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2023-03-31-accounts

Registered company: 04430743
Registered charity: 1102301
Registered housing provider: H4418

ONE YMCA (LIMITED BY GUARANTEE)

REPORTS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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ONE YMCA Report and financial statements for the year ended 31 March 2023

REPORTS AND ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

CONTENTS

Page
Corporate information 3
Report of the Trustee Board 4
Operating & financial review and Strategic Report 13
One YMCA 25
Consolidated statement of comprehensive income 28
Company statement of comprehensive income 28
Consolidated statement of changes in reserves 29
Company statement of changes in reserves 29
Consolidated balance sheet (statement of financial position) 30
Company balance sheet (statement of financial position) 30
Consolidated statement of cash flows 31
Notes to the financial statements 32

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ONE YMCA Report and financial statements for the year ended 31 March 2023

CORPORATE INFORMATION

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TRUSTEE BOARD AND BOARD OFFICERS
Chair Andrew Newell (to 19 October 2022)
Bishop Richard Atkinson OBE (from 19 October 2022)
Treasurer: Richard Capaldi (from 19 October 2022)
Trustees: John Ball
Simon Box
Jane Cotton
Nicola Grinstead
Richard Capaldi
John Robinson
Sal Thirlway (resigned 18 October 2023)
Alan Victor
Bishop Richard Atkinson OBE
Elizabeth Knight (resigned 19 July 2023)
Sarah Chaudhry
Peter Mayne (from 19 July 2023)
Deborah James (from 18 October 2023)
Alan Curtis (from 19 October 2022 until 1 April 2023)
Nicholas Mourant (resigned 19 October 2022)
Andrew Newell (resigned 19 October 2022)
Jessica Dollimore (from 17 July 2023)
Rosa Manning (from 17 July 2023)
Company secretary: Michael Howe
CORPORATE INFORMATION
Registered company: 04430743
Registered charity: 1102301
Registered housing provider: H4418
Registered office: Charter House, Charter Place, Watford, Hertfordshire, WD17 2RT
EXECUTIVE MANAGEMENT TEAM
Chief Executive Guy Foxell
Chief Financial Officer Sneha Alex (resigned February 2023)
Rob Clark (joined February 2023)
Director of Family Support Serreta Pritchard (resigned February 2023)
Chief Operating Officer Mark Turner (resigned September 2023)
Chief Central Services Officer Michael Howe
Director of Place & Environment Euan Courtney-Morgan (joined August 2022)
Director of Housing & Community Catherine Hook
AUDITORS, BANKERS, INVESTMENT MANAGER AND SOLICITORS
Auditor (External) Haysmacintyre LLP, 10 Queen Street Place, London, EC4R 1AG
Auditor (Internal) Beever and Struthers, 15 Bunhill Row, London, EC1Y 8LP
Bankers: HSBC Plc, 44-52 Lattimore Road, St Albans, Hertfordshire, AL1 3XL
CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ
Investment manager: CCLA Investment Management Ltd, One Angel Lane, 11th Floor, London, EC4R
3AB
Solicitors: Bates Wells Braithwaite LLP, 10 Queen Street Place, London, EC4R 1BE
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ONE YMCA Report and financial statements for the year ended 31 March 2023

REPORT OF THE TRUSTEE BOARD

The Trustee Board presents its annual report together with the audited financial statements for the year ended 31 March 2023.

Organisation

The Group operates out of a number of centres across Hertfordshire, Bedfordshire and Buckinghamshire and RAF Bases further afield.

The Company is structured by department according to the main service delivery areas which include:

The Executive Team consists of the Chief Executive, Chief Officers and Executive Directors who report to the Trustee Board and the relevant sub committees covering the main functions.

The national structure of the YMCA Federation allows for further support and national policy development.

Trustee Board

The Trustee Board is responsible for the overall governance of the Group. Those who have served during the year are set out on page 3. They hold a dual role of being trustees of a registered charity as well as being directors for the purposes of the Companies Act.

In accordance with the Articles of Association, Trustees serve for a three-year term. At every Annual General Meeting, members of the Trustee Board who have served a term of three years since their appointment or reappointment retire from office. A retiring member of the Trustee Board shall be eligible for re-election for a second and third full-term, but then having served a third term, must stand down as an elected member for a period of one year. Trustees only serving for a maximum of nine years is our stated policy but in extremis could be overruled by the Board of Trustees with explanation provided.

During the period since the last report, Bishop Richard Atkinson OBE took over as Chair Board of Trustees, Alan Curtis was welcomed as a transitional new trustee until the Haven First charity joined the Group on 1[st] April 2023. Also, Nicholas Mourant and Andrew Newell stood down as Trustees, having served their full terms. A Trustee Board Chair review and feedback process was facilitated by the Chair of the Governance & People Committee.

Strategic management

The Trustee Board is responsible for setting an appropriate strategy for the Group. It also ensures that relevant performance measures are in place.

During the year the Trustee Board:

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ONE YMCA Report and financial statements for the year ended 31 March 2023

Strategic Partnerships

Within the year two charity mergers were completed, with Signpost Counselling joining the One YMCA family as a subsidiary on 1 April 2022 and Haven First initially becoming a subsidiary on 1 August 2022 transitioning to a full merger which took place on 31 March 2023.

Signpost delivers up to 5,000 counselling sessions to young people each year from its base in Watford. This years, making this collaboration a welcome and straightforward addition to the Group.

Haven First has also been working alongside YMCA for several years, as a fellow housing charity, based in Stevenage, delivering excellent outcomes for hundreds of homeless individuals. The similarities of supported housing delivery, a complementary geography with YMCA, plus the economies of scale and ability to expand services to homeless people all led to Haven First trustees choosing to join forces with YMCA via full merger. Two former Haven First trustees now sit on the YMCA Board and the accounts have been fully consolidated this year alongside Signpost Counselling which became a subsidiary during the year.

The Trustee Board is represented on the Early Childhood Partnership Trustee Board, Signpost Trustee Board and ONE YMCA Development Company.

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ONE YMCA Report and financial statements for the year ended 31 March 2023

The Trustee Board utilises a committee structure to undertake some of the detailed work of supervising the activities of the Group in between Trustee Board meetings. The structure is set out in the following matrix:

ONE YMCA - TRUSTEE BOARD

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Governance & Property Health &
Resources Audit & Risk Safeguarding
People Development Safety
Staff Forum with Staff Forum with
Trustee committee Trustee Committee Trustee Committee Trustee Committee
Trustee Board Trustee Board
with ELT support with ELT support with ELT support with ELT support
oversight oversight
Financial strstegy & Promotion of
Board & committee Investment Strategy Financial regulations, Scrutiny of Property
governance structure and review with performance review and controls & Code of Governance Development Programme Health & safety activities safeguarding / welfare re service users, staff and volunteers
supervision
development, training Trustee recruitment, management and ICT Property, asset Risk management Review/refine asset Trustee Board
and succession strategies and capital policy and review strategy/positionmanagement Staff representation safeguarding report
planning programme
People strategy, External audit Consider relevant
Area strategies of Undertake gateway
policies and training priorities specific focus arrangements and scrutiny reviews Safety culture safeguarding/ welfare matters
Vision, values, Value for money, Internal audit Programme Health & safety Monitor/review
stakeholders and operational & arrangements and Procurement with performance effectiveness of Group
fundraising policies for
reputation performance and KPIs scrutiny Board oversight management safeguarding
Review of final Programme and
Youth & partnerships Service development accounts and contractor Commission and
strategy and oversight recommendations to managment Monitoring consider audit reports
Trustee Board arrangements
Employee Strategic partnerships, Fraud, whistleblowing, Workstreams around
remuneration policy due diligence & quality and decanting, Reviews Ensure legal and
and salary condition precedent compliance nominations etc regulation compliance
benchmarking
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EARLY CHILDHOOD PARTNERSHIP, SIGNPOST & HAVEN FIRST TRUSTEE BOARDS

ONE YMCA DEVELOPMENT COMPANY

One YMCA subsidiary company, responsible for delivering the strategic requirements of the YMCA Trustee Board, supported by an Independent Director

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ONE YMCA Report and financial statements for the year ended 31 March 2023

Each committee reports progress to the Trustee Board on a regular basis and has established terms of reference. As at 31 March 2023, the membership of each committee was as follows:

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Governance Audit & Property Health & Safeguarding
Resources
& People Risk Development Safety Forum Forum
Jane Cotton Richard Capaldi John Ball (Chair) Sarah Chaudhry John Robinson Sal Thirlway
(Chair) (Chair) (Chair)
Simon Box John Robinson John Robinson John Ball Director of Place Guy Foxell
& Environment (Chair)
(Chair)
Nicola Grinstead Jessica Richard Capaldi Richard Capaldi Executive team Executive team
Dollimore
Alan Victor Alan Victor Service Service
representatives representatives
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In addition, Sal Thirlway (Chair) served on the Early Childhood Partnership trustee board and Alan Victor served on the Board of Directors for One YMCA Development Company Limited.

Recruitment of members of the Trustee Board

Members of the Trustee Board are recruited by open and diverse means with sources including:

Trustee recruitment exercises via national voluntary press and volunteering websites, including open social media campaigns.

Stakeholders.

The Governance and People Committee agrees a standard role description for trustees. All trustees are interviewed by a panel of Board members. Any preferred candidates initially attend a trustee meeting as observers and, if that meets the expectations of all, then co-option follows. New Trustees are inducted into the Group using an agreed framework and ongoing training is provided through a combination of trustee updates, attendance at charity conferences / training events and bespoke training. A number of the Trustees also serve or have served as Trustees of other charities and housing associations which broadens the available skills base and the exposure to training and best practice of the social housing and charity sectors. The Governance & People Committee regularly reviews the trustee skills matrix and identifies future needs.

Colleagues

The Group recognises the strength of its colleagues who are committed to the objectives that serve the best interests of its residents and service users. The Group shares information on its objectives, progress and activities through regular management and staff departmental meetings. In addition, an annual staff conference allows the celebration of success, the generation of ideas and positively engages with staff.

The Group is committed to equal opportunities in recruitment, retention and throughout the employee lifecycle.

Gender Pay reporting

engaged on a permanent YMCA contract of employment. Apprentices are remunerated according to National Minimum Wage rates for workers (as opposed to the much lower apprentice rates). Colleagues covered by TUPE protections retain their existing pay frameworks in most cases. Job evaluation is used to ensure equity and mitigate risks associated with equal pay claims (of which there has been none).

with HMRC guidance. We recognise that this does not reflect the potential reality of gender identification within our employee cohort. At the reporting snapshot date of 5 April 2023, the overall workforce split was 73% female and 27% male (2022: 76% /female 24%).

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ONE YMCA Report and financial statements for the year ended 31 March 2023

The gender pay gap reporting principles demonstrate the following position as a snapshot at 5 April 2023:

Progress in narrowing the gender pay gap has been made in the year but the Charity is not complacent and is aware of the increasing male representation in the upper pay quartile. Work continues to create progression and promote flexible working practices so that more women can take advantage of opportunities to work in higher paying roles.

