YMCA TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Reglstratlon No. 10764579 (England and Wales) Charlty Reglstratlon No. 1175323 YMCA TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr C Holt MBE Chairman Mr R I Paterson Mr R M Dawson Mr R F Kiikman MrA Keenan S8crÈtary Mi G Oalridge Charity number 1175323 Company number 10764579 Registered offlce Unil 2 Olymplc Court Slehills Business Park Blackpgol Lancashire FY4 5GU Independ¢nt examlner Champion Accountants LLP Unil 2 Olympic Court INhilehills Business Park Blackpool Lan¢ashir8 FY4 5GU YMCA TRUST CONTENTS Pag8 Trustees, rewrt Independenl examiners report Slalemenl of financial aclivilies Balance sheet Notes lo the financial slalemenls 7-15 YMCA TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The twslees presenl their annual report and financial $tal8menls lor the year ended 31 March 2024. The financial statements have been p￿Pared in accoTdar)ce with the accounting policies set out in note I lo the financial statements and comply wlh the charity's Igoverning documenll. the Companies Act 2006 and "Accounting and Reportlng by Charities.. Slalemenl of Recommended Piaclice applicable lo charities prepaiing their a¢counls in accordance with the Financial ReporliTI9 Standard appllcable in the UK and Republic of Irelan IFRS 1021" (elfe¢live 1 January 20191. Oblectlves and a¢tlvltles The charity's objectives allse for the a¢¢Èpl8nca of the "Basis of Union" adapted by the YMCA in 1973. The Y.M.C.A. seeks lo unite those unlo, regarding Jesus Christ as their God and Saviour 3ccofding lo the Holy Scriptures, desire lo be his disciples in their faith and in theif life, and lo associate the efforts for the exlension ol his Kingdom" Any differen￿ of opinion on other subjects, however important in themselves, shall not interfere with the harmonious relalion of IheAssoclallons ol the Y.M.C.A. Movement of England. Ireland and Wales. Accordlngly the ot4-eclives of the eharily are... il To unite those who. regarding Jesus Christ as their God and Saviour amrdiny lo the Holy Scriplures, desi¥è lo be his disciples iri Iheii failh and in Iheir life, and lo associate their efforts for thè extension ol his Kingdom. ill To lead young people lo the Lord Jesus Christ and lo the lullr)ess ol life in Him. iii) To provide or assist in the provlsion in the interests of social welfare of facilities for recreation and other leisure time occupalion for men and women with tho object of improving their condillon of life. iv) To provide or assist in the piovision ol education lor persons of all ages wllh the object of developing Iheii physical. menlal or spiritual capacities. vl To relleve or assist in the relief of per80n8 ol all ages who are in conditions of need, hardship or distress by reason of Iheii soci81, physica5 or economlc circumslances. vil To provide residenllal a¢commodalion for persons of all ages who are in condilions of need. hardship or distress by reason of their social, physical or economlc clfcumslances. The IrusleÈs have paid due iegaid lo guidance issued by the Charity Commi551on in deciding what activities the ¢haTity should undertake. Achievements and performance The TFUSI has continued lo renl ils Property portfollo to the existing lenanl, which is YMCA Fylde Coast, who operale the Pfopetlies whD operate the propertses in pursult ol chartlable objects that are align&d lo YMCA Trust. Via these rental agreements, the Lakeside propety welcomtss over 7,000 young people lo ils ouldooi education offer, over 300,000 make use of leisure facililies in Fylde and 100 young people are offered safe arKI secure accommodation. YMCA TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnttnclal revlew The financial slalemenl show a nel surplus for the year of £140,845 12023 '. £119,204>. This suiplus is all unrestrtcled and funds carried fornard comprise unrestricted funds of £5,868,933 {2023 .' £5,726,088) and reslricled funds of £558,270 (2023 '. £558,270). In year activity look place to miligale the Increased costs linked lo the energy crisis which resdled in YMCA Trust taking ownership ol eleclrsclly supply ¢onlr8ds for a short period of lime. belng relmbursed for any costs by the lénanl. Onc& these conlracls expired, the l¢nanl r&conlracled and look liabllily for th8 eleclricily suppty. The level