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2024-03-31-accounts

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CHELTENHAM YMCA INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

Contents Page
Legal and Administrative Information 1 – 3
Report of the Board of Directors 4 – 11
Board of Directors’ Annual Review 12 - 21
Independent Auditor’s Report 22 – 24
Statement of Comprehensive Income 25
Statement of Changes in Reserves 26
Statement of Financial Position 27
Cashflow Statement 28
Notes to Accounts 29 - 43

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CHELTENHAM YMCA

LEGAL AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 MARCH 2024

CHELTENHAM YMCA

LEGAL AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 MARCH 2024

HONORARY PRESIDENT

Dame Janet Trotter DBE, CVO

HONORARY VICE PRESIDENTS

Mr Alex Chalk MP Mr Ross N Cole (died August 2023) Mrs Barbara Driver Mrs Jacky Fletcher Cllr Wendy Flynn Mr Rob Garnham Mr Les Godwin JP The Rev Canon Dr Tudor Griffiths The Rt Revd Robert Springett, Bishop of Tewkesbury Mr Donald Staight (died February 2024) Mr Mike Summerbee OBE The Rt Revd Rachel Treweek, Bishop of Gloucester The Rev Dr Tim Welch Cllr Simon Wheeler

SENIOR STAFF TEAM

Mr R Charsley - Head of Health & Wellbeing Mrs L Coley - Head of Finance (to October 2023)

Miss Z Harding - Head of Finance (from October 2023) Mr D Hemmings – Head of Property & Maintenance (from March 2024) 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

OFFICERS (*also Directors)

Chairman

Mr M Horne*

Vice Chairman

Mr M Ede*

Treasurer

Mr M Ede* - Interim Treasurer

Chief Executive & Company Secretary Mr J R Main

PROFESSIONAL ADVISORS

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

OTHER MEMBERS OF THE BOARD OF DIRECTORS

Mrs K Chiswell (resigned July 2023) Mrs S Hedley Mr S Jordan Rev R Paterson Mr A Ponting Mr B Reed Mrs F Tolond (resigned January 2024) Mr P Worsley

MANAGEMENT SUB-COMMITTEES

Finance Committee

Payroll

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

Solicitor

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

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CHELTENHAM YMCA LEGAL AND ADMINISTRATIVE INFORMATION - continued FOR THE YEAR ENDED 31 MARCH 2024

Organisations with whom the Association works:

The Boy's Brigade Gloucestershire Health and Care NHS Foundation Trust Active Gloucestershire Gloucestershire NHS Mental Health Groups Adult Education in Gloucestershire – Honeybourne unit and GRiP Team Atlus School Gloucestershire Leaving Care Service Caring for Communities and People (CCP) Gloucestershire VCS Alliance CGL – Change, Grow, Live Gloucestershire Welfare Reform Cheltenham Borough Council Gloucestershire Youth Offending Team Cheltenham Borough Homes Gloucestershire Youth Support Team Cheltenham Chamber of Commerce Gloucestershire Rape and Sexual Abuse Cheltenham First Stop Centre (GRASAC) Cheltenham Housing Advice Centre (CHAC) Hesters Way Baptist Church Cheltenham Housing Essentials Project Hesters Way Neighbourhood Project Cheltenham Open Door Hesters Way Partnership Cheltenham Table Tennis Club Home Group The Diocese of Gloucester The Nelson Trust Elim Housing P3 Furniture Recycling Project Public Hearts Gloucester City Council The Riverside Group Gloucester City Mission CIC Springbank Community Group Gloucestershire Action for Refugees and Sportily Asylum Seekers (GARAS) Trinity Church Gloucestershire Constabulary, Police Community Support Officers U3A Gloucestershire County Council West Cheltenham Team Ministry Gloucestershire Cricket Foundation YMCA England & Wales Gloucestershire Domestic Abuse Support Young Gloucestershire Service (GDASS)

Gloucestershire Health and Care NHS Foundation Trust

Gloucestershire NHS Mental Health Groups – Honeybourne unit and GRiP Team Gloucestershire Leaving Care Service Gloucestershire VCS Alliance Gloucestershire Welfare Reform Gloucestershire Youth Offending Team Gloucestershire Youth Support Team Gloucestershire Rape and Sexual Abuse Centre (GRASAC)

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CHELTENHAM YMCA LEGAL AND ADMINISTRATIVE INFORMATION - continued FOR THE YEAR ENDED 31 MARCH 2024

Organisations supporting the work of the Association:

The ASB App The Hygiene Bank Aldi Juliet's Purse Markey Construction Asda Masonic Charitable Foundation All Saints’ Academy Mayor’s Fund, Cheltenham Cambray Baptist Church Meadowside School Case Management Solutions Group Ltd Mid Cotswold Evangelical Alliance Cheltenham BID National Association of Child Contact Centres Cheltenham Borough Council National Association of Retired Police Officers Cheltenham College Neighbourly Foundation Cheltenham Foodbank Newland Homes Limited Cheltenham Ladies College The Parish of West Cheltenham Cheltenham Lottery Parochial Church Council of St Luke & St John Cheltenham Network Church Peter Lang Children's Trust Clifton Diocese Pink & Blue Wash Kits Cotteswold Dairy Salem Baptist Church Dean Close School Sewa Day Fare Share South West South West YMCA Trust Fund Feeding Britain Spirax Sarco Group The Fluck Convalescent Fund St Mark's Methodist Church GB Liners St Peter's Church Leckhampton Gloucester City Mission St Philip & St James Church Gloucester Feed the Hungry Suffolk Traders Gloucestershire County Council Sylvanus Lysons Charity The Gloucestershire Society Talisman Trust Godfirst Church Tesco Hesters Way Baptist Church Up Hatherley Parish Council A Heinz Foundation Waitrose Homes England Housing Support Fund

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 2024

Status

Cheltenham YMCA is a private company limited by guarantee (company number 03930834) and a registered charity (charity number 1079951).

