YMCA North Staffordshire Ltd. (a company limited by guarantK) REPORT AND FtNANCIAL STATEMENTS 31 Morch 2023 Comp8rty Registration No.. 0481H681 R¢gistff¢d Charity No: 1100749 RP No: H4426
YMCA North Staffordshire Ltd. CONTENTS TRUSTEES, DIREcfoRS AND ADVISORS REPORT OFTHE BOARD OF MANAGEPdEHf {INCLUDtNG sfRATEGIC IiEPORD DIRECTORS, RESPONSIBILITIES tN THE PREPARATION OF FINANC]AL STATEMENTS rNDEPENDENT AUDITOR'S REPORT TO TIIE MEMBERS OF YMCA NORTII AFFORDSHIRE LTD. 13 STATEM OF COMPREHENSIVE INCOME 14 STATEMENT OF FfNANCIAL POSITION 15 STATEMENT OF CHANGES IN RESERVES 16 STATEMENT OF CASH FLOWS 17 AccouKrrNG POLICIES 18 NOTES TO THE FINANCIAL sfATEMENTS 24
YMCA North Staffordshire Ltd. TRUSTEES, DIRECTORS AND ADVISORS PRESIDENT Bishop of Stafford (non-voting) BOARI) OF DIRECTORS GC Handforth Chairperson MJ T(x)hey Vice Chair A Robin%)n Rev SA Smith PJ Franklin PA Dartford PA Williams Dr SW William5 J Sawyet5 NC Joy-Jolm JL Thorpe T Gordon Hifsa Iqbal (appointed 16.02.23) CHIEF EXEcufIvE AND COMPANY SECRETARY D Flynn REGISTERED OFFICE Edinburgh House Harding Road Hanley Stoke-on-Trnt Staffordshire STI 3AE AUDrroRS Crowe UK LLP The L¢xi¢oD Mouni Streei Manchesier M2 5NT BANKERS National Westmiftster Balth PI l Upper Markei Squate Hanley Stoke-on-TTeDt Staffordshire STI INS Page I
YMCA North Staffordshire Ltd Trustees, Report Our vlslon YMCA'S vision in England and Wales is of an ilusIvechrIStiall movun¢nt transforniin8 wmmunities so th41 all young p)ple can belong. contribute and thrive. Our Mfisslon We develop young wle. they develop their woT]si Prln¢lpal Attlvltiei Th¢ principal activitie5 of YMCA North Staffordshire are to provide housing supporL trainin& recreation and spotts activities for young wle, their families and their communitias. What we do We develop life charKes andnew futures for young pec their familie5 and communities. This comes in th¢ forn] of a wide range of servic. Wepmvidespecialist housing on ouryoungwle'scampus includ1ngpurSbU11tmove0n accommodation, housing in the community for young workers. The Camp offers young people a high standard of accommodation in a safe supportive environment with staff who offer devekqyment opportunities in areas of education. employinent and well-being advice together with a wide range of creative and recreational activilies to inspir¢ and motivate. WepTovide¢ffective training pro8rammes foryoungpeopleand theirfamilie5 to assistthem to gain confid¢¢. cquire skills and developmu&t via volunteering and 5UFryM)rt them to gain and sustain paid emploent. We wovide a range of family services where our team to re•I]d and maintain family relationship5 in areas such as patIng skills. conflirt resolution. WO with separdfrd parents and their children. We provide an onsite sIS and recreationcentre Incl8 &gym* SE8 hall, tsdO0r football pitch and offer a rong¢ of programmu for young wple, community clubs, schools and our local community. We provide a roof top conference centre othermeeting rooms that can be hired by local community groups and busin¢sKs for m¢dings and o)nf¢rences and offer in house catUiDg if required. We provide a pla¢¢ for ovr wmmunity to gathez aftd actively support other local ¢haritisA runity groups and other $tak¢hold¢rs by sharing our spac4 ex1)Ce and ex)rtISe where it is of use. We provid¢ an expIenced stsff team lo deiiv¢r th¢ Nattry1 Cilizenship s¢rvi¢¢ to youllg pg)pie. We play an aclive role in our o)mmwiity w01n8 with to wovid¢ optthuniiie& Our values YMCANS Valu&9 •Ye . T1 . Hope . Protect These values bedrock and help us mte the resilienc¢ to th¢lop young people into thriving lives. Page 2
YMCA North Staffordshire Ltd Trustees, Report DIREcfoRS The directors who have held olf1 since l A1] 2022 are as follows: GC Handforth MJ Toohey B Sumner A Robinson Rev SA Smith PJ Franklin PA Dartford PA Williams DR S Wynn-jones J s8y¢r$ NC Ji)y-Johnson JL Thorpe T Gordon H Iqbal (apponted 16.02.23) ORGANISATIONAL STRUCTURE YMCA North Stsffordshiff 18 a Registered &Kial IAndlord (Re8 No: H4426)' a gistered clwtity (Reg No: 1100749) ond a company limited by guarantee (Reg No.. 04804681). The YMCA board of managem¢ni meets bi.monthly with a fvll busiti ogead& The Ew)ard ov¢ee5 the strale8ic d¢v¢lopmenl and operntiollal perforn)an¢e of the organisalion. Appolntment and r¢¢ruhmen¢ of dlrtt¢ors Potential candidates for directors are ititaviaved by the Chair and the clef Executiv¢. This is a three-stage l. A dixussion around the OTgani5ation's VISI( atHJ mission and to explain ttLe chaLitsbl¢ objts. Company 8ni¢les. business plan and dite¢tion of the organisation. To check OTh the potenlial members skills set and experience. 2. If the Chair and the w>ienti&l director agree that they would be suitable. the individual is introduced w th¢ board of directors who then lIe1VY decide whethe¥ to offer Board MeMShip. 3. If the full Ix)ard agr¢ the prow5al director comes to e fi1 iKd meeting and after discussion a vote will take place. Dlreetors, Inducdon And trnining pInted each Board Member is alloca*d to one of the strategic griM4X8 that oversee the running of the organItIOn. membership of these groups allows the board m¢mber to s1811$¢ in their aTea of expertise an(Vor interest. The Current Grou are.. Finance & Risk Campws Development Performance Standard5 Uncluding Health & Safdy & Safe8[ding1 ChrÉstian & SpiritU81 Development Business Dev¢loprnenl Capital Development Connectivity & Comrnuni(xtiotL8 EnviD)nment Empathy Engine / Equality, Divu5ity & Jnclusion Membership of the groups include one or ttvo memtrrts plws senior and op¢ralional staff. Page 3
YMCA North Staffordshire Ltd Trustees, Report In addition. th¢ Chair of the Board & CEO will idMtify oreos of training and dEv¢I0¢nI and ensure that this is delivered. Regular events take place at le&8t annually wbere the Board rea¢¢ts on the values of the YMCA and the work that we do to ensure that they are aligoed- Pubilc benefit aud value for money The YMCA aims to serve y(Kmg pwle, their famtlies aud the community, we continue to provid¢ housing for some of the most marginalised young people in our area and have improved ow offtt with the new flhis that provides 8 beller Slandard of4cc4)mmodation and facilities foryoung families forthe first time. We ar¢ growing our property wrtfolio to help low waged young Ftopie afford community-based accommodation and mainiairt their etnployment. (hjr aclLvity Cenlre is bekng enjoy>J by members of the community for sports and family fun days and our family contact ceTJtre continues to serve young children wovidiDg a safe space for than lo play and tslk to Irdined cowisellors. Our trainingand LrynpI0¢nI service a55istspeople lacking in skills andconfidence to become ready to maMg¢ work opportunities and move towards economic Indepdence. Value for molley In the current econoJni¢ environmenL il 15 importanl to ensure that the YMCA Maximi the value from its expenditure. The Board considers value for miw as part of its strategic aPPa¢ when allo¢ating rv)our¢es. but not at the expen8e of providing quality of seTViC4 all new PrOlS and major items of exp¢ndiwr¢ a scrntinised by both the ixtsintss develOpmt and finance and risk ith wo18 groups pjior to approval. Risk m*nagemtnt YMCA North Siafford5hire Wolks with who have been disadvantsged through limited life chanc. A8 we describe ourselves as a life cl¢¢5 agency li is appwiate to tske risks with our charity's r¢soUr$ to make OPWT1uniti available to those people in order for them to reach their potential and thriv¢. W¢ ar¢ therefore happy to take a risk with creat8 life chance& We will not however, lake any risk5 relating to the wotection of young wle and vulnerable adulty Full vetting procedures will always be followed for all stsff and volunteer5 and disciplinary a¢lion follows when breaches 0Ur. A similar wTrlicy is adopted in relation to fraud and comiption. The Charity is fornmate io hold assets in the fotm of and investtnents and revenues glxeraied from our activities. We will take some risk to achieve tthrns lyji will not put at risk the capirhl valu¢ of our assets and will alwa seek to balance the risk of any loss against th¢ ¢xrned retmL Th¢ tK)ard delegates the detaikd leW of Risk Manage0t lo the Finance and Risk Managemeni Wovking Group which consists of the Vice Chair. Treasurer, plus at least one other IM)ard manlKrl advisor togetherwith the Deputy Chief Executive and Finance Dirtttor. This group meets bi-monthly to review all issue8 both int¢rnal and ¢xt¢rnal that might have an advux ¢ffeA on th¢ orggnisation fulfilling its obJ"e¢iive5 The Board identifies headline current risk8 to the clwity &s follows". The Capital Development for the t)ew fiats is completsj within agreed timescal4s and remains an affordable project. Economic volatility due to infiation aad chaDg¢s in intffesl rat Funding risks due to p)litical liCY chang Risk of fraud ProtK¢ing vulnerable peopl¢ who us¢ our servi$ fwon) any fegthnS risk. Page 4