Equality, Diversity, Inclusion & Belonging

Good progress towards our desire to be a more inclusive organisation has been made this year building on our to gain ISO 30415 (HR Management: Diversity & Inclusion). Investors in People reaccreditation is due in autumn 2023 and since writing this report we learnt we maintained our silver level of accreditation.

Compliance with taxation

The Group is committed to conducting its business with the utmost integrity, transparency and fairness, and in compliance with all relevant rules, regulations and legislation. It values its reputation for ethical behaviour, financial probity and, as a charity, it unequivocally condemns tax evasion in whatever form. The Group will not tolerate tax evasion, or the facilitation thereof, whether committed by or facilitated by staff, suppliers or funders. Moreover, the Group requires all staff to demonstrate the highest standards of honesty at all times and appropriate disciplinary action will be taken wherever tax evasion, or facilitation, has been proven.

The Group will not knowingly engage with any individual or business that does not share our commitment to the prevention of tax evasion. In pursuance of its general obligations, the Group will undertake due diligence on its suppliers to mitigate the risk of facilitation of tax evasion offences and will look to terminate any agreements with suppliers that are not committed to preventing facilitation of tax evasion in compliance with the Criminal Finances Act 2017.

Information security

The Company is committed to information security and continues to promote good and appropriate collection and use of data and information. The Company has invested in staff training, new technology and uplifted its working practices. Both One YMCA and Early Childhood Partnership have gained the Cyber Essentials Plus accreditation.

Indemnity insurance

The Group Group providing their actions are not reckless or fraudulent.

Health and Safety

The Trustees are aware of their responsibilities on all matters relating to health and safety. The Group has prepared detailed health and safety policies and provides staff training and education on health and safety matters. The health and safety forum meet quarterly, comprising of representatives of all service areas and meetings were chaired by the Executive Team with appropriate Trustee oversight.

The Group aim is to pay purchase invoices within 30 days of receipt, or earlier if agreed with the supplier.

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ONE YMCA

Report and financial statements for the year ended 31 March 2023

Investment powers

In accordance with the Articles of Association, the Trustee Board may exercise the power to delegate to any person, company or other organisation any of the Group management of all or any part of the money and investments of the Group. Accordingly, the funds held as investments by the Group were managed on behalf of the Trustees by CCLA Investment Management Ltd. The Group has continued to adopt a conservative investment policy that seeks to balance capital preservation and achieving an appropriate return. The cyclical Investment Strategy review process was completed during the year with particular attention being paid to the ethical basis of investment management.

Public Benefit

The Trustee Board held service users at the heart of its approach to formulating the strategic objectives and associated strategies. In doing so, the Trustee Board referred to the guidance contained in the Charity Group undertakes in its service areas, it delivers public benefit and serves a wide range of people, many of whom are vulnerable.

Complaints

Our clear and simple complaints policy is issued to all residents and available to all other service users. All complaints received are monitored by the Chief Executive to help ensure an appropriate and timely resolution and to help identify any recurring issues that may require a different approach.

Donations

During the year, the Group made no donations (2022: £nil), choosing to prioritise its own charitable activities on behalf of the most vulnerable.

Going Concern

Considering the uncertainties arising from the impact of the coronavirus pandemic the Trustees reviewed the 2023/24 and the following three years, to test how those several scenarios including the positive, realistic and severe scenarios modelling income and expenditure as well as cashflows over the foreseeable future. The Resources Committee continues to scrutinise financial information including cashflow forecasts to ensure the resilience of the Charity.

Specifically, Trustees reviewed the G peline of new income sources and the systems of financial control and risk management. As a result of this review, the Trustees believe that the group is well placed to manage external, operational and financial risks successfully.

Accordingly, the Trustees have a reasonable expectation that the Charity and the Group have adequate resources to continue in operational existence for the foreseeable future. As a consequence, they continue to support the going concern basis in preparing financial statements.

Reserves Policy

Reserves that are unrestricted funds held by the Group should be sufficient to meet all payment obligations and to contribute to the Group fulfilling its aims and purposes. The target level of free reserves is determined annually, by the Trustees upon recommendation from the Resources Committee and must reflect the overall objectives of the Group long-term Financial Strategy and other plans.

The Trustees consider that the unrestricted funds should be classified into two categories:

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ONE YMCA Report and financial statements for the year ended 31 March 2023

The reserves as at 31 March 2023 were as follows:

Reserves
Housing property revaluation reserve
Revenue reserve
Restricted reserve
Permanent endowment reserve
Total unrestricted funds (revenue reserve)		 £
5,250,602
11,993,147
358,978
392,158
17,994,885

When taking these reserves into account, the revaluation reserve relates to accounting adjustments which are not cash based. The revenue reserve amounted to £11,993,147 of which free reserves total £5,487,847.

In determining the level of unrestricted funds held as free reserves to cover working balances and payment obligations, the Trustees have considered the following matters

Six months of salary and running costs are approximately £8.4million, and

Business interruption insurance cover is in place with a two-year indemnity period.

Accordingly, the Trustees consider it prudent to retain working balances of £3 million in cash and/or readily realisable unit trust investments that are not designated or earmarked in order to meet unforeseen risks or obligations. The Trustees are content with the current level of reserves.

Risk Management

The Audit & Risk Committee has delegated authority from the Trustee Board to ensure that an active risk management process is in place and forms part of the ongoing organisational activity. During the year, the Trustees reviewed risk appetite along with its strategic risk register. The register identifies the types of risks the Group faces and prioritises them in terms of potential impact and likelihood of occurrence. The strategic risk register is a standing item at each Audit & Risk Committee and the Trustee Board reviews the strategic risks on a regular basis. During the year, the Trustees reviewed their approach to risk management, drawing on advice from the Internal Audit provider. This resulted in the Board adopting an improved risk management framework which covers the key strategic risks of the Charity. The Trustees are satisfied that the Group ernal financial controls comply in all material respects with the guidelines issued by the Charity Commission and Regulator for Social Housing and has established a separate internal audit function (carried out by an independent internal audit firm) to review risks on a rotational basis. The principal risk affecting the Group continues to be the uncertain external economic environment (compounded by the impact of the Coronavirus pandemic for some services) that could adversely affect income and the cost of the capital/development programme. The Trustees confirm that they have identified and understand the risks to which the Group is subject and that they are being actively managed.

During the year, the Trustees have undertaken a financial strategy review, considered various operating and sensitivity testing scenarios as detailed in the strategic report. These are reviewed on a periodic basis as part of Audit & Risk and Resources Committee work programmes.

Trustees have asked the Executive Leadership Team to develop and implement a stress testing framework in

Internal Controls Assurance

The Trustees acknowledge their overall responsibility for establishing and maintaining the whole system of internal control and for reviewing its effectiveness.

The system of internal control is designed to manage, rather than eliminate, the risk of failure to achieve business objectives, and to provide reasonable, and not absolute, assurance against material misstatement or loss.

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ONE YMCA Report and financial statements for the year ended 31 March 2023

The process for identifying, evaluating and managing the significant risks faced by the Group is ongoing and has been in place throughout the year commencing 1 April 2023 up to the date of approval of the report and financial statements.

Key elements of the control framework include:

A fraud register is maintained and is reviewed by the Audit & Risk Committee on a regular basis. During the year, one instance of fraudulent activity of less than £500 was identified. This was fully investigated in line with our fraud response procedure outlined in our financial regulations policy with findings reported to the Audit and Risk Committee.

The Board cannot delegate ultimate responsibility for the systems of internal control, but has delegated authority to the Audit & Risk Committee to regularly review the effectiveness of the system of internal control for the Group and the annual report of the internal auditor and has reported its findings to the Board.

The Audit & Risk Committee monitored the internal audit plan for the Group throughout the year.

Code of Governance

Following an annual self-assessment, the Trustee Board is pleased to report that the Group complies with the 0), except for Principal 3.7(3) where a Trustee that had served the maximum tenure of 9 years was reappointed within 2 years of retiring. This arises as John Robinson retired from the Board following a 9-year term in 2018 and was reappointed in 2020. This appointment was compliant with the Associations Articles of Association and the decision was taken to make the appointment on the basis that John Robinson brought skills and knowledge that the Board required during a time of growth and significant turnover, to ensure that the Trustees retained the skills and knowledge required to effectively run the Association.

The Trustee Board continues to review and improve the Associations standard of Governance. During the course of the year, the Audit & Risk Committee reviewed the compliance framework as well as approving the annual review of Financial Regulations and governance arrangements.

Annual review of governance and viability standards

The Trustees have reviewed the governance and viability standards and confirm that the Group has complied with them. The Group will take on the services of external consultancy in the 2023/24 financial year, to ensure it continually develops its regulatory compliance as it continues to expand.

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ONE YMCA Report and financial statements for the year ended 31 March 2023

STATEMENT OF RESPONSIBILITIES OF THE TRUSTEE BOARD FOR THE REPORT AND FINANCIAL STATEMENTS

General Financial Responsibilities

The Trustee Board is responsible for preparing the Report of the Trustee Board, the Operating and Financial Review and Strategic Report and financial statements in accordance with applicable law and regulations.

Company law requires the Trustee Board to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable laws). Under company law the Trustees 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 the Group and the surplus or deficit of the Company and the Group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain and Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and Group and enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the Company and Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees confirm that:

the Trustees have taken all steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the auditors is aware of that information.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Annual General Meeting

The annual general meeting will be held on 23 January 2024.

The Report of the Trustee Board was approved by the Trustees on 22 December 2023 and signed on their behalf by:

_____ Bishop Richard Atkinson OBE Chair & Trustee

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ONE YMCA

Report and financial statements for the year ended 31 March 2023

OPERATING & FINANCIAL REVIEW AND STRATEGIC REPORT

Introduction

The report and financial accounts for the year ended 31 March 2023 sets out the activities and achievements of the Charity.

Principal Activity

supported accommodation for single men and women who are in conditions of need. In addition, the Group continues to deliver services to people of all ages offering the opportunity to take part in children and family services, health & wellbeing, therapeutic & specialist support, community activities and youth work.

body, mind and spirit. The mission is inspired by, and faithful to, Christian values to create a supportive and energising community that is open to all, where young people can truly belong, contribute and thrive.

BUSINESS AND FINANCIAL REVIEW

The 2022/23 year continued to be impacted by recovering from the COVID19 situation in our enterprise activities and the ongoing impact of the cost of living crisis, however despite this the Group continued to deliver vital services to local people and communities further expanding its reach and impact.

As well as major expansion in our support and accommodation services to homeless individuals, and increases in our work with those suffering the effects of Domestic Abuse and Sexual Violence, Trustees were also delighted to see the successful commencement of the international Airplay contract, delivered with partner YMCAs across England, Scotland and Wales.

Financial review

The Group returned an operating loss £696,331 (2022: £122,021-surplus).

Total comprehensive income for the year returned a surplus of £1,599,989 (2022: £322,177) for the Group after taking into account the gain from the transfer of the net assets of Haven First and Signpost at fair value of £2,426,296 and £156,604 respectively and the unrealised investment loss of £157,786 (2022: gain of £261,644) during the year.

At the start of the year, Trustees were especially grateful to receive a generous property legacy from one of the founding Trustees of YMCA Central Herts (a Group company), which provided a welcome buffer against the financial upheavals within the year and allowed the charity to make a greater investment in community-critical activities, rather than needing to make changes in order to achieve a stronger year end result.

