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2023-03-31-accounts

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Cheltenham YMCA
A Company Limited by Guarantee
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Report and Accounts
For The Year Ended
31 March 2023
Company Number: 03930834
Charity Number: 1079951
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GL50 3AT

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CHELTENHAM YMCA INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

Contents Page
Legal and Administrative Information 1 – 3
Report of the Board of Directors 4 – 11
Board of Directors’ Annual Review 12 - 14
Independent Auditor’s Report 15 – 17
Statement of Comprehensive Income 18
Statement of Changes in Reserves 19
Statement of Financial Position 20
Cashflow Statement 22
Notes to Accounts 22 - 34

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CHELTENHAM YMCA

LEGAL AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 MARCH 2023

CHELTENHAM YMCA

LEGAL AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 MARCH 2023

HONORARY VICE PRESIDENTS

Mr Alex Chalk MP Mr Ross N Cole Mrs Barbara Driver Mrs Jacky Fletcher Cllr Wendy Flynn Mr Rob Garnham Mr Les Godwin JP The Rev Canon Dr Tudor Griffiths Rt Hon Lord Jones (died 07.11.2022) The Rt Revd Robert Springett, Bishop of Tewkesbury Mr Donald Staight Mr Mike Summerbee The Rt Revd Rachel Treweek, Bishop of Gloucester The Rev Canon Dr Tim Welch Cllr Simon Wheeler

SENIOR STAFF TEAM

Mr R Charsley - Head of Health & Wellbeing Mrs L Coley - Head of Finance Mr J Ingles - Head of Housing, Policy & Performance Mr D Kinghorn - Head of Operations Mrs S Rivers - Head of Human Resources

REGISTERED OFFICE

6 Vittoria Walk Cheltenham Gloucestershire GL50 1TP

PROFESSIONAL ADVISORS

OFFICERS (*also Directors)

President

Dame Janet Trotter DBE

Chairman

Mr M Horne*

Vice Chairman

Mr M Ede*

Treasurer

Mr M Ede* - Interim Treasurer

Chief Executive & Company Secretary Mr J R Main

Auditor

Hazlewoods LLP, Windsor House, Bayshill Road, Cheltenham GL50 3AT

Bankers

HSBC Bank plc, The Cross, Gloucester GL1 2AP

Chartered Surveyor

Maxcis Project Management, Lynn Garth, Gillinggate, Kendal, Cumbria LA9 4JB

Payroll

Hazlewoods LLP, Windsor House, Bayshill Road, Cheltenham GL50 3AT

Solicitor

OTHER MEMBERS OF THE BOARD OF DIRECTORS

Mrs K Chiswell Mrs S Hedley Mr S Jordan Rev R Paterson Mr A Ponting Mr B Reed Mrs F Tolond Mr P Worsley

Harrison Clark Rickerbys Ltd, Ellenborough House, Wellington Street, Cheltenham GL50 1YD

Willans LLP, 28 Imperial Square, Cheltenham GL50 1RH

VAT Consultant

Hazlewoods LLP, Windsor House, Bayshill Road, Cheltenham GL50 3AT

MANAGEMENT SUB-COMMITTEES

Finance Committee

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CHELTENHAM YMCA LEGAL AND ADMINISTRATIVE INFORMATION - continued FOR THE YEAR ENDED 31 MARCH 2023

Organisations with whom the Association works:

The ASB app The Boy's Brigade Active Gloucestershire Adult Education in Gloucestershire Caring for Communities and People (CCP) CGL – Change, Grow, Live Cheltenham Borough Homes Cheltenham Chamber of Commerce Cheltenham First Stop Cheltenham Housing Advice Centre (CHAC) Cheltenham Housing Essentials Project Cheltenham Open Door The Diocese of Gloucester Elim Housing Furniture Recycling Project Gloucester City Council Gloucester City Mission Gloucestershire Action for Refugees and Asylum Seekers (GARAS) Gloucestershire Constabulary, Police Community Support Officers

Gloucestershire Cricket Foundation

Gloucestershire Domestic Abuse Support Service (GDASS) Gloucestershire Health and Care NHS Foundation Trust Gloucestershire NHS Mental Health Groups – Honeybourne unit and GRiP Team Gloucestershire Leaving Care Service Gloucestershire Nightstop

Gloucestershire VCS Alliance

Gloucestershire Rugby Foundation Gloucestershire Welfare Reform Gloucestershire Youth Offending Team Gloucestershire Youth Support Team Gloucestershire Rape and Sexual Abuse Centre (GRASAC)

Hesters Way Baptist Church Hesters Way Neighbourhood Project Hesters Way Partnership

Home Group Mid Cotswold Evangelical Alliance The Nelson Trust

P3

Prospect Training Services

Public Hearts The Riverside Group Springbank Community Resource Centre Sportily St George's (Severn Valley School) Stopdomesticabuse.uk SV Mentoring Trinity Church U3A University of Gloucestershire Unseen UK West Cheltenham Team Ministry YMCA England & Wales Young Gloucestershire Youth and Community Services

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Organisations supporting the work of the Association:

Aldi Asda Foundation All Saints’ Academy Barnwood Trust Blue Coat School Buildit Cambray Baptist Church The Catholic School of St Gregory The Great Chalford Hill School Cheltenham Borough Council Cheltenham Foodbank Cheltenham Lottery Cheltenham Network Church Clifton Diocese Dean Close School Eastington Primary School Everyman Theatre, Cheltenham FareShare Feeding Britain The Fluck Convalescent Fund Food Share Foxmoor Primary School GB Liners Gloucester City Council Gloucester City Mission Gloucester Feed the Hungry Gloucestershire Community Foundation Gloucestershire County Council God First Church The Henry Smith Charity Hesters Way Baptist Church Homes England The Hygiene Bank IT Schools Africa John Lewis Juliet's Purse Lidl UK

Mayor's Fund, Cheltenham Mid Cotswold Evangelical Alliance Mid Counties Co-operative Monster Clothing National Association of Child Contact Centres National Association of Retired Police Officers National Benevolent Society Neighbourly Foundation The Parish of West Cheltenham Parochial Church Council of St Luke & St John Peter Lang Children's Trust Pink & Blue Wash Kits Pret a Manger Rapid Relief Team Rotary Club of Cheltenham Salem Baptist Church Sewa Day Southfield Women's Institute Spirax Sarco St Margaret's Hall St Mark's Methodist Church St Peter and St Paul St Peter's Church Leckhampton St Philp & St James Church St Richard’s School Sylvanus Lysons Talisman Trust Tesco Tuffley Foodbank Up Hatherley Parish Council Vicar’s Relief Fund Waitrose Wavelength Wycliffe College Youth for Christ

The Board of Directors wishes to formally record its thanks to the aforementioned organisations and to individual donors for their support throughout the year.

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CHELTENHAM YMCA REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 MARCH 2023

Status

On 22 February 2000, Cheltenham YMCA was incorporated as a private company limited by guarantee (company number 03930834 and new charity number 1079951). The winding up of the old Association, charity number 250195, was not undertaken until 1 April 2000 when all assets and liabilities of the unincorporated body were transferred to the new company.

