2021-03-31-accounts - YMCA Thames Gateway

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Registeredoffice	YMCAThamesGatewaY RushGreenRoad
	Romford
	Essex
	RM7OPH
Auditor	HW FisherLLP
	AcreHouse
	11-15 WilliamRoad
	London
	NW13ER
	UnitedKingdom
Bankers	National WestminsterBankPLC
	10South Street
	Romford
	Essex
	RMl1RD
Solicitors	Bates Wells
	10 QueenStreetPlace
	London
	EC4R1BE
Investmentmanagers	BarclaysBankPlc
	1ChurchillPlace
	London
	E14sHP

	Page
CEOand Chairman's report	4
Trustees' and Directors' report	5-24
Trustees' responsibilities statement	25
Independentauditor'sreport	26-29
Income and expenditureaccount	30
Balance sheet	31
Statementofchangesin equity	32
Statement ofcashflows	33
Notestothefinancial statements	34-51

YMCA THAMES GATEWAY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF YMCA THAMES GATEWAY state to the company's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyclne other than the company and the company's members, as a body, for our audlt work, for this report. or for the opinions we have formed. Sailesh Mehta (Senior Statutory Auditor) For and on behalf of HW Fisher LLP Chartered Accountants statutory Auditor Acre House 11-15 Williarn Road London NWI 3ER United Kingdom 29

			202L		zfJzfJ
	Notes	E	E	E	E
Income	3		6,465,r27		6,269,962
Costofsales
Pensionrevaluationcharge Other		(277,763) (4,648,674)		(4,605,863)
			(4,925,857)		(4,605,863)
Grosssurplus			7,539,270		!,664,099
Administrativeexpenses			(1,882,303)		(1,835,839)
Operatingdeficit Deficit beforepension	4	(65,870)		(777,740)
revaluationcharge Pensionrevaluationcharge		(277,163)
			(343,033)		(77 7,740)
Interestreceivableandsimilar
income	7		44,644		60,o7L
Interestpayable and similar expenses	8		(69,756)		(60,318)
Fairvalue gains andlosseson fixed asset investments	9		306,390		(203,8L7)
Fairvaluegainsandlosseson investmentproperties	13		10,000		61,000
Deficitbeforetaxation			(51,755)		(314,804)
Taxon deficit	11
Deficitforthe financialYear			(51,755)		(314,804)

			2fJ2L		2fJ2()
	Notes	E	E	E	E
Fixedassets
Tangibleassets	L2		17,285,O20		14,679,487
Investmentproperties	13		580,000		570,000
Investments	L4		r,686,629		L,384,852
			19,557,649		16,634,339
Current assets
Stocks	15	8,257		6,805
Debtors	16	567,47t		395,014
Cashatbank andinhand		26r,rst		7,904,349
		836,879		2,306,L68
Creditors: amountsfallingdue	L7	(1,532,886)		(7,502,407)
Netcurrent (liabilities)/assets			(696,007)		BO3,76L
Total assetslesscurrentliabilities			18,855,642		17,438,700
Creditors:amountsfallingdueafter
morethanone year	18		(3,243,885)		(r,774,588)
Deferredgrants	20		(2,I07,500)		(2,r07,5O0)
Net assets			13,504,257		13,556,012
Reserves
Restrictedfunds	23		14,387		4 30 7
Revaluationreserve	24	4,429,5O9		4,532,52r
Otherreserves	25	7,47!,3L7		9,368,638
Income and expenditureaccount		7,589,O44		(349,877)
			13,489,870		73,55r,282
Members'funds			73,504,257		13,556,012

	Restricted	Revaluation	Designated	Incomeand	Total
	funds	reserve	funds	expenditure
	E	E	E	E	E
Balanceat1April2019	7,525	4,635,533	7,789,35r	L,438,407	13,B70,B166
Year ended31March2O2O
Deficitandtotalcomprehensive
incomefortheyear Other movements	(2,795)	(103,012)	- (312,009) r,579,287(r,476,275)		(314,804)
Bafanceat 31March2O2O	4,730	4,532,52r	9,368,638	(349,877)	13,556,012
Year ended 31 March2O2L
Deficitandtotal	9,657			(6L,472)	(51,755)
Other movements		(103,012)	(r,897,32r)	2,000,333
Balanceat 31March2OZL	74,3874,429,509		7,47r,377	7,589,044	13,504,257

