1106198 alxxi No. 05194135 {England and Wales} E•*•xl PRP Number: 4639 ACKBURN YMCA ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TIVE INFORMATION Mr A Drake Mr D Hall-Davies Mr R Mulloy Mr G Oatridge Mr B R Cooke Ms S Hartley {resigned on 27109123) Mrs J Browne Mr M D Pattin50n Mrs L Prentice 1106198 CL•pny number 05194135 kx7￿S England PRP Number 4639 Company Secretary M Lloyd Principal address 125 Deansgate Bolton Greater Manchester BLI IHA Registered office 125 Deansgate Bolton Greater Manchester BLI IHA Auditors Champion Accountants LLP Unit 2, Olympic Court Boardmans Way Whitehills Business Park Blackpool, Lancashire FY4 5GU Bankers Lloyds Bank Church Street Blackburn Lancashire BB2 IJQ Page Trustees, (including the Strategic Report) ent Avditors, Report 8-10 atement of Financial Activities- parent charity 11-12 Group Statement of Financial Activities 13-14 Group and Charity Balance Sheets 15 Group Cash Flow Statement 16 Notes to the Group Cash Flow Statement 17 Notes to the Financial Statements 18-32 UDING DIRECTORS. REPORT) 31 MARCH 2024 xt and consolidated financial statements of the charity and its subsidiary for the X4. are also prepared to meet the requirements for a Directors, Report and t pJrposes. have been prepared in accordance with the accounting policies set out in note 2 to the I comply with the charity's Mermorandum & Articles ofAssociation, the Companies Act Kl Reporting by Charities: Statement of Recommended Practice applicable to charities in accordance with the Financial Reporting Standard applicable in the UK and Republic IG21" (effective l January 2019). (kniects are to help young people, particularly at the time of need, regardless of gender, (Yfaith. The policies adopted in furtherance of these objects arise from the acceptance of ass d Union" adapted by the British Young Men's Christian Association in 1973, that is to say: 1￿7%￿A seeks to unite those unto, regarding Jesus Christ as their God and Saviour according to the iptU￿, desire to be his disciples in their faith and in their Ikfe, and to associate the efforts for the of his Kingdom. Ingly the objectives of the charity are. '4To unite those who, regarding Jesus Christ as their God and Saviour according to the Holy Scriptures, desi￿ to be his disciples in their faith and in their life, and to associate their efforts for the extension of hr5 fingdom. H) To lead young people to the Lord Jesus Christ and to fullness of life in him. 111) To provide or assist in the provision in the interest of social welfare of facilities for recreation and other leisure time occupation for men, women and children wath the object of improving their conditaons of life. iv) To provide or assist in the provision of education for persons of all ages with the object of developing their physical, mental or spiritual capacities. v) To relieve or assist in the relief of persons of a51 a8es who are in conditions of need, hardship or distress by reason of their social, physical or econornic circumstances. vi) To provide residential accommodation or social housing for persons of all ages who are in need, hardship or distress by reason of their social, physical or economic circumstances. Public benefJt In shaping the objettives of the charity and planning it5 activities, th'e trustees have considered the Charity Commtssions guidance on public benefit and ensure that the acttvities undertaken are for the public benefit. To achieve the objeets of the charity, it wilt work within the following framework. Vision statement The strategy development process has identified a vision Statement that simplifies the previou5 vision statement. The vision of YMCA Blackburn is of comrnunities and homes where people can thrive. NG DIRECTORS. REPORT) 38 K4RCH 2024 x*tAm is to enhance housing opportunities. wai we act, our behaviours and how we interact with each other. They provide the do, every day. t Te9)ertfully, givsng all those that we interact with due attention and courtesy, whilst Ofjerences in both beliefs and opinions. trust in our people, expecting that integrity is a founding principle that underpins our actions. people to adrnit rnistakes and trust each other to find solutions. -we exist to serve young people and our communities. We are cornmitted to the positive benefjt of xW>on, locally and in the wider world. C£xroassion - we wil recognise that everyone, at any given point in time, is subject to circumstances, either J9tr￿ or negative, and we will show empathy towards each other. strategic points The new strategy identifies 4 key priorities: l. Business resilience- to develop a financially robust organisation that has effective and efficient processes to support high quality delivery. 2. People- to make available quality accommodation for people in need. 3. Assets - to move towards a financially and environmentally sustainable property portfolio that allows for delivery of core servcies. 4. Brand & communications- to increase the awareness and support of YMCA'S social good within our own people and our local cornmunities. The core work area will remain as housing. YMCA Housing is delivered to help people to secure and maintain a safe place to stay by 5UPPOrting them to overcorne periods of personal crisis and helping them to move into employment, education and training. In recognising the importance of a secure home, YMC Blackburn aims to: l.Increase access to affordable and appropriate accommodation. 2. Focus on those in housing need. with young people and farnilies being a priority. 3. Workwith others in the reduction of homele55ness and in meeting identified needs. 4. Achieve high qualtiy standards. UDING DIRECTORS, REPORT) 31 MARCH 2024 n&K)nally, owns and has Registered Provider responsibility for the following schemes: Egex vllTiamson House C(Tr￿all Appletree House West Kent Ryder House Halton Wellington Consort House Ryedale Tees Valley Middleton Court YMCA New Coklege kburn ha5 feased responsibility for the following services: Fylde Coast YMCA Foyer Fylde Coast 113 London Street East Lancashire properties Telford and Wrekin properties: Pay Poli￿ for senior staff The Directors consider that the Board of Directors, who arethe Trustees, and the senior rnanagement team, to be the key management personnel of the charity in char8e of directing and controlling, running and operating the charity on a day to day basis. All Trustees give thesr time freely and no Trustee received remuneration during the year. Details of Trustees, expenses and related party transactions are disclosed i n the notes to the accounts. The pay of senior staff is reviewed annually by the Board. Employee5 Ouring 2023-24 YMCA Blackburn employed one rnember of staff with ongoing recruitment in place to expand the staff team during the 2024-25 financial year. YMCA Blackburn CEO oversees the operational team of YMCA Bolton offering support and superviston. Risk management The charity has live risk-registers that are updated regularly and reviewed by Trustees at each board rneeting. The registers fo15ow guidance set out by the Charity Commission. As it stands, the main risks relate to the financTal impact of recent economic uncertainty in relation to rising base rate and energy costs. In response to this, the organi5ation has worked during 2023-24 to secure new lendtng agreements, extensions to interest only periods and secured new energy contracts. The board has actively reviewed lending options for future developments that will ensure greater