Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here for Yo￿n9 people H*rg for Communltieg Herè for you YMCA LEICESTERSHIRE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Registration No: 00159933 Charltles Commlsslon No. 213513 Regulator of Social Housing No. H2381 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here foi yDun9 people Here forcommunities Here for you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 CONTENTS PAGE Members of the Board and pfofesslonal advlsers Members of the Board's report {including Strateglc Report on pages 5 to 18) 2to22 Independent Audltor's report 23to25 Consolldated Income and Expenditure Account ènd Statement of Cornprehensive Income 26 Consolld)ted and Assoclatlon Balance Sheets 27 Consolidated Statement of Changes in Reserves 28 Assoclatlon Statement of Changes In Reserves 29 Consolldated Statement of Cash Flows 30 Notes to the financlal statements 31to51 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here lol young people Nere tor ¢<*mmunitbes Here lor you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS The members of the Board Ms H E Robertson Mr P Hawklns MrT Moore Mg E Hollls Ms E Llng Ms C Clifton Mr D Glover Ms L Capell M5 F Wong Ms J L Mackay Mr R A Graves Company secretary Nr P Brown Reglstered offlce 7 East street LelcÉster LEI 6EY Audltor Forrester Boyd Chartered Accountants 26 South Salnt Mary's Gate Grlmsby DN31 ILW Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A H•r• foi young people ere foi comrnuDItIt$ ere foi you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (includlng STRATEGIC REPORT) INTRODUCTION The Board have pleasure in presenting thelr annual report, together wlth the audlted financlal statements of the group for the year ended 31 March 2024. This report contalns a Dlrectors. Report as requlred by company law. REFERENCE AND ADMINISTRATIVE INFORMATION R41glstered name YMC4 Lebcestershlre (changed 07/10122} Known as YMCA Lelcester5hlre Charity r•gl•tratlon numb•r 213513 Company reglstratlon number 00159933 Regul•tor of Soclal Hou$lng numb•r H2381 Regist•r•d Offl¢e and maln address 7 East Street, Lelcester, LEI 6EY Audltor Forrester Boyd Chartered Accountants, 26 South Salnt Mary's Gate, Grimsby, DN31 ILW Prln¢lpal bank•rs HSBC, 2-6 Gallowtree Gate, Lelcester, LEI IDA Inve•tment advlsors Brewln Dolphln Llmlted, Waterfront House, 35 Statlon Street, Nottlngham, NG2 3DQ Board and Commlttee Members The followlng persons have Served The Y durlng the year - Ms H E Robertson Chalr {elerted 06.12,2023) M5 K Hamylton (reslgned 06.12.2023} Mr P Hawkin5 Vice Chair Mr T Moore - Treasurer Mr R Brannen (reslgned 06.12.2023} Ms E Hollls Ms E Ling Ms C Cllfton Mr D Glover Ns L Capell Ns F Wong Ms ) L Mackay Mr R A Graves The following directors retire by rotation and belng ellglble offer themselves for re-electlon,. Ms F Wong, Ms E Llng and Mr P Hawklns. Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A I HerÈ for young people Here for ¢ommunitie¥ Here for you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (includlng STRATEGIC REPORT) Qualifying thlrd party indemnlty Insurance The Assoclatlon has made quallfying thlrd-party Indemn1ty provisions for the benefit of Its board members durlng the year. These provisions remain in force at the reporting date. Secretary; Paul Brown Executlve Team (as at 31.3.24): Paul Brown Chlef Executlve Tom Lln Deputy Chlef ExecutivelFinance Dlrector Nlcola Thompson-wlndley Dlrector of People, Pollcy & Culture Juanlta Rhodes Dlrector of Houslng Jennle Skeldlng Olrector of Resldentlal Care SÈNSces (Rl) Management Team (as at 31.3.24): Llzzie Clark Executlve Ass1Stant Harbnah Wllliamson Nuala Facey Donna Pole Mayur Vaghela Emma Knlght Hannah Torrance Sean Langley Kate Beaumont Jullet Martln Louise Jordan Hannah Deignan Jess Strutt HR Manager Houslng Support Manager Houslng Support Manager Housing Support Manager Fundraising and Communicatlons Manager Theatre & Events Manager Property & Malntenance Manager Y-support Manager Merltage Project Manager Reglstered Manager (Chlldren's Home) Advantaged Thlnking Lead Complex Needs Manèger Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A H•r• ftrr yL¥uffig p•ople Here for commuThltles Here for you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (including STRATEGIC REPORT) STRUCTURE, GOVERNANCE AND MANAGEMENT YMCA Lelcestershire was founded In 1883. It Is a charitsble company limited by guarantee, Incorporated In 1919 and registered as a charlty In 1966. The Association was establlshed under a Memorandum of Association which established tho ob]ects and powers of Assoclatlon and is governed under Its Articles of Association. In the event of the As50clation being wound up members are required to contribute an amount not exceedlng £0.01 (one penny). The As50¢iation 15 also a Reglstered Provider of Social Housing (RP). Therefore, the Association's Accounts must be prepared in accordan￿ wlth Hou51ng leg151atlon and the Houslng Statement of Recommended Practlce (SORPI whlch overrldes the requirements of the Charities SORP. oard member5 are the directors of the Association and are also charity trustees for the purposes of charlty law. Under the requlrements of the Memorandum of Assoclatlon and Arlicles of Assoclatlon Board member5 are elerted to Serve on the Board. A proportlon of Board members rellre at every Annual General meetlng IAGM) and are ellglble for re-electlon. Due to the nature of the A550clation, elected Board members must slgn a form of commltment to YMCA England & Wales, Ethos Statement and Membershlp Agreement. Thls effectively means that elected Board member5 rnust be practising Christians. In addition, the Board may co-opt additional dlrectors who are not pra¢tlslng Chrlstlans but support the Ethos Statement of YMCA England & Wales. Recruitment of Board members Is through advertlsbng in approprlate medla together wlth approaches to known Interested Individuals. Consideration is given to achieve a ffllx of skllls amongst Its Board members that wlll complement the Sndlvldual departments wlthln the Assoclatlon. Potential new Board members are glven an Inductlon pack which provides informatlon on the Assoclatlon's servlces, Its constitution and financial position, together with their legal obligations. Potentlal Board members are then Invlted to meet existlng Board members and subsequently the Nanagement Team. The induction process is tailored to Indlvidual needs. The Board meet quarterly and Is responsible for overseeing the strategic direction and management of the Assoclatlon. In addltlon, there Is a Resources Commlttee {covering Finance, HR and Asset Management / Malntenance whlch meet quarterly). The Chief Executive together with his Directorate and Managernent Team has day to day responsibility for the management and dellvery of servlces. Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A Here for young people Hefe for communltl¢s Hero for you YMCA LEICESTERSHIRE Yn¢A FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (including STRATEGIC REPORT) STRUCTURE, GOVERNANCE AND MANAGEMENT (contlnued) The Assoclation wholly owns Y Leisure Llmited whlch conslst5 of the tradlng actlvities of the charity. The principal actlvltles of Y Leisure are the provlslon of a bar. The profits of Y Leisu￿ are distrlbuted via glft ald to YMCA Lelcestershlre. STRATEGIC REPORT The members of the Board have considered the risks faced by the Assoclatlon and Group through a rlsk analysls exercise. Policy and procedural implementation have taken place and a critlcal analysis of the organlsatlon's management structure completed. Key rlsks and uncertalntles The Associatlon have consldered the key rlsks and uncertalntles It faces over the comlng year and has identified these as; l. Park House Children's Home falls to malntsln its Ofsted ratlng of Good, therefore Impactlng on our relationship wlth placement authoritles, thelr confldence in YMCA Leicestershire as provider and resultlng occupar)cy levels; 2. Fallure to Identlfy a sultable property to set UP a 5e¢ond chlldren'5 home. 3. Failure to recruit sultable staff to manage and de15ver residentlal care wlthln the second children'5 home,. 4. The Inablllty to make substantial Investments in the publlc areas wlthln East Street, therefore impactlng on theatre audlen¢e and communlty group experlence., 5. Fallure to mltigate rlsks as Identified in the organlsation'5 RSsk Register. 6. Wage inflatlon and our ablllty to award pay Increments; 7. Not being in a position to pay the Natlonal Llvlng Wage; 8. Abllity for the organisatlon to grow wlthln the challenglng economlc environment; 9. Fallure to meet new Ofsted regulations for the accommodation of 16117-yeor-olds, thus resultlng In the withdrawal of CYPS Contracts,. 10. Failure to review and potentlally appoint a Bu51nes5 Development Director, therefore Impactlng on grant appllcatlons and buslness growth,. 11. Unsuccessful Heritage Lottery bid, resulting in curtailment of our Herltage work wlth young people,. 12. Our commltment to supporting young people to become Board members failing due to sack of clarity at Board level. Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Her• foi young peopl• Her¢ fot ¢ommuhltl•i H?r• foryou FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT {includlng STRATEGIC REPORT) STRATEGIC REPORT (continued) Housing Our housing operation continues to provlde high-quality support and accommodation to young people. We continue to experience growing number5 of young people impacted by adverse mental health and this in turn creales additional pressures on an already stretched staff team. In September 2024, we Bppolnted a new Director of Houslng followlng the reslgnation of the previDUS Dlrector in November 2022. Although we had to advertise the post twlce, the new Director comes from a Local Authority commlssioning background and was familiar wlth YMC.A LÈlcestershire. with the Local Authority budget challenges, we contlnue to have real issues with move-on accommodatlon for young people whlch results In bed blocklng and Increaslng levels of frustratlon for our young people. The year also saw us appolnt two new complex needs workers and welcome back the team manager who had been on adoptlon leave. We were subject to a quallty assurance prDcess conducted by Lelcester City Councll, th15 meant we had to submlt a number of documents and offlcers vislted sltes as part of the audit. l am happy to report that we met the standard. By far the biggest challenge thls year was preparlng for the new Ofsted regulatlons on accommodating 16-17-year-olds. As part of us meeting the new regulatory standards, the Reglstered Indlvldual from Park House was seconded to the houslng department 2 days a week {in the absence of the Director ot Housing) to ensure we were regulatory compliant and all pollcles, procedures, and practices were up to date and fit for purpose. Regidentlal Chlldr•n's ServlcaB Park House Is now In It5 slxth year and has moved from an Ofsted gradlng of Requlre5 Improvement to Good. The achlevement of thls grading Is a testament to the hard work of the Register Individual and the Registered Manager. Thls puts the home in a good positlon golng forward as a number of placement authorltles have a palScy to only place young people In seNlces that are rated as Good as a mlnimum. Durlng the early parl of the year, the home had a solo placement due to the speclfic needs of the young person. Th15 enabled Ihe team to focus thelr attention on providing the hlgh level of support needed to enable the young person to transition to Independent supported living. The servlce was then closed for two months whilst we carrled out sub5tantlal refurblshment and Staff updated their trainin9 matrix. The house reopened In October 2024 with placements from both the City and County. We have also rnanaged to appoint a new Deputy Manager and Support Worker whSch brlngs our staff team up lo full complement. Theatre The focus for this year was around bulldlng the team to support the goals of the theatre going forward. Wlth the appointment of a new Theatre Manager and Deputy and the return of our Skills Coach, the groundwork for our trainlng programme Is underway. Inltial sesslons have seen strong engagement, Includlng through our partlcipation In BBC'S Bring The Drama festlval, offering workshops across technlcal, admlnlstration, and performance aspect5 of theatre. Plans are underway for the development of the main tollets and washroom facilities following a drolnage Survey, with the work due to take place in july -August 2025 when the theatre goes 'da rk,. Meanwhile the ground floor of the theatre has been redecorated to refresh the space. with the balcony-level sckkeduled for summer 2024. The theatre continues to deliver a broad range of shows, growing support and engagement from the local community as well as building relationships with national artists and agents. We have seen over 22,000 people vlslt the theatre thls year. This was partlcularly reflected in the unprecedented wln of Best Large Venue at Leicester Comedy Festlval for the third year running as voted for by festival audiences. Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here foi young ptople Here for cornfflunltles Herè for you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (Including STRATEGIC REPORT) STRATEGIC REPORT (continued) Your Harlta9e Your Futur• Followlng the successful 2018 Y Herltsge project that generated local herltage work placements for young people in Lelcesterlshlre Your Heritage, Your Future (YHYF) has been funded for development phase to promote youth volce and generate organisational change withln the heritage sector, Through paid placements, skllls development and prog resslon opportunltles ft)r young people, includlng those wlth complex needs, the project will diverslfy the museum workforce and transform how museums engage with everyone, In partnershlp wlth colleague5 from Norfolk Museum Service we have been pllotlng the Natlonal Lottery Herltage Funded project from June 2023 in two museums across East Mldlands and the East of England= Lelcester Museum & Art Gallery and True's Yard Museum In Norfolk have hosted a young tralnee on a Six month pald placement, both tralneeships have been monltored and supported and both young people have gone on to achleve new opportunltles, learn new skllls and see themselves as part of a wlder community. Da Centre Quring the year, the Day Centre contlnued to dellver critlcal servlces to street homeles5 and those In vulnerable houslng, Although we haci hoped that the servlce would have been relocated Into the new Homelessness Hub, thls has not materlalised for a number of reasons; mèinly due to the City Council belng unable to secure a contractor within thelr Ilmlted budget. Day Centre servrces still Include working in partnership with the Homelessness Mental Health Services whlch are part of Lelcestershire NHS Pa rtnershlp Trust and we are grateful for their contlnued support both financlal and operatlonal. We have contlnued our work wlth Turning Polnt l Drug and Alcohol Servlce), 5t Mungo's (Educatlon and Work Coachlngl and Trade {Sexual Health Servlcel. We have also ontlnued to work with Fare Share, which helps us to provlde food parcels to some of our m05t vulnerable servlce users. Thls partnershlp has also enabled us to set up our Staff Pantry as we are aware that wlth the current cost of livlng crisls, some staff were struggl Ing to make ends meet. This initiative has proved extremely beneficial. It has been running for 49 weeks and provlded 953 bags of food to 77 dlfferent individuals. HR The HR team has Implemented several new and excltlng developments over the year. These have Included the Implementation of 8irthday Leave and Long Service leave, new On-call and Overtime Policles, the redrafting of our Menopause Policy alongside updating several pollcies as Part of the requirements for the Quality Assurance Inspectlon and Ofsted. Other initiatives the team Introduced Include new employee welcome cards and a non-cash benefits package. The department also Issued new employee contracts to all staff ensurlng we were legally cornpli4nt wSth new legislation. The ongolng development of our menopause group and 5Lbb5equent pollcy development received well-earned recognltlan durlng the year with YMCA England & Wales uslng our polity as a basls to develop thelr own. Operations The Operations department has continued to ensure our buildings are flt for purpose and that we comply with all health and safely regulations and code5 of practlce. Unfortunately, our Ilft broke down In November 2023 and repairs took 6 months at considerable Costs. The year saw the team redecorate the theatre (lower floor), carry out a full refurbishment of Park House and replace Several floors in the flats at Aylestone. The team also played a critical part in our Housing Quality Assurance inspection ensuring we meet all Health & Safety requirements. We also contlnued our lou rney to be a company fully aware of our commitment to the environment and sustainability with the purchase of a new van for the team which is electrically powered. Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A H¢r¢ ftyi youn9 p¢opI• Here for cctmmuftltles Heye for yo FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (including STRATEGIC REPORT) STRATEGIC REPORT Icontlnued) Sport$ Health and Fltn•$8 The Investment last year Into the development of the new Fitness Studio has proved a real asset to both resldents and staff wlth many regular u5er5. A group of seven staff used the studlo to ralse their fltness levels as they intend to compete in a local Wolf Run In June 2024. The studlo ha5 also been used to divert young people from seriou5 violence into positlve activltles and as a therapeutlc space to develop 1-2- 1 work wlth young people. We had hoped that our communlty group5 would access the faclllty, especlally our 5enlor cltlzen's table tennls group, unfortunately th15 has not happened regularly. Governance The year saw the re5Ignation of Kathryn Hamylton who had been Chalr for 13 years and the appolntment of Hayley Robertson who took over after spending a year shadowing Kathryn. Hayley takes over as Chalr at an excltlng tlme as we are looklng to Create opportunlties for young people to become Trustees through the 'Get on Board, project. In September 2023, the Trustees held a Development Day where they agreed to adopt the Foyer Federatlon asset-based Advantaged Thlnklng Model of service design and delivery for young people, Trustees also undertook the Cllfton Strengths, as dld the Executlve tearn which is a tool developed by The Gallup Organisatlon and helps Indlvlduals discover their top five strengths, It can also help organlsatlons improve company culture and performance. Marketlng and Fundr•lslng The Marketing and Fundra15ing team had a challenging year mabnly due to the fact they were worklng without a Dlgltal Marketing Offlcer {due to a vacancy). However, they stlll organised our Second Sleep Easy which had over 50 people take part and raised £26k towards our work with young people. We also partlclpated In the Blg Glve Chrlstmas appeal thls year and raised a total of £28k, Glven rhe con5tralnts the team were worklng under these achievements were extremely credlble. Multl-emplo en*lon s¢h•me YMCA Lelcestershlre recognises posslble concern relatlng to its partlclpatlon In a deflned benefit penslon scheme. Approprlate actlon has been tèken.. The scheme was closed to new members In 2007, and the Ilnk to flnal salary broken In 2011. Additior)al contrlbution5 contlnue to be made to reduce the deficlt. As part of the YMCA federatlon, the multl-employer penslon scheme Is run by an independent Trustee board wlth ernployer ￿presentatIOn through the Princlpal Employer, Notlonal Council of YMCAS. er deflned benellt The penslon scheme Trustee obtaSns an actuarlal valuation every three years and we have consldered the Impllcations to the charity's finances from the latest available actuarial valuation. We have revlewed the charlty's ablllty to contlnue to dellver Its charltable objettives by ensudng budgets, forecasts and plans are available and include the impact of deficit repayments. The penslon scheme Trustee included the impact of penslon scheme deficlt repayments in considering goin9 concern status, reserves, and the risks and uncertainties that the charlty face noted elsewhere In thls Report, YNCA Leicestershire benefits frorn the pension scheme Trustee and the Principal Employer seeking suitable speciallst professlonal advSce both to manage the scheme and In the contlnulng effort to explore ways of reduclng the overall pension deficlt. The notes to the Accounts include an accountrng policy and further detalls In note 18. Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here foryouTrg people for cornmunlties N•r• fDf YOU FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (includlng STRATEGIC REPORT) STRATEGIC REPORT - Looklng Forward (24125) Housing Nationallyt there Is a real shortage of social housing. Leicester 15 no dlfferent and as such option5 lor young people to secure tenancles out51de of the prlvate sector is Ilmlted. Thls leads to bed blocklng and young people who have aged out of the servlce bei ng able to move into Independent accommodatlon. Our strategy to increase provision will include the securbng of high-quality affordable studlos and l-bedroom flats where we can att as the landlord and sublet to young people who are ready for independence. Therefore, our strategic housing focu5 for 202415 will be on 5 key element5', lllcreaslng our servlce provlsion through Identlfylng and securlng additional propertles. Meetlng the new Ofsted Standard for the accornmodètion OF 16-17-year-olds. Fully Implementing our new Housing Management System 'In Form,. Securlrtg a contract with the County Council to dellver supported accornmodatlon to UASC. Reviewino our cost base, en5urlng we are competStlvely placed within the sector. In order to achleve the above we w511 need to work wlth key parlners and stakeholders ensurlng that they are supportive of our development plans and wlll work with us to achleve them. Iv) Resldentlal C¥re We will prloritise maintalnlng our Ofsted grading of Good and strlve towards gainlng an Outstanding Judgment. We will also actively look to purchase a property and set up a second resldential home in the county, therefore expandlng our servSce in Ilne with our commitment to the 'Staying Close Agenda,. Based on the growing need, we will also conslder the option of offering a therapeutlc element to the service a5 we are aware that comm155ioners see this as an increasing need. This would entall the appolntment of a therap15t whlch would not only enhance our team but also the servlce and support we would be able to offer. Govern•nc• & YounLPaople Through the 'Get on Board, programme we wlll support two youn9 people to develop the skills and knowledge to become Trustees of the organlsatlon. Thls wlll entall the potential restrictlng of meetings, ensurlng that the young people feel fully engaged and able to make a real contrlbutlon to the governance of the or9anlsation. We will also provide real employment opportunltles for resldents l ex-resldents through our Customer service team to have 25% of the team recrulted from our resldent base. Human Resources The purchase and Implementation and mlgration of a new HR Management System wlll be the prlority of the HR team alongside the continued development of our culture and open and transparent communication. The team wlll look to provlde staff with the option for direct feedback through 'ViewPoint'. We will revlew our recrultment and retention processes, ensuring that we make YMCA Leicestershire an organlsatlon that people want to work for as it is clear that we value and remunerate our people appropriately. We will also support all managers and senior staff undertaking the Cllfton Strengths process. Marketing and CommunlcJtion We will hold our annual 'Sleep Èasy, at the Walkers Stadium thls year which will be our thlrd. We will also partlcipate in thig year's Big Give and hold a fundraising Golf Day in partnership with Gallagher's Insu rance. The department hès been given challenging income targets this year 50 there w511 be a focus on new fundra15ing income streams that are developed wlthin an Advantaged Thinking framework. Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Herè foi young pe¢pl¢ Heie for communltle$ are for you FINANCIAL sfATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (includlng STRATEGIC REPORT) STIiATEGIC REPORT - Looklng Forward (24125) (contlnued) Your Heritage Your Future Should we be successful wlth our fundlng application,. in year 1 13 museums wlll offer 6 month tralneeshlps and 3 month pre-tralnee5hip5 to young people wilh complex needs. Each tralnee wlll be carefully matched to the museum through a YMCA or local youth oryanlsatlon. Each trainee wlll work 10 hours a week to encourage them Into the workplace whllst not Interferlng wlth thelr beneflts. Each trainee wlll work In the museum to an agreed workplan, whlch may Include communlty engagement, learnlng, curatorlal work, front of house, commercial servlces, marketSng or any other area of the museum's core work. Each tralnee will also be provided wlth budget that they can use to deliver a projett, whlch may Include actlvltles for other young people. Through the dellvery of thls project It Is a150 hoped that some young people may wlsh to take up tiursary oppgrtunltyi elther In the partner museum they have completed a traineeshlp In or at another museum. In all cases, there wlll be an expectatSon for the partner museum5 to provide opportunltles for the tralnees to progress through the trled-and-tested Player. Shaper, Leader framework. Tralnee5 wlll be supported by the flve new Reglonal Heritsge Enga9ement Workers the project wlll recrult and who wlll be based across the two reglons. Th•atre and Arts The theatre wlll contlnue to grow Its artlstlc programme, seeklng to attract big names whale also working wlth, by and for our local community. We wlll be Joinlng the foremost Midlands development network In Good Company to grow our support for new and emerging artlsts In the Mldland5, working wlth olher venues to offer bbgger opportunitles than we could offer alone. We wlll also open up our space to local cornmunlty groups, looklng for opportunltSe5 to work with them to develop our communlty offer, includlng amputee sports and rehearsal space. Our commitmenl to learning and employment opportunitles for our young people will grow. The guccessful bld from Historlc England wlll see us host our Hldden Gems project throughout the year, working wlth our young people and the communlty to explore the herltage of the bulldlng and the history of Lelce5ter, culmlnatlng in a curated sharlng In Aprll 2025. We will also become an Arts Award Centre allowing us to evidence to them the value of the vvork the young people put In to both the Hidden Gem5 project and their engagement wlth us, and the skS11s they have developed through thls. We wlll also begln offering front of hovse roles to current and ex-resldents to support them in gaining skills and experience In an Industry setting while offering fiexlble and trauma-lnformed support. We hope to extend this to technleal roles following development of our tralnlng programme Into 25-26. Advanta ed Thinkin The organisation has made both a strategic and operational decislon to adopt Advantaged Thlnking which is an asset-based model of service design and dellvery developed by the Foyer Federation. As such, a senior member of staff has been tasked to