YMCA North Stsffordshire Ltd Trustees, Report Impae¢ olCOVID-19 The charity remains vigilant to any fikn challenges that might arise during the winter montlk8. All stsff will be encouraged to take advantage of the FAx)ster programme and our Covid monitoring team will continue to monitor 0breakS at local level and FVIde advice to ensure that our priority realn5 the h¢alth and well- being of th¢ young people that we SCe and ow staff and volunteeer& We added aiemwdry objecliveto OuTES]e3S plan to enable the charity to manage tbeperiodofthe p8ndemic and learn from the expetien¢& This will remain in place for the remainder of th¢ current financial year and F reviewed in 2023. Dlre¢tor's h)demnity insurM¢e The YMCA has DirectOTS Indemnity of up to £lm. FUTURE PLANS Fytsre fo¢u$ Our newbusiness plan has been co designed with staff. voluntceTrandyoungpeople topromote emwJwermenL inclusivity and diverse perspective5. We are fSing i)n five aims aDd developing a collectiv¢ impact model wILereby we can rne&wure how ail or8anisational services C4)nti11le to cach aitn. Business Development Ind Ineorne CenerathJH YMCA North Stsffordshire has developryj an increasingly diverse income streom which enabla us lo EKbsilively impact uFx)n the lives of children young people. their families and their communities. Objeetlve Identffify Rlsks & Income Stre•m$ Impa¢t Evldence We use insithts Pipeline Board Reporting of N¢w to make apWOpt¢ and and expiring sources of finance timely business every 3 months via Quart¢rly de¢ision8. Finance Meetings Evaluatlon ofall produets Develop a rolxjst and rekvani evaluation Standardised Framework published as a rerM)rt to the IM)ard on a resular basis. work aLivity, Product & Unlod(Ing the dlveT¥e gift4 talell and abllitles aDd to be seen 1 Auet so that ali young peop staff volunteers eatt belong eontrlbut4 nd thri We believe that all people have gifts talents and abili11 We neeAJ to furth¢r implem¢ni our thinking ground Ubuntu and will broaden whole team aFyoath Including tIM)se w¢ s¢ as tre of that teandcomrnunity of assets approach. Objeetivt Impact EvldeD¢e Creatliig space for yOUDg people's Young people feel YP & communities are involved i volees to bt amplified heard and emp)wered to umpaigns investment influence change. )portuniti&s to Ixn¢fit th¢ir peern & o)mmunities. Stakeholder voices tan see ¢htir The influence of W¢ have ¢stablished a Continuou8 Influence In the life and work of stskebold&- feedback will Stsk¢holder feedback loop that YMCANS commMDity drive up the quality & dem(trnstrat codesign of all key delivay of all our sffvitts (Community. Staff. Customers. Pr(MJu¢ts & services the) Page 5
YMCA North Staffordshire Ltd Trustees, Report iArntng or21110n Growkng C4p¢lty EdMetIo Skllls We have succe&8]lY buili a eulntre of learning and development rO$S th¢ whol¢ associition. We have clear training and development OPEN)rtltieS for all. and the impact is measured by the growth in those opErtities and the Attendance and achievement of those. Objectfve Imp¢l ÉvKlen¢e Iden¢lfy And remove barrlers ttty Leorning OKrtunItieS Peopl¢ feedE¥ck SItiVely around learnlng. refle p¢opl¢8 learning learning opp)ttunitie& To develop a d#ned appr11 A new ap?1$0] pr(ws Staff feedknck io dem(m8lEate that the process. is in plac¢ thai staff are new syst&n wo. happy with We have Invested kn furtherlng We have a diverse Uptake of learnets with external relallonshlpg wlth karnlng learning offeT that organisations provlders Colle£e8 I vnls accommodates all petyle EnVIronents1 $tl•bUlty Pmmoting a and ixjsinw kractic¢ that bed8 sthinability Wa¢tic¢s across all of our communities. Objective Impact EvkleR¢e Developed Envtronmental YMCANS Jmotrs W¢ will have gath¢wJ reliable Su$lAinablllty Impact and sustsinabk business bCline and set targets for out¢omes Strategy In pArtnership practices and actively improvement. wlth oth¢rJ. contril)utes to ¢ollaboraiive nthvork 5U5tainable We ralse awareness of All stakeholdas are We will have measured and sustainabllity issues for •ll our staff aware of how they demonstrated an imprnvement in the and young peopl pxitively contribute to underthding aDd ntributionS thesustainabilitychange people can make to the model and are a¢tively tkv¢lopM1 Goals. pr(xnoting sustainability ptwtice across all of our To 8ehleve the bronze #w1 In YMCA $ustsIDabk f(d wlth Food for Lif¢ Siaffordshire healthier and more susiain4ble fd to its North Achieving th¢lxonz¢ award sthndard. Welfare and ¢ommunlty Partnershlps Olnklng wlth partws for the 0d We will seek out and IMild with Individ1 parthas and organisations th&t 8h8Te our values. Taking on ABCD apyoach helping to identify th¢Jse wider assets tl8h1 by partne[5 and Un1kIng ours and partner ats for the Fnefit of those we ser Page 6
YMCA North Staffordshire Ltd Trustees, Report ObJe¢tlve Imp•et Eviden¢e Develop prtnershlps otheY¥ Our offer the Wrting with partnets, we will have who Share our value commwiities w¢ wye is unlocked our value5 and partners enh8n¢ed due to the values e.g. ¢ollb model. value of the palln¢Tships thai we have developal and nurtur YMCANS will raise We will have established campaigns Campalgn5) evell •nd 4warene55 of issues withourpsrtne acdvlthg dellvered. affecting YP and will seek to iring aiM)ut ptsitive change& KEY MANAGEMENT REMUNERATION The remunerntion policy is de¢ided by the Board by means of a ITieruJial fornjal review based on national YMCA guidance. The Human R¢sow¢es working group undert8kts the review. which is presented to the knard for fornial approval. Implementaiion is subie¢t io affordability. The latest review took place in the 2022 -23 rirtancial year and fvlly fimded. ACHIEVEMENTS AND PERFORMANCE In our last TTUStees' Tepott. we said we would deliver on sevcn key otye£tive& Detsiled loW ar¢ the a¢iivitie8 delivered Agains¢ those obje¢tives. Be a Thrlvlnz Buslness We have made significlrtl Fwgress in this area of our w4xk and have invested additional capacity inlo our busines3 developTnenl lea to ensure we respcffid to the ternal funding environment. Our Christmas campaign saw us ie8$e investrieni into communities though fundraising and we have developj th¢ panty 8ponsm nefwork io fund athlitional food to meet the increase in demaThd. Work ha5 ci)lltinued with Made in Stoke. the philanthropy network for the city and we have seen a return on this work though financial gifts and pa)ple offeTing time to SUprt our charitable obiecliv¢s. To ensure sustainability across our community youth work, wbich can be vulnerable to cuts in fundin& we have created a reserve pot which provides 12 rnonths of fi]nding lo deliver a core offer lo ¢hildrw and young people, so rather than stop I starting pn)granllnes. we have a raserve p)t we can draw on if ne&led. Cet our ¢apital developrtnt of 46 11#ts batk oll track and fulty fundwL We will be focusing on the completion of the CODstruction of fcty-six flats on oursite. This work commenced in 2020 but due to Iwo preTrious contractors going iThto administration. w¢ hav¢ now appointed a new building contractor. Wehave8cO with Hom&% England to extend thecompldion deadlitte into th¢irtt¢xi developm¢ni programme. The ¢osl of the flats will be funded by a Homds England gr and a loan from Charity Bank. Maxlmtse th¢ opportunltks of new worklng •8 we ¢ootlDue to •d•pt to Ihe rttovery from COVID 19 COVID 19 has continued io impact our wort al we are still offaitig hyknd working to suwort the work life balance of our team. In Addition. we are working closely with external a8¢1¢3 io med the long¢r-tffm challge8 around mentsl health and providing weekly sursK¥t to thff. and V0huTr. Invest In our d1141 lDfrstrUele prodM¢ dt ¢0 bxprove o¥r omteomes nd Imp*¢t d ¢ommunl¢atr eltertlvety. Investsnent in OSKA dathbase and MiTrJ & Body Ix)oking systems has fflthano¥J efficiency> streamline our Pog¢ 7
