing loans include aggregate amounts of £55k. The housing loan is managed by BCM Global and held with Orchardbrook Limited, it is secured on the Hostel and Delta House Flats. The housing loan was drawn in two tranches and was repayable by instalments at a current rate of interest of 10.375% and 11.5% per annum respectively.
The bank loans are held with Natwest and are secured on Fusion Youth Centre (4-6 Old Christchurch Lane), Trafford House (38 Frances Road), Winton YMCA (1-7 Jameson Road) and 337 Bournemouth Road. The bank loan is repayable by instalments at a current rate of interest of 2% per annum over base rate, after a re-financing within the year. As security, the bank holds a legal charge dated 24 January 2018 over these properties.
Historic Social Housing Grants issued relating to the development of the Westover Road site and 38 Frances Road may be repayable upon sale of these properties. The total recoverable grant values are £2,830k for Westover Road and £270k for Francis Road.
16 Operating leases
| Within one year Between one and five years More than five years Minimum lease payments under non-cancellable operating leases fall due as follows: |
2025 2024 £000 £000 222 142 841 861 758 960 1,821 1,963 Group |
|---|---|
Lease payments recognised as an expense within the 31 March 2025 year end totals £142,073.
Page 33
Bournemouth Young Men's Christian Association
Notes to the Financial Statements for the Year Ended 31 March 2025
17 Reserves
Reconciliation of movement in funds
Group
| Unrestricted funds Income and expenditure account Designated funds: Rent deposit reserve Capital expenditure Depreciation reserve Revaluation Reserve Restricted funds RC Chatterboxes (Lottery funded) Move-On Project Heat Source Pumps Home Long Income Fund Child Contact Centre Funding Counselling for 'move-on' residents TYC Therapy Sessions Delivery of free counselling sessions Asda Foundation Sensory Room Townsend Estate Counselling Pokesdown Community Youth Centre restricted reserves |
As at As at 01/04/2024 Income Expenditure Revaluation Transfers 31/03/2025 £000 £000 £000 £000 £000 £000 4,685 7,023 (6,870) - 13 4,851 9 - - - (9) - 50 - - - - 50 659 - (15) - - 644 1,537 - - - - 1,537 2,255 7,023 (6,885) - 4 7,082 28 104 (106) - - 26 36 - (26) - - 10 6 - - - - 6 - 10 (2) - - 8 - 20 (20) - - - - 10 (10) - - - - 5 (5) - - - - 5 - - - 5 - 18 - - (4) 14 - 17 (7) - - 10 - 20 (20) - - - - 106 209 (198) - (4) 113 7,046 7,232 (7,083) - - 7,195 - 34 36 - (2) - |
|---|---|
Page 34
Bournemouth Young Men's Christian Association
Notes to the Financial Statements
for the Year Ended 31 March 2025
17 Reserves - continued
| Association Unrestricted funds Income and expenditure account Designated funds: Rent deposit reserve Depreciation reserve Capital expenditure Revaluation Reserve Restricted funds RC Chatterboxes (Lottery funded) Move-On Project Heat Source Pumps Home Long Income Fund Child Contact Centre Funding Counselling for 'move-on' residents TYC Therapy Sessions Delivery of free counselling sessions |
As at As at 01/04/2024 Income Expenditure Revaluation Transfers 31/03/2025 £000 £000 £000 £000 £000 £000 4,500 6,986 (6,831) - 9 4,664 9 - - - (9) - 659 - (15) - - 644 50 - - - - 50 1,537 - - - - 1,537 6,755 6,986 (6,846) - - 6,895 28 104 (106) - - 26 36 - (26) - - 10 6 - - - - 6 - 10 (2) - - 8 - 20 (20) - - - - 10 (10) - - - - 5 (5) - - - - 5 - - - 5 70 154 (169) - - 55 6,825 7,140 (7,015) - - 6,950 |
|---|---|
Page 35
Bournemouth Young Men's Christian Association
Notes to the Financial Statements
for the Year Ended 31 March 2025
17 Reserves - continued
Comparative reconciliation of movement in funds
Group
