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2023-03-31-accounts

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MILTON KEYNES YMCA LIMITED Consolidated Financial Statements Year Ended 31 March 2023

Company registration number: 2769788

Charity registration number: 1125743 Regulator of Social Housing registration number: 4870

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Milton Keynes YMCA Limited

Group Financial Statements

Year Ended 31 March 2023

Contents
Page
Registered Social Housing Provider Information 3
Board Report 4
Independent Auditor’s Report 14
Consolidated Statement of Comprehensive Income 18
Statement of Comprehensive Income 19
Consolidated Balance Sheet 20
Balance Sheet 21
Consolidated Statement of Changes in Equity 22
Statement of Changes in Equity 23
Consolidated Statement of Cash Flows 24
Notes to the Financial Statements 25

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Milton Keynes YMCA Limited

Registered Social Housing Provider Information

Year Ended 31 March 2023

Company registration number 2769788
Charity registration number 1125743
Regulator of Social Housing registration number 4870
Members of the board (Trustees) J Upton MBE – Chair
P T Ayres BEM FCA
F Akinbusoye – Resigned 15/02/2023
Dr V Fernandes
Dr A J Holden
L Keen FCA – Treasurer
C Montgomery
J Valentine – Resigned 01/04/2023
J Walker – Vice Chair
P Stainsby – Appointed 20/09/2023
B Morrow – Appointed 20/09/2023
J Swift – Appointed 20/09/2023
Secretary L Keen FCA
Senior Leadership Team S Green – Chief Executive
A Rhind – Head of Business Development
L Harrison – Director of Housing & Support
(Resigned 30/06/2023)
Registered office 1 North Sixth Street
Milton Keynes
MK9 2NR
Auditor Hillier Hopkins LLP
249 Silbury Boulevard
Milton Keynes
MK9 1NA
Bankers National Westminster Bank Plc
501 Silbury Boulevard
Milton Keynes
MK9 3ER
CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
ME19 4TA

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Milton Keynes YMCA Limited

Registered Social Housing Provider Information

Year Ended 31 March 2023

Chair’s Report

Every year local young people find themselves struggling to find the right support, options and opportunities they need to fully realise their potential. This could be a safe place to call home or a positive adult role model who is committed to their success. This is why we exist. We offer much more than just a home – we provide practical, emotional and employment support to enable young people to go on to live happy, healthy and independent lives.

This year we have continued to develop our support programme ensuring that our residents have an allocated support coach who focuses on their emotional needs. An emotional needs framework guides and informs conversations between coaches and residents to identify where residents need additional support, ensure appropriate support can be put in place and set goals. A person-centred approach ensures that each young person living at YMCA MK can go on to achieve their goals.

This year YMCA MK has been home to 371 young people, and we continue to be a vital support service to young people at risk of homelessness in Milton Keynes.

A range of activities support residents to feel part of the YMCA MK community and build confidence, friendships and lifeskills. From football to film nights, cooking to craft there is something for everyone. This year has seen an increase in resident-led activities as residents plan and implement activities they are passionate about. For example, earlier this year, a group of residents climbed Snowdon. This incredible achievement was so popular a further walk to the Jurassic coast was planned for later in the year. Activities are vital for promoting positive mental health and wellbeing and form an integral part of our support programme.

Our Employability Programme continues to go from strength to strength and our employment team support residents to find sustainable work opportunities in settings that are suited to each residents’ individual attributes and interests. This year residents have been supported into 171 jobs in a variety of industries. We are very grateful for the continued support of our corporate partners who are instrumental in supporting us.

This year has seen the continued success of our award-winning Hospital Navigator Scheme, supporting young people who present at MK University Hospital as a result of serious violence, mental health issues, substance misuse or self-harm. 130 young people were referred to youth mentoring via this scheme which meant that over 50% did not re-attend hospital. We have ambitious plans to extend youth mentoring and will be working in schools and with the Youth Offending team supporting young people affected by violence. I would like to thank all of our volunteers who have an immeasurable impact on the lives of young people in our community.

We are excited to develop our work in the community creating meaningful change, supporting young people, their communities and families at the earliest point possible to ensure all young people have the support, opportunities and options to realise their full potential.

We were delighted that the hard work of our team was recognised by a Milton Keynes Business Achievement Awards, with YMCA MK being named Charity of the Year 2023.

Future Plans

  1. Growing our campus to work in the community Youth Offending Team /schools /community development

  2. Building affordable move-on accommodation throughout the community of MK for our young people

  3. To develop our café and conferencing enterprises to provide sustainable income

  4. To develop local philanthropy and provide much needed unrestricted income

These are just some of the highlights of the year, none of which could have taken place without our Fundraising team applying for money from a range of trusts, foundations and organisations. We are most grateful for their support. Funding contributed towards increased core costs, the employment programme and the development of our Youth and Community programme. We are grateful to our major donors, The Garfield Weston Foundation, The Henry Smith Charity and MK Community Foundation as their grants have enabled us to develop this work.

This year we launched our Friends scheme to encourage local giving. Donations from individuals, the local community and companies has increased to £26,170 primarily due to increased capacity in the Fundraising and Development Team. We are excited to develop our Individual Giving programme, Friends of YMCA MK and increase our community presence with a programme of events.

I wish to thank my colleagues on the Board, the staff, our volunteers, our funders and our partners for their continued endeavours, support and commitment to supporting local young people to belong, contribute and thrive.

Julia Upton MBE DL

Chair of Trustees

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Milton Keynes YMCA Limited

Registered Social Housing Provider Information

Year Ended 31 March 2023

The Board of Trustees presents their report and the audited consolidated financial statements of Milton Keynes YMCA Limited, a Charity and Registered Social Housing Provider, for the year ended 31 March 2023.

Legal status

Milton Keynes YMCA Limited (“YMCA MK”) is a company limited by shares, incorporated on 2 December 1992. The Company registered as a charity on 8 September 2008 (charity number 1125743) and a Registered Social Housing Provider on 8 March 2019 (Regulator of Social Housing registration number 4870). The Company was established under a Memorandum of Association substantially amended on 18 June 2008 and 24 November 2008 which established the objects and powers of the charitable company. In 2019 it adopted a new set of Articles of Association, but these have been replaced in September 2023 with the Model YMCA Articles of Association.

Milton Keynes YMCA Limited has one wholly owned subsidiary, Northamptonshire YMCA which is a charitable company and it has been consolidated within these financial statements.

Principal objectives and activities of the Group

The objectives of the YMCA MK are defined in its Memorandum of Association, allowing the Trustees to provide residential accommodation for people of all ages who are in need, hardship or distress by reason of their social, physical or economic circumstances and to provide or assist in the provision of education for people of all ages with the object of developing their physical, mental or spiritual capacities.

On 16 December 2020 the Board approved a new four year strategic plan.

Our strategic plan states:

Our Mission is to support young people to belong, contribute and thrive.

The way we act at YMCA MK is characterized by five strong and distinctive values that flow from our Christian ethos.

• We Seek Out

We actively look for opportunities and partnerships to make a transformative impact on young lives in the communities where we work. We are ambitious, collaborative and innovative.

• We Welcome

We offer people the space they need to feel secure, respected, heard and valued. We are inclusive, generous and understanding and believe that every person is of equal value. We welcome people of all faiths and none.

• We Inspire

We strive to inspire each person we meet to realise their full potential.

• We Speak Out

We stand up for young people, speak out on issues that affect their lives, and help them to find confidence in their own voice.

• We Serve Others

We are committed to the wellbeing of the communities we serve and believe in the positive benefit of participation locally and in the wider world.

Our strategic goals for the next four years are:

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Milton Keynes YMCA Limited

Registered Social Housing Provider Information

Year Ended 31 March 2023

Activities supporting our Strategic Plan

Performance in the year of the Registered Social Housing Provider

Our occupancy rate has been in excess of 97% (2022 - 91%) for the whole of the current year. As of 31 March 2023 our occupancy rate was 97.8% (2022 - 99.58%).

Having had the new campus up and running for a couple of years now Milton Keynes YMCA Limited returned a trading deficit, after the depreciation transfer, of £48,714 for the year to 31 March 2023 mainly due to the increase in interest rates seen during the year (2022 – a surplus of £124,159).