security on future lending through fixed rates as opposed to development lending. Active management of the various income source5 ensure that sufficient working capital is available to the charity and its subsidiary company YMC4 Bolton. RNYMCA REPORT (INCLUDING DIRECTORS. REPORTI 7* YEAR ENDED 31 MARCH 2024 ORT performance and plans xswisation underv4ent a stgnfica nt change 2018. moving from a localised YMCA operating Solely within East to a national organisation following the purchase of YMCA asset from YMCA England and Wales. YMCA was able to utilise Fts Registered Provider ststus to secure the buildings and ensure they remain in the hands of the local YMCAS who manage the properties on YMCA Blackburns behalf. Since 2018, YMC4 mx*txxn has worked with local YMCAS to grow and develop their operations, utili5ing its Investment Partner aijs with Home5 England to Ljnderta ke developments both in the Fylde Coast and Bolton. kn 2023124: Y%KA Blackburn commenced work5 on a redevelopment of a Grade 2 listed building in Tetford and Wrekin on E￿lf of Welli ngton YMCA, to convert a long-term empty college into 28 units of affordabTe accommodation for )ung people at risk of homelessness. The presence within Telford and Wrekin was further developed through ma naging agent partnerships with three local organisation5, A better tomorrow, Maninplace and Stay, strengthening YMCA Blackburn's commitment to enhance housing opportunitie5 for people in need. In late 2023, following instsbility surrounding base rate and increasing energy c05tings, it was identified that YMCA Boltor5 was experiencing financial uncertainty, and as such, YMCA Blackburn became the corporate director and trustee of YMCA Bolton. YMCA Blackburn experienced significant growth in 2023/24 resulting in the need to expand upon the staff team and internal resources. YMCA Blackburn commenced works in recruitment and installation of appropriate software systems. Looki n8 forward. YMCA Blackburn is going through a process of tra nsittoning from Fylde Coast YMCA centra I 5LlPPOrt services a nd engaging new specialists and professionals to support an in house central service. YMCA REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) I* YEAR ENDED 31 MARCH 2024 tstr*yearshow a group surplus on activities of £328,588 {2023- £822,485 as restated). figures have been restated to i nclude a surplus on revaluation of investrnent properties and an impairment on freehold properties of £1,458.534. Total funds carried forward to £5,289.72012023: £4,961,132 as restated). These comprise restricted funds of £24,301 and unre5trtcted funds of £5,265,419 (2023: £4.961,132 as restated). Jncluded within ••E5V(ted funds ks a designated fund for major property repairs of £443,015 (2023: £318,110}. continue to review detailed financial inforrnation on a regular basis, to ensure that the ian support its cash flow. Trustees monitor turnover and are looking at ways to save on exvxfrture where practical, suth as securing better lending rates. In particular the cost of living and eou8y crisis, which have resulted in sisnificant increases in the cost of utilities across all sites, YMCA um has looked t,0 be sympathetic to all managing agents as a results of this, and has closely ff4mttored all managing agents operational income. The trustees feel that the charity is in a stable position and can support its liabilitie5. Regular management accounts and budgets are prepared and monitored. Trustees are confident the organisations reserves are sufficient to cover any unexpected expenditure. Wtth sufficient reserves held, the trustees have a reasonable expectation that the charity can continue as a going concern for the foreseeable future. Reserves poliry It is the policy of the charity that unrestrirted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and ssx month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a signif icant drop in funding, they wtll be able to continue the charity's current activities while constderation is given to ways in which additional funds may be raised. maj.or risks The trustees have assessed the major risks to which the charity is exposed. and are satisfied that systems are in place to mitigate exposure to the major risks. Strurturep governance and management The charity is a company limited by guarantee. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1. The trustee5, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: MrA Drake Mr D Hall-Davies Mrs M Mullov Mr G Oatridge Mr B R Cooke Ms S Hartley (resigned on 27109/231 Ms J Browne Mr M D Pattinson Mrs L Prentice YMCA REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) rJR ENDED 31 MARCH 2024 8 members and they Ineet 10 times a year to coverthe charity's areas of work. •• tt* Articfes of Association, three trustees are elected annually by the members of the charity Amuaf General Meeting and Ser￿efOr a period of three years. aThloppointment of Trustees Tnstees undergo an appropriate induction programme. They are provided With a welcome pack, the history, ethos and structure of the YMCA. In addition, the pack provides information on a .5 responsibifities and relevant documentation to the operation of the charity. structure Clwtty is the parent company of Bolton YMCA. ip with reloted partie5 of the trustees receive remuneration or other benefit from their work with the charity. Any (Trysection between a trustee and an employee of the charity must be disclosed to the fulf Board of Tnstees Én the same way as any other contractual relationship with a related party. Pxtners & ststutory encies The YMCA has further developed its co-operation and partnership with statutory agencres in the delivery of seprfices. Over the past year we have worked w¢th the Regulator of Social Housing, Housing Ombudsman, Telford and Wrekin Council, Homes England, Blackburn & Darwen Council and Morro Partnerships. Representation on committees The staff of the charity are members of associated YMCAS or have employment and experience in areas relevant to the core services of YMCA Blackburn. Auditor In accordance with the company's articles, a resolution proposing that Champion Accountants LLP be reappointed as auditor of the cornpany will be put to the Annual General Meeting. Trustees, responsibilities in relation to the financial statements The trustees, who are also the directors of Blackburn YMCA for the purpose of company law. are responsible for preparing the Trustees, Report and the financial statements in accordance with applécable law and United Kingdom Accoufiting Standards (United Kingdom Generally Accepted Accounting Practice). Cornpany Law requires the trtjstees to prepare ftnancial statements for each financial year which give a true and fatr view of the state of affairs of the charity and of the incorning resources and applpcation of resource5, incJudin8 the income and expenditure, of the charitable company for that year. In preparing these financial staternents, the trustees are required to: select suitable accounttng policies and then apply them consistently: observe the Methods and principles in the Charit(es SORP; YMCA REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) X YEAR ENDED 31 MARCH 2024 and estimates that are reasonable and prudent; applicable UK Accounting Standards have been followed, subject to any material th5cIosed and explained in the financial staternents; and the financial statements on the going concern basis unless it is inappropriate to presume that •edwTtywiII continue in operation. Tktntstees are responsible for keeping adequate accountin8 records that disclose with reasonable at any time the financial position of the charity and enable them to ensure that the financial aements comply with the Companies Act 2006. They are a150 responsible for Safeguarding the assets (rfthe charity and hence for taking reasonable steps for the prevention and detettion of fraud and (ther irregularities. Disclosure of information to auditor Each of the trustees has confirmed that there is no inforrnation of which they are aware which is relevant to the audit, but of which the auditor is tJn3ware. They have further confirmed that they have taken appropr¢3te steps to identify such relevant information and to establish that the auditor is aware of such inforrnatton. The trustees, report was approved by the Board of Trustees. Mr G Oatridge Trustee Mr M D Pattinson Trustee Date.. 24th September 2024 Date: 24th September 2024 YMCA NT AUDITORS. REPORT TRUSTEES OF BLACKBURN YMCA xlrted the financial statements of Blackburn YMCA (the 'parent charity,) and its subsidTary (the the year ended 31 March 2024. which comprise the consolidated and parent charity statement of tivities. the consolidated and parent company balance sheet, the consolidated Statement of cash Kl notes to the financial statements. including significant accounting policies. The financial reporting th•e￿￿k that ha5 been applied in their preparation 15 applicable law and United Kingdom Accounting knkrds, including FRS 102 The Finontiol Reporting Stondord oppli"coble in the UK und Republic of Ireland ed Ktngdom Generally Accepted Accounting Practice). opinion the fsnancial statements: give a true and fair view of the state of the group's and the parent charitable cornpany's affairs as at 31 March 2024 and of the group's incoming resources and application of resources. for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prartice; and have been properly prepared in accordance with the requirements of the Companies Act 2006. Basis of opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our 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 oijr opinion. Conclusions relatFng to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relattng to events or conditions that, individually or collectively, may cast significant doubt on the 8roup and charity'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 80ing concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial staternents and our auditor's report thereon. The trustees are responsible for the other intormation contained within the annual 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. Our responsbility 15 to read the other information and, in doing so, consider whether the other information is materially incon515tent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material intonsistencies or apparent material misstatements, we are required to deterrnine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work 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. BURN YMCA FENDENT AUDITORS. REPORT (CONTINUED) TrE TRUSTEES OF BLACKBURN YMCA on other matters prescribed by the Companie5 Act 2006 opinion, based on the work undertaken in the course of our audit: the information given in the Trustees, Report, which includes the directors, report and the strategic report prepared for the purposes of company law, for the financial year for which the financial , statements are prepa red is consistent with the financial statements; and the dirertors, report and strategic report included within the Trustees, Report have been prepared tn accordance with applicable legal requirements. Matters on which we 3re requTrred to report by exception In the Fight of the knowledge and understanding of the group and parent charity and its environment obtained in the course of the audit, we have not identified rnaterial mi55tatements in the direttors, report or strategFC report included in the Trustees, Report. We have nothing to report in respect of the following rnatters in relation to which the Companies Act 2006 reqL*ires us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charity. or returns adequate for Our audit have not been received from branches not visited by us; or the parent charity financial statements are not in agreement with the accounting records and returns'or certain disclosures of trustees, remuneration spetified by law are not made. or we have not received all the information and explanations we require for our audit. Re5ponstbilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the group and parent charity for the purpose of company law, are responsible for the preparation of the financial Statements and for being satisfied that they give a true and fair view, and for such internal control a5 the trustees determine is necessary to enable the preparation of financial statements that are free from material misstaternent, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group and parent charrty's ability to continue as a going concern, disclosing as applicable, matters relating to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditors, responslbifities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material rnisstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinTon. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit condutted in accordance with ISAS (UK) wtll always detect a material misstaternent 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, incjuding fraud, are instances of non-compliance with13ws 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 deterting irregularities, including fraud, is detailed below. As part of our planning proces5". we enquired of management the systems and controls the company and group has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Man3gement did not inform us of any known, suspected or alleged fraud. URN YMCA ENDENT AUDITORS, REPORT (CONTINUED) . ?HE TRUSTEES OF BLACKBURN YMCA we obtained an understanding of the legal and regulatory frameworks applicable to the company and group. We determined that the following were most relevant: CharitFes SORP [FRS102) and Companies Act 2006. we considered the incentives and opportunities that exist in the company and group, including the extent of management b>as, which present a potential for irregularitie5 and fraud to be perpetrated, and tailored our risk assessment accordingly. using our knowledge of the group company, together with the discussions held with management at the planning stage, we formed a conclusion on the risk of misstatement due to irregularit4es including fraud, and tailored our procedures according to this risk assessment. The key procedures we undertook to detect irregularities includlng fraud during the course of the audit included; identifying and testing journal entries in the overall accounting retords, in particular those that were significant and unusual. reviewing the financial statement disclosure5 and determining whether accounting policies have been appropriately applsed. reviewing and challenging the assumptions and judgements used by management in their significant accountbn8 estirnates, in particular in relation to depreciation, leasehold property valuation and restricted funds. assessing the extent of compliance with the rélevant laws and regulations. testing key revenue streams, in particular cut-off and recoverability for evidence of management bias. 