The Governing Document of the Association is the Memorandum and Articles of Association of Cheltenham YMCA dated 22nd 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 2024.

Results Surplus for year 10,906 Transfer to general reserves 10,906

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 2024

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

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meet as appropriate and will consist of the following members: Board Chairman, Board Vice Chairman, Chief Executive and the Treasurer.

CHELTENHAM YMCA

REPORT OF THE BOARD OF DIRECTORS – continued FOR THE YEAR ENDED 31 MARCH 2024

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 2024

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).

2024/23 2023/22
Development of New Properties (THP) 180,209 588,598
Newly built properties acquired (THP) 887,148 -
Works to Existing (THP) 871,289 39,415
Divided by:
Housing Properties at net book value 12,977,867 10,442,190
Outcome 15% 6%

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 2024

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 2024.

units owned at 31 March 2024.
2024/23 2023/22
a. Social Housing Units
Total Social Housing Units Developed or Newly Built Units
Acquired In-Year		 13 19
Divided by Total Social Housing Units (inc. Shared Ownership) 200 187
Outcome 7% 10%
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
Outcome 0% 0%

Previous reporting of social housing units took into account 30 units at Number 6 as they had been made available to support homeless individuals, however, there has been no Homes England grant ever used in respect of these units. This has now been revised. The comparative has also been amended for this. This also applies to Metric 5.

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. 2024/23 2023/22 Total of: Short-Term Loans 46,454 18,094 Long-Term Loans 2,783,014 2,361,472 Less Cash and Cash Equivalents (638,124) (277,823) Amounts Owed to Group Undertakings - - Finance Lease Obligations - - 2,191,344 2,101,743 Divided by: Housing Properties at net book value 12,977,867 10,442,190 Outcome 17% 20% ~~=~~ 8

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CHELTENHAM YMCA REPORT OF THE BOARD OF DIRECTORS – continued FOR THE YEAR ENDED 31 MARCH 2024

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.

2024/23 2023/22
Operating Deficit / (Surplus) (Overall) 10,906 (135,119)
Less Gain / (loss) on disposal of fixed assets (housing properties) - -
Less Amortised Government grant (307,421) (275,358)
Plus Interest receivable 2,984 1,330
Less Capitalised major repairs expenditure for period - -
Plus Total depreciation charge for period 450,300 392,694
156,769 (16,453)
Divided by:
Interest Capitalised - -
Plus Interest payable and financing costs 179,481 91,928
Outcome 87% (18)%

Metric 5 – Headline Social Housing Cost Per Unit

Metric 5 – Headline Social Housing Cost Per Unit
2024/23 2023/22
Total of:
Management and Staffing Costs 1,429,922 1,033,553
Establishment Running Costs 283,863 253,954
Routine Maintenance Costs 7,178 3,825
Capitalised Major Repairs Expenditure for Period 871,289 39,415
Other Social Housing Letting Costs 46,984 46,623
2,639,237 1,377,371
Divided by:
Total Social Housing Units Owned and Managed at the Period End 200 187
Outcome 13,196 11,814

See Metric 2 for details on restatement of the number of Social Housing Units.

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Metric 6 – Operating Margin %

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

considered.
2024/23 2023/22
a. Social Housing Lettings 29.79% 22.66%
b. Overall -2.03% -10.13%

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. 2024/23 2023/22 Operating Surplus / (Deficit) inc. Gain / (Loss) on Disposal of Fixed Assets (Housing Properties) 10,906 (135,119) Divided by: Total Assets less Current Liabilities 13,132,513 11,520,718 Outcome 0.08% (1.17)% ~~—==~~ 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 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 2024

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 2024 general reserves were £1,080,387 (2023 - £1,069,481).

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 2024 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

_______ [adhone Director, M Horne M Ede _______ Director, M Ede

26/9/2024 _______ Dated

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CHELTENHAM YMCA BOARD OF DIRECTORS’ ANNUAL REVIEW FOR THE YEAR ENDED 31 MARCH 2024

ORGANISATIONAL SUMMARY

Whilst being an independent charity, Cheltenham YMCA is also part of a federation in England & Wales comprising 83 YMCAs, providing services from supported housing to school holiday programmes. YMCAs throughout England and Wales operate within and work alongside 190 local authorities, work in and with 688 communities, serving the needs of those within them and adapting to new local challenges they may face.

Cheltenham YMCA was established in 1855, a mere 11 years after the very first YMCA in London, making the YMCA in Cheltenham one of the oldest YMCAs in the world.

Today, Cheltenham YMCA is primarily an independent provider of specialised accommodation, providing a minimum of 278 bedspaces in Cheltenham and Gloucester as follows:

TABLE 1: Bedspace Numbers - All Housing Services (2023/24)

Service Name Location Number of Beds Nature of
Accommodation
Vittoria Walk Cheltenham 73 Supported
Dulverton Court 21 Affordable
James Smith Row 10 Affordable
Potter’s Place Gloucester 48 (minimum) Temporary
Emergency
(singles and families)
St. Michael’s House 16 Supported
4 – 6 St. Michael’s
Court		 15 Supported
3 St. Michael’s Court 4 Temporary
Emergency
Caridas House
(managed on behalf of
Gloucester City)		 40 Temporary
Emergency (singles
and families)
Jubilee House
(managed on behalf of
Gloucester City)		 25 Temporary
Emergency (singles
and families)
Coronation Court 26 (minimum) Family Supported

In addition to the accommodation services provided, the organisation owns a significant Grade II listed Georgian villa on Vittoria Walk which was, until 2020, used for touristic accommodation. The building operates as the Charity’s headquarters, housing the organisation’s Central and Leadership teams, as well as supporting a range other partner groups and services.

