Docusign Envelope ID: A6D866EI-92E0415D-BFCE-EAE41 FDF707E Charity registration number 1080111 Company registration number 03866756 {England and Wal951 SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Docusign Envelope ID.. A6D866E1-92E0415D-BFCE-EAE41 FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr D Forrester Ms K L Jackson Ms S M E Haines Mrs K Wooller Ms C C Brown (Appointed 24 October 2023) (Appointed 21 May 2024) Charlty number 1080111 Company number 03866756 Registered office Peile House 255 Pitsmoor Road Sheffield S3 9AQ Auditor Knowles WarwickAudit Services Limited Charlotte House 500 Charlotte Road Sheffield S2 4ER Bankers HSBC Bank pl¢ Parade Building Stocksbridge Sheff181d S30 5DH Santander Uk PIC Bridle Road Bootle L30 4GB Yorkshire Bank Fargate Sheffield S1 1LL
Docusign Envelope ID.. A6D866E1-92E0415D-BFCE-EAE41 FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION CONTENTS Page Trustees. report Statement of trustees, responsibilities Independent auditorfs report Statement of financial activities Balance sheet 9-10 statement of cash flows 11 Notes to the financial statements 12-24
Docusign Envelope ID.. A6D866E1-92E0415D-BFCE-EAE41FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees psent their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charily's Igoveming documenll, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" {effe¢tive 1 January 2019). Objectives and actlvltles Last year. Sheffield YWCA focused its efforts on six key areas that form the pillars of our charity's strategic plan-. finance, governance, strategic alliances. profile. employer of choice, and quality. These core areas represent th foundation upon which we strive lo ensure sustainability and growth, particularly al a time when resources are diminishing. demand for services is increasing, and competition within the sector is intensifying. This year's Trustee Report will continue to follow the same structure, providing insights into our progress and the challenges we face as we move forward. Flnance: Sheffield YWCA recognises that to fulfil our charitable aims, we must strengthen our financial resilience through diversification and by maximising all available financial opportunities. This year, we took significant steps in this direction by reinv8sting our reserves for better returns, ensuring a more sustainable financial future. In addition, we secured further fvnding from the Violence Reduclion Unit (VRU) to continue the effective work with vulnerable and homeless young women, whose wellbeing had been significantly impacted by the COVID-19 pandemic. As part of a consortium in Rotherham, we were successful in obtaining National Lottery funding, allowing us to offer a comprehensive range of services to children and young people in the area. Finally, we increased revenue from our charity shops, thanks to the hard work and dedication of our committed volunteers. These collective efforts reflect our focus on building financial resilien to meet the growing demand for our specialist services. Governance.. This year, we are delighted to welcome Kelly Wooller to the Sheffield YWCA board. Kelly brings with her a wealth of experience in first aid, business, and networking, and we are incredibly grateful to have such a brilliant role model for young women joining our team. Our Chair, who was appointed last year, continues to provide strong leadership as a committed male ally, leveraging his expertise in business and finance to further the work of Sheffield YWCA. We remain fully committed to upholding the highest standards of governance. as this not only holds us accountable to our funders but also ensur8S that we remain true to the women, childn, and families we serve across South Yorkshire. Strateglc alliances: Sheffield YWCA continues to build on our strategic alliances, fostering relationships with statutory, business, and voluntary sector partners. We have again been privileged this year to receive support from S2S Group, CB Kaymich & Co, Premier Partnership, Tesco, Ikea, South Yorkshire Rock Choir, and many more. Building on this success will remain a key focus for the organisation moving forward and will be a significanl part of the work we are doing under the 'profile' strand of our strategic plan. Profile: This year, Sheffield YWCA was pleased lo be 5hortlisted for Charity of the Year by the Rotherham and Barnsley Chamber, and whilst we did not win, we were proud to be 'highly commended., a testament to the impact of our work and growing recognition in the community. We have also continued our efforts to raise our profile by working closely with a PR specialist, and as a result. we have featured in both local and national press, sector- specific publications, and on radio. This increased media exposure has helped to highlight the vital work we do. Our social media reach has expanded Significantly, with plafforms such as Facebook and Linkedln playing a key role in amplifying our message. As a result, Sheffield YWCA is becoming more widely known, and our growing presen will help to strengthen our voice and influence in the sector.
