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← YMCA North Staffordshire Ltd

2024-03-31-accounts

YMCA North Staffordshire Ltd.

(a company limited by guarantee)

REPORT AND FINANCIAL STATEMENTS

31 March 2024

Company Registration No: 04804681 Registered Charity No: 1100749 RP No: H4426

CONTENTS

YMCA North Staffordshire Ltd.

TRUSTEES, DIRECTORS AND ADVISORS 3
REPORT OF THE BOARD OF MANAGEMENT (INCLUDING STRATEGIC REPORT) 4
DIRECTORS’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS 15
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF YMCA NORTH STAFFORDSHIRE LTD. 16
STATEMENT OF COMPREHENSIVE INCOME 20
STATEMENT OF FINANCIAL POSITION 21
STATEMENT OF CHANGES IN RESERVES 22
STATEMENT OF CASH FLOWS 23
ACCOUNTING POLICIES 24
NOTES TO THE FINANCIAL STATEMENTS 30

pg. 2

YMCA North Staffordshire Ltd .

TRUSTEES, DIRECTORS AND ADVISORS

PRESIDENT Bishop of Stafford (non-voting)

BOARD OF DIRECTORS GC Handforth MJ Toohey B Sumner A Robinson Rev SA Smith – resigned 29.11.2023 PJ Franklin PA Dartford PA Williams DR S Wynn-Williams J Sawyers NCY Joy-Johnson JL Thorpe T Gordon Mrs Hifsa Iqbal Mrs Mahishma Irvine – appointed 16.10.2023

CHIEF EXECUTIVE AND COMPANY SECRETARY D Flynn

REGISTERED OFFICE Edinburgh House Harding Road Hanley Stoke-on-Trent Staffordshire ST1 3AE

AUDITORS Crowe UK LLP St George’s House 56 Peter Street Manchester M2 3NQ

BANKERS National Westminster Bank Plc. 1 Upper Market Square Hanley Stoke-on-Trent Staffordshire ST1 1NS

pg. 3

YMCA North Staffordshire Ltd

Report of the Board of Management (including Strategic Report)

Our vision

YMCA’s vision in England and Wales is of an inclusive Christian movement transforming communities so that all young people can belong, contribute and thrive.

Our Mission

We develop young people; they develop their world.

Principal Activities

The principal activities of YMCA North Staffordshire are to provide housing, support, training, recreation and sports activities for young people, their families and their communities.

What we do

We develop life chances and new futures for young people, their families and communities. This comes in the form of a wide range of services.

We provide specialist housing on our young people’s campus including purpose-built move on accommodation, housing in the community for young workers. The campus offers young people a high standard of accommodation in a safe supportive environment with staff who offer development opportunities in areas of education, employment and well-being advice together with a wide range of creative and recreational activities to inspire and motivate.

We provide effective training programmes for young people and their families to assist them to gain confidence, acquire skills and development via volunteering and support them to gain and sustain paid employment.

.

We provide a range of family services where our team help to re-build and maintain family relationships in area such as parenting skills, conflict resolution, work with separated parents and their children.

We provide an onsite sports and recreation centre including a gym, sports hall, outdoor football pitch and offer a range of programmes for young people, community sports clubs, schools and our local community.

We provide a roof top conference centre and other meeting rooms that can be hired by local community groups and businesses for meetings and conferences and offer in house catering if required.

We provide a place for our community to gather and actively support other local charities, community groups and other stakeholders by sharing our space, experience and expertise where it is of use.

We provide an experienced staff team to deliver the National Citizenship service to young people.

We play an active role in our community working with them to provide opportunities.

Our values

YMCANS Values are

These values are our bedrock and help us create the resilience to develop young people into thriving lives.

pg. 4

Report of the Board of Management (including Strategic Report)

YMCA North Staffordshire Ltd

DIRECTORS

The directors who have held office since 1 April 2023 are as follows:

GC Handforth MJ Toohey B Sumner A Robinson Rev SA Smith – resigned 29.11.2023 PJ Franklin PA Dartford PA Williams DR S Wynn-Williams J Sawyers NCY Joy-Johnson JL Thorpe T Gordon Mrs Hifsa Iqbal Mrs Mahishma Irvine – appointed 16.10.2023

ORGANISATIONAL STRUCTURE

YMCA North Staffs is a Registered Social Landlord (Reg No: H4426); a registered charity (Reg No: 1100749) and a company limited by guarantee (Reg No: 04804681). The YMCA board of management meets bimonthly with a full business agenda. The board oversees the strategic development and operational performance of the organisation.

Appointment and recruitment of directors

Potential candidates for directors are interviewed by the Chair and the Chief Executive. This is a three-stage process:

  1. A discussion around the organisation’s vision and mission and to explain the charitable objects, company articles, business plan and direction of the organisation. To check on the potential members skills set and experience.

  2. If the Chair and the potential director agree that they would be suitable, the individual is introduced to the board of directors who then collectively decide whether to offer Board Membership.

  3. If the full board agrees the proposed director comes to a full board meeting and after discussion a vote will take place.

Directors’ induction and training

Once appointed each Board Member is allocated to one of the strategic groups that oversee the running of the organisation, membership of these groups allows the board member to specialise in their area of expertise and/or interest.

The Current Groups are: Finance & Risk H.R. Campus Development Performance Standards (Including Health & Safety & Safeguarding) Christian & Spiritual Development Business Development Capital Development

pg. 5

YMCA North Staffordshire Ltd

Report of the Board of Management (including Strategic Report)

Connectivity & Communications Environmental Sustainability Empathy Engine / Equal Opportunities

Membership of the groups include one or two board members plus senior and operational staff.

In addition, the Chair of the Board & CEO will identify areas of training and development and ensure that this is delivered. Regular events take place at least annually where the Board reflects on the Values of the YMCA and the work that we do to ensure that they are aligned.

Public benefit and value for money

The YMCA aims to serve young people, their families and the community, we continue to provide housing for some of the most marginalised young people in our area and have improved our offer with the new flats that provides a better standard of accommodation and facilities for young families for the first time. We are growing our property portfolio to help low waged young people afford community-based accommodation and maintain their employment.

Our activity centre is being enjoyed by members of the community for sports and family fun days and our family contact centre continues to serve young children providing a safe space for them to play and talk to trained counsellors.

Our training and employment service assists people lacking in skills and confidence to become ready to manage work opportunities and move towards economic independence.

Value for money

In the current economic environment, it is important to ensure that the YMCA maximises the value from its expenditure. The Board considers value for money as part of its strategic approach when allocating resources, but not at the expense of providing quality of service, all new proposals and major items of expenditure are scrutinised by both the business development and finance and risk board working groups prior to approval.

Risk management

YMCA North Staffordshire works with people who have been disadvantaged thorough limited life chances. As we describe ourselves as a life chances agency it is appropriate to take risks with our charity’s resources to make opportunities available to those people in order for them to reach their potential and thrive. We are therefore happy to take a risk with creating life chances.