| Unrestricted funds Income and expenditure account Designated funds: Rent deposit reserve Capital expenditure Depreciation reserve Townsend - Equipment and Storage Revaluation Reserve Restricted funds RC Chatterboxes (Lottery funded) Townsend Renovation Townsend Furniture Move-On Project Heat Source Pumps Pool cover Association Unrestricted funds Income and expenditure account Designated funds: Rent deposit reserve Depreciation reserve Capital expenditure Revaluation Reserve Restricted funds RC Chatterboxes (Lottery funded) Move-On Project Heat Source Pumps Pool cover Pokesdown Community Youth Centre restricted reserves |
As at As at 01/04/2023 Income Expenditure Revaluation Transfers 31/03/2024 £000 £000 £000 £000 £000 £000 3,346 8,410 (7,083) - 12 4,685 9 - - - - 9 50 - - - - 50 690 - (31) - - 659 1 - - - (1) - - - - 1,537 - 1,537 4,096 8,410 (7,114) 1,537 11 6,940 11 106 (89) - - 28 36 - - - - 36 2 - (2) - - - - 4 (2) - (2) - - 36 - - - 36 - 6 - - - 6 - 9 - - (9) - 49 161 (93) - (11) 106 4,145 8,571 (7,207) 1,537 - 7,046 As at As at 01/04/2023 Income Expenditure Revaluation Transfers 31/03/2024 £000 £000 £000 £000 £000 £000 3,161 8,358 (7,028) - 9 4,500 9 - - - - 9 690 - (31) - - 659 50 - - - - 50 - - - 1,537 - 1,537 3,910 8,358 (7,059) 1,537 9 6,755 11 106 (89) - - 28 - 36 - - - 36 - 6 - - - 6 - 9 - - (9) - 11 157 (89) - (9) 70 3,921 8,515 (7,148) 1,537 - 6,825 |
|---|---|
Page 36
Bournemouth Young Men's Christian Association
Notes to the Financial Statements for the Year Ended 31 March 2025
17 Reserves - continued
a) Income and expenditure reserve
The income and expenditure reserve represents cumulative surplus and deficits net of other adjustments.
b) Restricted reserve
RC Chatterboxes - Restricted funding for the purpose outlined by The Big Lottery Reaching Communities Fund.
Move-On Project - This is a grant to enable the charity to employ a member of staff to help with move on decisions etc.
Heat Source Pumps - This is a grant to help towards a new heating system at Sandyholme.
Pool cover - This grant is to help towards a new swimming pool cover at the Junction.
Home Long Income Fund - monies to complete a number of support reviews for ex-midland living clients.
Child Contact Centre Funding - funding received to provide counselling and support services within the child contact centre. Counselling for 'move-on' residents - funding to provide counselling sessions for residents about to 'move-on' from social housing.
TYC Therapy Sessions - funding to provide talking therapy sessions (plus 1 assessment session) to 10 young people that attend Townsend Youth Club.
Delivery of free counselling sessions - funding to delivery free 1:1 counselling sessions.
Pokesdown restricted reserves - restricted for purpose of assisting young people with training or travel and are funds held in Pokesdown Community Youth Centre.
Asda Foundation - funding for the refurbishment of the Men's, Ladies and disabled toilets.
Sensory Room - funding to create a sensory room at the Townsend Youth Centre.
Townsend Estate Counselling - funding received by Townsend Youth Partnership to provide counselling sessions to those in need on the Townsend estate.
c) Designated reserve
The designated depreciation fund relates to the PYC property and will be released as depreciation is charged against this asset. The Rent deposit reserve is held to aid with the Housing Rent Deposit Scheme which helps residents who cannot pay rent. Capital expenditure reserve is held for this capital projects.
Townsend - Equipment and storage reserve is held for the purchase of equipment and storage for the Youth centre. Revaluation reserve - Revaluation gain/losses relating to properties held by the entity.
