**Charity number: 250118**
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **CONSOLIDATED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 12|
|**Trustees' Responsibilities Statement**|13|
|**Independent Auditors' Report on the Financial Statements**|14 - 17|
|**Consolidated Statement of Financial Activities**|18|
|**Consolidated Balance Sheet**|19 - 20|
|**Charity Balance Sheet**|21|
|**Consolidated Statement of Cash Flows**|22|
|**Notes to the Financial Statements**|23 - 45|
**GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Trustees**|D Losse, Chairman|
|---|---|
||C Halsey|
||P Mallinckrodt (resigned 1 March 2023)|
||N Daur|
||M Tinsley|
||A Fox|
||P Stokes|
||C Daur|
||S Haase (appointed 10 July 2023)|
||M Minett (appointed 16 October 2023)|
|**Charity registered**
**number**
250118
**Principal office**
35 Craven Terrace
London
W2 3EL
**Independent auditors**
Haslers
Chartered Accountants
Old Station Road
Loughton
Essex
IG10 4PL
**Bankers**
National Westminster Bank plc
8 George Street
Edinburgh
EH2 2SB||
Page 1
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
The Trustees present their annual report together with the audited financial statements of the Charity for the 1 January 2023 to 31 December 2023.
## **Chairman’s Statement**
In planning for the year 2023 we were cautious in our projections as we sought to implement the strategic lessons we had learned from the pandemic experience. The year 2022 had seen an initially slow but steady reversion to normality in both our charitable activity and in the crucial trading operations of the Lancaster Hall Hotel and this gave some cause for optimism.
It was deemed paramount to steadily build our liquid reserves, with the target of increasing these to two million pounds by 2030, enabling us to weather future political, economic or other shocks without recourse to external financial support. In furtherance of this aim we would seek to improve the return on our rental properties so that together with the return on our investment reserve the GYMCA would be able to finance its regular charitable activities without total reliance each year on dividends from the Lancaster Hall Hotel, which by their nature were subject to the commercial vicissitudes of the hotel sector.
Through implementing a multi-year programme of refurbishment and renewal of the hotel’s fabric and facilities we could expect a positive impact on the level of profit as well as a more secure and healthy income stream over the longer term. To do all this successfully would however depend in the short term on the hotel sustaining the positive trend in trading shown in the second half of 2022,
The Associations profit for the year was £295,671 (against £269,346 in 2022). This result is even more remarkable considering that it was achieved after having incurred very substantial costs under our major refurbishment programme. Our charitable investment portfolio (comprising part of our strategic reserve) also performed creditably and contributed positively to this result. The improved trading in fact allowed us to invest over £400,000 in our various renewal projects and to undertake repairs and maintenance costing more than £100,000.
Over the year the Association as a whole was able to increase its consolidated funds by £295,671 (£269,346 in 2022) and the total funds of the Charity rose to £5,147,778 as at the 31st December 2023.
The Hotel improvements included implementing the first phase of the project to air-condition the guest rooms, as recommended in the Energy Audit commissioned from external consultants late in 2022. The system installed also gives us the facility to heat the rooms and should ultimately enable us to phase out our gas boilers. We were also able to undertake a major upgrade of the building’s WIFI and extensive repairs were carried out to the roofs of two of our properties in Craven Terrace.
With the Association’s liquidity restored, we were at the same time able to take advantage of the huge reduction in our liabilities towards the YMCA Pension Fund brought about by the steep rise in interest rates in the final quarter of the year. We were able to exit the Plan as at the 30th September 2023, having negotiated a full-buy-out of liabilities with the Pension Trustee at a cost to the Association of £128,963. This is less than a quarter of the amount prevailing only a few years ago and the transaction relieves the Association of the risk of picking up orphan liabilities of failed YMCAs under the Multi- Employer YMCA scheme.
Equally importantly the transaction removes the final obstacle to incorporation and overcomes the intransigence we had encountered when trying to agree acceptable alternative means of securing our liabilities with the YMCA Pension Trustee. We are advised that incorporation will require us to agree with the Charity Commission the full transfer of assets and liabilities into our dormant Charities Incorporated Organisation (CIO) and then its transformation into the German YMCA CIO. This is a simpler arrangement than originally envisaged, which will give us all the advantages of the modern corporate structure we require. The implementation, however, will take some time as it involves changes to the arrangements agreed with the Charity Commission and will need their assent.
Much has been achieved over the past year, which has also seen a welcome upturn in membership activities and events, as set out in detail in the Trustees Report. Of particular note has been the development of the “Room for Opportunity” initiative which provides free accommodation in the Kensington Gardens Hostel (as it is
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## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
now branded) for disadvantaged groups of young people from around the UK and gives them the chance to experience London and the educational opportunities it presents entirely free of charge. We see this as an important use of our hotel facilities and a valuable long-term charitable activity.
The year also saw the resignation of our President and Trustee, Philip Mallinckrodt, after seven and a half years of valuable service, We are most grateful to him for the time he has dedicated to our affairs. We also said farewell to Alice Melsheimer when it became necessary by force of circumstances to restructure our volunteering activities. Her excellent work in this area was much appreciated.