We will not however, take any risks relating to the protection of young people and vulnerable adults. Full vetting procedures will always be followed for all staff and volunteers and disciplinary action follows when breaches occur. A similar policy is adopted in relation to fraud and corruption.

The Charity is fortunate to hold assets in the form of property and investments and revenues generated from our activities. We will take some risk to achieve good returns but will not put at risk the capital value of our assets and will always seek to balance the risk of any loss against the expected return.

The board delegates the detailed review of Risk Management to the Finance and Risk Management Working Group which consists of the Vice Chair, Treasurer, plus at least one other board member/ advisor together with the Deputy Chief Executive and Finance Director. This group meets bi-monthly to review all issues both internal and external that might have an adverse effect on the organisation fulfilling its objectives

pg. 6

YMCA North Staffordshire Ltd

Report of the Board of Management (including Strategic Report)

The Board identifies headline current risks to the charity as follows:

The Capital Developments for the new flats and YIF project are completed within agreed timescales and remain viable projects.

Economic volatility due to inflation and changes in interest rates. Funding risks due to political policy changes

Risk of fraud

Protecting vulnerable people who use our services from any safeguarding risk.

Director’s indemnity insurance

The YMCA has Directors Indemnity Insurance of up to £1m.

Review of The Year Y.E. 31.03.2024

Last year we set out several activities from our current Business Plan to work on, the progress made is set out below in the status update column.

Business Development and Income Generation

YMCA North Staffordshire has developed an increasingly diverse income stream which enables us to positively impact upon the lives of children, young people, their families and their communities.

Objective Impact Evidence Status Update
Identify Risks & We use financial Pipeline Board Reporting of Implemented joint working
Income Streams insights to make New and expiring sources of between Business

appropriate and timely
business decisions		 finance every 3 months via
Quarterly Finance Meetings		 Development and Finance
Teams to monitor funding bids

and risks.
Evaluation of all Develop a robust and Standardised Framework Frameworks have been
products relevant evaluation published as a report to the developed based upon theory
framework for every board on a regular basis. of change and impact
work activity, Product measurement – inital
& Service progress has been made -
further work required.

Unlocking the diverse gifts, talents and abilities and to be seen as an asset so that all young people, staff and volunteers can belong contribute and thrive.

We believe that all people have gifts, talents and abilities. We need to further implement our thinking around Ubuntu and will broaden whole team approach. Including those we serve as centre of that team/community of assets approach.

Objective Impact Evidence Status Update
Creating space Young people feel both YP & communities are Various actvites are taking
for young heard and empowered involved in campaigns & place, weekly youth forum,
to influence change investment opportunities to trips. Youth consultaton,

pg. 7

YMCA North Staffordshire Ltd

Report of the Board of Management (including Strategic Report)

people's voices benefit their peers & partcipaton in parliamentary
to be amplified communities youth afairs commitee /
youth governance team / plan
in place develop Young People
to join our board.
The influence of We have established a Partnership Sub Board
Stakeholder stakeholder feedback Continuous Stakeholder reviewing current
voices can see will drive up the quality
feedback loop that		 partnerships in place and
their influence in & delivery of all our demonstrates codesign of all developing a feedback process
the life and work services key services (Community,
of YMCANS Staff, Customers, Products &
community services etc)

Learning Organisation Growing Capacity Education, Skills

We have successfully built a culture of learning and development across the whole association. We have clear training and development opportunities for all, and the impact is measured by the growth in those opportunities and the attendance and achievement of those.

Objective Impact Evidence Status Update
Identify and Learning opportunities People feedback positively Consultaton undertaken with
remove barriers reflect peoples learning
around learning opportunities		 all departments, HR team
to learning preferences working with individual teams
to create a suitable training
plan.
To develop a co A new appraisal Staff feedback to demonstrate
New appraisal process in place
designed process is in place that that the new system works and current wellbeing survey
appraisal staff are happy with is being undertaken with
process appraisal process included in
consultaton

We have		 We have a diverse Uptake of learners with Relatonships deepened with
invested in learning offer that external organisations universites and colleges and
furthering accommodates all increased number of people
relationships people partcipatng in training
with learning outside of our organisaton
providers e.g.
Colleges/ unis

pg. 8

YMCA North Staffordshire Ltd

Report of the Board of Management (including Strategic Report)

Environmental Sustainability

Promoting a culture and business practice that embeds sustainability practices across all of our communities.

Objective Impact Evidence Status Update
Developed an YMCANS promotes We will have gathered reliable
Scoping Document and energy
Environmental sustainable business baseline data and set targets audit overview with acton
Sustainability practices and actively for improvement. plan produced. Staf monthly
Impact and contributes to the meetng or environment
outcomes collaborative network working group.
Strategy in sustainable impact
partnership with
model
others

We raise		 All stakeholders are
We will have measured and		 Some work done but not
awareness of aware of how they demonstrated an completed yet
sustainability positively contribute to improvement in the Regular email sent to staf on
issues for all our the sustainability understanding and environmental issues, some
staff and young change model and are contributions people can training undertaken, no
people actively promoting make to the UN Development signifcant work done yet with
sustainability practice Goals young people
across all of our
services.
To achieve the

YMCA North
Achieving the bronze award		 Postponed currently
Bronze award in Staffordshire offers standard Fair trade achieved
sustainable food
healthier and more
with Food for sustainable food to its
Life community

Welfare and community partnerships (linking with partners for the common good)

We will seek out and build with individuals, partners and organisations that share our values. Taking on ABCD approach helping to identify those wider assets brought by partners and unlocking ours and partner assets for the benefit of those we serve.

Objective Impact Evidence Status Update
Develop Our offer to the Working with partners, We have invested in relatonships
partnerships communities we serve we will have unlocked with our partners to ensure we are
with others who is enhanced due to the our values and partners
maximizing the partnership's
added value of the benefts. This includes working

pg. 9

YMCA North Staffordshire Ltd

Report of the Board of Management (including Strategic Report)

share our partnerships that we values eg collab net closely with the Chamber of
values have developed and model commerce, academic partners who
nurtured. can provide learning opportunites,
delivery of YES (a collaboratve
approach to the challenges facing
young people not engaged)
YMCANS will raise We have delivered several campaigns
Campaigns, awareness of issues We will have with both local partners and natonal
events, appeals affecting YP and will established campaigns partners, co-designed with young
and activities seek to bring about with our partners people. Campaigns have focused on
delivered positive changes. mental health, votng and
sustainability

Future Focus (2024 – 2025)

As we enter the 2[nd] year of our three-year business plan, we continue to keep young people and communities at the heart of all that we do. Our business plan has been co-designed with staff, volunteers and young people to promote empowerment, inclusivity and diverse perspectives. Our focus remains on five objectives, developing a collective impact model whereby we can measure how all the organisational services contribute to the business plan.