The Group has continued to invest in front line service delivery to serve some of the most vulnerable people in the local community.

On an ongoing basis, the Trustee Board is committed to achieving a surplus operating budget. With regard to the 2023/24 financial year, a surplus budget has been set.

The Group closely monitors its banking covenants and credit rating. Throughout the year, it was compliant with all covenant obligations.

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ONE YMCA

Report and financial statements for the year ended 31 March 2023

Housing metrics

The Group has reviewed its metrics in accordance with the Value for Money Code of Practice. The core housing information is set out in the following table.

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Metric Definition 2023 2022
Business Health
Operating Margin - Social Operating surplus or (deficit) from social housing lettings / -5% 5%
Housing turnover from social housing lettings
Operating Margin - Overall Operating surplus of deficit overall / turnover overall -3% 1%
EBITDA MRI interest cover Earnings before interest, tax, depreciation, amortisation, -1958% 255%
major repairs / Interest cover
Development
New supply Number of new units as a % of current units 0% 0%
Gearing Short term loans + long term loans - cash and cash 1% 3%
equivalents + finance lease obligations / Tangible fixed assets:
Housing properties at cost (current period)
Outcomes
Reinvestment % Development of new properties (housing) + newly built 25% 3%
properties acquired + works to existing housing properties +
capitalised interest on housing properties + schemes
completed / Tangible fixed assets housing at cost
Effective Asset Management
ROCE Operating surplus or (deficit) overall / total assets less current -3% 1%
liabilities
Cost per unit
Headline social housing cost The unit cost metric assesses the headline social housing cost £23,743 £11,154
per unit as defined by the regulator
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As a result of a successful property development programme which has attracted and continues to attract public sector funding, significant additional borrowing will be undertaken in the next financial year which will affect the interest cover and gearing ratios.

Value for money

One of the objectives is to provide social housing accommodation and support services to meet the needs of its residents. The aim is to achieve a balance between reasonable cost and good quality. Value for money means:

The Group measures its value for money in terms of cash and outputs / outcomes in various ways such as:

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Report and financial statements for the year ended 31 March 2023

ONE YMCA

for money strategy is to:

As a registered provider of social housing, the value for money objectives over the next three years are to:

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ONE YMCA Report and financial statements for the year ended 31 March 2023

Reporting on Value for Money is a requirement of the Regulator of Social Housing and over the last year, the Group has continued in its drive to deliver value for money despite some operational challenges in the year. In preparing for the re-development of one of our larger hostels, the 2022/23 financial year has been a key transition point to ensure the Group has the resources it needs to deliver good value for money. Activities that develop the effectiveness of the Group include:

Initiative Status, saving or
gain		 Comments
Social housing
Deliver the budget
for social housing		 £185k operating
deficit
(All Housing)		 A negative return of 1.5% (2022: positive return 4.4%)
£696k operating
deficit
(Group)		 A negative 3.0% return (2022: positive return 0.6%) after taking into
account:
a) Increase in losses from our non-housing activities
b) A need to maintain investment in community activities to
support the most vulnerable in our communities in light of
COVID.
£1,600k
Total surplus(Group)		 A 6.9% (2022: 1.7%) return after taking into gain on transfer of assets
at fair value and account investment movements.
Deliver good
occupancy
performance to
maximise income
and service delivery
to beneficiaries		 93% (2022: 88.1%) Overall occupancy for the Housing Division (all services) in 2022/23
was 93% versus 88.1% for the 2021/22 year. This substantially
improved position was a direct result of local Councils releasing more
residents who had been held in temporary accommodation, coupled
with excellent collaboration between Place & Environment teams (to
minimise maintenance voids) and the Housing teams at all sites (to
find, risk assess, move in, and then successfully support very high
numbers of residents).
Complete the
harmonisation of
housing operating
procedures across all
Hostels		 An established
standardisation of
service offerings
enabling rapid scaling
to meet local need
and quality
assessment		 The overall Housing Division is now a highly effective team offering a
standardised set of individual services and asset elements, all aligned
to the Dynamic Pathway to Independence. There are 5+1 distinct
types of supported housing, ranging from high-complex (e.g.
substance misuse and mental health services) through to step-down
and move-on accommodation. Having the standardised service
approach greatly supports scaling and mobilisation at pace when
emerging needs and areas of need are identified. It further assists the
management team in assessing quality and ensuring consistent
delivery.
Undertake supplier
reviews in order to
reduce the number
of suppliers and/or
cost		 Structural changes to
enable an
amalgamated service
and shared resource
approach to
delivering best value		 Application of a more geographically based service area for individual
managers, rather than site by site, has enabled efficient use of
resources (e.g., staff) on a shared-resource and amalgamation-service
basis. Specific gains being the redeployment of staff where sickness or
leave would usually require agency resourcing. The embedding of the
internal property services team continues with ongoing rationalisation
of supply chains to ensure best value and maximised asset
enhancement and improvement. This is all now supported and
facilitated by a dedicated role, working within the finance team, but
working closely with all procuring departments, especially Place &
Environment.

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ONE YMCA

Report and financial statements for the year ended 31 March 2023

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Status, saving or
Initiative Comments
gain
Use of the Pyramid Restructure complete The internal Place & Environment team have substantially improved
housing repairs but with ongoing the compliance and general living-environment aspects of the overall
system to track work embedding underway portfolio. A standardised asset format and design, aligned to the DPI,
flow and target job has enabled rapid turnaround of voids and rolling programme of
completion improvement e.g. psychologically informed environment colourways
and improved green agenda (e.g. LED lighting). This all alongside
substantial growth and the introduction of new assets to support the
meeting of distinct local need in key areas. Efforts remain ongoing to
identify and mobilise a suitable, cost effective and future proof
repairs, maintenance, reporting and compliance system.
Secure new work to Substantial growth The success of the previous creation of specialist complex-needs
increase the units into new areas supported accommodation to meet urgent Cost of Living related
under management achieved and wide needs has expanded to support further development of the DPI. The
and spread overhead recognition of the more mature areas of geographical operation across Hertfordshire
costs effectiveness of the now operate almost all stages of the DPI. With commissioners from
DPI model in terms of multiple new geographical areas, across Herts, Beds and Bucks,
positive outcome specifically requesting the mobilisation of distinct parts of the DPI to
delivery meet their own local (unfulfilled) need. This has seen new
commissioning routes open up with health and central government
(e.g. Home Office) partners, enabling us to help even more distinct
cohorts of vulnerable individuals, An established reputation of
responsiveness, specialism and an ability to mobilise innovatively at
pace continues to present new opportunities for diversification and
access to new geographical areas.
Financial modelling Extensive efforts to As we continue to increase the number of operational units as part of
and stress testing inform development our ongoing development programme, our focus on the key aspects of
activities with financial modelling and stress testing is being maintained. These
aspects are led by our internal finance team with support from
ongoing and
external specialists, with their outcomes sitting at the heart of key
expanded activities
decisions around operational and long-term investment. The overall
moving forwards
key focus being to ensure the long-term sustainability and protection
of social housing assets and services. These efforts will remain ongoing
and be further developed over coming periods.
Generate a surplus £45k surplus The ongoing quality of service delivery resulted in a positive grading
on Abbots Langley from OFSTED during the year (OFSTED GOOD). Whilst recruitment
nursery operations remains a key challenge for Early Years at a national level, the Nursery
and contribute an has maintained excellent occupancy levels of 80%+ resulting in a
overhead healthy surplus.
Effective delivery of On track The contracts are operating well, delivering excellent services to
the Hertfordshire beneficiaries and performing to budget.
Family Support Service user satisfaction is high, KPI figures have been rising and we
Service are approaching major recommissioning with a positive mindset.
Deliver value for £34k deficit A deficit of £ 34k (2022: £173k deficit) The loss of income was related
money at the Orbital to lower community bookings due to the temporary usage of one of
Community Centre the rooms for head office activities. The permanent move of the
central services office to another location, alongside the recruitment
of a new site manager will enable the centre to reach pre-covid levels
of bookings.
Performance £97k deficit The £97k deficit (2022: £126k deficit) was due to the low numbers of
improvement of St returning customers, despite an improvement on the lockdown era.
Albans Gym Proactive steps are being taken to mitigate the financial impact of this
part of the charity within the following financial year.
Performance £86k deficit The £ 86k deficit (2022: £100k deficit) is caused by continued low
improvement of uptake of community facilities by customers, however, changes to the
Abbots Langley Hub building layout are being considered along with a change of tenant,
----- End of picture text -----

17

ONE YMCA

Report and financial statements for the year ended 31 March 2023

----- Start of picture text -----
Status, saving or
Initiative Comments
gain
which will allow for more fruitful community hire activities moving
forward.
Multi Use Games £23k deficit A deficit of £23k (2022: £16k deficit). The initial hire fees from the
Area (MUGA) MUGA facility have not achieved the budget aspiration set at the
investment appraisal stage.
Effectively lead and £1m pa contract Having led the other YMCAs to successfully win this major contract,
manage the across 24 RAF bases, our YMCA needs to focus on influencing and inspiring excellent
international Airplay in partnership with attendance and outcomes across the Federation, while also delivering
contract 11 YMCAs seven bases we are
responsible for.
Early Childhood Partnership
Effective delivery of Successfully deliver The budget maximised the deployment of financial resources for
the contract beneficiaries.
Centre contract
performance indicators (KPI) sitting within four performance areas.
These KPIs are regularly monitored by the Trustee Board, Council and
managers. The team members are clear about which KPIs their
activities contribute to, and they understand the links between the
KPIs and achieving good outcomes for our children and families
The design and delivery of the timetable of activities is informed by
local available data. There is an appropriate split between universal
and targeted activities. For example, ECP deliver Parents as First
Teachers (PAFT) as the parenting programme of choice and this is
delivered as a targeted service, with the addition of PAFT Connections
as a universal group activity.
The universal team offers Baby Brasseries, a daily breast-feeding
support session, weekly ante natal classes for first time parents (BBB)
and one to one support ante-natally and post-natally. The staff work
hard to ensure a high-quality universal service offer is available both
face to face and remotely.
The Group will seek ongoing cost mitigation in consultation with the
Commissioner, while delivering high quality support.
Deliver specialist ISVA (Independent This service is delivering well above commissioner expectations with
and Therapeutic Sexual Violence excellent feedback from clients supported through their traumatic
services Adviser) experiences
Perpetrator Support Our Perpetrator work has taken longer to establish than we would
Service have liked, mainly due to the restrictions from Covid at the start of our
contract. We are now delivering group and 1:1 support with good
feedback from those who complete the course, as well as training for
professionals to identify perpetrators and refer them to our services.
Other grant funded Our Horizons team provide support for victims of domestic abuse
work through our My Choice or Liberty programmes. We have a bespoke
service for male victims as well, which provides specialised support
sessions.
Our play therapy work has been extended to provide additional
funding across Central Bedfordshire and Bedford Borough for children
who have witnessed domestic abuse. These generally take place in
schools and have created new opportunities for a member of staff to
train as a play therapist.
----- End of picture text -----

