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← YMCA Fairthorne Housing

2024-04-30-accounts

REGISTERED COMPANY NUMBER: 07820865 (England and Wales) REGISTERED CHARITY NUMBER: 1146415 REGISTERED SOCIAL HOUSING NUMBER: 4875

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

YMCA FAIRTHORNE HOUSING

Hopper Williams & Bell Limited Statutory Auditor Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR

YMCA FAIRTHORNE HOUSING

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE ENDED 30 APRIL 2024

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 6
Report of the Independent Auditors 7 to 9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Changes in Reserves 12
Notes to the Financial Statements 13 to 23

YMCA FAIRTHORNE HOUSING

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE ENDED 30 APRIL 2024

TRUSTEES

TRUSTEES
Mr P J West
Mr D G Furlong (Appointed 05/05/2023)
Mr T J Titheridge (Appointed 31/07/2023, Resigned
31/07/2024)
Dr M H Cranston (Resigned 31/07/2023)
Ms S M Hannington (Resigned 31/07/2023)
Ms S Darrell (Appointed 14/10/2024)
COMPANY SECRETARY Ms P J Spicer (Appointed 31/07/2023)
Ms R C Searle (Resigned 31/07/2023)
REGISTERED OFFICE Fairthorne Manor
Botley Road
Curbridge
Southampton
Hampshire
SO30 2GH
REGISTERED COMPANY 07820865 (England and Wales)
NUMBER
REGISTERED CHARITY 1146415
NUMBER
REGISTED SOCIAL HOUSING 4875
NUMBER
SENIOR STATUTORY Michaela Johns (ACCA)
AUDITOR
AUDITORS Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR
BANKERS Barclays Bank plc
1 Churchill Place
London
E14 5HP 
1

YMCA FAIRTHORNE HOUSING

REPORT OF THE TRUSTEES FOR THE ENDED 30 APRIL 2024

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report and Strategic Report, together with the audited financial statements of YMCA Fairthorne Housing (the company) for the year to 30 April 2024. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommend Practice Accounting by Registered Social Landlords (SORP) "Accounting and Reporting by Charities" issued in March 2005 and the “Accounting Direction for private registered providers of social housing” issued in January 2022.

During the year the Board of Trustees met formally on 4 occasions.

Structure, governance and management

Trustees are appointed to the Board by the Board of YMCA Fairthorne Group following a recruitment and induction process which takes place over several months. Role specifications inform potential trustees of the requirements of the role and all Trustees are bound by a Code of Conduct which outlines their responsibilities.

In the year the trustees were:

Peter West (Chair) Michael Cranston (resigned 31 July 2023) Doug Furlong (appointed 5 May 2023) Sophie Hannington (resigned 31 July 2023) Timothy Titheridge (appointed 31 July 2023 and resigned 31 July 2024)

Phillipa Spicer became Company Secretary on 31st July 2023.

After the year end, Samantha Darrell was appointed trustee on 14 October 2024.

Constitution

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 24 October 2011. The company is also a Registered Social Landlord as of 5 April 2018, having made the decision the previous year to register in order to continue and expand its work in the provision of accommodation for young people.

The company is a registered charity number 1146415.

Purpose Statement

YMCA Fairthorne Housing’s Purpose is: We believe that everybody should have the opportunity to lead happy, healthy lives.

The YMCA Way

The YMCA Way supports the strategic direction and operational delivery for the way YMCA Fairthorne Housing ensures the delivery of programmes to young people and provides quality frameworks for its housing management. The YMCA Way includes the charity’s values, from which all behaviours are defined.

Values

  1. Listening

  2. Caring

  3. Welcoming

  4. Inspiring

  5. Exciting

  6. Active

The principal objects of the charitable company are:

To unite those who, regarding Jesus Christ as their God and Saviour according to the Holy Scriptures, desire to be his disciples in their faith and in their life, and to associate their efforts for the extension of his Kingdom. To lead young people to the Lord Jesus Christ and to fullness of life in Him. 

2

YMCA FAIRTHORNE HOUSING

REPORT OF THE TRUSTEES FOR THE ENDED 30 APRIL 2024

To provide or assist in the provision in the interests of social welfare of facilities for recreation and other leisure time occupation for men and women with the object of improving their conditions of life.

To provide or assist in the provision of education for persons of all ages with the object of developing their physical, mental or spiritual capacities. ·

To relieve or assist in the relief of persons of all ages who are in conditions of need, hardship or distress by reason of their social, physical or economic circumstances.