YMCA North Staffordshire Ltd Trustees, Report efforts and help to broaden our reach. This infraStn has been ¢rucial to rUrIng the administrative element and io monitor the effectiveness and llmpa of our WV1¢ Wehave developed our skills in analysing th¢ dats to tinuallY improve our s¢rvi¢e delivery. leading lo better dlSion Jnaking and resource allocation. S¢¢ thox fin our CQmmUDIty of serwiee thrfv We have invested in a Youth Governance team which Consists of young siaff/rt8id¢nts who input into the strategic development of our ISInesS. This MnS that youog people are directly involved in influencing and inputting into the designy delivery and implantatIOn of services acro&s our YMCA. Our Youth OpFK)rtunitics team has fiwther developol rclaiionships with s¢hwl4 4rvJ we aTE now delivering PSHE se58ions. further strengthening OUT WO in COnuni11&s. Invest kn staff ind volunteers to e thtm thri Stsff are consulted on a regular b8Si& 50 we know how to suprI than and see them thrive. We have invested in learning so that all stsff have 0101ti to develop. attd we now offer a wellking hour every week for stsff to do something thry enjoy. We have re•registered with EAP to continue offering employer support. with sthff able io access Counsellingy debt and other professional sUprt services. YMCANorth Stsffordshire is also nowTegist¢Ted with ihe Living Wage Foundalion and is recognised as a Living wage Fjnployer. See our dty Its people thrl Partnership working and Collabotation has grown, and we are now working with more organisation8 to be included in their progrdmmes to enhance our offer to staff. volunteas and young p¢opl¢. We I on a consortium bid with city partners to deliver a prOgrn to young p> not ¢ngag¢d in emploent, education andtrdining and wehaveseowed fiJrtherfidLllg to grnw this area of work in r¢sN)nseto the incre4se ID need WO with the refugee community in paTtnuthip with and Yow I1 Ponty neork has gro and we are now working with external professiona]s to supp)rt individuals and famili&8. Our work with the CollaLK)Tative Network has promoted a mor¢ioin¢d up approath to working and we part of city-wide initiatives around suslainability, cost of living rwse and furniture amongsi othe1¥. Challenges Over the past Iwelve months, we have faced challeng¥ aThl hav¢ w0d hard to reSpd to them. Our key challenges have been around: Capital Programma -with inflation rlsing and many building products incrwing in pric< we have had challenges around our two pitalS programma. To addr¢s$ ¢hall¢nges. we hav¢ worked Closely with fvnders and professional cost consultsnt which h&s suNM)rt¢d irt navigating through any batriets we have fac CostolLiving- We have seen an in Savi and shifi towards sUrI1g people with basic living needs. We have resnded this by p&rtnership WO18. pNx)ling services and increasing capacity to S¢CU fvnding lo ruwjnd to Uttpredl¢fvbl¢ Fuftdittz Environmenl .. Fwiding oEp)rt¥nities have often wuir&J * quick turn around and ther¢ ar¢ also a largu num1 of small¢r OpilleS. We have resEK)ntsJ to thi5 by committing time to developing theory of change models acr( our service& so w¢ know exactly what is needed and how resource aligns to our organisalional impact. This places us in a Strong p)5ition of king proactive ITh resporLqe to OPERATIONAL REVIEW OF THE YLIR {IDdudkng bknMce sheet revlew) For the year lo March 2023 the Charity Increas bjrnovff to £5.3m {2022 £5.Im), operating expenditure increas¢d to £4.9m {2022 £4.6m). Th¢ redUort in the financial surplus of £362k. (2022 £425k) is mainly due lo the cost for impl¢tnenthtion of the the triennial salary review plus rising inflation and interasl rntes. This could have been more $1gnifi¢ani h&1 our gas and d¢¢tricity Costs Iiot been proted from the incThses due to our pric¢ being fi% Until auhunn 2024. Poge 8
YMCA North Staffordshire Ltd Trustees, Report Our Capital Development rKoje¢t has now recommenced and is planned to be completed in 2024. Du¢ to the delay costs have risen and our loan to complete the contract increase(L The Board is sensitive to this challenge and review5 ¢osts and projeclions on a quarterly basi& FUNDS AND RESERVES YMCA North Staffs has funds availabk to finance its activitie5. These are unTestricJ funds exrndable at the discTetion of the b)ard in furthrnce of the charity's objects. Such funds may be designated by th¢ board for a projeci or pMup)se. The Ex)aTd TE¢olS¢S the ne<o ¢st4bli8h a level ofgen¢Trl reserva thul ¢Ible3 financial stability, i8 adequate lo meet the r¢quir¢m¢nts of working ¢apitsl and acts as a cushion against flu¢iuatiOn5 in iThcome levels and irA the financial p¢rfoTman¢¢ of th¢ YMCA'S a¢tiTrilie& Such T¢SerV aTe built up frorn operatlDg surplus. The Board will also us¢ reserves io develop the range of services ond activities where thi5 is deemed appwriat Our reserve5 aTe also to manage our ongoing maintenance commitments following our major refvrbishm¢ni. W¢ had a major dev¢lopm¢nt programme bthween 2(M)8 and 2013 which will need increasin8 maintenance a1 majoT repairs and the EKwrd feels that it is PTudent to deSie a sum to ensure that any fiitu cosis Can b¢ m¢L We commissioned a IE-l¢m) mairtienan¢e plan during the year which predicts the cost of fiJre plannd und major repaiTr. In 2018 we s¢t up a d¢S1kd r¢seTve to work to aim to meet this cost, we have started to lders0C long-lerm inveslmajt in orderto build growth inlothereserye buthavesuspended this decision due to un¢ertointy ¢a¥sed by COVID-19 and Brexit. Th¢board'8 FK)li¢y is thxi free r¢strves should be sufficient io manage the rrfekniitiani risks to the organisation and its WOTking pital rquIr¢men rurrenily th¢ risks would include the wMpI10n of our current capital developmenl projecL The Board rnnains vigilant in monitoring risk of [lndancY PaeThts due to any 10&8 of income b3¢ of the ¢¢onomic silualion and changes to gov¢nun¢nl poli. The OnoMY is expected to enier a peTiod of rslon and The Board reCoLSeS that this have an impact on our operdting environmenf. There is an on-going petision deficit liability to manage which is expected to increase. Our business plan r08n1s¢S the for more commeT¢ial ski115 and greater data evidence to measure and demonstrate ourirnpact r¢serv¢s will be allted to these changes. Regulation of our seclorcontinues to grow. and resour¢es need to be alla1j to ensur¢ that th¢ tharity has the Lycity to meet these obligations. The level of free resen on 31 Mar¢h 2023 was £825K this figure is calcula1 by deducting the restricted and deSIated fimds from the iotal reserves on page 13 and any fimd5 lied inlo fixed assets. This amount is Considered as adequafe by the Erfmrd for (#)TTl sbort-temi ne&ts. The Board also recognises that due to the challengcs around the new flats. development that some contribution from reserves may be required to complete this projeKt. PRINCIPAL RISKS AND UNCERTAINTILS The primary risk that we face ¢urrentty is economic uncertainty. rising inflation. interest rdles and a possible r¢du¢tion in publi¢ sFnding. Th¢ BoaTd is monitoring the situ8tion ck>sely. Political changes are always a risk io our areas of opallOn WOTking (l]eY with the publi¢ and [ent uncertainty 18 of concern to The Board. The Capital Developmenl of the New Flats Temains a major risk that is under constanl monitoring. The Board monitors the Iger-tenD impact the organisaiioD of maintenance and major Yepairs and Pqge 9
YMCA North Staffordshire Ltd Trustees, Report recognises that the challenge to maintain our campu5 is by the current economic climate. The Board keeps all fraud related issues facin8 the sector that the charity opuates in under r¢vi¢w in order io a&8ess )tclltial impact on the charity of any emerging Tisks or uncertainties. We continue to strive for ways to generate a greater proiN)rtion of our income and consider the growth And development of affordable housing as a key stsategy. The Board is aware of current rises in interest rates at a time when the charity has vaTiabl¢ rdte loans for community housing and will ellter inlo a loan for the new fiats later in 2023r24. Other ongoing risks are always in the area5 of Safeguardi and health & safety and these are under constani management and review by th¢ Bow srATEMENf OF DISCUISURE TO THE AUDrroR So far as the trustees and directors are awaTq there is no relevant inf<>rn)ation of which the company's auditor 1$ unawar¢. Additionallyi the trustees and dirtttors have taken all the necessary steps that th¢y ought lo have taken as tsustees and directots to make tbemselv&% aware of all Teleyant audit inforn]ation and to establish that th¢ MpanY'S auditor is aware of that inforn)ation. AUDITOR Crowe UK LLP was appointed by the company. Pursuant to Stttion 487 of the Companies A¢1 2(M)6. the auditor will be d¢emoJ to be reappointed and therefore Crowe UK LLP will witinu¢ in offi¢¢. By order of tb¢ Board Direc Director 27th November 2023 Page 10
YMCA North Staffordshire Ltd Trustees, Report DIREcfoRS' RESPONSIBILrriES IN THE PREPARATION OF FINANCIAL STATEMENTS The directors (who are also trusttts of th¢ ¢harity} are respmsible for PTepaTillg Th¢ R¢wTrrt of the Board of Managem1 and th¢ fmgncial statements in a¢cOrdce with applicable law and regulations. Company law and housing wlatIOn legislation r¢quires th¢ directors to pre¢ financial statents for each finAncial year. Under those laws the diorS have eleLted io prepare th¢ financial tements in a¢¢ordance with Uni¢ed Kingth)m Generally Accepted Accounting Prncti¢e (United Kingdom AccounliDg Stondard8 and appiieable law). Undercompany law the direaors mustnot arw)ve the fillanc atun¢nts unl¢s8 they a tiSfIed that they give & true and foir view of the state of affairs of and of the 8urplu8 or deficit of the company for that period. In preparing those fllwAcia] Statemen the directo ar¢r¢quir¢d io: select suiiable accounting wlicies and then apply them CnsistentIy. make judgements and accountitig e5tim*te5 that are reasLM1e and and PTepare the fU]cIal statements on the going concern basis lln1 it is inaptffopriate to presume ihat th¢ ¢ompany will u)Dtinu¢ in busine The directors and tSteeS are responsible forkeeping adequate accounting records thatare suf6cient to show and ¢xplain the company's transactions and disclose with re&8onablc accura¢y at any lime the fancIal )sition of the company and enable them to eSure that the fmanciAI ststements cornply wtth the Companies Act 2006. the Housing and Regenerdtion Act 2}8 and Th¢ Accounting Dir¢¢lion for Private Registered Providers of Social Housing 2019. They are also reswible for safeguarding th¢ assets of the ¢ompany and hence for taking reasonable steps for the wevention and ddection of fraud and other ir¢gthioriti¢s. Poge JJ