Business Development and Income Generation
YMCA North Staffordshire has developed an increasingly diverse income stream which enables us to
positivelyimpact upon the lives of children, young people,their families and their communities.		 Business Development and Income Generation
YMCA North Staffordshire has developed an increasingly diverse income stream which enables us to
positivelyimpact upon the lives of children, young people,their families and their communities.		 Business Development and Income Generation
YMCA North Staffordshire has developed an increasingly diverse income stream which enables us to
positivelyimpact upon the lives of children, young people,their families and their communities.		 Business Development and Income Generation
YMCA North Staffordshire has developed an increasingly diverse income stream which enables us to
positivelyimpact upon the lives of children, young people,their families and their communities.
Objective Impact Evidence Updates
Working with young
people and partners we
will use co-design
principles to develop and
implement our existng
and new product and
services.		 Increased income from
public, private and
earned income, wider
partnership base, deeper
skill set and bidding
capacity within the
associaton.		 We have increased our
housing stock and now
have an additional forty-
six flats to accommodate
young people from
across the city
We have a brand-new
state of the art youth hub
provided a space for
young people to
participate in activities
throughout theyear
Unlocking the diverse gifts, talents and abilities and to be seen as an asset so that all young people,
staff and volunteers can belong contribute and thrive.

pg. 10

YMCA North Staffordshire Ltd

Report of the Board of Management (including Strategic Report)

We believe that all people have gifts talents and abilities. We need to further implement our thinking around Ubuntu and will broaden whole team approach. Including those we serve as centre of that team/community of assets approach.

We believe that all people have gifts talents and abilities. We need to further implement our thinking
around Ubuntu and will broaden whole team approach. Including those we serve as centre of that
team/communityof assets approach.		 We believe that all people have gifts talents and abilities. We need to further implement our thinking
around Ubuntu and will broaden whole team approach. Including those we serve as centre of that
team/communityof assets approach.		 We believe that all people have gifts talents and abilities. We need to further implement our thinking
around Ubuntu and will broaden whole team approach. Including those we serve as centre of that
team/communityof assets approach.		 We believe that all people have gifts talents and abilities. We need to further implement our thinking
around Ubuntu and will broaden whole team approach. Including those we serve as centre of that
team/communityof assets approach.		 We believe that all people have gifts talents and abilities. We need to further implement our thinking
around Ubuntu and will broaden whole team approach. Including those we serve as centre of that
team/communityof assets approach.
Objective Impact Evidence Updates
The YMCANS community
are exposed to
opportunites to support
them making positve
decisions for their future
and create a culture of
personal development.		 More staf and young
people are accessing
opportunites to belong,
contribute and thrive.		 New partnerships in
place that provide
opportunites and
experiences to promote
learning.
Learning Organisation Growing Capacity Education, Skills
We have successfully built a culture of learning and development across the whole association. We have
clear training and development opportunities for all and the impact is measured by the growth in those
opportunities and the attendance and achievement of those.
Objective Impact Evidence Updates
Young people feel valued
and their personal
preferences and diversity
have been
accommodated		 Young people are
fulflling their potental		 We have developed an
alternative education
offer that responds to
the needs of the children
and young people across
the city.
Environmental Sustainability
Promoting a culture and business practice that embeds sustainability practices across all of our
communities.
Objective Impact Evidence Updates
We have developed an
Environmental
Sustainability Impact and
outcomes Strategy in
partnership with others		 YMCANS promotes
sustainable business
practices and actively
contributes to the
collaborative network
sustainable impact
model		 YMCA North
Staffordshire has
supported the
implementation and
delivery of a Soke on
Trent Food Network, thus
promoting wider
collaboration and
collectively addressing
the challenges around
food accessibility and
sustainability.
Welfare and community partnerships (linking with partners for the common good)
We will seek out and build with individuals, partners and organisations that share our values. Taking on
ABCD approach helping to identify those wider assets brought by partners and unlocking ours and
partner assets for the benefit of those we serve.
partner assets for the benefit of those we serve.
Objective Impact Evidence Updates
Working with others we
collectvely address the
challenges our
communites are facing		 YMCANS is seen as
valued and trusted
partner to all
stakeholders across the
city.		 We have reduced the
number of young people
aged 16 – 24 who are not
engaged in employment,
education or training
through the YES
partnership.
Objective Impact Evidence Updates
We have developed an YMCANS promotes YMCA North
Environmental sustainable business Staffordshire has
Sustainability Impact and practices and actively supported the
outcomes Strategy in contributes to the implementation and
partnership with others collaborative network delivery of a Soke on
sustainable impact Trent Food Network, thus
model promoting wider
collaboration and
collectively addressing
the challenges around
food accessibility and
sustainability.
Welfare and community partnerships (linking with partners for the common good)
We will seek out and build with individuals, partners and organisations that share our values. Taking on
ABCD approach helping to identify those wider assets brought by partners and unlocking ours and
partner assets for the benefit of those we serve.
Objective Impact Evidence Updates
Working with others we YMCANS is seen as We have reduced the
collectvely address the valued and trusted number of young people
challenges our partner to all aged 16 – 24 who are not
communites are facing stakeholders across the engaged in employment,
city. education or training
through the YES
partnership.

pg. 11

YMCA North Staffordshire Ltd Report of the Board of Management (including Strategic Report)

More families are able to access early help through the city-wide Family HUB initiative. YMCANS achieves trusted charity status

Challenges

Over the past twelve months, we have faced challenges and have worked hard to respond to them. Our key challenges have been around:

Capital Programmes –During the past year we have made significant progress with our two Capital Programmes, both are now under construction and due to be completed in the current financial year , we have adequate finance in place to complete both programmes.

Cost of Living – This remains an issue even though inflation is now returning to normal levels , food in particular is an issue and we work to provide food for members of our community via our pantry project and our drop in sessions for Sanctus a partner organisation working with refugees and asylum seekers.

Unpredictable Funding Environment – The funding landscape remains unpredicatable , still short term , we are reviewing our Business Development team to manage this and working increasingly in a collaborative way with partners to explore joint bidding opportunities both to grow our range of activities but also to support them in their work .

OPERATIONAL REVIEW OF THE YEAR (including balance sheet review)

For the year to March 2024 the Charity turnover was £5.2m (2023 £5.3m), operating expenditure was £4.9m (2023 £4.9m) . The financial surplus of £ 308,314 (2023 £ 361,704) These numbers reflect the current operating climate with less new opportnunities and a lot of effort to maintain our current level of activities.

Our Capital Development projects are both currently on track and in line with current budget projections, however both remain under regular review by the Board for any changes.

pg. 12

YMCA North Staffordshire Ltd Report of the Board of Management (including Strategic Report)

FUNDS AND RESERVES

YMCA North Staffs has funds available to finance its activities. These are unrestricted funds expendable at the discretion of the board in furtherance of the charity’s objects. Such funds may be designated by the board for a project or purpose.

The board recognises the need to establish a level of general reserves that enables financial stability, is adequate to meet the requirements of working capital and acts as a cushion against fluctuations in income levels and in the financial performance of the YMCA’s activities. Such reserves are built up from operating surpluses. The Board will also use reserves to develop the range of services and activities where this is deemed appropriate.

