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2023-03-31-accounts

CONTENTS CONTENTS PAGE
Members of the Board and professional advisers
Members of the Board's report
(including		 Strategic Report on pages 5 to 18) 2to22
Independent Auditor's
report		 23 to 25
Consolidated Income and Expenditure Account and
Statement
of Comprehensive
Income		 26
Consolidated and Association
Balance		 Sheets 27
Consolidated Statement
of Changes		 in Reserves 28
Association Statement
of Changes
in		 Reserves
Consolidated Statement
of Cash Flows		 30
Notes to the financial
statements		 31to 51

EMBERS OF THE B OARD'S REPORT (includi g
S		 TRA TE GIC RE PORT)
STRATEGIC REPORT (continued)
Vision Our vision
is for every young		 person to have a safe place to
call home and the support
they need to		 create lasting change
in their lives.
Our mission
is to create supportive		 and inspiring
places where
Mission young
people and communities		 can belong, contribute and
thrive. We do this through
accommodation,		 care, support,
advice, skills for life, theatre and cultural activities.
Everyone
should have a fair chance		 to discover who they are
Purpose statement and what they can become.
Values
We welcome We work with kindness
and integrity		 so that everyone can feel
secure, respected
and heard
We support We build trusting
relationships		 and nurture personal strengths
to help people find their path to independence
We empower We work alongside
people to		 grow their skills and self-belief
to enable them to thrive
We enrich We create inspiring
activities		 that give people a sense of
connection
and wellbeing
We seek out We look for opportunities
to collaborate		 and make an impact
in the communities
we serve

Regulator ofSocial Housing
Metrics 2023		 Regulator ofSocial Housing
Metrics 2023		 2022-23 2021-22
Metric 1(Efficiency) Reinvestment
%		 090 0
(Investment
in properties,
existing		 & new, as a %ofthe value
oftotal properties
held)
Metric 2 (Effectiveness) New supply delivered
9o
(No. of new social and non-social housing units, acquired or
developed
in the year as a proportion		 oftotal social and non-
social housing
units owned at		 period end. )
Cele A For social housing
units		 0% 090
Cele B For non-social
housing
units		 OY0 0%
Metric 3 (Efficiency) Gearing
9'o		 4% 4Yo
Metric 4(Efficiency) EBITDA MRI interest cover % 1236% 2630%
Metric 5 (Economy) Headline
social housing cost		 per unit 614,019 612,868
Metric 6(Efficiency) Operating
Margin %
Calc A Operating
Margin (social housing		 only) % 7% 12%
Calc 8 Operating
Margin (overall) %		 1'Yo 4%
Metric 7 (Efficiency) Return on Capital Employed (ROCE) % 2YO

STATEMENT OF COMPRE HENSIVE
INCOME
Note Year Year
ended ended
31March 31March
2023 2022
E E
TURNOVER 3,520,295 3,629,971
Operating
costs		 (3,470,807) (3,483,652)
OPERATING SURPLUS 49,488 146,319
Interest
receivable
income		 and similar 14,356 13,550
Interest
payable
charges		 and similar (25,047) (20I879)
Change
in fair value		 of investment
properties 12
Change
in fair value		 of investments 13 (22,699) 22,300
SURPLUS FOR THE YEAR
BEFORE TAX 16,098 161,290
Taxation
SURPLUS FOR THE YEAR AND
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR		 16,098 161,290