The impressive turn-around in our financial fortunes has not come about by chance. We are indebted to our new Chief Executive, Rebecca Tinsley, for her tireless leadership of a motivated team, which is bringing about welcome renewal with insight and energy. I am also grateful for the support and expertise of our dedicated Board of Trustees who have the vision to develop the magnificent inheritance we have received from our predecessors and adapt in the face of the serious challenges of our very volatile world. They deserve your thanks.
## **Objectives and activities**
## **a. Policies and objectives**
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
The German YMCA has always been keen to ensure its hostel accommodation is affordable for school groups and travellers on tight budgets, but, launching its new initiative Room for Opportunity, it has expanded this offering to giving accommodation away to groups who would otherwise be unable to afford it at all – be it that they are schools supporting special needs or from deprived parts of the country with limited funding and a high percentage of underprivileged families.
Supporting the wellbeing of its aging members, the association hosts a weekly lunch club for no charge, and welcomes (and encourages) them to join the varied programme on offer.
Emphasis is given to education and recreation, and also Christian teaching, which is normally provided in regular bi monthly publications and through lectures and celebrations at special events in the Christian calendar. We recognise the importance of the churches in their role as providers of spiritual guidance and we are glad to have a good relationship with our neighbouring church, St James’s, Paddington.
## **b. Strategies for achieving objectives**
The charity shares its freehold property, 31 to 38 Craven Terrace, London W2, with its trading company, Lancaster Hall Hotel Limited. The charity has arranged this use of the property so that the trading company may contribute financially to the charity, and so that it may also provide affordable accommodation to groups of young people on educational visits from within the UK or from abroad, as detailed in the review of activities.
A plan was made to expand the offering of providing ‘affordable accommodation’ to providing free accommodation to certain youth groups with underprivileged backgrounds, or with learning difficulties, allowing them to come to have an experience in London which otherwise would have been impossible. In 2023, it supported and accommodated a number of groups, providing almost £60,000 of free accommodation and conference space.
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## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Objectives and activities (continued)**
## **c. Activities undertaken to achieve objectives**
Regular fixtures, such as the German Classes, Peter’s Music and the Toddlers’ Group continued in 2023, with a new addition of a relaxation art class, Watercolours & Wine beginning in the autumn. We continue plans to develop new programmes for 2024, including public speaking classes for children and teenagers.
## **d. Our Work with volunteers**
Since 2010 the Association has operated a volunteer placement service, initially to place volunteers from Germany to Great Britain and vice versa, but this was subsequently expanded internationally, placing volunteers from throughout Europe into a great variety of projects on the Continent. Our VPS coordinator also actively supported other organisations, particularly other YMCAs, in placing volunteers and obtaining grants.
In 2019 in partnership with two other English YMCAs we were successful in securing a major grant from the European Union for a whole series of both short and long-term charitable projects, which were monitored by ECORYS the British National Agency. The projects were to be spread over three years but because of the pandemic this period was extended and the final project was only completed and the fund, which we administered on behalf of the consortium, wound up at the beginning of 2023.
Brexit has naturally impacted and complicated this work. Since 2023 we have consequently partnered with ARSP, Action Reconciliation Service for Peace, which was established over 50 years ago in Germany as an organisation committed toward reconciliation and peace. Today, their volunteers tend to be motivated by a desire to contribute to building a more peaceful, just and tolerant world, objectives which clearly resonate with us. Their volunteers emanate mainly from Germany but also from Poland. Initially we took on four volunteers and very much hope that a steady stream will join us in the years to come.
## **e. Music**
The Schubertiade music programme continued to hold many classical concerts in our local church, St James’s Paddington. This is a most welcome and convenient arrangement to all parties, and whilst we intend to move the concerts back to Lancaster Hall Hotel in 2024, having purchased a new piano for the hall in the summer of this year, we will continue to hold some of them at St James’s.
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## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Objectives and activities (continued)**
## **f. The Assoication and its outreach**
For the better fulfilment of its objects, the Association aspires to be inclusive and has an "open house" policy. Our diverse programme of educational or leisure time activities for people of all ages is open to everybody, regardless of gender, ethnic origin, ability or faith.
The Association has, for a number of years, been building ever closer links with the local community but we are acutely aware of our history as the German YMCA in London, founded to meet the needs of the German speaking community. This is and remains our identity and culture but it does not preclude us also becoming a “local” YMCA for the Bayswater and Paddington area, a YMCA serving the needs of its community and one where all feel welcome and able to take part in the programmes on offer.
As a further part of this process we are building on our already good relationships with the Paddington C of E Church, St James’s, and the two local primary schools. We perceive there to be a real opportunity to develop an exciting cooperation, with all the organisations working on projects within our local community.
Many of the young people with whom we come into contact are foreigners who do not remain long enough in England to consider YMCA membership. Our members are therefore mainly older, permanent residents, around 300 in number, but they are not representative of the considerable actual outreach of the Association itself. Financially too, the income from members' fees is small, reflecting the social background of the people served. The young still in training and the elderly both belong to the lower income groups in our society.