To provide residential accommodation for persons of all ages who are in need, hardship or distress by reason of their social, physical or economic circumstances.

Statement of Compliance with Governance and Financial Viability Standard.

YMCA Fairthorne Housing has, as a registered provider, undertaken an assessment of compliance as required under the above standard annually. This report has been prepared in accordance with applicable standards and legislation. The Board confirms that the Association has complied with the Regulator of Social Housing's Governance and Financial Viability Standard.

Organisational structure and decision making

The strategic direction of the charitable company is determined by the Board of Trustees. All day-to-day operational responsibilities are contracted from YMCA Fairthorne Group.

Risk management

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

OBJECTIVES AND ACTIVITIES

Principal Activities

In the year under review, the charitable company has sought to deliver its charitable objectives through the running of housing programmes for young people aged 18-30 in Basingstoke, young people aged 16–22 in Southampton, and single mothers aged 16-25 in Shanklin, Isle of Wight.

Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Regulator of Social Housing, Charity Commission relating to public benefit as well as guidance given by Homes England.

The primary objectives for the year were to ensure the service accommodated as many young people as possible and to review and refresh the management agreement with the managing agent, YMCA Fairthorne Group.

Strategies and activities for achieving objectives

The strategy has 5 core objectives which form the basis of the review of activities in this year’s report.

  1. Continue to provide intensive accommodation-based support for young people

  2. Secure sustainable housing connected to all community branches

  3. Meaningful roles for young people at YMCA

  4. Programmes that support Developmental Assets

  5. Staff qualified in Advantaged Thinking. 

3

YMCA FAIRTHORNE HOUSING

REPORT OF THE TRUSTEES FOR THE ENDED 30 APRIL 2024

ACHIEVEMENTS AND PERFORMANCE

Going concern

The Trustees believe that the company is a going concern. The trading position is strong and balance sheet strengthens through another good year and the property acquisitions and is expected to continue to improve.

Review of activities

The provision of 24/7 staffing at Basingstoke has enabled residents to utilise communal spaces to socialise during evenings and weekends contributing to their wellbeing and sense of home.

Housing management systems were established to enable greater efficiencies in repairs, compliance, void turnarounds and debt.

We took part in a voluntary pilot of carrying out and submitting the Tenant Satisfaction Measures with the Regulator of Social Housing and resident’s views on YMCA Fairthorne Housing were collected during May 2024. The results were very positive and our performance against the Tenant Satisfaction Measures were published in summer 2024.

George Williams House and YMCA Basingstoke undertook a full Advantaged Thinking assessment and were given a 12 month extension to complete the process. The focus was on data and reporting to demonstrate impact, and on improvements to the buildings.

The rent bursary scheme will be launched in the new year.

Moodle is near completion and will be rolled out in the summer to every resident.

The Lodge continues to demonstrate the impact of having a sustained Psychologically Informed Environment.

A focus has been sustained on supporting residents with their mental health. A new volunteer counselling scheme was established with the first volunteer recruited in May 2024. Staff were trained to develop their expertise and confidence and staff mental health champions have been identified.

A self-assessment of the complaints procedure was made against the Housing Ombudsman’s Code and we are satisfied that the procedures are aligned with the Code.

All regulatory returns were submitted to the Regulator of Social Housing within required timescales.

Value for Money Statement

YMCA Fairthorne Housing is regulated by the Regulator for Social Housing which requires organisations to demonstrate how they achieve value for money in meeting strategic objectives. This value for money statement should be read alongside our Annual Report and Financial Accounts. Value for Money (VFM) principles are integrated into all plans and activities. This is led by the Board who ensure that: 

4

YMCA FAIRTHORNE HOUSING

REPORT OF THE TRUSTEES FOR THE ENDED 30 APRIL 2024

The methodology for reporting specific targets for value for money is still in development. Currently the organisation believes the measures listed in the performance summary are the most appropriate.

YMCA Fairthorne Housing has received the benefit this year of increases of rent and service charges.

Performance summary:

The Lodge

George Williams House

Basingstoke

Financial Review

The Trustees are pleased to note that income rose during the year by £350k (2023: £270k). Alongside the income growth, a surplus of £520k (2023: £34k) was generated in the year.