CONSO LIDATED AND A SSOCIATIO N
BALANCE		 SHEETS SHEETS
Group Association
2023 2022 2023 2022
E E E
FIXED ASSETS
Intangible
assets		 10 15,644 15,644
Housing
properties		 11 3,126,953 3,366,593 3,126,953 3,366,593
Other tangible assets 11 458,939 350,005 436,918 325,081
Investment
properties		 12 1,570,000 1,570,000 1,570,000 1,570,000
5,171,536 5,286,598 5,149,515 5,261,674
Other investments 13 439,178 465,457 439,179 465,457
5,610,714 5,752,055 5,588,694 5,727,131
CURRENT ASSETS
Stocks 14 3,817 4,781
Debtors 15 362,187 353,262 376,377 433,097
Cash and cash equivalents 23 860,035 959,032 847,982 919,327
1,226,039 1,317,075 1,224,359 1,352,424
CURRENT LIABILITIES
Creditors:
Amounts
falling due
within
one year		 16 876,443 871,799 864,049 861,885
NET CURRENT
ASSETS /(LIABILITIES) 349,596 445,276 360,310 490,539
TOTAL ASSETS LESS
CURRENT LIABILITIES 5,960,310 6,197,331 5,949,004 6,217,670
Creditors:
Amounts
falling due
after one year 17 2,283,319 2,491,868 2,283,319 2,491,868
Provisions
for liabilities		 18 335910 380480 335910 380,480
TOTAL NET ASSETS 3,341,081 3,324,983 3,329,775 3,345,322
RESERVES
UNRESTRICTED FUNDS
Designated
8r general		 reserves 19 3,325,738 3,341,285 3,325,738 3,341,285
Non-charitable
trading		 reserves 19 11,306 (20,339)
3,337,044 3,320,946 3,325,738 3,341,285
RESTRICTED FUNDS 19 4,037 4,037 4,037 4,037
TOTAL RESERVES 3,341,081 3,324,983 3,329,775 3,345,322
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Note
2023f 2022f
OPERATING ACTIVITIES
Net cash generated
from operations		 22 126,476 59,276
NET CASH GENERATED FROM OPERATING
ACTIVITIES 126,476 59,276
CASH FLOW FROM INVESTING ACTIVITIES
Interest and dividends
received		 14,356 13,550
Payments
to acquire tangible
fixed assets		 (187,089) (85,596)
NET CASH USED IN INVESTING
ACTIVITIES (172,733) (72,046)
CASH FLOW FROM FINANCING
ACTIVITIES
Payments
to acquire fixed asset investments		 (40,094) (64,933)
Receipts on sale of fixed asset investments 43,674 66,041
Interest
paid		 (25,047) (20,879)
Repayment
of borrowings		 (31,273) (30,833)
NET CASH (USED IN)/FROM
FINANCING
ACTIVITIES (52,740) (50,604)
NET (DECREASE)/INCREASE
IN CASH AND
CASH EQUIVALENTS (98,997) (63,374)
CASH AND CASH EQUIVALENTS AT THE
BEGINNING OF THE YEAR 959,032 1,022,406
CASH AND CASH EQUIVALENTS AT END OF
YEAR 23 860,035 959,032

Year to 31March 2023 Operating
Operating surplus/
Turnover costs (deficit)
E E E
Social Housing 2r145r945 (1997 105) 148,840
Non Social Housing
activities 1,374,350 (1,473,702) (99,352)
Total 3,520,295 (3,470,807) 49,488
Year to3I March 2022 Operating
Operating surplus/
Turnover costs (deficit)
E
Social Housing 2,107,232 (1,855,547) 251,685
Non Social Housing
activities 1,522,739 (1,628,105) (105,366)
Total 3,629,971 (3,483,652) 146,319

NOTES TO THE FINANCIAL
 STATEMENTS (continued) STATEMENTS (continued) STATEMENTS (continued)
. TURNOVER
COST OF SALES, OPERATING		 COSTS AND OPERATING SURPLUS
Particulars
of Group income and expenditure		 from social housing lettings
General General
Housing Housing
2023 2022
E
TURNOVER
FROM SOCIAL
HOUSING
LETIINGS
Rent receivable
net of voids		 1096,880 1005,086
Service charges
receivable		 495,423 458,891
NET RENTAL INCOME 1,592,303 1,463,977
Supporting
people contract
income 359,619 428,630
Other revenue
grants		 49 639
Grant amortisation 193,974 213,986
TURNOVER
FROM SOCIAL
HOUSING
LETTINGS		 2,145,945 2,107,232
EXPENDITURE ON SOCIAL
HOUSING
LETTINGS
Direct costs 1,822
Staffing 1,033,332 990,999
Administration 203,774 173,384
Depreciation
and amortisation		 176,869 194,641
Maintenance 45,422 20,761
Services 31,313 49,929
Service charge costs 504,573 425,833
OPERATING COSTS ON
SOCIAL HOUSING
LETTINGS		 (1,997,105) (1,855,547)
OPERATING
SURPLUS ON
SOCIAL HOUSING
LETTINGS		 148,840 251,685
Rent losses on voids 50,195 77,417
Supported
Housing
Accommodation		 2023 2022
owned and managed No. of units No. of units
Let at social rent 104 104

he operati ng sur plus
is		 s tated a fter charging/(crediti ng):
Group
2023 2022
E 6
Depreciation of housing properties 239,640 252,232
Depreciation of other tangible fixed
assets 61,239 61,472
Amortisation of intangible fixed assets 1,272 2,444
Amortisation of grants (193,974) (213,986)
Auditor's remuneration
services) 12,500 12,500
Auditor's remuneration (non-audit
work) 1,000 1,000
Operating lease rentals 57,073 76,611
Cost
of		 stocks recognised as an
expense 32,778 19,108