implement Advantaged Thinklng acmss the whole or9an15atlDn which will entail the development of individual departmental action and implementation plans. As an organisation, we truly believe that Advantaged Thinking will Improve U5 as a service and support our comrnitment to empowering young people. io Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here foi YO￿￿9 people Here for comMunltle$ ero for yo FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (Including STRATEGIC REPORT) STRATEGIC REPORT (continued) Vlslon 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 misslon is to create supportive and inspiring places where young people and comfnunltles can belong, contribute and thrive. We do thi5 through accommodatlon, care, support, advlce, skllls for life, theatre and cultural actlvities. Mlsslon Everyone should have a fair chance to dlscover who they ère and what they can become. Purpos• statement Value$ We work wlth klndness and Integrlty so that everyone can feel secure, respected and heard We bulld trustlng relatlonships and nurlure personal strengths to help people find thelr path to independence We work alongslde people to grow thelr sk1115 and self-belief to enable them to thrlve We create Inspirlng actlvltles that g￿ve people a sense of onnection and wellbebng We look for opportunitles to collaborate and make an Impact In the communitie5 we serve We wal¢ome We Support W• •mpow•r W• enrlch We $eek out Strateglc Measures We w511 achleve thls by,. Investlng In our buildings, ensuring they are safe, accesslble and flt for purpose whllst challen9lng the general perception of 'supported accommodatlon,. Belng an organlsation that has the needs and asplratlons of young people at sts core, 8eing a Leaming Organlsatlon that Is commltted to encouraging sharlng of Informatlon and knowledge. whllst asklng challen9lng questions that will ensure coTrtlnual reflettlon and regeneratlon. Consistently evaluatlng what we do, how we do It and the impact on the Ilves and aspiratlons of our communlties. Keeping abre35t of the political, economic, social, technologlcal and environmental agenda, ensurSng a flexible approach to services In a complex and dynamic environment. Being an organisation that supports the added value and benefits of CLJltural artlvlties and engagement. Enslsrlng sustainablllty through income generation of unrestrlcted funds. Investing In our people, ensuring they have the necessary skills, knowledge and attitudes, to dellver high quallty services. Creating an envlronment that enables children to grow and thrive. Maintaining ènd working withSn clear and prudent flnanclal guldelines. Bein9 envSronmentally aware and responsible. io. ii. Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here for youn9 péople Here for commuMlIl¢s H*r& for ytsu FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (Includlng STRATEGIC REPORT) STRATEGIC REPORT (continued) AcrIvrrxES The Y Is a multl-faceted Assoclatlon and Group and operates in the followlng flelds: Hou$in9 YMCA Leicestershire provldes supported houslng for 109 young single homeless people 78 of which Is part of Lelcester Clty Counclls, commlssioned service, The accornrnodatlon Is spIIt over five sites. East Street (49 bed spaces) and Aylestone 135 bed space5) providing accommodatlon to young people aged 16 - 25. In additlon, we have three move-on properties providing a total of 15 beds, tsvo 5-bed house accommodating Unaccompanied Asylum-seeking Children, and an addltlonal property ProV￿dIng residential chlld care servlce5. The Housing department works in a holistlc way and sees the provlslon of accommodatlon as Just one element of its role. Other elements include help with clalmlng beneflt, support In accesslng communlty care grants, basic personal hyglene, educatlon, Informal counselllng, problem solvlng, accesslng approprlate medlcal support and empowerlng the young person to move on to semillndependent livlng. Many of the young people that Ilve wlthin YMCA Leicestershlre come from 'dlfficult' backgrounds, some have recently left care or prlson, and others have been Sn abusive relationships, have speclal educational need5, suffer from low self-esteem or find themselves Isolaled from friends and family due to soclety's expectatlons and thelr Inablllty to meet those expectatlons. For these young people It Is essentlal that the staff form no Judgement5 but work wSth them on a basls of mutual trust and respect, empowering them to galn the skllls necessary to Ilve, work and communicate with others. The Y Support ProJ•¢t The Y Advlce and Support Centre (YASC} Is a dlrect access day centre for homeless and vulnerably housed people based In Lelcester, The centre provldes access to Informatlon and advlce on houslng, benefits advlce and access to prlmary healthcare. In addltlon, the centre provldes practlcal support wlth freé food and drbnk. Communlty Arts The Y Theatre is the oldest theatre withln Leicester. Opened In 1900 the theatre Is the one spect of our core business that rnake5 The Y truly dlfferent from mosl other YMCAS. The Y Theatre offers a varled programme of live music, comedy, performance and comrnunlty events. Also, on offer are actlve art and educatlonal workshops aimed at supportlng and encouraglng the local CDmmunlty, partlcularly young people to enjoy their creativity and build confidence and develop communicatlon skllls. Fundraising The fundraising team have continued to have an impact on organisational income through fundralslng activities. The Big Give Christma5 Challenge platform in December made a substantial impact on our fundraising targets and it is planned to have another Sleep Easy event later in the year to support our fundralsing Initiatlve. The team wlll also look to relaunch their Phllanthropy Group, engaging Trustees In identifying philanthroplc fundraislng actlvities. YMCA Leicestershlre is commltted to adhering to the Code of Fundralslng Practice and new GDPR regulations throughout the whole fundraislng process. The organisation takes any complaints seriously and does not advocate intrusive, perslstent or the applicatlon of any undue pressure to donate. This is made clear to all commerclal partners, volunteers and new members of the fundraising team. There were no fundraising complaints in the year. 12 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here for young peopl¢ Here fov ¢ommunit¢es Here for you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (including STRATEGIC REPORT) STRATEGIC REPORT (contlnued) Envlronmentsl Footprlnt As part of our commltment to reduclng our envlronmental footprlnt we are actively assesslng our tlllty usage, and aim to work wlth Lelcester city council via their sustalnabi1Sty agenda to Identify Innovatlve practlces to reduce our carbon footprint. Thls year we also purchased an electric powered van for the malntenance team whlch is In line with our environmental commitment in our buslness plan, Shop Rantal YMCA Lelcestershlre has seven shop unlt5 In the East Streel Property all of whlch are let on lea5e5, In addltlon, YMCA Lelce5tershlre lease5 land on BelvoSr Drive to three telecommunlcatlon companles for the slting of communlcatlon towers, Gen•r*l YMCA Leicestershlre has core departments of Human Resources, Operailons, Finance and Fundralslng, Marketlng and Communicatlons. The Human Resources department is responsible for all aspects of HR tralnlng and staff development wlthln the organlsatlon. Thls year we have ensure that all approprlate staff and Trustees have élther gone through safeguarding training and safer recrultment tralnlng. The organisatlon has continued to Invest in Hays Online trainlng and as such have access to a range of tralnlng courses through thelr portal. The Operations Department Is responslble for all aspects of asset management, malntenance and health and safety. As part of the Operatlon department's targets, reduced energy consumption, Increased recycllng and malntenance plannlng are an essentlal part of thelr overall contrlbution to buslness efficlency. The Finance department Is responsible for the overall financlal rnanagement of income and expenditure as well as the management and implementation of the company's flnancial procedures. Its approach ensures that the needs of all departments, the organlsatlon as a whole and our funders a￿ met. The organisation has a comprehenslve fraud pollcy which Is managed by the Deputy Chlef Executlvel Flnance Director. Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A H¢r• for young people Here for rommunltl•s Here foryou FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (Includlng STRATEGIC REPORT) STRATEGIC REPORT (continued) Flnanclal Revlew YMCA Leicestershire has Incurred a con501idated surplus of £309,026 {2023: surplus £16,098), whSch includes a surplus from Y Leisure of £30,371 {2023.' surplus £3 1,645). During 2023124 The Charlty recelved the followlng large contracts and grants; Lelcester Clty Councll Supportlng People Leicester Clty Councll Homele55ness Leicester, Leicestershlre & Rutland IC8 - Mental Health Heritage Lottery Fund Leicester, Leicestershlre & Rutland IC8 - GHIN £424,349 É60,487 É36,746 E71,389 £50,000 In Ilne wlth the Reserves pollcy statement, the or9anlsation stlll needs to malntaln It5 reserves by achlevlng a surplus of Income over expendlture to ensure that It would meet sts Ilabllitles if all contracts ceased, The Board considers that YMCA Lelce5tershlre Is In a healthy flnanclal sltuatlon, wlth two maturlng houslng initiatlve5 Ichlldren's Plome and Unaccompanled Asylum-seeking Chlldren) that wlll Increase our self-generating Income stream. Coupled with the contlnuatlon of our robust approach to procurement and galns In efflclency vla our rr Investment, YMCA Lelcestershlre wall alm to generate a surplus to fulfil Its cornmitments. Reserves Pollcy YMCA Lelcester5hlre require5 an approprlate level of reserves In order to operate effectlvely. The level Is set with regard to our aims, needs and objecllves and the risks we face. These are sudden cessation or non-renewal of contracts and grants, delay In recelpt of funding, and future essential maintenance of propertles. The Board of Trustees Is ol the oplnlon that reserve5 In the order of £807,000 are necessary. Free reserves representing unrestrlcted funds that are not represented by flxed assets used in the Charlty's operalions were £1,050,521 at 3 1 March 2024 this is calculated before accounting for the penslon deflcit funding liabillty gf £116,836 now Included In the linanclal statements under FRS102, whlch Is actually payable over a further 3, 1 years at a monthly rate of £4,022. Thls policy will be revlewed annually. Investment Pollcy The Board has delegated to Sndependent investment advisor5 (page 2) the power to invest funds surplus to requlrements In stocks and shares quoted on the London Stock Exchange. Such investments are to provide a comblnatlon of Income and capital growth. The Resource Committee receive half-yearly reports and review the performance with the advisors. Investment performance for the year Is in line wlth the target set in the investment policy. 14 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A Here for yovng ptopI¢ Here for tomMunitlt$ Here foryo YMCA LEICESTERSHIRE Yn¢A FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (including STRATEGIC REPORT) STRATEGIC REPORT (continued) YMCA Leicestershlre Value for Money (VFM) Pollcy l. Pollcy Statement YMCA Leicestershire'5 Misslon Statement, Strategic Objectlves, Values and servi￿ Delivery are underpinned by a commltment to value for monev. Thls pollcy presents our Intentions on what we Spend and how we deploy our staff and resources directly with the core values and the service standards we deliver. The Y's performance achlevements and customer satlsfaction are key elements of thls policy. Our strategic obJectlve5 To provide high qvality support and accommodatlon that empowers young people to achleve sustalnable independence. To support young people to develop skills through access to arts educatlon, employment, training and sports. To be a communlty resource that fully reflects the needs of local people, through the provlsion of community artlvltles, advlce Informatlon and advocacy. To be fully acce5slble, promote dlverslty and challenge dlscrlmlnatlon In all its forms. To develop good quallty partnershlps that 5UPPOrt servlce deslgn and dellvery and are cost effectlve. To be a proactlve oryan15atlon that takes measured rlsks in order to keep abreast of changing needs. 2. Valuè for Money d•monstrable expectatlons The Regulator of Social Housing (RSH}'s framework for Social ho￿SIng has a speclflc Value for Money standard. The standard requlres that: Reglstered provlders articulate and dellver a comprehenslve and 5trateglc approach to achleving VFM in meetlng organisatlonal objectlves. Trustees maintain a robust as5es5ment of the performance of all thelr o55ets and resources. This wlll conslder the interest of and cornmltment to stakeholders. This nfomiation Should be available to stakeholders in a transparent and acce55ible format. This means managing resources economicallyi efficlently and effectlvely to provbde quality service and homes and planning for and delivering ongoing improvements for value for money. The Board of Trustees rneet on a quarterly basis In conjunction wlth the Resource Committee. The agenda items that wlll incorporate VFM conslderations will be appropriately deliberated and their costs and benefits considered. This includes the generatlon of any potential return5 commensurate to the risk Involved. 