			202L			2(J2r)
	Notes	E		E	E	2
Cashflowsfromoperating
activities
Cash(absorbedby)/generatedfrom
operations	28		(80,1	56)		2,725,929
Interestpaid			(r8,476)			(e7s)
Net cash(outflow)/inflowfrom
operatingactivities			(98,632)			2,724,954
Investing activities
Purchaseof tangible fixedassets		(2,923,574)			(r,6L2,645)
Cashfrom investmentportfolio		44,644			6L0,077
Net cash usedininvesting			(2,878,870)			(7,002,574)
Financingactivities
Proceedsfromborrowings		1,584,305			2OO,975
Repaymentofborrowings		(LL4,347)
Paymentofpension obligations		(135,654)			(131,701)
Net cash generatedfrom
financingactivities			r,334,3O4			69,274
Net(decrease)/increase incash
and cashequivalents			(1,643,198)			L,79r,654
Cashandcashequivalents at
beginning of year			1,904,349			LL2,695
Cashandcashequivalentsatend of year			26t,r5r			L,go4,34g

Fortheyearended31M	arch2O2L
	Turnover	Operating	Operating
		costs	surplus
	E	E	E
Socialhousinglettings Rent	2,267,672	(2,05O,796)	zto,876
Service charges Socialhousinggrant Otherincome	1,626,308 534,679 26,427	(7,636,937) (528,627) (26,427)	(10,629) 5,992
	4,449,026	(4,242,787)	206,239
Non-socialhousing Healthand wellbeing Child andfamilyservices Youth services	L29,994 916,529 79,277	(373,575) (1,064,190) (110,261)	(243,587) (r47,66L) (30,984)
Cateringservices Other activities	44,7LL 275,560	(80,361) (89,793)	(35,650) 185,767
Otherincome	570,030	(570,030)
	2,016,101	(2,288,2r0)	(272,L09)
	6,465,127	(6,530,997)	(65,870)

Fortheyear ended31	March2O2O
	Turnover	Operating costs	Operating surplus
	E	E	E
Socialhousing lettings Rent	2,0O2,649	2,r34,836	(132,r87)
Service charges Socialhousinggrant	1,456,772 442,527	1,539,093 476,376	(82,32r) (33,855)
	3,90r,942	(4,150,305)	(248,363)
Non-socialhousing Healthand wellbeing Child andfamilyservices Youthservices	446,6r2 7,265,442 83,623	507,880 7,303,434 LOz,59r	(61,268) (37,992) (18,968)
Cateringservices Other activities	745,372 427,03L	162,562 274,930	(17,250) 2t2,LOr
	2,368,020	(2,291,397)	76,623
	6,269,962	(6,447,702)	(L7r,7 40)

Operating deficit
	202L	20zfJ
Operating deficitfor theyearisstated aftercharging	c	E
Feespayableto thecompany'sauditor for the auditof the
company'sfinancial statements	20,000	18,000
Depreciation of owned tangiblefixedassets	317,987	307,778
Operatinglease charges	35,329	36,996

duringtheyearwas:
	202L	2fJ2(J
	Number	Number
Housing	43	47
Communityhealth	L4	15
Children'sservices	7B	75
Youthservices	4	3
Cateringservices	I7	77
Executiveteam	10	6
Corporateservicesand administration	20	2L
Site operations andcleaning	1B	19
Membership andreception	20	20
Total	224	2r7

Their aggregate remunerationcomprised:
	202L	2f)20
	E	E
Wagesandsalaries	3,830,634	3,773,r07
Socialsecuritycosts	269,435	26t,257
Pension costs	453,294	155,336
	4,553,363	4,7Bg,7OO
Redundancypaymentsmadeor committed	72,991	9,634