This building has undergone significant development in this financial year to create a further 21 supported and affordable beds as part of the Cheltenham PATHWAY HOME and is due to open in 2024.

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CHELTENHAM YMCA

BOARD OF DIRECTORS’ ANNUAL REVIEW - continued FOR THE YEAR ENDED 31 MARCH 2024

The Charity operates a sports facility in the Arle Road area of Cheltenham, and a secondary facility in West Cheltenham, called OASIS, currently housing community-facing activity including Family Space, Feed Cheltenham and the YMCA Contact Centre.

At the end of the financial year Cheltenham YMCA employed 103 members of staff, with an annual payroll of over £2M.

Of those staff members, 55% (57) are full time, 26% (26) are part time and 19% (20) are bank-staff workers (see analysis tables below).

TABLE 2: Staff Distribution - All Services (2023/24)

Section / Department No of Staff
Central & SLT 15
Housing Support 51
Sports 5
Housekeeping & Maintenance 9
Playgroup 7
Family Space 6
Contact Centre 10
TOTAL ALL STAFF 103

TABLE 3: Average Length of Service - All Services (2023/24)

Section / Department Average length
of service
Central & SLT 2.5 years
Operations 1 year
Sports 18 years
Housekeeping & Maintenance 3 years
Playgroup 5 years
Family Space 6 years
Contact Centre 2.5 years
Total of all staff 5.4 years

STRATEGIC CONTEXT

The year of this report was particularly difficult for all organisations similar to Cheltenham YMCA and for society more widely.

After the initial recovery from the pandemic, the UK economy effectively flat-lined, fluctuating between low growth and small contractions from early 2022.

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Due to two consecutive quarters of negative economic growth in late 2022 the UK economy ended that year in a ‘technical’ recession. After not growing at all in the second quarter of 2023, UK GDP fell by 0.1% in the third quarter, and then by 0.3% in the last quarter. For the whole of 2023, the economy grew by only 0.1% compared to 2022.

This low economic growth coupled with high inflation has fuelled the worst cost of living crisis in a generation in the UK. Although inflation finally fell after reaching a peak of 11.1% in October 2022, some prices were still rising at a rapid pace throughout 2023.

Furthermore, while increases in energy prices slowed early in the year, food prices were still rising quite rapidly in late 2023. As of December 2023, for example, food inflation had reached 6.9%, compared with - 2.1% for housing and energy costs. However, this should be seen in the context of the 2 years from February 2022 to February 2024 when food prices rose by 23.9% (a similar rise taking over 12 years previously, from 2009 to 2022).

1.6 million households are facing an anticipated uplift in mortgage costs in 2024 as fixed rates end for them. In the private rental sector, rental prices increased by 6.1% in England in the 12 months to Jan 2024 (5.7% when excluding London pricing).

With inflation rising faster than wages for a long period between 2021 and 2023, UK consumers saw a significant fall in their living standards. Real household disposable income fell in both 2022/23 and in 2023/24 and is expected to fall again in 2024/25.

Living standards of 12 million households in the lowest half of the income distribution in Britain is expected to be between 7% and 20% LOWER in 2024/25, relative to 2019/20 – and is not expected to recover until the end of 2027.

This has created a series of real-word pressures and emerging potential crises for households in the UK, including increasing levels of debt, deepening food and fuel poverty, escalating levels of child poverty, and intensifying risks of homelessness as a consequence of compounding issues, including increasing rents.

Local authorities, too, are experiencing progressively substantial risks. The Local Government Chronicle (a primary sectoral resource) published a list of the most significant challenges local authorities are expecting to face in 2024 / 25. Their list includes:

For Cheltenham YMCA, the Financial Year ending 31[st] March 2024 represents the final year of A 3-year strategy established by Trustees, 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 a strong and resiliant foundation from which to start developing the work of the organisation going forward.

Year 2 of our Strategy sought to prepare for growth by ensuring that our operations, systems and developmental objectives were set out and delivered, including for key objectives set out as:

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CHELTENHAM YMCA BOARD OF DIRECTORS’ ANNUAL REVIEW - continued FOR THE YEAR ENDED 31 MARCH 2024

We also developed an extensive suite of KPIs and reporting dashboard to monitor and adjust delivery of services, operations and business performance.

This year, Year 3 of the Cheltenham YMCA Strategy, was formerly entitled ‘Growth into Prosperity. This, however, was changed in light of the year experienced in 2022/23, in which inflation peaked at over 11%, the county suffered a number of major employment strikes across a whole range of sectors, including the NHS, and interest rates were increased nine times from 0.75% in March 2022 to 4.25% in March 2023.

This third year of our strategy, therefore, was reconfigered to focus on ‘Growth into Resilience’ and delivered on ensuring the key areas of the Charity were working together to achieve maximum operational and financial efficiency.

The organisation also conducted a root-and-branch review of its Mission, Values and Purpose, intending that the 3 elements of Purpose, Mission and Values dovetailed together whilst reinforcing and enabling an authentic expression of the Christian foundation upon which the organisation was built.