NTERE ST RECEIVABLE AND SIMILAR INCOM E
Group
2023 2022
6 6
Interest on bank deposits 39 12
Income from listed investments 14,317 13,538
14,356 13,550

Group
2023
f		 2022
f
YMCA pension notional finance charge (Note 18) 11,415 10,870
Interest on bank loan 13,632 10,009
25,047 20,879

2023
f		 2022
f
Basic salary 271,671 260,584
Pension contributions 13,421 13,040
285,092 273,624
2023 2022
Number of Directors accruing benefits in the pension
scheme
Emoluments disclosed above include the following disclosed above include the following amounts paid to the highest
paid director:
2023f 2022f
Emoluments for qualifying services 107,822 113,700
Pension contributions 6,775 6,642

2023 2022
No. No.
Average number of persons (including part-time
employees and the Chief Executive but excludes Casual
Staff) employed during the year 74 74
Full time equivalent (40 hours per week) 61 65

here were f58 travel expenses
reclaimed
by
NTANGIBLE FIXED ASSETS		 Board members
in 2023. (2022: EO)
Group and Association Website costsf
Cost
At 1 April 2022 12,204
Additions 16,916
At 31 March 2023 29,120
Amortisation
At 1 April 2022 12,204
Charge for the year 1,272
At 31 March 2023 13,476
Net Book Value
At 31 March 2023 15,644
At 31 March 2022

ANGIBLE FIXEDASSE ANGIBLE FIXEDASSE TS
Group and Association Social Housing
Properties
held for lettingf
Cost
At 1 April 2022 7,486,285
Properties
acquired
Works to existing properties
Disposals —component write-off
At 31 March 2023 7,486,285
Depreciation
At 1 April 2022 4,119,692
Charge for the year 239,640
Eliminated
on disposals		 —component write-off
At 31 March 2023 4,359,332
Net BookValue
At 31 March 2023 3,126,953
At 31 March 2022 3,366,593
Depreciation charge for the year 2023 2022f
Annual
depreciation
charge		 239,640 252,232
Accelerated depreciation
on component		 write
off
239,640 252,232

11. TANGIBLE FIXED ASSETS (continued)
Group Freehold Furniture
Land Br Fixtures Ik
Buildingsf Fittingsf Lift TOTAL
COST
At 1 April 2022 918,914 641,758 299,936 1,860,608
Additions 170,173 170,173
Disposals
At 31 March 2023 918,914 811,931 299,936 2,030,781
DEPRECIATION
At 1 April 2022 789,727 420,940 299,936 1,510,603
Charge for the year 18,764 42,475 61,239
Disposals
At 31 March 2023 808,491 463,415 299,936 1,571,842
NET BOOK VALUE
At 31 March 2023 110,423 348,516 458,939
At 31 March 2022 129,187 220,818 350,005
Association Freehold Furniture
Land
8i.		 Fixtures
fk
Buildingsf Fittingsf Liftf TOTALf
COST
At 1 April 2022 918,914 602,034 299,936 1,820,884
Additions 169,903 169,903
Disposals
At 31 March 2023 918,914 771,937 299,936 1,990,787
DEPRECIATION
At 1 April 2022 789,727 406,140 299,936 1,495,803
Charge for the year 18,764 39,302 58,066
Dlsposals
At 31 March 2023 808,491 445,442 299,936 1,553,869
NET BOOK VALUE
At 31 March 2023 110,423 326,495 436,918
At 31 March 2022 129,187 195,894 325,081

Group and Association 2023f 2022f
At 1 April 1,570,000 1,570,000
Increase
in fair value
At 31 March 1,570,000 1,570,000

ding
results		 is shown
bel		 ow:
2023f 2022f
Profit and loss account
Turnover 93,394 53,099
Cost of sales (52,336) (30,999)
Gross profit/(loss) 41,058 22,100
Administrative expenses (9,413) (8,763)
Profit/(Loss) on ordinary activities before and after tax 31,645 13,337
and retained
Capital and reserves 11,307 (20,339)