The Governing Document of the Association is the Memorandum and Articles of Association of Cheltenham YMCA, produced on incorporation on 22 February 2000.

Accounts

The Board of Directors, who are the Trustees for the purposes of Charity Law, present their report and audited accounts of the Association for the year ended 31 March 2023.

Results £
Deficit for year 135,119
Transfer to general reserves 135,119

Principal Activity

Cheltenham YMCA is an organisation based on Christian values, providing residential accommodation and community focused activities which promotes through its programme and service the physical, emotional and spiritual wellbeing of individuals of all religions, races and communities.

As an independent company, limited by guarantee, a registered charity and Homes England registered provider, it provides a range of accommodation as well as an activity programme for 180 members encouraging all people regardless of ability to develop both physical and creative skills.

The Mission Statement prepared by the “LAUNDE” internal review in 1999 was reviewed in November 2002. “Cheltenham YMCA is a Christian Organisation. Central to our aims are Christian values and service. Our main objective is meeting the needs of young people and creating personal development opportunities for all”.

Public Benefit, Aims and Purposes (extracted from the Memorandum of Association)

The objects of the Association arise from its acceptance of the Basis of Union of the Young Men’s Christian Associations of England, Ireland and Wales adopted by the British Young Men’s Christian Association Assembly held in Birmingham in the year 1973, that is to say:

“The Young Men’s Christian Associations seek to unite 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 for the extension of His Kingdom.

Any difference of opinion on other subjects, however important in themselves, shall not interfere with the harmonious relations of the Associations of the Young Men’s Christian Association Movement in England, Ireland and Wales”.

Accordingly, the objects of the Association are:

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CHELTENHAM YMCA REPORT OF THE BOARD OF DIRECTORS – continued FOR THE YEAR ENDED 31 MARCH 2023

Public Benefit, Aims and Purposes - continued

The Directors confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub sector guidance concerning the operation of the Public Benefit requirement under the Act.

The objects, aims and purposes of the Association are carried out for the public benefit and are clearly identifiable and appropriate. This provision and availability is demonstrated by the wide range of services and facilities offered by the Association at affordable prices.

General Financial Responsibilities

The Directors are responsible for preparing the Directors’ Report and the accounts in accordance with applicable law and regulations.

Legislation requires the Directors to prepare accounts for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under legislation the Directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the Association and of its net outgoing resources for that period. In preparing these accounts the Board of Directors are required to:

The Directors are responsible for keeping proper accounting records that are sufficient to show and explain the Association’s transactions and disclose with reasonable accuracy at any time the financial position of the Association and enable them to ensure that the accounts comply with the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2012. They are also responsible for safeguarding the assets of the Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Insofar as each of the Directors of the Association at the date of approval of this report is aware there is no relevant audit information (information needed by the company’s auditor in connection with preparing the audit report) of which the company’s auditor is unaware. Each Director has taken all of the steps that he/she should have taken as a Director in order to make himself/herself aware of any relevant audit information and to establish that the Association’s auditor is aware of that information.

Organisational Structure and Governance

The Officers have delegated day to day management of the Association to the Chief Executive –Mr Joseph R Main. The Board of Directors may pass major operational decisions to the Executive Committee which will meet as appropriate and will consist of the following members: Board Chairman, Board Vice Chairman, Chief Executive and the Treasurer.

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CHELTENHAM YMCA REPORT OF THE BOARD OF DIRECTORS – continued FOR THE YEAR ENDED 31 MARCH 2023

Recruitment and Appointment of Directors

The Directors who served during the year are as set out on page 1. The Board of Directors is constantly examining the possibility of recruiting and appointing additional Directors.

Internal Financial Control

It is the Board of Directors’ responsibility to establish systems of internal financial control. Such systems can provide only reasonable and not absolute assurance of:

Policy Statement on Risk Management

The Finance Committee are pleased to report that clear strategies for all aspects of internal operational and financial controls including reserves accounting, investment policy and going concern assessment have been defined, implemented and are being regularly reviewed for effectiveness. The Finance Committee are satisfied that systems are in place to manage exposure to the major identifiable risks.

The following reviews were undertaken, by the Finance Committee during the reporting period attended by independent advisors:

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CHELTENHAM YMCA REPORT OF THE BOARD OF DIRECTORS – continued FOR THE YEAR ENDED 31 MARCH 2023

Investment Policy and Performance

Under its Memorandum and Articles of Association, Cheltenham YMCA has the power to make any investment which the Board sees fit. Any funds are held in various Interest Accounts, this reduces the risk, by spreading the funds between accounts. It also provides a small amount of interest as well as having the necessary access to fund the building developments as described in the Annual Report from the Directors.

Value for Money and Corporate Governance

Cheltenham YMCA shall seek to secure value for money through the economic, efficient and effective use of its resources. It shall seek to comply with the requirements of the Homes England Governance and Financial Viability Standard. Cheltenham YMCA shall follow the Good Governance Code for the Voluntary and Community Sector.

Key Value of Money Metrics

In April 2018 the Regulator of Social Housing has introduced a requirement of small registered social housing landlords to include their Value for Money (VfM) metrics in their annual financial statements.

Below are the seven metrics for the association. Figures are in Pounds Sterling.

Metric 1 – Reinvestment %

This metric looks at the investment in properties as a percentage of the value of the total properties held (THP – Total Housing Properties). The reinvestment activities include development and/or acquisition of new properties and major maintenance works carried out in our existing properties (i.e. central heating upgrades, new kitchens and bathrooms installations etc).

2023/22 2022/21
Development of New Properties (THP) 588,598 1,309,060
Newly build properties acquired (THP) - -
Works to Existing (THP) 39,415 21,575
Divided by:
Housing Properties at net book value 10,442,190 10,177,538
Outcome 6% 13%

Commentary

The Association is keen to develop new homes in our area of operation and in maintaining and investing in our existing stock.