The PURPOSE of the charity is now expressed as being made up of 3 Keystones representing the practical outworking of our Values (discussed below).

The 3 Purpose Keystones are:

  1. ACCOMMODATION

  2. HEALTH & WELLBEING

  3. COMMUNITIES

And are best illustrated in Figure 1 below.

FIGURE 1: Purpose Keystones of Cheltenham YMCA

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The MISSION of Cheltenham YMCA is set out as follows:

To journey with those we support, toward a destination that is known and understood - travelling alongside to assist, encourage, and sustain each one on their pathway to resilience and independence.

In reviewing the Organisational Values after almost 170 years, the Board of Trustees recognised the Christian foundations upon which the organisation was build, and established the " Micah 6:8 Principle ".

The Bible verse of Micah 6:8 states the following:

"…And what does the Lord require of you? To act justly and to love mercy and to walk humbly with your God"

The organisation has, therefore, taken the spirit of those words and has set them out as shown below so they can be relevant to anyone - whether they are a Christian or not, or whether they have any faith or not.

At the heart of our Values is a commitment to fostering a supportive, inclusive, and vibrant community where everyone is respected and regarded. Our Values are not just words; they are the principles that guide our actions and decisions every day. By embracing these Values, we strive to create an environment that enriches lives and strengthens the bonds within our community.

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FIGURE 3: Organisational Values

GOVERNANCE & STRUCTURE

Cheltenham YMCA operates with defined structures to ensure delivery of services meet the requirements of the organisation and meet regulatory and statutory obligations.

The organisation employs a strong governance infrastructure, with Trustees meeting at least 6 times a year, and in accordance with the Memorandum and Articles of Association.

The Trustees also operate through a Finance & Risk Committee and will be establishing a Policy and Governance Committee in 2024/25.

The Charity conducts internal controls through its policies and procedures and ensures these are properly communicated and updated as required.

Organisational leadership is exercised by the Chief Executive Officer in person and, in turn, through the Senior Leadership Team.

The Senior Leadership Team are made up of the following members:

HEAD OF FINANCE – Zoe Harding

HEAD OF OPERATIONS – David Kinghorn

HEAD OF HUMAN RESOURCES – Sarah Rivers

HEAD OF HOUSING, POLICY & PERFORMANCE – John Ingles

HEAD OF PROPERTY & MAINTENANCE – David Hemmings

HEAD OF HEALTH & WELLBEING – Rob Charsley

Throughout the year, the following Delivery Framework has been employed to support delivery of the 2023/24 Business Plan, resulting in a completion rate of 84% across all organisational objectives. This framework will be re-employed in 2024/25.

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CHELTENHAM YMCA

BOARD OF DIRECTORS’ ANNUAL REVIEW - continued FOR THE YEAR ENDED 31 MARCH 2024

FIGURE 4: Delivery Framework

----- Start of picture text -----
BOARD
REPORTING &
OVERSIGHT
----- End of picture text -----

There are 4 Sectors in the organisation from which all external and internal delivery is derived, as shown below:

FIGURE 5: Organisational Sectors

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CHELTENHAM YMCA BOARD OF DIRECTORS’ ANNUAL REVIEW - continued FOR THE YEAR ENDED 31 MARCH 2024

OPERATIONAL PERFORMANCE

Cheltenham YMCA closely monitors its performance to ensure it is delivering services appropriately, to agreed levels and to the standards intended.

In order to achieve this, the organisation routinely gathers performance data relating to an extensive range of Key Performance Indicators.

The number and detail of KPIs are always under review and this will continue into the 2024/25 financial year.

A materially essential metric is the VOID RATE within our housing operations. The Void Rate represents the overall percentage of bed spaces not occupied in any given period. This is monitored on a daily basis and reported weekly. As housing operations represent over 90% of the organisation’s total income in any given year, clear and continuous understanding of our void rate is, of course, essential.

In the Financial Year ending 31[st] March 2024, the annual Void Rate for all accommodation provided by Cheltenham YMCA was 6.0%, which Trustees consider to be reasonable in terms of overall performance.

Cheltenham YMCA has an increasing breadth of service provision providing support to a large range of people within Gloucestershire.

In the 2023/24 financial year, Cheltenham YMCA supported a total of 7,376 people through the delivery of our services. The number of people we have supported this year increased by 1,166 people (or 18.8%) on the previous year.

Detailed Impact Performance data is shown in the table below:

TABLE 4: Impact Performance Data (2023/24)

HOUSING Number of nights of Accommodation provided 70,021
Percentage comparison to previous year 10% Increase
Percentage of Single Male residents 209 (46.4%)
Percentage of Single Female residents 239 (53.1%)
Percentage of single other gender Residents 2 (0.5%)
Total number of single residents 450
Total number of rooms 214
Number of families housed in accommodation 91
Number of children housed in accommodation 197
Number of young people (16 to 24) housed in accommodation 87
Percentage of people who positively progressed through pathway 83%
Percentage of people who moved on from YMCA Cheltenham into a positive destination 77%

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CHELTENHAM YMCA BOARD OF DIRECTORS’ ANNUAL REVIEW - continued FOR THE YEAR ENDED 31 MARCH 2024

Number of families worked with
324

Number of children worked with (including HAF)
737
Number of Volunteers
9

Number of parenting sessions delivered
94

FAMILY SPACE
~~===~~		 Number of families worked with
324

Number of children worked with (including HAF)
737
Number of Volunteers
9

Number of parenting sessions delivered
94

FAMILY SPACE
~~===~~
Number of families worked with
105
Number of children supported
138
Number of hours of Supported Contact
76