'obtaining third party confirmation of material bank balances and loans. documenting and verifying all significant related party transactions and balances. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions. the less likely it is that we would become aware of non (1,532) Net movement in funds 1,549,985 {727,500) 822,485 Reconciliation of funds: Fund balances at l April 2022 3,411,147 727,500 4,138,647 Fund balances at 31 March 2023 4,961,132 4,961,132 The statement of financial activities Includes all gains and losses recognised in the year. All income and expenditure derive from continuing activitses. The statement of financial activities also complies with the requirernents for an income and expenditure account under the Companies Act 2006. 14 CKBURN YMCA GROUP & CHARITY BALANCE SHEET ASA T31 MARCH 2024 Charity as restated 2023 Group as restated 2023 2024 2024 Notes Fixed Assets Ta ngible assets Investment properties 13 14 6,230,515 8,267.190 4,775,000 8,267,190 6.286,529 8,267,190 4,775,000 8,267,190 14,497,705 13,042,190 14,553,719 13,042,190 Current assets Stocks Investments Debtors: amounts falling due within one year Debtors: amounts falling due after more than one year Cash at bank and in hand 15 38,706 11,726 72,765 11,726 854,131 507,108 882,800 507,108 892,837 518,834 955,565 518,834 Creditors: Amounts falling due within one year 17 {1,035,857) (403,267) (1,106,467> (403,267) Net current assets Total assets less current liabilities Creditors: Amounts falling due over one year Provision for liabilities Pension liability (143.020) 115,567 14.354,685 13,157,757 {150,902) 115,567 14,402,817 13,157,757 18 (9.074.098) (8,178,971) {9,074,098) (8,178,971) 21 (8,353) (17,654) (38,999) {17,654 Net assets 5,272,234 4,961,132 5,289,720 4,961,132 Restricted funds Unrestricted funds Designated fund 24 23 22 24,301 4,822,404 443,015 4.829,219 443.015 4,643,022 318,110 4,643,022 318,110 Total Charity funds 5,272.234 4,961,132 5,289.720 4,961,132 The financial statements were approved by the Trustees on 24th September 2024. Mr G Oatridge Trustee Mr M D Pattinson Trustee Blackbum YMCA Company Registration No.05194135 15 CKBURN YMCA GROUP CASH FLOW STATEMENT ASAT31 MARCH 2024 as restated 2023 Page 2024 Cash flows from operating aGtivitiÈs Cash gcnerated fron] operations 17 593,211 557,431 Investing activities Investment incorne received Purchase of tangible fixed assets 762,651 (1,517,396) 612,332 (858,181) Interest paid 1356,729) (210,184) (1,111,474) (456,033) Financrng activities New bank loan Other new loans Repayment of bank loan 956,628 (62.673) (87,454) Net cash used in investing activities 893,955 {87,454) Net decrease in cash and cash equivalents 375,692 13,944 Cash and cash equivalents at begtnning of year 507,108 493,164 Cash and cash equivalents at end of year 882,800 507,108 16 TT BLACKBURN YMCA NOTES TO THE GROUP CASH FLOYV STATEMENT AS AT31 MARCH 2024 Reconciliation of changes in resources to net cash inflow from operating actrvities 2024 2023 as restated 346,654 {612,332) 210,184 Surplusl(deficit) for the year Investment income recognised in statement of financial activities Interest paid Depreciation Difference between penston charge and cash contributions Movements in working capital Decreasel(Increase) in debtors Increasel{Decrease) in creditors Increasel(Decrease) in deferred income 313,580 (762,651) 356,729 5,867 36,353 (3,290) (61.039) 218,743 485,629 198,341 (35.072) 452,946 Net cash inflow from operatFng activities 593,211 557.431 Analysis of changes in net funds At 1 April 2023 At 31 March 2024 Cash Flows Other Non-cash Cash at bank and in hand 507,108 375,692 882,800 Loans falling due within one year Loans falling due after more than one year (318,193) 15,478 (5,146,779) {934,431) (302,717) (6.081,210) (4,957,864) (543,263) (5,501,127) 17 BLACKBURN YMCA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 I Critical accounting estimates and judgements In the application of the charity's accounting policies. the tTUStees are required to make judgements, estirnates ancs assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptsons are based on historical experien￿ and other factors that are considered to be relevant. Actual Tesults may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognisèd in the period in which the estimate is revbsed where the reviston affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements The following judgements {apart from those involving estimates) have had the most significant effect on arnounts recognised in the financial statements. Useful economic life of tsngible fued assets The useful economic life of tangible fixed assets is judged at the point of purchase and reviewed at each financial reporting date. The judgernent is based on the trustess in depth knowledge of he industry in which the chartty operates and of the individual assets. As standard, the useftjl economic lives are applied as shown in note 2.6. Impairment of tangible fixed assets At each balancè sheets date. the trustees undertake an assessment of the carying amounts of its tangible fKed assets based on their knowledge of the assets to determine whether there is any indication that the assets have ' suffered an impairment loss. Where ne￿SSary, an impairment charge is recognised in the Statement of Financial Activities. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustrnent to the carrying value of assets and liabilities are as follows. Impairmenl of trade debtors At each balance sheet date, the trustees and their finan￿ team undertake a review of outstanding debtor balan￿S and estimate which, rf any, should either be impaired or providèd against. This calculation is based on the financial position of the customers, the historical speed of payment and any ongoing discussions between the charity and the individual debtor. 2 Accounting policies Company information Blackbum YMCA is a private company limited by guarantee incorporated in England and Wales. The registered Offi￿ and rnain pla￿ of business is 125 Deansgate, Bolton, England, BL11 HA In the event of a winding Ltp, the liability in respect of the guarantee is limited to £1 per member of the charity. 2.1 Accounting convention These accounts have been prepared irs accordan￿ with the charity's Memorandum & Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities '. Statement of Recommended Practice applicable to charitFes preparing their accounts in accordance with the Financial Reporting Standards applicable ifi the UK and Republic of Ireland (FRS 102)" (as arnended for arLounting periods commencing from 1 January 2019)- The charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, whith ¢s the functional currency of the charity- Monetary amounts in these fillancial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention, rnod ified to include the revaluation of freehold properties and ￿rtain financial instruments at fair vatue, The principal accounting policies adopted are set out below. 