Reserves policy

The nature of the principal source of income means that at this time there is no great need to build large reserves although the Trustees believe it would be prudent to build a reserve sufficient to cover a 20% void in rental income for a sustained period of 3 months or approximately £35,000.

Principal funding

The principal funding source is income from Housing Benefit and Universal credit which is supplemented by other income related to the hostel. The charitable company has also succeeded in obtaining some voluntary income to support work with members.

Plans for the future

In the new year a full strategic review will take place alongside the Theory of Change work to support a housing development strategy.

A vision paper outlining housing transformation is being discussed with local authorities in all areas we work in and work is underway to identify strategic partners in the future of young people’s housing.

We are working in parallel with YMCA George Williams College to develop a housing specific Theory of Change with the aim of integrating with wider YMCA quality initiatives.

We are working with YMCA on a national basis to participate in their ambitious target of creating 10,000 new affordable bedspaces for young people over the next parliament.

The rent bursary scheme will be developed and rolled out to help sustain young people in employment.

Online engagement platform Moodle will be rolled out to every young person at every site.

Refurbishments of the interior of Basingstoke and the exterior of George Williams House including windows will be undertaken. 

5

YMCA FAIRTHORNE HOUSING

REPORT OF THE TRUSTEES FOR THE ENDED 30 APRIL 2024

Trustees' responsibilities statement

The Trustees (who are also directors of YMCA Fairthorne Housing for the purposes of company law) are responsible for preparing the Trustees' Report 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. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 these financial statements, the Trustees are required to:

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

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and 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.

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

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Auditors

All of the current trustees have taken all the steps that they ought to have taken to make themselves aware of any information needed by the charity's auditors for the purposes of their audit and to establish that the auditors are aware of that information. The Trustees are not aware of any relevant audit information of which the auditors are unaware.

Approval

Approved by order of the board of trustees on 18 October 2024 and signed on its behalf by:

P J West Trustee

6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF YMCA FAIRTHORNE HOUSING

Opinion

We have audited the financial statements of YMCA Fairthorne Housing (the 'charitable company') for the year ended 30 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 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

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable 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.

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

Other information

The trustees are responsible for the other information. The other information comprises the information included 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: 

7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF YMCA FAIRTHORNE HOUSING

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:

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.

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. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF YMCA FAIRTHORNE HOUSING

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.

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.

Michaela Johns FCCA (Senior Statutory Auditor) for and on behalf of Hopper Williams & Bell Limited Statutory Auditor Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR 21 Oct 2024 Date: .............................................

9

YMCA FAIRTHORNE HOUSING

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2024

Notes
TURNOVER
Donations and legacies
4
Social housing income
4
Other income
4
Total
EXPENDITURE ON
Operating expenditure
4
OPERATING SURPLUS
Interest payable
9
SURPLUS FOR THE YEAR		 2024
£’000
48
1,866
12
1,926
1,270
656
136
520		 2023
£’000
83
1,479
14
1,576
1,424
152
118
34

The notes form part of these financial statements 

10

YMCA FAIRTHORNE HOUSING

BALANCE SHEET 30 APRIL 2024

REGISTERED COMPANY NUMBER -07820865 REGISTERED COMPANY NUMBER -07820865 2024 2023
Total Total
funds funds
Notes £’000 £’000
FIXED ASSETS
Housing properties 10 5,288 5,320
Tangible fixed assets 11 - -
CURRENT ASSETS
Debtors 12 1,502 1,138
Cash at bank and in hand 264 152
1,766 1,290
CREDITORS
Amounts falling due within one year 13 (2,648) (2,724)
NET CURRENT LIABILITIES (882) (1,434)
TOTAL ASSETS LESS CURRENT
LIABILITIES 4,406 3,886
NET ASSETS 4,406 3,886
FUNDS
Unrestricted funds:
General fund 4,403 3,881
Restricted funds:
Restricted fund 3 5
TOTAL FUNDS 4,406 3,886

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees on 18 October 2024 and were signed on its behalf by:

............................................. P J West - Trustee

The notes form part of these financial statements

11

YMCA FAIRTHORNE HOUSING

STATEMENT OF CHANGES IN RESERVES AT 30 APRIL 2024


Balance as at 1 May 2023
Surplus for the year
Balance at 30 April 2024		 Unrestricted
general funds
£’000
3,881
522		 Restricted
Income funds
£’000
5
(2)		 Total
£’000
3,886
520
4,403 3 4,406