Strengthening the Staff Team

Our team has grown extensively over recent years, quadrupling from just 14 staff immediately prior to our development project, to over 50 staff this year. The additional skills and experience in the team have allowed us to create and maintain a high quality facility for young people and develop and improve our services. We expect to further grow and develop the staff team as our service offer expands and income grows.

During the past year we have changed the structure of the staff team so that more staff work across Milton Keynes and Northamptonshire which has helped to drive efficiencies and better integrate the two organisations.

Our annual staff survey again showed high levels of employment satisfaction and engagement with the work.

Membership of YMCA England and Wales

On 29 March 2021 YMCA MK and Northamptonshire YMCA reaffirmed their wish to remain part of the YMCA movement by signing the new Membership Agreement. By signing this document we have agreed to meet YMCA England and Wales Quality Assurance Standards. In addition by 2023/24 we will:

Board of Trustees

The directors of the company are also the Charity trustees for the purposes of charity law and under the Company's articles are known as members of the Board of Trustees (the Board). Members are elected for three-year terms, or annually for co-opted members. One third of the members of the Board are elected each year. Each member may serve for a maximum nine-year period before stepping down, with the Chair and Treasurer limited to a maximum of six consecutive years in those roles.

Details of our current Board are shown on page 3. Biographies of our Trustees can be found on our website at https://mkymca.com/who-we-are/aur-board

Trustees are sought in a number of ways including by recommendation from partners, from supporters and business networks. No external persons or bodies are entitled to appoint Trustees. Most Trustees are already familiar with the work of the organisation. New Trustees are required to attend an induction meeting to familiarise themselves with the Charity and the context within which it operates.

The Board operates a number of sub committees which are governed by terms of reference agreed by the Board. Each Committee must have at least three trustees, appointed by the Board, as well as the CEO and relevant members of the Senior Leadership Team (SLT). In addition, the Board may approve individuals or organizations with professional expertise in the area to be co-opted. As at 31 March 2023 only one (2022 – two) Committee was in operation.

During the financial year a new HR Director role was created and after a process to ensure that all HR policies and procedures were reviewed and fully implemented the Personnel and Training Committee disbanded, with HR matters to be reported to Board on an annual basis, or by exception for significant events, in future periods.

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Milton Keynes YMCA Limited

Registered Social Housing Provider Information

Year Ended 31 March 2023

Finance Committee

The responsibilities of the Finance Committee are as follows:

Personnel and Training Committee – disbanded in the year due to HR Director in post

The responsibility for the management of the Charity rests with the Chief Executive Officer. He reports on a regular basis to the Board, which meets at least five times a year.

Group Business Review

Review of the year

While we continue to work on our Strategic Plan the 2022/23 financial year was characterised by competing priorities as we sought to pursue our ambitious goals against a backdrop of an unstable economy, high levels of inflation, and sharply rising interest rates that encouraged caution.

We continue to experience high demand for our accommodation, and our supported accommodation remains at full capacity at all times. This year YMCA MK has been home to 371 young people. Finding suitable move on accommodation for our young people remains a challenge. We have successfully helped 111 young people into new homes and are now in talks with several organisations to develop new move on accommodation that fits in with our strategy.

Much of the work done by the Business Development team in this financial year has laid the foundations for more sustainable and diverse income streams in the years to come. This includes strategic multi-year approaches to grant funders, the launch of an individual giving campaign ‘Friends of YMCA’ and the creation of Soupfest, a community focused engagement event.

However, it was a challenging year for the Business Development team, largely due to external factors such as the cost-of-living crisis and the war in Ukraine which became a priority for many funders. During the year £316,123 was secured in grants. This includes £46,000 of core funding to support with expenditure such as rising utilities costs. Two large multi-year grants were also secured from the Milton Keynes Community Foundation and the Garfield Weston Foundation.

Great progress has been made in community and corporate fundraising, with £26,170 being raised. A particular highlight was the Soupfest campaign which generated just over £5,000 and significantly boosted YMCA’s presence within the wider MK community. This area of activity continues to grow due to the skill and dedication of the Fundraising Manager.

£59,449 was also secured through commissioning and statutory sources including the Violence Reduction Unit, MK City Council and the Prison and Probation service. This brings the total income from the Business Development Team in this year to £375,572 representing 11.6% of all income for the organisation.

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Milton Keynes YMCA Limited

Registered Social Housing Provider Information

Year Ended 31 March 2023

Group Business Review (continued)

Review of the year (continued)

At the outset of the financial year we were gearing up to grow and expand our operations with planned new services in Northamptonshire (Care Leavers project), a merger with another local charity, new residential property development, and we were exploring ways to grow and develop youth and community work across Milton Keynes.

In anticipation of this growth we restructured our Senior Leadership Team – creating a new Deputy CEO role, a Director of Youth and Community and a Director of HR. These changes have not only made us a stronger team but also enabled us to focus on our organisational culture. Appointments of a Financial Controller, Head of Social Enterprise, Community and Corporate Fundraiser and Digital Content Creator have been crucial in achieving our strategic goals of developing robust funding streams and engaging the local community.

Northamptonshire YMCA continued to focus its activities on letting its properties in central Northampton. Due to the refurbishment of the rooms in Derngate whilst the building was unoccupied the property is now fully let and has a high level of bookings for next academic year 2023/24.

The results for this year show a deficit of £254,703 compared to a surplus of £378,323 in the prior year before the depreciation charge transfer from the restricted property fund. The main reasons for the swing to a deficit are the revaluation of investment property in Northamptonshire YMCA of £525k in the prior year as well as an increase in the interest payable charge, which has increased by approx. £96k to £186k due to the increase in interest rates which we have now fixed to minimise our risk.

Operational management

Our focus on cultural approach has been important in improving service delivery and the ‘customer experience’ for residents at our campus. With 225+ young adults living in our building at any one time, many of whom have complex issues, there is always the possibility for challenging behaviour to become problematic which would harm our YMCA as a place to live and work, and our operation as a business. A negative culture encourages more damage to property, higher accommodation charges arrears, and more anti-social behaviour which in turn leads to less demand for services and higher voids and rent loss. However, we have worked extremely hard, and successfully to implement an ‘asset-based’ culture – focusing on the promotion and celebration of positive behaviours, and have developed our understanding of Trauma Informed Care, and Psychologically Informed Environments – important cultural approaches for the success of a service like ours that works with so many young people who have experienced trauma and significant life difficulties.

The result has been the creation of a positive and vibrant campus in which young people want to come and live.

Our services continued to receive very high demand during the financial year. 1,032 young adults enquired about our accommodation services, of these, we accommodated 154 new residents during the year – more than double the total that we anticipated on an annual basis when we planned the new building. We also supported 111 residents to moveon in a planned and positive way. Our occupancy rates remained high throughout the year – averaging 97.8% across the 3-stages of our accommodation. This is despite the high throughput nature of our accommodation with lots of internal moves, resulting in void properties having to be prepared for relet.

Our employment team continued their outstanding performance, helping support over 100 residents into employment during the period. Activities also remain an integral part of our service offer, improving resident well-being, confidence and self-esteem. This year an average of 69 residents have participated monthly in over 7,000 hours of meaningful activity.

This success is all the more impressive when recognising that we continue to work with a complex and highly demanding client group. This is illuminated by the following statistics for the period:

In response to these challenges we made changes to our ‘Out of Hours’ team – bringing staff in-house to ensure stronger support to residents during evenings, overnight, and at weekends.

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Milton Keynes YMCA Limited

Registered Social Housing Provider Information

Year Ended 31 March 2023

Operational management (continued)

Our Social Enterprises continued to be negatively affected by the impacts of the pandemic. The significant change in working habits for the employees of Central Milton Keynes 1000 businesses meant that footfall for our café was just a small proportion of what had been expected. This seriously impacted income and this area of the business continues to struggle. We remain optimistic that the café can be a success but for this to be achieved we will need to be a destination venue of the highest possible standards and reputation – something we are actively working towards. The situation is somewhat brighter for conferencing – meeting room use started to grow organically through requests from our existing network and we are very confident that this growth will escalate with staff now focused on this growth. A Social Enterprise Manager was appointed on 1 September 2022 to make these areas a success.