Indep¢nd¢Dt Audltor's RepDrt ¢0 the Members of YMCA Nortb Staffordthlre Ltd Opinion We have audiied the ruWla1 statements of YMCA North Sthffordshire Ltd (the Yompany.? ftir the year ended 31 March 2023, which comprise the Ststements ofcoTDpre1jSive Incon)e. the Statemeni of Changes in Reserves. Sratemeot of Financial Position, tbe Statemeni of Cash Flow& and neS to the fJnarKial statements. including Significani accouA)iin8 policies. The fllw)ciaJ framework that has been applied in their preparation is applicable law and United Kingdom A¢couniing Standath inclding Financial lieportin8 Stsrthrd 102 The Financial Reporting Stsndard appii¢able in the UK and Republic of Ireland (United Kingdom Gener&lly Accepted Accounting Practice). In our opinioffj the fllwKial sthtemcn. give a twe and fair view of the Company's affairs as at 31 March 2023 of its surplus for the y¢aY have been properly prq)ared in xcordance wlth United Kmgdom Genttally Accepted Aecounting Practice; have been prePad in acc0th with the of the Companies A¢t 2(X)6. Housing and Regeneration Aci 2(K)8 attd the Acc4)uotitig Diff¢tion forPrivate R¢gist¢r¢d Provid¢ts of So¢i41 Housing from April 2019. BaJl$ for tspiattsD We conducRd (w audit in xcothnce with InrtilON1 Sthndorth on Auditing (UK) ("ISAs (UK)'J and applicable law. Our TeSponSi1]IlIcS under those sth are further deKribed in the AudiÉor's respofftsibilities for the audii of ihe fuwicial slatements seciion of our TepM. We are itrjependent of the Company in accordartee with the ethical requir¢m¢n¢5 that are relevani ¢0 our audii of the flljancial strments in the UK, it)cluding the FRC'S Ethical Standard, and we have fulfilled ow other ethical responsibilities in CordanCE with th&qe requirenmts. We believe that the audit evidence we have obthined is sufficieni and appropriate ts) provide a b8SiS for our opinio Coneluslons reiatlM8 to 8dD8 tolleern In #uditing the rWanci statcments. w¢ hav¢ Concluded that the BoaTds use of the going concern basis of Based on the work we have perfornKtl we have t wjentified any tDaterial uertaInlieS relating to ¢v¢nts or ¢onditioDs ihat. individually or collectively. may casi significant doll on the Compan$ ability lo continue 48 4 80ing concern for a period of ai kam twelve month5 frnm WI the fmancial statem¢ryts ar¢ auth()Ti8¢d for issue. Ourre4)onsli )IlitiesdthetespoTrI1iti&$Of theBotrdwith respectto goingcorKernare descnTrJedin therelevant sections of this retK)rt. Other Inforntlo The Board is responsible for the othtr 1tiforn1ati Contained within th¢ aDnuJl rewjrt. The other infornl10n comprises the inforniation iKluded the aDnua] rem thaD the fill18] s¢aiements and our audilor's report thtteon. OuropinioTh on the fllwKial stat¢m¢nts (k)¢s nol wv¢r th¢ other inforntl¢)n and wedonot express Our rwKwibility is to ttad the oth¢r inf¢)rnts0n in so, consider whether the other iofoymation is ma¢eTially ionsI8t¢t with the fllwi¢ial statements, or our knowledge obthined ill the a111 or otbenvise appears to be ma¢¢rially miss¢at¢d. If we identify mattrial ionSien¢1es or appaTht material mi&8ta*ments, we are required to determine whether this gives Ti5e a material misstsiement in the fina181 slatements themselves. If, ba8¢d on the WOTk we have ttrforniell we lU( tha¢ the1¢ is a nJaterial misstsiement of this other informatio we are requir¢d to r¢port that fxL Poge IJ
We bave nothin8 to rewrt in this regard. Oplnlon on other m•tter prexrlbed by the Comp•ies Act 21N)6 the infOrntIon given in the Strdtegi¢ [qKl the directoW T¢EX)rt for the finalat year for which the finala1 stat¢m¢nts are PTeparnl is consistent with the staiemenK and the strategic rert 8nd the di¢¢0, have beett ePaj irt accA)rdance with applicable le8al requirement& Mtters on whlch we Are reqlllred to report by exeeptlon W¢ hav¢ JJothiD8 to report in of the following n)a¢l¢r5 in r¢lation to which the Housing and RegeTheratio Act 2(X)8 and CompaDi¢S A¢1 2006 r¢quir¢s us to r¢wrt lo Y( if. in opinion.. the ltifOrnlion givett in the Rerxjrt of the Board forthe rmala1 year for which the fllhattcial sthtements are prepared is noi c(ML8isni with the fla1 statements. or adequate accounling r¢cords ha not been kept by the Conwany" or satiSftory Sy5t¢m of ¢olltrolsover ¢raTh$nS has not been maintained" or the Company fuwKial statements are not in agreement with the accounting records and rernS. or certain disclosures of direcioys. remunerntion specified bylaw ore not made. or w¢ hav¢ Dot rK¢iv¢d am the infonnalion and ¢Xplan1 we Tequire for our audiL R¥po#ilbllStlti of the B0d As explained mor¢ fully in the Board's respwsibiliti¢s 51atemenl sei (xrt on page I l. the Board is responsible for the preparation of th¢ fula1 stslements and for being satisfied that tly give a ttue and fair view, and for such internal eontrol as the Board determiDes ts necessary to cnablc the Fryarntion of financial statments th81 are free from m#¢eri¥l misstht¢ment. whether fi4ud or em. tn pr¢wrI th¢ fInala1 $eMents. the Board is Te$[Kk for assessit the Company's abilty to continue as a going ¢¢M¢¢ di%losing, as applithle. nutt¢TS related to going CO and using the going concem basis of acwunling U[¢S5 th¢ Board either Inte13 to liwidate the Cotnpany or to ttase operati(rf4 or have no realistic alternative bwt lo do so. Audltor's r¢spoDSlbiiltleJ for the Audit of the fAn¢] st¢emeDts objectives are to Ob1n reasonable a&surat al¢ whether the fllMKi81 statements as a 01C free fyom material misstalemen¢, w1¢r due to fraud or error, issue an auditor's Teport thai Includes our opinion. Reasonable assurance is a high level of a&8uTan¢e but is a guaralle that an audit CUMlucted in accordance with ISAS (UK) will always detect a material M1wer0eDt whets it exis MisMiemeD(s can arise from fraud eor and are coosidered mawial if. individually or in the a8greBate, they could reasonabty be expectrd the ecoD)mic thcisiorts of eT% on the b&sis of these fmartcial stamen Irregularities, includi8 fraud. are tnsthnces of Ml•C4JtnpliaAce with laws attd reBulatioLS. We desi8n procedures in line with responsibiliues. outlitd abov< to deteei material mi&%thiemertts in rt8pect of irreBulatities. including fraud. The exni which our are c4bfibk of thctin8 itte8lllarili4 iocltsditi8 fixud is detailed below: footsing on those law8 ond rcgulatioThs tbat hav¢ a dir¢ct ¢ff1 on th¢ deterniinatiOD of material 8mowIts and di8¢losu in th¢ financial sl¥lanents sh 88 tb¢ Ci)Jnpanies Act 2006, th¢ Housing and Reg¢neration Act 2(N)8 aTh] oth¢r laws and r¢gulations appliution to a r¢gi5¢¢red g)¢ial housing provider in England. We also considered the risks of non.complian¢e with the other r¢quir¢m¢nts }mSed by th¢ R¢gulator of Social Housing, and we ColAdered the ext¢n¢ to which non-complian¢e might a maierial eff¢ on the fllwicial statements. We identified the great risk of Mala] impxt on the financial statements from itte8ul8rities, includiDg fraud. to be within the liming of recognition of grani income the override of controls by management. Our audit Page 13
procedures to respond to these risks xnehthd enquiri&8 of management ab(Trut thetr own identification and assessmeni of the risks of irtegularitiffj sampk testing on the pstitig ofiourna]4 reviewing aCuting estimates for bi&ses and bstantIve iesting of key iticome stream Owing tts the inher¢nt limitations of an aaIt. there 1$ an unavoidable risk we not have detected some matcriai misstaternents in the fina1¥1 sthtemukts. ev¢D haVeproperlyplamd and perfornied ourgudit in accordance with auditing $tandard* We aTe responsibk for preveniing non-cotllpliance and cannot be exptcted to detcct non.compliance with all laws and Tegulatsons. These inherent limitations aTe particularly significant in the case of misstatement resulting from frnud as thi5 may involve sophisticated schemes designed avoid ddtttion, itKludmg deliberate failure to record transactions, collusion or the wovision of inteDtionai misTeprtMlatiO. A rtherdC$¢ripkn of our re5ponsibiliiies for the audit of the fthaticial statemthLS is locat1 on the Financial Reporting Council's website aL wiwiv frc.org.uklaudiiorsreswthrffties. This dri10 f(xm$ p8rt of our auditor'8 report. of our reporl This report is made solely to the compart$ membets as A IY in ace(Jnl&ttce with thc Howsing and R¢g¢neratb)Th Aci 2{8. Our audit work bas been uThlertaken so thai we tni8bt state to the compart8 members those matters we are required ststr ¢0 them in an adI10$ Yeport and for ty) PUryM)se. To the 11£1 extent perniitted by law. we do not accept or &8SUtne rewttsibility io anyone other than the Compatsy and the Compan$ m¢mb¢rs as a ihjdy, for our audit worL for thts report. or for the (yirticw w¢ h&v¢ fomied Vlfky Szujlst (Selllor Statutory Audl¢or For an on behalf of Crowe U.K. LLP Stathtory Auditor The Lexieo Mount Street Manches M25 30th NovembeT 2023 Poge 13
