**REGISTERED COMPANY NUMBER: 07698413 (England and Wales) REGISTERED CHARITY NUMBER: 1143409** 

## **REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 31 MARCH 2022** 

## **FOR** 

## **PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

Watts Gregory LLP Chartered Accountants & Statutory Auditors Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS 



**PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** 

|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|5|
|**Report of the Independent Auditors**|6|to|8|
|**Statement of Financial Activities**||9||
|**Balance Sheet**||10||
|**Cash Flow Statement**||11||
|**Notes to the Cash Flow Statement**||12||
|**Notes to the Financial Statements**|13|to|20|
|**Detailed Statement of Financial Activities**||21||





**PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022** 

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). 

## **OBJECTIVES AND ACTIVITIES** 

## **Objectives and aims** 

The objectives of the charity set out in our governing document include:- 

“To provide or assist in the provision in the social interest, of social welfare facilities for recreation, education and social inclusion and other leisure time occupation for men and women with the object of improving their social, educational, occupational, physical and spiritual conditions of life.” 

The work we undertake to deliver the objectives in our Memorandum and Articles includes consideration of the Charity Commission's guidance on public benefit. Working in partnership we want to provide a supportive, welcoming atmosphere for fun, learning and wellbeing providing facilities for a thriving community encouraging growth, respect and friendship in a supportive atmosphere. To do this we have worked to attract organisations and agencies that can provide the kind of services which contribute to ensuring that our objectives are met. 

The charity works with partners to achieve the two main aims:- 

- Tackling Poverty 

- Social Inclusion 

The charity provides facilities and nurtures partnerships that enable the growth of people's social, physical and emotional wellbeing, particularly focusing on activities that support young people. The charity is committed to ensuring that all programmes are accessible to people of all ages and abilities. 

## **Significant activities** 

Construction for the redevelopment of the YMCA building progressed through 2021/22 and the design for a public artwork for the building was co-created by local community groups and artists Heinrich & Palmer. The Business Plan Review with our key partner, Artis Community, progressed with the support of a business developer and the tendering process for tenancies commenced. We worked together engaging local people in community conversations to create the vision for how the building should feel, look and what it could offer. This will build programmes with and for people in our communities who are most challenged by their circumstances, and who experience disadvantage and social isolation. 

During the year, the charity continued to manage the 'Our Place' project through its final year of Children in Need fundraising. 

## **Digital** 

Throughout the Covid-19 pandemic, activity has relied on digital platforms for collective engagement in activity. Our Place parents created a website: Mams.Wales and continued to update the site as a means of sharing information. Some mums signed up to a Be Collective portal project and engaged in research with University South Wales for the evaluation of the project. 

## **Public benefit** 

The trustees can confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission. Significant activities that we undertook during the year that demonstrate public benefit are set out in the following pages. 

Page 1 



**PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022** 

## **ACHIEVEMENT AND PERFORMANCE** 

As in the previous year, throughout the Covid-19 pandemic, construction progressed on the redevelopment of the Pontypridd YMCA building. With support from our partner, Artis Community, the Our Place project completed successfully with the evaluation report evidencing some very positive outcomes. 

## **Key achievements** 

We worked with Artis Community to: 

- Combine online community connections with the gradual reintroduction of face-to-face activity. 

- Develop the Business Plan for the future sustainability of YMa: Man Creu Meithrin Celf | Place for Culture Creativity Arts, the redeveloped Pontypridd YMCA building. 

- Secure further funding to cover construction shortfall. 

- Successfully complete the Our Place project. We commissioned University of South Wales to evaluate the 3 year project. Conclusions were as follows: 

   - ●Our Place evidenced a wide range of positive impacts on the parents including, improved confidence, upskilling, improved creativity and improved mental health and wellbeing. 

   - ●Peer to peer interactions are valued, providing parents support and reassurance in an encouraging community dynamic such as knowledge and experience sharing between parents. 

   - ●There is a vast impact on child development such as improved language and numeracy skills, mobility, physical development, socialisation, and independence. 

   - ●Our Place has evidenced all the Children in Need change indicators and almost all of the Big Lottery change indicators, however it is likely that COVID restrictions / the move to online impacted this. 

   - ●Future recommendations for Our Place include continued support for parents when their children move on, provision of high chairs for in person sessions and inclusion of activities suitable for young babies. 