Number of hours of Supervised Contact
578

Number of volunteers
11
CONTACT CENTRE
~~=.~~
Total number of people benefiting from Sports Facility
1,955

Of Which are Youth/Young people
641
Total Footfall
33,500

Number of community sports clubs accessing the Centre
18
SPORTS CENTRE
~~la~~
Children on roll (by 31st March 2024)
33
Percentage change of children on roll from 31st March 2023
26%
Total number of hours of Pre-school education delivered in the year
1140
Number of families supported outside of normal Pre-School provision
12
PRE SCHOOL
Percentage of children with SEN (as a %age of all children on roll by 31st March 2024)
30%
Number of hours delivering support for SEN children (through SENDCO)
380
FINANCIAL PERFORMANCE
Trustees wish to recognise the headline outcome of the financial year 2023/24 of achieving a small surplus Trustees wish to recognise the headline outcome of the financial year 2023/24 of achieving a small surplus
of £10,906, an improvement of £146,025 on the previous year, supported by much improved operational
performance.
The organisation has more than doubled its reinvestment in properties when compared to last year,
increasing this investment by 9% overall, while simultaneously improving our net positive cashflow by over
seven-fold when compared to the previous year.
Trustees are satisfied that reserves have increased this year, and tangible fixed assets have grown by over
£1.5M.

The organisation has more than doubled its reinvestment in properties when compared to last year, increasing this investment by 9% overall, while simultaneously improving our net positive cashflow by over seven-fold when compared to the previous year.

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

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

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CHELTENHAM YMCA BOARD OF DIRECTORS’ ANNUAL REVIEW - continued FOR THE YEAR ENDED 31 MARCH 2024

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 and good will 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 M Ede _______ Director, M Ede 26/9/2024

_______ Dated

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INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF CHELTENHAM YMCA FOR THE YEAR ENDED 31 MARCH 2024

Opinion

We have audited the financial statements of Cheltenham YMCA for the year ended 31 March 20234 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 2024

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:

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INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF CHELTENHAM YMCA - continued FOR THE YEAR ENDED 31 MARCH 2024

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

26/9/2024

_______

Dated

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CHELTENHAM YMCA

STATEMENT OF COMPREHENSIVE INCOME

(INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2024

Notes 2024 2023
£ £
Turnover 2a 3,712,650 3,240,428
Operating costs 2a (3,849,268) (3,570,679)
Operating deficit 2a/6 (136,618) (330,251)
General donations received 2a 45,045 15,548
Donations received on Family Space merger 2a - 111,021
Restricted donations received 2a 41,057 74,847
Investment income (gross) 2a 2,984 1,330
Pension scheme credit 14/16 66,621 -
Pension fund contribution 14/16 (8,183) (7,614)
Surplus / (deficit) for the year before tax 10,906 (135,119)
Taxation - -
Surplus / (deficit) for the year 10,906 (135,119)

There was £nil other comprehensive income for the year (2023 - £nil).

26/9/2024

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

_______ Director, M Horne M Ede _______ Director, M Ede

For and on behalf of the Board

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

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CHELTENHAM YMCA STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF CHANGES IN RESERVES
General Revaluation Total
Reserves Reserve Reserves
Balance as at 1 April 2022 1,204,600 790,807 1,995,407
Deficit from Statement of Comprehensive
Income		 (135,119) - (135,119)
Balance at 31 March 2023 1,069,481 790,807 1,860,288
STATEMENT OF CHANGES IN RESERVES
General Revaluation Total
Reserves Reserve Reserves
Balance as at 1 April 2023 1,069,481 790,807 1,860,288
Surplus from Statement of Comprehensive
Income		 10,906 - 10,906
Balance at 31 March 2024 1,080,387 790,807 1,871,194

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CHELTENHAM YMCA STATEMENT OF FINANCIAL POSITION As at 31 MARCH 2024 COMPANY NUMBER 03930834

2024 2023
£ £
Notes
FIXED ASSETS
Tangible Fixed Assets
Housing Association assets 7 12,977,867 10,442,190
Non Housing Investment Property 8 - 1,025,000
Property, Plant & Equipment
 9 242,229 262,009
TOTAL FIXED ASSETS 13,220,926 11,729,199
CURRENT ASSETS
Stock 10 3,314 2,736
Debtors due in less than one year 11 284,524 370,357
Cash and cash equivalents 12 638,124 277,823
925,962 650,916
CREDITORS
Amounts falling due within one year 13 (1,013,545) (859,397)
NET CURRENT LIABILITIES (87,583) (208,481)
TOTAL ASSETS LESS CURRENT 13,132,513 11,520,718
LIABILITIES
CREDITORS
Amounts falling due after more than one year 14 (11,261,319) (9,660,430)
NET ASSETS 1,871,194 1,860,288
ACCUMULATED RESERVES
General Reserves 1,080,387 1,069,481
Revaluation Reserve 790,807 790,807
TOTAL RESERVES 1,871,194 1,860,288

26/9/2024

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.