During the difficult times related to the pandemic, when our programme was much reduced, our chaplain, whilst working part-time for the association, also worked part-time for the German Congregation, strengthening our ties with them, something which he continued through 2023, until August when he decided to move on from the GYMCA having been asked by the German Congregation to work for them full-time.
The German Welfare Council, which operates the German Advice Centre from the Association’s premises, has been supported by regular annual grants since 2013. We have made this office space available free of rent, rates, electricity etc.
## **g. The direct contribution made by Lancaster Hall Hotel to our charitable work**
The sharing of premises at 31-38 Craven Terrace, in Bayswater in London, between the German YMCA and the Lancaster Hall Hotel has the benefit of ensuring the upkeep of several function rooms for both commercial use and a variety of charitable activity within the local community at little or no cost to the user. In addition, the Hotel
accommodation and services are available for the Association to use in furtherance of its charitable activities.
Surplus revenues are donated to the Charity and are an important source of its funding. In the ten prepandemic years ending 31.12.2019 the Association received donations totalling almost £2,000,000 from the Hotel and in that same time the Hotel had also financed some £1,400,000 for the cost of repairs, maintenance and refurbishment
In the light of the foregoing the Trustees agreed to sustain the Hotel through the pandemic, making a grant of £220,000 in 2020 and providing further loans in 2021 to enable the Hotel to meet total trading losses of some £450,000 over the two-year period and ensuring it remained a going concern.
In consequence of the improvement in trading during 2023, the Hotel was able to pay back the loans to the GYMCA.in their entirety.
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## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Achievements and performance**
## **a. Key performance indicators**
The successful achievement and development of our charitable activities, rests on three important financial pillars:
Our dividend income:
In 2023, a dividend payment of £90,000 was made from LHH to GYMCA.
Our Investment Portfolio:
Part of our Reserves are invested in a multi asset fund designed for Charities. In 2021 a total of £66,340 was drawn down from the portfolio to ensure continued liquidity. The value of the portfolio was £734,516 at the end of the current year, 2023.
We remain satisfied that the fund is an appropriate investment vehicle for our reserves, providing stable returns whilst safeguarding the real value of our assets.
Our Property Portfolio:
Our property holdings comprise not only the premises of our Association and the Lancaster Hall Hotel in Craven Terrace but also four adjacent Victorian houses in Craven Road. These serve to preserve and grow a further part of our reserves and provide us with useful rental income. This amounted to £226,545 in the year under review (2022: £216,589).
## **b. Investment policy and performance**
The equity investments of the charity are managed by Cazenove Capital Management, whose objective is to maximise total return with due regard for risk.
Apart from limited cash reserves held on a Business Reserve Account, the reserves are invested via Cazenove Capital Management through their Charity Multi Asset Fund. The Charity Multi Asset Fund is a common investment fund designed for charities seeking to maintain the real value of their capital over the medium to long term whilst generating a sustainable and reliable distribution level (from income and capital). The portfolio aims to deliver returns similar to equity markets but with a lower level of volatility and is well diversified across asset classes and incorporates exposure to alternative asset classes such as hedge funds, private equity and commodities. The majority of the portfolio is invested in readily tradeable assets, but there is also likely to be a modest exposure to illiquid assets at any point in time.
The value of these investments, which was £696,579 at the 1st January 2023, rose to £734,516 at the end of the
year.
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## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Achievements and performance (continued)**
## **c. Property portfolio**
The Association owns the freehold of properties 31 to 38 Craven Terrace, (the Lancaster Hall Hotel and 5 Victorian terraced houses) which are used by the charity and provide staff accommodation, and 39 to 45 Craven Road (4 Victorian terraced houses), which are mainly let to provide income for the charity. All properties are free of charges.
In March 2020 a valuation of the investment properties in Craven Road was undertaken by Sloan Property Services. The value of these properties was revised to £3,650,000 and this is reflected in the balance sheet, after making an adjustment to take account of the partial occupation of the premises by members of staff.
## **d. Grant making policies**
In 2021 & 2022 the only grant made was the Affiliation Fee.
The Grant Application Guidelines are reviewed and updated from time to time. The last review was in 2018 and the Trustees will revisit the policy at regular intervals and will resume grant-making as and when the charity’s free funds are again deemed adequate to allow this to happen.
## **Financial review**
## **a. Going concern**
The current surpluses generated by the hotel have allowed it to repay the loans advanced by the charity during the pandemic and the hotel’s positive current trading prospects give the Trustees every confidence in the ability of charity to fulfil its mission in the year ahead. The strong cash flow in the current year, the strengthening reserves and the healthy asset backing also give grounds for optimism about the future.
## **b. Reserves policy**
In previous years it has been the policy of the Association to maintain its liquid funds at a level to be able to support future projects and maintain its property portfolio. The wisdom of holding these reserves enabled the Association to not only survive the pandemic but also support its trading subsidiary, the Lancaster Hall Hotel.