Outside of the campus our Hospital Navigator Scheme grew and developed – working with 130 young people who had been referred to us by staff at MK Hospitals A&E department. This work to support young people who had been involved in violent crime is important for a city that has experienced several high-profile stabbings in recent years, and fits into our strategic priority to become more embedded in communities across the city, and to help them respond to the social challenges MK faces as it grows as a city.

Our fundraising performance continued to be very strong as we attracted support to our vision for supporting young people, with renewed focus on multi-year funding.

We continued to work on our Trusted Charity Standard accreditation throughout the period and look forward to achieving this important quality standard.

Future developments

We continue to work towards our ambitious plans for growth and expansion of our services for young people as set out in our Strategic Plan. Discussions and planning for the next iteration of our Strategy for 2025 – 28, which will focus on becoming a youth-led organisation, are already underway.

The need to create better and more affordable move-on options for young people remains a priority. Our property development work continues and we are in advanced discussions with Milton Keynes Council to find sites on which we can build move-on properties. We have also started to explore funding and construction partners for the delivery of this key element of our strategic plan.

Thanks to funding from The National Lottery Community Fund we are excited to launch a much-needed mental health service. This will enable us to significantly increase the support we are able to offer to vulnerable young people both on campus and in the wider community.

The Business Development team will continue to explore sustainable and diverse income streams in the year to come, this will include building on existing commissioning relationships, the launch of a legacy campaign and a bigger and better SoupFest.

Building on the success of the Hospital Navigator Scheme we are looking forward to the expansion of our youth and community work designed to eradicate youth violence from our communities. We will aim to create meaningful change in our communities, supporting young people, their communities and families at the earliest point possible to ensure all young people have the support, opportunities and options to realise their full potential. Thanks to Children in Need funding we have appointed a Youth Mentor role to focus on developing youth mentoring in schools and with young people referred by the Youth Offending Team.

We continue to liaise with Northamptonshire Childrens Trust on the creation of a new service for care leavers. Strong foundations have been made in Northampton, ready for the launch of the Derngate project in 2024. This has included building relationships with relevant networks, community stakeholders and corporate and community funders.

We are planning to revisit the structural relationship between Northamptonshire and Milton Keynes YMCAs in early 2023, with the aim of managing a merger of the two entities, into a single regional YMCA.

Going concern

After making appropriate enquiries, the Board believes that the Company and Group have adequate resources to continue in operation for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

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Milton Keynes YMCA Limited

Board Report

Year Ended 31 March 2023

Related parties

Milton Keynes YMCA Limited has a service level agreement with Northamptonshire YMCA to support that YMCA's management. In addition to the service level agreement Milton Keynes YMCA Limited employed a Business Manager on behalf of Northamptonshire YMCA the costs of which are recharged to that YMCA. During the year the decision was made to distribute the work undertaken on behalf of Northampton across the staff team and individuals time is recharged as appropriate. Both charities are affiliated to The National Council of YMCAs of England & Wales.

Principal funding sources

The principal source of income for the Group is from the rental of its housing and investment properties; in the year to 31 March 2023 this accounted for 76.7% of total income (2022 - 74.5%).

We rely on funding and fundraising for the services we provide our vulnerable young people and to deliver our goal of finding gainful employment for all our residents. Our fundraising team continue to work tirelessly to ensure we can achieve our strategic goals.

Analysis using financial and non-financial key performance indicators

The Board monitors financial results and key performance indicators at its Board and sub- committee meetings. The Charity is at the end of a transition period, where it has been focusing available financial resources on the completion of the development project. Following the completion of the campus the Board is engaged in setting a new five-year strategy.

The key financial performance metrics of the YMCA MK, the company, for the years to 31 March are:

2023 2022
£ £
Rents receivable including service charges 2,347,175 2,165,245
Operating surplus from social housing activities 1,787,063 1,804,086
Net surplus from social housing activities 11,520 123,748
Void losses 63,838 136,306
Void losses as a percentage of total potential rentals 2.7% 6.3%
Closing cash balance 280,164 314,152

Investment policies

In addition to its freehold property portfolio the Group has an investment property and money invested in a recognised charity investment fund which is primarily invested in UK equities. The Group also has money in interest bearing accounts which are accessible as required.

The Board's policy is to maintain a balanced investment portfolio. The Finance Committee monitors its investment portfolio on a quarterly basis. All major investment decisions are approved by the Board. Overall, the Board is satisfied with the mix of investments and the returns received in the year.

Funds in deficit

There were no funds in deficit at the balance sheet date.

Pay policy for senior staff

The Board and the senior leadership team comprise the key management personnel of the Charity and are responsible for the directing and controlling of the Charity. All Trustees give their time freely and no Trustee received remuneration in the year. The pay of the staff is reviewed annually and typically increased in line with the cost of living.

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Milton Keynes YMCA Limited

Board Report

Year Ended 31 March 2023

Reserves policy

Milton Keynes YMCA Limited has unrestricted general funds at 31 March 2023 of £517,339 (2022 - £566,054) after excluding the designated funds (see note 18 for further details); this represented almost three month’s operating expenses. The Trustees are satisfied that this is acceptable as this general fund is projected to increase now that the move to the campus is complete.

Northamptonshire YMCA has substantially greater unrestricted general reserves the majority of which are invested in property which therefore requires the Charity to continue to monitor and control its expenditure.

The Restricted Property Reserve represents the income from the sale of the freehold property as part of the campus development. The entirety of this reserve has been reinvested in the new freehold campus building.

The New Services Fund acknowledges the aspirational plans of the Charity to expand services for young people of Milton Keynes, Northamptonshire and the surrounding area.

Third party indemnity provisions

A policy of third-party indemnity insurance has been in place during the year for the benefits of the Trustees and officers.

Assessment of how the Registered Social Housing Provider is achieving value for money including performance metrics

Value for money is considered in all of our activities, including procurement and service delivery and is supported through formalised operational policies and procedures. We have been focused on looking forward to ensure we meet the ever-changing needs and expectations of new and existing residents.

Our Finance Committee reviews and challenges plans, processes and transactions in order to ensure that we can demonstrate effective and efficient use of resources, so that we remain cost effective and keep overheads to a minimum.

Assessment of compliance with the Governance and Financial Viability standard

The Board has adopted the National Council for Voluntary Organisations Code Of Governance 2017.

Code of governance

The entity continues to maintain a strong Board which has the skills and confidence to face the many challenges that face housing associations and charities. The committee structure continues to operate effectively with the challenges posed by the operating environment. The Board works to an annual corporate plan and undertakes regular reviews of the entity's finances, its risk map, and its own performance. It has adopted a business plan to include a formal value for money review in its annual work programme. The Board itself has a number of members with private and public sector senior experience of management including procurement to achieve value for money.

Risk management

Risks that may prevent the Group achieving its objectives are considered and reviewed by the Board on a periodic basis as part of the corporate planning process. The risks are assessed in terms of their impact and probability. Whilst the most significant external risk to the Group comes from a change in the way Housing Benefit is structured the most significant internal risk to the Group relates to the loss of income from void lettings. The Charity actively manages its letting levels with voids monitored weekly and reported to the Board on regular basis.

Fundraising

YMCA MK does not employ any independent persons or companies to act on their behalf to carry out fundraising activities. YMCA Milton Keynes Limited is registered with the Fundraising Regulator and subscribes to the standards and regulations required. No Fundraising complaints were received by YMCA MK in the year.

Public benefit statement

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Directors consider how planned activities will contribute to the aims and objectives they have set.

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Milton Keynes YMCA Limited

Board Report

Year Ended 31 March 2023

Public benefit statement (continued)

How our activities deliver public benefit

Our main activities and who we are trying to help are described below. All our charitable activities are focused on responding to need, improving the living conditions, relieving hardship or distress of young people and aim to support young people to improve life skills and confidence.

Who used and benefited from our services?

Our objects and funding are not limited to one geographical area. However, we focus on delivering services to young people in Milton Keynes, Northamptonshire and the surrounding areas, in line with our strategic plan, and complementing services run by other YMCAs in the sub-region. This is done through the provision of housing, youth, welfare and educational programmes.