The num	berofemployeeswhose annual em	oluments€60,000ormorewere:
		2f)2L	zfJzrJ
		Number	Number
[60,000	-f70,000	2	2
[70,001	-[B0,0oo	1	1
€80,001	-f100,000	1	1
		4	4

Executivestaffemoluments
	zrJ2L	202()
	E	E
Emoluments	434,L02	393,999
Pensioncontributions	28,877	26,047
Total emoluments	462,973	42O,040

ief Executiv	e)was
202L	2fJ20
€	E
95,931	95,217

Interestreceivable andsimilarincome
	2(J2L	zfJ2fJ
	E	E
Income from fixedassetinvestments Incomefromother fixed asset investments	44,644	60,07t

Interestpayable andsimilarexpenses
	202L	zfJzfJ
	E	E
Interestonfinancialliabilitiesmeasuredat amortisedcost:
Intereston bank overdrafts andloans	78,476	975
Otherintereston financial liabilities	27,573	32,49I
	46,049	33,466
Otherfinancecosts:
Unwindingofdiscount onpensionobligation	23,707	26,852
	69,756	60,318
Fairvaluegains/(losses)onfixedassetinvestments
	zfJ2L	2020
	E	E
Gainon disposal offixedasset investments	472	13,970
Movementinmarketvalue	305,918	(2I7,787)
	306,390	(203,8r7)

Tangiblefixedassets	Freehold Leasehold	Assets	Fixtures		Office	Motor	Total
	buildings landand buildings	under construction	and fittings	equipment		vehicles
	E E	2	E		E	E	E
Cost At1April2020 Additions	13,724,530 229,645 1,883,975	577,782 2,584,409	1,788,331 109,460		89,902	83,772	18,r48,292 2,923,5r4
At 31March2021	13,954,!751,883,9753,762,!91		7,897,79r		89,902	83,772	27,077,806
Depreciation andimpairment At1April2020 Depreciation charged intheyear	L,254,823 t72,974 474,534 37,680		1,568,031 706,765		87,645 622	83,772	3,469,805 3r7,987
At31 March2O2L	7,427,737572,2L4		L,674,796		88,267	83,7723,786,786
Carryingamount At 31March 2O2I	72,526,438t,37r,76L 3,!62,191		222,995		1,635		L7,285,O20
At 31March2O2O	L2,469,707r,4O9,44r	577,782	22O,3OO		2,257		74,679,487

Investmentproperty
	2f)21"
	E
Fairvalue
At1April2020	570,000
Netgainsorlossesthrough fairvalue adjustments	10,000
At 31March2027	580,000

Fixed assetinvestments
	202L	202(J
	E	E
Listed investments	r,683,27L	1,381,096
Cash	3,418	3,756
	r,686,629	7,384,852

Movements infixedassetinvestment	s
	Investments	Cash	Total
	otherthan
	E	E	E
Costor valuation
At1April2020	1,381,096	3,756	1,384,852
Valuationchanges	305,918		305,918
Investmentincome		44,644	44,644
Investmentmanagementfees		(4,613)	(4,613)
Disposals	(3,803)	4,275	472
Transfertobank		(44,644)	(44,644)
At 31March2027	!,683,277	3,4L8	1,686,629
Carrying amount At 31March zOZt	7,683,2!t	3,478	7,686,629
At 31March2020	1,381,096	3,756	!,384,852

16	Debtors: amountsfallingduewithinoneyear
			202L	202f,
			E	E
	Service charges due		263,8r4	258,750
	Other debtors		10,509	12,644
	Prepaymentsand accruedincome		293,t48	t23,620
			567,47L	395,014
L7	Creditors: amountsfallingduewithinoneyear		202L	20ztJ
		Notes	E	E
	Other borrowings Trade creditors	19	608,937 463,970	427,736 20r,766
	Taxation andsocial securitY		64,663	74,L83
	Other creditors		247,154	113,901
	Accrualsand deferredincome		L4B,162	685,427
			1,532,886	1,502,407
18	Creditors: amountsfallingdueaftermorethan	one year	202L	2020
		Notes	E	E
	Other borrowings Accruedpensiondeficitcontributions	19 2L	2,405,547 838,338	7,OBg,2L7 685,377
			3,243,885	r,774,588
19	Loans andoverdrafts
			202L	2fJ20
			A	E
	Otherloans		3,074,484	1,516,953
	Payablewithinoneyear Payableafteroneyear		608,937 2,405,547	427,736 L,089,217