Docusign Envelope ID.. A6D866E1-92E0415tkBFCE-EAE41FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employer of choice: At Sheffield YWCA, we have been actively working towards becoming the employer of choice in our sector by investing in the wellbeing and development of our staff. As part of this commitment, we have extended our comprehensive range of wellbeing tools by introducing an annual leave buy-ba¢k scheme, offering greater flexibility and support to our team. Additionally, we continue to work with Investors in People, ensuring that we embed a culture of continuous improvement and maintain high standards in how we support and develop our people. We have also fully implemented the People HR system, which empowers staff with greater autonomy over their personal records, holiday requasts, and other administrative tasks, streamlining processes and enhancing their experience with us. Quallty: Sheffield YWCA is committed to ensuring the highest quality of services through rigorous standards and continuous improvement. We are proud to have once again achieved the ISO 9001 standard, earning a remarkable 100/0 compliance across all areas. Additionally. we have maintained our CHAS registration. demonslrating our commitment to health and safety. As part of our ongoing efforts to enhance our service delivery, we are actively working towards Ofsted registration, which will enable us to accommodate more children and young people in our services. To further bolster our safeguarding practi¢es, we continue to employ a Safeguarding Lead for the organisalion, alongside a dedicated Quality Lead Officer who oversees all quality standards within Sheffield YWCA. Moreover, we continue to support a number of student social work placements this year. This initiative not only provides valuable work experience for students but also enriches our organisation with the latest theoretical approaches and best practices they bring to the table. Through these efforts, we are committed to maintaining and enhancing the quality of our services for the communities we serv8. This year we relained all services, having competitively tendered for Fleming Gardens, and we have continued to use res8rves to fund posts in all geographical areas to increase capacity and aid innovation. The volunteer program at Sheffield YWCA is thriving, with ongoing recruitment and retention of diverse volunteering roles, including remote befrienders and volunte6rs for administrative and support tasks. This initiative enhances service capacity, improves client support, and fosters the development of skills and confidence amongst volunteers. Our charity shop in Sheffield continues to significantly contribute to the funding of our Peile House Project, supported by a dedicated and skilled group of volunteers. The Board expresses gratitude to the organisation's management team. our committed and talented staff, our volunteers, and our partners for their support throughout the year. Their knowledge. commitm8nt, and tireless efforts are crucial for us to maintain our vital work in supporting the mosl vulnerable women. children, and families in South Yorkshire. Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the ¢harity should undertake. Flnanclal revlew The income and expenditure of the charity for the year and the state of affairs at the end of the year are shown on pages 9 to 11. The trustees are satisfied with the position of the charity at the year end. The financial statements show a deficit for the year of £72,814 and total funds of £1.438.409, being a decrease in funds of 4.8Yo. The charity aims to maintain the return-on-investment funds, and the value of the investments increased in the year by £3.950. The charity manages its investments with the help of an investment adviser and the investment income is budgeted to support salary costs. The charity aims to preserve sufficient funds to enable it to continue its normal aclivity. The charity's main funders are local councils through Supporting People grants and housing benefits. This income enables the charity to provide accommodation and support for the residents. It is only with this funding that the charity has been able to meet its objectives. The trustees have reviewed the Gharity's finances and consider that adequate resources are available to fund its activities for the foreseeable future.