Services available to the young people have no fee attached and the majority of the service users will be in receipt of statutory benefits.

Reference to Board’s annual review of internal control

The Board of Trustees acknowledge their ultimate responsibility for ensuring that the Charity has in place a system of controls that is appropriate to the various business environments in which it operates. These controls are designed to give reasonable assurance with respect to:

It is the responsibility of the Board of Trustees to establish and maintain systems of internal financial control.

Such systems can only provide reasonable and not absolute assurance against material financial misstatement or loss.

Key elements include ensuring that:

Directors’ and Board’s responsibilities

The Board is responsible for preparing the report and financial statements in accordance with applicable law and regulations.

The Companies Act 2006, the Co-operative and Community Benefit Societies Act 2014 and registered social housing legislation require the Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Association and of its income and expenditure for that period.

In preparing these financial statements, the Board is required to:

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Milton Keynes YMCA Limited

Board Report

Year Ended 31 March 2023

Directors’ and Board’s responsibilities (continued)

The Board is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Association and enable it to ensure that the financial statements comply with The Companies Act 2006, The Co-operative and Community Benefit Societies Act 2014, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing in England 2015. It has general responsibility for taking reasonable steps to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.

Disclosure of information to the auditors

We, the directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

Strategic Report

Included with the Board Report is the Strategic Report as required by the Companies Act 2006; in approving the Board Report the Directors also approve the Strategic Report contained therein.

……………………………. By order of the Board

Julia Upton Chair 28-09-2023 | 16:47 BST Date:

13

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Milton Keynes YMCA Limited

Independent Auditor’s Report to the Members of Milton Keynes YMCA Limited

Year Ended 31 March 2023

Opinion

We have audited the financial statements of Milton Keynes YMCA Limited (the ‘parent company’) and its subsidiary (the 'Group') for the year ended 31 March 2023 which comprise the Group and Company Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group and Company Statement of Changes in Reserves, the Group 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).

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the Association’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 Association and the Association’s members as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Association in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the board's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the association'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 board with respect to going concern are described in the relevant sections of this report.

Other information

The Board is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

14

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Independent Auditor’s Report to the Members of Milton Keynes YMCA Limited

Year Ended 31 March 2023

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 this gives rise to a material misstatement in the financial statements themselves 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Board 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:

In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 requires us to report to you if, in our opinion a satisfactory system of control over transactions has not been maintained.

Responsibilities of the Board

As explained more fully in the Board’s responsibilities statement set out on page 13, the Board members (who are also the directors of the Association 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 Board determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board is responsible for assessing the group and parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

15

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Independent Auditor’s Report to the Members of Milton Keynes YMCA Limited

Year Ended 31 March 2023

Auditor’s responsibilities for the audit of the financial statements

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

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

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, the Housing and Regeneration Act 2008, the Accounting Direction for private registered providers of Social Housing in England 2019 and relevant tax legislation.

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 Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

16

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Independent Auditor’s Report to the Members of Milton Keynes YMCA Limited

Year Ended 31 March 2023

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Grant Franklin ACA (Senior Statutory Auditor) For and on behalf of Hillier Hopkins LLP, Chartered Accountants Statutory Auditor 249 Silbury Boulevard Milton Keynes MK9 1NA

02-10-2023 | 06:45 PDT Date:

17

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Consolidated Statement of Comprehensive Income (Including Income and Expenditure Account)

Year Ended 31 March 2023

Note
Turnover
Direct costs
Gross surplus
Administrative expenditure
6
Other operating income
Fair value movements
10
Operating (deficit)/surplus
5
Income from fixed asset investments
Interest receivable and similar income
Interest payable and similar expenses
3
4
(Deficit)/surplus for the year before taxation
Tax on (deficit)/surplus
(Deficit)/surplus for the year
Total comprehensive income for the year		 Total
2023
£
3,237,399
(1,290,271)

1,947,128
(2,014,839)
-
(21,044)
(88,755)
18,203
1,957
(186,108)
(254,703)
-
(254,703)
(254,703)		 Total
2022
£
3,041,485
(1,218,561)		 Total
2022
£
3,041,485
(1,218,561)
1,822,924
(1,934,404)
9,296
552,268
450,084
18,335
104
(90,200)
378,323
-
378,323
378,323

18

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Company Statement of Comprehensive Income (Including Income and Expenditure Account)

Year Ended 31 March 2023

Note
Turnover
Direct costs
Gross surplus
Administrative expenditure
6
Other operating income
Fair value movements
10
Operating deficit
5
Income from fixed asset investments
Interest receivable and similar income
3
Interest payable and similar expenses
4
Deficit for the year before taxation
Taxation on deficit
Deficit for the year
Total comprehensive income for the year		 Total
2023
£
3,123,531
(1,281,944)
1,841,587
(1,950,128)
-
(13,294)
(121,835)
11,500
1,809
(177,151)
(285,677)
-
(285,677)
(285,677)		 .
Total
2022
£
2,970,161
(1,179,057)
1,791,104
(1,853,828)
9,296
14,776
(38,652)
10,328
86
(85,238)
(113,476)
-
(113,476)
(113,476)

19

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Consolidated Balance Sheet

Year Ended 31 March 2023

Note
Fixed assets
Tangible fixed assets
8
Investment properties
9
Investments
10
Current assets
Stock
11
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one year
13
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more than one year
14
Defined benefit pension liability
21
Total net assets
Reserves
Called up share capital
17
Restricted property reserve
Income and expenditure reserve:
18
General funds
18
Designated funds
18
Total Reserves		 2023
£
18,378,490
1,350,000
323,305
20,051,795
2,497
229,809
332,936
565,242
(863,610)
(298,368)
19,753,427
(9,033,781)
(230,777)
10,488,869
12
8,674,350
1,364,507
450,000
10,488,869		 2022
£
18,985,438
1,350,000
344,349
20,679,787
-
350,523
336,421
686,944
(969,520)
(282,576)
20,397,211
(9,378,873)
(274,765)
10,743,573
12
8,911,313
1,382,248
450,000
10,743,573

28-09-2023 | 16:47 BST

The financial statements were approved and authorised for issue by the Board on ……………...2023.

Signed on behalf of the Board

………………….. ………………… J Upton MBE L Keen FCA Chair Treasurer

The notes on pages Page 25 to Page 43 form part of these accounts.

Company registration number 2769788

20

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Company Balance Sheet

Year Ended 31 March 2023

Note
Fixed assets
Tangible fixed assets
8
Investments
10
Current assets
Stock
11
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one year
13
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more than one year
14
Defined benefit pension liability
21
Total net assets
Reserves
Called up share capital
17
Restricted property reserve
Income and expenditure reserve:
18
General funds
18
Designated funds
18
Total Reserves		 2023
£
18,341,886
204,244
18,546,130
2,497
259,864
280,164
542,525
(800,348)
(257,823)
18,288,307
(8,826,169)
(120,437)
9,341,701
12
8,674,350
517,339
150,000
9,341,701		 2022
£
18,944,396
217,538
19,161,934
-
338,436
314,152
652,588
(899,320)
(246,732)
18,915,202
(9,144,455)
(143,368)
9,627,379
12
8,911,313
566,054
150,000
9,627,379

28-09-2023 | 16:47 BST

The financial statements were approved and authorised for issue by the Board on …………….. 2023.

Signed on behalf of the Board

………………….. ………………… J Upton MBE L Keen FCA Chair Treasurer

The notes on pages Page 25 to Page 43 form part of these accounts.