of reserves is deemed appropriate and will be monitored throughDLII the year by Iruslees. The trustees have reviewed the long tèrm finar￿181 position ol the charity and have considered cash flow required lo meet bank loan requirements.. Ongoing Income is sufficient lo meet opeTalin9 cosls and all anlicipaled expendllufe. The Iruslees are Ihereftsre of the opinion Ihal the charily can continue lo operate on a going concern basis. The charity's reserves pollcy Is that unreslricled funds which have not been designated for specilic use should be mainlained at a level Ihal allows the boafd lo further develop the objects of the charity. The Imslees have assessed the malor iisks lo whlch the charity is exposed. and are salisfied that systems are in place to millgate exposure lo the major risks. The Iwslees have iesofved lo dlspose of part of an existing asset which is deemed surplus lo requirements. The disposal of North Camp al YMCA L8keside wll yield a capital receipl and allow for ¢onlinued inveslmer)l in the operation al South Camp. The sale will also reduce the ongoing maintenance and operating costs assoclaled wilh North Camp, whilst the loss of the land will not diminish the ability lo seNe young people al YMCA Lakeside. In addition, the charity will ur)dertaKe new valualions and condiiion surveys on Ils assets during year 24125 and r8vlew the assets needed lo best deliver Ils charitable aims. structiireTr governance and management The charity Is a ¢ompany limited by guarantee formed on 11 May 2017 and obtaining registered charity 81alus o 24 October 2017. Th& company is governed by ils Memorandum &Articles olAssocialion. The IruslÈes, who are also the directors for the purpose of ￿MpanY law, and who served durlng the year and up lo the date of signature of the financial statements were: Mr C Holt MBE Chaifma Mr R I Paleison Mr R M Dawson Mr R F Kiikma MrA Keenan I new Iruslees ur)dergo an inductton progvamme. Thèy afe provided with 8 welcome pack, outlining the hlstory, ethos and slruclure of the YMCA movement. In addition the pack provides information on a trustee's respcmsibililies aFKI relevant documentation on the operallon ol lh& charity, None of the Iruslees has any beneficial interest In the company. All of the trustees are members ol the company and guarantee lo contllbule £1 in the event of a winding up. The trust re ortwasa proved by the Board ol Trustees. YMCA TRUST TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Mr C Holt MBE Chairman Tiuslee Dated: 23 Septem￿[ 2024 YMCA TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF YMCA TRUST I report lo the Iwslees on my examination ol the financial slalemenls of YMCA Trust Ilhe charity) for the year ended 31 March 2024. Responsibllllles and basls of report As the Iiuslees of the charily (and also ils directors for the purpo8e$ of company lawl you are respDnsible for the preparation of the financial slalemenls in accordance with the requirements of Ihe Companies Act 20(fj (the 2006 Aell. Having satisfied myself Ihat Ihe financial slalemenls of Ihe charity are not required lo be audited under Part 16 01 the 20￿ Act and are eligible fow independent examination, I report in respect of my examlnalion of Ihè charily's financial slalemenls carried out under section 145 of the Charities Act 2011 Ilhe 2011 Acll. In carrying out my examination I have followed all Ihe appllcable Directions given by Ihe Charity Commission under section 145{5llbl of thè 2011 Act. Independent examlnerfs statèmont I have completed my examination. l eonfirm that no mallers have come lo my attention in connectlon with the examlnalion giving me cause lo bellev8 that In any material respect.. counling records weie not kept In respecl of the charity as required by section 386 of Ihe 2006 Act.. or the financial slalements do not acc(wd with those records., or the financial slalem@nls do not Comply with the accour)ling requlrements of Seclion 3￿ of the 20[￿ Act other Ihan any requlremenl Ihal the ac¢ounls give a true and fair view which is not a maller Gonsidered as part of an independenl examinalion., or the financial slalemenls have not been prepared In aeeorllance with the melhods and principles of the Slalemenl of Recommended Practice for accounting and reporting by tharilies applicabl? lo charities pieparlng their