Our reserves are also needed to manage our ongoing maintenance commitments following our major refurbishment. We had a major development programme between 2008 and 2013 which will need increasing maintenance and major repairs and the board feels that it is prudent to designate a sum to ensure that any future costs can be met. We have a long-term maintenance plan which predicts the cost of future planned and major repairs. In 2018 we set up a designated reserve to work to aim to meet this cost,each year we strive to increase this and in March 2024 were able to designate a further £100k to this reserve and spent £16k. We have also created a Youth Activities designated reserve in the year which enables us to maintain a level of youth activities and opportunities for our young people as funding pots comes to an end. At 31 March 2024 this was £35k.

The board’s policy is that free reserves should be sufficient to manage the predominant risks to the organisation and its working capital requirements, currently these risks would include the completion of our current capital development project, The Board remains vigilant in monitoring risk of redundancy payments due to any loss of income because of the economic situation and changes to government policy. The Board is concerned about the impact of inflation and economic uncertainty on operating costs . There is an ongoing pension deficit liability to manage which has now been decreased by three years. Our new business plan recognises the need for more commercial skills and greater data evidence to measure and demonstrate our impact and reserves will be allocated to fund these changes. Regulation of our sector continues to grow, and resources need to be allocated to ensure that the charity has the capacity to meet these obligations.

The level of free reserves on 31 March 2024 was £487,748, this figure is calculated by deducting the restricted and designated funds from the total reserves on page 21 and any funds tied into fixed assets. This amount is considered as adequate by the board for current short-term needs.

PRINCIPAL RISKS AND UNCERTAINTIES

The primary risk that we face currently is economic and political uncertainy, interest rates and a possible reduction in public spending . The Board is monitoring the situation closely. Political changes are always a risk to our areas of operation working closley with the public sector and current uncertainty is of concern to The Board.

We are currently in contract to develop 46 new units of accommodation, ensuring that this is developed within budget and by the revised Homes England deadline of 2025 is also a priority risk. The delay to this project has increased costs and borrowing which will need to be monitored to ensure affordability.

The Board monitors the longer-term impact on the organisation of maintenance and major repairs and recognises that the challenge to maintain our campus is challenged by the current economic climate.

The Board keeps all fraud related issues facing the sector that the charity operates in under review in order to assess potential impact on the charity of any emerging risks or uncertainties.

pg. 13

YMCA North Staffordshire Ltd

Report of the Board of Management (including Strategic Report)

We continue to strive for ways to generate a greater proportion of our income and consider the growth and development of affordable housing as a key strategy.

The Board is aware of current rises in interest rates at a time when the charity has variable rate loans for community housing and our new flats .

The move to Net Zero is another risk that is of increasing importance and will require increased leadership and resources from charities . A primary risk for us will be the challenge or bringing our community properties up to the required environmental standards , we are devoting time to this and look for support to achieving this as soon as possible.

Other ongoing risks are always in the areas of safeguarding and health and safety and these are under constant management and review by the Board.

STATEMENT OF DISCLOSURE TO THE AUDITOR

So far as the trustees and directors are aware, there is no relevant information of which the company’s auditor is unaware. Additionally, the trustees and directors have taken all the necessary steps that they ought to have taken as trustees and directors to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

AUDITOR

Crowe UK LLP was appointed by the company. Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and therefore Crowe UK LLP will continue in office.

By order of the Board

Director : Glenn Handforth

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15 October 2024

Director: Barbara Sumner

Re

15 October 2024

pg. 14

YMCA North Staffordshire Ltd Report of the Board of Management (including Strategic Report)

DIRECTORS’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS

The directors (who are also trustees of the charity) are responsible for preparing The Report of the Board of Management and the financial statements in accordance with applicable law and regulations.

Company law and housing association legislation requires the directors to prepare financial statements for each financial year. Under those laws the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period.

In preparing those financial statements, the directors are required to:

The directors and trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Housing and Regeneration Act 2008 and The Accounting Direction for Private Registered Providers of Social Housing 2019. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

pg. 15

Independent Auditor’s Report to the Members of YMCA North Staffordshire

Opinion

We have audited the financial statements of YMCA North Staffordshire (the “charitable company”) for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Reserves, 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 Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 going 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 cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve 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 information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not

pg. 16

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 statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 15, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

pg. 17

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements such as the Companies Act 2006, the Housing and Regeneration Act 2008 and other laws and regulations application to a registered social housing provider in England. We also considered the risks of non-compliance with the other requirements imposed by the Regulator of Social Housing, and we considered the extent to which non-compliance might have a material effect on the financial statements.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of grant income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases and substantive testing of grant income.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

pg. 18

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Vicky Szulist Senior Statutory Auditor For and on behalf of

Crowe U.K. LLP

Statutory Auditor Manchester

1[st] November 2024

pg. 19

YMCA North Staffordshire Ltd.

STATEMENT OF COMPREHENSIVE INCOME

for the year ended 31 March 2024

Note
TURNOVER
2
Operating expenditure
2
OPERATING SURPLUS
6
Interest receivable
4
Interest and financing costs
5
SURPLUS BEFORE AND AFTER TAX
SURPLUS FOR THE YEAR
TOTAL COMPREHENSIVE INCOME FOR THE YEAR		 2024
£
5,169,468
(4,860,571)

308,897
55,781
(56,365)
308,313
308,313
308,313		 2023
£
5,320,126
(4,928,533)
391,593
18,738
(48,627)
361,704
361,704
361,704

The company results relate wholly to continuing activities.

The accompanying notes form part of these financial statements.

pg. 20

YMCA North Staffordshire Ltd.

STATEMENT OF FINANCIAL POSITION at 31 March 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Housing properties 10 14,427,325 13,519,631
Other fixed assets 10a 481,168 478,647
14,908,493 13,998,278
CURRENT ASSETS
Trade and other debtors 12 460,451 277,334
Cash and cash equivalents 3,274,110 3,344,269
3,734,561 3,621,603
CURRENT LIABILITIES
Creditors: Amounts falling due within
one year		 13 (927,871) (829,535)
NET CURRENT ASSETS 2,806,690 2,792,069
TOTAL ASSETS LESS CURRENT 17,715,184 16,790,346
LIABILITIES
Creditors: Amounts falling due after
more than one year		 14 (13,372,167) (12,699,614)
Provisions for liabilities
Pension provision 17 (40,854) (96,884)
TOTAL NET ASSETS 4,302,162 3,993,849
RESERVES
Income and expenditure reserve 18 3,406,706 3,148,744
Designated reserve 18 895,456 845,105
Restricted reserve 18 - -
TOTAL RESERVES 4,302,162 3,993,849

The financial statements on pages 20 to 41 were approved by the board of directors and authorised for issue on 15 October 2024 and are signed on its behalf by:

GC Handforth Director

B Sumner Director

Company Registration No: 04804681

pg. 21

YMCA North Staffordshire Ltd.