2023f 2022f
Group and Association
Other investments —listed at fair value
At 1 April 465,457 444,265
Additions 40,094 64,933
Disposals (43,674) (66,041)
Realised
gain on disposal		 1,399 20,841
Unrealised
gain/(deficit)		 (24,098) 1,459
At 31 March 439,178 465,457
Historical cost 373,763 376,027
STOCKS
Group
2023		 2022f Association
2023
2022
f
f
Goods for resale 3,817 4,781
DEBTORS
Group
2023		 2022f Association
2023
2022
f
f
Housing
debtors
Other trade debtors		 231,023
107,293		 158,897
151,593		 231,023
107,293		 158,897
151,593
Bad debt provision (18,940) (18,940) (18,940) (18,940)
Amount
owed from
subsidiary
company
Other debtors		 2,517 6,659 14,190
2,517		 79,835
6,659
Prepayments
&accrued
income 40,294 55,053 40,294 55,053
362,187 353,262 376,377 433,097

16. CREDIT ORS Amounts falling d ue within one year
2023 Group
2022		 Association
2023
2022
E E E
Trade creditors 227,054 285,541 220,983 281,363
Bank loan 20,976 30,270 20,976 30,270
Taxation
Accruals		 8r Social Security (2,500)
91,346		 54,319
78,154		 (5,343)
91,346		 52,064
76,904
Deferred income 339,209 223,418 339,209 223,418
Other creditors 9,906 2,241 6,426 10
Deferred capital grant (see note 190,452 197,856 190,452 197,856
17)
876,443 871,799 864,049 861,885
17. CREDITORS Amounts falling due after one year
Group
2023
2022		 Association
2023
2022
E E
Bank loan 269,885 291,864 269,885 291,864
Deferred capital grant 2,013,434 2,200,004 2,013,434 2,200,004
2,283,319 2,491,868 2,283,319 2,491,868
The bank loan is secured by a legal charge over 7 East Street Leicester, LE1 6EY.
Group and Association
Deferred capital grant 2023 2022
E E
As at 1 April 2,397,860 2,611,846
Amortisation (193,974) (213,986)
As at 31 March 2,203,886 2,397,860
Less: due in less than one year (190,452) (197,856)
Due after more than one year 2,013,434 2,200,004
Group and Association
Bank Loan 2023 2022
E E
Amounts falling due by instalments after more than
five years 89,523 142,516

NOT NOT NOT ES TO THE FINANCIAL
STA		 TEMENTS (continued)
18.PENSION PROVISION
Group and Association YMCA Pension
2023 2022
E E
1 April 380,480 362,317
Paid
in		 the year (55,985) (46,648)
Unwinding of discount (Note 7) 11,415 10,870
Change in funding deficit arrangements 53,941
31 March 335,910 380,480
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organisation.
At 31 March 2
leases were as follows:		 0 23 the total f uture co mmitm ent s
un		 der
non-canc		 ellable
oper
Group and Association
Other
2023f 2022
Within one year 88,416 72,103
Within
2 to 5 years		 540,747 141,939
629,163 214,042
22. RECONCILIATION
OF SURPLUS AFTER		 TAX TO NET CASH
GENERATED FROM OPERATIONS
2023f 2022f
Surplus
for the year		 16,098 161,290
Adjustments
for:
Depreciation
of tangible		 fixed assets 300,879 313,704
Amortisation
of intangible		 fixed assets 1,272 2,444
Grant amortisation (193,974) (213,986)
Interest
and dividends		 receivable (14,356) (13,550)
Interest
payable		 25,047 20,879
Accelerated
depreciation
Fair value deficit/(gain) on investments 22,699 (22,300)
Operating
cash
flow		 before movements in working 157,665 248,481
capital
Decrease/(Increase)
in		 stocks 964 (3,731)
(Increase)
in debtors
Increase
in creditors		 (8,925)
21,342		 (208,288)
4,651
(Decrease)/Increase
in		 provisions (44,570) 18,163
Cash generated
from		 operations 126,476 59,276
23. CASH AND CASH EQUIVALENTS
Group
2023
f		 2022
f		 Association
2023
2022
f
f
Cash and cash equivalents represent:
Cash at bank 860 035 959032 847 982 919~327

At I April Cash
flows		 Other
non-cash
changes		 At 31
March
2022 2023
E
Cash and cash equivalents
Cash 959,032 (98,997) 860,035
959,032 (98,997) 860,035
Borrowings
Bank loan
Debt due within 1 year (30,270) 9,294 (20,976)
Debt due after 1year (291,864) 21,979 (269,885)
(322,134) 31,273 (290,861)
Total 636,898 (67,724) 569,174