## **FINANCIAL REVIEW** 

## **Financial position** 

The financial results for the year ended 31 March 2022 are shown in the attached financial statements. Total income for the year was £1,999,869, total revenue expenditure for the year was £26,204, giving a net surplus for the year of £1,973,665 (2021: £1,951,850). 

The redevelopment of the YMCA building continued during the year, resulting in a total capital spend for the year of £2,248,824. 

The restricted income was £1,998,041, the net surplus on restricted funds was £1,981,878. The unrestricted income was £1,828, the net expenditure on unrestricted funds was £8,213. 

The position at the end of the year showed a cash at bank figure of £51,536 and total funds of £5,378,414. 

## **Principal funding sources** 

Pontypridd YMCA continued to receive support from Arts Council Wales and Rhondda Cynon Taf County Borough Council throughout the year in respect of claims against the capital project. Grants were also recognised in the year from Welsh Government Community Facilities Programme and The Moondance Foundation. During the prior year, grant funding was also received from Children in Need and The Cadenza Partnership. 

## **Investment policy and objectives** 

Under the Constitution, the charity has the power to borrow and raise money for any purpose, including the investment of monies raised, consistent with the objects of the charity. 

## **Reserves policy** 

It is the trustees' policy to try to have adequate general reserves in order to provide financial resources to continue the charity's core activities should there be a loss of income or unexpected expenditure. The amount of reserves available to the YMCA will need to be managed diligently to ensure that the YMCA is able to make the transition through the building period of the capital project and return to the redeveloped building looking forward to a vibrant future. 

The level of free reserves held at the year end was £6,802 (2021: £15,015). 

Page 2 



**PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022** 

## **FUTURE PLANS** 

The YMCA building in Pontypridd commenced construction in February 2020 for what will be a refurbished, state of the art landmark building in the town centre. 

In March 2020 the country began to fully realise the impact of Covid-19 as we went into lock down. The consequence of which necessitated a change in the way we practice and deliver our programmes. With our partner Artis Community, we continue to explore new ways of connecting and engaging with our communities through digital platforms, doorstep drop off creativity packs, telephone conversations and intergenerational postal activity exchanges. 

Our future plans include:- 

Working with Artis Community to:- 

- Develop the business plan for the future sustainability of YMa: Man Creu Meithrin Celf | Place for Culture Creativity Arts, the redeveloped Pontypridd YMCA building. 

- Develop a programme focusing on arts, creativity and culture that will provide economic regeneration, tackle disadvantage and nurture social inclusion. 

- Consolidate and build on relationships with community partners in and around the Pontypridd area and the building will continue to provide a safe and welcoming environment for people of all ages and abilities to take part in learning, creative and social activities. 

- Continue to focus on developing grassroots initiatives that reach out and engage with all parts of our community. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** 

Pontypridd YMCA is a company limited by guarantee and a registered charity. The company is governed by its Memorandum and Articles and is determined to build on the previous 100 years history, continuing to grow and provide a thriving community facility for the communities in and around Pontypridd. 

## **Recruitment and appointment of new trustees** 

The number of trustees shall not be less than three, unless otherwise determined by ordinary resolution, but not more than twelve excluding the President, Chair and Treasurer. At each Annual General Meeting one third of the trustees, or if their number is not three or a multiple of three, the nearest number to one third, must retire from office. They are however able to stand for re-election. 

## **Organisational structure** 

The YMCA is governed by a Board of Trustees. The Board meets at least six times per year. We work with the staff of our key partner Artis Community to develop and deliver our programmes. 

## **Induction and training of new trustees** 

New trustees undergo an orientation day to brief them on their legal obligations; the content of the constitution; the committee and decision-making process; the business plan and recent financial performance of the charity, etc. During the induction day they will meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Each trustee is issued with an updated induction pack annually. 

## **Risk management** 

The trustees have a risk management strategy which comprises: 

- an annual review of the risks the charity may face; 

- the establishment of systems and procedures to mitigate those risks; and 

- the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise. 

Along with what could be described as "normal" risks inherent in managing a charity, the Board are also aware of the additional risks that will be taken on with the management of a large capital project. Consequently, a risk management register specific to the capital project has been developed, looking at the transition period, which will see major work being undertaken at the YMCA. During this time the YMCA will need to continue a presence away from the building. The form that this presence will take will be dependent on the finances available to the YMCA at this time. 