STATEMENT OF CHANGES IN RESERVES for the year ended 31 March 2024

Balance at 1 April 2022
Surplus for the year
Transfer from statement
of comprehensive income
to restricted reserves
Transfer from statement of
comprehensive income to
designated reserves
Balance as at 31 March 2023
Surplus for the year
Transfer from statement of
comprehensive income to
restricted reserves
Transfer from statement of
comprehensive income to
designated reserves
Balance at 31 March 2024		 Income and
expenditure
reserve
£
Designated
reserve
£
Restricted
reserve
£
Total
£
2,841,617
790,526
-
3,632,143
361,704
-
-
-
-
361,704
-
(54,578)
54,578
-
-
3,148,743
845,104
-
3,993,847
308,314
-
-
-
-
-
308,314
-
(50,352)
50,352
-
-
3,406,705
895,456
-
4,302,161

pg. 22

YMCA North Staffordshire Ltd.

STATEMENT OF CASH FLOWS

for the year ended 31 March 2024

OPERATING ACTIVITIES
Note
Net cash generated from operations
19
NET CASH GENERATED FROM OPERATING
ACTIVITIES
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sale of tangible fixed assets
Purchase of tangible fixed assets
10-10a
Grants received
16
Interest received
Interest Payable
4
5
NET CASH GENERATED FROM/(USED IN) INVESTING
ACTIVITIES
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds of new borrowings
Repayment of borrowings
NET CASH USED IN FINANCIAL ACTIVITIES
NET INCREASE/(DECREASE) IN CASH AND CASH
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS AT END OF YEAR
19		 2024
£
524,699
524,699
(1,451,150)
539,637
55,781
(97,639)
(953,371)
376,501
(17,988)
358,513
70,158
3,344,268
3,274,110		 2023
£
451,179
451,179
178,330
(289,748)
-
18,738
(48,627)
(141,307)
(24,369)
24,369
285,503
3,058,765
3,344,268

pg. 23

YMCA North Staffordshire Ltd .

ACCOUNTING POLICIES for the year ended 31 March 2024

LEGAL STATUS

YMCA North Staffordshire Ltd. is a company limited by guarantee and is an English registered social housing provider, charity and public benefit entity.

The address of the company’s registered office and principal place of business is Edinburgh House, Harding Road, Hanley, Stoke-on-Trent, Staffordshire, ST1 3AE.

The company’s principal activities and nature of the company’s operations are included in The Report of the Board of Management.

The company has not prepared consolidated accounts on the basis of materiality of its subsidiary under Section 402 of the Companies Act 2006. Further details of its subsidiary are described in note 11.

BASIS OF ACCOUNTING

These financial statements have been prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP) including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland” (FRS 102”), the Housing SORP 2018 “Statement of Recommended Practice for Registered Housing Providers” and to comply with the Accounting Direction for Private Registered Providers of Social Housing 2019, and under the historical cost convention.

Monetary amounts in these financial statements are rounded to the nearest whole £1, except where otherwise indicated.

GOING CONCERN

In terms of the basis for a going concern, the key issues are:

  1. Housing is the core activity of the charity and is stable and financially viable.

  2. Regarding contract activities our operating model ensures that when funding for a contract ends the associated costs related to that contract also come to an end. Reserves are only ever used as a bridge to new funding agreed.

  3. The Board and management have experience in dealing with uncertainty.

The Charity has prepared detailed budgets and cash flow forecasts for the period ending 31[st ] March 2025 and high level forecasts to 2053. This review used the most pessimistic position where Income has not been confirmed.

The Board has reviewed the covenants on the existing loan with Unity Trust Bank and remains confident that all covenants can be fulfilled. This arrangement consists of three loans of £500k for properties in the community secured on those properties and is fully drawn down.

pg. 24

YMCA North Staffordshire Ltd .

ACCOUNTING POLICIES for the year ended 31 March 2024

The cash position of the charity is positive and will remain so throughout 2023-24 with the support of a loan from Charity Bank to support the completion of the Development of 46 additional units of accommodation. This loan has not been drawn down yet due to the delay in the development. The loan will be drawn down monthly from applications submitted by the contractor once approved.

TURNOVER AND REVENUE RECOGNITION

Turnover comprises rental and service charge income receivable in the period, and revenue grants receivable in the period from local authorities and the Homes England. Turnover is recognised net of VAT, where applicable.

All rental income is recognised in the period it which is has been earned, this includes actual receipts and also estimates of income receivable for training income that is reconciled at the end of the academic year.

Revenue grants are receivable when the conditions for receipt of agreed grant funding have been met.

SERVICE CHARGES

Service charges are made to tenants weekly, the eligible portion predominantly being paid through Housing Benefit and the ineligible charges being collected directly from the tenant.

OTHER INCOME

Interest income

Interest income is accrued on a time-apportioned basis and credited to the income and expenditure account in the period.

APPORTIONMENT OF EXPENSES

Administration and operating costs have been apportioned to the housing and non-housing activities on the basis of costs directly related to the activities dealt with in these financial statements.

TANGIBLE FIXED ASSETS - HOUSING PROPERTIES

Housing properties are properties for the provision of social housing and are principally properties available for rent. Completed housing is stated at cost less accumulated depreciation and impairment losses. Cost includes the cost of acquiring land and buildings, development costs, interest charges incurred during the development period and expenditure incurred in respect of improvements.

Major refurbishment of existing housing is charged to capital and depreciated over the unexpired life of the asset. Major repairs are charged against revenue and an equivalent release from the major repairs reserve is completed. Planned maintenance, minor repairs and redecoration are charged to expenditure in the year that they occur.

On disposal of housing property, an application is made to the Homes and Communities Agency (‘Homes England) for consent. Any outstanding Social Housing Grant (SHG) is recycled in accordance with the Homes England regulations.

pg. 25

YMCA North Staffordshire Ltd . ACCOUNTING POLICIES for the year ended 31 March 2024

DONATED LAND AND OTHER ASSETS

Land or other assets which have been donated by a government source is added to cost of assets at the fair value of the land at the time of the donation. The difference between the fair value of the asset donated and the consideration paid is treated as a non-monetary government grant and included within the Statement of Financial Position as a liability. The terms of the donation are considered to be performance related conditions. Where the donation is not from a public source, the value of the donations less the consideration is included in income.

GOVERNMENT GRANTS

Government grants include grants receivable from the Homes and Communities Agency (“Homes England”), local authorities and other government bodies.

Government grants are utilised to reduce the capital costs of the housing properties, including land costs. The amount of SHG receivable is calculated on a fixed basis depending on the size, location and type of housing property. SHG due from the Homes England or received in advance is included as current assets or liability. SHG received in respect of revenue expenditure is accounted for in the same period as the expenditure to which it relates.

SHG is subordinated to the repayment of loans by agreement with the Homes England. SHG released on the sale of a property is normally available to be recycled.

Government grants received for housing properties are recognised in income over the useful economic life of the structure of the asset, even if the fair value of the grant exceeds the carrying value of the structure in the financial statements.

OTHER GRANTS

Grants received from non-government sources are recognised using the performance model. Grants are recognised as income when the associated performance conditions are met.

DEPRECIATION OF HOUSING PROPERTIES

Freehold land is not depreciated.