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CHELTENHAM YMCA REPORT OF THE BOARD OF DIRECTORS – continued FOR THE YEAR ENDED 31 MARCH 2023

Metric 2 – New Supply Delivered %

The New Supply metric sets out the number of new social housing and non-social housing units that have been acquired or developed in the year as a proportion of total social housing units and non-social housing units owned at 31 March 2022.

nits owned at 31 March 2022.
2023/22 2022/21
a. Social Housing Units
Total Social Housing Units Developed or Newly Built Units
Acquired In-Year		 19 -
Divided by Total Social Housing Units (inc. Shared Ownership) 217 198
Outcome 9% 0%
b. Non-Social Housing Units
Total Non-Social Units Developed or Newly Built Units Acquired
In-Year (Owned). (Total non-social rental housing units owned,
non-social leasehold units owned, new outright sale units
developed or acquired).		 - -
Divided by Total and Non-Social Housing Units Owned (Period
End). (Total social housing units owned, total non-social rental
housing units owned, social leasehold units owned, non-social
leasehold units owned (Period end))		 1 1
Outcome 0% 0%

Metric 3 – Gearing %

This metric assesses how much of the adjusted assets are made up of debt and the degree of dependence on debt finance.

n debt finance.
2023/22 2022/21
Total of:
Short-Term Loans 18,094 18,981
Long-Term Loans 2,361,472 2,049,220
Less Cash and Cash Equivalents (277,823) (398,819)
Amounts Owed to Group Undertakings - -
Finance Lease Obligations - -
2,101,743 1,669,382
Divided by:
Housing Properties at net book value 10,442,190 10,177,538
Outcome 20% 16%

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CHELTENHAM YMCA

REPORT OF THE BOARD OF DIRECTORS – continued FOR THE YEAR ENDED 31 MARCH 2023

Metric 4 – Earnings Before Interest, Tax, Depreciation, Amortisation, Major Repairs Included (EBITDA MRI) Interest Cover %

The EBITDA MRI interest cover measure is a key indicator for liquidity and investment capacity. It seeks to measure the level of surplus that a registered provider generates compared to interest payable.

2023/22 2022/21
Operating Deficit / (Surplus) (Overall) (135,119) 8,517
Less Gain / (loss) on disposal of fixed assets (housing properties) - -
Less Amortised Government grant (275,358) (259,081)
Plus Interest receivable 1,330 69
Less Capitalised major repairs expenditure for period - -
Plus Total depreciation charge for period 392,694 370,240
(16,453) 119,745
Divided by:
Interest Capitalised - -
Plus Interest payable and financing costs 91,928 50,573
Outcome (18)% 237%

Metric 5 – Headline Social Housing Cost Per Unit

2023/22 2022/21
Total of:
Management and Staffing Costs 1,033,553 1,060,710
Establishment Running Costs 253,954 228,669
Routine Maintenance Costs 3,825 79,716
Capitalised Major Repairs Expenditure for Period 39,415 21,575
Other Social Housing Letting Costs 46,623 143,756
1,377,371 1,534,426
Divided by:
Total Social Housing Units Owned and Managed at the Period End 217 198
Outcome 6,347 7,840

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CHELTENHAM YMCA REPORT OF THE BOARD OF DIRECTORS – continued FOR THE YEAR ENDED 31 MARCH 2023

Metric 6 – Operating Margin %

The Operating margin demonstrates the profitability of operating assets before exceptional expenses are considered.

considered.
2023/22 2022/21
a.
Social Housing Lettings		 22.66% 16.04%
b.
Overall		 -10.13% -0.44%

Metric 7 – Return on Capital Employed (ROCE) %

This metric compares the operating surplus to total assets less current liabilities and is a common measure in the commercial sector to assess the efficient investment of capital resources. The ROCE metric would support registered providers with a wide range of capital investment programmes.

2023/22 2022/21
Operating Surplus / (Deficit) inc. Gain / (Loss) on Disposal of Fixed Assets
(Housing Properties)		 (135,119) 8,517
Divided by:
Total Assets less Current Liabilities 11,520,718 11,389,396
Outcome (1.17)% 0.07%

Commentary

We accept our responsibility and the importance of ensuring Value for Money in the delivery of our services.

As the entire work of the charity is made up of a combination of activities relating to Social Housing as well as other areas of social action, the sections above may not universally apply across our entire portfolio of work.

Therefore, where the metrics above are applicable only to our Registered Provider of Social Housing status, this is clearly indicated, and such data should not be assumed to apply to other areas of our work.

The Trustees do, however, consider the metrics to be within their expectations and show a highly positive outlook for our Social Housing activities and for the charity as a whole.

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CHELTENHAM YMCA REPORT OF THE BOARD OF DIRECTORS – continued FOR THE YEAR ENDED 31 MARCH 2023

Policy Statement on Reserves and Going Concern Review

Cheltenham YMCA has unrestricted reserves available to finance its activities.

Unrestricted reserves are expendable at the discretion of the Board of Directors in furtherance of the charity’s objects. General reserves represent the amount of unrestricted reserves.

The Board recognises the need to establish a level of general reserves that enables financial stability, is adequate to meet the requirements of working capital and acts as a cushion against fluctuations in income levels and in the financial performance of the charity’s activities. Such reserves are built up from annual surpluses, when appropriate.

The Board’s policy has been reviewed and the Board has decided that the reserves should be equivalent to 6 months of the next year’s anticipated expenditure.

At anticipated levels of activity this is equivalent to a level of general reserves of approximately £675,000.

As at 31 March 2023 general reserves were £1,069,481 (2022 - £1,204,600).

The Board of Directors reviews its reserves policy on an annual basis. The Directors are satisfied that it is appropriate for the accounts to be prepared on a going concern basis.

Auditor

Hazlewoods LLP were appointed auditor for the year ended 31st March 2023 and a resolution to reappoint Hazlewoods LLP as auditor, in accordance with section 485 of the Companies Act 2006, will be proposed at the next Annual General Meeting.

Approved and Signed by Order of the Board

____ Director, M Horne ____ Director, M Ede

3/8/2023 _______ Dated

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CHELTENHAM YMCA BOARD OF DIRECTORS’ ANNUAL REVIEW FOR THE YEAR ENDED 31 MARCH 2023

In March 2021 the Board of Trustees established a 3-year Strategy designed to ensure the Charity remained entirely focused on serving those most vulnerable and at risk in our communities, while developing our services and extending our reach to deliver a much wider community and Christian Ministry benefit.

Year 1 of our Strategy focused on consolidating the work of the Charity, bringing improvement and restructuring existing works to build strong foundations from which to start developing the work of the organisation going forward.

In this, the second year of our strategy, our work has been focused on intentionally developing our organisation and services in “Preparing for Growth”.

To help achieve this strategic objective, the Charity established and employed the Business Objectives Cycle (shown below), which is expressed as follows:

ENCOUNTER

Reaching out effectively to our communities, supporters, beneficiaries, residents, staff and stakeholders;

ENGAGE

Collaborating and engaging meaningfully with those to whom we have a duty of care, and with our partners and contributors.

DEVELOP

Ensuring high degrees of competence and proficiency in our planning and project design to safeguard those we serve and to provide assurance to those who support our work.

DELIVER

Delivering appropriate and responsive services, protecting those most vulnerable and ensuring that all delivery is properly resourced and managed, and that outcomes are properly understood.

INSPIRE

Reporting and publishing the outcome of our work to stakeholders and the wider public in ways that inspire and encourage people and which prompt them to seek an ENCOUNTER with YMCA Cheltenham in the future.

In ‘Preparing for Growth’ Trustees understood the importance of investment into the future shape and potential of the organisation and sought to implement a ‘blended’ development approach, combining operational and structural change to achieve organisational objectives, while carefully balancing financial and reputational returns from the work we undertook throughout the year.

Despite this year being extraordinarily challenging, the Trustees are confident that the work delivered and decisions taken throughout the year have successfully met our primary strategic objective, allowing the organisation to now focus on our 3[rd] year objective of ‘Growth into Resilience’.