The reserves of the charity total £5,511,818 (2022: £5,216,147), including £1,005,035 of liquid assets. Whilst the far-reaching impact of the pandemic has underlined the importance of the Association’s reserves, it has also served to emphasise the need for liquidity. The Trustees will thus not only seek over time to increase the absolute level of the reserves against future contingencies but also to ensure that appropriate levels of liquidity are maintained.
The charity does not rely on any grants from Governments or other sources although certain of our volunteer projects are supported to a modest degree by grants from the British Council and, since 2019, a grant from Ecorys where €1,000,000 has been allocated over a period of 3 years. This grant was made to the German YMCA, Bournemouth YMCA and YMCA Sutton Coldfield.
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## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **c. Principal funding**
The Association has three principal sources of funding:
Income from investment properties Income from its investment portfolio with Cazenove Donations from its trading subsidiary the Lancaster Hall Hotel
## **Structure, governance and management**
## **a. Constitution**
As part of our project mentioned last year to put in place an incorporated structure that eliminates the exposure of our Trustees to unlimited liability, we have with our lawyers revised the Constitution of the German YMCA to reflect modern practice and to update our objects to align them better with our charitable aspirations. The revised Constitution finally received the assent of the Charity Commission in February 2020 .Adoption of the new Constitution and the restructuring of the Charity which would have followed it were frustrated by the onset of the pandemic and the failure to resolve issues with the Trustee of the YMCA Pension Trustee, which were a legal prerequisite to change.
In the final quarter of 2023 the upwards move in interest rates had impacted so positively on our liabilities under the Pension Fund that we were finally able to contemplate buying them out. This was achieved by yearend, effectively freeing us of future obligations to the Fund and removing the impediment to our long-awaited restructuring.
It will be necessary to negotiate now with the Charity Commission to transform our existing dormant CIO into the German YMCA by the transfer of all existing assets and liabilities into the Charities Incorporated Organisation. Whilst in essence the procedure is simple some of the ramifications are complex, but we finally have a clear way forward that will resolve our problems and provide us with a better and more streamlined structure than we had originally thought possible.
In summary the future objects will be:
- to advance the Christian Faith by encouraging people on the path to a Christian way of life and
- promoting
- Christian values
- to advance religious faith by general support for churches, in particular the German churches in the UK
- and our local churches in Bayswater.
- to provide facilities for social welfare, for cultural activity, recreation and leisure, for young and old, and
- especially those in deprived circumstances.
- the prevention and relief of poverty
- to provide educational opportunities, especially for young people
- to promote racial harmony, especially between Germany and the United Kingdom
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## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Structure, governance and management (continued)**
## **b. Methods of appointment or election of Trustees**
The management of the charity is the responsibility of the Trustees who form the Board of Management and are elected and co-opted under the terms of the Model Constitution YMCA adopted 21 November 1977, amended 8 June 1993 and last amended 24 June 2003. Trustees are elected at the Annual General Meeting of the charity for a term of three years.
Holding Trustees of the charity, apart from the National Council of YMCAs, are Members of the Board of Management. These are the continuing trustees appointed in accordance with the Declaration of Trust of 12 May 1969 and Deeds of Appointment dated 9 March 2011 and 15 February 2015:
C Daur D Losse Chairman M. Tinsley
The National Council of YMCAs (Incorporated)
Mrs R Tinsley – CEO Managing Director of Lancaster Hall Hotel Limited.
## **c. Policies adopted for the induction and training of Trustees**
Newly appointed trustees are provided with copies of the charity’s constitution, the previous year’s “Trustees Report and Financial Statements” and the previous three year’s “Annual Review”. There is an oral induction dealing with the philosophy, history and objectives of the charity.
Newly appointed trustees are inducted into their responsibilities and duties under Charity Commission regulations on the basis of Charity Commission publications.
Ongoing trustee development takes place at each meeting of the Board of Management.
## **d. Pay policy for senior staff**
Staff have been paid with reference to pay scales developed by YMCA England and pay increases are implemented broadly as suggested annually by YMCA England. The YMCA England pay scales and the associated increases are themselves based on those used by local government.
There is a Remuneration sub-committee consisting of three trustees which reviews the salaries from time to time with reference to comparable roles outside the organisation and makes adjustments as these become necessary to ensure that senior staff are fairly and appropriately rewarded for performance in a way that is affordable and respects the ethos of the Association.
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## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Structure, governance and management (continued)**
## **e. Organisational structure and decision making**
The members of the Board of Management are responsible for the day to day running of the charity and its trading subsidiary, Lancaster Hall Hotel Limited. The Board of Management reports annually to the Annual General Meeting of the charity.
The day-to-day management of Lancaster Hall Hotel Limited is the responsibility of its Directors, appointed by the Board of Management. For the current year these were:
D Losse U Maynard R Tinsley – Managing Director and Company Secretary M Quigley
## **f. Risk management**
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and its trading subsidiary, and are satisfied that systems are in place to mitigate our exposure to the major risks.
## Finances:
The Association and trading company control procedure:
There is a strict budgetary and monitoring regime in place which ensures that income and expenditure is reviewed monthly and any necessary action initiated. The accounts are reviewed regularly by the Board of Management and all Board decisions are based on up-to-date financial information.