YMCA North Staffordshire Ltd. STATEMENT OF COMPREHENSIVE tNCOME for the year ended 31 March 2023 Note 2023 2022 {Reststed} TURNOVER Operating ¢}ditYre Other operating InMe 5,320.126 (4.928533) 5.072.587 (4.594,083) 18,843 OPERATING SURPLUS Interest re¢eivable Inter¢81 arLd financing wsts 391593 18.738 (48.627) 497.347 3,965 {84,808) SURPLUS BEFORE AND AFTER TAX 361.704 416,504 sUILUs FOR THE YEAR 361.704 416,5LNI TOTAL COMPREHENSIVE INCOME FOR THE YEAR 361,7( 416.504 The company results relate wholly to (y)ntinuing activitie& The accompanying notes fonn part of these rmanc1 statements. PagÉ 14
YMCA North Staffordshire Ltd. STATEMENT OF FINANCIAL POSITION at 31 March 2023 2022 (R¢siat¢dl Notes 2023 FIXED ASSETS Housing properties Other fixed assets 10 13J19,631 478 13,979,907 440 288 l3,99&278 14,420,195 CURJIEKf ASSETS Trade and other debtors Cash and cash equivalents 12 277J34 3J44,269 3,621,(AM 231,2 3.058 765 3.289,965 CURREwf LIABILITIES Crediiors= Amounis falling due wiihin one yVdr 13 (829,535) {968,986) NET CURIiENT ASSETS 2,792.069 2,320,979 TOTAL ASSETS LESS CURRENT LIABILITIES IA790346 16,741,174 CTediiors= Amounls falling due after more than one year 14 (12,699,614) (12,988.429} ProS1OnS for liabililie5 Pension provision 17 (96W) (120,602} TOTAL NET ASSEfS 3,993,849 3.632,143 RESERVES In¢ome arld exndItUre reserve Designated SerVe Restricted reserve 18 18 18 3,148,744 845,105 2.841.617 790,526 TOTAL RESERVES 3,993,849 3,632,143 The financial siaremems on pages 14 to 35 were approird by ihe of dire¢iors and auihorised for issue on xxx.KX and are signed on its behalf by= 47 1.,11023 GC H•ndforth Dire B Sumner Director Company Regisiration No: 04804681 Piige Ji
YMCA North Staffordshire Ltd. STATEMENT OF CHANGES IN RESERVES for the year end 31 March 2023 In¢ome and D¢5ignatg1 expenditu Restried Total Balance at l April 2021 (restsied) 2503209 711430 3215,639 Swplus foT the year (resiated) TTansfer from stateent of cOMphen51 inQ)Tll¢ to restrithed 416504 4l6.5(hl Transfer from slatfflnent of )mpTehensive income to de8iw)at reserves (78.IW6) 78.096 Balauce as at 31 TrAarth 2022 {r¢slal¢d) 1841,617 VA26 3,632,143 SULus for the year Transfer from staiemeni of ¢ompreh¢nsiv¢ in¢om¢ lo r¢strithd 361.71M 361.704 Transfer from statemertt of comprehensive income to deSi8Dated {54578) $4578 Balan¢¢ •t 31 M8ryh 2023 3,IK743 845,104 3,993,847 Page 16
YMCA North Stsffordshire Ltd. STATEMEwf OF CASH FLOWS for the year ended 31 March 2023 (Restata) 2022 Note 2023 OPERATtNG ACTIVMES Nei cash ga)ernted from opoati(MJs 20 451,179 538.862 NET CASH GENERATED FROM OPERATfNG A1VITIEs 451,179 538.862 CASH FLOW FROM INVESTING AcrivrrIES Proceeds from sale of tangible fixed asgets PUhae of ran]e red a58¢ Granis received Interest re¢eived 178JJO (289.748) iO-IOa 16 {711.984) 511.923 3.965 1&738 NEf CASH GENERATED FROMI(USED IN) INVESTING AcrtvrriFS (9&6) (196,096) CASH FLOW FROM FINANCING AcllvrrS R¢paym¢Dts of borrowings Interest Payable (24J69) (4&627) {42.467) (30,338) NET CASH USED IN FINANCIAL ACTIVITIES fll,996) (72.805) NET INCREASFJ(DECREASE) IN CASH AND CASH EQUIVALEKFS 28&503 269.961 CASH AND CASH EQUtVALENTS AT BEGINNING OF YEAR 3.058,765 1788,804 CASH AND CASH EQUIVALENTS AT END OF YEAR 20 3J44268 3,058,765 Pd8e17
YMCA North Staffordshire Ltd. ACCOUNTtNG POLICIES for the year ended 31 March 2023 LEGAL STATUS YMCA North Stsfford8hire Ltd. is a rnpanY limited by guarantee and is an English registered social housing provider. charity and public benefii entity. The address of & ¢ompgny's r¢Bist¢r¢d offi¢¢ aThl princi1 plac¢ ofixLsiness is Edinburgh House. Harditig Ro Hanley. Stok¢-on-Trenl. Staffordshir¢. 3AE. The compaDy'S principal activilies and naThreof the comwiy's operntions are included in The Report of the Board of ManagemenL The company not pr¢pared ¢onsolidaled accounts on th¢ basis of materiality of its subsidiary ut Section 402 of the Covnpanies A¢t 2006. FuMh¢r d#4ils of its subsidiary OTC in note I l. BASIS OF ACCOUNTfNG These financial statements have been ptrymred in with UK Galty Accepted Accounting Pra¢ti¢¢ (UK GAAP) including FRS 102 'Th¢ FinwKial R¢porting Standard aN>li¢able in the UK and Republic of Ir¢]and'{FRS 102,). th¢ Housing SORP 2018 'Siu¢¢rnent of RQmmended Practice for Registered Housing Provid¢rs"and to¢omplywithth¢Aco)unlingDire¢iion for Privai¢Regislered Provide of Social Hou8ing 2019. and underthe historical o)st cThjvthti. Monetary amounts in th&qe financial striements ar¢ rounded to the Thear& whole £1. ¢xc41i where otherwise indicaled. GOtNG CONCERN tn tern)s of the basis for a going ¢otKvn. th¢ key issuw ar l. Housing is the core a¢iivityof the ¢lwity and is stable ¥lld financially viable. 2. Re88rding coniract Activities oiir operatin8 model that whth funding for a eontra¢i end8 th¢ associat¢d Costs r¢lated lo thal cont1 also lo all f. R¢s¢rv¢s arc only ever used as a bridge to new fjJndin8 3. The Board Rnd management have eXlenCe in &aling with uncertsinty. The Charity has prwed det4iled budgets and cash flow forecasts for the peti(Kl ending 31$1 March 2023. To miiigat¢ th¢ impaci of th¢ COVtD-19 ¢risRs. a Y¢vi¢w of c1 ¢¢n within the chartty has taken place with paTti¢ular focu5 on cos1 centr%5 that r¢ly UFK)n short-t¢Tm in¢om¢. This review used the most pe&simi8tic position wh¢re In¢om¢ bas confirm¢d. The Board has reviewed the ¢ov¢nants on the eAiMing loan with Unity Tnst Bank and remains confident that all covenants can k fvlfilkd. Thi$ 4nang¢ment Cl18 of th¢ loans of £5(Kik for properties in the community sured on those properti and is fvlly drawn down. Page 18
YMCA North Staffordshire Ltd. ACCOUNTtNG POLICIES for the year ended 31 March 2023 Th¢ cash posilion of lh¢ ¢hariry is pc6itive and will remain so throughout 2023-24 with the supwjrt of a loan from Clwity Batth io supporf the completion of the Development of 46 additional units of a¢¢ommodation. This loan has not been drawn down yet due to the delay LD the development. The loan will be drawn down monthly from 8ppli¢ations sulxnitd by the ¢ontractOT once approved. TURNOVER AND REVENUE RECINITIoN Turnover comprises ren¢al and swice charge in¢(Hn¢ receivable in the p1 andrevertue grants receivable in th¢ p¢riod frotn I1 authorities and the Homes England. Turnover is recognised net of VAT. where appliubl& All rentsl InMe 1$ recognised in the peri(Kl 1¢ which is has been e4rrf this indudes actual re¢eipts and alw estimat of inoyn¢ receivable foTtr4ining ino)me that is reconciled ai the end of the academic year. R¢v¢nu¢ grants ore rettivable when the condition8 for elp1 of ad gTrnt ful1ng have been met. SERVICE CHARGES S¢LViC¢ charges are made lo towits wey. the eliwl)le Fmffiion wedominantly being paid through Housing Benefit and the ine11le charges being colle¢iaJ diTe¢tly fiom the tenant. OTHER INCOME Interesl income Interest income is accrued on a tim¢-apiKtiwed basis and cr&lit•J to the income and exFailU accounl in the period. APPORTIONMENf OF EXPENSES Administration and opmting costs have been ap[lonl to the housing and non-housiDg activities i>n the basis of costs dir¢cdy relat to the athivitia dealt with in these fwancial Sthtements. TANGIBLE FIXED ASSETS- HOUSING PROPERTIES Housing PToperti&8 are propaties for the wivision of 11 IKJusing and are wincipally proput1 available for rent. Compl¢l¢d housing is Stat at Cost less accumulatd depreciation and impainnent losses. Cost includes th¢ cosi of acquiring land and ilIdIng$. development COS interest charges incU¢d during th¢ deyelopment 1(1 and ¢xFaiture incutr•] in r• of improvements. Major r¢firfii8hm¢nl of ¢xi8ting housing is Charged to capitsl and depreciated over the unexpired life of th¢ ossel. Major repairs are ¢harged against revenue and an quivaleTrt release from the major repairs reserve is ¢omplded. Planned maiticenanc< minor repairs and red0[ation aTe charged to expenditr in ih¢ y¢ar that they occur. On disposal of knu5illg PIDrty, an application is made to the Homes and Communitia Agw ('Homes Ertgland) for consent. Any outstanding Social Housing Grant (SHG) is Tled in 3wd8 with the Homcs England regulation& Page 19