We must acknowledge that the Charity presents a deficit this financial year of £135,119 (circa 4.2% of our total turnover).

A number of factors have contributed to this, not least of which has been the ever-increasing challenge of external inflationary pressures as a consequence of the wider economic turmoil in the UK.

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CHELTENHAM YMCA BOARD OF DIRECTORS’ ANNUAL REVIEW - continued FOR THE YEAR ENDED 31 MARCH 2023

Unfortunately, a large part of our financial challenge this year also stemmed from the outcomes relating to the cyber-attack suffered by Gloucester City Council in late 2021. This affected the whole Housing Benefit claims system for Gloucester residents which has, in turn, impacted the financial performance of the charity.

This year, the charity also made the decision to use a portion of its reserves to invest heavily into its property condition and compliance, ensuring that we provide the very best accommodation we can to those who have faced some of the worst circumstances imaginable. We believe it is an expression of our faith foundation to ensure everyone in our accommodation are afforded safety, security, and dignity in their circumstances. We will continue to ensure we provide the best we can in the quality and standard of our accommodation into the future.

As intended, the Charity undertook a major restructure of its staff team and redeployment of its entire property estate in Gloucester to launch and deliver The PATHWAY HOME (Gloucester). This person-centred response to the blight of repeat homelessness is a bold and innovative approach to supporting individuals in finding a settled future and independence. Designed to flex with the need and progress of each individual resident who undertakes this journey, early indications show strong positive responses from residents with whom we walk together. We anticipate improved outcomes for all residents who embark upon The PATHWAY HOME and look forward to sharing outcome information over the next two years of this trial initiative.

As part of ever-strengthening relationships with Gloucester City Council, YMCA Cheltenham has been asked to take on the management of two additional temporary emergency accommodation units in the city. Caridas House, providing 30 beds for single people and families; and Jubilee House, providing family accommodation for up to 18 people. Both services now benefit from the professionalism and care of our staff teams, supporting the very vulnerable individuals who are staying in these properties.

We have also invested significantly in new accommodation in Gloucester City, including new properties that help us shape how we might respond meaningfully to address routes to homelessness – i.e. the circumstances that people face which can often lead to individuals suffering the loss of their homes, families or support networks. To this end, we have started to explore a joint working initiative with The Nelson Trust to provide accommodation and support to vulnerable single women aged 18-35 who are prison leavers, offering them sanctuary and a safe space to start rebuilding their lives.

We have developed a property in Gloucester, known as ‘Number 3’, to provide four high quality and discrete one-bed studios to help young women leaving HMP Eastwood Park who do not have a safe or secure network of their own to rely upon. Without support, some of the issues that these young women will face include; sex trafficking, street homelessness, domestic violence, substance abuse, forced prostitution, suicide and self-harm.

With no-one else to turn to, YMCA Cheltenham together with The Nelson Trust, hope to provide these young women with an opportunity to recover their self-esteem, restore their human value and create new life opportunities that would not otherwise have been available to them.

In this year, we also completed the work started in the previous year of merging with Family Space. Never an easy exercise, Trustees are satisfied that all plans and preparation were undertaken to support as smooth a transition as possible. We are pleased to say that, for all staff members of Family Space, they have experienced material improvement to their levels of pay to bring them in line with the Pay Band structure of YMCA Cheltenham, as well as the broad and supportive benefits experienced enjoyed by the entire staff team.

Once we have moved beyond the settling-in stage, we will work together with the Family Space team to strengthen and develop further the excellent work so far undertaken over many years.

In reviewing the Financial Statements, we are gratified to see the work undertaken in the previous year to bring resilience to our work beginning to show through, with some excellent positive indicators.

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CHELTENHAM YMCA BOARD OF DIRECTORS’ ANNUAL REVIEW - continued FOR THE YEAR ENDED 31 MARCH 2023

Trustees are pleased to highlight that even in the face of a challenging and economically tumultuous year, we have managed to provide housing services more efficiently than ever before, reducing the running cost per unit by almost 20%, while still achieving a net positive cashflow. While our reserves have reduced by around £200k as a consequence of external challenges and the intentional developments this year, reserves remain at acceptable levels while tangible fixed assets have increased by over £600k.

Trustees acknowledge again this year the work of our Chief Executive, our Senior Leadership Team and our entire staff team as they steered and delivered the work of the organisation through another year in which challenges were great, but aspirations were met.

Trustees are also grateful to all those who have supported and partnered in our work. The list of our supporters has grown, and we are grateful to all who have given of their time and their money to help bring about the work we set out to achieve.

While we may be at the front-line of service and support to those who are in desperate need, we would not be able to deliver without the support of so many others.

It is only together that we can do so much - thank you to all who have helped us make a positive impact on the lives of the young people, adults, families and communities we continue to faithfully serve.

Signed on behalf of the Board of Directors

____ Director, M Horne ____ Director, M Ede 3/8/2023 _______ Dated

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CHELTENHAM YMCA FOR THE YEAR ENDED 31 MARCH 2023

Opinion

We have audited the financial statements of Cheltenham YMCA for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the 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:

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 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:

Other information

The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information. 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.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CHELTENHAM YMCA - continued FOR THE YEAR ENDED 31 MARCH 2023

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ 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:

Responsibilities of Directors

As explained more fully in the Directors’ Responsibilities statement set out on page 5 the Directors (who are also the Directors of the company 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 Directors 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 Directors are responsible for assessing the company’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 Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

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 our procedures are capable of detecting irregularities, including fraud is detailed below:

16

DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CHELTENHAM YMCA - continued FOR THE YEAR ENDED 31 MARCH 2023

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.

Use of our report

This 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. 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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Association and the Association’s members as a body, for our audit work, for this report, or for the opinions we have formed.

_______

Martin Howard (Senior Statutory Auditor)

for and on behalf of Hazlewoods LLP, Statutory Auditor Windsor House, Bayshill Road, Cheltenham GL50 3AT

4/8/2023

_______

Dated

17

DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

CHELTENHAM YMCA STATEMENT OF COMPREHENSIVE INCOME

(INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2023

Notes
Turnover
2a
Operating costs
2a
Operating (deficit)/surplus
2a/6
General donations received
2a
Donations received on Family Space merger
2a
Restricted donations received
2a
Investment income (gross)
2a
Pension fund contribution
14/16
(Deficit)/Surplus for the year before tax
Taxation
Surplus for the year		 2023
£
3,240,428
(3,570,679)
(330,251)
15,548
111,021
74,847
1,330
(7,614)
(135,119)
-
(135,119)		 2022
£
2,769,531
(2,781,708)
(12,177)
10,987
-
23,967
69
(14,329)
8,517
-
8,517

There was £nil other comprehensive income for the year (2022 - £nil).

3/8/2023

Approved and authorised for issue by the Board of Directors on …………………………

____ Director, M Horne ____ Director, M Ede

For and on behalf of the Board

The notes on pages 22 to 34 form part of these accounts.