18 BLACKBURN YMCA NOTES TO THE FINANCTAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) Basis of Gon50Eidation The consolidated accounts include the trading adivities, assets and liabilities of the parent and subsidiary company, Bolton YMCA, in accordance with the Charities SORP. The results of the 5ubisidtary are consolidated on a line by line basis. All intra-group transaGtion5, balances and unrealised gain5 on transactions between group companie6 are eliThinated on consolidation. The results for the prior year are for Blackburn YMCA as a single entity and the current year is consolidated frorn the date that Bolton YMCA be¢ame a subsidiary. Gotng concern At the time of approving the financsal statements, Ihe Trustees have a reasonable expectation that the cttarty has adequate reSoUr￿S to continue in operational existence for the forseeabte future. Thus the trtjstees contsnue to adopt the going concern basTS in preparing the financial statements. The parent charity is currently in the process of a signficant development project which has been fiJlly costed and is funded by a bank loan and grant funding. Detailed budgets have been prepared to ensure that the group has sufficient funds to complete the project. The Board regularly monitor managernenl accounts and budgets for the group and are confident that reserves are sufficient to cover any unexpected expenditure. The trustee5 are pftjdent and realistiG in the4r estimations. Charitable funds Unrestricted funds are available for use at the discrelion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are accounted for in accordance with the tems and conditions of the restricted income received. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. 2.4 Incoming resources Income is TecognFsed when the charity is legally entitled to it after any perf0rnan￿ conditions have been met, the amounts can be measured Eliably, and it is probable that income will be received. Rental income is accounted for wh&n receivable. Cash donatsons are reCogn￿d on receipt. Other donations are reco9nised onee the charity has been notified of the donation, unless performance conditions require deferral of the amount. Investment income is accounted for as and when receivable. Grants are recognised wfien the charity has entitlement lo the funds, any performance conditions attached to the grants have been met. it is probable that the income will be received, and the amount can be measured reliably and is not deferred. Social Housing and other government grants Where developments have been financed wholly or partw by social housing or other grants, the amount of the grant received has been induded as deferred income and recognised in turnover over the estimated useful lrfe of the assel structure, under the accruals basis. No tumover is recognised until the development is complete. Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charty to that expendrture,, it is piobable that the transfer of e¢onomic benefits will be required in settlement, and the amoLant of the oblFgation can be measured reliably. Expendtiure is accounted for on an accruals basis arid has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headtngs, they have been allocated to activities on a basis consistent with the use of resources. 19 BLACKBURN YMCA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poli¢Èes (continued) Tangible fjxed assets and depreciation Tangible f￿ed assets are initially measured at cost and subsequently measured at cost or valuation, net of dep￿ciatIon and any impairment losses. Depreciation is recognised so as to write off the Cost or valuation of assets less their residual values over their useful lives on the following bases".- Alterations to aeasehold buildings FixtLtres and fittings over period of lease ,200h to 330/0 on cost (none in year of purchase) In the year that an external fomial valuats'on is carred out, no depreciation is charged. During the coursè of a major leasehold irnprovernent project, no depreciation is charged on the relevant propety untFI such works are completed. Tangible fixed assets may include the cost of assets in the course of Construction, which will be transferred to investment properties when complete and tenanted. The gain or loss arising on the disposal of an asset is determined as the differen￿ between the sale Pro￿edS and the carrying value of the asset, and is recognised rn net incomel{expenditure) for the year. Investment properties Investment property, which is property held to eam rentals andlor for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. Impairment of fixed assets At each reporting date, the charity reviews the carrying amounts of its tangible assets to detennine whether there is any indication that those assets have suffered an impaiment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of ftjture cash flows have not been adjusted. If the recoverable amount of 8n asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An imparrrnent loss is recognised immediately in incomel (expenditure) for the year. Recognised impairment losses are reversed if. and only if. the reasons for the impaiment loss have c£ased to apply. Where an impairment loss subsequentty reverses, the carrying amount of the asset is increased to the revised estimate of it5 recoverable amount, but so that the increased carrying amount does not ex￿ed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairrnent loss is recognised immediately. 20 CKBURN YMCA NOTES TO THE FFNANCIAL STATEMENTS (CONTINUED r FOR THE YEAR ENDED 31 MARCH 2024 AccoEJntFng policies Icontfnued) Cash and ca$h equlyalents Cash and cash eqLJivalents include cash in hand, deposits held at call with banks, other short-term liqupd investments with original rnatuirties of thr￿ months or Fess. and bank overdrarts. Bank overdrafts are Shtsw￿ within borrowings in current liabrlits'es. Flnancial instruments Fhe charity has electèd to apply the provisrons of Section 11 "Basic Financial Instruments" and Section12 "Other Financial Instruments Issue5 ' of FRS 102 to all its financial instruments. Financial ingtrumerTrts are recTr3nised in the ch8riVs balance sh￿t when the charity becomes paty to the contractual provisions of the instnjment 2.10 Financial assets and liabilities are offset, with the net atn(xJnts presented in the financial statements. when there is a legally enforceable right to set Liff the recognised arnounts and there is an intentson to settle a net basis Of to reaPise the asset and settle the liability simultaneously. Basic finart¢ial as5els Basic firiancial assets, whFch include debtors and Cash and bank balan￿s, are initially measured at transaction prFce including transactioFTr costs and are Subsequently carrred at amorti5ed cost using the effects.ve interest method unless the arrangement constitutes a financing transaction, where the transactron is rneasured at the Ptssent value of the future receipts discounted at a market rate of interest Financial assets classFfied as receivable within one year are not arr￿rt'Sed. Basic flnanclal liabllFties Basrc finarlaal liabilitie5, incfuding creditors and bank loans are intially recognised at transaction priTr unless the arrangement constitutes a financing transaction, whe¢ the debt instrument is measured at the present value of the future payments discounted at a fflarket rate of interest Fiiiancial liabifties dassified as payable within one year are not amortised. Debt instrurnents are subsequèntly carried at amortised cost, using the effective interest rate method. Trade creditors are obliga*'ons to pay for goods or servi*s that have been acqukred in the ordinary course of operats.ons from supppiesr. Amounts payable are classified as current liabilities if payrnent 15 due within one year or less. If not, they are pTrsented as non-current liabilits'es. Trade creditors are recognised initially at transaction price and sub5equ&ntly measured at amort'sed cost using the effective interest ￿eth¢rfj, Dere¢ognitton ol flna ncial liabil ities Financial liabilFties a￿ derecognised when the charitys contraGtuaf obligati¢)ns expl￿ or are discharged or cancelled. Employee benèffts 2.11 rhe cost of any unused holiday enb'tlement is recognised in the period in which the employee's servi￿5 aE retsived. Terminatlon benefFts a￿ recognised immediately as an expense when the charity is demonstrabty committed to terminate thp employment of an employ* or to provade terrnination benefits. 