15 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A Hewe for young p•opl* Here f•r CDmrnUllltie$ Hare for you YMCA LEICESTERSHIRE Yn¢A FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (includlng STRATEGIC REPORT) STRATEGIC REPORT Icontinuedl 2. Valu• for Monay demonstrable expectations (continued) YMCA Leicestershlre regularly revlews our contracts for servlces throughout the organlsatlon and malntalns a robust approach to the procurement of ggods and 5etvicÈs. Durlng 2023124 The Y's admlnlstratlon team continued to support the organSsatlons' varlous departments In provldlng a number of quotes and Identlfylng the most sultable supplier for various single project work IlirvuyliuuL Ihe fin(Iricial year. It Is dlfflcult to assess YMCA Lelcestershlre's performance agalnst Its peers wlthln the region as each YMCA Is very different, However, the lottery funded Regional Complex Needs project has enableLI The Y to measure Its understandlng and approach to working with complex young people against 6 other YMCAS withln the reglon. Thls has achleved a degree of benchmarklng as descrlbed below, B¢n¢hni•rklng It is now a requlrement to carry out a competltlve benchmarklng exercise as part of the trustee's annual report, As part of thls process trustees have Identlfled 6 regional YMCAS (Heart of England, Burton on Trent, Sutton Coldfleld, North Staffordshlre, Welllngton and Distrlct and Lincolnshire). who could be seen as competitor5 wlthln the Central Reglon. Each of these YMCAS are dellverlng range of slmilar Services to YMCA Lelcestershlre, all have some form of soclal housing, communlty development, sport and support servlces, In carrying out the benchmarklng exercise the area to be measured Is, Supported Houslng. Havlng carrbed out a desktop exercise It Is clear that If one used ttte followlng measures.. Knowledge and Understandlng Experience Tralnlng Governance staff skills & awareness LeI￿Ster would be in a posltion to demonstrate that as part of a benchmarklng exercise It would be more than able to show that Its supported housing both accommodatlon and support Is cempetitbve in relatlon to our work wlth homele55 young people. Within the organisation, the employee appralsal system includes regular performance revlews that Include KP15 at an Individual and departmental level. Thls enables the managers of the charlty to assess and measure the deSlvery of the strategic objective5 of the organisation. 16 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here for yowng pe4)ple Here forttsmmunltle5 Merè foi you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (includlng STRATEGIC REPORT) STRATEGIC REPORT (contlnued) 2. Valu• for Money demonstrable expe¢tatlons (continued) Regulatory reporting on VFM Is ￿qUired by the Regulator of Social Houslng from April 2018 and Reglstered Providers must publish the requlred evidence In the statutory accounts annually. The required VFM metrics are presented below. Re ulator of Soclal Housln Metrlcs 2D24 2023-24 2022-23 Metrlc I IEffl£léncvl Relnvtstment % Iinvestment In propertie5, exlstin8 & new. as a % of the value of total properties held) M•trlc I IEff•ctlvenessl N•w supply delSver•d % INO. of new social and non-soclal houslng unbts, acqulred or developed In thè year as a proportion of total soclal and rton- social housln8 uniis owned at perlod eDd. I Calc A For so¢lal houslng unlt5 Calc e For non-soclal housln8 unlts Metrlc 3 iefflclencyl Gearln8 Metrlc 4 IEffl¢len¢vl EBITDA MRI Interest cover % 1227% 1236% M•trlc S (Economy) eadllne so¢l)I housln8 C05t per unlt £14,453 £14,019 M•trlc 6 (Effkiencyl Op•ratln8 Mar8ln % Calc A Operatin8 Margin Isoclal h)vslng onlyl % Calc 8 Operatin8 Mar8ln loveralll % 3% 1% Metrk 7 IEfflclencyl Return on C•pltal Employed IROCEI Y6 2% 1% Commentary There was only very rninimal capltal work5 Wlth no major reinvestment In soclal housing property for the year. An increase of 50/0 of new social houslng unlts have been developed vla a leased property. Gearing levels have decreased by 10/0. Interest cover has reduced due higher Interest rate payments but continued to remain significantly sufflcient. The soclal housing c05t per unit has increased by 30/0 on the prevlous year due to economlc Inflatlonary pressures. The soclal housing operating margln has fallen by 10/0, however, thé overall operating margin Increased by 20￿ when compared wlth the prevlous year. The group's return on capital employed has increased by IWO from the previous year. 17 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Hère ftsy youn9 people Here foycommunltlts Here foy you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (including STRATEGIC REPORT) STRATEGIC REPORT (continued) 3. Key Strategic Objectlves YMCA Lelcestershire will implement a programme to revlew expendlture and enable scrutiny of initiatives with a vlew to achieving a minimum of 5010 savlng year on year for the next four years. These Dbjectlves include: Promotion - embedding of VFM prlnciples within the culture of the organisatlon. People encouraging economlc awareness amongst staff and VFM princlples withln all business operations. Procuroment creatlon, malntenance and promotl¢n of economlc, efflclent and effective purchaslng prSnclple5 and contlnuous revlew of contract5 and servlces. Recycllng to mlnlmlse waste and recycle as much as posslble Partnershlps - communicate our commitment to VFM and encourage these prlnciples amongst our partners. Improvement - improvlng the efficlency of how we support and dellver our servlces. Gr••n mplement a programme of energy efficiency. water conservatlon and waste mlnlmSsatlon across the organlsatlon. PLANS FOR FUTURE PERIODS The Associatlon plans to contlnue its actlvlties as outllned above. In addltlon, signiflcant actlvltles to be undertaken during the year are as follows,. To improve our Ofsted Inspectlon ratlng of Good lo Oulslanding To expènd our resldential childcare provision through the purchase of a second property in 15ne wlth the Buslness Plan and ￿pOrtS taken to the Board. Implement Advantaged Thinklng, across the whole organ15atlon To deliver training on Equality* Diversity Inclusion, and Unconsclous Blas. To ensure we meet the new Of5ted 5tandard5 for regulated provlslon for 16- 17-year olds. Increase communication wlth all staff through twlce yearly all stall meetln9s and quartèrly brleflng notes. To implement a development plan to refurblsh our wash room facilities at East streèt. To carry out a refurblshment of the Aylestone receptlon, worklng wlth the Experts by Experience group, To explore indlvidual legacles and phllanthropy as part of our fundralslng Strategy, 10. To contlnue to work wlth the NHS CCG to support our work wlth complex needs young people. I l. To support the development of a Shadow Board of young people wlth representatlves to slt on the main Board of the organisation. 12. To Increase the dlversity of the Board. 13, To appoint a Skills for Life Worker and implemonl the education curriculum. 14. To ensure a mlnlmum of 250/D of front of house and bar staff are young people who are former residents. 15. To increase our provlslon to accommodate unaccompanied asylum-5eeking children through the leasing of an additional propertv. 16. To upgrade the HR management system. 17.. To fully implement our Housing Management System In-Form. 18. To carry out a strength audit of all managers and senior staff. 19. TO assess the former Buslness Development Director Position and Make recommendations to the Board. 20. To hold an annual 6oard Development Day¢ looking at future plans and growth. 18 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A I Hèye foryoung peoplt Here forcommunltles Here for you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (including STRATEGIC REPORT) STATEMENT OF THE MEMBERS OF THE BOARD'S RESPONSIBILITIES The Board is responsible for preparing the Members of the Board's Report, including Directors, Report and Strategic Report, and financlal statements In accordance wlth appllcable law and regulations. Company and Registered Social Houslng legislatlon require the Board to prepare financial statements for each financial year. Under that law the Board have elected to prepare the financlal statements In accordance with United Klngdom Generally Accepted Actountlng Practlce, Under that law the 6oard must not approve the financial statements unless they are satisfied that they glve a true and falr vlew of the state of affairs and surplus and deficit of the group for that perlod. In preparing these financial statements the Board Is requlred to,. select suitable accounting policles and then apply them conslstentlyi make J'udgements and accountlng estlmates that are reasonable and prudent; state whether applicable UK Accountlng Standards and the Statement of Recommended Practice (SORPI Accountlng by Regbstered Housing Provlders 2019, have been followed, subject to any materlal departures disc105ed and explalned in the flnanclal statements; and prepare the flnanclal staternents on the golng concern basls unless It Is Inapproprlate to presume that the company and group wlll contlnue In operatlon. The Board Is responsible for keeping adequate accountlng records, that are sufflclent to show and explaln the company's and group's transactions and disclose with reasonable accuracy at any tlme the flnancial position of the company and group and enable them to ensure that the flnanclal statements comply wlth Companies Act 2006, the Houslng and Regeneratlon Act 2008 and the accoLJntlng requirements of the Aryounting Dlrectlon for private reglstered provldèrs of soclal housing 2019. The Board Is also responsible for safeguarding the assets of the company and group and henee for taking reasonable steps for the preventlon and detectlon of fraud and other irregularities. RSH GOVERNANCE & FINANCIAL VIABILrrY STANDARD The Board recognlses and confirms the compllance with the Regulator of Social Housing's Govemance & Financlal Viabillty Standard, The Y has also retained Its contlnued qualificatlon as a Homes England Investment partner for future houslng prograrnmes. PUBLIC BENEFIT The Board of Trustees has referred to the 9uldance contalned In the Charlty Commlsslon's general guldance on public benefit when revlewlng Assoclatlon alms and objecllves and In planning future actlvitles. The focus of our work is: the prov15ion of supported houslng to vulnerable young homeless people facllitating our resource5 to offer a varled programme of Communlty and educatlonal events worklng In partnershlp wlth other agencies to secure the wldest range of seNlces aVaI￿able to rnatch the needs of clients provision of sport, health and fitness facilltles to member5 of the communlty provide residents with educatlon, trainlng and skills to secure employment or their own tenancies. The Board of Trustees has complled with section 17 of the Charities Act 2011, and in setting a programme each year has had regard to both the Charity Commission's general guidance on public benefit and prov15ion of 5ervice5 for the cllent population. The Board of Trustees always ensures that the servlces provided are in line wlth the charitable objects and aims of the Association. The Board feels the aforementloned Strategic Report and prlnclpal actlvlty 5UPPOrt this concluslon. AUDITOR In accordance with the Companie5 Act 2006 a re591ution proposing the appointment of Forrester Boyd Chartered Accountants as Auditor will be put to the member5. 19 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here for young people Heye forcommunitle5 Here fgryo FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (including STRATEGIC REPORT) DIRECTORS. REPORT STATEMENT OF INTERNAL FINANCIAL CONTROL The 8oard is responslble for maintalning a sound system of Internal control whlch: focuse5 on the significant rlsks that threaten the Associatlon's abllity to meet its objectives,. and provldes reasonable assurance of the safeguardlng of assets. The Board Is also responsible for revlewlng the effectiveness of the system of internal control. The Internal control system Is deslgned to manage, rather than eliminate, the risk of fablure to achleve business objective5 and can only provlde rea50nable, and not absolute, assurance agalnst materlal mlsstatemenl or loss. The process for identlfyingi evaluatlng and managlng the slgnlficant rlsks faced by the Assoclatlon 15 ongoln9. Thls process has been In place for the year ended 31 March 2024 and up to the date of approval of the annual report and flnancial statements and is regularly revlewed by the Board. The process whlch the Board has adopted In revlewlng the effectlveness of the Assoclation's System of internal contml Is revlewed through the Resource Commlttee, The key elements In exerclslng flnancial control Include.. Formal pollcles and procedures are In place, Includlng the documentatlon of key systems and rules relating to the delegatlon of authorltles, whlch allow monltorlng of controls and restrlct the unauthorlsed use of the Assoclation'5 assets. The employment of sultably quallfled staff to take responslblllty for key )reas of the bu51ness. Thls Is supported by an annual appraisal 5yStem to malntain standards of performance. The preparatlon of forecasts and budgets whlch allow the Board and management to monltor the key buslness r15ks and flnanclal objettlves, and progress towards flnancial plans set for the year and the medium terrn; regular management accounts are prepared promptly, provldlng relevant, rellable arnd up-to-date financlal and other information and slgnlflcant varlances from budgets are investigated as appropriate. All signlflcant new initlatlves, major commitments and investment projects are subject to formal ?uthorisatlon procedures, through relevant sub-committees comprising Board members and others. The Resource Committee reviews reports from management and external auditors to provide reasonable assurance that control procedures are in place and are being followed. Thi5 includes a general review of the major rlsks faclng the Associatlon. The Resource Commlttee make regular reports to the Board Formal