18

DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

CHELTENHAM YMCA STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 MARCH 2023

STATEMENT OF CHANGES IN RESERVES
Balance as at 1 April 2021
Surplus from Statement of Comprehensive
Income
Balance at 31 March 2022
STATEMENT OF CHANGES IN RESERVES
Balance as at 1 April 2022
Deficit from Statement of Comprehensive
Income
Balance at 31 March 2023		 General
Reserves
1,196,083
8,517
1,204,600
General
Reserves
1,204,600
(135,119)
1,069,481		 Revaluation
Reserve
790,807
-
790,807
Revaluation
Reserve
790,807
-
790,807		 Total
Reserves
1,986,890
8,517
1,995,407
Total
Reserves
1,995,407
(135,119)
1,860,288

19

DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

CHELTENHAM YMCA STATEMENT OF FINANCIAL POSITION As at 31 MARCH 2023 COMPANY NUMBER 03930834

FIXED ASSETS
Tangible Fixed Assets
Housing Association assets
Non Housing Investment Property
Property, Plant & Equipment

TOTAL FIXED ASSETS
CURRENT ASSETS
Stock
Debtors due in less than one year
Cash and cash equivalents
CREDITORS
Amounts falling due within one year
NET CURRENT LIABILITIES
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
NET ASSETS
ACCUMULATED RESERVES
General Reserves
Revaluation Reserve
TOTAL RESERVES		 Notes 2023
£
10,442,190
1,025,000
262,009
11,729,199
2,736
370,357
277,823
650,916
(859,397)
(208,481)
11,520,718
(9,660,430)
1,860,288
1,069,481
790,807
1,860,288		 2022
£
10,177,538
1,025,000
275,610
7
8
9
10
11
12
13
14
11,478,148
2,143
274,147
398,819
675,109
(763,859)
(88,750)
11,389,398
(9,393,991)
1,995,407
1,204,600
790,807
1,995,407

Approved and authorised for issue by the Board of Directors on …………………………

____ Director, M Horne ____ Director, M Ede

For and on behalf of the Board

The notes on pages 22 to 34 form part of these accounts.

20

DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

CHELTENHAM YMCA STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2023

2023
£
Cashflows from operating activities
Surplus/(Deficit) for the financial year
(135,119)
Adjustments for:
Depreciation of tangible assets
392,694
Amortisation of Grants received
(275,358)
Interest Received
(1,330)
Interest Paid
91,927
Decrease/(Increase) in trade and other debtors
(96,210)
(Increase) in Stocks
(593)
(Decrease)/Increase in trade and other creditors
74,486
Net Cashflow from operating activities
50,498
Cashflows from investing activities & donations
Purchase of tangible assets
(643,745)
Proceeds from sale of fixed assets
-
Loans received
330,000
Loans repaid
(18,634)
Grants received
251,482
Interest received
1,330
Interest paid
(91,927)
Net Cash from investing activities
(171,494)
Net Increase/(Decrease) in cash and cash equivalents
(120,996)
Cash and Cash Equivalents at the beginning of the year
398,819
Cash and Cash Equivalents at the end of the year
277,823
At 1
April 2022
Cash flows
Other
non-cash
changes
Analysis of changes in
net debt
£
£
£
Cash and cash
equivalents
Cash
398,819
(120,996)
-
Borrowings
Due within one year
(18,981)
5,578
-
Due after one year
(2,049,220)
(316,944)
-
Total net debt
(1,669,382)
(432,362)
-		 2023
£
Cashflows from operating activities
Surplus/(Deficit) for the financial year
(135,119)
Adjustments for:
Depreciation of tangible assets
392,694
Amortisation of Grants received
(275,358)
Interest Received
(1,330)
Interest Paid
91,927
Decrease/(Increase) in trade and other debtors
(96,210)
(Increase) in Stocks
(593)
(Decrease)/Increase in trade and other creditors
74,486
Net Cashflow from operating activities
50,498
Cashflows from investing activities & donations
Purchase of tangible assets
(643,745)
Proceeds from sale of fixed assets
-
Loans received
330,000
Loans repaid
(18,634)
Grants received
251,482
Interest received
1,330
Interest paid
(91,927)
Net Cash from investing activities
(171,494)
Net Increase/(Decrease) in cash and cash equivalents
(120,996)
Cash and Cash Equivalents at the beginning of the year
398,819
Cash and Cash Equivalents at the end of the year
277,823
At 1
April 2022
Cash flows
Other
non-cash
changes
Analysis of changes in
net debt
£
£
£
Cash and cash
equivalents
Cash
398,819
(120,996)
-
Borrowings
Due within one year
(18,981)
5,578
-
Due after one year
(2,049,220)
(316,944)
-
Total net debt
(1,669,382)
(432,362)
-		 2022
£
8,517
370,240
(259,085)
(69)
50,573
(90,944)
(445)
179,328
258,115
(1,342,743)
-
1,800,000
(1,302,377)
754,447
69
(50,573)
(141,177)
116,938
281,881
398,819
At 31
March 2023
£
277,823
(13,403)
(2,366,164)
- (2,101,744)

21

DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

CHELTENHAM YMCA NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

a) Status

The Association is a company limited by guarantee, number 03930834, incorporated in the United Kingdom, registered at 6 Vittoria Walk, Cheltenham, GL50 1TP; a registered charity, number 1079951, and a registered housing association with Homes England under the Housing and Regeneration Act 2008, number H4270. The Board of Directors is of the opinion that the Association is exempt from liability to taxation on its income and capital gains, and that it is a public benefit entity.

The liability of members is limited.

Every full member of the Association undertakes to contribute such amount as may be required (not exceeding £1.00) to the assets of the Association in the event of the same being wound up while he or she is a member, or within one year after he or she ceases to be a member, for payment of the debts and liabilities of the Association contracted before he or she ceases to be a member and of the costs, charges and expenses of winding up and for the adjustment of the rights of the contributories among themselves.

If upon the winding up or dissolution of the Association there remains, after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall not be paid to or distributed among the members of the Association but shall be given or transferred to The National Council of Young Men’s Christian Associations (Incorporated) for its work in Cheltenham.

b) Basis of Accounting

These financial accounts have been prepared in accordance with the Housing Statement of Recommended Practice (SORP), published in 2014 and amended in 2018, with the Accounting Direction for Private Registered Providers of Social Housing 2022, with the Financial Reporting Standard 102 (FRS 102) and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for its investment property.

c) Cash Flow Statement

Cheltenham YMCA is obliged to prepare a Cashflow statement for the year with comparatives.

d) Fixed Asset Valuation Bases

Fixed Asset Properties used for Social Housing are classified as Tangible Fixed Assets and are valued at Historic Cost. Fixed assets Properties for non-Social Housing are classed as Investment Properties and are valued at Fair value based on a valuation by a professionally qualified third party, annually.

e) Depreciation

Depreciation is provided on all tangible fixed assets (excluding Investment property) in use, at rates calculated to write off the cost or valuation, of each asset over its expected useful life on a straight line basis, as follows:

Freehold Buildings and Construction - over 50 years
Windows Doors Lift & M&E Installations - over 30 years
Roof and Telephone System - over 20 years
Shower Rooms and Kitchen Units - over 10 years
Furniture, Curtain and Carpets - over 5-10 years
IT & Wi-Fi Communications - over 4 years
Kitchen & Laundry Appliances - over 3 years
Programme Fixtures and Equipment - over 4 years
Motor Vehicles - over 4 years
Administration Equipment - over 4 years
Café Y Fixtures and Fittings - over 4 years
Conference Fixtures and Fittings - over 8 years

22

DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES (continued)

e) Depreciation (continued)

Assets under construction, or not yet available for use, are not depreciated until they are brought into use. The useful economic life and residual value of all fixed assets are reviewed annually. Freehold Land is not depreciated and neither is Investment Property.