The company separately identifies the major components of its housing properties and charges depreciation so as to write-down the cost of each component to its estimated residual value, on a straight line basis over the following years:

Housing structure - 50 years straight line
Roofs - 30 years straight line
Lifts - 20 years straight line
Kitchens - 20 years straight line
Windows and external doors - 25 years straight line
Central heating and air con systems - 25 years straight line
Internal walls and doors - 20 years straight line
Finishes - 15 years straight line
Furniture and fittings - 15 years straight line
Bathroom and appliances - 10-15 years straight

line Depreciation is charged on assets in the first full year of use.

pg. 26

YMCA North Staffordshire Ltd .

ACCOUNTING POLICIES for the year ended 31 March 2024

OTHER TANGIBLE FIXED ASSETS

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation of each asset to its estimated residual value over its expected useful life, as follows:

3G Pitch, Fixtures, furnishings and office equipment - 3 to 10 years straight line Car park - 50 years straight line Motor vehicles - 33% reducing balance on a monthly basis

Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.

ASSETS UNDER THE COURSE OF CONSTRUCTION

Assets under the course of construction are carried at cost, less any identified impairment loss. Cost includes professional fees and other directly attributable costs that are necessary to bring the property to its operating condition. Depreciation commences when the properties are ready for their intended use.

FIXED ASSET INVESTMENTS

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Interests in subsidiaries are assessed for impairment at each reporting date. Any impairments losses or reversals of impairment losses are recognised immediately in profit or loss.

STOCKS

Stocks represent raw materials and consumables and are valued at the lower of cost and net realisable value.

TAXATION

YMCA North Staffordshire Ltd. has charitable status and is registered with the Charities Commission and is therefore exempt from paying Corporation Tax on charitable activities.

VALUE ADDED TAX

The company is registered for value added tax. A proportion of its income is exempt from VAT. The expenditure relating to this income is subject to VAT which cannot be reclaimed; this expenditure is therefore shown inclusive of VAT.

Partial exemption has been applied to management expenditure. Each quarter input tax recovery is limited to the percentage of total income that is business income. VAT recovered through partial exemption rules is credited to the income and expenditure account.

The balances of VAT payable and recoverable at the year-end are included as a current asset or liability.

LEASES

The company as lessee – operating leases

All leases are operating leases and the annual rentals are charged to income and expenditure on a straight line basis over the lease term.

pg. 27

ACCOUNTING POLICIES for the year ended 31 March 2024

YMCA North Staffordshire Ltd .

RETIREMENT BENEFITS

YMCA North Staffordshire Ltd., participated in a multi-employer defined benefit pension plan for employees of YMCAs in England, Scotland and Wales, which was closed to new members and accruals on 30 April 2007. Due to insufficient information, the plan’s actuary has advised that it is not possible to separately identify the assets and liabilities relating to YMCA North Staffordshire Ltd.

As described in note 22, YMCA North Staffordshire Ltd. has a contractual obligation to make pension deficit payments of £16,500 per annum indexed for inflation and subject to future triennial valuations over the period to April 2029; accordingly, this is shown as a liability in note 18 of these financial statements.

In addition, YMCA North Staffordshire Ltd. is required to contribute £3,880 per annum indexed for inflation to the operating expenses of the pension plan and these costs are charged to the Statement of Comprehensive Income as made.

The company also participates in a stakeholder pension scheme where the amount charged to income and expenditure is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 ’Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all its financial instruments.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are offset only when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets

Debtors

Debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

A provision for impairment of debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Financial liabilities

Trade creditors

Trade creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Borrowings

Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Commitments to receive a loan are measured at cost less impairment.

pg. 28

YMCA North Staffordshire Ltd . ACCOUNTING POLICIES for the year ended 31 March 2024

Derecognition of financial assets and liabilities

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

PROVISIONS

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and that obligation can be estimated reliably.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

Provisions relate to an agreement by YMCA North Staffordshire Ltd. to contribute to a historic funding deficit of YMCA England’s pension scheme over a period of time.

RESERVES

Income and expenditure reserve

The company’s policy is to maintain a prudent level of reserves to insure against future liabilities.

Reserves are also used for activities to assist the association to achieve its strategic purpose of helping people recover a sense of self-worth and live in cohesive communities.

In particular, reserves will be used to ensure that development and maintenance are to the highest standard to provide housing quality that demonstrates how highly the company values its customers.

The directors continually assess the needs of customers and provide a range of short and long-term housing and support services that are innovative, continually improving our capabilities, people and performance.

Designated Reserve

Funds are designated by the company for particular purposes (see note 19).

Restricted Reserve

The Company has a restricted reserve which is held under the terms of a contract with a funder and can only be applied to revenue with their authority. Reserves that are shown as restricted have conditions as to their usage attached and are therefore not available as a surplus reserve.

pg. 29

YMCA North Staffordshire Ltd. NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

The YMCA is still operating in a changing environment due to continued changes in social policy. In making our assumptions for income and expenditure the board monitors the external environment carefully, we work closely with both the local authority and YMCA England Policy Team when making our financial assumptions. The current projections are based upon the latest information that we have, and all forecasts are reviewed on a quarterly basis and updated for potential changes.

The rate used to discount benefit obligations to their present value is based upon market yields for high quality corporate bonds with terms consistent with those of the benefit obligations. Our commitment to the YMCA Pension Plan for the next 9 years has been discounted at a rate of 3% amounting to a net present value of £40,854 at 31 March 2024 (2023: £96,884).

Critical areas of judgement

All housing properties are included in the financial statements as property, plant and equipment and stated at cost less accumulated depreciation and impairment losses. The company regularly reviews and assesses the carrying value of its social housing properties for any indication of impairment. In making the judgement, management consider the detailed criteria set out in the Housing SORP and would recognise such changes in the financial statements as necessary.

pg. 30

YMCA North Staffordshire Ltd. NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

2 TURNOVER, OPERATING COSTS AND OPERATING SURPLUS TURNOVER, OPERATING COSTS AND OPERATING SURPLUS TURNOVER, OPERATING COSTS AND OPERATING SURPLUS TURNOVER, OPERATING COSTS AND OPERATING SURPLUS TURNOVER, OPERATING COSTS AND OPERATING SURPLUS TURNOVER, OPERATING COSTS AND OPERATING SURPLUS
2024 2023
Turnover Operating Other Operating Turnover Operating Other Operating
costs operating surplus costs operating surplus
income income
£ £ £ £ £ £ £ £
Income and
Expenditure
from Social 3,349,793 (3,064,153) - 285,640 3,069,916 (2,744,866) - 325,051
Housing
Lettings
Non-Social
Housing 1,819,674 (1,796,418) - 23,256 2,250,210 (2,183,667) - 36,653
Activities
5,169,467 (4,860,571) - 308,896 5,320,126 (4,928,533) - 361,704
Particulars of income and expenditure from social housing lettings
TURNOVER FROM SOCIAL HOUSING LETTINGS
Rents receivable net of voids
Service charges receivable
NET RENTAL INCOME
Supporting people grant receivable
Other income
TURNOVER FROM SOCIAL HOUSING LETTINGS
EXPENDITURE ON SOCIAL HOUSING LETTINGS
Direct property management costs
Administrative costs
Bad debts
Loan interest
OPERATING COSTS ON SOCIAL HOUSING LETTINGS
OTHER OPERATING INCOME
Insurance claims receivable
OPERATING SURPLUS ON SOCIAL HOUSING LETTINGS
Rent losses due to voids		 2024
£
2023
£
2,989,996
2,710,138
87,567
96,412
3,077,563
2,806,550
271,995
263,275
236
92
3,349,793
3,069,916
1,563,011
1,565,749
721,229
730,783
58,649
18,431
97,639
57,803
(2,440,527)
(2,372,766)
-
-
909,266
697,151
109,651
196,214

pg. 31

YMCA North Staffordshire Ltd.