## Investments:
For short term investments a Business Reserve Accounts is used. Long term investments with Cazenove Capital Management Limited are divided between equities, fixed interest and cash pool accounts. Investment reports are received quarterly as are cash pool accounts and are submitted to the Board of Management periodically for review.
## Properties / Liabilities:
All plant is professionally maintained by outside contractors. The following insurance covers are in place: Property Insurance (Fire and other perils)
Employer’s liability Public liability Terrorist
Three year's loss of income Employer’s legal expenses Directors’ liability
In house security (the charity's offices):
Apart from the mandatory fire alarm systems a camera/recording surveillance system is in place, the reception desk is manned 24 hours a day and regular night patrols are effected.
## Staff security:
Exposed staff have to follow an established code of practice to minimise risk. They have a bleep or emergency call button facility to call for assistance.
Health and Safety Risk Assessment:
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## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Structure, governance and management (continued)**
A comprehensive risk assessment, covering all operational activities of the charity and hotel has been carried out and is regularly reviewed. All staff are given a risk assessment relevant to their department during induction.
Staff induction:
All staff receive a comprehensive induction into all aspects of the charity or hotel’s operation, with special emphasis on health and safety issues and fire training.
The Association and trading company are GDPR compliant.
## **Plans for future periods**
## a. **Future developments**
After extended discussions with the Charity Commission and with the strong support of our lawyers, assent was finally given on the 18th December 2019 for the registration of the German Christian Association (London) CIO., Charity No1187036, with identical objects to those of the German YMCA. The intention was that the new CIO would ultimately hold some of the Association’s assets in trust and will act as its Corporate Trustee, bringing to an end the era of unlimited liability for our individual trustees.
As mentioned previously in this report the adoption of our revised constitution and the corporate restructuring this would have brought about have been frustrated first by the pandemic and then subsequently by a failure, despite our best efforts, to reach agreement with the Pension Trustee of the YMCA Pension Fund over the means of securing our liabilities to their satisfaction, which was a legal pre-requisite to any corporate changes.
In the final quarter of the year the Trustees were, however, able to take advantage of the significant reduction in our liabilities to the Pension Fund (which had been brought about by the rise in interest rates) to buy these out, effectively ending our obligations to the Trustees and removing the final regulatory obstacle to incorporation. The restructuring procedure will still require the assent of the Charity Commission but we are now well placed with our dormant CIO to negotiate the corporate transformation that has for so long been our objective. The original plans will require some modification but the new structure should be simpler and more efficient than we had originally believed possible.
## **Disclosure of information to auditors**
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
## **Auditors**
The auditors, Haslers, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
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## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
Approved by order of the members of the board of Trustees on 17 October 2024 and signed on their behalf by:
**D Losse** Trustee
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## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 17 October 2024 and signed on its behalf by:
**D Losse** Trustee
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**GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **Opinion**
We have audited the financial statements of German Young Men's Christian Association in London (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
- give a true and fair view of the state of the Group's and of the parent charity's affairs as at 31 December 2023 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Page 14
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON (CONTINUED)**
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
- the parent Charity has not kept sufficient accounting records; or
- the parent Charity financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so.
Page 15
**GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON (CONTINUED)**
## **Auditors' responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Charities Act 2011, GDPR, and Employment and Health & Safety legislation.
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations.
We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below:
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud.
Procedures performed to address these were as follows:
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and fraud,
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,
• Challenging assumptions and judgements made by management in its significant accounting estimates,
• Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries posted by infrequent system users,
• Ensuring that restricted and unrestricted reserves have been allocated correctly,
Page 16
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON (CONTINUED)**
• Reviewing board minutes for any discussion of events or evidence which will have an impact on the financial statements.
• Reviewing forecasts and budgets to determine if the entity can be deemed a going concern.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Haslers**
Chartered Accountants Statutory Auditor Old Station Road Loughton Essex IG10 4PL
17 October 2024
Haslers are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 17
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Note**
**Income from:**
Donations and legacies
3
Other trading activities
4
Investments
5
Other income
6
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
**Total expenditure**
**Net income before net gains/(losses)**
**on investments**
Net gains/(losses) on investments
**Net income before taxation**
Taxation
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2023**
**£**
**14,900**
**-**
**-**
**-**
**14,900**
**-**
**5,141**
**5,141**
**9,759**
**-**
**9,759**
**-**
**9,759**
**38,027**
**9,759**
**47,786**|**Unrestricted**
**funds**
**2023**
**£**
**10,864**
**2,830,728**
**267,014**
**5,584**
**3,114,190**
**1,291,248**
**1,459,896**
**2,751,144**
**363,046**
**8,891**
**371,937**
**(86,025)**
**285,912**
**5,178,120**
**285,912**
**5,464,032**|**Total**
**funds**
**2023**
**£**
**25,764**
**2,830,728**
**267,014**
**5,584**
**3,129,090**
**1,291,248**
**1,465,037**
**2,756,285**
**372,805**
**8,891**
**381,696**
**(86,025)**
**295,671**
**5,216,147**
**295,671**
**5,511,818**|_As restated_
_Total_
_funds_
_2022_
_£_
_16,045_
_2,370,475_
_245,952_
_5,553_
_2,638,025_
_1,053,298_
_1,231,344_
_2,284,642_
_353,383_
_(72,840)_
_280,543_
_(11,197)_
_269,346_
_4,946,801_
_269,346_
_5,216,147_|
|---|---|---|---|---|
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 23 to 45 form part of these financial statements.