Page 3 



**PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022** 

## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 07698413 (England and Wales) 

|**Registered Charity number**|||
|---|---|---|
|1143409|||
|**Registered office**|||
|JR House D6|||
|Main Avenue|||
|Treforest Industrial Estate|||
|PONTYPRIDD|||
|CF37 5UR|||
|**Trustees**|||
|S Humphreys|Chair from 8 April 2021||
|N J Evans|Vice Chair||
|K Walters||Resigned 16 March 2022|
|J Brencher|||
|P W Hughes|||
|**Senior management**|||
|J Angharad|Project Lead Executive Officer||
|H Hitchins|Project Lead Company Manager||
|S Jones|Project Lead Executive Assistant||
|**Auditors**|||
|Watts Gregory LLP|||
|Chartered Accountants & Statutory|Auditors||
|Elfed House|||
|Oak Tree Court|||
|Cardiff Gate Business Park|||
|CARDIFF|||
|County of Cardiff|||
|CF23 8RS|||
|**Bankers**|||
|Unity Trust Bank Plc|||
|Nine Brindley Place|||
|Birmingham|||
|B1 2HB|||



## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

The trustees (who are also the directors of Pontypridd Young Men's Christian Association for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

Page 4 



**PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022** 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued** 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

In so far as the trustees are aware: 

- there is no relevant audit information of which the charitable company's auditors are unaware; and 

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

Approved by order of the Board of Trustees on ............................................. and signed on the board's behalf by: 

...................................................................... Nicola Evans - Chair 

Page 5 



## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

## **Opinion** 

We have audited the financial statements of Pontypridd Young Men's Christian Association (the 'charitable company') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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** 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. 

In auditing the financial statements, we have concluded that the directors' 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern in exceptional or unforeseen circumstances. 

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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. 

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. 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: 

- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Report of the Trustees has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. 

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

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

Page 6 



Page 6

**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

## **Responsibilities of trustees** 

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

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

## **Our 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 a Report of the Independent Auditors 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. 

Based on our understanding of both the company and industry, we identified the principal risks of non-compliance with laws and regulations and considered the extent to which any non-compliance might have on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and ensured that all those involved in the audit undergo regular update training, including on how to identify or recognise fraud and non-compliance with laws and regulations. 

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inaccurate journals. We addressed these risks by carrying out specifically targeted procedures, which included: 

- discussions with management, including consideration of any known or suspected instances of non-compliance with laws and regulations and/or fraud; 

- reading minutes of meetings of those charged with governance; 

- considering the appropriateness of journal entries and other adjustments; 

- evaluating the reasons for any large of unusual transactions; 

- reviewing disclosures in the financial statements to underlying supporting documentation. 

As outlined above, reasonable assurance is a high level of assurance, but is not a guarantee that a material misstatement may always be detected. The extent to which our procedures are capable of detecting material misstatements or irregularities, including fraud, is therefore subject to the inherent limitations of an audit. There is therefore, an unavoidable risk that a material misstatement may not come to light, in particular, where non-compliance with laws and regulations are remote from events and transactions reflected in the financial statements or where fraud or errors arise due to intentional misrepresentation, forgery, concealment, management override and/or collusion. 

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 Report of the Independent Auditors. 

Page 7 



## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

## **Use of our report** 

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

Julia Mortimer FCCA (Senior Statutory Auditor) for and on behalf of Watts Gregory LLP Chartered Accountants & Statutory Auditors Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS 

Date: ............................................. 

Page 8 



## **PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022** 

||||||2022||2021|
|---|---|---|---|---|---|---|---|
|||Unrestricted<br>Restricted|||Total||Total|
||||fund<br>funds||funds||funds|
||Notes||£<br>£||£||£|
|**INCOME AND ENDOWMENTS FROM**||||||||
|Donations and legacies|3|1,828|1,998,041|1,999,869||2,008,120||
|**EXPENDITURE ON**||||||||
|Raising funds|4|3,450|-|3,450||1,200||
|**Charitable activities**|5|||||||
|Charitable activities||6,591|16,163|22,754||55,070||
|**Total**||10,041|16,163|26,204||56,270||
|**NET INCOME/(EXPENDITURE)**||(8,213)|1,981,878|1,973,665||1,951,850||
|**RECONCILIATION OF FUNDS**||||||||
|**Total funds brought forward**||15,015|3,389,734|3,404,749||1,452,899||
|**TOTAL FUNDS CARRIED FORWARD**||6,802|5,371,612|5,378,414||3,404,749||