YMCA North Staffordshire Ltd. ACCOUNTtNG POLICIES for th¢ year ¢nd¢d 31 March 2023 DONATED LAND AND OTHER ASSETS Land or other assets which have been donated by a govment source is add to ¢051 of assets at the fair valu¢ of th¢18nd at the tim¢ of the don81ion. The differenc¢ iknyeen th¢ fair value of ihe asset donated and the COT]siderJlion paid is IT¢41 4s a non-m£tary govanm¢nl irKluda within the Statement of Financial Position as a liability. Th¢ tern of the donation are considered to b¢ F*rfomian¢e related Conditio8. Where the donation is not from a pubiie source, the value of &)nations less the eonsideration is includ¢d in incom¢. GOVERNMENT GRANTS Government 8rnnts include grants receivable from the Homes and Conmiunities Ag¢n¢y C'Homes EngEand"). lo¢al authorilies 8ad othff govffnment iKMlie& Government grants are utilisoj to reduce the capital costs of ihe h(yJsing proputies. iThcluding land costs. The amount of SHG receivable is calculated on a fixoj basis depending on the siz¢. lo¢arion atTrd type of ILousing propety. SHG due from the HOM England or received in &lvance is irtcluded as current Ass¢is or liability. SHG receiv¢d in rtspect of r¢venue expynditure is accounted for in the sam¢ period as the expenditure to which it relat. SHG is subordinated to the repayment of by agreement with the HOM England. SHG rd¢a8ed on the sale of a property is nornllY available to be r11. Government grants received for ILousing pro18 are recognised in income over the usefijl economic lif¢ of (be stsv¢tur¢ of th¢ osxt. ¢v¢n if lh¢ f•ir valu¢ of thc grant ¢x¢ee4ts the carrying value of ihe stTUCture in the financial sthtements. OTHER GRANTS rew8nis¢d as income when the 14sociat¢d [ornia¢¢ o)nditioDs ayc met. DEPRECIATION OF HOUSING PROPERTIES Freehold land is not dewlatl The ¢ompany swalely identifies the llJ0r components of its htyJsing proptstie5 and chaTges depreciation SO 88 to write4own the cost of ea¢h ¢omtx)nettt to its esiim8t&l rngidual valu< on a straight line basis over the following yeats: Housing structure Roofs Lifts KitcheJ]s Windows and extemal door8 Central heatiThg and air con sysiems Internal walls and dcx)rs Finishes Furniture and fittin8S Bathroom and appliances 50 ye3 straight line 30 yegrs straight lin¢ 20 years s¢raight line 20 ye5 sirdight line 25 years straight line 25 years straight line 20 years Straight line 15 yVdTS straight IiDe 15 years straight line 10-15 years straight line D¢w¢ciatioll is char8ed on assets in the firsi full year of us¢ Page 20
YMCA North Staffordshire Ltd. ACCOLfNTING POLICIES for the year ended 3 l March 2023 OTHER TANGIBLE FIXED A&sFrs Tangible fixed a&sets are initially measured at cost. net of depreciation and any in4)ainn¢nl losses. DepciatiOn is provided on all tangible fixed asse other thatt freehold land. at rates calculated to wrile off the cost or valuation of ea¢h a& to its timated Ksidual value over its expected useful life. as follow$: 3G Pitch, Fixtures. fumishings alld office equtpn)tht Car park Motor vehicles 3 to 10 Yea straight line 50 years Straight line 33Y• reducing balance on a monihly Residual valu¢ is calculated on pric prevailing al the reporting datq after &%timated ¢osts of disposal. for the assei as if il were at the age and in the coJ)ditton exmed at the end of its US¢fi lif ASSETS UNDER THE COURSE OF CON¥fRUCTION Assets under the course of ConstrtIon are ¢arried at co. le55 any identified impaiTmtht loss. Cost includ prOf10nal f¢es and other dIrtlY attribui&ble costs thai are necessary to brill8 the property to its operating condition. Depreciation CommceS when the wop#tia 8re teady for their intended us FIXED ASSET fNVESTMENTS Interests in subsidiaries are initially measur•] at cost and su1wU1tlY measuted at cost k$8 any A¢cumuloted impairnient losses. Interasts in subsidiaries are assessed for impairnient al each r¢pJrting dato Any irnpairnients losses OT reversaJ8 of impaimieni losses are Tecognised immediately in profil or los& STCtKS Stocks r¢prall raw materials andcotswmables and aTr Valu at the lowtrofcost and net realiuble value. TAXATION YMCA North Staffordshire Lid has charitable ststus is regi81ered with tk Charitics Comtni&8ion and is therefoff exempt from p)Ing Corp)ration Tax on charitable a¢tiviti&s. VALUE ADDED TAX The company is registered for value added tax. A prop)rtion of its incom¢ 15 exempt from VAT. The expendirure relating to this income issubjeci lo VAT which cannot be rlaiMl. thisexpenditure is th¢refor¢ shown inclusiv¢ of VAT. Partial exempti(m IS been opplied to m8nagema)t eXdilure. Each quarter inwt tax recovery is limited io the centage of total income that is business iD¢ome. VAT rwoverd ihrough partial exemption rules is ¢redited to the incom¢ and expenditsre accou. The balances of VAT payable and re¢ovuable at th¢ year-end ar¢ included as a Cutrent assel or liability. LEASES The company as lessee . operoTrng leases All k4ses aff operating leases and the annual rentals are ¢haTTrI to income and eXlitre on a strdight line basis over the leas¢ iemi. Page21
YMCA North Staffordshire Ltd. ACCOUNTING POLICIES for the year ended 31 March 2023 RETEREMENT BENEFtrs YMCANorth StaffordshireLtd..particlt¢d1n a mUlti-¢mployerd¢finedi¢rltpensiOll plan foremployees of YMCAS in England. scland and Wales. which was ¢los¢d io new memb¢rs and a¢¢rnal$ on 30 April 2IN)7. Due io insuffici¢nt infornmtiow the plan's thary h&% advised that it is noi p)88ibl¢ to separntely identify the w¢tS ond liabiltti¢s relating to YMCA North Staff(dshir¢ Lt As desaiw in Dol¢ 22, YMCANorth Staffordshire Ltd has a Ubntractyal obligation tomakep¢nsiond¢ficil paym¢nis of £16.5 annum indexed for itiflation and subjeci io fimwe triennial valuatLons over the peri(Ki to April 2029. ac¢ordingly. this is shown &$ a liability in nots 18 of these fman¢ial stst¢menls. In addition. YMCA North Staffordshire Ltd. is required io contrile £3,880 per annum indexeA for inflation lo th¢ operdting exFllsesof the pension plan and thesecosts are charged to the Statement of Comprehensive Income as mad Th¢ compatty also p&rti¢ipates in A stHkeholts pension Scheme whu¢ the amount charged to incom¢ and expenditu is the ntrIbutIonS payable in th¢ Jvr. Differen Ftsv¢en ¢ontributions payable in the year and contribuiions actually paid are shown as e1theraccnIS or prq)aym•ts. FINANCIAL INSTRUMEKrs The Company has elected to apply the provisions of Sectirffl I I 'Basic Financial Enstrnments. and Section 12 '0ther Financial ]nstnmityAts Issues. of FRS 101 in fvll, to all its financial instnents. Financial a&s¢ts and fujancial liabilities arerecognisedwh¢D the company beCm% a Imrty to th¢ Contrac81 provisions of the iAstsument and are offset only when tbe company currently has a legally enfomble right to set off the reCOlsed amounts ititenth either to settk on A net basis. or to realise the assd And settle the liability simujtaneously. Financialasstts Debtors Debtors which arereceivablewithin one yearandwhicb do not cOtlte a financing transxtion are initially m¢a$ured at the transaction price. Trade debtot5 are suFtsequently measured at amortised cost, Ixing the tranuction price1&8s any amounts settled and any impairnient los A provision for impairnient of debtors ts a8tablished when there is objeclive evidetLce that amounts due will not be ¢olle¢ied a¢¢ording to the original ternis of the contrt. Impairni¢nt I0e$ are recogni5 in profil or lo&s for the exc of the carrying value of the trak debior overthe present valu¢ of the future cash flows discounted using the original effective intertst rnte. Sulwufflt reveEsals of all impairment loss that obi¢clively relaic lo an ¢t (cUrring aft¢rth¢ impairmeni loss was Tecognised.ar¢ rwognised imm¢dial¢ly in profil or loss. Finonci471 liabilili Trade creditors Trade creditors payable within one year that a) )nltute a fmancing transathion are initially measured at th¢ trans8CtiOrt price and subs¢quently m¢&8urnI ai amortised cosi. being the transaction PTiC¢ less any atnounts settlcd. Bornipws Borrowings are initially re¢ognised at the tt4nsa¢tion ill¢luding trans8¢tion ¢05ts. and subsequently measured at amortised cost SIng the effeaive intejut method. Interest expense is recognised on the basis of the effective inlerest method and is in¢luded in iniertst p4yable and other similar charges. Commilments lo tff¢ive a loan ar¢ mea5urryJ at cost k&5 itnFmirnlffl Page 22