accounts in accordance with the Financial Reportlng Standard applicable in Ihe UK arKI Republic of Ireland (FRS 102). I have no Concems and have come across no olheT mallers In conneclion with the examination lo which allenlion should be drawn in this report in ordèr lo enable a proper underslanding of the financial slalemenls lo be teached. (LmPLK)¢- 6¥ccoLLILrnrLITh LLP Champlon Accountants LLP Unil 2 Olympic Court INhilehills Buslness Park Blackpool Lancashir8 FY4 5GU Dated: 23 September 2024 YMCA TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Vnrestrlcted Restricted funds funds 2024 2024 Total Unrestricted Rèstrlcted funds funds 2023 2023 Total 2024 2023 Notes Income from: Dorbalions and legacles Inveslmènls 50 154,252 50 154,252 148,093 148.093 Total income 154,302 154.302 148,093 148.093 Expendlturo on: Charitable aclivilies Other expenditure 13,748 39,693 13.746 39.693 5,212 23,677 5.212 23,677 12 Total expendlture 53,439 53,439 28,889 28.889 Nel gainslllosses) on investments io 39,982 39.982 N*t Incom& and movement In funds 140,845 140,845 119.204 119.204 Reconclllatlon of funds.. Fund balances al 1 April 2023 5,728,088 558,270 6,286,358 5,608,884 558,270 6.167.154 Fund balancBs at 31 March 2024 5,868,933 558,270 6,427.203 5,728.088 558,270 6,286.358 The slalemenl ol Iinancl81 activilles includes all gains and losses recognised in the year. All income and expendllure derive from conlit)uing aclivilies. YMCA TRUST BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Flxed assets Investment property 13 5,868,000 6.543,000 Current assets Debtors falling due after one yeaf Oeblors falling due within one yeai Cash al bank and in hand 14 14 75,233 34,464 1,271,815 85,290 7,499 277.369 1.381,512 370,158 CredStors: amounts falllng due wlthln one year 16 1304,410) 194,500) Nel current assels 1.077.102 275,658 Total assets less current Ilabllitles 6.945,102 6,818.658 Credltors: amounts falllng due after more than on& yoar 17 (517,8991 1532.3001 Net assets 6,427,203 6,286.358 Incomo funds Reslricled funds Unresliicled funds 18 18 558,270 5,868,933 558,270 5,728,088 6.427,203 6,286,358 The company is enlilled lo thè exÈmplion from the audit requiremenl Gonlainecs IF) section 477 of Ihe Companles Act 2006, lor the year ended 31 March 2024. The diieclors a¢kr￿WIedge their responsibilities for CoM￿ying with the requirements of the Companiès Act 2008 with respect lo a¢counling iecords and the preparation of f1nancial 81alemenls. The members have not iequlred the company lo obtain an audll ol ils financial slalemenls for Ihe year in question In accordance with section 476. These financial stattsmerbls have been prepared in accordance wllh the provisions applicable to companies subject lo the small Companies regime. The financial slatemenls were approved by the Trustees on 23 September 2024 Mr C Holl MBE Chalrman Trustsv Company reglstratlon number 10764579 YMCA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Charlty Informatlon YMCA Trust is a prtvale company lThiled by guarantee Incorporated In E￿land and Wales. The regislered office is Unil 2 Olympic Court, Imiilehills Business Park, 81ackpool, Lancashire, FY4 5GU. 1.1 Accountlng convention The financlal slalements have been prepared in accordance with the charity's Igoverning doGumenll, the Companies Acl 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland. I'FRS 102.1 and Ihe Charities SORP "Accounting and Reporting by Charities-. Slalemenl ol Recommended Practice applicable lo charities preparing their accounts in accordance wlh the Financial Reportillg Standaid applicable in the UK and Republic of Ireland IFRS 102}" (effective 1 Jarbuary 20191. The charity is a Publlc Benefil Entity as dèfined by FRS 102. The charily has taken advantage of the provisions in the SORP for charilies not to prepare a Stal￿ent ril Cash Flows. The financial slalemenls are prepared In slerfing, which is Ihe fL¢n¢lion81 currency ol Ihe charity. Monetary amoltnls in these financial slalemenls are rOl￿ded lo tho nearest £. The financial slalemenls have been pr6pared under the hislorical cost convenlion, Imodifled lo include tha revalualion of freehold propetiies and lo include investment properiies and certain firkancial InslrLNnents al fair valuel. The principal accounling policies adopted are sel out below. 