Deferredgrants
	202L	2020
	E	E
Arisingfrom governmentgrants	2,707,500	2,707,500

Retirement benefitschemes
Definedcontributionschemes	zfJ2L E	2f)20 E
Chargetoprofitor lossinrespectof definedcontributionschemes	776,717	155,336
Pensionrevaluationcharge	277,763

Restrictedfunds
	zfJ2L	2020,
	E	E
Atthebeginning oftheyear Incomingresources Resources expended	4,730 45,000 (35,343)	7,525 15,285 (1B,0Bo)
Attheend oftheyear	74,387	4,730

Revaluation reserve
	202L	zfJ20
	E	s
Atthebeginning oftheyear	4,532,527	4,635,533
Other movements	(103,012)	(103,012)
Attheendoftheyear	4,429,509	4,532,52r

ingfromtherevaluati Designatedfunds	on.
	Pension	Investment	Property	Total
	reserve	revaluation	assetfund
		reserve
	E	E	E	E
At1April2019	(796,999)	rr7,309	8,469,047	7,789,35r
Other movements	1 11,628	72,291	1,455,368	r,579,287
At 31March2020	(685,371)	t29,600	9,924,409	9,368,638
Other movements	(264,203)	577,074	(2,2rO,L92)	(r,897,32r)
At 31March 2O2I	(949,574)	706,674	7,7!4,217	7,47L,377

payments under non-cancellableoperatinglea	ses,whichfalldueasfollows:
	202L	2020
	E	E
Withinoneyear	55,329	35,329
Betweentwoandfiveyears	725,632	185,759
	1B0,961	227,OBB

werenodisclosable relatedpartytransactionsduring year( Cash(absorbedby)/generated fromoperations	2020:fnil).
	2fJ2L	2fJ2(J
	E	s
Deficitfor theyearaftertax	(51,755)	(314,804)
Adjustments for: Finance costs	69,756	60,318
Investmentincome	(44,644)	(60,071)
Investmentmanagementcharges Fairvalue gain on investmentproperties	4,613 (10,000)	5,577 (61,000)
Depreciation and impairment of tangible fixedassets Gainonsaleofinvestments	3r7,9B7 (472)	307,7L8 (13,970)
Unrealised(gain)/lossonfixedasset investments	(305,918)	2r7,787
Pensionscheme non-cash movement	27L,299
Increaseindeferredincome		2,r07,500
Movements inworkingcaPital: (Increase)/decrease instocks Increase in debtors	(L,452) (772,457)	B2t (77,657)
(Decrease)/increase in creditors	(L57,707)	553,776
Cash(absorbedby)/generated fromoperations	(80,156)	2,725,929

Analysisofchangesinnetfunds/(debt) 1April 2020	Analysisofchangesinnetfunds/(debt) 1April 2020	Cash flows	Market value	31March 202t
	2	E	E	E
Cashatbank andinhand	L,904,349	(1,643,198)	-	261,157
Borrowingsexcluding overdrafts	(1,516,953)	(7,657,594)	160,063	(3,0r4,484)
	387,396	(3,300,792)	160,063	(2,753,333)

Residentialunitsunder management
	202L	2(J2fJ
	Number	Number
The numberofhostel accommodationbed spacesin
management	794	794
The numberofunitsofhousing accommodationin
management:
GeorgeWilliamsHouse	10	10
RedTriangleHouse	4	4
HedleyHouse	B	B
Church View	10	10
BrookfieldCourt	9	3
Defiance Walk	40	40
SarahTurnbullHouse	44	43
Total	319	312