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

3 ACCOMMODATION IN MANAGEMENT AND DEVELOPMENT

General needs housing
- Affordable rent
Supported housing
TOTAL UNITS IN MANAGEMENT
4
INTEREST RECEIVABLE
Interest on bank deposits
5
INTEREST AND FINANCING COSTS
Loan interest
Impact of discount on pension provision
6
OPERATING SURPLUS
Operating surplus is stated after charging:
Depreciation of housing properties
Depreciation of other tangible fixed assets –
owned
Operating lease rentals


Auditor’s remuneration – audit		 2024
units
42
118
160
2024
£
55,781
2024
£
97,639
(41,274)
56,365
2024
£
409,539
126,274
9,413

20,460
 2023
units
42
118
160
2023
£
18,738
2023
£
57,803
(9,176)
48,627
2023
£
409,704
123,632
-
17,433

pg. 32

YMCA North Staffordshire Ltd.

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

7 EMPLOYEES 2024 2023
Number Number
The average monthly number of persons (including directors)
employed by the company during the year was:
Office and management 23 23
Housing support and care 69 69
Development 30 46
122
 138
Staff costs for the above persons: 2024 2023
£ £
Wages and salaries 2,605,362 2,643,101
Social security costs 225,909 230,186
Other pension costs 99,972 94,156
2,931,243 2,967,443
The full-time equivalent number of staff who 2024 2023
received remuneration (excluding directors): Number Number
£100,001 - £110,000 1
£90,001 - £100,000 1
£80,001 - £90,000 2 3
£70,001 - £80,000 2 1
£60,001 - £70,000
2		 4
8 8

8 BOARD MEMBERS AND EXECUTIVE DIRECTORS

The total remuneration of the key management personnel of the Company was £628,085 (2023: £616,422).

9 TAXATION

The company is a registered charity and therefore it is exempt from corporation tax on income and gains falling within chapter 3 Part 11 of the Corporation Taxes Act 2010 or S256 Taxation of Chargeable Gains Act 1992 (TCGA 1992) to the extent that these are applied to its charitable objects.

pg. 33

YMCA North Staffordshire Ltd.

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

10 TANGIBLE FIXED ASSETS Social housing Social housing
– HOUSING PROPERTIES properties
Social housing under the
properties course of Other
held for letting construction property Total
£ £ £ £
COST
1 April 2023 11,079,155 1,684,414 6,022,582 18,786,151
Additions 54,973 1,262,260 - 1,317,233
31 March 2024 11,134,128 2,946,674 6,022,582 20,103,384
DEPRECIATION
1 April 2023 4,066,900 - 1,199,620 5,266,520
Depreciation charged in year 393,186 - 16,353 409,539
Transfer - - - -
31 March 2024 4,460,086 - 1,215,973 5,676,059
CARRYING AMOUNT
31 March 2024 6,674,042 2,946,674 4,806,609 14,427,325
31 March 2023 7,012,255 1,684,414 4,822,962 13,519,631
EXPENDITURE ON WORKS TO EXISTING PROPERTIES 2024 2023
£ £
Improvement work capitalised 21,071 6,628
EXPENDITURE ON WORKS TO EXISTING PROPERTIES 2024 2023
£ £
Total cumulative amounts received or receivable at 31 March:
Capital grant 16,412,910 15,873,273

pg. 34

YMCA North Staffordshire Ltd. NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

10a TANGIBLE FIXED ASSETS – OTHER

COST
1 April 2023
Disposals
Additions
31 March 2024
DEPRECIATION
1 April 2023
Depreciation charged in year
Disposals
31 March 2024
CARRYING AMOUNT:
31 March 2024
31 March 2023		 3G Pitch,
fixtures,
furnishings
and office
equipment
Car park
Motor
vehicles
Total
£
£
£
£
1,291,938
12,383
112,772
1,417,093
-
-
(5,500)
(5,500)
133,919
-
-
133,919
1,425,857
12,383
107,272
1,545,512
831,685
4,365
102,398
938,448
125,482
248
5,581
131,311
-
-
(5,413)
(5,413)
957,167
4,613
102,566
1,064,346
468,692
7,770
4,706
481,168
460,254
8,018
10,374
478,646

pg. 35

YMCA North Staffordshire Ltd.

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

12
DEBTORS
Amounts falling due within one year:
Rent and services receivable.
Provision for bad and doubtful debts on rents and
services receivable
Other debtors
Prepayments and accrued income
13
CREDITORS: Amounts falling due within one year
Bank loans
Deferred capital grants
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income

2024
£
203,752
(17,798)
185,954
221,143
53,354
460,451
2024
£
30,522
257,487
108,374
82,399
91,311
357,778
927,871		 2023
£
164,127
11,803
175,930
50,294
51,110
277,334
2023
£
57,803
265,009
75,331
55,703
73,264
302,425
829,535

Health Zone – A grant of £40,090 (2023: £40,090) was received during the year to run health zone activities. At the end of the year £29,406 (2023: £36,281) had not been spent and this has been reserved in a control account within accruals and deferred income in the financial statements.

14 CREDITORS: Amounts falling due after more than one year 2024 2023
£ £
Bank loan 1,675,588 1,289,793
Deferred capital grants 11,696,579 11,409,822
13,372,167 12,699,615

pg. 36

YMCA North Staffordshire Ltd. NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

Included in creditors are:

2024 2023
£ £
Amounts repayable by instalments falling due after more than 1,147,455 1,197,842
five years

The bank loan agreements specify that interest on the loans is charged at a rate of 2% per annum above the banks base rate. The base rate at 31 March 2024 is 5.25%.

The bank loans are secured by a fixed charge against the properties of the company.

15 DEFERRED CAPITAL GRANTS 2024 2023
£ £
As at 1 April
11,674,830		 11,939,839
Grants received in the year 539,637 -
Capital grants released (260,401) (265,009)
As at 31 March 11,954,006 11,674,830

Included within capital grants is The Big Lottery Fund “My Place” grant which is secured by a legal mortgage charge over the freehold land on the northeast side of Harding Road, Hanley, Stoke-onTrent. Should the YMCA breach any of the grant conditions, the grant will be repayable at a rate equal to 4% per annum above the Lloyds TSB Bank plc. base rate.