Docuslgn Envelopo ID: A6D866E1-92E0415D-BFCE-EAE41FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reserves policy It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to belween three and six month's expenditure. The tTUStees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able lo continue the charity's current activit18s while consideration is given to ways in which addltlonal funds may b8 raised. This level of reserves has been maintained throughout the year. The directors also consider that a further reserve based on four months expenditure is sufficient to meet the Association's obligations in th8 event that services ar8 complelely decommission8d. The trustees have provided for £505,515 of these potential obligations in the Contingency and Redundancy Fund, they have also provlded various other designated funds which at the year*nd total £60.444. Restricted funds have been fully realised in the period, the remaining balance of £872,450 is unrestrlcted funds at the year-end. Structure, governance and management The Sheffield Young Women's Christian Association Is a registered charity (Charity number.. 1080111), and a company limited by guarantee (Company number.. 03866756). The charity operates from Peile House, 255 Pitsmoor Road, Sheffield, S3 9AQ. The Association was incorporatsd on 27th October 1999 and is govemed by the Memorandum and Articles of Association. All powers of management and control are vested in the executlve commrttee. The directorsltrustees are appointed at the annual general meetlng. They m8et P8ri0di¢ally to consider and fomulate policy. They are also responsible for the management of the Charity. including the appointment and discharge of staff. the making and altering of rules, and th8 authority for all exp8nditur8. The trustees, who are also the directors for th8 purpose of company law. and who served during the year and up to the date of signatur8 of the financial statements were: Mr D FOeSter Ms K L Jackson Ms J J8sper Ms W Peake Mr M White Ms S M E Haines Mrs K Wooller Ms C C Brown {Resigned 24April 2023) (Resigned 24 April 2023) (Resigned 30 Juty 2024) (Appointed 24 October 2023) (Appointed 21 May 2024) Recruitm8nt and appointment of truste8S Non8 of the trusteas has any beneficial inter8St in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Auditor In accordance with the companrfs articles, a resolution proposing that Knowles Warwick Audit Services Limited be reappointed as auditor of the company will be put at a General Meeting. The trustees. report was approved by the Board of Trustees. D¢¢u8lin•d by- 3OXCWZF37X47C.::'" Mr D Forrester Trusts8 Date: .. 2£ .11. 20214
Docusign Envelope ID.. A6D866E1-92E0415tNBFCE-EAE41FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees. who are also the directors of Sheffield Young Women's Christian Association for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, induding the income and expenditure, of the charitable company for that year. In preparing these financial statem8nts, th8 trustees are required to.. select suitable accounting policies and then apply them consistently., - observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent., state whether applicabl8 UK Accounting Standards have b88n followed, subject to any mat8rial departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities.
Docusign Envelope ID.. A6D866E1-92E0415D-BFCE-EAE41FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION Opinion We have audited th8 financial statements of Sheffield Young Women's Christian Association (the 'charty') for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 Acc8Pted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 In auditing the financial statements, we have concluded that the trustees. use of the golng concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may Gast significant doubt on the charity's ability to continue as a going conc8rn for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other informatlon The other information Comprises Ihe information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annua report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial ststements or our knowledge obtained in the course of the audit. or othemise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are r8quired to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 nolhing to pOrt in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports} Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees. report; or sufficient accounting records have not been kept.. or the financial statements are not in agreement with the accounting record5- or we have not received all the information and explanations we require for our audit.