Page 18
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2023**
|**Note**
**Fixed assets**
Tangible assets
10
Investments
12
Investment property
11
**Current assets**
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
16
Provisions for liabilities
**Total net assets**
**Charity funds**
Restricted funds
19
Unrestricted funds
Unrestricted funds excluding pension asset
19
Pension reserve
19
Total unrestricted funds
19
**Total funds**|**12,161**
**95,225**
**897,649**
**1,005,035**
**(498,412)**
**5,464,032**
**-**|**2023**
**£**
**951,548**
**734,516**
**3,485,000**
**5,171,064**
**506,623**
**5,677,687**
**(82,839)**
**(83,030)**
**5,511,818**
**47,786**
**5,464,032**
**5,511,818**|_10,042_
_84,621_
_993,664_
_1,088,327_
_(521,589)_
_5,376,440_
_(198,320)_|_As restated_
_2022_
_£_
_651,254_
_696,579_
_3,485,000_
_4,832,833_
_566,738_
_5,399,571_
_(172,833)_
_(10,591)_
_5,216,147_
_38,027_
_5,178,120_
_5,216,147_|
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees on 17 October 2024 and signed on their behalf by:
Page 19
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023**
## **D Losse**
Trustee
The notes on pages 23 to 45 form part of these financial statements.
Page 20
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023**
|**Note**
**Fixed assets**
Tangible assets
10
Investments
12
Investment property
11
**Current assets**
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
16
**Total net assets**
**Charity funds**
Restricted funds
19
Unrestricted funds
19
**Total funds**|**38,678**
**641,268**
**679,946**
**(138,090)**|**2023**
**£**
**468,245**
**735,516**
**3,485,000**
**4,688,761**
**541,856**
**5,230,617**
**(82,839)**
**5,147,778**
**47,786**
**5,099,992**
**5,147,778**|_311,400_
_369,503_
_680,903_
_(117,223)_|_As restated_
_2022_
_£_
_447,258_
_697,579_
_3,485,000_
_4,629,837_
_563,680_
_5,193,517_
_(172,833)_
_5,020,684_
_38,027_
_4,982,657_
_5,020,684_|
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees on 17 October 2024 and signed on their behalf by:
## **D Losse**
## Trustee
The notes on pages 23 to 45 form part of these financial statements.
Page 21
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Cash pool movements
Purchase of tangible fixed assets
Dividends, interests and rents from investments
**Net cash used in investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 23 to 45 form part of these financial statements|**2023**
**£**
**243,908**
**(33,857)**
**(318,928)**
**12,862**
**(339,923)**
**-**
**(96,015)**
**993,664**
**897,649**|_2022_
_£_
_383,127_
_(56,340)_
_-_
_(1,998)_
**(58,338)**
**-**
**324,789**
_668,875_
_993,664_|
|---|---|---|
Page 22
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1. General information**
German Young Men's Christian Association in London is a charitable organisation, registered in England and Wales, with a charity number of 250118. The registered address is 34 Craven Terrace, Lancaster Gate, London, W2 3EL.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
German Young Men's Christian Association in London meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are presented in pound sterling which is the functional currency of the company and rounded to the nearest £.
The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
## **2.2 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 23
**GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **2. Accounting policies (continued)**
## **2.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.4 Taxation**
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **2.5 Tangible fixed assets and depreciation**
Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following bases:
|Freehold property|- 0% straight line|
|---|---|
|Fixtures and fittings|- 15% straight line|
|Computer equipment|- 25% straight line|
Page 24
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **2. Accounting policies (continued)**
## **2.6 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
## **2.7 Stocks**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
## **2.8 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.9 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.10 Liabilities**
Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.
Page 25
**GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **2. Accounting policies (continued)**
## **2.11 Deferred taxation**
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable surpluses from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
## **2.12 Financial instruments**
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.13 Pensions**
German Young Men's Christian Association In London participated in a multi-employer defined benefit pension plan for employees of YMCAs in England, Scotland and Wales, which was closed to new members and and accruals on 30 April 2007. Due to insufficient information, the plan's actuary has advised that it is not possible to seperately identify the assets and liabilities relating to German Young Men's Christian Association In London.
As described in note 24 German Young Men's Christian Association In London has a contractual obligation to make pension deficit payments of £28,305 pa over the period to April 2027, accordingly this is shown as a liability in notes 14 and 15 to these accounts. In addition, German Young Men's Christian Association In London is required to contribute £12,834 pa to the operating expenses of the Pension Plan and these costs are charged to the Statement of Financial Activities as made.