STATEMENT OF CHANGES IN RESERVES AT 30 APRIL 2023

Balance as at 1 May 2022
Surplus for the year
Balance at 30 April 2023		 Unrestricted
general funds
£’000
3,852
29		 Restricted
Income funds
£’000
-
5		 Total
£’000
3,852
34
3,881 5 3,886 
12

YMCA FAIRTHORNE HOUSING

NOTES TO THE FINANCIAL STATEMENTS FOR THE ENDED 30 APRIL 2024

1. LEGAL STATUS

YMCA Fairthorne Housing is a company, limited by guarantee (company number 07820865) and a registered charity (number 1146415) and is registered with the Register of Social Housing as a social housing provider (number 4875). The address of the registered office is Fairthorne Manor, Botley Road, Curbridge, Southampton, England, SO30 2GH.

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 SORP for Registered Social Housing Providers 2014, 'Accounting by registered social housing providers' 2014 as updated, the Accounting Direction for Private Registered Providers of Social Housing from 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. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest thousand.

The charity constitutes a public benefit charity as defined by FRS102.

Going concern

The charity forms part of the treasury management of YMCA Fairthorne Group, which is supported by a loan facility. The trustees have produced cash flow forecasts that demonstrate that operations will generate cash in the forthcoming year to enable the group to operate within its current bank facilities and meet its liabilities as they fall due. Accordingly, the Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Financial reporting standard 102 - reduced disclosure exemptions

The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

This information is included in the consolidated financial statements of YMCA Fairthorne Group as at 30 April 2024 and these financial statements may be obtained from Fairthorne Manor, Botley Road, Curbridge, Southampton, England, SO30 2GH. 

13

continued...

YMCA FAIRTHORNE HOUSING

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024

Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements, the key judgements have been made in respect of the following:

Other key sources of estimation uncertainty:

Critical accounting judgements and key sources of estimation uncertainty

Tangible fixed assets (see note 10)

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as the condition of the asset and its future income generating potential are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

For housing property assets, the assets are broken down into components based on management's assessment of the properties. Individual useful economic lives are assigned to these components.

Rental and other trade receivables (see note 12)

The estimate for receivables relates to the recoverability of the balances outstanding at the year end. An estimation of recoverability is used to consider whether debts are recoverable.

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. The charity has the following material income streams:

Rental income and service charge income is recognised in the year for which the service was provided to the resident.

Grants

Grants received from non-government sources are recognised using the performance model. A grant which does not impose specified future performance conditions is recognised as revenue when the grant proceeds are received or receivable. Where a social landlord acquires land/or other assets at below market value from another entity, this is in substance considered to be a grant. Where grants are given by a non-government source without restriction or conditions, the whole amount can be recognised upon receipt.

A grant that imposes specified future performance-related conditions on the association is recognised only when these conditions are met. A grant received before the revenue recognition criteria are satisfied is recognised as a liability.

Finance costs

Finance costs are charged to income or expense over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

continued... 

14

YMCA FAIRTHORNE HOUSING

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024

Tangible fixed assets

Tangible fixed assets costing more than £1k (2023 - £1k) are capitalised and included at cost including nonrecoverable VAT. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost on a straight-line basis over their expected useful economic lives as follows:

Plant and machinery - over 3 - 25 years

Housing properties and depreciation

Housing properties constructed or acquired (including land) on the open market since the date of transition to FRS 102 are stated at cost less depreciation and impairment (where applicable).

The cost of housing land and property includes the cost of acquiring land and buildings, development costs, interest capitalised during the development period, directly attributable administration costs and expenditure incurred in respect of improvements which comprise the modernisation and extension of existing properties.

Expenditure on major refurbishment to properties is capitalised where the works increase the net rental stream over the life of the property. An increase in the net rental stream may arise through an increase in the net rental income, a reduction in future maintenance costs, or a subsequent extension in the life of the property. All other repair and replacement expenditure is charged to the Statement of Comprehensive Income.

Depreciation of housing properties

Housing land and property acquired before 2019 is split between land and property. Housing land and property acquired since 2019 will be split between land, structure and other major components that are expected to require replacement over time with substantially different economic lives.