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CHELTENHAM YMCA STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
£ £
Cashflows from operating activities
Surplus/(Deficit) for the financial year 10,906 (135,119)
Adjustments for:
Depreciation of tangible assets Depreciation of tangible assets 450,300 392,694
Amortisation of Grants received (307,421) (275,358)
Interest Received (2,984) (1,330)
Interest Paid 169,533 91,927
Decrease/(Increase) in trade and other debtors 85,833 (96,210)
(Increase) in Stocks (578) (593)
(Decrease)/Increase in trade and other creditors (39,508) 74,486
Net Cashflow from operating activities 366,081 50,498
Cashflows from investing activities & donations
Purchase of tangible assets (1,944,833) (643,745)
Proceeds from sale of fixed assets - -
Loans received 500,000 330,000
Loans repaid (50,098) (18,634)
Grants received 1,655,701 251,482
Interest received 2,984 1,330
Interest paid (169,533) (91,927)
Net Cash from investing activities (5,779) (171,494)
Net Increase/(Decrease) in cash and cash equivalents 360,302 (120,996)
Cash and Cash Equivalents at the beginning of the year Cash and Cash Equivalents at the beginning of the year 277,823 398,819
Cash and Cash Equivalents at the end of the year 638,124 277,823
Other
At 1 At 1 non-cash At 31
April 2023 Cash flows changes March 2024
Analysis of changes in
net debt £ £ £ £
Cash and cash
equivalents
Cash 277,823 360,302 - 638.124
Borrowings
Due within one year (13,403) (33,051) - (46,454)
Due after one year (2,366,164) (416,850) - (2,783,014)
Total net debt (2,101,744) (89,599) - (2,191,344)

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CHELTENHAM YMCA NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

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

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CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2024

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.

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CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2024

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.

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.

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CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES (continued)

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CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2024

2a. TURNOVER AND OPERATING SURPLUS/(DEFICIT)

Operating Investment 2024 2023
Operating Surplus / Income Other Pension Fund Surplus / Surplus /
Turnover Costs (deficit) (Gross) Income Contributions (deficit) (deficit)
£ £ £ £ £ £ £ £
INCOME AND EXPENDITURE
FROM LETTINGS – Hostels 2,868,358 (2,013,934) 854,424 - - - 854,424 585,610
INCOME AND EXPENDITURE – Other 844,292 (1,768,713) (924,421) 2,984 - (8,183) (929,620) (922,145)
Total 3,712,650 (3,782,647) (69,997) 2,984 - (8,183) (75,196) (336,535)
Donations received - - - - 45,045 - 45,045 15,548
Restricted donations received - - - - 41,057 - 41,057 74,847
Donations received on Family Space merger - - - - - - - 111,021
3,712,650 (3,782,647) (69,997) 2,984 86,102 (8,183) 10,906 -
31 March 2024
31 March 2023 3,240,428 (3,570,679) (330,251) 1,330 201,416 (7,614) (135,119)
2024 2023
£ £
TURNOVER FROM SOCIAL HOUSING
LETTINGS
Rents receivable 2,277,342 2,008,545
Activities - 2,238
Room hire - -
Grant amortisation 307,424 275,358
2,584,766 2,286,141
CONTRACTS
GCC Young People’s Contract 283,592 278,191
TOTAL TURNOVER – SOCIAL HOUSING 2,868,358 2,564,332

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CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2024

2b . The Association provides and manages temporary emergency and supported accommodation in Cheltenham and Gloucester; comprising 241 bedspaces in total as detailed in Table 1 of the Directors’ Annual Review.

The remaining bed spaces, 31 in total, make up the Association’s provision of “affordable housing” within Cheltenham.

2c. The maximum potential rents receivable for the year ended 31 March 2024 were £2,378,351 (2023: £2,208,108). Of this amount £2,198,906 (2023: £1,933,647) has been credited. Rent voids are £179,445 (2023: £179,563) and bad debts are £nil (2023: £nil), therefore total of voids and losses are £179,445 (2023: £179,563).

2d. During the year, £38,745 was incurred in respect of historic housing benefit overpayments. This has been written off to income during the year.

3. KEY MANAGEMENT REMUNERATION

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

2024 2023
£ £
Emoluments to officer 81,126 73,001
Expenses reimbursed to the aforementioned officer - -
Other officers’ expenses reimbursed 81,126 73,001

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

2024 2023
£ £
Salaries 1,849,809 1,678,507
Social security costs 157,202 141,118
Other pension costs - YMCA Executive Stakeholder Scheme
- Family Space Stakeholder Pension Scheme 4,201 -
- YMCA Pension Scheme People’s Pension 46,564 33,513
- YMCA Pension Scheme Scottish Widows 7,817 15,608
- YMCA England Pension Scheme cost 8,183 7,614
- YMCA pension deficit (surplus) / cost (66,621) 39,556
2,007,155 1,915,916

The average number of persons employed during the year was 94 (2023:84) of which 57 (2023:52) were full time. Housing: 51 (2023: 39), Sports Programme: 5 (2023: 5), Administration: 15 (2023: 19), Family Space 6 (2023: 21). During the year, redundancy costs of £5,276 were paid (2023 - £nil).

5.