2.12 Retlrement benefits Payments to defined contrpbution ￿tirerTrent benefit schemes are eharged as an expense as they fall due. Blackburn YMCA and its subi$KJary. participated in a multi*mployer defined benefit pension plan for employees of YMCAS in Er7galnd, Scotland and Wales, whFch was closed to new members arKI accruals on 30 AprFI 2007. The plan's actuary ha5 advised that it is not possible to separately tdentify the assets and liab4'1ities relating to the group and therefore the scheme Is accounted for as a defined benefjt schernè. As described in note 21. the 8roup has ? contrattual obligatlon to make pensioTr deficit payments of £13,139 per annum over the period to April 202712023 - parent onFy £4,345 per annum to Aprll 2029), and accordingly thls is shown as a liability in these accounts, In addition, the group is required to contribute £4,188 per anum to the oper?ting expenses of the pens*on plan and these costs are char8ed to the Statement of Financial Activities as ma de. 21 N YMCA TO ThE FENANCIAL STATEMENTS {CONTINUED) ' •f¥l THE YEAR ENDED 31 MARCH 2024 Donation$ and l¢gacles Charity Unrèstricted Restricted I￿ndS funts Group Unrèstrfctsd funds Restrfctèd funds Total 2Q24 Total 2023 Donations 11,054 4.623 15,677 Restricted Unrestricted T(Jtal Charttsble actlvitie5 Charity Unrestricted Restricted lunds rut)ds Group Unr8strlcted funds Restricted funds Total 2024 Total 2023 Grant amorti5ation 39,304 39,304 39,304 Restricted Unre5tritted Total 269.554 269,554 269.554 Investrnent Income Charity Unrestricted Restricted nds lunds Group Unrnstrl¢ted ' funds Group Total 2024 Group Totsl Z023 Restricted fufids Rental intorTre Iniorne from listed Snvestments 707,985 3,410 758,993 3,658 758,993 3,658 590,758 215 711,395 762,651 762,651 590,973 Unrestricted Restricted Unrestricted Total 59Q,973 590,973 All of the investment incEyfie arosè in the UL Other lThcome Charlty Unrestricted Restrlcted funds fvnds Group Unr￿trIcted f￿Trds R8$tricted fttnds Totsl 2024 Total 2,023 Other incoffle 94,209 94.2Q9 94,209 Restf icted tjnrestricted Total 27,486 27,486 27.486 22 BLACKBURN YMCA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Costs of ¢xpenditurF on Charitable actÉvitlps Charlty Total 2024 Charlty Total 2023 Group Totsl 2024 Group Totsl 2023 stsff costs Grarit to Btrltcn YMCA Repairs & maintenance RenL Util iiies & sn5uran Motor & Iravel expenses Telephone Postsge & stationery Grant funded programmes Charita ble expen diture Activity Costs Professio nal Fees Sundries Depreuation 51,979 43,966 61,180 43966 33.B6 31,955 5.39D 241 560 2,573 44.461 30,650 4,451 159 44.655 59,120 5,390 241 1,3(Kl 2,573 4,623 47 {1.736} 329 2,934 30650 4451 159 3.785 4.592 3785 4592 126,562 212,054 180,656 212,¢YA Share of support cost5 Share of g¢>VeMar￿8 c05t5 28,87S 27.183 21￿6 97205 28,876 32,OC 21906 97205 182,621 331,175 24t,532 331,175 Charity 2024 Group 2024 atysls by FLtnd, 2023 2023 Unrestricted Restrpcted 182,621 331,175 233,97S 7,557 241,532 331.175 182,621 331,175 331,175 sup1￿rt tosts Operating lease charges Central management costs 5,415 16.491 21.906 5,415 16,491 21,￿6 28,876 28,876 28,876 28,876 Govemance Costs Audit & accountanry fees Lega l & professional C05tsof faisin8finance Bank Charges 7,580 11.586 7,901 116 27,183 5.740 91,349 10,661 13,293 7,901 145 32,000 5,740 91,349 116 97,205 116 97,205 Net Outgoing Resources for the Period Charlty 2024 Group 2024 Are ststed after charging: 2023 2023 Operating lease rentals Depreoation Audktors, Rernuneration 5,415 5,415 S,B67 7,500 3,161 Audit servic Accountanc¥ fees 5,740 5.740 2,580 23 URN YMCA JTES TO THE FINANCIAL STATEMENTS {CONTINUED) r A)R THE YEAR ENDED 31 MARCH 2024 Trustees Donations totallin8 £30 (2023: £nil) were re￿iVed by the Charity from the Trustee5. Trustee travel expenses were p3id amounting to £nil(202a = £nil). None of the Trustees (or any persons connetted with them) received any rernuneration or other expenses durlng the year. 10 Employee$ The average monthW nurnber of employees during the period was: Chartty 2024 No. Group 2024 No. 2023 No. 2023 No. Management and administration Operational Chèrlty 2024 Group 2024 Employment costs 2023 2023 Wages and salaries Soclal security costs Pension costs Staff training 50,666 42,867 59,705 42,867 1,313 L,099 1,474 1,099 51,979 43,966 61,179 43,966 There were no employees whose annual remuneration was more than £60,000. Remuneration Gf key management personnel Remuneration of key rnanagement personnel was as follows: Charity 2024 Group 2024 2023 2023 Total 50,666 42,867 59,705 42,867 11 Gains and tosses on investrnents Charity 2024 Group 2024 2Q23 2023 as restated as restated Gains1(1055es) arislng on= Revaluation of Investrnent properties 1,935,897 1.935,897 11 Taxation As a charlty, Blackburn YMCA is exempt frorn tax on income and gains falling within the exernptions provided within Wdfiou5 relevant Taxes Arts. to the extent that these are applied to tts charitable objetts. hlo tèx charge5 have arisen in the charity. 12 Other Charity 2024 Group 2024 2023 2023 Financing c05lS 356,729 210,18A 356,729 210,184 24 CKBURN YMCA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) T FOR THE YEAR ENDED 31 MARCH 2024 13 Tangible fixed assets of the cbarlty Leasehold Improvements Totsl 4.775,000 1.4£5,515 4,775.(X)o 1.455,515 At l April 2023 Additions Disposals At 31 March 2024 6,230,515 6,230,515 Depreciation At l April 2023 On Disposals Charge for the period At 31 March 2024 Net book value At 31 March 2024 6,230,515 6,230,515 4,775,OC 4,775,C At 31 March 2023 All 3ssets were held for the charity's own use, primarily for direct charitable activities. Tanglble fixed a55ets of the group Leasehold Improvements Freèhold Fixtures & Fltling5 Total Cost At l April 2023 Additions Fixed assets tran5Ferred from subsidiary Dtsposals At 31 March 2024 4,77S,(XK) 1,455,515 69,782 4,775,CM)O 1,455,515 39,162 3Q,620 39.162 30,620 6.300,297 6,230.515 Depreclation At l April 2023 On Disposals Depreciatlon on fixed assets transferred frorn subsidiary Charge for the period At 31 March 2024 150 150 300 7751 5717 13,468 7,901 5,867 13.768 Net book value At 31 March 2024 38,B62 17.152 6,286,529 6.230,515 4,775,IXK) 4,775,000 At 3L March 2023 LeasehoTd property with a carrying amount of £4,775,0(X) was revalued at August 2023 by Jones Lang Lasalle, independent valuers not connetted with the chhrfty on the basis of market value In contlnuin8 use. The valuation conforrns to Internatlonal Valuation Standards. The valuation wa5 reflected as a prior year adjustment in the accounts for the year to 31 March 2023 a5 the leasehold improvements were completed at that date and the valuatlon retTospertively applied to the bullding in the same state of completion. At 31 March 2024, had the revalued asset5 been carried at historic cost le55 accumulated depreclation and accumulated impairment losses. their carrying amount would have beeTr approximately £7.786,717 (2023- £6.175,982} KBURN YMCA TES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 nvestment property Charlty 2024 Group 2024 2023 2023 At l April 2023 and 31 March 2024 8,267,19Q 8,267,190 8,267,190 8,267.190 Investment properties were vaTued by Jones Lang Lasalle Limited in October 2022. The properties were Yalued on an existing use basis with occupation by a Registered Provider of Social Housin& The trustees consider the rnarket value of the current investment properties to be fairly stated in the financial statements. 