YMCA North Staffordshire Ltd. AccouNrtNG POLICIES for th¢ y¢ar ¢nded 31 March 2023 Dereeognilion offiM4natil4Sets aRdltoblllrfes A fina101 asset is dere¢01Sed only when the ¢onts4¢hl rights to cash tlows expire OT are settled. or subsfantially all th¢ risks 8nd rewards of ownership ar¢ transferred to another party. or if some significanl risks aTKL reward5 of ownaship 4r¢ retained bjt control of the a55d has trdnsferred lo another paty that is able to sell the asset in its eniir¢ty to an unrelated third p8fty. A financial liability (or part thereofj is d¢re¢01$¢d when the obligation 8pe¢ified in th¢ is discha, cancelled or expires. PROVISIONS Provisions aff Tecognixd wln) th¢wmpany hasan obligation at the r¢Tt]llE date as a result of a past event which it is probable will result in the trAnsfff of ecrnomic kn¢fits and thai obligation be estimated reliably. Provisions a measured at thebest estitnai¢ of the amounts rwuiral to s¢ttl¢ the obligation. Where the effect of th¢ time value of money is material. the provision is based on the present value of those amounts. di8¢ount¢d at the pre-tax discount raie that r¢fiects the Tisks SF¢¢ific to the liability. The unwinding of the discount is r¢¢ognised within interest pyable and similar charges. Provisions relale ¢0 an by YMCA North Staffordshire LfrL to contribufr to a historic funding deficit of YMCA England'swiTr] scheme ovtt2 pttiod of lim RESERVES Income ondexp¢nditure ruerve The company's plicy is to maintain a ptht level of t&serv&% to insure against liabilities. Reserves are also used for aclivities to 4551st the associalion to achieve its stralegtc purp of helping people recover a 8ense of self-worth 8nd live in cohesive communitie In particular. raerY&8 will used to ¢L$u thai 10n¢Tht and maintenance are io the highest stand to provid¢ housiog quality thal demonstraos how highly the company values its customer5. The dirKloTh ¢oniinually the neds of toMerS and provide a rdnge of short and long-terni housing and support services that are innovative. ¢ontinualty improving our capabilities* people and tKrfornwice. DesignatedResenY Funds are design8ted by the company forptirticular putpws (see note 19). RestriciedReserve The Company has a restricted reserve which is held under the terms of a contract with a fundff and ¢on only be applied to revenue with their authority. Rer¥ that ar¢ Shown as restri¢ted h8ve Conditions as their Usage attaC1d and are thuefore tM)t availabk as a su15 reserv Page 23
YMCA North Staffordshire Ltd. NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Mar¢h 2023 CRITICAL AccouTrrriNG EsfIMAIES AND AREAS OF JUDGEMEKr Estimates and judgements continu411y crfaluata and are based on historical ¢xpeTience and other factors. including expectstscffls of future events that a believoj to be rea$able under the CirM8¢anCeS. Crili¢alaccot4ntin8 e511ma1 andassryiioRf The company makes astimates and assumptions concerning the fithire. The rwlting accounting estimates and assumptions will. by d¢finition. seldom equal th¢ relat actual results. The ¢slimates and assumptions that have a significant rtsk ofcausing a maierial adjustment to the ¢aTrying amounts of 9ss¢ts and liabilities within the next fitwicial yearar¢ dIuSSed bdow. The YMCA is still operating in a d)anging envirotunent due io conlinueA thang¢s in so¢ial policy. In making OuruMF1Ons for income and exditre th¢ board nionitors the ¢xlernal environment carefully, w¢ wcak closely with Ixith the local auihority 2nd YMCA England Policy Team wh moking our fmancial assumptions. The cutrettt PD)jections are based upon th¢ latest infomlation that we have. 3md all forecasts are Teviewd on a quartetly b&sis and updated for 1¢1141 chan8e& The rate used to discount benefit obligati¢)ns lo their wes¢nt valu¢ is based up)n market yields for high quality rpOrate knnds with tenns co8$nI with those of the benefit obligarions. Our commitment to the YMCA Pertsion Plan for the nexi 9 year5 has been discounted at a rate of 3¥ amounting to a net preseni value of £96.884 at 31 March 2(tr23 (2022: £120,602). Criiicoloreas ofiudgement All housing pmF¢rties are included in the financial statements as pr(wty. plani and equipment and statd at cost less accumulated de¢¢ilion and impaimierti loss¢s. The Lx)mpany re8ularly r¢view8 and assesses the caTrying value of its xKial housing properti&s for arty iTrdication of impairment. In making the judgemenL management consider the detailol criteria set out in the Housing SOIV and would recognise such ch8ng&% in the financial 8IAtetnents as necessw. Page 24
YMCA North Staffordshire Ltd. NOTES TO THE FtNANCIAL STATEMENTS for the year ended 31 March 2023 TURNOVEIL OPERATNG cosrs AND OPERATING SURPLUS 2023 (Re5ted) 2022 (Resta*d) Turnover Operalia% Other Owaling TwDover OpeNing Other Oper&tin8 costs oper•tiDg 5urplws costs operating swplus income l]Komeand EXditle from Social Housing LaLin8S 3,069,916 (i7448fj6) 34051 2,&n,615 {2,507,396) 3711219 Non.S¢¢ial HousLII8 Activities 2,250JI• (1,1817) 3W3 2303.>] (2,086,687) 18,843 4A278 s32116 14.924533) 301,7•4 5.081,217 {4.594.083) 18,843 416.497 (Restated) 2022 Particuiarsof iw)rne aThdexp¢nditure fr( wial hwsingl¢ttin 202J TURNOVERFROM s(lALHOusING LErriNGS Rentsreceivablend of voids Setvicecharges rffeivable 71ffj138 9(412 25l2.858 93.272 NEfRENTAL fNCOME Iwso 263275 2.6.130 271.4(K) 86 Suptn8 people8rantreceivable Other income TURNOVERFROM SOCIALHOUSING LETTINGS 3,1)69.916 1877.616 EXPENDITUREON S(KIAL HOUStNG LEfTfNGS I65.749 730.783 1&431 57,803 1,749,578 712.152 15229 30.438 Athninistrative ¢o$ts Bad debts Loan interest OPERATtNG COSTS ON S(LIL HousfNG LErrrNGS {2J72,766I {2,507,397) OTHER OPERATING tNCOME Insurance claims receivable OPERATtNG SURPLUS ON SOCtALHOUStNG LEfTtNGS 697,151 370.227 Reni Iossu duc io voids 196214 176,570 Poge 25
YMCA North Staffordshire Ltd. NOTES TO THE FINANCIAL STATEMENTS for the year endol 31 March 2023 ACCOMMODATION fN MANAGEMEKf AND DEVELOPMENT 2023 units 2022 units General needs bousin8 - Affordable rent Supw)rted housing 42 118 42 120 TOTAL UNrrs IN MANAGEMENT i( 162 rNTEREST RECEIVABLE 21ll3 2022 tnterest on bank dwits 11738 3,965 INTEREST AND FINANCING COSTS 2023 2022 Loan inieresi Impact of discount on rosion tKovision 57,803 30,438 OPERATfNG SURPLUS 2023 2022 OErnting surplus is stated aft¢r¢hargin Deplan0n of housing woperties Depreciation of othff tangible red assets- own1 409.704 I23.2 410,595 120,809 Audiior's TemuDeration- audit 17,433 14.500 Page 26
YMCA North Staffordshire Ltd. NOTES TO THE FINANCIAL STATEMEbrrs for the year ended 31 March 2023 EMPLOYEES 2023 Numbti 2022 Numb The average monthly number of pusons (includitig dirutots) employed by the company thjring the yearwas.. Office and management Housing sUPPOrt and care Development 21 79 138 150 Staff c4)sts forthe alK)ve wrts: 2023 2022 Wages and salaTies Social security costs Other pension costs 2.643,101 230,186 94,156 2.505.100 196.360 80.959 1967843 2,782.418 Th¢ fvll-lime ¢quiv41ent number of $14ff Twho Trceifftl remuneration (excluditig directors): 2023 2022 Numb Number £70,1 - £80.IM) £60.IJ)1- £70,IXK) £50.1 - £60,) BOARD MEMBERS AND EXECUTIVE DlliECIDRS The totsl remuneration of the key managemeni personnd of the Company was £616.422 (2022.. £390.937). This is due to three A5xKiate DI10[5 being aFwintol. TAXATION Th¢ wmpony is a regist¢rnl ch8riry and therefore it is exemN from ColratiOn tax on income and gains falling within Chatr 3 Part I l of th¢ Corp)110 Taxes Aci 2010 or S256 Taxation of Chargeable Gaius A¢t 1992 (TCGA 19)2) to th¢ ex*ni that these are applied to its chatitable objects. Page27
YMCA North Staffordshire Ltd. NOTES TO THE FINANCtAL STATEMETr¥rs for the year ¢ndeAI 31 March 2023 io TANGIBLE FIXED ASSEFS - HOUStNG PROPERTIES SrKial housing housing properties under N)erties held the course of Other Total COST l April 2022 Addition5 Disp)sal 11215,704 41,781 (178.330) 1598,437 85,977 6,022582 18,836,723 127,758 (178.330) 31 March 2023 11,079.155 1.684.414 6.022.582 18,786.151 DEPRECIATION l April 2022 Depreciotion charged in year Ttan8f 3,672995 393.9)5 1.183.821 4.856.816 15.799 409.704 31 March 2023 4,(KJ6. 1.199.620 5266.520 CAiiRYtNG AMOLINT 31 Marek 2023 7.012255 I4.414 4021962 13519,631 31 March 2022 7.542.7(P) 1.598.437 4.838.761 13.979.907 EXPENDITURE ON WORKS TO EXISTING PROPERTIES 2023 2022 Improvement wryk capitaiiso 6,628 47.400 EXPENDITURE ON WORKS TO EXISTING PROPERTIES 2023 2022 Total cumulative amounts received or receivable at 31 March: Capital grnnt IW3273 15,873,273 Pttge 28
YMCA North Staffordshire Ltd. NOTES TO THE FtNANCIAL STATEMENTS for the year ended 31 Maich 2023 loa TANGIBLE FIXED ASSEfs- OTHER 3G Pitc14 rRxtur¢ and oifice equ4Nneni Motor Carpark T¥ehick4 Total COST I ApTiI 2022 TTansf¢r Addi¢ior 1.6J5.997 12J83 108224 1.756,frf)5 157,442 161990 31 M¥T¢h2023 1.793,439 12J83 112,772 1,918,595 DEPRECIATION l April 2022 1220536 4.117 91.663 lJ16,316 Depreciation charged in year 112.649 248 10.735 123.632 31 March2023 1.333.185 4.365 102.398 1.439.948 CARRYING AMoUF. 31 M•r¢h 2023 &018 IOJ74 478,647 31 Marth2022 415.462 8266 16.561 440.288 Page 29
YMCA North Staffordshire Ltd. NOTES TO THE FINANCtAL STATEMENTS for the year ¢nd¢d 31 March 2023 12 DEBTORS 2023 2022 Amountsfalling due within onejear.. Rent and services receiv&ble. Provision for bad and Ik)ubrful debts on rfflts gnd seryices receivable 164,127 146,273 (8,309) 175,930 $0.294 51.110 137.964 53.730 39.506 Other debtors Prepats and accrued income 277J34 231.200 13 CREDITORS: knounts falling due within ijne year 2023 2022 Bank loans Deferred capita] grants Trade creditor5 Other taxation and social security Other creditors AccTuals and {kf¢ed income S703 58.167 265209 47.563 63.595 81,052 431.49) 75J31 55.703 73264 302,425 829A35 947.076 Health Zone- A grant of £40,OA) (2022: £50.113} was rettiv¢d during the yr to rlln health zone activitie8. Attheendof theyedr£36281 (2022: £14,036) h&1 rkot I} sFntand thisbasiKen r¢served in a control account within accnlS and thf¢rred inwne in the fin8n¢i41 slalements. 14 CREDrroRS.. Amounts falling due aftermore than one y¢&r 2022 Bank loan Deferred ¢apital gFants 1289,793 ,313,798 11809022 11,674,631 11h9915 12.988,429 Page 30