Docuslgn Envelop9 ID.. A6D866El-92EO415BFCE-EAE4lFDF7O7E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the charity for the purpose 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 Ihe trustees 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 trustees are responsible for assessing the charity'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 truslees either intend to liquidate the charitable company or to cease operalions, or have no realistic alternative but to do so. Auditor's responsibilities for the audlt of the financial statements We have been appoinled as auditor under section 144 of the Charities Act 2011 and report in accordanc8 with the Ad and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are fe from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducled in accordance with ISAS {UKI will always dele¢t 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. As auditor, in accordance with ISAS (UKI. we have exercised professional judgement and maintained professional scepticism throughout the audit. The extent to which our prOdureS are capable of detecting irregularities, including fraud, is detailed below. We assessed the susceptibility of the company's financial statements to material misstatement. including how fraud might occur, by. Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and Considering the internal Controls in place to mitigate risks of fraud and non-compliance with laws and regulations. In respons8 to the risk of revenue recognition, we: Performed analytical procedures to identify unusual transactions- and Performed detsiled substsntive testing across all revenue streams In response to the risk of fraud through management bias and override of controls, we.. Performed analytical procedures to identify unusual transactions., Assessed whetherjudgements and assumptions made in determining the accounting estimates were indicative of potential bias., and Investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included. but were nol limited to.. Agreeing financial statement disclosures to underlying supporting documentation Enquiring of management as to actual and potenlial litigation and claims., and Reviewing corresF)ondence with HMRC and other relevant parties. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https.'Il www.frc.org.ukJauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustees. as a body, in accordance with part 4 of the Charities (Accounts and Reports} Regulations 2008. Our audit work has been undertaken so that we might stste to the charity's trustees those matters we are required to state to them in an auditorfs 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Docusign Envelope ID.. A6D866E1-92E0415D-BFCE-EAE41 FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION Steven Knowles FCA (Senior Statutory Auditor) for and on behalf of Knowles Warwick Audit Services Limited 7128A19661IA4. Chartered Accountants Statutory Auditor Charlotte House 500 Charlotte Road Sheffield S2 4ER Knowles Warwick Audit Services Limited is eligible for appointment as auditor of Ihe charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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Docuslgn Envelope ID: A60866E1-92E0415D-8FCE-EAE41 FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assets Inveslments 15 16 1,026,160 1,041.109 48,900 1,026.160 1,090,009 Current assets Debtors Cash at bank and in hand 17 145.022 385,314 115,660 409,993 530,336 525,653 Credltors: amounts falllng due within one year 19 (71,559) (51,124) Net Current assets 458.777 474,529 Total assets less current Ilabllltles 1,484,937 1,564,538 Credltors: amounts falllng due after more than one year 20 {46.528) (53,3151 Net assets excluding penslon Ilablllty 1,438,409 1,511,223 Net assets 1,438,409 1,511,223 The funds of the charlty Restricted income funds Unrestricted funds general Unrestricted funds d8signat8d 23 5,493 934,386 571,344 872,450 565,959 1,438,409 1,511,223
Docusign Envelope ID= A6D866E1-92E04150-BFCE-EAE41 FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION BALANCE SHEET {CONTINUED) AS AT 31 MARCH 2024 The company is entitled to the exemption from the audit requirement contained in section 477 of the CompaniesAct 2006, for the year ended 31 March 2024, allhough an audit has been carried out under section 144 of the Charities Act 2011. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for th8 year in question in accordance with section 476. These financial ststements have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime. The financial statements were approved by the trustees on Do¢uS1oad by.. 38AeèA02P3PMIO.:" Mr D Forrester Trustee Company registration number 03866756 (England and Wales) 10
Docusign Envelope ID: A6D866E1-92E0415D-BFCE-EAE41 FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 28 150.992) (30,3821 Investing activities Purchase of tangible fixed assets Proceeds from disposal of investments Investment income received {18.636} 48,900 3,950 (144,694) 508 Net cash gènerated froml(used in) Investing actlvitles 34,214 (144,186) Financing activltles Repayment of bank loans {7,901) {9,1711 Net cash used in financing activities (7.901) (9,1711 Net decreasè In cash and cash equivalents (24,679) (183,719) Cash and cash equivalents at beginning of year 409,993 593,712 Cash and cash equivalents at end of year 385,314 409.993 11