The notes form part of these financial statements 

Page 9 



## **PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

## **BALANCE SHEET 31 MARCH 2022** 

|||||2022|2021|
|---|---|---|---|---|---|
|||Unrestricted<br>Restricted||Total|Total|
|||fund<br>funds||funds|funds|
||Notes||£<br>£|£|£|
|**FIXED ASSETS**||||||
|Tangible assets|11|-|5,269,375|5,269,375|3,020,551|
|**CURRENT ASSETS**||||||
|Debtors|12|67,000|169,755|236,755|172,620|
|Cash at bank and in hand||(52,502)|104,038|51,536|413,595|
|14,498<br>273,793 288,291 586,215||||||
|**CREDITORS**||||||
|Amounts falling due within one year|13|(7,696)|(171,556)|(179,252)|(202,017)|
|**NET CURRENT ASSETS**||6,802|102,237|109,039|384,198|
|**TOTAL ASSETS LESS CURRENT LIABILITIES**||6,802|5,371,612|5,378,414|3,404,749|
|**NET ASSETS**||6,802|5,371,612|5,378,414|3,404,749|
|**FUNDS**|14|||||
|Unrestricted funds||||6,802|15,015|
|Restricted funds||||5,371,612|3,389,734|
|**TOTAL FUNDS**||||5,378,414|3,404,749|



The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 

............................................. S Humphreys - Chair 

The notes form part of these financial statements 

Page 10 



**PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022** 

|Notes<br>**Cash flows from operating activities**<br>Cash generated from operations<br>11,886,909<br>Interest paid<br>(144)<br>(190)<br>Net cash provided by operating activities<br>1,8<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets (2,248,824)<br>(1,705,621)<br>Net cash used in investing activities<br>(2,<br>**Change in cash and cash equivalents in**<br>**the reporting period**<br>(362,059)<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>413,595<br>**Cash and cash equivalents at the end of**<br>**the reporting period**<br>51,536|2022<br>£<br>2,097,927<br>86,765<br>2,097,737<br>248,824)<br>(1,705,621)<br>392,116<br>21,479<br>413,595|2021<br>£|
|---|---|---|
||||
||||
||||
||||
||||



The notes form part of these financial statements 

Page 11 



**PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

**NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022** 


**----- Start of picture text -----**<br>
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES<br>2022 2021<br>£ £<br>Net income for the reporting period (as per the Statement of Financial<br>Activities) 1,973,665 1,951,850<br>Adjustments for:<br>Interest paid 144 190<br>(Increase)/decrease in debtors (64,135) 193,205<br>Decrease in creditors (22,765) (47,318)<br>Net cash provided by operations 1,886,909 2,097,927<br>2. ANALYSIS OF CHANGES IN NET FUNDS<br>At 1/4/21 Cash flow At 31/3/22<br>£ £ £<br>Net cash<br>Cash at bank and in hand 413,595 (362,059) 51,536<br>413,595 (362,059) 51,536<br>Total 413,595 (362,059) 51,536<br>**----- End of picture text -----**<br>


The notes form part of these financial statements 

Page 12 



**PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** 

## **1. STATUTORY INFORMATION** 

Pontypridd YMCA is a registered charity and private company limited by guarantee, incorporated in Wales within the United Kingdom. The registered office is JR House D6 Main Avenue, Treforest Industrial Estate, Pontypridd, CF37 5UR. The YMCA building is located at Crossbank Street, Pontypridd, CF37 4TS. 

The company is limited by guarantee and consequently does not have any share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. 

The principal activities and nature of the charity's operations are disclosed within the Report of the Trustees. 

The financial statements are presented in Sterling (£), the company's functional currency, 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. 

## **2. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 Section 1A Update Bulletin 1) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. 

There have been no material departures from Financial Reporting Standard 102. 

## **Going concern** 

The trustees are satisfied that despite the Coronavirus pandemic, it is appropriate for the charity's financial statements to be prepared on a going concern basis. The pandemic has resulted in a number of uncertainties arising and the trustees have taken steps to minimise the effect on the charity and will continue to do so. In the circumstances they have concluded that no adjustments are required to the financial statements at this time. 