18

Report and financial statements for the year ended 31 March 2023

ONE YMCA

----- Start of picture text -----
Governance and support services
Develop ICT External accreditation The Cyber Essentials Plus accreditation has been achieved last year.
accreditation for achieved Through our outsourced IT Service Provider, a number of systems and
information security policies have been reviewed to improve our information security
measures. We intend to move entirely into the cloud in the coming
year, which will improve security and streamline access for all our staff
and service users everywhere.
Undertake a code of Complete A Code of Governance Self-Assessment internal audit was undertaken
Governance self- by Beever and Struthers to confirm compliance against the NHF
assessment internal criteria. A positive outcome was recorded at the Audit and Risk
audit Committee.
Scrutinise Income Complete A full review of income recovery procedures was undertaken by
Recovery via Beever and Struthers. The internal audit identified acceptable
internal audit compliance against our procedures and that income recovery practice
is applied consistently.
Undertake business Complete Control account reconciliation, payment control, covenant compliance
critical controls and onboarding of new suppliers was tested through internal audit by
testing through Beever and Struthers. No recommendations were made, and a
internal audit positive assurance rating was obtained in 2022.
Undertake a review Developing for the A full review of progress against our People Strategy priorities was
of progress against future undertaken in the year. The vast majority of priorities were on track to
be completed by the end of the strategic period with several already
Strategy -2024 achieved. We are aiming to achieve IIP Silver and ISO30415 in the
coming year, having achieved Investing In Volunteers accreditation
last year.
----- End of picture text -----

T -going commitment to value for money and continuous improvement will remain a high priority given the challenges to income streams that every social housing provider faces and the need to keep service users at the heart of decision making. Specific on-going activities will include:

e 2023/24 value for money approach will provide the foundation for continuous improvement and efficiency developments.

External Influences

As a diverse charity delivering community services, the Group is influenced by Government policies towards social housing, welfare and voluntary sectors. It is regulated by the Regulator of Social Housing which takes precedence for all areas of its operation over the Charity Commission which monitors its charitable activity. The Group is also regulated by Ofsted and takes its Safeguarding responsibilities very seriously. The Trustee Board has agreed its strategic objectives with a view to maintaining the financial health, on-going relevance and The Group also works within the Regulatory Framework of the Fundraising Regulator, influenced by the Health & Safety Executive, especially with regard to Building Safety.

Objectives and Strategy

The charitable objects of the Group arise from its acceptance of the Basis of Union of the YMCA of England, Ireland and Wales, adopted by the British YMCA Assembly held in Birmingham in 1973, which are:

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ONE YMCA Report and financial statements for the year ended 31 March 2023

Various strategie

Achievements and performance

Individual services operate differently because of the various regulatory and monitoring frameworks that are in place to accord to standards set by the Regulator of Social Housing, Charity Commission and Ofsted. Key performance indicators tend to be set within contracts agreed with commissioners such as County/unitary funders (Trusts & Foundations etc.). Performance against these is monitored on a regular basis.

In relation to the strategic objectives and despite the COVID19 situation the group has made a substantial positive impact upon many lives during the year. We have supported 131,229 local people to belong, contribute and thrive in their communities, specifically including:

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ONE YMCA Report and financial statements for the year ended 31 March 2023

More supported can be found at: https://oneymca.org/what-we-do/

Accreditations

The Group continues to work hard to secure and maintain accreditations that reflect the quality, compliance and impact of work undertaken. These currently embrace:

The Group will continue to seek accreditations where it is in the best interests of the charity and its beneficiaries to do so. This currently includes ISO30415 (Human Resource Management Diversity & Inclusion).

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ONE YMCA Report and financial statements for the year ended 31 March 2023

Future plans

Strategic developments on new activities

Future of social housing

The social housing strategy now sits firmly in the overarching #Mission25 strategy to double our impact by 2025. There are several key concepts in the mission that have specific relevance to our Social Housing activities and these include:

Each of these concepts will see us deliver a staff and resident led improvement in the social impact our social housing activities deliver. That being both in quantity and quality terms, seeing us double the number of units we are able to provide, double the positive outcomes and opportunities for our residents and have the impact our activities have on the environment around us.

Several key redevelopment / development activities sit at the heart of the strategy, each with varying degrees of secured (or in final stages of negotiation) public sector funding. That funding being an enabler to expand the overall length / reach of the Dynamic Pathway to Independence.

The most notable of the development projects being the Peartree Hostel redevelopment in Welwyn Garden City. This has been progressing steadily over recent years, with planning permission having been awarded in October 2020. The project successfully commenced in the third quarter of 2023/24. Oversight and scrutiny of the project being provided via the Property Development Committee (PDC).

Ongoing efforts to maintain and improve social housing performance (best value) in both occupancy and rent realisation will be maintained. This will be aligned with an increased focus on team training and ongoing engagement with the Insight / KPI dashboard systems.

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ONE YMCA Report and financial statements for the year ended 31 March 2023

Resident involvement

enhanced through the activities of #Mission25, our strategy to double out impact over the next five years. There are a number of concepts contained in the mission, but the most relevant to this topic being:

Within these concepts, and actively underpinned by the move to mobilise the Digital Support Journey, there is a and residents from all areas with the specific aim of eliciting feedback, opinion and suggestions.

Initial examples include workshops relating to the creation of a standardised Psychologically Informed Environment (PiE) colourway strategy to support the #BetterPlaces concept. Other input has helped shape and refine our new Intensive (rough-sleeper / complex needs) services, both in living environment and support aspect terms. That input being pivotal in the overall DPI becoming the preferred model of operation across Hertfordshire.

Throughout the next year we will maintain periodic / structured meetings led by #Connecting Together and personal engagement sessions, site based resident meetings and specific training & education workshops, all led by the housing teams.

Alongside this our overarching commitment, via the Chaplaincy Team, to attract, train and embed volunteers will remain a constant. This extra resource provides a completely different voice to the support / resident journey and offers considerable extra value.

Risks and uncertainties

Risks that may prevent the Group achieving its objectives are considered and reviewed by the Trustee Board, Audit & Risk Committee and Executive Management Team on a periodic basis as part of the corporate planning processes. The risks are recorded and assessed in terms of their impact and probability. Major risks, presenting the greatest threats to the Company are reported to Trustee Board every six months. The strategic risk register is reviewed at every Audit & Risk Committee meeting. In addition, people related risks are reviewed by the

The cost-of-living crisis and staff retention,

The principal financial risks relate to loss of income and/or contracts and development programme cost escalation. Whilst the Audit & Risk Committee reviews controls and standards, the Resources Committee proactively monitors and challenges the financial and service performance of the Group.

The principal property and information risks relate to systems, process and monitoring. Further investments are being made in a new information system for safety compliance monitoring and reporting, which is discussed regularly in a special forum and overseen by a dedicated Trustee. Ongoing investments on information security projects and checks remain paramount.

Risks associated with the transfer of assets and liabilities following the recent merger of Haven First have been fully considered by the Board of trustees. External due diligence was carried out prior to the decision to merge with no material issues being identified.

23

ONE YMCA Report and financial statements for the year ended 31 March 2023

The principal people risk relates to safeguarding and ensuring that the best interests of beneficiaries are protected, which is discussed regularly in a special forum and overseen by a dedicated Trustee. Recruitment and retention remains a key risk across all departments and is continuously addressed through new cultural, recruitment or non-pay benefit improvement activities.

The Trustee Board has refined its understanding of its strategic risk appetite. This has previously been discussed at Audit & Risk Committee and was discussed in a strategy workshop. The product of this was a new strategic risk appetite map which continues to inform our decisions.

On an annual basis, the Group reviews its key policies and controls frameworks. These included the financial regulations as well as the Code of Governance, committee terms of reference, code of conduct, safeguarding, fraud, whistleblowing, health & safety, UK GDPR, equal opportunities and risk management policies.

The risk management and internal controls arrangements are described in more detail in the Report of the Trustee Board on page 10.

Borrowings

At year end, the Group had long term borrowings of £4,289,535 (2022: £4,400,128) which are secured against income generating assets: the supported housing hostels. In approving the Operating and Financial Review, the Trustees are also approving the Strategic Report in their capacity as directors of the Group.

The Operating and Financial Review and the Strategic Report were approved by the Trustee Board on 22 December 2023 and signed on their behalf by:

_____ Bishop Richard Atkinson OBE Chair and Trustee

24

ONE YMCA

Report and financial statements for the year ended 31 March 2023

Opinion

We have audited the financial statements of One YMCA for the year-ended 31 March 2023 which comprise the consolidated and company statements of comprehensive income, the consolidated and company statements of changes in reserves, the consolidated and company balance sheets, the consolidated statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable it of the financial statements section of our report. We are independent of the group in accordance with the 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 fina 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 group'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. The other information comprises the information included and Strategic Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

25

ONE YMCA Report and financial statements for the year ended 31 March 2023

Opinions on other matters prescribed by the Companies Act 2006

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

Review and the Strategic Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustee Board, the Operating and Financial Review or the Strategic 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 for the financial statements

As explained more fully in the Statement of Responsibilities of the Trustee Board set out on page 12, 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.

In preparing the financia concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free 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:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the regulation of registered providers of social housing, Ofsted, and Health and Safety regulation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011 and the Housing and Regeneration Act 2008, and we considered other factors such as tax compliance.

26

ONE YMCA Report and financial statements for the year ended 31 March 2023

statements (including the risk of override of controls) and determined that the principal risks were related to areas of estimation uncertainty and manual accounting journals. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial www.frc.org.uk/auditorsresponsibilities. This description forms part of our

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.

Tracey Young (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditor Date: 28/12/2023

10 Queen Street Place London EC4R 1AG

27

ONE YMCA Report and financial statements for the year ended 31 March 2023

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2023

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
Turnover
3
Operating expenditure
3
Operating (Deficit)/Surplus
4
Gain / (Loss) on disposal of property, plant and equipment
5
Interest receivable and other income
6
Interest and financing costs
7
Movement in fair value of financial instruments
13
Gain on transfer of assets at fair value
26/27
Surplus for the year
Total comprehensive income for the year
COMPANY STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
Turnover
3
Operating expenditure
3
Operating (Deficit) / Surplus
4
Gain / (loss) on disposal of property, plant and equipment
5
Interest receivable and other income
6
Interest and financing costs
7
Movement in fair value of financial instruments
13
Gain on transfer of assets at fair value
28
Surplus for the year
Total comprehensive income for the year		 2023
£
23,225,398
(23,921,729)		 2022
£
19,501,186
(19,379,165)
(696,331)
3,000
108,617
(240,410)
(157,786)
2,582,899
1,599,989
1,599,989
2023
£
19,769,288
(20,626,959)
(857,671)
3,000
101,420
(240,410)
(157,786)
1,875,252
723,805
723,805		 122,021
(83,404)
92,397
(70,481)
261,644
-
322,177
322,177
2022
£
17,911,720
(17,791,136)
120,584
(83,404)
92,397
(70,481)
261,644
-
320,740
320,740

The accompanying notes form part of these financial statements.