procedures have been establlshed for Institutlng approprlate actSon to correct weaknesses Identlfied from the above reports, 20 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A Here for young peoplè Here fDf communlties Here fav you YMCA LEICESTERSHIRE Yn¢A FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (Includlng STRATEGIC REPORT) DIRECTORS, REPORT (contlnued) STATEMENT OF INTERNAL FINANCIAL CONTROL (¢ontlnued) FRAUD It is the policy of YMCA Leice5tershlre to Identlfy and promptly Investlgate any posslbility of fraudulent or related dlshonest actlvlties agalnst the organlsation. The charity alms to promote an organisatltsnal Culture whlch encourages the prevention of fraud by ralslng awareness of the need for high Standards of personal conduct. Any act of fraud ascertalned upon investlgatlon, or pursuant to a crlmlnal convlctlon, c*r through wrltten acknowledgment by the employee concerned, shall result In the appropriate discipllnary and legal actlons against the employee, Executives, managers and employees at all leve15 are responslble for exercising due dS1Sgence and ontrol to prevent, detect and report acts of fraud. Those who fall to carry out these responsibilitles wlll be subJect to dlscipllnary action up to and Includlng termlnation of employment. Lt Is the responslblllty of Executives and managers to be famillar wlth the types of Improprletles that mlght occur In thelr area and be alert for any Indlcatlon that improper activityi mlsappropriatlon or dlshonest actlvlfy Is or was In exlstence In his or ner area and put Sn place controls to avold such occurrences. It Is the respon51blllty of all employees to conduct thelr work schedule In such a way a5 to prevent fraud occurrlng In the workplace. Employees must also be alert to the possibllltles for fraud and be on 9uard for any indlcatlon5 that Improper or dishonest actlvity is taking place. Bop.ortlng Friud It Is the responslblllty of all executives, managers and employees to report any susplclons of fraud wlthout delay accordlng to the procedure lald out below. A person who suspects that fraudulent practlce may be operatlng should, In the fbrst Instance, port the matter to his/her manager or Immedlate superlor. Should It be Inapproprlate to rnake such a report to an lrnmedlate superlor, the report should be made to that person's manager or dlrectly to the Chief Executlve. Once a report of suspected fraud is made to supervisorlmanager that person should report the susplcion to either the Chief Executlve or Flnance Dlrector. A Fraud Incident Report should be cornpleted by the person reportlng su5perted fraud. The Finance Director will report any incidents t¢ the Resource Commltree. Thls pollcy Is read In conjunction with the whlstle blowlng policy. The fraud policy Is revlewed annually by the Fbnance Dlrector, 21 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here for young ptople Herè far tommunltles H*vÈ far you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 MEMBERS OF THE BOARD'S REPORT (Includlng STRATEGIC REPORT) DIRECTORS. REPORT (continued) STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITOR5 We, the 8oard members of the Group, who held offlce at the date of approval of these Flnanclal Statements set out above each confirm, so far as we are aware, that: there is no relevant audlt Informatlon of whlch the group's audltors are unaware; and we have taken all the steps that we ought to have taken as Board member5 In order to make ourselves aware of any relevant audlt information and to establlsh that the auditors are aware of that InforMat￿On. The Members of the Board's Report whlch Is prepared under the Charltles Act 2011, whlch also contalns all Informatlon requlred In a dlrectors. report by the Companles Act 2006, and the Inwrporated Strateglc Report preparad under the Companles Act 2006, were approved by the Board of Trustee5 on and 51gned'. by order of the Members of the Board MR P BROWN Chlef Executlve Date: 22 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here foryoun9 people Nere fDT communit195 Here for you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YMCA LEICESTERSHIRE Oplnlon We have audlted the flnancSal statements of YMCA Leicestershire (the 'parent company.) and Its subsidlary (the 'group'l for the year ended 31 March 2024 whlch comprlse the Consolldated Income and Expendlture Account and Statement of Cofnprehensive Income, Consolidated and Assoclatlon Bolance Sheets, Consolldated and A55o¢latlan Statements of Changes in Reserves, Consolidated Statement of Cash Flows and notes to the financial statements, includlng a summary of 5ignlflcant accountln9 policles. The flnaneial reportlng framework that has been applled In thelr preparation is applicable law and United Klngdom Accountlng Standards including FRS 102 "The Flnancial Reportlng Standard appllcable In the UK and Rep¢Jbllc of Ireland. (Unlted Klngdom Generally Accepted Accountlng Practlce). Jn our oplnlon the flnanclal statements: give a true and fair vlew of the state of the group's and the parent company's affalrs as at 31 March 2024 and of the group's Income and expendlture for the year then ended; have been properly prepared In accordance wlth Unlted Kingdom Generally Accepted Accounting Practlce,. have been properly prepared In accordance with the requlrements of the Companles Act 2006, the Housing and Regeneration Act 2008 and the Accountlng Dlrectlon for Private Reglstered Provlders of Soclal Houslng 2019. Ba$ls for oplnlon We conducted our audSt In accordance wlth Intematlonal Standards on Audltlng (UK) IISAS {UKII arnd appllcable law. Our responslbllltles under those standards are further described In the Audltor's responslbllltles for the •udlt of the flnanclal statements section of our report. W* are Independent of the group In accordance wlth the ethlcal requlrements that are relevant to our audit of the flnanclal statements In the UK, Includlng the FRC'S Ethlcal Standard, and we have fulfllled our other ethlcal responslblllties in accordance with these requlrements. We believe that the audlt evidence we have obtalned Is sufflclent and appropriate to provlde a bas15 for our oplnlon, C¢n¢luslons relating to golng concern In audltin9 the financial statements, we have concluded that the board's use of the golng concern b8sls of accountlng In the preparatlon of the flnanclal statements Is approprlate. Based on the work we have performed, we have not Identlfled any materlal uncertalntles relatlng to events tsr condltions that, Indlvldually or collertlvely, may cast slgnlflcant doubt on the assoclatlon's ablllty to contlnue as a going concern for a period of at least twelve months from when the flnanclal staternents are authorlsed for Issue. Our responslbllltles and the responslbllltles of the board wlth respect to golng concem are descrlbed In the relevant sectlon5 of this report. Other Informatlon The other Informatlon comprSses the Information included in the annual report, other than the flnanclal statements and our auditor's report thereon. The Trustees are responsible for the other Informat50n. Our opinion on the fSnanclal statements does not cover rhe other Informatlon and, except to the extent otherwlse explicltly stated in our report, we do not express any form of a55urance conclusion thereon. In connectlon with our audit of the financial statements, our responslbillty is to read the other Informatlon arnd, bn doing so, consider whether the other inforrnatlon Is materlally inconslstent wlth the financlal statements or our knowledge obtalned In the audlt or otherwise appears to be materially misstated. If we identify such material Inconsistencies or apparent material mlsstatements, we are requlred to deterrnlne whether there Is a material mlsstatement in the financial statements or a material misstatement of the other information, Jf, based on the work we have performed. we condude th4t there is a materlal mlsstatement of thls other Inforrn8tlon, we are requlred to report that fatt. We have nothing to report In thls regard. 23 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A K¢re fo* ypung people Her• for £omThunit1•5 Herè for you FINANCIAL STATÉMENTS YEAR ENDED 31 MARCH 2024 Opinions on other matters pr•scrlbed by the Compan1¢• A¢t 2006 In our oplnlon, based on the work undertaken in the course of the audlt.. the information given In the Members of the 8oard's Report Ilncorporatlng Strateglc Report) for the financlal year for whlch the fi'nancial statements are prepared is conslstent wlth the flnancial statements,. and the Mern￿rs of the Board's Report Ilncorporatlng Strateglc Report) has been prepared In accordance wlth appllcable legal requlrem2nts. Matt•rs on wh5ch we are requlred to report by exceptlon In the Ilght of the knowledge and understandlng of the group and the parent company and thelr environment obtalned in the course of the audlt, we have not identlfled materlal mlsstatements In the Members of the Board's Report (Incorporatlng Strateglc Report}. We have nothlng to report In respect of the followlng matters In relatlon to whlch the CompanSes Act 2006 requlres u5 to reptrrt to you If, In our opinion: adequate accountlng records have not been kept by the parent companys or returns adequate for our audlt have not been recelved from branches not vlslted by us,. or the parent company financial statements are not in agreement wlth the accountlng records and returns,. or certaln dlsclosures of Trustees. remuneration speclfled by law are not made,. we have not received all the Informatlon and explanatlons we requlre for our audlt. In addltlon, we have nothlng to report In respect of the following matter where the Houslng and Regeneratlon Act 2008 requlres us to report to you If, In our Dplnlon.. a satbsfactory system of control over transactions has not been maintalned. R4sp•rtlve re%ponslbllltl•s of Truste•s As explained more fully In the Statement of the Members of the Board's Responsbbllltles set out on page 19, the Trustees (who are also the dlrectors of the company for the purposes of company lawl are respon5Ible for the preparatlon of the flnanclal statements and for belng satlsfled that they glve a true ènd falr vlew, and for such Internal control as the Trustees determlne Is necessary to enable the preparatlon of flnanclal statements that are free from materlal mlsstatement, whether due to fraud or error. In preparlng the flnanclal statements, the Trustees are respon51ble for assesslng the group'5 and parent company's ablllty to contlnue as a golng concern, dlscloslngi as appllcable, matters related to goSng concern and uslng the golng concem basis of accountlng unless the Trustees elther Intend to Ilquldate the group or the parent company or to cease operatlon5, or have no reallstlc alternatlve but to do so, Audltor's re$pon$lbllltles for the audit of the flnancial statements Our objectlves are tg obtaln reasonable assurance about whether the financlal statements as a whole are free from materlal mlsstatement, whether due to fraud or error, and to issue an auditor's report that Ir)cludes our oplnlon. Rea50nable assurance 15 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 arfse from fraud or error and are consldered matedal If, indlvldually or in the aggregate, they could reasonably be expected to Influence the economlc decSsions of users taken on the basis of these financial statements. 24 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A Here for youn9 petsple Here fvr ccmmunities Here for ytsu YMCA LEICESTERSHIRE Yn¢A FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Irregularlt5es, tncluding fraud, are instances of non-compllance wlth laws and regulatlons. We design procedures in line wlth otjr responsibllitle5, OLltlined above, to detect material mlsstatemènts In respect of Irregularltie5, Induding fraud. The extent to whlch our procedures are capable of detecting irreoularltles, Includlng fraué Is detalled below.. Discussions with management, includlng consideration of known or suspected Instance5 of non-compliance held. Challenglng assumptions and judgements madé withln slgnificant accountin9 Èstimates and Judgements stjch as depreciation, bad debt and volds. Identlflcatlon of key laws and re9ulatlons ￿ntral to the assoclatlons operatlons and revlew of compllance with such laws Includlng a revlew of the Charltles Commlsslon webslte and the louslng and Regeneratlon Art 2008. Testlng of Journal entrtes and potential override of systems. 8ecau5e of the Inherent Ilmltations of an audit, there Is a rlsk that we wlll not detert all Irregularlties. Includlng those leadln9 to a matefial mlsstatement In the flnanclal statements or non-compllance wlth gulatlon. The rlsk Increases the more that compllance wlth a law or regulatlon Is removed from the events and transactlons reflected In the flnanclal statements, as we will be less Ilkely to become aware of Instances of non-compliance. The risk is also greater regardin9 IrregularStles occurrlng due to fraud rather than error, as fraud Involves Intentlonal concealment, forgery colluslon, omlsslon or mlsrepresentatS0n. A further descriptlon of our responslbllltles for the audlt of the flnanclal staternents Is located on the flnancial Reporting Councll's webslte at.. Thls descrlptlon forms part of our audltorfs report. Use of our report Thls report Is made solely to the company's members, as a body, In accordance with Chapter 3 of Part 16 of the Companies Att 2006. Our audlt wprk has been undertaken so that vle mlght state to the company's members those matters we are required to state to them Sn an audltor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responslblllty to anyone other than the company and the company's members as a bodyi for our audlt work, for thls report, or for the oplnlons we have formed. CJrrl¢ Anne Jensen ACA (Senlor Statutory Audltor) For and on behJlf of Forr•ster Boyd, Ststutory Audltor Chartered Accountants 26 South Salnt Mary's Gate Grlmsbv DN31 ILW Date: l O September 2024 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here for young people HErt forrommunities Hpre foryou FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF COMPREHENSIVE INCOME Note Year ended 31 March 2024 Year ended 31 March 2023 TURNOVER 3,838,589 3,520,295 Operatlng costs (3,546,431) (3,470,807) OPERATING SURPLUS 292,158 49,488 Interest recelvable and slmllar Income Interest payable and slmllar charges Change In fair value of Investment properties Change In falr value of Investments 16,862 14,356 (31,797) (25,047) 12 13 31,803 122,699) SURPLUS FOR THE YEAR BEFORE TAX 309,026 16,098 Taxatlon SURPLUS FOR THE YEAR AND TOTAL COMPREHENSIVE INCOME FOR THE YEAR 309,026 16,098 The results ￿late wholly to contlnulng actlvltles. The financlal statements were approved by the board on Mr T Moore (Treasurer) Ms H Robertson (Chalr) The annexed note5 form part of these financlal statements. 