OPERATING SURPLUS/(DEFICIT)

OPERATING SURPLUS/(DEFICIT)
2024 2023
Operating surplus/deficit is stated after charging: £ £
- Officers’ remuneration 81,126 73,001
- Officers’ employer pension contribution 6,490 5,840
- Depreciation of tangible fixed assets 450,300 392,694
- Amortisation of grant received (307,424) (275,358)
- Audit fee 8,500 8,250
- Operating Lease Rentals (note 18) 6,715 3,074

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CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2024

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 James 3-6 St
Association Vittoria Vittoria St St
St		 Smith Vauxhall Potters Potters Michael’s
Activities Walk Walk Michael’s Michael’s Dulverton Dulverton Row Road Place Place Court
Freehold Freehold Freehold
Fixtures		 Freehold Fixtures Freehold Freehold Freehold Fixtures Freehold
Land and Land and And Land and And Land and Land and Land and And Land and
Buildings Equipment Buildings Fittings Buildings Fittings Buildings Buildings Buildings Fittings Buildings Total
£ £ £ £ £ £ £ £ £ £ £ £
COST
At 1 April 2023 4,264,409 42,698 961,145 2,971 1,173,013 44,620 776,372 - 3,408,680 78,396 1,897,658 12,649,953
Additions in year 894,604 23,846 - - - - - 1,000,317 - 19,879 - 1,938,646
Transfers from
Investment
Property 1,025,000 - - - - - - - - - - 1,025,000
Disposals - - - - - - - - - - - -
At 31 March 2024 6,184,013 66,535 961,145 2,97 1,173,013 44,620 776,372 1,000,317 3,408,680 98,275 1,897,658 15,613,599
DEPRECIATION
At 1 April 2023 1,222,292 30,994 207,344 122 175,382 42,385 112,358 - 365,882 18,008 32,996 2,207,763
Charge for year 127,932 10,923 18,728 297 35,192 458 24,173 41,713 101,315 10,308 56,930 427,969
At March 2024 1,350,224 41,917 226,072 419 210,574 42,843 136,531 41,713 467,197 28,316 89,926 2,635,732
NET BOOK
VALUE
At 31 March
2024 4,833,789 24,618 735,073 2,552 962,439 1,777 639,841 958,604 2,941,483 69,959 1,807,732 12,977,867
NET BOOK
VALUE
At 31 March
2023 3,042,117 11,695 753,801 2,849 997,631 2,235 664,014 - 3,042,798 60,388 1,864,662 10,442,190

During the year, Cheltenham YMCA acquired 14 properties from Bromford Housing Association, and a grant of £568,092 from Homes England was taken on as part of that transaction. This has not been recorded as a liability, in accordance with the Housing SORP, but may become repayable should the properties be sold in the future.

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CHELTENHAM YMCA

NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2024

7. TANGIBLE FIXED ASSETS (continued)

Social Housing Assistance 2024 2023 £ £ Total accumulated social housing grant receivable at 31 March 10,839,088 9,193,387

8. TANGIBLE INVESTMENT PROPERTY

Number 6

(Vittoria Walk B&B and Conferencing) Fair Value as at 31 March 2024 £nil Fair Value as at 31 March 2023 £1,025,000

During the year, the property ceased to be rented out while building works were being undertaken, and has therefore been transferred to housing assets.

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CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2024

9. TANGIBLE FIXED ASSETS

Non-Housing Association Activities 2023/24

Programme Conference Arle Road Total
Administration Fixtures & Motor Fixtures & Freehold Land
Equipment Equipment Vehicles Fittings and Buildings
£
£ £ £ £ £
COST
At 1 April 2023 134,754 92,127 22,089 1,438 250,000 500,408
Additions in year 3,152 3,035 - - - 6,187
Disposals in year (3,636) - - - - (3,636)
At 31 March 2024 134,270 95,162 22,089 1,438 250,000 502,959
DEPRECIATION
At 1 April 2023 90,196 91,367 22,089 1,438 33,309 238,399
Charge for year 13,110 887 - - 8,334 22,331
Disposals in year - - - - - -
At 31 March 2024 103,306 92,254 22,089 1,438 41,643 260,730
NET BOOK VALUE
At 31 March 2024 30,964 2,908 - - 208,357 242,229
NET BOOK VALUE
At 31 March 2023 44,558 760 - - 216,691 262,009

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CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2024

10. STOCKS 2024 2023
£ £
Sports centre and Café 727 454
Cleaning 2,584 2,282
3,311 2,736
11. DEBTORS 2024 2023
£ £
Trade debtors 107,093 133,145
Residents’ rents owed - -
Prepayments 161,938 141,734
Other debtors due within one year
- Accrued Income 15,493 95,478
- Other - -
284,524 370,357
12. CASH AND CASH EQUIVALENTS 2024 2023
£ £
Bank deposit account 638,124 277,823
Cash in hand -
638,124 277,823
13. CREDITORS: Amounts falling due within one year 2024 2023
£ £
Trade Creditors 229,757 162,168
Other Creditors 253,631 277,263
VAT & PAYE/NIC payable 50,130 52,109
YMCA Pension deficit 29,681 35,033
Holiday Accrual - -
Sundry creditors and accruals 50,532 34,030
Deferred Capital Grant – HE Vittoria Walk 101,614 101,614
Deferred Capital Grant – HE St Michael’s 17,013 17,013
Deferred Capital Grant – GCC St Michael’s 8,507 8,507
Deferred Capital Grant – HE Dulverton Court 20,734 20,734
Deferred Capital Grant – Dulverton Court 9.757 9,757
Deferred Capital Grant – HE James Smith Row 13,118 11,920
Deferred Capital Grant – James Smith Row 10,059 9,140
Deferred Capital Grant – GCC Potters Place 3,543 3,543
Deferred Capital Grant – HE Potters Place 67,311 67,311
Deferred Capital Grant – HE Williams House 11,484 -
Deferred Capital Grant – HE Vauxhall Road 25,631 -
Deferred Capital Grant – GCC Vauxhall Road 33,426 -
Arle Road Sports Centre Loan 8,333 8,333
Deferred Capital Grant – HE 4-6 St Michael’s Court 31,161 31,161
Government Loan 10,648 9,761
Charity Bank Loan 27,473 -
1,013,543 859,397