28

ONE YMCA

Report and financial statements for the year ended 31 March 2023

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

GROUP
Income and
expenditure
reserve
£
Balance at 1 April 2022
10,947,385
Surplus from income and
expenditure account
1,164,488
Transfer from revenue reserve to
restricted reserve
(184,334)
Transfer from income and
expenditure reserve to Property
Revaluation Reserve
65,608
Balance at 31 March 2023
11,993,147
COMPANY
Balance at 1 April 2022
Surplus from income and expenditure
account
Transfer from revaluation reserve to income
and expenditure reserve
Balance at 31 March 2023		 Income and
expenditure
reserve
£
10,947,385
1,164,488
(184,334)
65,608		 Restricted
reserve
Permanent
endowment
reserve
Property
revaluation
reserve
Total
£
£
£
£
131,301
-
5,316,210
16,394,896
43,343
392,158
-
1,599,989
184,334
-
-
-
-
-
(65,608)
-
358,978
392,158
5,250,602
17,994,885
Income and
expenditure
reserve
Restricted
reserve
Property
revaluation
reserve
Total
£
£
£
£
10,669,670
-
5,316,210
15,985,880
695,319
28,486
-
723,805
65,608
-
(65,608)
-
11,430,597
28,486
5,250,602
16,709,685
11,993,147

BALANCE SHEET AS AT 31 MARCH 2023

Registered company 04430743

29

Report and financial statements for the year ended 31 March 2023

ONE YMCA

Group Group Company Company
Notes 2023 2022 2023 2022
£ £ £ £
Fixed assets
Tangible fixed assets 11,12 20,261,863 18,963,726
19,614,506		 18,963,726
Investments 13 3,131,771 3,289,557 3,131,771 3,289,557
23,393,634 22,253,283 22,746,277 22,253,283
Current assets
Trade and other debtors 14 3,117,553 2,495,357 4,088,222 2,570,708
Stock 3,673 3,982 3,673 3,982
Cash and cash equivalents 4,160,901 3,975,299 2,068,611 3,271,785
7,282,127 6,474,638 6,160,506 5,846,475
Creditors: falling due within
one year 15 (4,926,050) (4,724,176) (4,581,656) (4,533,729)
Net current assets 2,356,077 1,750,462 1,578,850 1,312,746
Creditors: falling due after more
than one year 16 (6,986,237) (6,721,851) (6,875,553) (6,721,851)
Pension funds 18 (719,889) (838,298) (719,889) (838,298)
Provision for liabilities and charges 17 (48,700) (48,700) (20,000) (20,000)
Total net assets 17,994,885 16,394,896 16,709,685 15,985,880
Capital and reserves
Housing property revaluation
reserve 5,250,602 5,316,210 5,250,602 5,316,210
Revenue reserve 11,993,147 10,947,385 11,430,597 10,669,670
Restricted reserve 21 358,978 131,301 28,486 -
Permanent endowment reserve 21 392,158
-
-		 -
Total reserves 17,994,885 16,394,896 16,709,685 15,985,880
The accompanying notes form part of these financial statements.
The accounts were approved by the Trustee Board on 22 December 2023 and were signed on its behalf by:
Richard Atkinson
________		 Chair and Trustee
Richard Capaldi________ Treasurer and Trustee

30

ONE YMCA

Report and financial statements for the year ended 31 March 2023

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Net cash generated from operating activities
Surplus for the financial year
Adjustments for non-cash items:
Depreciation of tangible fixed assets
Write off of WIP
(Decrease) in trade and other receivables
Increase in trade and other creditors
Decrease/(Increase) in stocks
(Gain) / loss on fixed asset disposals
Movement in fair value of financial instruments
Pension costs less contributions payable
Interest paid
Interest received
Cash generated from operating activities
Cash flow from investing activities
Purchase of tangible fixed assets
Transfer of assets on merger
Sale of tangible fixed assets
Proceeds from the sale of investments
Proceeds from the purchase of investments
Interest received
Net cash from investing activities
Cash flows from financing activities
Interest paid
Loan redemption
Loan addition
Repayments of borrowings
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Cash and cash equivalents at 31 March
Cash at bank		 2023
£
2022
£
1,599,989
322,177
773,794
514,707
320,232
-
(622,196)
(1,689,704)
596,929
309
1,588,521
(3,982)
(3,000)
83,404
157,786
(261,644)
(118,409)
42,899
240,410
43,176
(108,617)
(92,397)
2,837,227
547,157
(1,132,391)
(5,775,072)
(1,259,772)
-
3,000
-
-
-
2,862,555
(2,862,555)
108,617
92,397
(2,280,546)
(5,682,675)
(240,410)
-
-
(43,176)
(1,415,994)
4,363,104
(130,669)
(74,900)
(371,079)
2,829,034
185,602
(2,306,484)
3,975,299
6,281,783
4,160,901
3,975,299
4,160,901
3,975,299
4,160,901
3,975,299

The accompanying notes form part of these financial statements.

31

ONE YMCA Report and financial statements for the year ended 31 March 2023

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 23

1. Status

The Company is a company limited by guarantee, registered under the Companies Act 2006 registration number 4430743, a registered charity number 1102301 and registered with the Regulator of Social Housing as a social housing provider registration number H4418. The charity meets the definition of a public benefit entity under FRS 102.

The registered office is Charter House, Charter Place, Watford, Hertfordshire WD17 2RT.

Each member of the Company undertakes to contribute such amount as may be required (not exceeding £1.00) to the assets of the Company in the event of the same being wound up while he or she is a member or within one year after he or she ceases to be a member for payment of the debt and liabilities of the Company contracted before he or she ceases to be a member and of the costs, charges and expenses of winding up and for the adjustment of the rights of the contributories among themselves. If upon the winding up or dissolution of the Company there remains, after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall not be paid or distributed among the members of the Company but shall be general purposes.

2. Principal accounting policies

The financial statements are prepared in accordance with Financial Reporting Standard 102 and the Statement of Recommended Practice: accounting by registered social housing providers 2018 and comply with the Accounting Direction for private registered providers of social housing 2019.

In the view of the trustees in applying the accounting policies adopted, an area of judgement relates to the provision for dilapidations as disclosed in 2(p). No other judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year. No complex financial instruments are held.

(a) Basis of accounting

Assets and liabilities are initially recognised at historical cost or transaction values unless otherwise stated in the relevant accounting policy notes. Those assets measured at fair value are re-measured at each balance sheet date.

(b) Basis of consolidation

The Group financial statements consolidate those of the Company and its subsidiary undertakings of Early Childhood Partnership and Signpost, drawn up to 31 March 2023. For the period 1 August 2022 to 31 March 2023, financial statements for Haven First are consolidated. A transfer of charitable undertaking from Haven First to One YMCA took place on 31 March 2023 whereby the activities, assets and liabilities of Haven First transferred to One YMCA. Intragroup transactions and balances are eliminated in full in accordance with FRS 102.

(c) Going concern

The business activities, its current financial position and factors likely to affect its future reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being a period of twelve months after the date on which

32

ONE YMCA Report and financial statements for the year ended 31 March 2023

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

the report and financial statements are signed. For this reason, it continues to adopt the going concern basis in the financial statements. No material uncertainties exist.

(d) Turnover

Turnover comprises rental and service charge income receivable in the year and other services at invoiced value (excluding VAT) of goods and services supplied in the year.

Revenue grants are receivable when the conditions for receipts of agreed grant funding have been met. Charges for support services funded by Housing Related Support and Family & are recognised as they fall due under the contractual arrangements with Administering Authorities.

Where an asset is acquired at undervalue a notional grant is recognised in respect of the difference between the purchase price and the fair value of the asset. The trustees determine the fair value based on the available data including external valuations.

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular categories they have been allocated to activities on a basis consistent with the use of resources. Support and other central costs have been apportioned to each activity on the basis of turnover and staff numbers.

Short-term debtors are measured at transaction price, less any impairment and short-term creditors are measured at the transaction price.

(g) Housing properties

Housing properties are principally properties available for rent. The properties at Peartree Lane, Welwyn Garden City and Charter House, Watford were revalued upon the implementation of FRS102 and SORP. The Company elected to measure housing properties on the date of transition at its fair value and use that fair value as its deemed cost at that date. The valuation is based upon an Existing Use Value for Social Housing (EUV-SH) basis by an independent professional advisor qualified by the Royal Institute of Chartered Surveys to undertake valuations.

Housing properties are stated at cost less depreciation, the cost of future additions being the cost of acquiring land and buildings and expenditure incurred in respect to improvements.

Work to existing properties which replace a component that has been treated separately for depreciation purposes, along with those works that result in an increase in net rental income over the lives of the properties, thereby enhancing the economic benefits of the assets, are capitalised as improvements.

33

ONE YMCA

Report and financial statements for the year ended 31 March 2023

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

(h) Housing properties and depreciation

The Company separately identifies the major components that comprise 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 its estimated useful economic life.

The Company depreciates the major components of its housing properties at the following annual rates:

Component
Structure (Leased)
Structure
Roofs
Windows
Kitchens
Bathrooms
Heating
Lifts		 Useful economic life
Residue of lease
80 years
30 years
20 years
20 years
30 years
20 years
15 years

Where the unexpired lease term is shorter than the longest component life envisaged, the unexpired term of the lease is adopted as the useful economic life.

(i) Other tangible fixed assets and depreciation

Depreciation is provided evenly on the cost of other tangible fixed assets to write them down to their estimated residual values over their expected useful lives. The principal annual rates used for other assets are:

Component
Non-Housing Leasehold improvements
Fixture and fittings
Motor Vehicles
ICT		 Useful economic life
Over the term of the lease
5 years
5 years
3 - 7 years (depending upon items)

(j) Operating leases

Rentals payable under the operating leases are charged on a straight-line basis over the lease term. The benefits of lease incentives entered into after the date of transition to FRS 102 are recognised in income and expenditure over the lease period.

The Company has taken advantage of the exemption in FRS 102 section 35 to continue to treat incentives received on leases entered into before the date of transition on the same basis as at the date of transition.

(k) Pensions

Hertfordshire County Council Pension Fund

The Company was a participating employer in the Hertfordshire County Council Pension Fund (HCCPF) in respect of employees already in the scheme who transferred from other admitted local authority bodies. The scheme was a multi-employer defined benefit scheme and the in accordance with FRS 102. However with effect from May 2022 the Company no longer participates in the HCCPF. As at the year end the Company has accrued for the final cessation payment to be made to finalise the exit.

34

ONE YMCA Report and financial statements for the year ended 31 March 2023

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

YMCA Pension Plan

The Company 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 the company.

As described in note 18 the Company has a contractual obligation to make pension deficit payments over the period to April 2029, accordingly this is shown as a liability in these accounts. In addition, the company is required to contribute £31k pa (2022: £28k pa) to the operating expenses of the Pension Plan and these costs are charged to the Statement of Comprehensive Income as made.

Group Personal Pension Plan (defined contribution)

The Company also makes contributions to a group personal pension plan (defined contribution) provided by Aviva which is open to all employees.