Company registration number 2769788

21

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Consolidated Statement of Changes in Equity

Year Ended 31 March 2023

Group
At 1 April 2021
Surplus for the year
Transfers to/(from) restricted funds
Total comprehensive income for the year
At 1 April 2022
Deficit for the year
Transfers to/(from) restricted funds
Total comprehensive income for the year
As at 31 March 2023
Income and expenditure reserve
At 1 April 2021
Surplus for the year
Transfer from restricted reserves
Total comprehensive income for
the year
At 1 April 2022
Deficit for the year
Transfers from restricted funds
Total comprehensive income for
the year
At 31 March 2023		 Called up
share
capital
Income and
expenditure
reserve
Restricted
reserve
Total
£
£
£
£
12
1,216,291
9,148,948
10,365,251
-
-
378,323
237,635
-
(237,635)
378,323
-
-
615,958
(237,635)
378,323
12
1,832,249
8,911,313
10,743,574
-
-
(254,703)
236,963
-
(236,963)
(254,703)
-
-
(17,740)
(236,963)
(254,703)
12
1,814,509
8,674,350
10,488,871
General
funds
Designated
funds
Total
£
£
£
766,291
450,000
1,216,291
378,323
-
378,323
237,635
-
237,635
615,948
-
615,948
1,382,249
450,000
1,832,249
(254,703)
-
(254,703)
236,963
-
236,963
(17,740)
-
(17,740)
1,364,509
450,000
1,814,509		 Called up
share
capital
Income and
expenditure
reserve
Restricted
reserve
Total
£
£
£
£
12
1,216,291
9,148,948
10,365,251
-
-
378,323
237,635
-
(237,635)
378,323
-
-
615,958
(237,635)
378,323
12
1,832,249
8,911,313
10,743,574
-
-
(254,703)
236,963
-
(236,963)
(254,703)
-
-
(17,740)
(236,963)
(254,703)
12
1,814,509
8,674,350
10,488,871
General
funds
Designated
funds
Total
£
£
£
766,291
450,000
1,216,291
378,323
-
378,323
237,635
-
237,635
615,948
-
615,948
1,382,249
450,000
1,832,249
(254,703)
-
(254,703)
236,963
-
236,963
(17,740)
-
(17,740)
1,364,509
450,000
1,814,509
615,948
-
615,948
1,382,249
450,000
1,832,249
(254,703)
-
(254,703)
236,963
-
236,963
(17,740)
-
(17,740)
1,364,509
450,000
1,814,509

22

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Statement of Changes in Equity

Year Ended 31 March 2023

Company
At 1 April 2021
Deficit for the year
Transfer to/(from) restricted reserves
Total comprehensive income for the year
At 1 April 2022
Deficit for the year
Transfers to/(from) restricted reserves
Total comprehensive income for the year
At 31 March 2023
Income and expenditure reserve
At 1 April 2021
Deficit for the year
Transfers
Total comprehensive income
for the year
At 1 April 2022
Deficit for the year
Transfers
Total comprehensive income
for the year
At 31 March 2023		 Called up
share
capital
Income and
expenditure
reserve
Restricted
reserve
Total
£
£
£
£
12
591,895
9,148,948
9,740,855
-
-
(113,476)
237,635
-
(237,635)
(113,476)
-
-
124,159
(237,635)
(113,476)
12
716,054
8,911,313
9,627,379
-
-
(285,677)
236,963
-
(236,963)
(285,677)
-
-
(48,714)
(236,963)
(285,677)
12
667,340
8,674,350
9,341,702
General
funds
Designated
funds
Total
£
£
£
441,895
150,000
591,895
(113,476)
-
(113,476)
237,635
-
237,635
124,159
-
124,159
566,054
150,000
716,054
(285,677)
-
(285,677)
236,963
-
236,963
(48,714)
-
(48,714)
517,340
150,000
667,340		 Called up
share
capital
Income and
expenditure
reserve
Restricted
reserve
Total
£
£
£
£
12
591,895
9,148,948
9,740,855
-
-
(113,476)
237,635
-
(237,635)
(113,476)
-
-
124,159
(237,635)
(113,476)
12
716,054
8,911,313
9,627,379
-
-
(285,677)
236,963
-
(236,963)
(285,677)
-
-
(48,714)
(236,963)
(285,677)
12
667,340
8,674,350
9,341,702
General
funds
Designated
funds
Total
£
£
£
441,895
150,000
591,895
(113,476)
-
(113,476)
237,635
-
237,635
124,159
-
124,159
566,054
150,000
716,054
(285,677)
-
(285,677)
236,963
-
236,963
(48,714)
-
(48,714)
517,340
150,000
667,340
-
12
-
-
-
12
124,159
-
124,159
566,054
150,000
716,054
(285,677)
-
(285,677)
236,963
-
236,963
(48,714)
-
(48,714)
517,340
150,000
667,340

23

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Consolidated Statement of Cash Flows

Year Ended 31 March 2023

Note
Cash flow from operating activities
19
Interest paid
Net cash flow from operating activities
Cash flow from investing activities
Payments to acquire tangible fixed assets
Interest received
Income from fixed asset investments
Net cash flow from investing activities
Cash flow from financing activities
Repayment of long-term loans
Interest paid
Repayments of finance leases
Net cash flow from financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 April 2022
Cash and cash equivalents at 31 March 2023
Cash and cash equivalents consists of:
Cash at bank and in hand
Cash and cash equivalents at 31 March 2023		 2023
£
366,119
(186,108)
180,011
(22,768)
1,957
18,203
(2,608)
(366,996)
186,108
-
(180,888)
(3,485)
336,421
332,936
332,936
332,936		 2022
£
440,144
(90,200)
349,944
(283,782)
104
18,335
(265,343)
(113,100)
90,200
(46,290)
(69,190)
15,411
321,010
336,421
336,421
336,421

24

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

(a) General information and basis of preparation

Milton Keynes YMCA Limited is a private company limited by shares, a registered charity in England and Wales and a private registered provider of social housing in the United Kingdom. The address of the registered office is given in the information on page 3 of these financial statements.

The Registered Social Housing Provider constitutes a public benefit entity as defined by FRS 102.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 (FRS 102), the Statement of Recommended Practice for Social Housing Providers 2018, and with the Accounting Direction for private registered providers of social housing in England 2019. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008 and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling, which is the functional currency of the Registered Social Housing Provider, and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiary ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the merger method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

(c) Intangible assets and amortisation

Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straightline basis over its expected useful life.

Amortisation is provided on the following basis: Computer Software 10 years

(d) Tangible fixed assets

Housing properties

Social housing properties are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended such as the cost of acquiring land and buildings, developments costs, interest charges on loans during the development period and expenditure on improvements. Expenditure on improvements will only be capitalised when it results in incremental future benefits such as increasing rental income, reducing maintenance costs or resulting in a significant extension of the useful economic life of the property.

25

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

1 S ummary of significant accounting policies (continued)

(d) Tangible fixed assets (continued)

Major components of housing properties are depreciated at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Structure 60 years
Mechanical & engineering (e.g roofs, lifts) 30 years
Furniture & fittings 10 years
Small/non-integral plant & equipment 6 years

Freehold land is not depreciated. Housing properties under construction are not depreciated until they are in use and the useful economic lives of all tangible fixed assets are reviewed annually.

Other

All assets costing more than £1,000 are capitalised.

Other tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land Nil Fixtures and fittings 6 – 10 years Computer equipment 3 – 10 years

(e) Investment properties

Investment properties have a readily assessable market value and thus the fair value can be measured without undue cost or effort. These properties are therefore measured at fair value at each reporting date with changes in fair value recognised in the statement of comprehensive income. Properties rented to provide social housing are not investment properties.

(f) Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

(g) Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other administrative expenses.

Rights of social landlords to have improvement works carried out to properties by a third party (such as a local authority) are recognised as prepayments where payment has occurred in advance of the works being carried out and receipts in advance from the same third party recognised as liabilities. Assets and liabilities or income and expenditure are not offset.

(h) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

26

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

1 Summary of significant accounting policies (continued)

(i) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date.

If such indication exists, the recoverable amount is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in expenditure through the statement of comprehensive income.

(j) Provisions

Provisions are recognised when the Registered Social Housing Provider has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

(k) Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the statement of comprehensive income on a straight-line basis over the period of the lease.

(l) Tax

No provision has been made for corporation tax or deferred tax as the entity is a registered charity and is therefore exempt.

The activities of the Company are partially exempt from VAT. Expenditure is shown net of VAT and irrecoverable VAT is charged to the Statement Of Comprehensive Income. Irrecoverable VAT which can be attributed to a capital item is added to the cost of the capital item where practicable and material.