16
FINANCIAL INSTRUMENTS
Financial assets:
Debt instruments measured at amortized cost
Financial liabilities:
Measured at amortized
cost		 2024
£
205,818
942,984		 2023
£
180,371
829,535

pg. 37

YMCA North Staffordshire Ltd.

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

17
PROVISION FOR LIABILITIES
As at 1 April 2023
Utilised in the year
Unwinding of discount & change of discount rate
Decrease in payment period
As at 31 March 2024		 Pension
deficit
£
96,884
(14,755)
(7,052)
(34,222)
40,854

The YMCA England’s Pension Plan provider represents the net (present value of the commitment to the multi-employer pension scheme in respect of past deficits. There is an agreement by YMCA North Staffordshire Ltd. to contribute to an historic funding deficit of YMCA England’s pension scheme over a period of time (see note 22).

18 SHARE CAPITAL AND RESERVES

CAPITAL

The Company is limited by guarantee and consequently has no share capital. Each of the company’s members agrees to contribute £1 in the event of the company winding up.

RESERVES

Reserves of the company represent the following:

Income and expenditure reserve

The company’s policy is to maintain a prudent level of reserves to insure against future liabilities.

Reserves are also used for activities to assist the association to achieve its strategic purpose of helping people recover a sense of self-worth and live in cohesive communities.

In particular, reserves will be used to ensure that development and maintenance are to the highest standard to provide housing quality that demonstrates how highly the company values its customers.

The directors continually assess the needs of customers and provide a range of short and longterm housing and support services that are innovative, continually improving our capabilities, people and performance.

Designated reserves

Family Services - to support the development of families and communities staying connected. The designated reserve figure of £6,629 (2023: £6,629) is money that was transferred to YMCA North Staffordshire Ltd. when Contact First joined YMCA North Staffordshire Ltd. The Board agreed that this money should be designated to support that area of work. It has been agreed that this money be used to assist the Family Services Department to make the transition caused by legislative changes in the commissioning of child contact assessment work.

The Green Apprentices Trust - this money was donated to the YMCA. The Board has designated this money to provide a source of funding for new ideas to improve services and to generate new

pg. 38

YMCA North Staffordshire Ltd. NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

ones. The designated reserve figure at 31.03.24 is £nil (2023: £64,047).

Youth Activities - the reserve was created to provide a full programme of activities to support young people to grow and discover their passions. The designated reserve figure at 31.03.24 is £35,470 .

Maintenance reserve - the YMCA had a major development programme between 2008 and 2013 which over time will result in increased costs for maintenance and major repairs. The board feels that it is important to highlight this and work to ensure that any future costs can be met. The Charity has had an independent report produced to predict as accurately as possible the cost of future planned and major repairs and guide our long-term maintenance programme. To date the Board has designated £853,357 to this reserve and will monitor the reserve annually.

Restricted reserves

Reserves that are shown as restricted, all have conditions as to their usage attached and therefore, are not available as a surplus reserve.

Big Lottery - it was a requirement of the Big Lottery Grant Fund to provide details of any amounts held within restricted reserves relating to the Fund. Grant received in the year £nil (2023: £123,949). Against this grant expenditure of £nil (2023: £123,949) was incurred during the year.

A reserve of £nil (2023: £nil) was held in restricted reserves at the end of the year.

2024 2023
£ £
Surplus for the year 308,314 361,704
Adjustments for:
Depreciation of tangible fixed assets 540,849 533,336
Gain on disposal 87
Release of restricted and designated reserves - -
Defined benefit pension scheme (56,030) (23,718)
Capital grants released (260,401) (260,401)
Interest receivable (55,781) (18,738)
Interest payable 97,639 48,627
Operating cash flow before movements in working capital 574,677 640,810
(Increase) / decrease in stock - -
(Increase) / decrease in trade and other debtors (183,117) (46,134)
Increase / (decrease) in trade and other creditors 133,140 (143,495)
Cash generated from operations 524,699 451,179

pg. 39

YMCA North Staffordshire Ltd.

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

CASH AND CASH EQUIVALENTS 2024 2023
£ £
Cash and cash equivalents represent:-
Cash at bank 3,274,110 3,344,269

20 RETIREMENT BENEFITS

YMCA North Staffordshire Ltd participated in a multi-employer defined benefit pension plan for employees of YMCA’s in England, Scotland and Wales, which was closed to new members and accruals on 30[th] April 2007. Due to insufficient information, the plan’s actuary has advised that it is not possible to separately identify the assets and liabilities relating to YMCA North Staffordshire Ltd.

As described in Note 17, YMCA North Staffordshire Ltd has a contractual obligation to make pension deficit payments of £14,755 pa over the period to April 2027 (2023: £14,024 pa to April 2029), accordingly this is shown as a liability in these accounts. In addition, YMCA North Staffordshire Ltd is required to contribute £2,972 pa (2023: £3,460 pa) to the operating expenses of the Pension Plan and these costs are charged to the Statement of Comprehensive Income as made.

The assets of the YMCA Pension Plan are held separately from those of YMCA North Staffordshire Ltd and at the year end these were invested in the Mercer Dynamic De-risking Solution, 65% matching portfolio and 35% in the growth portfolio and Schroder (property units only). The most recent completed three-year valuation was at 1[st] May 2023. The assumptions used which have the most significant effect on the results of the valuation are those relating to the assumed rates of return on assets of 4.56%, the increase in pensions in payment of 3.18% (for RPI capped at 5% p.a.), and the average life expectancy from normal retirement age (of 65) for a current male pensioner of 21.5 years, female 24.0 years, and 23.1 years for a male pensioner, female 25.7 years, retiring in 20 years’ time. The result of the valuation showed that the actuarial value of the assets was £103.1m, which represented 92% of the benefits that had accrued to members.

The Pension Plan was closed to new members and future service accrual with effect from 30 April 2007. With the removal of the salary linkage for benefits all employed deferred members became deferred members as from 1 May 2011.

21 RELATED PARTY TRANSACTIONS

A Board Member provides the Association with HR support on a consultancy basis. During the year a total of £3,500 (2023: £3,650) was paid to this Board member. At 31 March 2024 £350 (2023: £nil) was outstanding.

The Board Member and Chairperson are common directors of The Ideas Facility Limited. During the year The Ideas Facility Limited provided training sessions totaling £2,160 (2023: £6,120).

Gordon French Associates Ltd delivered a training session on Equality, Diversity and Inclusion in the year totaling £nil (2023: £8859.09). Trevor Gordon was appointed to the Board of YMCA North Staffordshire Limited on 14/12/2021.

pg. 40

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

YMCA North Staffordshire Ltd.

Entrust is an Education & Skills support service which delivered sessions to our young people totaling £nil in the year (2023: £922) Jayne Thorpe is a Board Member and is also employed by Entrust however, the arrangement existed before Jayne Thorpe was appointed. Conditions of trade have remained the same since the appointment of the trustee, therefore, consider the transaction to be conducted at market rate.

pg. 41