Depreciation charged on Housing property acquired prior to 2019 is depreciated based on the cost of the property as a whole. Housing property acquired after 2019 will be split between the structure and the major components which will require periodic replacement. The cost of any replacements or restorations to the major components are capitalised and depreciated over the determined average useful economic life on a straight line basis as follows:

Description Useful economic life (years)
Structure 100
Roofs 70
Kitchens 20
Bathrooms 30
Boilers 10-15
Central heating 30
Windows 30
Lift 20
Electrical works 5

Land is not depreciated on account of its indefinite useful economic life.

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last reporting date in the pattern by which the charity expects to consume an asset's future economic benefit.

Taxation

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

15

continued...

YMCA FAIRTHORNE HOUSING

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024

Financial instruments

Financial assets and liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all its liabilities.

Debtors and creditors

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 income statement in other operating expenses.

Financial instruments

Recoverable amount of rental and other trade receivables

The Charity estimates the recoverable value of rental and other receivables. A provision is made against the debt. Full provisions are made against debt where recovery is considered unlikely. A general provision is made on all non-social services current debt.

Loans

All loans held by the Charity, are classified as basic financial instruments in accordance with FRS 102. These instruments are initially recorded at the transaction price less any transaction costs (historical cost). FRS 102 requires that basic financial instruments are subsequently measured at amortised cost using the effective interest rate method, less any impairment losses. Loans that are payable or receivable within one year are not discounted.

Contingent liabilities

A contingent liability is recognised for a possible obligation, for which it is not yet confirmed that a present obligation exists that could lead to an outflow of resources; or for a present obligation that does not meet the definitions of a provision or a liability as it is not probable that an outflow of resources will be required to settle the obligation or when a sufficiently reliable estimate of the amount cannot be made.

A contingent liability exists on grant repayment which is dependent on the disposal of related property.

Reserves

Income received, and expenditure incurred, for restricted purposes is separately accounted for within restricted funds. Realised and unrealised gains and losses on assets held by these funds are also allocated to the fund.

3. HOUSING UNITS UNDER MANAGEMENT

Supported housing 2024
No
149		 2023
No
149		 
16

continued...

YMCA FAIRTHORNE HOUSING

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024

4. PARTICULARS OF TURNOVER, OPERATING COSTS AND OPERATING SURPLUS

Social housing (note 5)
Activities other than social housing
Grants and donations
Other income
Social housing (note 5)
Activities other than social housing
Grants and donations
Other income		 Turnover
2024
£’000
1,866
48
12		 Operating
costs
2024
£’000
(1,270)
-
-		 Operating
surplus
2024
£’000
596
48
12
1,926 (1,270) 656
Turnover
2023
£’000
1,479
83
14		 Operating costs
2023
£’000
(1,424)
-
-		 Operating
surplus
2023
£’000
55
83
14
1,576 (1,424) 152 
17

continued...

YMCA FAIRTHORNE HOUSING

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024

5. PARTICULARS OF INCOME AND EXPENDITURE FROM SOCIAL HOUSING LETTINGS

Income
Rents net of identifiable service charges
Service charge income
Turnover from Social Housing lettings
Expenditure
Management
Service charge
Maintenance
-
Planned maintenance
-
Routine maintenance
-
Void costs
Bad debts
Depreciation on Housing properties:
-
Annual charge
Other costs
Operating expenditure on Social Housing
lettings
Operating surplus / (deficit) on Social
Housing lettings
Void losses		 Social
housing
2024
£’000
764
1,102
1,866
479
205
95
55
9
(21)
66
382
1,270
596
93		 Social
housing
2023
£’000
681
798
1,479
557
170
84
39
24
91
60
399
1,424
55
166 
18

continued...

YMCA FAIRTHORNE HOUSING

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024

6. OPERATING SURPLUS

This is stated after charging:

2024 2023
£’000 £’000
Depreciation - owned assets 66 60
Auditors' remuneration 12 12

The depreciation charge of £66k (2023: £60k) includes a charge of £15k (2023: £15k) which relates to assets owned by YMCA Fairthorne Group but used by YMCA Fairthorne Housing.

7. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
 2024
£’000
296
20
5
321		 2023
£’000
292
22
8
322

Staff are employed by YMCA Fairthorne Group who recharge between 33% and 75% of management time to the Charity, in the year this amounted to £158k (2023: £86k). At times a higher percentage was recharged, this percentage is dependent on the allocation of the staff members time spent working on each charity.

The average monthly number of staff members employed by YMCA Fairthorne Group who are recharged back during the year was as follows:

Housing, support and care 2024
12		 2023
9

No employees in either the current or prior year received emoluments in excess of £60k.