15 Debtors Charity 2024 GfOtIp 2024 Amounts falling due within one year: 2023 2023 Trade debtors Other debtor5 Prepayrnent5 and accrued income 28.978 9.728 5,091 6,3 14 321 57.144 13,045 2,576 5,091 6,3L4 321 38.706 11,726 72.765 11,726 16 Loans and overdrafts Charlty 2024 Group 2024 2023 2023 Bank loans Other loans 6,892,915 5,197,182 6,082,915 276,014 267,790 276,014 5,197,182 267,790 7,168,929 5,464,972 6,358,929 5,464,972 Payable within one year Payable after one year 277,719 318,193 277,719 6.081,2 10 5,146,779 6,081,210 318.193 5,146.779 Amounts included above which fall due after five years: Payable by instalments 4.799,444 4, 131,643 4,799,444 4,131.643 The lon8 term bank loans are seeured by: a) a first debenture creating a fixed and floating charge over the assets of the charitable company b) a first legal mortgage over the freehold property at Halton YMCA c) a first legal mortgage over six of the YMCA tenanted investment propertses d) legal mortgage over the Bolton property The bank loans are repayable over a 25 year period by rnonthly instalments expiring in 2043 and 2044. 26 ,aACKBURN YMCA TES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Cieditors= arnount5 falling due wwthin one year Charlty Group 2024_ 2023 2024 2023 Notes 27,836 196,317 27,836 Trade creditors Taxes and 50CLal security Costs other borrowings Accru3ls and deferred income Bank Loan Payment5 received on account Deferred income 175,744 182,51XJ 12,127 135.693 5,807 39,304 195,348 6,953 82,371 7.204 564,237 182,50QI 12,127 135,693 5,807 39,304 220,346 35,992 82,371 7,204 564,237 16 1,106,467 403,267 1,035,857 403,267 Included Whthin other borrowings is a non- bank loan of £175,000 from a third party which is unsecured, interest free and repayable on demand. Cr￿[tors. amounts lalling due after more tlian one year Charlty 2024 Group 2024 2023 2023 Note5 5,061,489 85,290 3,032,192 8,178,971 Bank Loan Other borrowings Deferred income 16 6.(KP),544 80.666 2,992,888 9,074,098 5,061,489 85,29) 3,032,192 8,178,971 s.{￿,$44 80.666 Z.992,888 9,074,098 19 Deferred income Charity 2Q24 Group 2024 2023 2023 3.￿2,296 9,21X) Arising from 8overnrnent grants Other deferred income 3,547,92S 9,200 3,062,296 9, 2CM) 3,547,925 9,200 3,557,125 3,071,496 3,557,125 3,071,496 Deferred incorne is included hn the financial staternents as follows: Charity 2024 Group 2024 2023 2023 39.304 3,032.192 564.237 2,992,888 39,304 3,032,192 5S4,237 2.992.888 Current liabllities Non-current liabilitie5 3,071,496 3,557.125 3,071,496 3,557,125 Charrty 2024 Group 2024 2023 2023 Movements in the year: Deferred income at l April 2023 Released from previous periods Resour￿5 deferred in the year 3,071,496 (39.304) 524,933 2,618.550 1269,554) 722,5(X) 3,071,496 (39,304) 524.933 2,618,550 (269,554) 722,5(J) 3,071,496 Deferred Income at 31 M3rch 2024 3,557,125 3,071.49S 3,557,125 27 A.CK8URN YMCA PK)TES TO THE FINANCIAL STATEMENTS (CONTTNUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Provisions for liabilittes Charity 2024 Group 2024 2023 2023 Retirement benefit obligattOnS 8,353 17,654 38,999 17,654 21 Retirement benefit Schemes Deftned contribution schemes The charity operates a defined contribvtion pension scheme for all qualifyin8 employee5. The a5set5 of the scheme are held separately from those of the charity in an independenttry administered fund. The charge to profit or loss in respect of defined contribution schemes was £1,635 (2023: £1,099} Defined benefrt schemes Bjackburn YMC4 and its subsidiary participated in a cont¥ibutory pension plan prov¢ding defined beneffts based on final pensionable pay for employees of YMCAS in England, Scotland and Wales. The assets of the YMCA Pension Plan are held sepèxately from those of Blackburn YMCA and at the year end these were invested in the Mercer Dynamic De-Ri5kin8 Soltstion, 65% matching portfolio and 35% in the growth portfolio and Schroder (property units only). The rn05t recently completed three year valuation was as at l May 2023. The assurnptions ￿Sed which have the most 5i6nificant effect on the resuks of the valuation are those relating to the assumed rates of return on assets 4,56%, the increase in pensions in payment of 3.18% {for RPI capped at 5% per annum), and the average life expectancy from normal retirement age (of 65) for a current mate pensioner of 21.5 years, female 24.0 years, and 23.1 years for male pensioners. female 25.7 years, retiring in 20 years time. The result of the valuation showed that the actuarial valuation of the a55ets were £103.1 mitlion. This represented 92% of the benefits accrued to members. The Pension Plan was closed to new members and fvture service accru31 with effect from 30 April 2CQ7. With the removal of Salary linkage for beneffits all employed deferred rnembers became deferred members as from l May 2011. The valuation as at l May 2023 showed that the YMCA Pension Plan had a deficit of £9.1 rnillion. The group ha5 been advised that it will need to rnake monthly contributions of £1,095 from l May 2024. this amount is based on the current attuarial assumptions (as outlined above) and may vary in the future as a result of actuarial performance of the Pension Plan. A8reed future deficit contrbbutions have been discounted using a rate Gf 5.3% (2023: 3%1. The current recovery period is 3 years commencing l May 2024. In addition, Blackburn YMCA rnay have further liabilities in the event of non-payment by other participating YMCAS of their share of the YMCA Pension Plan's deficit. It is not Possible to quantify the potential amount that Blackburn YMCA may be ￿lled upon to pay in the future. The amounts included in the balance sheet arising from the charity's oblEgations in respect Df defined benefit plans are as follows: Charrty 2024 Group 2024 2023 2023 Due within one year 2-5years After 5 years 2,846 5.507 3,513 13,030 1.111 L3,139 25,860 3,513 13,030 1,111 Total liabilrty recognise 8,353 17,654 38,999 17,654 28 RN YMCA qVVE5, TO THE FINANCIAL STATEMENTS (CONTINUED) T THE YEAR ENDED 31 MARCH 2024 rr 22 Designated funds The unrestricted fund5 of the charity comprise the unexpended balances of donations and gr3nts which a￿ not subject to specific conditions by donor5 and grantors a5 to how they may be used. These incfude designated funds which have been set aside out of unrestricted lunds by the trustees for specific purposes. alance at l April 202Z IncominE resources Resotswces expended Balar￿￿ at l April 2023 Inc(Jtrtin8 resources Resource5 expended Balance at 31 March 2024 Major repairs fund 213,592 147,926 (43,408) 318, 110 147,926 (23,021) 443.015 Each member YMCA contribute5 an annual arnount towards the major repair5 fund. Major repairs have been estimated over 3 25 year period and the contribution has been averaged. Individual YMCA'5 should not exceed their tswn accumulated resewe, but rf this occurs, 81ackburn VMCA will use pooled resources temporarily. 