1.2 Golng concern Al the lime of approving Ihe financial slalemenls. the Iruslees have a r8asonable expectalion Ihal the charity has adequate resources lo continue in opeiational exlslence fof the foreseeable future. Thus the InJ51ees continue lo adopt the going concern basis of accounting in pieparing the financial slalemenls. 1.3 Charitable funds Unreslricled funds are available for use at the discretion of the Iruslees in furtherance of their charitable objectives. Resliicted funds are subject lo specific conditions by donors or grantors as lo how thèy may be used. The purptsses and uses of the restricted funds ale set (wjl in the noles lo the financlal slalemenls. Endowm&nl funds ar8 subject lo specific conditions by donors that the capllal musl be maintained by the chaFIIy. 1.4 Income Income is recognised when the charity is legally entitled to il afteT any perlc¥mance Conditions have been Mel, the a¥nounls can be measured reliabty, and11 is probable that income will be received. Cash donations 8r@ recognised on receipt. Other donations are recognised once the chaiily has been notified of the donation, unless perfoTmance conditions requlre deferral of the amount. Income lax recoverable in relation lo donations received under Girt Aid or deeds of covenant Is recognised al the lime of the donation. Rental Income Is recognised whèn receivable. YMCA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles l¢ontlnued} 1.5 Expendltur Expendilure is recognlsed once there is a legal or constructive obllgalion lo transfer economic benefit lo a third party, il is probable that a IiansfeT of economlc benefits will be required in selllement, and the arvtounl ol the obligation Can be measured ieliably. Expendilurè is classified by activity. The costs of each activity ale made up of the lolal of dir￿1 costs and shared costs. including support cosls involved in undertaking each aclivily. Dife¢l cosls allribulable lo a single activily aio allo¢aled directly lo Ihal aclivily. Shaied costs whi¢h conlribulè lo more than one aclivily and support costs which are not allribulable lo a single activity are apportioned between those aclivilies on a basis consislenl with the use of resowces. Cenlfal staff costs arè gllocaled on Ihe basis of lime spent. and deprecialion charges are allocated on the portion of the asset's use. Resources expended are recognised on an accruals basls and are classified un(Jer headings that aggregale all costs related to the calegory. 1.6 Investmént property Investment property, which is pioperty held lo oarn renlrils andlor for capilal apprecialioFI, Is initially recognised al cost, which includes the purchase cost and any directly allribulable expenditure. Subsequently il is measured al fair value al the reporting end dale. The surplus or deficit on revaluation is recognised in profil or loss. 1.7 Cash and cash equlvalents Cash and cash equivalenls include cash in hand. deposits held al call with banks, other short-lerm liquid investments wilh original malurilie5 of three months or lèss, and bank overdrafts. Bank overdrafts are shown wilhirh borrowings in ¢urient liabilities. 1.8 Financlal Instruments The chafily doe8 not havo any financial instrumenls al Ihe Balance Sheet date. 1.9 Employ•8 b8nafits The cost of any unused hollday enlrtlemonl is recognised in the peTiod in which the employee'5 8etvices are received. Termination benefits are recognised immediately as an expense when the charity is demon51rably committed lo lèrminale the employmenl of an employee or to provide lerminalion benefits. Crillcal accountlng estlmatos and ludgements In the application of the charily's accDuriling policlos. IhB Iruslees are required lo make juclgements, esllmates and assumptions about the cairying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated a8sumptlons are based on historical experience and other factors that are considered lo be relevant. Actual resu118 may differ from Ihese &slimales. Th& eslimales and underlying assumptions are revlewed on an ongoiny basis. Revisions to accountlng slifftales are recognised in the period in which the eslimale is revised where tho revision affects only that period. or in the pèriod ol the rewsion and future periods where the revislon affecls both current and luluFe perlods. YMCA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from