Docusign Envelope ID: A6D866E1-92E0415D-BFCE-EAE41 FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Sheffield Young Women's Christian Association is a private company limited by guarantee incorporated in England and Wales. The registered office is Peile House, 255 Pitsmoor Road, Sheffield, S3 9AQ. 1.1 Accountlng convention The financial statements have been prepared in accordance with th8 charity's Igoverning documentl, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. ("FRS 102") and the Charities SORP"Accounting and Reporling by Charities: Statement of Recommended Practic& applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial stataments are rounded to the nearest £. The flnancial statements have been prepared under the historical cost convention. The principal ac¢ounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, there are no material uncertainties and the trustees have reasonable expectation that the charity has adequate resources to continue in operational 8XlStence for thé foreseeable future. Thus Ihe trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions hav8 b8gn met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on r8ceipl. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferr81 of the amount. Income tax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on reIpt or othemise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as contingent asset. Grants are credited to revenue when receivable. They are considered receivable when the Conditions for receipt of the grant are deemed, by the trustees, to have been met. Interest on funds held on deposit is included when receivable and this is normally upon notification of the interest paid or payable by the Bank. 12
Docuslgn Envelope ID.. A6D866E1-92E041 SD-BFCE-EAE41 FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles {Contlnued) 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by aclivity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct cosis attributsble to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and d8precialion charges are allocated on the portion of the asset's use. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost orvaluation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land and buildings Fixtures and fittings 20/0 Straight line 20 % reducing balance120Vo Straight lin8 for computer equipment 250/0 reducing balance Motor vehicles The gain or loss arising on the disposal of an asset is determined as the differ8nce beeen the sale proceeds and the ¢arrying value of the asset. and is recognised in the statement of financial activities. 1.7 Flxed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequ8ntly measured at fair value at each reporting date. Changes in fair value are recognised in net incomel{expenditure) for the year. Transaction costs are expensed as incurred. 1.8 Impalm)ent of fixed assets At each reporting end date, the charity reviews the Garrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss {if any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instruments The charity has elected to apply the provisions of Section 11 '8asic Financial Instruments, and Sedion 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 13
Docuslgn Envelop& ID: A60866E1-92E0415D-BFCE-EAE41FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (Continued) Baslc financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaclion costs and ar& subsequently carried at amortised cost using the effective interest method unless the arrangemenl constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabllltles Basic financial liabilities, including ¢dItorS and bank loans are initially re¢ognised at transaction price unless the arrangèment conslitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instrumants are subsequently carried at amortised cost. using the effective interest rate method. Trade creditor5 are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised Gost using the effective interest method. Derecognitlon of flnanclal liabilities Financial liabilities are dere¢ognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's serVIS are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide lermination benefits. 1.12 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Crltical accounting estlmates and Judgements In the application of the charity's accounting policies. the trustees are r8quired to make judgements, estimat8S and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and oth8r factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which Ihe estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 14
Docusign Envelope ID.. A6D866E1-92E0415D-BFCE-EAE41 FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacles Unrestricted Unrestricted funds funds 2024 2023 Donations and gifts 2,180 586 Income from charitabl8 activities Unrostricted Unrestricted funds funds 2024 2023 Supporting people grants Charitable rental income Other funding 798,770 734,953 65,180 824,987 626,774 70,023 1,598.903 1,521,784 Income from Investments Unrestrlcted Unrnstrlcted funds funds 2024 2023 Interest receivable 3,950 508 All investment income received is allocated to unrestricted funds. 15