YMCA North Staffordshire Ltd. NOTES TO THE FtNANCIAL STATEMENTS for the year ended 31 Marth 2023 14 CREDITORS: AMoull falling due afttt more than one yeaT {continuryJ) Included in creditors 8r¢: 2023 2022 Amounts rcpayable by insthlments falling due after more than five 1,197,842 1,109,286 The bank loan agreements specify that interest on the loans is charged at o ratc of 2Yo per annumalK)ve the banks base rdte. The bas¢ Tate at 31 Marth 2022 is 0.750/. The bank loans are secured by a fix¢d charge agains¢ th¢ Ixop#ti¢s of th¢ company. 15 DEFERRED CAPITAL GRANTS 2023 2022 As al l April Granls receivgd in the yrdr Capilal grnrtts released 11,939039 11.693.125 511.923 (265209) (265.009) As at 31 M8r¢h 11ffi74030 11.939.839 Includ¢d wiihin WiEal grants is The Big Lonery Fund'my Place" aTr1WhICh is secured by a legal Mortge charge ovff the freehold land on the northea* side of Harding Roa(L Hanley> St()k¢-on- Trent. Should th¢ YMCA IxeKh any of the grdnl L¥)ndition4 the grant will be repayable at a rate equal 10 4•A per 8nnum atK)ve the Lloyds TSB Bank plc. base rate. 16 FTrIANCIAL INSTRUMENTS 2023 2022 Financial 8ssets'. tkbt instruments MeaSud & amortizd cost 180J71 155.763 Finan¢ial li8bililies- Measuredat4mortized L¥>st 829535 823,462 Page 31
YMCA North Staffordshire Ltd. NOTES TO THE FANcIAL STATEMENTS for the year enda 31 March 2023 17 PROVISION FOR LiABILlEs Pension deficit AS al l April 2022 Utilised in the year Unwinding of discount & change of discount rdte 120,602 (14.542) (9.176) As At 31 M•r¢h 2023 9fj884 The YMCA En8latKI's Pe4Lsion Pian kXOVAdtrre&KesMts the nel (pre$t valueof the commitment to the mulii-employer wion scheme in rwi of pasi d¢fi¢its. Thete is an agreement by YMCA North SiaffordshTre Lid. to rontribu IO histQTiC funding deficit of YMCA England's pension sch¢me overa period of time (see note 22). 18 SHARE CAPITAL AND RESERVES SHARE CAPITAL Th¢ Company is limit¢d by 8uar4nle¢ and wwwtlyhas no share pItal. Each of the wmpany'5 memberg to contriljutr £1 in the evart of th¢ compny W1J18 up. RESERVES R¢s¢rv¢s of th¢MpanY r¢rnt th¢ followin Income and e¥pendiiure erve The company's p)licy is to maintain a wudent level of reserves to insure agaitL8t future liabiliti&%. Reserves are also uwj for a¢¢ivities to &ssist the association to athieve it5 strategic purw8e of helping pIe recover o of 8elf.wonh alld liv¢ in cohesive communitie8. In kWti¢ular. r¢s¢rva will be u1 to Ukswe that development aMI maintenance are io the highest srandard to tyovide housing qualItyth d¢mottstrateshow highlythe company values its customers. The directors continually aws the needs of customers and provith a rnng¢ of short and long.terni housing and Supp services gTe innovative. LX)n¢iuually improving our¢apabilities> people and perforniao¢¢. DesignaredreserveF Family SeJvices- io 8UPFK)rt the development of families and c(mimunitie5 StayiDg connected. The designata r¢serYe figure of £6,629 (2022: £35235) is money thai was transferred to YMCA North Staffotdshire Lid. when Contaci First Join YMCA North Staffordshire Ltd. The Board agTeed that this money Should k deS1ted to suFwrt that area of work. li has been agreed that this money be used to assist the Family Services Department io make the ¢ran5ilion caused by legislative change8 inthe wnmissioning of child contsa a&se8t work The Greets AppMti¢es Tntyi . this m¢xw was donated io the YMCA. The Board h88 designated this n)oney kn provide a sour¢e of fUling for new ideas to imwDve seTViLZS and to 8enernte new Page 32
YMCA North Staffordshire Ltd. NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2023 18 SHARE CAPITAL AND RESERVES (continu) Maintenance reserve - the YMCA had a major (kVel¢J¢nt programme itheen 21K)8 and 2013 which over iitne will Ksuli in increLs¢d for m8intenance and major repair5. The board fe¢ls that it is Im)rtant to highlight this gnd work to ensur¢ that any fvrure Costs can be met. The Charity has hadan independeni retffiprrmlucd lopredicl &s a¢a¢ately as possiblethe ¢ost of futureplanned and major repairs and guide our lon8-tern) mainienart¢e [gramMe. To date the Board has designated £774.429 ¢0 this res¢rYe and will monitor the reserve annually. Reslricied rerV ReSceS that are shown as restricted. ail have conditions a8 10 their usage auached and th&efore, are not available as a Su1$ reserve. Big Lollery- it was a requiYem•tt of the Big Lotttty Grnllt Fwid to wovide detai of any amounts held within r&4trieted reserv relating to th¢ Fund A grant of £123.949 (2022.. £131.594) was received ill the year. AgaiTh8t thisgrant expu)dithtteof£123.949 (W22: £85.051) was irtcutred during th¢ year. A r¢¥¢rv¢ of £nil (2022: £46543) was held in ffstri¢ted nerves ai the end of the year. 19 RECONCILIATION OF PROF ATh TAX TO NET CASH GENERATED FROM OPE114TIONS (R>ated) 2022 2023 SU1$ for the year Adjustments for. Depreciation of tsngible fixd assets Release of TesiTiCted and designated reserves Defined benefit pension scheme Capital grdnts released Interest receivable Interest pyabk 361,704 416.504 533J36 531.762 (23.718) 37,870 (260.401) (265.209) {18.738) (3.965) 48,627 30,438 OFeratin8 cash flow FKfoff movemcnts ID working w)ilal (Incr¢as¢) I Ik¢rea8¢ in sto¢k (Incre) I decre in trade and other dd*o Increas¢ l (decreas¢) in and othty¢redi¢rAs 640810 747,400 8,860 (4Q134) 37,637 (143.495) (247,090) Cash g¢nerat¢d from op¢Yatiotis 451,181 546.807 CASH AND CASH EQUIVALENTS 2023 2022 Cash and o4uivaknts repr¢s¢ni:. Cash 91 bAnk 3J44,269 3,058,765 Page 33
YMCA North Staffordshire Ltd.
NOTES TO THE FtNANCIAL STATEMENTS
for the year ended 31 March 2023
20 REfIREMENf BENEFrrs
YMCA Nortb Stsffordshire i. Irti¢ll11 in a contributory pension plan providing definal
ben¢fits bascd on final pensionable pay foranploy¢es of YMCAS in England Scotland and Wal&s.
Theasscts ofthc YMCA PS1¢)n Planar¢hekl separalely fromthosc of YMCA North Staffordshire
Ltd. and at the ye2r-end th¢s¢ w¢r¢ inv¢st¢d in th¢ M¢rc¢r D1¢ tk-riskin8 Solution, 41P/o
Matching portfolio and 61PA in the wth rtfOlIO and Schroder (property units only).
The most receni completd thre¢-year Ydluation was as at l May 2020. The assumptions used
which have the rn0 significant effect on the resulis of the valuation are those relating to the
a&8umed rdies of return on ass¢t5 held before and afterretiremffll of 2.5W/o a1 1.09Vo respectively.
the ineaSe in p¢nsions in pajinatt of 2.W/o (for RPI capped al 5°/0 p.a.), and the averdge life
expectancy from Thorn1 r¢tir¢ment agc (of 65) for a CUTrent male pensioner of 22.0 years, female
24.4 years. and 23.7 years for a male peJ)sion¢r. female 26.1 yeats. retiring in 20 years, time. The
result ofthe valuation show¢d that the actiwial valu¢ of Ihe assds was £146.Im. which representoj
7/0 of the benefits that had accrued to membffs.
The plan's actuary bas advi*J that it is not P)5sible to separately identify the ass¢ts and liabilities
relating to YMCA North Staffordshire Lt(L andaccordingly thepension deficit Is not shown on the
balance sheet.
Th¢ Pension Plan was closed to new members and fvture service ac¢Tual with effe£l from 30 April
2007. With the removal of the salary iitthage for belfits all employed def¢ed members became
deferred members as from l May 2011.
The valuation prepared as at l May 2020 51wwvAI that th¢ YMCA Pension Plan had a deficit of £36
mill jon. <
YMCA North Staffordshire Ltd. NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2023 21 RELATED PARTY TRANSACTIONS A Board Manberprovides the Associatiiyn with HR supixxl on a con8ulrAncy b18. l)uring the year total of £3.650 (2022: £3,(KKI) was paid to this Board m¢mbu. AE 31 Mar¢h 2023 £nil {2022: £3(M)) was outstsndin& The Board Member and Chai4Ktson are commoo directh of The Ideas Facility Limited Durin theyear The Ideas Facility Limited wivided knining swions totAling £6.120 (2022: £14.760). Gonlon French A&8ociates Ltd delivered O training s¢ssion on Equ81ity, Diversity and Inclusion in the year lotaling £8859.09 (2022: £745.35). Trevor Gorth)n was appointed to the Board of YMCA North Staffordshire Limited on 14112Q021. Entrust is an Education & Skills supkkn suvice which delivettd sessions io our young F¢ople totaling £921.60 in the year. Jayne is a Board MeM1r and is Also employed by Entswi how¢v¢r. the arrangement existed FRfo Jayn¢ Thorp¢ w&$ 4pp)inled Conditions of trgd¢ hav¢ remained the 8ame since the aptM)intment of the truste4 therefore. consider the transaction to be ¢ondu¢led al market late. RESTATEMENT OF ACCOUKTS In the 2022 Ac¢ounts. an adjusirnent wa5 made io rec4)gnize the £123,613 in the year that was incorrectly reco)Zed as in¢om¢ and ther¢for¢ the IlOn has now been adjusted. This resulted in 2022 Income & ExpeIllUTe Re5erye and Surplus being overstated by this amount. Turnover 5.081217 5.072587 Sutplus 425,134 416,504 Creditors within year (823.462) (968,986) InwTne & EXpdin¢ RN¢Tve Wf 15032( 1804,729 tncome & Expenditure Resttve elf 2.71M.724 2.841ffj17 Page 35