23 Unrestrlrted funds The unrestritted fund balance movments excluding designated fund5 a5 detailed above we￿:. Group 2024 2023 Fund b31ances at l April Incoming resources Gain on revaluation of investrnent property lrnpairment of freehold property Transfers between funds Resource5 expended 4,fA3,022 657,718 3,197,555 470,533 1.935,897 (1,458,534) 997,OS4 {499,483) 12,069 (490,405) Fund balance5 al 31 March 4,822,404 4,fA3,022 29 RN YMCA TO THE FINANCIAL STATEMENTS {CONTINUED) 7HE YEAR ENDFD 31 MWICH 2024 Restricted Funds The re5trtctEd fund5 01 the rharity comprisE the unexpended balances of donations and grants held on trust subjett to spetific conditions by donors as to how they may be used. Charity Movement In ￿ftd5 Resour Balante at £xpÈnded Translers l Apill 2023 Movement fund5 Re50Ufces Balance at Incorning l April 2022 Resources Jncoming Resouices Balance at Expended Ttansfers 31 Marth 2024 Bolton YMCA Garfield Weston Cbthv¥orkers Beatrice Laing Homes Englant5- Wactoria Road All Churche5 Sir James & Lady Scott7rust Land Aid Bradshaw Gass Trust Home5 England - Boltun 502.5 100,000 90,000 35,IX)O {501500) {Ico,000) {90,000) {35,OC>O) {9,200) (l00,[K￿) (30,Crf)O) (90250) (10,£KID} (30,104) 9,2C 100,c 30,IXK) 90.250 10.(NxJ 30,104 9,2M, (9.200) 30,104 130.104) 727,5CIO 269,554 (997,054> 39,304 139.304) Bolton YMC4- donation toward5 the costs of bulldlng 40 single-per50n flats. Home5 England - capital f unding for the affordable housing building project at Bolton and Wictoria Road. Garfeld Weston Foundatlott- capital lunding for the affordable houstnR bui Iding project at Bolton. The aothworkers Foundation - capitsl fundl nE for the affordabFe housing buildlng project at Bolton. Beatrlce Laing Trust . cap ￿tal funding for the afft>rdable housin8 building project at 8olton. JI ChurthÈs - capitsi funding for the affordable ht)using project at Bolton. Sir lames & L• 5￿tt Tru5t- capitsl funding for the affordable hou5in8 buildin8 project at Bolton. nd Ald - capital funding for Iho affordable housins projecr at Bolton. Bradshaw Gass Trust - capits4 funding for the affordable housinE proiert at Bolton The building work at YictorFa Roatt wa5 completeil ia the year ended 31 March 202Z and the Bolton devepopment was compl eted in August 2022. Grant fund ing has been released to unrestricted f unds in accordance w*th grant conditions. The Homes En£land ¢rnnt 15 shown a5 deferred income 8nd trnortiseAI over the L&5eful life of the completÈd tsvelokywt. GroEtp Movement In fvnds BalarKe at lTrcoming Resources Bilance at l Aprll 20ZZ Resources Expefided Transfers l Aprll 20ZI Movement in funds Resources Balance at Expended Tran5fer5 31 Marth 2024 ncorntng flesour￿$ Bolton YMCA Gaffield Weston Clothworker5 Beatrbce La In8 Homes England- Wirtoria Road All Churches Sirjarnes & Lady Scott Trust Land Aid Bradshaw Ga55 Trust Horne5 England - Bolton Fixed Assets YMCA England 502,5CKI 100,oc 90,(100 35,(KlO (502,500) (loo,(￿) (90,￿￿) (35,(K￿> (9,20D) (100,(w) (30,(K￿> (90,250) (10,CA))> (30,104) 9.200 11)o,000 9,200 19.200) 90,250 ID.000 30.104 30,104 {30,104) f2,934) 27,235 {4.623J 24,301 4,623 727,50D 269,554 (997,054} 43,927 7,557] 112.069) 24,301 YMCA Ertglattd - fundprKJ r￿tiVed to support Bolton YMCA'S tenants. wilh iegard to the C£JSt of lÈvino Crisis. Oth•r funding - granl OVer-￿cru84 in year, ACKBURN YMCA "rr T I•OTES TO THE FINANCIAL STATEMENTS (CONTINUED) ry FOR THE YEAR ENDED 31 MARCH 2024 25 Financial comrnitmentsi guarantees and contingent liabllÈtiesa The charity has purchased several properties from YMCA England which had originally been funded by Social Housing Grants. The funding wa5 contingent on existing use basis being maintained and non-disposaa of the properties without permission of the 8rantor. Blackburn YMCA has taken over the existing contingent liabilities in respect of these properties and the total potential liability amounts to £7,504.880. This amount ha5 not been provided for in the accounts on the b3Si5 that there is no expectation of change of use, and should such events be likely to occur, they would be subject to negotiation with the original funder. 5106 funding from Fylde Borough Council must be repaid if the Victoria Road property is disposed of within 80 years from 29.10.2021, unless the property disposal meets the relevant criteria of the grant provider, including sale to another Registered Housing provider or Local Authority. This amount has not been provided for in the accounts as there 15 no expectation that the property will be disposed of without the grant providers consent and within the terms stipulated. Funding from Homes Eng13nd totalling £2,694.CIXJ has been provided in perpetuity on existing use basis but the liability can be transferred if the property is sold to another Registered Housing provider. This amount ha5 not been provided for in the account5 as there is no expectation that the relevant properties will be disposed of without consent from Homes England, 26 Analysis of the Gharity's net assets between funds Current Year- Group Unrestricted Funds Restricted Funds Totsl Fund bala nees at 31 March 2024 are represented by: Tangible fixed assets Curreni Assets Creditors: amounts falling due withiti one year Creditors:amounts falling due after one year Provision5 for liab ilities a nd cha rges 14,529,418 955,565 11,106,467) 19,074,098) {38,999) 24,301 14,553,719 955,565 (1,106,467) (9,074,098) (38,999) At 31 March 2024 5,265,419 24,301 5,289,720 In the prior year no net a55ets were held in restricted funds. In the current yearthe only restricted fund net assets are in the subsidiary company. 27 Capital Cornmitrnents At the Balance Sheet date the charity had capital commitments as follows:_ Charity 2024 Group 2024 2023 2023 Contracted but not provided for in the financial statements: Capital construction work at leasehold site 2,064,925 2,064.925 Related Party Transactlons During the year the Charity received incorne totalling £683,09612023: £612,117) from other YMCAS who occupy property owned by Blackburn YMCA. The board of trustees of Blackburn YMCA Fncludes a mernber from each of the tenant YMCAS. 31 URN YMCA rffjfES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 31 Commitments under operating leases of the charity At 31 March 2024 the cornpany had total rninirnum lease payments due under non-cancellable operating leases 5 follow5: Land attd Buildsngs 2024 Other 2023 2024 2023 Expiry date: In one year In two to five year5 In over five years 32 Controlling Party The charity Is under the controt of a Board of Trustees and Is a cornpany limited by 8uarantee without a Share capital. 33 Prlor period adjustment Changes to the bafance sheet At 31 March 2023 as prevlousty reported Adjustrnent as rèslat Fixed assets Tangible assets Investment propertie5 Creditors due within one year Loans and overdraft5 Creditors due after one year Other creditors 5,475.982 7,031,203 {700,982) 1,235.987 4,775,000 8.267.190 (143,193) (175,(JX)) (318,193) (175,000) 175,OC() Net assets 4,426,127 535,005 4,961,132 Capital f unds Income funds Unrestrltted f unds- total equity 4,426,127 535,C05 4,961,132 Changes to the profit and Ioss acco￿￿1 Period ended 31 March 2023 as previously Adjustment reported as rèstated Investments Other Income 612,332 6,127 (21,359) 21,359 590,973 27,486 Charitable activities 388,817 157,642) 331,175 Net gains on investments Revaluation of fixed assets 1,935,897 {1,458,534} 1,935.897 {1,458,534) Net movement in funds 287.480 535.CO5 822.485 The prior year adjustment reflects forrnal valuations of propertie5 not previoLJsly recognised in the Balance Sheet at 31 March 2023. 32