## **2.14 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 26
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **3. Income from donations and legacies**
|Donations
Grants
_Total 2022 as restated_|**Restricted**
**funds**
**2023**
**£**
-
14,900
14,900
_-_|**Unrestricted**
**funds**
**2023**
**£**
10,864
-
10,864
_16,045_|**Total**
**funds**
**2023**
**£**
**10,864**
**14,900**
**25,764**
_16,045_|_As restated_
_Total_
_funds_
_2022_
_£_
_16,045_
_-_|
|---|---|---|---|---|
|||||_16,045_|
||||||
## **4. Income from other trading activities**
## **Income from fundraising events**
|**Unrestricted**
**funds**
**2023**
**£**
Income from Lancaster Hall Hotel Limited
2,830,728
_Total 2022_
_2,370,475_|**Total**
**funds**
**2023**
**£**
**2,830,728**
_2,370,475_|_Total_
_funds_
_2022_
_£_
_2,370,475_|
|---|---|---|
||||
Page 27
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **5. Investment income**
|Rental income
Dividends and tax credits
Interest on deposits
Interest receivable
_Total 2022_|**Unrestricted**
**funds**
**2023**
**£**
226,545
27,607
12,319
543
267,014
_245,952_|**Total**
**funds**
**2023**
**£**
**226,545**
**27,607**
**12,319**
**543**
**267,014**
_245,952_|_Total_
_funds_
_2022_
_£_
_216,589_
_27,365_
_1,998_
_-_|
|---|---|---|---|
||||_245,952_|
|||||
## **6. Other incoming resources**
|Membership fees received
_Total 2022_|**Unrestricted**
**funds**
**2023**
**£**
5,584
_5,553_|**Total**
**funds**
**2023**
**£**
**5,584**
_5,553_|_Total_
_funds_
_2022_
_£_
_5,553_|
|---|---|---|---|
|||||
Page 28
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **7. Analysis of expenditure by activities**
|German YMCA Work and Youth Work
National Agency Grant
Schubertiade Concert
Support costs
_Total 2022_|**Activities**
**undertaken**
**directly**
**2023**
**£**
149,580
5,141
3,528
-
158,249
_163,072_|**Support**
**costs**
**2023**
**£**
-
-
-
1,306,788
1,306,788
_1,068,271_|**Total**
**funds**
**2023**
**£**
**149,580**
**5,141**
**3,528**
**1,306,788**
**1,465,037**
_1,231,343_|_Total_
_funds_
_2022_
_£_
_141,970_
_19,406_
_1,696_
_1,068,271_|
|---|---|---|---|---|
|||||_1,231,344_|
||||||
## **Analysis of direct costs**
|Staff costs
Travel and coach hire
Youth office costs
Postage and stationary
Conference fees
Telephone and communication
Sundry Expenses
Donations
Schubertiade concert costs
Cost of placement
Xmas market costs
**Total 2023**
_Total 2022 as restated_|**German**
**YMCA Work**
**and Youth**
**Work**
**2023**
**£**
119,074
290
13,831
898
-
31
4,212
11,244
-
-
-
149,580
_141,970_|**National**
**Agency**
**Grant**
**2023**
**£**
-
176
28
-
-
-
-
-
-
4,937
-
5,141
_19,406_|**Schubertiade**
**Concert**
**2023**
**£**
-
-
-
-
-
-
-
-
3,528
-
-
3,528
_1,696_|**Total**
**funds**
**2023**
**£**
**119,074**
**466**
**13,859**
**898**
**-**
**31**
**4,212**
**11,244**
**3,528**
**4,937**
**-**
**158,249**
_163,072_|_As restated_
_Total_
_funds_
_2022_
_£_
_125,734_
_5,362_
_3,568_
_1,374_
_475_
_100_
_2,851_
_9,990_
_1,696_
_11,564_
_358_|
|---|---|---|---|---|---|
||||||_163,072_|
|||||||
Page 29
**GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **7. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Agency staff
Postage and stationary
Travel agents commission
Depreciation of fixtures and fittings
Telephone communication
Sundry expenses
Auditor fees
Legal and professional
Pension expense
Insurance
Property expenses
Bank charges
Salaries
Accountancy fees
Water rates
Advertising
Light and heat
Computer costs
Subscriptions
Property maintenance
**Total 2023**
**8.**
**Auditors' remuneration**
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
Taxation compliance services|**Total**
**funds**
**2023**
**£**
**189,944**
**7,193**
**149,670**
**18,635**
**14,035**
**18,966**
**30,300**
**42,436**
**24,444**
**75,353**
**40,157**
**100,512**
**83,797**
**7,348**
**30,389**
**356**
**151,066**
**11,280**
**72,248**
**238,659**
**1,306,788**
**2023**
**£**
**29,500**
**1,700**|_Total_
_funds_
_2022_
_£_
_94,652_
_6,987_
_182,837_
_12,795_
_17,504_
_3,327_
_28,350_
_47,397_
_(12,834)_
_60,057_
_108,811_
_75,569_
_69,069_
_115_
_27,507_
_410_
_150,601_
_22,538_
_58,269_
_114,310_
_1,068,271_
_2022_
_£_
_28,350_
_1,650_|
|---|---|---|
Page 30
**GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **9. Staff costs**
|Wages and salaries