26 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here for young people Here foy ccmmunlti•s Hére ftsr you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 CONSOLIDATED AND ASSOCIATION BALANCE SHEETS Group AsSOClJtlon 2024 2023 2024 2023 FIXED ASSETS Intanglble assets Housing properties other tangible assets Investment propertles io 11,828 2,905,192 491,811 1,570,000 15,644 3,126,953 458,939 1,570,000 11,828 15,644 2,905,192 3,126,953 472,908 436,918 1,570,000 1,570,000 12 4,978,831 5,171,536 4,959,928 5,149,515 Other Investments 13 476,714 439,178 476,715 439,179 5,4SS,545 5,610,714 5,436,643 5,588,694 CURRENT ASSETS stocks Debtors Cash and cash equivalents 14 15 23 4,994 515,790 701,787 3,817 362,187 860,03S 515,790 691,099 376,377 847,982 1,222,571 1,226,039 1,206,889 1,224,359 CURRENT LIABILITIES Creditors.. Amounts falllng due wlthln one year 16 838,421 876,443 845,514 864,049 NET CURRENT ASSETS IILIABILITIES) 384,150 349,596 361,375 360,310 TOTAL ASSETS LESS CURRENT LIABILITies 5,839,695 5,960,310 5,798,018 5,949,004 Credltors.. Amounts falllng due after one year Provislons for Ilabllities 17 18 2,072,752 116,836 2,283,319 335,910 2,072,752 116,836 2,283,319 335,910 TOTAL NET AsseTS 3,650,107 3,341,081 3,608,430 3,329,775 RESERVES UNRESTRICTED FUNDS Designated & general re5erve5 Non-charltable trading reserve5 19 19 3,604,393 3,325,738 3,604.393 41,677 11,306 3,325,738 3,646,070 4,037 3,337,044 3,604,393 4,037 4,037 3,325,738 4,037 RESTRICTED FUNDS 19 TOTAL RESERVES 3,650,107 3,341,081 3,608,430 3,329,775 The Assoclation's surplus Is £278,655 (2023: deficit £15,547). These flnancial statements on pages 26 to 51 Ydere approved by t e board and authorised for Mr T Moore Treasurer Company Registration Number 00159933 H Robertso Ch 27 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A ooo zzz Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A zzz Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Hert foiyoung people Here forcommuttltle5 Herq for you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 CONSOLIDATED STATEMENT OF CASH FLOWS Note 2024 2023 OPERATING ACTivrrIES Net cash generated from operatlons 22 15,819 126,476 NET CASH GENERATED FROM OPERATING ACTIVITIES 15,819 126,476 CASH FLOW FROM INVESTING ArnvrriES Interest and dlvidend5 received Payments to acqubre tanglble flxed assets 16,862 (122,342) 14,356 (187,089) NET CASH USED IN INVESTING ACTIVITIES (105,480) (172,733) CASH FLOW FROM FINANCING ACTIVITIES Payments to acqulre fixed asset Investments Recelpts OD sale of flxed asset Investments Interest pald Repayment of borrowlngs (6S,315) 59,582 (31.797) (31,057) (40,094} 43,674 {25,047} {31,273) NET CASH (USED IN)/FROM FINANCING ACTIVITIES (68,587} (52,740} NET CDECREASE)IINCREASE IN CASH AND CASH EQUIVALENTS 1158,248) (98,997) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 860,035 959,032 CASH AND CASH EQVIVALENTS AT END OF YEAR 23 701,787 860,035 30 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here for youn9 people Hele for communltles H•Yo for you FINANCIAL STATEMENTS YEAR ENOED 31 MARCH 2Q24 NOTES TO THE FINANCIAL STATEM ENTS LEGAL STATUS AND PRINCIPAL ACCOUNTING POLICIES The CornpaTry Is a prlvate company 11mlted by guarantee and is an English reglstered social houslng provider. Each member undertakes to contribute an amount not exceeding Ip In the event of the Associatlon belng wound up. There were 13 members during the year {2023.'16 members) The address of the Company's reglstered offlce and prlnclpal place of buslnes5 is 7 East Street, Leicester, LEI 6EY. The Company Is a reglstered charity and a publlc beneflt entity. The prlnclpal actlvitles are dlsclosed In the Members of the Board's Report. The Company Is Incorporated under the Companles Act 2006, Charltles Act 2011 and Is a prlvate Reglstered Provlder of S(Klal Houslng (RP). B•$l$ of Accountlng These flnanclal statements have been prepared in accordance wlth UK Generally Accepted Accountlng Practice (UK GAAP), including FRS 102 "The Financlal Reporting Standard appllcable in the UK and Republlc of Ireland- ("FRS 102.1, the Housbng SORP 2018 "Statement of Recommended Practlce for Registered Hou51ng Provlders. and comply wlth the Accounting Dlrectlon for Prlvate Registered Providers of Social Housir)g 2019, and under the historlcal cost eonventlon, except that investments are held at falr value. Monetary amounts In these financlal statements are rounded to the nearest whole £1, except where otherwlse Indlcated. 2. PRINCIPAL ACCOUNTING POLICIES Reduced D19closur•s In accordance wlth FRS 102, the Company has taken ddvantage of the exemptlons from the followlng dlsclosure requlrement In the Indivldual financlal statements of YMCA Lelcestershlre. Sectlon 7 'Statement of Cash Flows, Presentatlon of a Statement of Cash Flow5 and related notes and d4sclosu￿$. Sectlon I I 'Baslc Flnanclal Instruments. & Sectlon 12 '0ther Flnanclal Instrument Issues. Carrylng amounts, Interest Incomelexpense and net galns/losses for each category of flnancial instrument,. basI5 of deterrnining falr values; details of collateral, loan defaults or breaches,. and details of hedges and hedging falr value change5 recognised in income or expenditure and In other comprehenslve income. Sectlon 33 'Related Party Di5closures' Cornpensation for key management personnel. The financlèl statements of the Company are included withln these flnancial statements. Golng Concern The Group and Company have prepared detailed budgets and cash flow forecasts for the period of a minimum of 12 months from the date of approval of these financial statements. To mitlgate the economy's dlffictjlt permutations, the detailed budgets and cash flow forecasts have been subjected to a degree of Sensitivity analysls for the same period. On that basls, the members of the Board are satlsfied that it remalns approprlate to prepare the flnanclal statements on the going concern ba5Is. Turnover Turnover represents rental income and service charges Income recèlvable In the year net of rent and service charge losses from volds, Supporting People income, revenue grants from Local Authorltles and Homes England, and other income. 31 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here for young p•opIt Here for ¢ornfflunities Here fDr yo FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEM ENTS (continued) 2. PRINCIPAL ACCOUNTING POLICIES (continued) Supportlng People Supportlng People Sncome and expendlture relating to servlces is accounted for on an accruals basis, matching Income and expenditure, and disc105ures are made in accordance wlth the relevant standards and legislation. Basis of ConsolidJtlon These financial Statements include the financial statements of the Company and its subsidiary undertaking up to 31 March 2024. Under Sectlon 408(3) of the Companles Act 2006 the Company Is exempt from the requlrements to present Its own income and expendlture account. The con5011dated financial statements Incorporate those of the Company and all of Its subsldiarles {i.e. entitles that the Group controls through Its power to govern the financlal and operating pollcles so as to obtain economlc benefits). All fSnanclal statements are made up to 31 March 2024. Investment in the 5ub51dlary Is stated at cost. Donatlons Donations recelved for the general purposes of the Company are Included as unrestdcted funds. Donatlons for artlvltles restrictod by the wlshes of the donor are taken to 'restrlcted funds, where these wlshes are legally blndlng on the Board. Restrlcted Reserves Restricted reserves a￿ those reserves whlch are only expendable In accordance wlth the wlshes of the funder or regulatory body. Expendlture cannot be dlrectly Set against restrlcted reserves, but is taken through the Income and Expenditure Account. A transfer frcm restrlcted reserve5 15 then made as approprlate. B y thls method, expenditure, whlch meets the criteria, is charged to the fund, together wlth a falr allocatlon of management expen5e5. D•olgnat•d R••erv•s De51gnated reserves are part of unrestrlcted reserves which have been earmarked by the Board for a particular purpose. Such designatlons may be reversed by future Board decisions. Expenditure cannot be directly set against deslgnated reserves, but Is taken through the Income and Expenditure Account. A transfer Is then made from designated reserves as approprlate. Intanglble assets Intan9ible asset5 are recognised when future economic benefits are probable and the cost of the asset can be measured rellably. Intanglble assets are Inltlally recognSsed at cost and a￿ subsequently measured at cost less accumulated amortlsation and accumulated impalrment losses. Intanglble assets are amortlsed to Income or expenditure on a straight-line basls over thelr useful lives, as follows.. Webslte costs over 5 years AmortlSation is revised prospectlvely for any signlflcant chan9e in useful life or residual value. On d15posal, the difference between the net dlsposal proceed5 and the carying amount of the Intangible asset is recognlsed In Income or expendlture. 32 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here foryoung peopl• Mere foYetsmmunitl8S Here foy you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) 2. PRINCIPAL ACCOUt4TING POLICIES (continued) Fixed Assets and Depreciatlon Tangible fixed assets, are stated at cost, less accumulated depreciation. Depreciation is charged on a straight Ilne basls over the expected economlc useful Ilves of the assets at the following annual rates: Freehold buildings (non-hous5ng) Furnlture, fixtures ané fittings, IT equipment Leasehold Improvements Motor vehlcles Llfts over 25 year5 over 3 to 10 years (dependent on the expected economlc Ilfe) over 25 years or the Ilfe of the lease If less over 3 years over 25 years Major components of housing properties have been accounted for and depreclated separately from the connected houslng property at the following rates: Stwcture Kltchens and Bathrooms Electrlcal equlpment Llfts Freehold land Is not depreclated. The useful economic Ilves of all tangible flxed assets are revleweé annually. Houslng propertles are prlncipally propertles avallable for rent and are statèd at cost less and provlsion for any Impalrment (repre5entlng a dlmlnutlon In the recoverable servlce potentlal of the asset below Its carrylng value In the balance sheet) less depreclation. Cost Includes the cost of acquiring land and bulldings, development C05t5 and expendllure Incurred In the respect of Improvements. Development costs of properties are capltallsed to the extent that they are dioctly attrlbutable to brlnging the propertles Into working condltion for their Intended use. Dlrectly attributable costs include the labour costs of own employees (Includlng development Staff, in-house architects and surveyors) arlslng dlrectly from the constructlon or acqu151tlon of the property, and the incremental costs that would have been avolded only If the property had not been constructed. over 10 to 25 years over 5 years over 3 years over 25 years Impalrment An as5essment15 made at each reportlng date of whether there are indlcatlons that a fixed asset (Includlng houslng propertles) may be Impalred or that an impalrment loss prevlgu51y recognlsed has fully or partlally reversÈd. If such Indlcatlons exSst, the Group estlmates the recoverable amount of the asset. Shortfalls between the carrylng value of flxed assets net of any a55oclated Soclal Housing Grant and thelr recoverable amounts, being the hlgher of falr value less costs to sell and value-ln-use of the asset based on its servlce potential, are recognised a5 impairment losses in the Income and Expenditure AccoLtnt. Recogr+ised impalrment losses are reversed if, and only If. the reasons for the impairment loss have ceased to apply. Reversals of impairment losses are recognised In Income and expendlture. Oll reversel of an Impalrment loss, the depreciation or amortisation is adj'usted to allocate the asset's revised carrying amount (less any residual value) over its remalnlng useful life. 33 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here for young people Here for comMur*ltl*s Here for yo FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (contlnued) 2. PRINCIPAL ACCOUNTING POLicfES (continued) Investment Propertle$ Investment properties (including properties held under an operatlng lease) conslst of commercial properties and properties not held for soclal beneflt. These propertbes are Inltlally measured at cost and subsequently measured at falr value whllst a rellable measure of fair value Is available wlthout undue cost or effort, Changes in fair value are recognlsed in income and expenditure. The Companles Act 2006 requires all properties to be depreciated. However, this requirement confllcts wlth the generally accepted accountlng principle