(l)

Social Housing Grant

Social Housing Grant (SHG) is receivable from Homes England as a contribution towards the capital cost of housing schemes. The Company has taken advantage of transitional relief for deemed cost and treated all SHG grant on transition under the performance model in accordance with SORP. Any subsequent SHG grants received for housing properties are recognised in income over the useful life of the housing property structure and, where applicable, its individual components (excluding land) under the accruals model.

SHG due from Homes England or received in advance is included as a current asset or liability. SHG is subordinated to the repayment of loans by agreement with Homes England. SHG released on sale of a property may be repayable but is normally available to be recycled and is credited to a Recycled Capital Grant Fund and included in the balance sheet in creditors.

Where individual components are disposed of and this does not create a relevant event for recycling purposes, any grant which has been allocated to the component is released to the income and expenditure account. Upon disposal of the associated property, the Company is required to recycle these proceeds; as such a contingent liability is disclosed to reflect this.

(m)

Other Grants

Other grants are receivable from local authorities and other organisations and are accounted for under the accruals model. Capital grants are recognised in income over the expected useful life of the asset. Grants in respect of revenue expenditure are credited to the income and expenditure in the same period as the expenditure to which they relate.

(n) Investments

Investments held as fixed assets are valued at mid-point of the quotation in the Stock Exchange daily official list. Any movements in the fair value of investments are recognised in income and expenditure.

(o) Interest Free Loans

Long term loans carrying no interest are disclosed at amortised cost using the market rate of similar debt instruments the effective interest method.

35

ONE YMCA Report and financial statements for the year ended 31 March 2023

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

(p) Provisions for Liabilities

Provision has been made for expected property costs at the end of the leases held by the Early Childhood Partnership subsidiary.

of the property condition and external evidence supporting the likely costs. This estimation involves a level of judgment and will be reassessed annually.

(q) Holiday pay accrual

The group recognises an accrual for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The accrual is measured at the salary cost payable for the period of absence.

(r) Fund Accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. The revaluation of properties is reported separately in the property revaluation reserve. This is the difference between the fair value of social housing properties and the historical cost carrying value.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Permanent endowment funds preclude them from being sold or used for any purpose other than the provision of charitable accommodation.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

(s) Transfer of Signpost and Haven First

The assets and liabilities of Signpost and Haven First at 1 April 2022 and 1 August 2022,

36

Report and financial statements for the year ended 31 March 2023

ONE YMCA

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3.
Group - Turnover, operating costs and operating surplus		 3.
Group - Turnover, operating costs and operating surplus		 3.
Group - Turnover, operating costs and operating surplus
2023 Turnover Operating costs Operating surplus/
(deficit)
£ £ £
Social Housing:Rent 8,990,440 (9,673,905) (683,465)
receivable
Other social housing
activities:
Housing related support 3,513,569 (2,715,101) 798,468
Total
social housing		 12,504,009 (12,389,006) 115,003
activities
Other non-social housing 70,222 - 70,222
Total housing activities 12,574,231 (12,389,006) 185,225
Non-social housing activities
Health & wellbeing budget 299,505 (384,540) (85,035)
gyms
Health & wellbeing other 106,149 (200,778) (94,629)
Child and family services 4,796,599 (5,009,157) (212,558)
Nursery 2,034,821 (2,480,554) (445,733)
Youth 1,532,988 (1,617,854) (84,866)
Community Centre 102,931 (156,518) (53,587)
Government grants taken to 639,756 (629,521) 10,235
income
Other 1,138,418 (1,053,801) 84,617
10,651,167 (11,532,723) (881,556)
23,225,398 (23,921,729) (696,331)

37

ONE YMCA

Report and financial statements for the year ended 31 March 2023

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Group Turnover, operating costs and operating surplus

2022
Social Housing:Rent receivable
Other social housing activities:
Housing related support
Total
social housing activities
Other non-social housing
Total housing activities
Non-social housing activities
Health & wellbeing
budget
gyms
Health & wellbeing
other
Child and family services
Nursery
Youth
Community Centre
Government grants taken to
income
Donation*
Other grants taken to income
Other		 Turnover
Operating costs
Operating
surplus/ (deficit)
£
£
£
6,695,973
(6,258,783)
437,190
2,847,854
(2,842,855)
4,999
9,543,827
(9,101,638)
442,189
665,474
(657,598)
7,876
10,209,301
(9,759,236)
450,065
253,629
(377,550)
(123,921)
284,189
(463,706)
(179,517)
5,053,780
2,011,247
(4,845,531)
(2,479,857)
208,249
(468,610)
621,986
139,817
88,731
(810,403)
(310,137)
(88,731)
(188,417)
(170,320)
-
675,000
(195,000)
480,000
44,996
(44,996)
-
118,510
(4,018)
114,492
9,291,885
(9,619,929)
(328,044)
19,501,186
(19,379,165)
122,021

*Donation represents a property bequest valued at £675k

38

Report and financial statements for the year ended 31 March 2023

ONE YMCA

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Company - Turnover, operating costs and operating surplus

2023
Social Housing:Rent
receivable
Other social housing
activities:
Housing related support
Total
social housing
activities
Other non-social housing
Total housing activities
Non-social housing
activities
Health & wellbeing
budget gyms
Health & wellbeing -
other
Child and family services
Nursery
Youth
Community Centre
Government grants taken
to income
Other		 Turnover
Operating costs
Operating
surplus/
(deficit)
£
£
£
7,875,865
(8,591,724)
(715,859)
3,282,130
(2,496,656)
785,474
11,157,995
(11,088,380)
69,615
70,222
-
70,222
11,228,217
(11,088,380)
139,837
299,505
(384,540)
(85,035)
106,149
(200,778)
(94,629)
3,120,077
(3,408,047)
(287,970)
2,034,821
(2,480,554)
(445,733)
1,308,654
(1,422,317)
(113,663)
102,931
(156,518)
(53,587)
457,458
(457,458)
-
1,111,476
(1,028,367)
83,109
8,541,071
(9,538,579)
(997,508)
19,769,288
(20,626,959)
(857,671)

39

ONE YMCA

Report and financial statements for the year ended 31 March 2023

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Company - Turnover, operating costs and operating surplus

2022
Social Housing:Rent
receivable
Other social housing activities:
Housing related support
Total
social housing activities
Other non-social housing
Total housing activities
Non-social housing activities
Health & wellbeing
budget
gyms
Health & wellbeing - other
Child and family services
Nursery
Youth
Community Centre
Government grants taken to
income
Donation*
Other grants taken to income
Other		 Turnover
Operating costs
Operating surplus/
(deficit)
£
£
£
6,695,973
(6,258,783)
437,190
2,847,854
(2,842,855)
4,999
9,543,827
(9,101,638)
442,189
665,473
(657,597)
7,876
10,209,300
(9,759,235)
450,065
253,629
(377,550)
(123,921)
284,189
(463,706)
(179,517)
3,266,586
(3,059,774)
206,812
2,024,709
(2,493,319)
(468,610)
621,986
(810,403)
(188,417)
139,817
(310,137)
(170,320)
88,731
(88,731)
-
675,000
(195,000)
480,000
44,996
(44,996)
-
302,776
(188,284)
114,492
7,702,420
(8,031,901)
(329,481)
17,911,720
(17,791,136)
120,584

*Donation represents a property bequest valued at £675k

40

ONE YMCA Report and financial statements for the year ended 31 March 2023

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Turnover, operating costs and operating surplus (continued)

Operating costs for social housing:

Group Company
2023 2022 2023 2022
Management (4,805,757) (3,284,458) (4,104,992) (3,284,458)
Services (2,479,695) (1,694,728) (2,118,111) (1,694,728)
Routine maintenance (953,212) (406,896) (953,212) (406,896)
Planned maintenance (576,300) (234,211) (576,300) (234,211)
Rent losses from bad
debts (472,911) (315,383) (472,911) (315,383)
Depreciation of
housing properties
and (386,030) (323,107) (366,198) (323,107)
equipment
(9,673,905) (6,258,783) (8,591,724) (6,258,783)
Void losses: notional
calculation of income
lost from vacant (1,009,578) (1,189,229) (1,009,578) (1,189,229)
rooms
Number of registered
accommodation units 723 603 635 603
4.
Operating (deficit)/surplus
Group Company
2023 2022 2023 2022
The operating (deficit)/surplus is arrived at £ £ £ £
after charging:
Depreciation 773,794 514,707 753,962 514,707
Operating lease payments:
- Land and buildings 704,117 689,150 704,117 689,150
-Vehicles 36,649 8,415 36,649 8,415
A
- Fees payable for the audit of the financial
statements 31,693 27,200 23,625 27,200
5.
Gain / (loss) on sale		 of fixed assets
Group Company
2023 2022 2023 2022
£ £ £ £
Disposal proceeds 3,000 - 3,000 -
Carrying value of fixed assets - (83,404) - (83,404)
3,000 (83,404) 3,000 (83,404)

41

ONE YMCA Report and financial statements for the year ended 31 March 2023

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Interest receivable and other income

Interest receivable and similar income
Income from listed investments		 Group
Company
2023
2022
2023
2022
£
£
£
£
14,585
1,259
7,388
1,259
94,032
91,138
94,032
91,138
108,617
92,397
101,420
92,397

7. Interest and financing costs

Defined benefit pension charge
Loan and bank overdrafts		 Group
Company
2023
2022
2023
2022
£
£
£
£
-
27,305
-
27,305
240,410
43,176
240,410
43,176
240,410
70,481
240,410
70,481

8 and Executive Management Team Remuneration

No member of the Board received any remuneration from the Group (2022: £nil). No expenses were reimbursed for Board members (2022: £nil).

The Executive Team comprised of the Chief Executive, Chief Financial Officer, Chief Operating Officer, Chief Central Services Officer, Director of Place & Environment, Director of Housing & Community. Each of these, including the Chief Executive, is a member of the Aviva defined contribution pension scheme. Both the Company and employee make contributions to this money purchase scheme.

Executive team emoluments
Contribution to pension scheme		 Group
Company
2023
2022
2023
2022
£
£
£
£
723,961
500,907
723,961
500,907
45,866
41,597
45,866
41,597
769,827
542,504
769,827
542,504

The emoluments relating to the Chief Executive Officer in the year were £155,304 (2022: £148,234) and the contribution to the pension scheme on his behalf was £10,605 (2022: £10,500).

The full-time equivalent number of staff who received emoluments: 2023 2022
No No
£60,001 to £70,000 2 3
£70,001 to £80,000 3 -
£80,001 to £90,000 - 1
£100,000 to £110,000 1 1
£110,000 to £120,000 - 1
£150,000 to £160,000 1 -

42

Report and financial statements for the year ended 31 March 2023

ONE YMCA

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Employee information

Average monthly number of employees:
Housing
Support Services
Sports, health & fitness
Child & family services
Youth & community
Orbital Community Centre
Early Childhood Partnership
Haven First
Signpost
Total
Staff costs (for the above persons)
Wages and salaries
Social security costs
Other pension costs		 Group
Company
2023
2022
2023
2022
No
No
No
No
104
111
104
111
53
49
53
49
17
20
17
20
170
176
170
176
32
22
32
22
22
19
22
19
45
26
5
55
-
-
-
-
-
-
-
-
474
452
398
397
2023
2022
2023
2022
£
£
£
£
10,160,224
8,607,203
8,361,346
7,585,953
941,028
731,036
774,492
647,563
487,975
465,396
432,722
427,164
11,589,227
9,803,635
9,568,560
8,660,680

During the year, termination payments of £101,124 (2022: £139,250) were recognised as an expense as compensation for loss of office.