## **Income** 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably. 

This includes capital grants. 

Donations and legacies income includes donations, gifts and grants that provide core funding or are of a general nature, and are recognised where there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when the donor specifies it must be used in future accounting periods or the donor has imposed conditions which must be met before the charity has unconditional entitlement. 

Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions. This income is recognised as the related services are provided and there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Income is deferred when the amounts received are in advance of the performance of the service or event to which they relate. 

Investment income is recognised on a receivable basis. 

It is not the policy of the charity to show income net of expenditure. 

Page 13 

continued... 



**PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** 

## **2. ACCOUNTING POLICIES - continued** 

## **Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. 

Support costs are those costs that, whilst necessary to deliver an activity, do not themselves produce or constitute the output of the charitable activity. This includes governance costs which are those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees and costs linked to the strategic management of the charity as well as a proportion of salaries based on an approximation of time spent in this area. 

## **Allocation and apportionment of costs** 

All costs are allocated between the expenditure categories on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis. 

## **Tangible fixed assets** 

Fixed assets are initially recorded at cost. 

Depreciation is provided on tangible fixed assets so as to write off the cost, less any residual value, over their expected useful economic life as follows: 

Long leasehold property improvements Over the 99 year term of the lease 

Long leasehold property improvements are held at cost and not depreciated, whilst being redeveloped. 

## **Taxation** 

The charity is exempt from corporation tax on its charitable activities. 

## **Financial instruments** 

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 

## **Debtors** 

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. 

## **Creditors** 

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. 

## **Fund accounting** 

## **Unrestricted funds** 

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. 

## **Restricted funds** 

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure, which meets these criteria, is charged to the fund, together with a fair allocation of support and governance costs. 

Page 14 

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**PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** 

## **2. ACCOUNTING POLICIES - continued** 

## **Pension costs and other post-retirement benefits** 

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. 

## **3. DONATIONS AND LEGACIES** 


**----- Start of picture text -----**<br>
2022 2021<br>£ £<br>Donations 1,828 -<br>Grants 1,998,041 2,008,120<br>1,999,869 2,008,120<br>Grants received, included in the above, are as follows:<br>2022 2021<br>£ £<br>Children in Need - 45,031<br>Arts Council Wales 1,034,931 1,060,114<br>Rhondda Cynon Taf County Borough Council 563,110 897,000<br>The Moondance Foundation 150,000 -<br>-<br>The Cadenza Partnership 5,975<br>Welsh Government – Community Facilities Programme 250,000 -<br>1,998,041 2,008,120<br>4. RAISING FUNDS<br>Raising donations and legacies<br>2022 2021<br>£ £<br>Fundraising support 3,450 1,200<br>5. CHARITABLE ACTIVITIES COSTS<br>Support<br>Direct costs (see<br>Costs note 6) Totals<br>£ £ £<br>Charitable activities 19,484 3,270 22,754<br>**----- End of picture text -----**<br>


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**PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** 

## **6. SUPPORT COSTS** 

|Charitable activities<br>320<br>**NET INCOME/(EXPENDITURE)**<br>Net income/(expenditure) is stated after charging/(crediting):<br>Auditors' remuneration|Governance<br>Other<br>costs<br>Totals<br>£<br>£<br>£<br>2,950<br>3,270<br>2022<br>2021<br>£<br>£<br>2,950<br>2,950|
|---|---|



## **7. NET INCOME/(EXPENDITURE)** 

## **8. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration of other benefits for the year ended 31 March 2022 or for the year ended 31 March 2021. 

## **Trustees' expenses** 

There were no trustees' expenses paid for the year ended 31 March 2022 or for the year ended 31 March 2021. 

## **9. STAFF COSTS** 

|Wages and salaries<br>6,963<br>30,179<br>Social security costs<br>-<br>656<br>Other pension costs<br>176<br>753<br>7,139<br>31,588<br>The average monthly number of employees during the year was as follows:<br>Average no of employees 3<br>3|2022<br>£<br>2022|2021<br>£|
|---|---|---|
||||
|||2021|



During this financial year, the payroll was only operated for the period April 2021 to June 2021 with an average of 3 employees compared to a full year in the previous year. 

No employees received emoluments in excess of £60,000. 