(m) Turnover and other income

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover represents rental and service charges income receivable in the year net of rent and service charge losses from voids, revenue grants from the Government, local authorities, Homes England and other funding bodies.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from services is recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Interest and dividends receivable

Interest income is recognised using the effective interest method and dividend income is recognised as the Registered Social Housing Provider’s right to receive payment is established.

27

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

1 Summary of significant accounting policies (continued)

(n) Grants income

Revenue

Grants relating to revenue are recognised in income in the same period as the expenditure when the performance related conditions have been met.

Government grants received as a contribution to revenue expenditure are recognised in the statement of comprehensive income on a systematic basis over the period in which the landlord recognises the related costs for which the grant is intended to compensate. The related expenditure is included under administrative expenses. Grants are recognised in the same period as the related expenditure provided the conditions for receipt have been satisfied and there is reasonable assurance that the grant will be received.

Capital

Grants from Homes England Capital Funding and the South East Midlands Local Enterprise Partnership (SEMLEP) have been received in respect of the new building. These grants have been recognised at their fair value of the assets received and receivable. As the related assets are accounted for using the cost model then the government grant is accounted for from first use using the accruals model. The difference between the fair value of the asset and the consideration is recognised as a liability and amortised over the useful economic life of the asset.

(o) Employee benefits

The Registered Social Housing Provider operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Milton Keynes YMCA Limited and Northamptonshire YMCA both 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 Milton Keynes YMCA Limited or Northamptonshire YMCA.

As described in note 21 Milton Keynes YMCA Limited and Northamptonshire YMCA have contractual obligations to make pension deficit payments of £22,930 and £21,375 per annuum respectively over the period to April 2029, accordingly this is shown as a liability in these accounts. In addition, Milton Keynes YMCA Limited and Northamptonshire YMCA are required to contribute £5,680 and £5,206 per annum respectively to the operating expenses of the pension plan and these costs are charged to the Statement of Comprehensive Income as shown.

(p) Restricted Reserves

Restricted reserves are those reserves which are only expendable in accordance with the wishes of the funder or regulatory body. Restricted reserves include funds raised in response to a specific appeal. Revenue and expenditure cannot be directly set against restricted reserves but is taken through the statement of comprehensive income and then a transfer to restricted reserves is made as appropriate.

(q) Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs.

Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value.

28

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

(r) Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include the company contributions to a multi-employer defined benefit pension scheme and its deficit. Further details can be found in note 21.

2 Social housing turnover and costs

3
Interest receivable and similar income
Bank interest receivable
4
Interest payable and similar expenses
Bank loans and overdrafts
Group
Rents receivable including service charges
Revenue grants receivable
Capital grants receivable
Other assistance receivable
Social housing activity expenditure
Operating surplus from social housing activities
Net surplus from social housing activities
Void losses
Government grants taken to Income		 Group
2023
2022
£
£
1,957
104
2023
£
2,347,175
335,063
160,452
55,530
(1,111,157)
1,787,063
11,520
63,838
-		 2022
£
2,165,245
453,082
160,250
17,191
(1,038,664)
1,804,086
123,748
136,306
9,296
Company
2023
2022
£
£
1,809
86
Group
Company
2023
2022
2023
2022
£
£
£
£
186,108
90,200
177,151
85,238

29

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

5 (Deficit)/surplus

(Deficit)/surplus is stated after (crediting)/charging:

(Deficit)/surplus is stated after (crediting)/charging:
Group Company
2023 2022 2023 2022
£ £ £ £
Auditor’s remuneration (including expenses and benefits in 9,574 15,796 4,540 12,000
kind) for audit
Auditor’s remuneration (including expenses and benefits in 2,750 4,500 2,750 3,100
kind) for non-audit
Depreciation of tangible fixed assets 629,716 618,328 625,278 615,001
Operating lease rentals 15,820 16,196 15,820 16,196
Loss/(profit) on fair value movement of investments (note 10) 21,044 (552,268) 13,294 (14,776)
Government Grants receivable - (9,296) - (9,296)

6 Particulars of administrative expenditure

Staff salary costs
Pension costs
Staff training and welfare
Hotels, travel & subsistence
Office costs
Legal, audit and consultancy costs
Bad debts and finance charges
Premises costs
Depreciation
Irrecoverable VAT		 Group
Company
2023
2022
2023
2022
£
£
£
£
825,266
732,646
775,176
687,762
72,473
131,109
67,710
99,622
31,546
48,744
31,546
48,744
7,426
2,736
7,426
2,736
146,163
123,121
145,885
127,479
82,025
66,343
76,991
61,147
79,584
33,600
79,476
33,560
58,513
61,123
58,513
61,123
629,716
618,328
625,278
615,001
82,127
116,654
82,127
116,654
2,014,839
1,934,404
1,950,128
1,853,828

7 Staff costs

The aggregate remuneration of such employees was as follows:

Wages and salaries
Social security
Pension costs – defined contributions
Pension costs – defined benefit		 Group
Company
2023
2022
2023
2022
£
£
£
£
1,482,168
1,125,452
1,482,168
1,125,452
139,157
100,325
139,157
100,325
62,560
48,592
62,560
48,592
9,913
82,517
5,150
51,030
1,693,798
1,356,886
1,689,035
1,325,399

30

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

7 Staff costs (continued)

Both Milton Keynes YMCA and Northamptonshire YMCA participated in the YMCA Pension Plan (Pension Plan) a defined benefit based pension for employees of YMCAs in England. This Pension Plan is now closed to new members however the Charity is still required to contribute their share of the Pension Plan deficit. As a result of the effect of the COVID-19 pandemic on the global economy the valuation of the Pension Plan undertaken on 31 May 2020 showed that the pension deficit had increased from £33.6m to £39M. As a result an increase of £4,565 (2022 - £34,284) provision has been made in the accounts of the Group £671 ((2022 - £27,512) – Company) for their share of the deficit in addition to the annual contribution and administration fee of £48,409 (2022 - £58,582) for the Group ((£23,603 (2022 - £30,451) – Company). The Trustees are optimistic that this situation will be reversed at the next valuation in 2023. By 31 March 2021 the ratio of the value of assets to liabilities of the Pension Fund had increased to 79.0% from 69.0% at the date of the valuation.

The average number of employees, including members of the executive team, calculated on a full time equivalent basis during the year was as follows:

Group and company
Management
Resident Support
Fundraising
Property Services
Social Enterprise
Administration		 2023
Number
3
22
7
10
2
3
47		 2022
Number
3
15
5
8
5
3
39

The average monthly number of employees, including members of the executive team, during the year was 53 employees (2022 - 41).

No trustee received any remuneration in the year (2022 – £nil).

The number of employees who received more than £60,000 as their employee package (excluding pensions costs) are as follows:

2023 2022
Number Number
£80,001 - £90,000 1 1

The total remuneration for key management personnel amounted to £278,712 (2022 - £217,073).

31

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

8 Tangible fixed assets

Group
Cost or valuation:
At 1 April 2022
Additions
At 31 March 2023
Depreciation:
At 1 April 2022
Charge for the year on owned assets
Charge for the year on financial assets
At 31 March 2023
Net book value:
At 31 March 2023
At 31 March 2022		 Housing
properties
Fixtures &
fittings
Computer
equipment
Total
£
£
£
£
18,634,483
1,316
1,312,769
19,327
251,683
2,125
20,198,934
22,768
18,635,799
1,332,096
253,808
20,221,702
867,991
255,400
90,105
1,213,496
436,652
142,277
23,365
602,294
-
-
27,422
27,422
1,304,643
397,677
140,892
1,843,212
17,331,156
934,419
112,916
18,378,490
17,766,492
1,057,369
161,578
18,985,438

Land and buildings

Group and Company

The net book value of freehold housing properties land and buildings comprised:

Freehold
Aggregate amount of finance costs included in land and buildings		 2023
2022
£
£
17,331,156
17,766,492
649,070
649,070

Assets held under finance lease

Group and company

The net book value of assets held under finance lease at 31 March 2023 was £70,525 (2022 - £97,947). The depreciation charged on assets held under finance lease in the year to 31 March 2023 was £27,422 (2022 - £45,584).