Assets costing £500 or more are capitalised as tangible fixed assets and are carried at cost, less depreciation and any provision for impairment.

f) Component Accounting

Under component accounting, in addition to the structure, the housing property is divided into those major components which are considered to have substantially different useful economic lives and depreciation on these components has been implemented at the rates shown in e) above.

g) Apportionment of Management Expenses

Direct employee, administration and operating costs have been apportioned to the hostel revenue account and the non-hostel revenue account on the basis of the cost of the staff involved or the usage of the buildings, as appropriate, using percentages derived from the Chief Executive's estimates for utilisation of the activities.

h) Turnover

Turnover represents net rental income receivable for its hostel units and, with non-hostel lettings, income from sporting, recreational and welfare programmes and grants/contracts from local authorities, Gloucester County Council, and The Cheltenham Borough Council. Turnover is disclosed net of bad debts and void losses for hostel units which are disclosed in note 2c to the accounts.

i) Government Grants

Government grants include grants receivable from Homes England (HE), local authorities, and other government organisations.

Revenue grants are creditors to Statement of Comprehensive Income over the same period as the expenditure to which they relate. Grants received for the capital costs of housing schemes are recognised in income over the useful economic life of the Structure of property concerned under the accruals model. Homes England Grants are repayable under certain circumstances, primarily following the sale of the property, but will normally be restricted to net proceeds of the sale.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

l) Creditors

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m) Stock

Stocks, where material, are valued at the lower of cost and net realisable value. Cost is computed on a first in first out basis.

23

DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES (continued)

n) PENSION SCHEME – YMCA Superannuation Scheme and Stakeholder Scheme

Cheltenham YMCA in the past has participated in a multi-employer defined benefit pension plan for employees of YMCAs in England, Scotland and Wales, which was closed to new members and accruals on 30 April 2007. The plan's actuary has advised that it is not possible to separately identify the assets and liabilities relating to Cheltenham YMCA, therefore the scheme is accounted for as a defined contribution scheme.

As described in note 16 Cheltenham YMCA has a contractual obligation to make pension deficit payments over the period to April 2029, accordingly this is shown as a liability in these accounts. In addition, Cheltenham YMCA is required to contribute to the operating expenses of the Pension Plan and these costs are charged to the Statement of Comprehensive Income.

Cheltenham YMCA now operates a corporate money purchase pension scheme for employees and also participates in the stakeholder pension scheme as set out in Government legislation. In both these schemes, both the employee and Cheltenham YMCA contribute to the schemes but the funds are accumulating only and no liability is attached to these schemes going forward.

o) Operating Leases

Rentals under operating leases are charged to the Income and Expenditure Account on a straight line basis over the lease term, as detailed in note 18.

p) Going Concern

After reviewing the current reserves, forecasts and projections the Board of Directors have a reasonable expectation that the Association has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis for preparing the accounts.

q) Voluntary Income

Donations and similar incoming resources are included in the year in which they are receivable.

r) Employee benefits

Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

s) Taxation

The Association is recognised as a charity for tax purposes and consequently not liable to Corporation Tax.

t) Financial instruments

Financial instruments which meet the criteria of a basic financial instrument as defined in Section 11 of FRS 102 are accounted for at amortised historic cost.

Non-basic financial instruments are recognised at fair value using a valuation technique with any gains or losses reported in surplus or deficit. The Association has no non-basic financial instruments at the year end.

u) Significant management judgements

The following are significant management judgements made in applying the accounting policies of the Association that have the most significant effect on the financial statements.

24

DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES (continued)

25

DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2023

2a. TURNOVER AND OPERATING SURPLUS/(DEFICIT)

INCOME AND EXPENDITURE
FROM LETTINGS – Hostels
INCOME AND EXPENDITURE – Other
Total
Donations received
Restricted donations received
Donations received on Family Space merger
31 March 2023
31 March 2022
TURNOVER FROM SOCIAL HOUSING
LETTINGS
Rents receivable
Activities
Room hire
Grant amortisation
CONTRACTS
GCC Young People’s Contract
TOTAL TURNOVER – SOCIAL HOUSING		 Turnover
Operating
Costs
Operating
Surplus /
(deficit)
Investment
Income
(Gross)
Other
Income
Pension Fund
Contributions
2023
Surplus /
(deficit)
2022
Surplus /
(deficit)
£
£
£
£
£
£
£
£
2,564,332
(1,978,722)
585,610
-
-
-
585,610
376,733
676,096
(1,591,957)
(915,861)
1,330
-
(7,614)
(922,145)
(403,170)
3,240,428
(3,570,679)
(330,251)
1,330
-
(7,614)
(336,535)
(26,437)
-
-
-
-
15,548
-
15,548
10,987
-
-
-
-
74,847
-
74,847
23,967
-
-
-
-
111,021
-
111,021
-
3,240,428
(3,570,679)
(330,251)
1,330
201,416
(7,614)
(135,119)
2,769,531
(2,781,708)
(12,177)
69
34,954
(14,329)
8,517
2023
£
2022
£
2,008,545
1,818,915
2,238
844
-
-
275,358
259,081
2,286,141
2,078,840
278,191
270,088
2,564,332
2,348,928

26

DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2023

2b . The Association provides temporary emergency and supported accommodation in Cheltenham and Gloucester; comprising of 182 bed spaces in total. Of these, 78 bed spaces are emergency accommodation in Gloucester.

The remaining bed spaces, 104 in total, make up our supported housing provision at Vittoria Walk in Cheltenham consisting of 73 bed spaces and St Michael’s House & 4 to 6 St Michael’s Court, which makes up 31 bed spaces in Gloucester within our supported housing “pathway”.

The Association also provides “affordable housing” within Cheltenham; consisting of 31 bed spaces in total.

2c. The maximum potential rents receivable for the year ended 31 March 2023 were £2,208,108 (2022: £1,933,647). Of this amount £1,933,647 (2022: £1,748,845) has been credited. Rent voids are £179,563 (2022: £139,526) and bad debts are £nil (2022: £46,276), therefore total of voids and losses are £179,563 (2022: £185,802).