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**PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** 

## **10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES – YEAR ENDED 31 MARCH 2021** 

|||||||Unrestricted|Unrestricted|Restricted|Restricted|Total|
|---|---|---|---|---|---|---|---|---|---|---|
|||||||fund||funds||funds|
||||||||£||£|£|
||**INCOME AND ENDOWMENTS FROM**||||||||||
||Donations and legacies||||-||2,008,120||2,008,120||
||**EXPENDITURE ON**||||||||||
||Raising funds||||-||1,200||1,200||
||**Charitable activities**||||||||||
||Charitable activities||||13,472||41,598||55,070||
||**Total**||||13,472||42,798|||56,270|
||**NET INCOME/(EXPENDITURE)**||||(13,472)||1,965,322|||1,951,850|
||**RECONCILIATION OF FUNDS**||||||||||
||**Total funds brought forward**||||28,487||1,424,412||1,452,899||
||**TOTAL FUNDS CARRIED FORWARD**||||15,015||3,389,734|||3,404,749|
|**11.**|**TANGIBLE FIXED ASSETS**||||||||||
|||||||||||Long|
|||||||||||leasehold|
|||||||||||property|
|||||||||||improvements|
|||||||||||£|
||**COST**||||||||||
||At 1 April 2021||||||||3,020,551||
||Additions||||||||2,248,824||
||At 31 March 2022||||||||5,269,375||
||**NET BOOK VALUE**||||||||||
||At 31 March 2022||||||||5,269,375||
||At 31 March 2021||||||||3,020,551||
|**12.**|**DEBTORS: AMOUNTS FALLING**||**DUE WITHIN ONE YEAR**||||||||
|||||||||2022||2021|
|||||||||£||£|
||Social security and other|taxes|2,108|-|||||||
||VAT recoverable 63,948|68,036|||||||||
||Other debtors<br>3,944|102|||||||||
||Prepayments and accrued income|||||||166,755||104,482|
||236,755 172,620||||||||||



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**PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** 

## **13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

||||||2022|2021|
|---|---|---|---|---|---|---|
||||||£|£|
|Trade creditors||||4,119||1,440|
|Social security and other taxes||||-||157|
|Accruals||||175,133||200,420|
|179,252 202,017|||||||
|**MOVEMENT IN FUNDS**|||||||
||||||Net||
||||||movement<br>At||
|||At|1/4/21||in funds|31/3/22|
||||£||£|£|
|**Unrestricted funds**|||||||
|General fund|15,015|||(8,213)||6,802|
|**Restricted funds**|||||||
|Building Redevelopment|3,360,648|||1,991,323||5,351,971|
|Our Place Project|23,451|||(9,445)||14,006|
|BBC Comic Relief - Arts and Dance|||||||
|Classes<br>929||||-||929|
|Business plan|2,000|||-||2,000|
|Be Collective Project|2,706|||-||2,706|
|3,389,734<br>1,981,878<br>5,371,612|||||||
|**TOTAL FUNDS**|3,404,749|||1,973,665||5,378,414|
|Net movement in funds, included in the above are as follows:|||||||
|||Incoming|||Resources<br>Movement||
|||resources|||expended|in funds|
||||£||£|£|
|**Unrestricted funds**|||||||
|General fund|1,828|||(10,041)||(8,213)|
|**Restricted funds**|||||||
|Building Redevelopment|1,998,041|||(6,718)||1,991,323|
|Our Place Project|-|||(9,445)||(9,445)|
|1,998,041<br>(16,163) 1,981,878|||||||
|**TOTAL FUNDS**|1,999,869|||(26,204)||1,973,665|



## **14. MOVEMENT IN FUNDS** 

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**PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** 

## **14. MOVEMENT IN FUNDS - continued** 

## **Comparatives for movement in funds** 

|||||||Net|||
|---|---|---|---|---|---|---|---|---|
|||||||movement||At|
||||At|1/4/20||in funds||31/3/21|
|||||£||£||£|
|**Unrestricted funds**|||||||||
|General fund||28,487|||(13,472)||15,015||
|**Restricted funds**|||||||||
|Building Redevelopment||1,410,134|||1,950,514||3,360,648||
|Our Place Project||11,349|||12,102||23,451||
|BBC Comic Relief - Arts and|Dance||||||||
|Classes|929||||-||929||
|Business plan||2,000|||-||2,000||
|Be Collective Project||-|||2,706||2,706||
|1,424,412<br>1,965,322|3,389,734||||||||
|**TOTAL FUNDS**||1,452,899|||1,951,850||3,404,749||