32

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

8 Tangible fixed assets (continued)

Accumulated social housing grant received or receivable

Group and company

Group and company
At 1 April
Recognised in the Statement of Comprehensive Income
Held as deferred income at 31 March		 2023
£
3,730,608
(99,482)
3,631,126		 2022
£
3,830,091
(99,483)
3,730,608

The amount of accumulated social housing grant received or receivable from Homes England Capital Funding recognised in the Statement of Comprehensive Income in the year to 31 March 2023 was £99,482 (2022 - £99,483).

Company
Cost or valuation:
At 1 April 2022
Additions
At 31 March 2023
Depreciation:
At 1 April 2022
Charge for the year on owned assets
Charge for the year on financial assets
At 31 March 2023
Net book value:
At 31 March 2023
At 31 March 2022		 Freehold
properties
Office
equipment
Computer
equipment
Total
£
£
£
£
18,634,483
1,316
1,268,399
19,327
251,683
2,125
20,154,565
22,768
18,635,799
1,287,726
253,808
20,177,333
867,991
252,073
90,105
1,210,169
436,652
137,839
23,365
597,856
-
-
27,422
27,422
1,304,643
389,912
140,892
1,835,447
17,331,156
897,814
112,916
18,341,886
17,766,492
1,016,326
161,578
18,944,396

33

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

9 Tangible fixed assets – Investment Properties

Group

The net book value of freehold investment properties land and buildings comprised:

As at 1 April 2022
Surplus on revaluation
As at 31 March 2023		 Freehold
Investment
Property
£
1,350,000
-
1,350,000

Tangible fixed assets held at valuation at 31 March 2022 Group

The historic cost equivalent of land and buildings included at valuation are as follows:

Investment 2023 and 2022
properties Land & buildings
£ £
Cost and net book value 1,416,789 -

Valuation of Investment properties

The valuation at 31 March 2023 was made by the Trustees on an open market value for existing use basis. The trustees do not believe that the market value at 31 March 2023 of the investment properties is materially different to the valuation at 31 December 2021.

The Northamptonshire YMCA investment properties at Derngate were revalued at 31 December 2021 by professional valuers Kirkby Diamond. This was valued on a open market value basis for existing use.

10 Fixed asset investments

Cost or valuation
At 1 April 2022
Revaluation
At 31 March 2023
Carrying amount:
At 31 March 2023
At 31 March 2022		 Group
Listed
investments
£
344,349
(21,044)
323,305
323,305
344,349		 Company
Listed
investments
£
217,538
(13,294)
204,244
204,244
217,538

The fair value of listed investments for the Group and Company is determined by reference to the market value at the balance sheet date. All the fixed asset investments are held in the UK.

34

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

11 Stock

Stock
Group and company
Finished goods and goods for resale
Debtors
Trade debtors (gross social housing rent arrears)
Less provision for doubtful debts
Trade debtors (others)
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 2023
2022
£
£
2,497
-
Group
Company
2023
2022
2023
2022
£
£
£
£
245,608
154,462
245,608
154,462
(140,990)
11,728
(71,589)
154,381
(140,990)
11,570
(71,589)
154,066
-
-
42,804
962
4,267
3,791
4,267
3,791
109,196
109,478
96,605
96,744		 2023
2022
£
£
2,497
-
229,809
350,523
259,864
338,436
13
Creditors: amounts falling due within one year
Bank loans
Trade creditors
Rents paid in advance
Tax and social security
Pension creditor
Other creditors
Accruals and deferred income		 Group
Company
2023
2022
2023
2022
£
£
£
£
185,727
181,932
157,827
154,937
67,338
194,804
66,561
184,826
20,741
45,316
19,800
45,316
46,457
31,271
46,457
31,271
44,305
44,161
22,930
22,931
12,000
12,000
12,000
12,000
487,042
460,036
474,774
448,039
863,610
969,520
800,348
899,320

. The Company and Group have a bank loan of £4.4m from Charities Aid Foundation Bank repayable over 25 years from March 2020 with an initial 24-month repayment holiday. It was repayable at an interest rate of 1.75% above the bank’s base rate and is secured with a debenture on 1 North Sixth Street, Milton Keynes. During the year a fixed rate of 5.49% was agreed for the period to 19 November 2025.

The Group has three bank loans secured on the property at 47 - 49 Derngate, Northampton.

35

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

14 Creditors: amounts falling due after more than one year

Bank loans
Finance lease obligations
Accruals and deferred income		 Group
Company
2023
2022
2023
2022
£
£
£
£
4,294,798
4,479,481
4,087,186
4,245,063
4,738,983
4,899,392
4,738,983
4,899,392
9,033,781
9,378,873
8,826,169
9,144,455

Accruals and deferred income includes grants in support of the capital costs of the new campus of £3,631,127 (2022 - £3,730,609) from Homes England and £708,934 (2022 - £728,357) from the South East Midlands Local Enterprise Partnership. These will be released over the useful life of the assets that they relate to.

Included within the above are amounts falling due as follows:

Between one and two years:
Bank loans
Accruals and deferred income
Between two and five years:
Bank loans
Accruals and deferred income
Over five years:
Bank loans
Accruals and deferred income		 Group
Company
2023
2022
2023
2022
£
£
£
£
188,622
371,452
190,839
371,472
160,722
371,452
157,827
371,472
560,074
562,311
532,174
529,299
Group
Company
2023
2022
2023
2022
£
£
£
£
584,240
566,151
500,539
491,371
481,356
481,336
481,356
481,336
1,065,596
1,047,487
981,895
972,707
Group
Company
2023
2022
2023
2022
£
£
£
3,521,936
3,886,175
3,722,491
4,046,586
3,425,925
3,886,175
3,595,865
4,046,586
7,408,111
7,769,077
7,312,100
7,642,451

36

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

15 Commitments under operating leases

The future minimum lease payments under non-cancellable operating leases are as follows:

Group
Not later than one year
Later than one and not later than five years
Later than 5 years
Company
Not later than one year
Later than one and not later than five years
Later than 5 years
16
Deferred grant income
Group and Company
At 1 April 2022
Grants received in the year
Released to income during the year
At 31 March 2023
Amounts to be released within one year
Amounts to be released in more than one year
17 Share capital
Ordinary shares of £1 each
Allotted called up and fully paid
At 1 April 2022 and 31 March 2023		 2023
£
16,081
52,471
-
68,552
2023
£
15,781
51,871
-
67,652
2023
£
4,488,109
-
(148,048)
4,340,061
118,905
4,221,156
4,340,061
Number
12		 2022
£
16,120
53,450
12,564
82,134
2022
£
15,820
52,550
12,564
80,934
2022
£
4,606,181
29,131
(147,203)
4,488,109
148,048
4,340,061
4,488,109
£
12

37

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

18 Reserves

a) Income and expenditure reserve

The income and expenditure reserve represents cumulative surpluses and deficits net of other adjustments.

b) Revaluation reserve

The revaluation reserve represents the cumulative effect of revaluations of investment properties on an annual basis.

c) Restricted reserve

The restricted reserves have restrictions on how the reserves can be released.

d) Designated reserves

The designated reserves are where the trustees have set aside amounts for a particular purpose.