donatlons and legacies Unreslrlcted funds 2024 Unrestricted funds 2023 Donations and gifts 50 Income from investments Unr8Strlcted Unrestrlcted funds ftEnds 2024 2023 Rental income Inleresl receivable 136,340 17.912 143,238 4,855 154.252 148,093 Expondlture on charltabl8 actlvltl8S Headlng #ac982 2024 Hp2d5ng #ac982 2023 Dirèct costs Bank Charges Irrecoverable VAT Legal Fees Sundry Expenses 100 1,156 8,631 71 730 830 1691 9,894 1.562 Share of support and governance costs (see note 61 Goveinance 3,852 3.650 13.746 5.212 Analysls by fund Unrestricted funds 13,746 5.212 YMCA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocat8d to actlvltles 2024 2023 Governance cosls 3.852 3,650 Analysed betweerF: It)(lependent examiners fees 3,852 3,650 Net movement In funds 2024 2023 The nel movemwl in funds is ststed alter chargingllcrediling?.. Profil on disposal of investment property 139,9S2) Trustees None of the Ifuslees lor any persons wnneded with them) received any iemuneration OT benefits from Ihe arily during the year. Employ6es The average monthly number of employees during the year was.. 2024 Number 2023 Number Total 10 Galns and losses on Invèstm8nts Unrestrlcted Unrestricted funds funds 2024 2023 Gainslllossesl arlsing on- Sale of investment propertles 39,982 The gaSn on Ihe sale ol an investment property is by refeience lo the valuation included in Ihe ac¢ounls al Ihe prior year end. 11 Taxatlon The charlly is exempl from laxalion on its aGlivilies because all Ils Income 18 applled for charllable purposes. 10- YMCA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 other expendlture Unrestricted Unrestrl¢ted funds funds 2024 2023 Financing costs 39,693 23,677 13 Investment property 2024 Fair value At 1 April 2023 Disposals 6.543,000 1675,0001 Al 31 March 2024 5,868,000 Investment property comprises a portfolio of various properties rented lo Fylde Coast YMCA for charitable purposes. The lair valuè of the inv&slmÈnl properly has been arrived al on the basis of a valuation carried out al 30 Jan￿ary 2017 by Bushells & Benslead Chartered Surveyors, who are nol connected with the charity. The valuation was made on an open market value basis by refeience lo market evidence ol transaction prices for slmllar properties, and has been tjpdaled subsequently by the Trustees on the same b8SiS. The historic81 cost of investment properties amounted lo £3.635.01312023.' £3,756,940). 14 Debto 2024 2023 Amounls falllng due wlthln one year: Other debtors PrBpaymenls and a¢¢rued income 20,347 14,117 7.499 34.464 7,499 2024 2023 Amounts falllng due after more than one year.. Other debtors 75,233 85.290 Total debtors 109,697 92,789 Other debtors relales to Bn unsecured loan made lo another charity whlch Is repayable over 12 years wilh an Interest rale 013.1%. fj1 YMCA TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Loans and overdrafts 2024 2023 Bank loan8 534.271 552,112 Payable within one year Payable after one year 16.372 517,899 19.812 532.300 Amounts included above which fall due after five years.. Payable by instalmenls 452,410 453,053 The long-lemi loans are secuied by fixed charges over seven properties owned ty the charity. The bank loans are repayable over varying periods on a capital and interest basis, expiring be￿een 2032 and 2043 16 Creditors: amounts falllng due wlthln onè year 2024 2023 Notes Bank109ns Other laxalion and social se¢urily Trade credilors Olher ciedltors Accruals and deferred income 15 16,372 1,517 138 275,189 11,194 19,812 2,897 68,291 3,500 304,410 94,500 Other credilors rel8les lo a loan from Fylde Coast YMCA, a connected charity. The loan is inleresl free. unse¢ured and repayable on demand. 17 Credltors: amounts falllng due after morg than one year 2024 2023 Noto8 Bank loans 15 517,899 532,300 The bank 108ns are repayable over varylng pe￿0d on a capSlal and interest basis, expiring be￿een 2032 10 2043. 