8. TRUSTEES AND KEY MANAGEMENT PERSONNEL

There were no trustees’ remuneration or other benefits for the year ended 30 April 2024 nor for the year ended 30 April 2023.

No trustees received any compensation for loss of office.

Trustees’ expenses

There were no trustees’ expenses paid for year ended 30 April 2024 nor for the year ended 30 April 2023.

Key management personnel

Key management personnel are shown in YMCA Fairthorne Group accounts as they are recharged from this entity to YMCA Fairthorne Housing. 

19

Continued…

YMCA FAIRTHORNE HOUSING

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024

9.
INTEREST PAYABLE AND SIMILAR EXPENSES
Interest on bank loan
10.
HOUSING PROPERTIES


COST
At 1 May 2023
Additions
DEPRECIATION
At 1 May 2023
Charge for the year
At 30 April 2024
NET BOOK VALUE
At 30 April 2024
At 30 April 2023		 2024
£’000
136
Housing
Properties
£’000
5,479
27
5,506
159
59
218
5,288
5,320
2023
£’000
118
Totals
£’000
5,479
27
5,506
159
59
218
5,288
5,320

All housing properties held by the Charity are freehold.

No social housing grants were received in either the current or prior year.

Impairment

The Charity considers £5,288k (2023: £5,320k) to represent separate cash generating units (CGU’s) when assessing for impairment in accordance with the requirements of FRS102 and SORP 2015.

The Trustees took the reasonable assumption that as Housing properties were purchased at market value in 2018, £Nil (2023: £Nil) impairment would be expected.

Properties held for security

The charity had property with a net book value of £5,288k (2023: £5,320k) pledged as security at 30 April 2024. 

20

Continued…

YMCA FAIRTHORNE HOUSING

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024

11. OTHER TANGIBLE FIXED ASSETS

COST
At 1 May 2023
Additions
At 30 April 2024
DEPRECIATION
At 1 May 2023
Charge for the year
At 30 April 2024
NET BOOK VALUE
At 30 April 2024
At 30 April 2023
12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Amounts owed by group undertakings
Prepayments and accrued income
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 14)
Trade creditors
Other creditors
Accruals and deferred income		 2024
£’000
158
1,326
18
1,502
2024
£’000
2,495
17
86
50
2,648		 Plant and
machinery
£’000
14
2		 Plant and
machinery
£’000
14
2		 Plant and
machinery
£’000
14
2
16
14
2
16
-
-
2023
£’000
227
854
57
1,138
2023
£’000
2,572
31
75
46
2,724		 
21

Continued…

YMCA FAIRTHORNE HOUSING

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£’000 £’000
Amounts falling due within one year on demand:
Bank loans 2,495 2,572

During 2018 the charity took out a new long term loan. The full balance of £2,870k was drawn down from the loan facility.

The loan was due to be repaid 5 years after the date of the first draw down. Repayments are being made based on a 20 year repayment profile with the first repayment to be made directly after the first draw down interest accrues on the loan at a rate of 1.99% above the Bank of England base rate.

During the 2021 period, the bank allowed for a 7 month capital repayment holiday. No capital repayments were made during 2020 as a result. Interest was calculated on the outstanding loan balance and paid quarterly via the charity’s bank account. From March 2021, loan interest was added to the bank loan, as accrued on a quarterly basis and capital repayments recommenced.

The Trustees acknowledge the continued level of creditors falling due within one year. The balance relates to the Barclays’ loan, an extension of the loan terms has been agreed with Barclays, the terms of the loan are due for renewal in April 2025. Conversations regarding the renewal continue to take place and the trustees fully intend to renew the terms of the loan and believe the going concern of the organisation is not impacted by the renewal.

15. LEASING AGREEMENTS

As at the balance sheet date the company had future commitments under operating leases which totalled £nil (2023 - £2k).

16. RELATED PARTY DISCLOSURES

During the year, management charges of £158k (2023: £178k) and other charges of £459k (2023: £391k) were raised by its parent company, YMCA Fairthorne Group.

The Charity also paid YMCA Fairthorne Group £321k (2023: £322k) for staff employed by YMCA Fairthorne Group. At the year end the Charity was owed £1,326k (2023: £854k) from YMCA Fairthorne Group. These transactions were carried out on an arm’s length basis.