Designated Reserves
Group
Cyclical Repairs fund
New Services fund
Total designated funds
Cyclical Repairs fund
New Services fund
Total designated funds		 Balance
1 April 2021
Incoming
resources
Resources
expended
Transfers
Balance
31 March
2022
£
£
£
£
£
200,000
-
-
-
200,000
250,000
-
-
-
250,000
450,000
-
-
-
450,000
Balance
1 April 2022
Incoming
resources
Resources
expended
Transfers
Balance
31 March
2023
£
£
£
£
£
200,000
-
-
-
200,000
250,000
-
-
-
250,000
450,000
-
-
-
450,000

38

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

18 Reserves (continued)

Designated Reserves Company

Cyclical Repairs fund
New Services fund
Total designated funds
Cyclical Repairs fund
New Services fund
Total designated funds		 Balance
1 April 2021
Incoming
resources
Resources
expended
Transfers
Balance
31 March
2022
£
£
£
£
£
-
-
-
-
-
150,000
-
-
-
150,000
150,000
-
-
-
150,000
Balance
1 April 2022
Incoming
resources
Resources
expended
Transfers
Balance
31 March
2023
£
£
£
£
£
-
-
-
-
-
150,000
-
-
-
150,000
150,000
-
-
-
150,000

19 Reconciliation of operating (deficit)/surplus to cash flow from operating activities

(Deficit)/Surplus for the year
Interest received
Interest payable
Income from fixed asset investments
Depreciation and impairment of tangible fixed assets
Losses/(Gain) on investments
Proceeds of sale of investments
Increase in stock
Decrease/(increase) in trade and other debtors
Decrease/(increase) in trade and other creditors
Decrease/(increase) in pension deficit
Net cash flow from operating activities		 2023
£
(242,456)
(1,957)
186,108
(18,203)
629,716
21,044
-
(2,497)
120,714
(282,507)
(43,843)
366,119		 2022
£
378,323
(104)
90,200
(18,335)
618,328
(552,268)
60,000
-
(198,184)
33,010
29,174
440,144

39

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

20 Analysis of changes in net debt

Analysis of changes in net debt
Long-term borrowings
Short-term borrowings
Total liabilities
Cash and cash equivalents
Total net debt		 Balance at
1 April 2022
Cash flows
Balance at
31 March 2023
£
£
£
(4,479,481)
184,683
(4,294,798)
(181,932)
(3,795)
(185,727)
(4,661,413)
180,888
(4,480,525)
336,421
(3,485)
332,936
(4,324,992)
177,403
(4,147,589)

21 Pensions and other post-retirement benefits

a) Defined contribution pension plans

Group and company

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £62,560 (2022 - £48,592).

Contributions totalling £nil (2022 - nil) were payable to the fund at the reporting date and are included in creditors.

b) Defined benefit pension plans

Milton Keynes YMCA Limited and Northamptonshire YMCA participated in the YMCA Pension Plan (“Pension Plan”), 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 Pension Plan are held separately from those of Milton Keynes YMCA Limited and Northamptonshire YMCA and at the year-end these were invested in the Mercer Dynamic De-risking Solution, 62% matching portfolio and 38% 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 years’ time. The result of the valuation showed that the actuarial value of the assets was £146.1m. This 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 Pension Plan had a deficit of £39 million. Milton Keynes YMCA Limited and Northamptonshire YMCA have been advised that they will need to make annual contributions of £22,930 and £21,375 respectively from 1 May 2022. 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. The current recovery period is 6 years commencing 1st May 2023.

40

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

21 Pensions and other post-retirement benefits (continued)

In addition, Milton Keynes YMCA Limited and Northamptonshire YMCA may have over time liabilities in the event of the non-payment by other participating YMCAs of their share of the Pension Plans deficit. It is not possible currently to quantify the potential amount that Milton Keynes YMCA Limited and Northamptonshire YMCA may be called upon to pay in the future.

Group

Group
Within one
year
One to
two years
Two to five
years
After 5
years
After more
than one
year
Total
£
£
£
£
£
As at 31 March 2023
44,305
44,887
135,819
50,071
230,777
As at 31 March 2022
44,161
44,697
135,234
94,834
274,765
Company
Within one
year
One to
two years
Two to
five years
After 5
years
After more
than one
year
Total
£
£
£
£
£
As at 31 March 2023
22,930
23,421
70,863
26,153
120,437
As at 31 March 2022
22,931
23,322
70,563
49,483
143,368
Total
2023
£
275,082
-
Total
2022
£
-
318,926

Total
2023
£
143,367
-
Total
2022
£
-
166,299

22 Restricted Grant Funds

YMCA MK gratefully acknowledges the financial support from all the individuals and businesses who helped fund our new campus. Where restrictions were placed on the use of financial contributions these amounts have been allocated against fixtures & fittings purchases and included within restricted deferred capital grants to be released over the life of the assets.

There are too many generous contributions for all of them to be listed in these financial statements. Key grants are as follows:

Capital Grants

Homes England Capital Funding

YMCA MK received £3,929,574 of capital grant funding towards the provision of the 106 affordable rent selfcontained independent living flats at the new campus. The grant was allocated in full against housing properties purchases. The grant is held as a restricted deferred capital grant to be released over the life of the assets. £99,482 (2022 - £99,482) has been released in the year.

South East Midlands Local Enterprise Partnership (SEMLEP)

The South East Midlands Local Enterprise Partnership (SEMLEP) awarded the Charity a capital grant of £767,202 towards the construction costs of the social enterprise areas of the campus. The grant was allocated in full against housing properties purchases. The grant is held as a restricted deferred capital grant to be released over the life of the assets. £19,422 (2022 - £19,422) has been released in the year.

41

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

22 Restricted Grant Funds (continued)

Garfield Weston Foundation

The Charity received £50,000 from the Garfield Weston Foundation towards the capital costs of the Residents’ Lounge. This project was completed in August 2020; The grant is held as a restricted deferred capital grant to be released over the life of the assets. £678 (2022 - £678) has been released in the year.

Wolfson Foundation

YMCA MK received £50,000 from the Wolfson Foundation towards capital costs of the internal construction of the Youth Hub. The grant is held as a restricted deferred capital grant to be released over the life of the assets.

MK Community Foundation

The charity received £32,263 from the Wolfson Foundation towards capital costs of the internal construction of the Youth Hub. The grant is held as a restricted deferred capital grant to be released over the life of the assets.

SEMLEP

SEMLEP gave YMCA MK a £46,322 Recovery and Resilience Grant towards internal construction of the Youth Hub and Conferencing Break out Space. The grant is held as a restricted deferred capital grant to be released over the life of the assets.

Revenue Grants

The National Lottery Community Fund

YMCA MK has been awarded grant funding from The National Lottery Community Fund of £498,849 over three years commencing in December 2019 towards our ‘Under One Roof’ project. During the year to 31 March 2023 the Company recognised £84,563 of grant income against expenditure incurred (2022 – £152,408).

Garfield Weston Foundation

YMCA MK has been awarded grant funding from Garfield Weston of £25,000 towards core costs (2022 - £20,000).

NHS BLMK Clinical Commissioning Group

YMCA MK received grant funding from NHS BLMK Clinical Commissioning Group of £5,000 (2022 - £97,158) towards employment and activities work as part of their suicide prevention offer.

NHS Charities Together

YMCA MK received grant funding from NHS Together of £47,017 (2022 - £58,650) to fund Complex needs and the Hospital Navigator project.

HM Prison Services

YMCA MK received grant funding of £10,000 (2022 - £nil) to fund some consultation work and staff costs.

Thames Valley Violence Reduction Unit

£25,000 was paid to YMCA MK towards the Hospital Navigator project based as MK University Hospital, providing mentoring and signposting to young people who come to A&E in need of additional support.

23 Related party transactions

Milton Keynes YMCA Limited has a management service agreement with Northamptonshire YMCA. During the year there were amounts totalling £51,407 (2022 - £48,029) invoiced to Northamptonshire YMCA for accounting and management services. At the year end, there was £42,804 (2022 - £962) owed to Milton Keynes YMCA Limited from Northamptonshire YMCA. These balances are eliminated on consolidation.

42

DocuSign Envelope ID: 25BB5E98-F0A3-4094-9D92-EBAC9162114DDocuSign Envelope ID: 5D8E5A5A-DB7A-4BCB-A4C2-A6195BA19EAE

Milton Keynes YMCA Limited

Notes to the Financial Statements

Year Ended 31 March 2023

24 Financial instruments

The carrying amounts of the Group’s financial instruments are as follows:

Group
2023
£
Financial assets
Measured at fair value through the statement of comprehensive income:
- Fixed asset listed investments (note 10)
323,305
Debt instruments measured at amortised cost:
- Trade debtors (note 12)
116,346
- Other debtors (note 12)
4,267
120,613
2023
Financial liabilities
£
Measured at amortised cost
- Trade creditors (note 13)
67,338
- Other creditors (note 13)
56,305
123,643
The income, expenses, net gains and net losses attributable to the Group’s financial instruments a
summarised as follows:
2023
£
Net gains and losses (including changes in fair value)
Financial assets measured at fair value through the statement of
comprehensive income
(21,044)		 2022
£
344,349
237,254
3,791
241,045
2022
£
194,804
56,161
250,965
re
2022
£
552,268

43