DocusSgn Envelope ID- A6D866E1-92E0415D-BFCE-EAE41 FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charitable activities Charitable activity 2024 Charitable activity 2023 Dlrect costs Staff costs Depreciation and impairment Rent and rates Light and heat Insurance Repairs and r8newals Property service charge Other direct costs Legal and professional fees Finance costs Office costs 1.132,068 11,315 188,934 23,493 17,580 14.776 47,102 753 30,208 7,044 133,207 1,081.785 19,512 155,434 26,108 12,709 12,899 42,632 297 8,320 3,747 117,963 1,606,480 1,481,406 Shar8 of support and governanc8 costs (see nots 7) Support Governance 65,982 4,762 52,211 5,503 1,677,224 1,539,120 Analysis by fund Unrestricted fijnds - general Unrestricted funds- designated Restricted funds 1,666,346 5,385 5.493 1,528,750 4,072 6,298 1,677.224 1,539.120 Support costs allocated to actlvitles 2024 2023 Basis of allocation Stsff ¢osts Depreciation Governance costs 44,335 21,647 4.762 39,208 13,003 5,503 70.744 57,714 Analysed between: Charitable activity 70,744 57,714 16
Docusign Envelope ID.. A6D866El-92Eo415BFCE-EAE41FDF7o7E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net movement in funds 2024 2023 The net movement in funds is ststed after chargingl(crediting): Fees payable for the audit of the charity's financial statements Deprecialion of owned tangible fixed assets Loss on disposal of tangible fixed assèts 4,762 32,962 623 5,503 32,514 2,156 Audltorfs remuneration Fees payable to the charity's auditor and associates.. 2024 2023 For audit services Audit of the financial ststements of the charity 4,762 5,503 10 Trustees None of the trustees (or any persons connected with th8ml received any remuneration or benefits from the charity during the year. 11 Employees The average monthly numb8r of employ88s durtng the year was: 2024 Number 2023 Number Managerial Administrative Project work 47 36 Total 56 46 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 1.036,489 88,785 51,129 991,376 83,439 46,178 1.176.403 1,120.993 There were no employees whose annual remuneration was more than £60,000. 17
Docusign Envelope ID= A6D866E1-92E0415D-BFCE-EAE41 FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Other Unrestricted Unrestricted funds funds general general 2024 2023 Net loss on disposal of tangible fixed assets 623 2,156 13 Gains and losses on investments Unrestrlct8d Unrestrlcted funds funds 2024 2023 Gainsl{lossesl arising on-. Revaluation of inv8stm8nts (452) 14 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 15 Tangible flxed assets Freehold land Flxture$ and Motor vehlc1•8 and buildings fittlngs Total Cost At 1 April 2023 Additions Disposals 1.247,346 193,953 10,636 6,100 8.000 {2,100) 1,447,399 18,636 {2,100) At 31 March 2024 1,247.346 204.589 12,000 1,463,935 Depreclatlon and impairment At 1 April 2023 Depreciation Charged in the year Eliminated in respect of disposals 250,428 21.647 153,648 8,800 2,214 2.515 (1,477} 406,290 32.962 (1,477) At 31 March 2024 272,075 162,448 3,252 437,775 Carrying amount At 31 March 2024 975.271 42,141 8.748 1.026.160 At 31 March 2023 996,918 40.305 3,886 1,041,109 18
Docusign Envelope ID.. A6D866E1.92E041sBFCE-EAE4l FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Fixed asset investments Unlisted Investmenls Cost or valuation At 1 April 2023 Disposals 48,900 (48,900) At 31 March 2024 Carrylng amount At 31 March 2024 At 31 March 2023 48,900 17 Debtors 2024 2023 Amounts falllng due within on8 year: Trade debtors Prepayments and accrued income 124,758 20,264 98,675 16,985 145,022 115,660 18 Loans and overdrafts 2024 2023 Bank loans 54,429 62,330 Payable within one year Payable after one year 7,901 46.528 9,015 53.315 Loans were taken out to acquire domestic properties and are secured against the properties that they relate to. 19
Docusign Envelope ID.. A6D866E1-92E0415D-BFCE-EAE41FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Creditors: amounts falling due withln one year 2024 2023 Notes Bank loans Other taxation and social security Deferred income Trade creditors Other creditors Accruals 18 7,901 19,544 14,504 12,908 8,149 8,553 9,015 17,670 2,890 4,494 7,563 9,492 21 71,559 51,124 20 Creditors: amounts falllng due after more than one year 2024 2023 Notes Bank loans 18 46,528 53,315 21 Deferred income 2024 2023 Other defeed income 14,504 2,890 Deferr8d income is included in the financial statements as follows- 2024 2023 Deferred income is included within.. Current liabilitl8S 14,504 2.890 Movements in Ihe year: Deferred income at 1 April 2023 Released from previous periods Resources deferred in the year 2,890 (2,890) 14,504 28,117 {28,117) 2.890 Deferred income at 31 March 2024 14.504 2,890 22 Retirement beneflt schemes 2024 2023 Defined contributlon schemes Charge to profit or loss in respect of defined contribution schemes 51,129 46,178 20