12- YMCA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Restrlcted fund5 The resliicled funds of the ch8Tily ¢omprise Ihe unexpended balances of donali(Ins and granls held on Imsl sublecl to specific condilions by donors as lo how they may be used. At 1 Aprll At 31 March 2023 2024 Paterson House development 558,270 558,270 Prevlous yèar: At 1 April At 31 March 2022 2023 Paterson House developmerbl 558,270 558,270 The Paterson House development ielales lo the conslruclion of 12 sdf contained apartments which are Affordable Rented Housing or Social Renled Housing lo tenants up lo the age of 25. The development was 9ranl funded which has been fully expended and the property is now held as ail investment asset, The restricted fi)nd balance will Iherefore only be reduced if the property is subject lo permananl diminution in value. 19 Unrestricted funds The unreslricled l￿dS of Ihe charity comprise the unexpended balances of donations and grants which are not subiecl lo specific conditions by donors and granlors as lo how they may be used. These include designated funds which have been sel aside out of unreslrlGled funds by the trustees for specific purposes. At 1 Aprll 2023 Incomlng resources Resources exppndod Galns and At 31 March losses 2024 Gèneral funds 5,728,088 154,302 153.4391 39,982 5,868.933 Prevlous yoar: At 1 Aprll 2022 Incomlng resources ResoLbrces expended Galns and At 31 March 1055es 2023 General funds 5,608,884 148,093 128,8891 5,728.088 13 YMCA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 20 Analysls of net assets between funds UnrestrlctÈd funds 2024 Restrlcted funds 2024 Total 2024 At 31 March 2024- Inveslmenl properties Current asselsllliabililiesl Long term liabilities 5,309.730 1,077,102 (517.8991 558,270 5.868.000 1,077.102 1517,8991 5,868,933 558,270 6,427.203 Unrestricted funds 2023 Restrlcted funds 2023 Total 2023 At 31 March 2023.. Investment Properties Current asselsllliabililiesl Long term liabilities 5,984.730 275.658 1532.3001 558,270 6,543,000 275.658 {532,3001 5,728,086 558,270 6,286.358 14- YMCA TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 31 MARCH 2024 21 Flnanclal ¢ommltmentSp guarantees and ¢ontlngent Ilabllitles The Trltsl received donations of various land and buildings from Lylham Sl. Annes & Fylde Young Mens Chrtslian Association, some of which weie subject to conlingenl Ilabililies which have been sign6d over lo the YMCA Trust. which now bears the potential ongoing liability. These are dètailed below. Propertiès originally acqulred by the Assoclalion during the year ended 31 Maich 2008 818 cost of £466,200. were acquired with the aid of £239,105 of commuled sums from Fylde Borough Councll. Should the pro￿[lieS evei be sold wilhoul being replace or not continue lo be occupied undei the funding conditions then Ihis fundiF)g would be iepayable. No provision has been made for any potential repayment as il is not anlicipaled that the properties would be sold in Ihe foreseeable future. The Association ieceived grants of £450,158 the year ended 31 March 2017 and £112,539 In the year ended 31 March 2018 from Fylde Borough Council lowards the cost of the PaleisotTr House developmenl. These grants will be Tepayable if dwelllngs within the development are occupied other than as Affordable Rented Housing or Social Rented Housing, or the Trust makes any disposal of ils inleiesl in the development which is not a disposal as a whole, or a disposal of the whole wilhoul nolificalion lo the Council in the period to 8 August 2058. The Tiuslees do not intend lo breach the lerms of the grant and therefore no conlngenl liability has been recognised in lh8 accounls. Al 31 March 2024 the Trusl had annual commitments under non-cancellable operating leases for buildings ol £1 per annum. The lolal remaining liability amounts lo £7612023.. F-171. The financial commilmenl reLales lo 99 year lease on the Loflhouse Building, Fleetwood, given by the Lofthouse family in November 2001. Wilh effect fiom 1 April 2003 the buildin9 has be&n leased lo the Fylde Coast YMCA for 25 years al £1 per annum. The Trust is party lo a guarantee for 8 bank loan in Fylde Coast YMCA which is secured on land held by the Trust along wilh assets owned by Fylde Coast YMCA. The maximum liat4lily arising under this guarant￿ is £3,281,156 (2023.. £3,358,513). 22 Related party transactlons Trarlsactlons with related partles During the year the charity enleied Into the following transactions wlh related parties.. The charlly Is connected wilh Ihe Fylde Coast YMCA. During the year the charlly re¢elved rent of £136,340 {2023 '. £143,238) and al Ihe balance shegl dale an amount of £275,18912023.' £68.2911 was owed to Fylde Coast YMCA. 15-