In addition to these transactions, the charity's bank accounts form part of YMCA Fairthorne Group treasury management function.

17. ULTIMATE CONTROLLING PARTY

The Charity is a subsidiary of YMCA Fairthorne Group, a Charitable Company limited by guarantee, Charity number: 1090981, Company number: 4336719.

Consolidated accounts can be obtained from the registered office, Fairthorne Manor, Botley Road, Curbridge, Southampton, England, SO30 2GH.

The parent exercises control through the appointment or removal of Trustees and through management of the Charity. 

22

Continued…

YMCA FAIRTHORNE HOUSING

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024

18. LEGAL STATUS OF THE CHARITY

The company is limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. There was one member during the year (2023: one). 

23

Issuer

Issuer HWB Chartered Accountants Document generated Sat, 19th Oct 2024 19:07:22 BST Document fingerprint 731eaa2241646b303f5245ae4c59984c

Parties involved with this document

Document processed

Party + Fingerprint

Sun, 20th Oct 2024 18:35:18 BST Mon, 21st Oct 2024 8:35:11 BST Mon, 21st Oct 2024 8:35:12 BST Mon, 21st Oct 2024 8:35:12 BST

Peter West - Signer (5ca96ce2870239697390a22ef81a8360) Michaela Johns - Signer (c501df5f9b4b685e2e52b38b3da2ca3f) Phillipa Spicer - Copied In (f6e7d3571a67d2fb452a4c28985d1590) Matt Pickett - Copied In (266bc06a9055eca851f908b9822b8135)

Audit history log

Date

Action

Sat, 19th Oct 2024 19:07:22 BST Sat, 19th Oct 2024 19:07:22 BST Sat, 19th Oct 2024 19:07:23 BST

Sat, 19th Oct 2024 19:07:23 BST Sun, 20th Oct 2024 17:32:03 BST

Sun, 20th Oct 2024 17:32:04 BST Sun, 20th Oct 2024 18:06:01 BST Sun, 20th Oct 2024 18:06:57 BST Sun, 20th Oct 2024 18:12:34 BST Sun, 20th Oct 2024 18:13:09 BST Sun, 20th Oct 2024 18:35:18 BST Sun, 20th Oct 2024 18:35:19 BST

Sun, 20th Oct 2024 18:35:19 BST Sun, 20th Oct 2024 18:35:20 BST Mon, 21st Oct 2024 8:33:57 BST

Envelope generated by Accounts Department172.167.144.96 Document generated with fingerprint e5669bef367a563d27ea1322a6a0c755172.167.144.96 Document generated with fingerprint 731eaa2241646b303f5245ae4c59984c172.167.144.96 Document generated with fingerprint 453aaf6a4865c4cc913dbb8e4ceb0c33172.167.144.96 Sent the envelope to Peter West (peter.west@ymca-fg.org) for signing172.166.213.128 Document emailed to peter.west@ymca-fg.org18.171.226.20 Peter West opened the document email.146.90.224.193 Peter West opened the document email.146.90.224.193 Peter West opened the document email.146.90.224.193 Peter West viewed the envelope146.90.224.193 Peter West signed the envelope146.90.224.193 Sent the envelope to Michaela Johns (michaela.johns@hwb-accountants.com) for signing146.90.224.193 Document emailed to michaela.johns@hwb-accountants.com3.8.161.113 Peter West viewed the envelope146.90.224.193 Michaela Johns viewed the envelope172.167.64.238

Mon, 21st Oct 2024 8:35:12 BST Mon, 21st Oct 2024 8:35:12 BST

Mon, 21st Oct 2024 8:35:12 BST

Mon, 21st Oct 2024 8:35:12 BST Mon, 21st Oct 2024 8:35:12 BST Mon, 21st Oct 2024 8:35:12 BST Mon, 21st Oct 2024 8:35:12 BST

Michaela Johns signed the envelope172.167.64.238 Sent the envelope to Phillipa Spicer (Phillipa.Spicer@ymca-fg.org) for signing172.167.64.238 Sent the envelope to Matt Pickett (matt.pickett@hwb-accountants.com) for signing172.167.64.238 This envelope has been signed by all parties172.167.64.238 Michaela Johns viewed the envelope172.167.64.238 Document emailed to matt.pickett@hwb-accountants.com13.40.225.129 Document emailed to Phillipa.Spicer@ymca-fg.org18.175.119.51