Docusign Envelope ID.- A6D866E1.92E0415D-BFCE-EAE41 FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Retirement benefit schemes (Contlnued) The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund. 23 Restrlcted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 April 2023 Resources At 31 March expended 2024 Building fund Fleming Gardens furniture fund RMBC Buy-to-let 4,892 493 108 (4,892) {493) {108) 5,493 {5,493) Prevlous year: At 1 Aprll 2022 Resources At 31 March expended 2023 Building fund Fleming Gardens furniture fund RMBC Buy-to-let 5.709 609 5,473 (817) (116) (5,365) 4,892 493 108 11,791 (6,298) 5,493 The building fvnd represents grants received and is released at an annual rate Consistent with the depreciation rate of the relevant property. The Fleming Gardens furniture nd represents granls reiVed for fumishings. It is released at an annual rate consistent with the depreciation of the relevant furniture. The RMBC grant was obtained to pay for expenditure incurred on th8 buy-to-let properties and is to be split between the proposed 10 properties. Any overspend is to be met from unrestricted funds on a property-by- propety basis. Sufficient funds are held to enable all the funds to be applied in accordanc8 wilh any restrictions. 21
Docusign Envelope ID.. A6D866E1-92EO4l5BFCE-EAE4l FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been Set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incomlng resources Resources expended Transfers Galns and At 31 March losses 2024 Maternity fund Contingency and redundancy fund Major repairs fund IT equipment fund General funds 10,000 10,000 505,515 505,515 29,588 29,588 31,000 358,283 (10,636} (1,656,333) 20.364 306,983 1,605,033 934,386 1,605,033 (1.666,969) 872,450 Prevlous year: At 1 April 2022 Incomlng Resources resources expended Transfers Galns and At 31 March losses 2023 Maternity fund Contingency and redundancy fund Major repairs fund IT equipment fund General funds 9,714 (288) 574 10,000 505,515 505,515 29,588 29,588 30,599 367,450 (10,755) (1,519,863} 11,156 (11,730) 31,000 358,283 1.522.878 (452) 942.866 1,522,878 (1.530,906) {452} 934,386 The maternity fund has been designated by the twstees to meet future matemity costs. The contingency and redundancy fund has been designated by the trustees for the purpose of meeting any future redundancy costs or any other costs in the event that the association has to cease its activities. The major repairs fund has been designated by the trustees lo cover any large-scale property repairs. The IT equipment fund has been designated by the trustees for any major overhaul of computers required for the charity. The nature of the expenditure on the above four funds is not specific in timing and therefore no precise date can be attributed as to when these costs will be incurred. 22
Docusign Envolope ID.. A6D866E1-92E0415D-BFCE-EAE41 FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 25 Analysis of net assets between funds Unrestrlcted Unrestricted funds funds general designated 2024 2024 Restrictsd funds Total 2024 2024 Fund balances at 31 March 2024 are ropresented by: Tangible assets 1,004,621 Current assetsl(liabilities} 458,777 Long term liabilities (46,528) Provisions (544,420) 21.539 1,026,160 458,777 (46,528) 544,420 872,450 565,959 1.438,409 Unrestrfcted Unrestrlcted funds funds general deslgnated 2023 2023 Restrlcted funds Total 2023 2023 Fund balances at 31 March 2023 are represented by: Tangible assets 1,018,695 Investments 48,900 Current assetsl(liabilities) 474.529 Long term liabilities {53.315) Provisions {554.423) 16,921 5.493 1,041,109 48.900 474.529 {53,3151 554.423 934,386 571.344 5,493 1,511,223 26 Operating leas8 commitments Lessee At the reporting end date the charity had outstsnding commitments for future minimum lease payments under non-cancellable operating leases, which fall du8 as follows: 2024 2023 Within one year Between two and five years 921 8,000 921 921 8,921 27 Related party transactions There were no disclosable related party transactions during the year (2023 - none). 23
Docusign Envelope ID.. A6D866E1-92E0415D-BFCE-EAE41 FDF707E SHEFFIELD YOUNG WOMEN'S CHRISTIAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 28 Cash generated from operations 2024 2023 Deficit for the year (72,814) (18,8501 Adjustments for-. Investment income recognised in statement of financial activities Loss on disposal of tangible fixed assets Fair value gains and losses on investments Depreciation and impairment of tangible fixed assets {3,950) 623 (508) 2,156 452 32,515 32,962 Movements in working capital.. {In¢rease} in debtors Increasel{decrease) in creditors In¢reasel{decrease) in deferred income {29,362) 9.935 11.614 (13,9251 (6,9751 (25,2271 Cash absorbed by operations (50,992) (30,362) 29 Analysls of changes In net funds At 1 Aprll 2023 Cash flowsAt 31 M•r¢h 2024 Cash at bank and in hand 409,993 (24,679) 385,314 Loans falllng due within one year Loans falling due after more than one year (9,015) (53,315) 1.114 6,787 {7,901) {46.528} 347,663 (16.778) 330,885 24