Set out In FRS 102. The Board consider5 that, because Investment propertles are not held for consumptlon, but for thelr Investment potentlal, to depreclate them would not glve a true and falr vlew. If thls departure from the Companie5 Act 2006 had not been made In order to glve a true and falr vlew, the surplus for the flnanclal year would have been reduced by depreclatlon. However, the mount of depreclatlon cannot reasonably be quantlfied because depreciatlon Is only one of many factors reflected In the annual valuatlon and the amount relatlng to the depreclatlon of the property cannot be separately 5denufied. Investments and investment in¢om• Investment5 are carried ot falr value. Change5 in falr value are IncluE#ed In the Income and Expendlture Account. Investment Income Is accounted for In the perlod In whlch the Group is entitled to receipt. stocks Stocks are Included at the lower of cost and net reallsable value. Taxation The Assoclation has charltable status and Is reglstered wlth the Charity Commi551on and Is therefore exempt from paylng Corporation Tax on charitable activities. Value Added Tax Irrecoverable VAT whlch can be attrlbuted to a capltal Item or expendlture Is added to the cost of the capltsl Item or expenses where practlcable and material. Employ•a B•n•flts The costs of short-term employee benefits are recognlsed as a Itability and an expense. The best estimate ¢f the expenditure required to settle an obligation for termination beneflts is recognlsed immedlately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termlnation benefbts. Governm•nt Grant$ Government grants include grants receivable from Homes England, local authorltles and other govemmefit bodies, Government grants a￿ recogrnlsed at the falr value of the asset recelved or recelvable when there Is reasonable assurance that the grant conditions wlll be met, and the grants wlll be recelved. Government grants received for houslng propertle5 are recognised in income over the useful econombc life of the structure of the asset and, where appllcable, the indlvldual cornponent5 of the structure (excluding land) under the accruals model. Government grants relating to revenue are recognised as income over the periods when the related cost5 are incurred once reasonable assurance has been gained that the Company will comply wlth the conditions and the funds will be received. othèr Grants Grants recelved from non-government Sources are recognised uslng the performance model. Grants are recognlseé as income when the associated performance conditions are met. Leased Assets Renta15 payable under operating lease5 are charged to the Income and Expenditure Account on a stralght Ilne basls over the lease term. 34 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here foryouThg ptople Here foi communltl¢s Hèrts for you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL sfATEMENTS (continued) PRINCIPAL ACCOUNTING POLICES (continued) Penslon Costs Defined benefit plans The Company participated in a multi-employer deflned benefit plan for employees of YMCAS In England, Scotland and Wales whlch was closed to new members and accruals on 30 April 2007. Due to insufficlent Information, the plan's actuary has advised that It Is not Posslble to separately Identify the assets and liabilities relatlng to YMCA Lelcestershire. As descrbbed In note 18 YMCA Lelcestershlre has a contractual obllgatlon to make pension deflclt payments of £48,269 pa over the period to Aprll 2027 (2023.. £57,664 pa to April 2029), accordingly this Is shown as a liabllity In Lhese accounts. In additlon, YMCA Lelce5tershSre is requlred to contrlbute £ 15,384 pa {2023: £13,660 pal to the operatlng expenses of the Penslon Plan and these costs are charged to the Statement of Comprehenslve Income as made. Deflned contrlbutlon plans The Group also operate5 a deflned contrlbutlon penslon scheme for employees. The asset5 of the scheme are held separately from those of the Group. The annual contrlbutlons payable are charged to the Income and Expenditure Account. Dlfferences between contributions payable In the year and contrlbutlons actually pald are shown as elther accruals or prepayments. Flnanclal Instrum•nts The Group has elected to apply the provlsions of Sectlon 11 'Basic Flnanclal Instruments, and Sectlon 12 '0ther Financial Instruments 155ues' of FRS 102, In full, to all of Its flnanclal Instruments. Flnanclal assets and financlal Ilabllltles are recognlsed when the Group becomes a party to the contractual provisions of the Instrument and are offset only when the Group currently has a legally enforceable rlght to set off the recognised amounts and intends elther to settle on a net basis, or to realise the asset and settle the Ilability slmultaneou51y. Fln•nclal assets Debtors Oebtors whlch are recelvable wlthln one year and which do not constitute a flnancing transaction are initially measured at the transaction prlce. Debtors are subsequently measured at amortised cost, being the transactlon prlce less any amounts settled and any Impalrment losse5. Where the arrangement with J debtor constitutes a flnancing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of Interest for a slmllar debt Instrument. A provision for Impairment of debtors is established when there is objectlve evidence that the amounts due wlll not be collerted according to the orlglnal term5 of the contract. Impairment losses are recognlsed in Income or expenditure for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted Lssing the origlnal effective Interest rate. SubseqLJent reversals of an impairment1055 that objectively relate to an event occurrlng after the Impalrment loss was recognised, are recognised immediately In Income or expenditure. 35 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here for young people Here for ¢ommunlties Here for you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) PRINCIPAL ACCOUNTING POLices (contlnued) Plnanclal Ilabllltles Creditors Creditors payable within one year that do not constitute a flnanclng transactlon are Inltlally measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. Where the arrangement wlth a credltcr constltutes a flnancing transaction, the creditor is inltlally and subsequently measured at the present value of future payments dlscounted at a market rate of Interest for a simllar Instrument, Derecognitrion off financlal assets and liabilities A financial asset is derecognised only when the contractual rlghts to cash flows explre or are settled, or substantlally all the rlsks and rewards of ownershlp are transferred to another partyi or if some signlficant rlsks and rewards of ownership are retalned but control of the asset has transferred to another party that is able to sell the asset In Its entlrety to an unrelated thlrd party. A financlal liabillty lor part thereof) 15 derecognlsed when the obligation specified In the contract Is discharged, cancelled or expl￿$. Provlslons Provlslons are recognlsed when the Group has an obllgatlon at the reportlng date as a result of a past event whlch It Is probable wlll result In the transfer of economlc beneflts and that obllgatlon can be estimated rellably. Critlcal a¢countlng estlmates and ar*as of Judgem¢nt Estimates and Jud9ements are continually evaluated and are based on hlstorlcal experlence and other factors, Including expectations of future events that are belleved to be reasonable under the clrcumstances. Critical accounting e5tlmate5 and a55umptlons The Group makes estlmates and assumptions concernlng the future. The resultlng accountlng e5tlmates and assumptions will, by deflnltlon, seldom equal the related actual results, The estimates and a55umptlons that have a signlflcant rlsk of causing a material adjustment to the carrying amounts of a55et5 and liabilities wlthln the next financlal year are dlscus5ed below. Pension Deficit Liability In calculatbng the value of the contractual liabillty (detalled In Note 18), a dlscount rate of 7% has been applled to the payments due In future years in order to deterrnine their present value. Expected Economic Useful Life of Flxed Assets The useful economlc Ilfe of fixed assets (detalled In Note I l) Is a key accountlng eSt￿Mete, Investment Properties The valuation of the investment properties (detailed in Note 12} is reviewed annually by the Board to assess whether a there Is a dlminution In the carrying value of the assets. The percentage of 'mlxed use, properties deemed as 'investment property. was calculated based on size of area as per the completed valuation survey by Innes England. 36 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here for yo4ng people HEfe for ¢ommunitl•S H•rè for yo FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL sfATEMENTS (continued) GROUP TURNOVER AND OPERATING SURPLUS/(DEFICIT) Year to 31 March 2024 Operating surplusl (deflclt) Operating costs Turnover Soclal Houslng Non Soclal Housing actlvltles 2,347,436 (2,2 13.253) 134.183 1,491.153 (1,333,178) 157,975 Total 3,838,589 (3,546,431) 292,158 Y••r to 31 March 2023 Oper•tlng surplu•/ {defi¢lt) Operatlng costs Turnover Soclal Houslng Non Soclal Houslng activlties 2,145,945 (1,997,105) 148,840 1,374,350 11,473,702) 199,352) Total 3,520,295 13,470,807) 49,488 37 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here f<*¥ youn9 p•opI• Heve for communities Herè for you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (contlnued) TURNOVER, COST OF SALES, OPERATING COSTS AND OPERATING SURPLUS Particulars of Group income and expenditure from social houslng lettlngs General Houslng 2024 General Hotssing 2023 TURNOVER FROfvI SOCJAL HOUSING LErrINGS Rent receivable net of volds Servlce charges receivable 1,193,489 542,645 1,096,880 495,423 NEf RENTAL INCOME 1,736,134 1,592,303 Supportlng people contract Income Other revenue grants Grant amortlsatlon 424,349 25 186,928 359,619 49 193,974 TURNOVER FROM SOCIAL HOUSING LEThINGS 2,347,436 2,J4S,945 EXPENDITURE ON SOCIAL HOUSING LEThINGS Dlrect Costs stafflng Admlnlstratlon Depreclotlon and amort15atlon Malntenance Servlces Servlce charge costs 18,735 1,208,396 224,088 169,823 37,849 30,783 523,S79 1,822 1,033,332 203,774 176,869 45,422 31,313 504,573 OPERATING COSTS ON SOCIAL HOUSING LE￿INGs 12,213,253) (1,997, 105) OPERATING SURPLUS ON SOCIAL HOUSING LEfTINGS 134,183 148,840 Rent losses on volds 59,570 50,195 Supported Houslng Accommodation owned and managed 2024 No. of units 2023 No. of units Let al social rent 109 104 38 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here foy young people Here for GommunltSts Here for you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL sfATEMENTS (continued) OPERATING (DEFfCIT)ISURPLUS The operating surplus Is stated after charglng/(credltlngl: Group 2023 2024 Depreclatlon of houslng properties Depreclatlon of other tanglble flxed assets Amortisation of intanglble fixed assets Amortisatlon of grants Auditor'5 remuneratlon servlces) Auditor's remuneratlon work) Operatln9 lease rentals Cost of stock5 recognised as an expense 236,053 239,640 75,179 3,816 (186,928) 61,239 1,272 (193,974) (audit 18,029 12,500 Inon-audlt 1,000 72,863 1,000 57,073 28,593 32,778 INTEREST RecEIVABLE AND SIMILAR INCOME Group 2023 2024 Interest on bank deposlts Income from listed Investments 1,337 15,525 39 14,317 16,862 14,356 39 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A H¢ro for young p*opl¢ H¥Yo fprcommunltleg Here for you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) INTEREST PAYABLE At4D SIMILAR CHARGES Group 2023 2024 YMCA pension notional finance charge INote 18} Interest on bank loan 10.077 21,720 11,415 13,632 31,797 25,047 DIRECTORS. EMOLUMENTS The Directors ore deflned as the members of the Board, the Chlef Executive and other senlor executlves. None of the members of the Board recelved any emoluments. Detalls of the Chlef Executive's and other senlor Executlves, emoluments In respect of servlces to the Company are as follows.. 2024 2023 8aslc salary Penslon contrlbution5 365,511 15,756 271,671 13,421 381,267 285,092 2024 2023 Number of Dlrectors accruln9 beneflts in the pen51on scheme Emoluments dlsclosed above Include the followlng amounts pald to the highest pald dlrector: 2024 2023 Emoluments for quallfylng services Pension contributions 119,085 7,172 107,822 6,77S The Chlef Executive is a member of the Company's pension scheme. He is an ordinary member of the pension scheme and no enhanced or special terms apply. The Company does not make any fvrther contributions to an individual pension arrangement for the Chief Executive. Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here for youhg people Heve for communlties H8r• fot you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) EMPLOYEE INFORMATION 2024 2023 Average number of persons (includlng part-time employees and the Chief Executive but excludes Casual staff) employed during the year 76 74 Full tlme equlvalent {35 hours per week) 65 61 The Group also holds a bank of casual staff (sessional) who can be called on to cover short term unexpected absences. Durlng the year the Group had 25 casual staff on Its book5 {2023: 221. 