3. KEY MANAGEMENT REMUNERATION

The remuneration paid to officers of the Association excluding pension contributions was:

Emoluments to officer
Expenses reimbursed to the aforementioned officer
Other officers’ expenses reimbursed		 2023
£
73,001
-
-		 2022
£
70,624
-
-

The members of the Board who are non-executive board members received no remuneration in the current or previous year. No other officer received remuneration or benefits in kind.

The CEO is the highest paid officer, and the only officer paid at more than £60,000 per annum.

For the purpose of this disclosure all officers of the Association are considered to be Directors.

See note 5 for disclosure of pensions paid in respect of the paid officer.

4. STAFF COSTS

Salaries
Social security costs
Other pension costs - YMCA Executive Stakeholder Scheme
- Family Space Stakeholder Pension Scheme
- YMCA Pension Scheme People’s Pension
- YMCA Pension Scheme Scottish Widows
- YMCA England Pension Scheme cost
- YMCA pension deficit cost		 2023
£
1,678,507
141,118
-
33,513
15,608
7,614
39,556
1,915,916		 2022
£
1,394,566
106,896
2,062
22,812
7,817
14,329
-
1,548,482

The average number of persons employed during the year was 84 (2022:79) of which 52 (2022:43) were full time. Housing: 39 (2022: 32) (of which 5 (2022: 2) part-time), Sports Programme: 5 (2022: 6) (of which 4 (2022: 6) part-time), Administration: 19 (2022: 18) (of which 3 (2021: 6) part-time), Family Space 21 (2022: 22) (of which 21 (2022: 21) part-time)).

5. OPERATING SURPLUS/(DEFICIT)

PERATING SURPLUS/(DEFICIT)
2023 2022
Operating surplus/deficit is stated after charging: £ £
- Officers’ remuneration 73,001 70,624
- Officers’ employer pension contribution 5,840 5,650
- Depreciation of tangible fixed assets 392,694 370,240
- Amortisation of grant received (275,358) (259,081)
- Audit fee 8,250 7,850
- Operating Lease Rentals (note 18) 3,074 3,074

27

DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2023

6. TAXATION

The Association is recognised as a charity for tax purposes and consequently not liable for corporation tax on charitable activities.

7. TANGIBLE FIXED ASSETS

Housing
Association
Activities
COST
At 1 April 2022
Additions in year
Disposals in year
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for year
At 31 March 2023
NET BOOK
VALUE
At 31 March 2023
NET BOOK VALUE
At 31 March 2022		 Vittoria
Walk
St
Michael’s
St
Michael’s
Vittoria
Walk
Dulverton
Dulverton
James
Smith
Row
Potters
Place
Potters
Place
3-6 St
Michael’s
Court
Freehold
Land and
Buildings
Freehold
Land and
Buildings
Fixtures
And
Fittings
Equipment
Freehold
Land and
Buildings
Fixtures
and
Fittings
Freehold
Land and
Buildings
Freehold
Land and
Buildings
Fixtures
and
fittings
Freehold
Land and
Buildings
Total
£
£
£
£
£
£
£
£
£
£
£
4,264,409
961,145
-
39,354
1,173,013
42,328
776,372
3,408,680
47,579
1,309,060
12,021,940
-
-
2,971
3,335
-
2,292
-
-
30,817
588,598
628,013
-
-
-
-
-
-
-
-
-
-
-
4,264,409
961,145
2,971
42,689
1,173,013
44,620
776,372
3,408,680
78,396
1,897,658
12,649,953
1,090,021
187,772
27,717
142,421
38,803
89,960
255,725
11,983
-
1,844,402
132,271
19,572
122
3,277
32,961
3,582
22,398
110,157
6,025
32,996
363,361
1,222,292
207,344
122
30,994
175,382
42,385
112,358
365,882
18,008
32,996
2,207,763
3,042,117
753,801
2,849
11,695
997,631
2,235
664,014
3,042,798
60,388
1,864,662
10,442,190
3,174,388
773,373
-
11,637
1,030,592
3,525
686,412
3,152,955
35,596
1,309,060
10,177,538

28

DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2023

7. TANGIBLE FIXED ASSETS (continued)

Social Housing Assistance 2023 2022 £ £ Total accumulated social housing grant receivable at 31 March 9,193,387 8,941,905

8. TANGIBLE INVESTMENT PROPERTY

Number 6

(Vittoria Walk B&B and Conferencing) Fair Value as at 31 March 2023 £1,025,000 Fair Value as at 31 March 2022 £1,025,000

This was valued by Ash & Co Chartered Surveyors on 31 March 2016 and confirmed that there has been no significant variation on 2 June 2023.

The Historic Net Book Value of this Building was £234,193.

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DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2023

9. TANGIBLE FIXED ASSETS

Non-Housing Association Activities 2022/23

Programme Conference Arle Road Total
Administration Fixtures & Motor Fixtures & Freehold Land
Equipment Equipment Vehicles Fittings and Buildings
£
£ £ £ £ £
COST
At 1 April 2022 119,022 92,127 26,384 1,438 250,000 488,971
Additions in year 15,732 - - - - 15,732
Disposals in year - - (4,295) - - (4,295)
At 31 March 2023 134,754 92,127 22,089 1,438 250,000 500,408
DEPRECIATION
At 1 April 2022 73,974 90,272 22,702 1,438 24,975 213,361
Charge for year 16,222 1,095 3,682 - 8,334 29,333
Disposals in year - - (4,295) - - (4,295)
At 31 March 2023 90,196 91,367 22,089 1,438 33,309 238,399
NET BOOK VALUE
At 31 March 2023 44,558 760 - - 216,691 262,009
NET BOOK VALUE
At 31 March 2022 45,048 1,855 3,682 - 225,025 275,610

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DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2023

3
10.
STOCKS
Sports centre and Café
Cleaning
11.
DEBTORS
Trade debtors
Residents’ rents owed
Prepayments
Other debtors due within one year
- Accrued Income
- Other
12.
CASH AND CASH EQUIVALENTS
Bank deposit account
Cash in hand
13.
CREDITORS: Amounts falling due within one year
Trade Creditors
Other Creditors
VAT & PAYE/NIC payable
YMCA Pension deficit
Holiday Accrual
Sundry creditors and accruals
Deferred Capital Grant – HE Vittoria Walk
Deferred Capital Grant – HE St Michael’s
Deferred Capital Grant – GCC St Michael’s
Deferred Capital Grant – HE Dulverton Court
Deferred Capital Grant – Dulverton Court
Deferred Capital Grant – HE James Smith Row
Deferred Capital Grant – James Smith Row
Deferred Capital Grant – GCC Potters Place
Deferred Capital Grant – HE Potters Place
Arle Road Sports Centre Loan
Deferred Capital Grant – HE 4-6 St Michael’s Court
Government Loan		 2023
£
454
2,282
2,736
2023
£
133,145
-
141,734
95,478
-
370,357
2023
£
277,823
-
277,823
2023
£
162,168
277,263
52,109
35,033
-
34,030
101,614
17,013
8,507
20,734
9,757
11,920
9,140
3,543
67,311
8,333
31,161
9,761
859,397		 2022
£
585
1,558
2,143
2022
£
72,054
-
146,023
56,070
-
274,147
2022
£
398,819
-
398,819
2022
£
238,275
124,916
39,993
30,961
15,753
37,797
101,614
16,843
8,677
20,734
9,757
13,118
10,059
3,819
72,560
8,333
-
10,648
763,857

All creditors are paid within two months of the liability being notified.