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

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14. CREDITORS: Amounts falling due after one year 2024 2023
£ £
YMCA England Pension Deficit 47,134 143,409
Deferred Capital Grant – HE Vittoria Walk 2,168,823 2,271,437
Deferred Capital Grant – HE St Michael’s 377,112 394,125
Deferred Capital Grant – GCC St Michael’s 194,786 203,292
Deferred Capital Grant – HE Dulverton Ct/James Smith Row 558,497 579,231
Deferred Capital Grant – CBC Dulverton Court 262,822 272,579
Deferred Capital Grant – HE James Smith Row 276,126 374,425
Deferred Capital Grant – CBC James Smith Row 360,109 287,103
Deferred Capital Grant – GCC Potters Place 87,296 90,838
Deferred Capital Grant – HE Potters Place 1,658,617 1,725,928
Deferred Capital Grant – St Michael’s 925,430 956,591
Deferred Capital Grant – Williams House 904,214 -
Deferred Capital Grant – Vauxhall Road 656,339 -
Arle Road Sports Centre Loan 198,614 209,034
Charity Bank Loan 2,571,774 2,129,699
Government loan 12,628 22,739
11,261,319 9,660,430
YMCA England Pension
Due in 1-2 Years 29,681 35,033
Due in 2-5 Years 17,453 108,376
Due in >5 Years - -
47,134 143,409
Deferred Capital Grants and loans
Due in 1-2 Years 353,000 280,700
Due in 2-5 Years 1,059,000 842,100
Due in >5 Years 7,019,171 6,032,749
Arle Road Sports Centre Loan 198,612 209,034
Government Loan 12,628 22,739
Charity Loan 2,571,774 2,129,699
11,214,185 9,517,021
TOTAL 11,261,319 9,660,430

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

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CHELTENHAM YMCA NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 MARCH 2024

15. DEFERRED CAPITAL GRANT MOVEMENTS

St
Vittoria Michael’ St James Potters St Williams Vauxhall
Walk s Michael’s Smith Place Michael’s House Road
HE HE GCC HE & CBC HE & CBC HCA HE GCC & HE Total
At 1 April
2023
2,373,051 411,138 211,799 1,564,889 1,887,620 987,752 - - 7,436,249
Grant
paid back
in the
year - - - - - - - - -
Grant
received
in the
year - - - - - - 915,698 740,003 1,655,701
Released
in the
year (101,614) (17,013) (8,506) (53,667) (70,853) (31,161) - (24,607) (307,421)
At 31
March
2024 2,271,437 394,125 203,293 1,511,222 1,816,767 956,591 915,698 715,396 8,784,529

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16. PENSION SCHEMES

The most recent completed three year valuation was at 1 May 2023. 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 of 4.56%, the increase in pensions payment of 3.18% (for RPI capped at 5% p.a.), and the average life expectancy from normal retirement age (of 65) for a current male pensioner of 215 years, female 24.0 years, and 23.1 years for a mele pensioner, female 25.7 years, retiring in 20 years’ time. The result of the valuation showed that the actuarial value of the assets was £103.1m, which represented 92% 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 rental 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 2023 showed that the YMCA Pension Plan had a deficit of £9.1 million. Cheltenham YMCA has been advised that it will need to make monthly contributions of £2,433 from 1 May 2024. 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. Agreed future deficit contributions have been discounted using a rate of 4.12% (2023 – 4.12%). The current recovery period is 3 years commencing 1[st] May 2024.

During the year, an amount of £66,621 was credited to the profit and loss account to discount the liability to the current value, based on a shorter number of years that the liability is in place for (up to April 2027, whereas previously it was April 2029).

Repayable

Repayable
As at 31 March 2024
As at 31 March 2023		 As at 31 March 2024
As at 31 March 2023		 As at 31 March 2024
As at 31 March 2023		 Within one
year
Two to
five years
After five
years
After more
than one
year
TOTAL
2024
TOTAL
2023
£'000
£'000
£'000
£'000
£'000
£'000
30
17
30
47
77
35
104
-
40
178
~~——~~
In addition, Cheltenham YMCA may have over time liabilities in the event of the non-payment by other 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 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. the potential amount that Cheltenham YMCA may be called upon to pay in the future.

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17. CAPITAL COMMITMENTS

As at 31 March 2024, Cheltenham YMCA had a capital commitment to pay a value of £338,573 (2023: £nil) in relation to renovations at Williams House.

18. OPERATING LEASE COMMITMENTS

At 31 March 2024 the Association had commitments under non-cancellable operating leases for plant and machinery as follows:

as follows:
2024 2023
£ £
Within 1 year 17,058 2,894
Due within 2-5 years 40,691 3,041

Operating lease payments recognised as an expense in the year were £6,715 (2023: £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.

transactions.
2024 2023
£ £
Administration Charge of 15% of Total Gross Salary - 30,244
Salary Costs (Includes St Barnabas playgroup) - 48,467
Balance due at Year End - 78,711

The Trustees of Cheltenham YMCA and Family Space agreed to merge the two organisations into a single charity. This completed during the 2023 financial year, and no further related party transactions have occurred during FY24.

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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.

Number of members 2024 2023
At 1 April 183 180
Joining during the year 1 40
Leaving during the year (3) (37)
At 31 March 181 183

21. Post balance sheet events

Subsequent to the year end, Cheltenham YMCA completed the Williams House building project, incurring a total additional cost of £338,573.

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