10. Taxation

The Company is a registered charity qualifying for relief from income and capital gains taxes on its charitable activities.

11. Group Tangible fixed assets (housing)

Cost
At 1 April 2022
Additions
Assets transferred
Transfer from/write
off of WIP
Cost at 31 Mar 23		 Freehold
Property
Housing
long
leasehold
property
Housing
property
improvements
WIP
Total
£
£
£
£
£
6,621,000
4,856,000
2,579,381
5,291,534
19,347,915
-
-
41,343
1,051,520
1,092,863
902,914
426,258
-
-
1,329,172
-
-
4,213,155
(4,533,387)
(320,232)
7,523,914
5,282,258
6,833,879
1,809,667
21,449,718

43

Report and financial statements for the year ended 31 March 2023

ONE YMCA

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Depreciation
At 1 April 2022
Assets transferred
Providing during the
year
At 31 Mar 23
Net book value
At 31 March 2023
At 31 March 2022		 653,556
446,525
1,342,521
-
2,442,602
-
69,400
-
-
69,400
103,133
75,648
207,249
-
386,030
756,689
591,573
1,549,770
-
2,898,032
6,767,225
4,690,685
5,284,109
1,809,667
18,551,686
5,967,444
4,409,475
1,236,860
5,291,534
16,905,313

Company Tangible fixed assets (housing)

Cost
At 1 April 2022
Additions
Assets transferred
Transfer from WIP
Cost at 31 Mar 23
Depreciation
At 1 April 2022
Assets transferred
Providing during the
year
At 31 Mar 23
Net book value
At 31 March 2023
At 31 March 2022		 Freehold
Property
Housing
long
leasehold
property
Housing
property
improvements
WIP
Total
£
£
£
£
£
6,621,000
4,856,000
2,579,381
5,291,534
19,347,915
-
-
41,343
1,051,520
1,092,863
642,914
-
-
-
642,914
-
-
4,213,155
(4,533,387)
(320,232)
7,263,914
4,856,000
6,833,879
1,809,667
20,763,460
653,556
446,525
1,342,521
-
2,442,602
50,331
-
-
-
50,331
103,133
55,816
207,249
-
366,198
807,020
502,341
1,549,770
-
2,859,131
6,456,894
4,353,659
5,284,109
1,809,667
17,904,329
5,967,444
4,409,475
1,236,860
5,291,534
16,905,313

44

ONE YMCA Report and financial statements for the year ended 31 March 2023

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. Company and Group Tangible fixed assets (non-housing)

Cost
At 1 April 2022
Additions
Cost at 31 March
2023
Depreciation
At 1 April 2022
Providing during
the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
13. Investments
Fair value
Listed on a
recognised stock
exchange
Additions
Disposals
Realised gains /
(losses) on disposals
Unrealised (losses) /
gains on valuation
As at 31 March
2023		 Other
Property
Long
leasehold
property
Leasehold
improvements
Fixtures,
fittings &
equipment
Vehicles
WIP
Total
£
£
£
£
£
£
£
129,394
760,000
1,733,981
2,079,333
-
-
4,702,708
-
-
-
39,528
-
-
39,528
129,394
760,000
1,733,981
2,118,861
-
-
4,742,236
79,470
69,851
890,858
1,604,116
-
-
2,644,295
3,341
8,736
165,560
210,127
-
-
387,764
82,811
78,587
1,056,418
1,814,243
-
-
3,032,059
46,583
681,413
677,563
304,618
-
-
1,710,177
49,924
690,149
843,123
475,217
-
-
2,058,413
2023
Group
2022
Group
2023
Company
2022
Company
£
£
£
£
3,289,557
3,027,913
3,289,557
3,027,913
-
2,862,555
-
2,862,555
-
(2,862,555)
-
(2,862,555)
-
844,346
-
844,346
(157,786)
(582,702)
(157,786)
(582,702)
3,131,771
3,289,557
3,131,771
3,289,557

An investment in 1 £1 ordinary share in YMCA Development Company Limited, a private limited company registered in England and Wales (company 11220819), was made in September 2019. The £1 is unpaid and the company was dormant until 31/03/2023 and active since 1/4/2023.

45

Report and financial statements for the year ended 31 March 2023

ONE YMCA

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Debtors

14. Debtors
Rent arrears
(including housing
benefit, and
resident arrears)
Less provision for
doubtful debt
Trade debtors
Less provision for
doubtful debt
Other debtors
Prepayments and
accrued income
Amounts due
from subsidiary		 2023
Group
2022
Group
2023
Company
2022
Company
£
£
£
£
1,954,739
1,147,101
1,722,905
1,147,101
(1,212,767)
(740,495)
(1,212,767)
(740,494)
741,972
406,606
510,138
406,607
1,182,458
1,080,685
1,145,458
1,056,982
(1,385)
(1,385)
(1,385)
(1,385)
1,181,073
1,079,300
1,144,073
1,055,597
121,929
18,668
121,929
18,667
1,072,579
990,783
1,029,414
989,837
-
-
1,282,668
100,000
3,117,553
2,495,357
4,088,222
2,570,708

The increase in debtors is due to the consolidation of accounts with Haven First following the merger.

15. Creditors

Amounts falling
due within one
year
Current
instalments due
on loans
(see note 16 for
security details)
Trade creditors
Other taxes /
social security
costs
Other creditors
Amounts due to
subsidiary
Deferred grant
income
Accruals and
deferred income		 2023
Group
2022
Group
2023
Company
2022
Company
£
£
£
£
354,780
130,669
354,780
130,669
413,652
431,724
394,744
424,153
181,606
172,782
167,286
154,811
927,833
790,822
806,398
751,645
-
-
1,240
11,857
93,173
93,173
93,173
93,172
2,955,006
3,105,006
2,764,035
2,967,422
4,926,050
4,724,176
4,581,656
4,533,729

46

Report and financial statements for the year ended 31 March 2023

ONE YMCA

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. Creditors
Amounts falling due
after more than one
year
Bank loan
Other loans
Deferred grant
income		 2023
Group
2022
Group
2023
Company
2022
Company
£
£
£
£
3,888,026
4,222,417
3,888,026
4,222,417
46,729
47,042
46,729
47,042
3,934,755
4,269,459
3,934,755
4,269,459
3,051,482
2,452,392
2,940,798
2,452,392
6,986,237
6,721,851
6,875,553
6,721,851

A loan of £124,000 was made by Watford Borough Council in 1977. The loan is interest-free and is repayable over the term of the lease. The amount due of £46,729 at 31 March 2023 (2022: £47,042) is the measurement of the liability after discounting for the income rate of return.

A facility of £9,000,000 was agreed in February 2022 with CAF Bank at 1.65

rate and is repayable over a 25-year term. The amount due at 31 March 2023 was £4,242,806 (2022: £4,352,772).

Based on the
earliest repayment
date, borrowings
are repayable as
follows:
One year or less
One year or more
but less than two
years
Two years or more
but less than five
years
Five years or more		 2023
Group
2022
Group
2023
Company
2022
Company
354,780
130,669
354,780
130,669
343,031
133,837
343,031
133,837
343,031
421,296
343,031
421,296
3,248,693
3,714,326
3,248,693
3,714,326
4,289,535
4,400,128
4,289,535
4,400,128

The lease of Charter House, Watford is held as security for the above Watford Borough Council loan.

The CAF Bank facility is secured against the freeholds of:

47

Report and financial statements for the year ended 31 March 2023

ONE YMCA

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Deferred Capital
Grants
Deferred income as
at 1 April
Additions
Released to
Statement of
Comprehensive
Income
As at 31 March
Deferred income to
be released to the
statement of
comprehensive
income:
In less than one year
In more than one
year
17. Provision for
liabilities and
charges
As at 1st April
Arising during the
year
Used during the
year
As at 31 March		 2023
Group
2022
Group
2023
Company
2022
Company
£
£
£
£
2,545,565
1,856,316
2,545,565
1,856,316
683,163
734,245
572,479
734,245
(84,073)
(44,996)
(84,073)
(44,996)
3,144,655
2,545,565
3,033,971
2,545,565
2023
Group
2022
Group
2023
Company
2022
Company
£
£
£
£
93,173
93,173
93,173
93,173
3,051,482
2,452,392
2,940,798
2,452,392
3,144,655
2,545,565
3,033,971
2,545,565
2023
Group
2022
Group
2022
Company
2022
Company
£
£
£
£
48,700
72,000
20,000
-
-
20,000
-
20,000
-
(43,300)
-
-
48,700
48,700
20,000
20,000

A provision for dilapidations to premises is being held to cover the costs of any necessary reinstatement and repairs to the properties at the termination of the lease.

48

ONE YMCA Report and financial statements for the year ended 31 March 2023

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Pensions

The Company has recognised pension liabilities relating to one scheme (two schemes in 2022), the multiemployer defined benefit pension plan for employees of the YMCAs in England, Scotland and Wales and the Hertfordshire County Council Pension Fund. The Company no longer has any liability obligation for the HCCPF.

Hertfordshire County Council Pension Fund (HCCPF)

The HCCPF was a multi-employer scheme, administered by Hertfordshire County Council under the regulations governing the Local Government Pension Scheme, a defined benefit scheme. The most recent formal actuarial valuation was completed as at 31 March 2020 and the results have been projected forward using approximate methods, allowing for the different financial assumptions required under FRS102, to 31 March 2022 by a qualified independent actuary.

The Company ceased as an employer in the HCCPF on 31 May 2021. The net pension position was calculated on a FRS102 accounting basis at that date. The net pension position on the Balance Sheet at 31 March 2023 is the point of cessation on 31 May 2021. A reconciliation from the full revaluation at 31 March 2019 to the cessation valuation in these accounts is provided in the note below.

The Company made a final payment of £39,542 post year end for early retirement strain costs and has no entitlement to any surplus at the date of cessation.

Cessation Valuation 31
Valuation March 2019
31 May 2021
£000 £000
Funding position at 31 May 2021 (cessation date)
Liabilities - -
Active - 133
Pensioner 160 -
Assets 239 187
Surplus 79 54
Actuarial Assumptions - Financial assumptions £000 £000
Discounts rates/anticipated investments returns
Pre-retirement 3.1% 3.4%
Post-retirement 3.1% 3.4%
Salary Increase 2.8% 2.7%
Benefit increase 2.4% 2.3%
Actuarial assumptions
Longevity Assumptions
At cessation March 2019
Life expectancy from age 65 years No. of years No. of years
Current Pensioners:
Males 21.9 21.9
Females 24.1 24.1
Future Pensioners:
Males 22.8 22.8
Females 25.5 25.5

49

ONE YMCA

Report and financial statements for the year ended 31 March 2023

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Changes in the fair value of the scheme assets are as follows: £000
Surplus/(deficit) at 31 March 2019 54
Interest on surplus/(Deficit) 4
Investment outperformance 31
Contribution less than cost of accruals (6)
Changes in the market conditions (8)
Membership experience 8
McCloud adjustments (1)
Actuarial and admin costs (3)
Surplus/(deficit) at cessation date 79

Pensions YMCA Pension Plan

The company participated in a contributory pension plan providing defined benefits based on final pensionable pay for employees of YMCAs in England, Scotland and Wales. The assets of the YMCA Pension Plan are held separately from those of YMCA and at the year end these were invested in the Mercer Dynamic De-risking Solution, 63% matching portfolio and 37% in the growth portfolio and Schroder (property units only).