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DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

CHELTENHAM YMCA

NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2023

14.
CREDITORS: Amounts falling due after one year
YMCA England Pension Deficit
Deferred Capital Grant – HE Vittoria Walk
Deferred Capital Grant – HE St Michael’s
Deferred Capital Grant – GCC St Michael’s
Deferred Capital Grant – HE Dulverton Ct/James Smith Row
Deferred Capital Grant – CBC Dulverton Court
Deferred Capital Grant – HE James Smith Row
Deferred Capital Grant – CBC James Smith Row
Deferred Capital Grant – GCC Potters Place
Deferred Capital Grant – HE Potters Place
Deferred Capital Grant – St Michael’s
Arle Road Sports Centre Loan
Potters Place GCC Loan
Charity Bank Loan
Government loan
YMCA England Pension
Due in 1-2 Years
Due in 2-5 Years
Due in >5 Years
Deferred Capital Grants and loans
Due in 1-2 Years
Due in 2-5 Years
Due in >5 Years
Arle Road Sports Centre Loan
Potters Place Loan
Government Loan
Charity Loan
TOTAL		 2023
£
143,409
2,271,437
394,125
203,292
579,231
272,579
374,425
287,103
90,838
1,725,928
956,591
209,034
-
2,129,699
22,739
9,660,430
35,033
108,376
-
143,409
280,700
842,100
6,032,749
209,034
-
22,739
2,129,699
9,517,021
9,660,430		 2022
£
141,827
2,373,051
411,138
211,799
599,964
282,336
386,345
296,243
94,381
1,793,240
754,447
217,368
-
1,800,000
31,852
9,393,991
36,847
96,259
8,721
141,827
257,181
771,543
6,174,220
217,368
-
31,852
1,800,000
9,252,164
9,393,991

No security has been given by the Association in respect of the above creditors.

32

DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2023

15. DEFERRED CAPITAL GRANT MOVEMENTS

At 1 April 2022
Grant paid back in
the year
Grant received in
the year
Released in the
year
At 31 March 2023		 Vittoria
Walk
HE
St
Michael’s
HE
St
Michael’s
GCC
Dulverton
Ct/ James
Smith Row
HE & CBC
Potters
Place HE
& GCC
St
Michael’s
HCA
Total
2,474,665
427,981
220,476
1,618,556
1,964,000
754,447
7,460,125
-
-
-
-
-
-
-
-
-
-
-
-
251,482
251,482
(101,614)
(16,843)
(8,677)
(53,667)
(76,380)
(18,177)
(275,358)
2,373,051
411,138
211,799
1,564,889
1,887,620
987,752
7,436,249

16. PENSION SCHEMES

The most recent completed three year valuation was as at 1 May 2020. The assumptions used which have the most significant effect on the results of the valuation are those relating to the assumed rates of return on assets held before and after retirement of 2.59% and 1.09% respectively, the increase in pensions in payment of 2.99% (for RPI capped at 5% p.a.), and the average life expectancy from normal retirement age (of 65) for a current male pensioner of 22.0 years, female 24.4 years, and 23.7 years for a male pensioner, female 26.1 years, retiring in 20 years’ time. The result of the valuation showed that the actuarial value of the assets was £146.1m, which represented 79% of the benefits that had accrued to members. The Pension Plan was closed to new members and future service accrual with effect from 30 April 2007. With the removal of the salary linkage for benefits all employed deferred members became deferred members as from 1 May 2011.

The valuation prepared as at 1 May 2020 showed that the YMCA Pension Plan had a deficit of £36 million. Cheltenham YMCA has been advised that it will need to make monthly contributions of £3,367.87 from 1 May 2021. This amount is based on the current actuarial assumptions (as outlined above) and may vary in the future as a result of actual performance of the Pension Plan. The current recovery period is 8 years commencing 1st May 2021.

As at 31 March 2023
As at 31 March 2022		 Repayable Repayable
Within one
year
£'000
35		 One to two
years
Two to
five years
After five
years
£'000
£'000
£'000
35
104
-		 After more
than one
year
TOTAL
2023
£'000
£'000
40
178		 TOTAL
2022
£'000

173
31 -
133
9		 142

In addition, Cheltenham YMCA may have over time liabilities in the event of the non-payment by other participating YMCAs of their share of the YMCA Pension Plan’s deficit. It is not possible currently to quantify the potential amount that Cheltenham YMCA may be called upon to pay in the future.

33

DocuSign Envelope ID: C029A24E-4910-437B-BC3E-8FED55AA80BC

CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2023

17. CAPITAL COMMITMENTS

As at 31 March 2023, Cheltenham YMCA had a capital commitment to pay a value of £nil (2022: £nil) in relation to retainer fees for James Smith Row and Dulverton Court based on the building work that was being carried out was carried out successfully.

18. OPERATING LEASE COMMITMENTS

At 31 March 2023 the Association had commitments under non-cancellable operating leases for plant and machinery as follows:

s follows:
2023 2022
£ £
Within 1 year 2,894 3,219
Due within 2-5 years 3,041 5,201

Operating lease payments recognised as an expense in the year were £3,074 (2022: £3,074).

19 . RELATED PARTY TRANSACTIONS

a) FAMILY SPACE

The agreement and relating transactions with Family Space are included in note 4.

Family Space is a social charity set up to assist families and children with integration and support. Cheltenham YMCA assists the charity in providing Human Resources advice, Payroll & General administration and Accounting support. Family Space took over St Barnabas playgroup in January 2020. Cheltenham YMCA charge Family Space for the cost of salaries paid out from the payroll including HMRC payments plus an administration fee equal to 15% of the Total Gross Salaries administered and this is included in the comprehensive income statement to the values listed below and as such are considered related party transactions.

ransactions.
2023 2022
£ £
Administration Charge of 15% of Total Gross Salary 30,244 16,551
Salary Costs (Includes St Barnabas playgroup) 48,467 171,073
Balance due at Year End 0 40

The Trustees of YMCA Cheltenham and Family Space agreed to merge the two organisations into a single charity. This completed during the 2023 financial year and reserves of £111,021 were donated to Cheltenham YMCA Limited on this merger.

20. Share Capital and Guarantees

The Association is limited by guarantee and therefore has no share capital. The Association has associate members and full members. Each full member agrees to contribute a maximum or £1 per member in the event of a winding up order on Cheltenham YMCA if it ever occurred.

p order on Cheltenham YMCA if it ever occurred.
Number of members
At 1 April
Joining during the year
Leaving during the year
At 31 March		 2023
2022
180
171
40
61
(37)
(52)
183
180

34