Comparative net movement in funds, included in the above are as follows: 

|||Incoming|Resources|Resources|Movement|
|---|---|---|---|---|---|
|||resources|expended||in funds|
|||£||£|£|
|**Unrestricted funds**||||||
|General fund|-||(13,472)|(13,472)||
|**Restricted funds**||||||
|Building Redevelopment|1,957,114||(6,600)||1,950,514|
|Our Place Project|45,031||(32,929)||12,102|
|Be Collective Project|5,975||(3,269)||2,706|
|2,008,120<br>(42,798) 1,965,322||||||
|**TOTAL FUNDS**|2,008,120||(56,270)||1,951,850|



## **Building Redevelopment** 

The fund relates to money received to help pay for professional costs in relation to the planned refurbishment of the building. 

During the financial year grant funding towards the building redevelopment was received from Arts Council Wales, Rhondda Cynon Taf County Borough Council, The Moondance Foundation and the Welsh Government Community Facilities Programme as outlined in Note 3. 

Regardless of funds spent, the asset will continue to be treated as restricted due to the condition imposed by ACW that the property must be occupied by Artis Community for 25 years. 

## **Our Place Project** 

Funding was received from Children in Need for young parents and their children to build confidence and self-esteem through interventions using dance, creativity and play, and providing a safe family network. 

## **BBC Comic Relief - Arts and Dance Classes** 

The fund relates to money received from BBC Children in Need to help cover the costs of Arts and Dance classes, and the balance represents unspent cash. 

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**PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022** 

## **14. MOVEMENT IN FUNDS - continued** 

## **Business Plan Fund** 

Funding has been received to cover the cost of professional services received in relation to the development of a business plan. 

## **Be Collective Project** 

Funding has been received from The Cadenza Partnership to support this project which is designed to collect online information already used in Our Place so that it can be used for the team, parents and funders on a digital platform. 

## **15. EMPLOYEE BENEFIT OBLIGATIONS** 

The charity operates a defined contribution pension scheme. The pension cost for the year represents contributions payable by the charity to the scheme and amounted to £176 (2021: £753). 

Contributions totalling £nil (2021: £nil) were payable to the scheme at the year end and are included in creditors. 

## **16. CONTINGENT LIABILITIES** 

Arts Council Wales have a legal charge over the leasehold property held by the charity. 

## **17. CAPITAL COMMITMENTS** 

|Contracted but not provided for in the financial statements<br>-|2022<br>£<br>1,6|2021<br>£<br>21,321|
|---|---|---|



During the previous year the above capital commitment related to the main contractor works on the YMCA building. The contracted sum of £3,431,214 has been recognised in full as at 31 March 2022 in line with gross valuation certificates. 

## **18. RELATED PARTY DISCLOSURES** 

There were no further related party transactions for the year ended 31 March 2022 or for the year ended 31 March 2021 that require disclosure. 

Page 20 



**PONTYPRIDD YOUNG MEN'S CHRISTIAN ASSOCIATION** 

## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022** 

||||2022||2021|
|---|---|---|---|---|---|
||||£||£|
|**INCOME AND ENDOWMENTS**||||||
|**Donations and legacies**||||||
|Donations||1,828||-||
|Grants||1,998,041||2,008,120||
|1,999,869|2,008,120|||||
|**Total incoming resources**||1,999,869||2,008,120||
|**EXPENDITURE**||||||
|**Raising donations and**|**legacies**|||||
|Fundraising support||3,450||1,200||
|**Charitable activities**||||||
|Wages||6,963||30,179||
|Social security||-||656||
|Pensions||176||753||
|Insurance||6,817||7,424||
|Advertising||-||70||
|Sundries||2,645||288||
|Project expenditure||2,739||10,010||
|Professional fees||-||2,100||
|Bank charges||144||190||
|19,484<br>51,670||||||
|**Support costs**||||||
|**Other**||||||
|Accountancy fees||320||450||
|**Governance costs**||||||
|Auditors' remuneration||2,950||2,950||
|Total resources expended||26,204||56,270||
|**Net income**||1,973,665||1,951,850||



This page does not form part of the statutory financial statements 

Page 21