2024 2023 staff costs (for th• abov• pérgonA} Wages and salaries Social security costs other pension costs 2,077,149 1,924,469 181,599 171,335 47,571 44,004 2,306,319 2,139,808 There were two employee5 who$e Income exceeded E60,000 (2023.. two) and one f•ll wlthln the £1 10,001 £120,000 bracket durlng the year {2023.' one £1 10,001 £120,000 bracket). The total compensation of employees who are consldered to be the key management personnel of the Group was £424.806 (2023.. £318,869). There were ÉO travel expernses reclalmed by Board members In 2023. (2023,. £581 10. INTANGIBLE FIXED ASSETS Group and Assoclatlon W•bslte co*t* Co•t At l Aprll 2023 Addltlons 29,120 At 31 March 2024 29,120 Amortlsatlon At l April 2023 Charge for the year 13,476 3,816 At 31 March 2024 17,292 Net Book Value At 31 March 2024 11,828 At 31 March 2023 15,644 41 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Her? for young people Here for ¢ommunitles HtrÈ foryou FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) 11. TANGIBLE FIXED ASSETS Group and Assoclatlon Soclal Housing Propertl•¥ held for l•ttlng Cost At l April 2023 Propertles acqulred Works to exlsting propertles Dlsposals - component write-off 7,486,285 14,292 (2,4001 At 31 March 2024 7,498,177 Depreclatlon At L Aprll 2023 Charge for the year Ellminated on d15posals - component write-off 4,359,332 236,053 12,400) At 31 March 2024 4,592,985 Net Book Value At 31 March 2024 2,905,192 At 31 March 2023 3,126,593 In attordance wlth the accounting pollcy, Included wlthln Houslng Properties (hlstorical cost), the Group and Assoclatlon have capltallsed In the year E14,292 (2023: £nll) of expendlture on works to exbstlng propertles. No capltal expenditure has been Included In the Income & Expendlture Account (2023: £nll). Depreclatlon charg• for th• y••r 2024 2023 Annual depreciation charge Accelerated depreclatlon on component write off 236,053 239,640 236,053 239,640 42 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Herefoi youn9 peopl¢ Here for communitie5 Hère for yo FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) 11. TANGIBLE FIXED ASSETS (¢ontlnued) Group Freehold Land & Buildlngs Furniture Fixtures & Fitting11 Lift TOTAL COST At l Aprll 2023 Additions Dlsposals 918,914 811,93 1 69,453 299,936 38,597 2,030,781 108,050 At 31 March 2024 918,914 881,384 338,533 2,138,831 DEPReciATION At l Aprll 2023 Charge for the year D15posa15 808,491 18,764 463,415 56,414 299,936 1,571,842 75,178 At 31 March 2024 827,255 519,829 299,936 1,647,020 NET BOOK VALUE At 3 1 March 2024 91,659 361,555 38,597 491,811 At 31 March 2023 110,423 348,516 458,939 Assoclatlon Freehold Land & Buildings Furnitur• Fixture$ & Fittlngj Llft TOTAL COST At l Aprll 2023 Additbons Dlsposals 918,914 771,937 69,453 299,936 38,597 1,990,787 108,050 At 31 March 2024 918,914 841,390 338,533 2,098,837 DEPRECIATION At l April 2023 Charge for the year Dlsposals 808,490 18,764 445,442 53,297 299,936 1,553,868 72,061 At 31 March 2024 827,254 498,739 299,936 1,625,929 NET BOOK VALUE At 31 March 2024 91,660 342,651 38,597 472,908 At 31 Marth 2023 110,424 326,495 436,919 43 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A H*r• foryoung people HÈrt ftsr¢Gmmunbtlf 5 Hèrt ltsryou FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THe FINANCIAL STATEMENTS (contlnued) 12. INVESTMeNT PROPERTIES Group and Asso¢latlon 2024 2023 At l Aprll Increase in fair value 1,570,000 1,570,000 At 31 March 1,570,000 1,570,000 Investment propertles were valued as at 31 March 2021 by Inne5 England. The valuatlon of the group's propertSes was carried out in accordance wlth the Royal Institute of Chartered Surveyors {"RICS"I Professlonal Standards UK January 2014 and with partlcular regard to Flnanclal Reportin9 Standard 102 and the Social Housing Statement of Recommended Practbce. 13. FIXED ASSET INVESTMENTS A$$oclation InveJtm•nt In •ubsldlary company The company owrss the whole of the ordinary share capltol 11 ordlnary share of £1) of Y Leisure Llmlted. The company 15 Incorporated in Great Britain and reglstered in England and Wales and has been establbshed to carry on tradln9 actlvltbes on the Assoclatlon's behalf. Its reglstered offl¢e Is set out on page l. Y Le15ure Llmlted operate5 a bar for the use of patrons of the As50clatlon and members of the publlc. The company wlll glft ald any taxable proflt5 to YMCA Lelcestershlre. A summary of Its tradlng results Is shown below: 2024 2023 Proflt and loss account Turnover C05t of sales 87,433 (46,551) 93,394 (52,3361 Gr055 pfDfiV(loss) 40,882 41,058 Admin15trative expenses {10,511) (9,413) Profit/{Loss) on ordinary activities before and after tax and retained 30,371 31,645 Capital and r•$•rves 41.678 11,307 44 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A Hele for youn9 people Heie for ¢omrnynities Heie for YDU YMCA LEICESTERSHIRE Yn¢A FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) 13. FIXED ASSET 114VESTMENTS (continued) 2024 2023 Group and Asso¢l•tlon Other Investments - Ilsted at falr value At l Aprll Addltlons Disposals Reallsed gain on disposal Unreallsed galn/(deflcltl 439,178 65,315 (59,582) 138 31,665 465,457 40,094 (43,6741 1,399 (24,098) At 31 March 476,714 439,178 Hlstorlcal cost 379,240 373,763 14. STOCKS Group 2024 As$o¢latlon 2024 2023 2023 Goods for resale 4,994 3,817 15. OEBTORS Group 2024 Assoclatlon 2024 2023 2023 Houslng debtors other trade debto 8ad debt provislon Taxatlon (VAT) Amount owed from subsldlary company Other debtors Prepayments & accrued income 186,014 231,023 268,925 107,293 118,9401 (18,940) 11,237 186,014 268,925 (18,940) 11,237 231,023 107,293 (18,940) 14,190 2,517 1,856 2,517 1,856 66,698 40,294 66,698 40,294 515,790 362,187 515,790 376,377 Amounts written off houslng debtors in the year amounted to £5,772 {2023: £10,251). 45 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A Here for young people H•re for Eommunltl•s H•r• for you FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO ThE FINAI4CIAL STATEMENTS (contlnued) 16. CREDITORS Amounts falllng due wlthln one year Group 2023 Assoclatlon 2024 2023 2024 Trade credltors Bank loan Taxatlon & Social Securlty Accruals Deferred Income Amount owed to subsldlary company other credltors Deferred capltal grant (see note 17) 259,306 20,634 51,203 69,347 243,100 227,054 20,976 (2,500) 91,346 339,209 253,778 20,834 48,445 69,347 243,100 220,983 20,976 <5,343) 91,346 339,209 17,774 9,060 183,176 11,455 183,176 9,906 190,452 6,426 190,452 838,421 876,443 845,514 864,049 17. CREDITORS Amounts falllng due after on• yaar Group Z023 A•socl•tlon 2024 2023 2024 Bank loan Deferred capltal grant 238,970 269,885 1,833,782 2,013,434 238,970 1,833,782 269,885 2,013,434 2,072,752 2,283,319 2,072,752 2,283,319 The bank loan Is Secured by a legal charge over 7 East Street Lelce5ter, LEI 6EY. Group and Assoclatlon 2024 2023 Deferred ¢apltal grant As at l Aprll Amortisatlon 2,203,886 (186,928) 2,397,860 1193,974) As at 31 March Less.. due in less than one year 2,016,958 1183,176) 2,203,886 1190,4521 Due after more than one year 1,833,782 2,013,434 Group and Association Bank Loan 2024 2023 Amount5 falling due by instalrnent5 after more than five years 58,417 89,523 Repayment terms being monthly over a 15-year term at an interest rate of 6.980/0 pa (2023.. 6.230/0), Loan terms to be reviewed after 10 years in February 2026. 46 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A Heré for young people Here for ¢ommunitits Here for you YMCA LEICESTERSHIRE Yn¢A FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THE FIPIANCIAL STATEMENTS (continued) 18. PENSION PROVISION Group and Association YMCA Penslon 2024 2023 l April 335,910 380,480 Pald in the year (57,664) {55,985) Unwlndlng of discount (Note 7) 10,077 11,415 Change In fundSng deflclt arrangements (171,4871 31 March 116,836 335.910 YMCA Lelcestershire partlclpated In a contrlbutory penslon plan provldlng deflned beneflts based on fbnal pensionable pay for employees of YMCAS In England, Scotland and Wales. The assets of the YMCA Pension Plan are held separately from those of YMCA Lelcestershlre and at the year-end these were Invested in the Mercer Dynamlc De-ri5klng Solutlon, 650/0 matchlng portfollo and 35% n the growth portlollo and Schroder (property unlts only). The most recent completed three year valuation was as at l May 2023. The assumptlons used whlch have the most slgnbficant effect on the results ol the valuation are those relatlng to the assumed rate5 of return on assets of 4,560/0, the Increase In penslons In payment of 3. 18Vo (for RPI capped at 5Wo P.a.), and the average Ilfe expectancy from normal retlrement age (of 65) for a current male pen51oner of 2 1. 5 years. female 24.0 years, and 23.1 years for a male penslontr, female 25.7 years, retlrlng in 20 years, time. The result of the valuatlon showed that the actuarlal value of the assets was £103.Im, whlch represented 920/0 of the beneflts that had accrued to members. The PensSon Plan was closed to new members and future servlce accrual with effect from 30 Aprll 2007. Wlth the removal of the salary Ilnkage for beneflts all employed deferred members became deferred members as from l May 2011. The valuation prepared as at l May 2023 showed that the YMCA Penslon Plan had a deflclt of £9. 1 mlllion, The Associatlon has been advlsed that It wlll need to make monthly contrlbutions of £4,022 from l May 2024, This amount Is based on the current actuarial assumptions (as outllned above) and may vary In the future as a result of actLJal performance of the Penslon Plan. Agreed future deflcit contrlbutions have been dlscounted using a rate of 6.73Wo (2023: 3Wo). The current recovery perlod Is 3 years commenclng 1st May 2024. Repayable i After mor• than Within One to two years Two to After flve Total one year flve years yejrs one year Asat 31 March 2024 116 836 31 March 2023 167 9S5 279 925 335,910 In addition, YMCA Leicestershi￿ may have over tlme, liabilities in the event of the non-payment by other participating YMCAS of their share of the YMCA Penslon Plan's deflclt. It is not possible currently to quantify the potential amount that YNCA Lelcestershire may be called upon to pay in the future. 47 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A rj 09 00 i tr (r) Ln i moo f¢7iLri zzz ts)NN OLnf kom pi Inoo Lr&* I tn In ?192 OLL Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEICESTERSHIRE Yn¢A I Hérè fotr young pe•p(¢ Here fol communities Here for yo FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (contintsed) 19. RESERVES: movements In the year (Contim￿d) Transfers The transfer from restricted funds amounting to £2,938 to non-houslng actlvltles general reserve Is to reflect a notlonal rental charge for the use of premlses for the actlvities support by these restrlcteé funds. The Board members have revlewed the deslgnated funds at the year-end whlch are separate to general re5erve5 of the Group wlthln the unrestrlcted funds. Accordlngly. the appropriate transfers have been made to represent the declsion made wlth respect to deslgnated funds. Restrlcted reserves relate to monles recelved, only to be expensed agalnst the %peclflc project that the monles were Intended for, Below Is a brief description of each restricted reserve; Y-support Project - Local Authority grant for a day centre drop-Sn service for vulnerable and street homeless people. The Ralph Hale reserve was a donatlon to the project for equipment. The Cold Weather Café donatlon 15 for the provlslon of hot mea15 during the wlnter months, The New Opportunities Foundation (NOF) grant was used for the sports hall Ilghtlng whlch Is now classed as Investment property. Herltage Lottery Grant fundlng for a 3 year project to engage vulnerable and dlsadvantaged young people to the arts and herltage sector. Paul Hamlyn Foundatlon to develop a 'Youth Panel, to engage wlth the regional 'Shlne' project, Lelcestershlre OPCC - to develop and ￿searCh an educatlonal scheme to combat knife crlme and gang vlolence, NHS LLR ICB (Mental Health) NHS grant to contlnue the work of Complèx Needs coaches provlding help and support for young people wlth complex rnental health Issues. 20. CAPITAL COMMITMENTS Capital expendlture apprDved by the Board of Dlrectors amounted to: Group 2024 Assocljtlon 2024 2023 2023 Contracted 9,649 20,596 9,649 20,596 49 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMCA LEJCESTERSHIRE Yn¢A Hère for young people Heie for tommunltles HÈ*e for yo FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) 21. COMMITMENTS UNDER OPERATING LEASES The operating leases include a new electrlc van for operatlons and photocopylng and printing equlpment acr055 the multl-slted organlsatlon. At 31 March 2024 the total future commltrnents under non-cancellable operatlng leases were as follows: Group and Assoclatlon Other 2024 2023 withln one year Wlthln 2 to S years 138,624 532,960 88,416 540,747 671,584 629,163 22. RECONCILIATION OF SURPLUS AFfER TAX TO NET CASH GENERATED FROM OPERATIONS 2024 2023 Surplus for the year Adjustments for: Depreclatlon of tangible flxed assets Amortisatlon of intanglble flxed assets Grant amortisatloD Lntere5t and dlvidends recelvable Interest payable Accelerated depreclatlon Falr value deflclV(gain) on Investrnents 309,026 16,098 311,231 300,879 3,616 1,272 (186,928} (193,9741 (16,862} 114,356) 31,797 25,047 (31,803) 22,699 Operating cash flow before movements In worklng capltal 420,277 157,665 {Increase)/Decrease In stocks Ilncrease) In debtors (Decrease)/lncrease In credltors {Decrease) In provlslons {1,177) (153,603> (30,604) 1219,074) 964 (8,92S) 21,342 144,570) C•sh g•n•rat•d from operatlonl 15,819 126,476 23. CASH AND CASH EQUIVALENTS Group 2014 Assoclatlon 2024 2013 2023 Cash and cash equlvalents represent: Cash at bank 701,787 860,035 691,099 847,982 50 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A YMtA LEICESTERSHIRE Yn¢A HeT• loryoung people Here for communitip$ Heié for ytsu FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL sfATEMENTS (contlnued) 24. AfiALYSIS OF CHANGES IN NET DEBT Cash flows Other non-ca$h Changes At l April At31 Ma￿h 2023 2024 Cash and ca•h equivalents Cash 860,035 (158,248) 701,787 860,035 {158,248) 701,787 Borrowing$ Bank loan Debt due wlthln l year (20,976) 142 {20,834) Debt due after l year {269,885) 30,915 (238,970) (290,861) 31,057 1259,804) Total 569,174 {127, 191) 441,983 25. RELATED PARTY TRANSACTIONS There were no ￿lated party transactlons to dlsclose for the year ended 31 March 2024 or In the prevlou5 year. 51 Docusign EnvelopÈ ID." F392415D-572844AtkB621-59B8481AFA5A