18 Reconciliation of operating surplus / (deficit) to cash flow from operating activities
| Surplus / (deficit) for the year Interest payable Interest received Depreciation and impairment of tangible fixed assets Loss on disposal of tangible fixed assets Loss on revaluation (Increase) / decrease in stock (Increase) / decrease in trade and other debtors Increase / (decrease) in trade and other creditors Net cash flow from operating activities |
Group Group 2025 2024 £000 £000 149 1,364 77 92 (29) (24) 297 345 - 69 - 737 1 (1) (139) 49 (68) (1,617) 288 1,014 |
|---|---|
Page 37
Bournemouth Young Men's Christian Association Notes to the Financial Statements for the Year Ended 31 March 2025
19 Pensions and other post-retirement benefits - Group and Association
- a) Defined contribution pension plan
The Registered Provider operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £152,246 (2024 - £148,211).
20 Related party transactions - Group and Association
Bournemouth YMCA is the parent entity in the group and ultimate controlling party. Exemption has been claimed from presenting details of transactions between group entities which are included in the consolidated financial statements.
During the period ended 31 March 2024 Bournemouth YMCA had the following related and associated undertakings:
Pokesdown Community Youth Centre
| Pokesdown Community Youth Centre | ||
|---|---|---|
| Subsidiary name | Pokesdown Community Youth Centre | |
| Charity registration number | 301918 | |
| Basis of control | Sole | trusteeship |
| Total assets as at 31 March 2025 | £ | 111,902 |
| Total liabilities as at 31 March 2025 | (£ | 10,252) |
| Total funds as at 31 March 2025 | £ | 101,650 |
| Income for the year to 31 March 2025 | £ | 68,554 |
| Expenditure for the year to 31 March 2025 | (£ | 66,351) |
| Surplus for the year to 31 March 2025 | £ | 2,203 |
| Townsend Youth Partnership | ||
| Subsidiary name | Townsend Youth Partnership | |
| Charity registration number | 1093213 | |
| Company registration number | 04236016 | |
| Basis of control | Sole | trusteeship |
| Total assets as at 31 March 2025 | £ | 150,043 |
| Total liabilities as at 31 March 2025 | (£ | 4,348) |
| Total funds as at 31 March 2025 | £ | 145,695 |
| Income for the year to 31 March 2025 | £ | 127,237 |
| Expenditure for the year to 31 March 2025 | (£ | 105,003) |
| Surplus for the year to 31 March 2025 | £ | 22,234 |
The association is under the control of the Board of Trustees. Board and key management personnel remuneration is disclosed in note 6.
Page 38
Bournemouth Young Men's Christian Association
Notes to the Financial Statements
for the Year Ended 31 March 2025
21 Financial instruments
The carrying amounts of the Registered Provider's financial instruments are as follows:
| Financial assets Debt instruments measured at amortised cost: - Trade debtors (note 12) - Amounts owed by group undertakings (note 12) Financial liabilities - Housing loans (notes 14-15) Debt instruments measured at amortised cost: - Trade creditors (note 14) - Other creditors (note 14) Measured at fair value through the statement of comprehensive income: |
Group Group Association Association 2025 2024 2025 2024 £000 £000 £000 £000 545 515 540 511 - - 6 8 545 515 546 519 55 56 55 56 55 56 55 56 512 490 510 489 11 17 11 16 523 507 521 505 |
|---|---|
The income, expenses, net gains and net losses attributable to the Registered Provider's financial instruments are summarised as follows:
| follows: | |
|---|---|
| Income and expense | Group Group Association Association 2025 2024 2025 2024 £000 £000 £000 £000 |
| Financial liabilities measured at fair value through the statement of | |
| comprehensive income | (6) (6) (6) (6) |
22 Analysis of net assets between funds (consolidated)
| Group Fixed assets Current assets Current liabilities Long term liabilities Association Fixed assets Current assets Current liabilities Long term liabilities |
Unrestricted Revaluation Restricted Total £000 £000 £000 £000 6,146 1,537 - 7,683 2,514 - 113 2,627 (1,202) - - (1,202) (1,913) - - (1,913) 5,545 1,537 113 7,195 6,034 1,537 - 7,571 2,429 - 55 2,484 (1,192) - - (1,192) (1,913) - - (1,913) 5,358 1,537 55 6,950 |
|---|---|
Page 39