The most recent completed three year valuation was as at 1 May 2020. The assumptions used which have the most significant effect on the results of the valuation are those relating to the assumed rates of return on assets held before and after retirement of 2.59% and 1.09% respectively, the increase in pensions in payment of 2.99% (for RPI capped at 5% p.a.), and the average life expectancy from normal retirement age (of 65) for a current male pensioner of 22.0 years, female 24.4 years, and 23.7 years for a male pensioner, female 26.1 years, retiring in 20 showed that the actuarial value of the assets was £146.1m, which represented 79% of the benefits that had accrued to members.

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

The valuation prepared as at 1 May 2020 showed that the YMCA Pension Plan had a deficit of £39 million. The company has been advised that it will need to make monthly contributions of £11.9k from 1 May 2023. This amount is based on the current actuarial assumptions (as outlined above) and may vary in the future as a result of actual performance of the Pension Plan. Agreed future deficit contributions have been discounted using a rate of 3% (2022: 3%). The current recovery period is 7 years commencing 1st May 2022.

YMCA Pension fund liability

At 1 April
Increase in liability
Paid in year
Unwinding of discount included in finance costs
At 31 March
Repayable within one year
Repayable in more than one year
Discount		 2023
2022
£
£
949,529
912,787
(5,013)
126,674
(109,456)
(117,236)
28,388
27,304
863,448
949,529
As at 31 Mar 23
As at 31 Mar 22
£
£
143,559
111,231
745,041
959,341
(25,152)
(121,043)
863,448
949,529

50

ONE YMCA

Report and financial statements for the year ended 31 March 2023

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

In addition, the company may have over time liabilities in the event of the non-payment by other participating amount that the company may be called upon to pay in the future.

19. Group analysis of changes in net debt

1 April Cash flows Non-cash 31 March
2022 £ movement 2023
£ £ £
Cash at bank 3,975,299 185,602 - 4,160,901
Loans falling due within 1 (130,669) 130,669 (354,780) (354,780)
year
Loans falling due after more
(4,269,459)		 - 334,704 (3,934,755)
than 1 year
(424,829) 316,271 (20,076) (128,634)
1 April Cash flows Non-cash 31 March
2021 £ movement 2022
£ £ £
Cash at bank 6,281,783 (2,306,484) - 3,975,299
Loans falling due within 1 (72,003) 72,003 (130,669) (130,669)
year
Loans falling due after more
(1,455,915)		 (2,944,213) 130,669 (4,269,459)
than 1 year
4,753,865 (5,178,694) - (424,829)
20.
Operating lease commitments
The future minimum lease payments are set out below. Leases relate to the rental of properties in
eight locations and one vehicle.
Group Company
2023 2022 2023 2022
£ £ £ £
The following operating
lease payments are
committed to be paid
within 1 year 576,457 740,766 576,457 740,766
within 1-2 years 632,239 514,881 632,239 514,881
within 5 years 1,253,937 1,249,029 1,253,937 1,249,029
2,462,633 2,504,676 2,462,633 2,504,676

51

ONE YMCA

Report and financial statements for the year ended 31 March 2023

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Restricted funds
Group
You Thrive
Woodland Project
FFL Programme Delivery
Family Fund Trading
Stay & Play Initiative
Herts CC - LBS
Herts Male ISVA
Herts ISVA
HCF - Holiday and Activity Clubs
FFL Travel - Orbital
CAHMS
One YMCA
Big Lottery
Children In Need
Harpur Trust
Male victims - Safety Net
VERU
Steele Charitable Trust
ISVA LGBTQ
Community Link Worker
Rent Deposit Scheme
Publicity Grants
Cyclical Maintenance Fund
Extraordinary repair fund
Contingency fund
SBC Locality budget grants
Signpost
Restricted Funds
Permanent endowment funds		 01-Apr
Income
Expenditure
Transfers
31-Mar
2022
2023
-
170,213
(170,213)
-
-
-
663
(663)
-
-
-
4,588
(4,588)
-
-
-
1,111
(1,111)
-
-
-
6,969
(6,969)
-
-
-
850
(850)
-
-
-
33,500
(33,500)
-
-
-
9,950
(9,950)
-
-
-
2,000
(2,000)
-
-
-
1,990
(1,990)
-
-
-
10,000
(10,000)
-
-
131,301
-
(5,975)
-
125,326
-
134,054
(136,907)
2,853
-
-
9,578
(6,620)
-
2,958
-
20,526
(20,920)
394
-
-
10,041
(7,862)
-
2,179
-
12,360
(619)
-
11,741
-
30,000
(41,855)
11,855
-
-
33,890
(21,492)
-
12,398
-
25,349
(18,691)
-
6,658
-
33,175
(33,175)
-
-
-
828
0
-
828
-
8,598
(2,685)
-
5,913
-
31,821
(10,699)
-
21,122
-
1,314
(957)
-
357
-
266
0
-
266
169,232
169,232
131,301
593,634
(550,291)
184,334
358,978
-
400,683
(8,525)
-
392,158

The Unrestricted funds in Signpost at 31 March 2023 (£169,232) become restricted funds on consolidation due to the objects of Signpost being narrower than those of One YMCA.

The Permanent endowment funds (£392,158) arise from properties within Haven First that have covenants which precludes them from being sold or used for any purpose other than the provision of charitable accommodation.

52

Report and financial statements for the year ended 31 March 2023

ONE YMCA

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Company
You Thrive
Woodland Project
FFL Programme Delivery
Family Fund Trading
Stay & Play Initiative
Herts CC - LBS
Herts Male ISVA
Herts ISVA
HCF - Holiday and Activity Clubs
FFL Travel - Orbital
CAHMS
Rent Deposit Scheme
Publicity Grants
Cyclical Maintenance Fund
Extraordinary repair fund
Contingency fund
SBC Locality budget grants		 01-Apr
Income
Expenditure
31-Mar
2022
2023
-
170,213
(170,213)
-
-
663
(663)
-
-
4,588
(4,588)
-
-
1,111
(1,111)
-
-
6,969
(6,969)
-
-
850
(850)
-
-
33,500
(33,500)
-
-
9,950
(9,950)
-
-
2,000
(2,000)
-
-
1,990
(1,990)
-
-
10,000
(10,000)
-
-
33,175
(33,175)
-
-
828
0
828
-
8,598
(2,685)
5,913
-
31,821
(10,699)
21,122
-
1,314
(957)
357
-
266
0
266
-
317,836
(289,350)
28,486

53

ONE YMCA

Report and financial statements for the year ended 31 March 2023

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
Period ended March 2022 1 April Income Expenditure 31 March
Group 2021 2022
£ £ £ £
Big Lottery Fund
YOUTHRIVE Project - 217,442 (217,442) -
Children in Need - 31,866 (31,866) -
- -
Harpur Trust 33,539 (33,539)
Male Victims - 65,801 (65,801) -
Violence & Exploitation
Reduction Unit - 17,474 (17,474) -
Bedfordshire and Luton
Community - 16,685 (16,685) -
National Lottery Grant Dads
Aloud - 2,444 (2,444) -
- -
Wishing Tree 1,713 (1,713)
- -
Big Lottery 158,103 (158,103)
Steele Charitable Trust - 25,000 (25,000) -
- -
Youth empowerment fund 2,017 (2,017)
- -
HAF grant - BBC 5,000 (5,000)
-
ECP-OY-Double impact 150,000 (18,699) 131,301
National Lottery Awards for
All - 3,292 (3,292) -
- -
HAF grant 1,760 (1,760)
Herts Community Foundation
- holiday club funding
- -
2,869 (2,869)
RAF Benevolent Fund - 3,000 (3,000) -
-
738,005 (606,704) 131,301
1 April Income Expenditure 31 March
Company 2021 2022
£ £ £ £
Big Lottery Fund
- -
YOUTHRIVE Project 217,442 (217,442)
- - - -
HCF HAPpy grant
- -
National Lottery Awards 3,292 (3,292)
for All
- -
HAF grant 1,760 (1,760)
Herts Community
Foundation - holiday club
- -
funding 2,869 (2,869)
RAF Benevolent Fund - 3,000 (3,000) -
- -
228,363 (228,363)
----- End of picture text -----

54

ONE YMCA Report and financial statements for the year ended 31 March 2023

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. Related party transactions
2023 2022
£ £
One YMCA balance owed to ECP 1,240 11,857
ECP balance owed to One YMCA - 100,000
Haven First balance owed to One YMCA 1,282,668 -

23. Capital commitments

Contracts placed for future capital commitments not provided
in the financial statements
Commitments approved by the Board but not contracted for
Total		 2023
-
22,499,813
22,499,813		 2022
591,804
15,808,392
16,400,196

The above capital commitments will be financed through loans, land and property sale and cash reserves totalling £15,816,035 with the balance of £6,683,778 funded through public sector grant.

24. Contingent liabilities

All of these assets remain in social housing use and the Company has no plans to change the status of these sites.

25. Membership

As at 31 March there were 38 members of the Company (2022: 38)

55

ONE YMCA Report and financial statements for the year ended 31 March 2023

NOTES TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

26. Signpost merger

On 1 April 2022, Signpost CIO (charity number 1167027) became a subsidiary of One YMCA. The following table sets out the fair value of assets and liabilities of Signpost as the date of transfer, 1 April 2022:

Value reported Transfer in
in Signpost recognised at fair
value
£ £
Cash and Bank 178,455 178,455
Creditors: Amounts falling due within 1 year (21,851) (21,851)
Net Assets 156,604 156,604
Funds: Unrestricted funds 156,604 156,604

27. Haven First merger

On 1 August 2022, One YMCA became the sole member of Haven First (company number 03366848), and therefore Haven First became a subsidiary from this date.

The following table sets out the fair value of assets and liabilities of Haven First, including the assets of Stevenage Consolidated Charities of which Haven First was the sole Trustee, as the date of transfer, 1 August 2022:

Value reported by Transfer in
Haven First recognised
at fair value
£ £
Tangible Fixed Assets 1,233,164 1,259,772
Debtors 126,239 126,239
Cash in hand 1,283,644 1,283,644
Creditors (243,483) (243,360)
Net Assets 2,399,564 2,426,295
Funds
Unrestricted general funds 1,785,177 1,785,177
Restricted funds 614,387 641,118
2,399,564 2,426,295

28. Haven First transfer of net assets to One YMCA as at 31 March 2023

On 31 March 2023, the value of the net current assets of Haven First (£1,282,668) transferred to One YMCA. On the same day the legal title to the majority of the properties were transferred to One YMCA (net book value of £592,582), another property (net book value of £246,675) was transferred on 30 June 2023.

56