Contribution to defined contribution pension
schemes|**Group**
**2023**
**£**
**950,619**
**15,683**
**966,302**|_Group_
_2022_
_£_
_830,318_
_32,019_
_862,337_|**Charity**
**2023**
**£**
**108,047**
**1,769**
**109,816**|_Charity_
_2022_
_£_
_105,982_
_19,752_|
|---|---|---|---|---|
|||||_125,734_|
The average number of persons employed by the Charity during the year was as follows:
|Charity staff
Hotel staff|**Group**
**2023**
**No.**
**4**
**38**
**42**|_Group_
_2022_
_No._
_5_
_34_
_39_|**Charity**
**2023**
**No.**
**4**
**-**
**4**|_Charity_
_2022_
_No._
_5_
_-_|
|---|---|---|---|---|
||||||
|||||_5_|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**Group**|_Group_|
|---|---|---|---|
|||**2023**|_2022_|
|||**No.**|_No._|
|In the band £60,001|- £70,000|**1**|_-_|
Total remuneration paid to key management personnel was £83,867 (2022: £148,366)
Page 31
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **10. Tangible fixed assets**
## **Group**
|**Cost or valuation**
At 1 January 2023
Additions
At 31 December 2023
**Depreciation**
At 1 January 2023
Charge for the year
At 31 December 2023
**Net book value**
At 31 December 2023
_At 31 December 2022_|**Freehold**
**property**
**£**
**659,673**
**255,453**
**915,126**
**56,848**
**9,358**
**66,206**
**848,920**
_602,825_|**Fixtures and**
**fittings**
**£**
**392,225**
**63,475**
**455,700**
**343,796**
**9,276**
**353,072**
**102,628**
_48,429_|**Computer**
**equipment**
**£**
**34,612**
**-**
**34,612**
**34,612**
**-**
**34,612**
**-**
_-_|**Total**
**£**
**1,086,510**
**318,928**|
|---|---|---|---|---|
|||||**1,405,438**|
|||||**435,256**
**18,634**|
|||||**453,890**|
|||||**951,548**|
|||||_651,254_|
Page 32
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **10. Tangible fixed assets (continued)**
## **Charity**
|**Cost or valuation**
At 1 January 2023
Additions
At 31 December 2023
**Depreciation**
At 1 January 2023
Charge for the year
At 31 December 2023
**Net book value**
At 31 December 2023
_At 31 December 2022_|**Freehold**
**property**
**£**
**447,258**
**-**
**447,258**
**-**
**-**
**-**
**447,258**
_447,258_|**Fixtures and**
**fittings**
**£**
**24,146**
**22,999**
**47,145**
**24,146**
**2,012**
**26,158**
**20,987**
_-_|**Total**
**£**
**471,404**
**22,999**|
|---|---|---|---|
||||**494,403**|
||||**24,146**
**2,012**|
||||**26,158**|
||||**468,245**|
||||_447,258_|
Page 33
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **11. Investment property**
## **Group and Charity**
|**Valuation**
At 1 January 2023
At 31 December 2023|**Freehold**
**investment**
**property**
**£**
**3,485,000**|
|---|---|
||**3,485,000**|
The investment property shown above includes the aspects of certain properties that are let out to 3rd parties and therefore not shown as fixed assets. These properties of 32, 39, 41, 43 and 45 Craven Road have been valued by Sloan Property Services, and their fair value amounts to £4,950,000. However because some of these properties are held as staff accomodation and used within the group their fair value is not reflected in the accounts, instead their signficantly lower cost value is shown within the tangible fixed asset note.
## **12. Fixed asset investments**
|**Group**
**Cost or valuation**
At 1 January 2023
Revaluations
Transfers between classes
At 31 December 2023
**Net book value**
At 31 December 2023
_At 31 December 2022_|**Listed**
**investments**
**£**
**696,579**
**29,046**
**8,891**|
|---|---|
||**734,516**|
||**734,516**|
||_696,579_|
Page 34
**GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **12. Fixed asset investments (continued)**
|**Charity**
**Cost or valuation**
At 1 January 2023
Revaluations
Transfers between classes
At 31 December 2023
**Net book value**
At 31 December 2023
_At 31 December 2022_|**Investments**
**in**
**subsidiary**
**companies**
**£**
**1,000**
**-**
**-**
**1,000**
**1,000**
_1,000_|**Listed**
**investments**
**£**
**696,579**
**29,046**
**8,891**
**734,516**
**734,516**
_696,579_|**Total**
**£**
**697,579**
**29,046**
**8,891**|
|---|---|---|---|
||||**735,516**|
||||**735,516**|
||||_697,579_|
## **Principal subsidiaries**
The following was a subsidiary undertaking of the Charity:
|**Name**|**Registered office or principal**|**Registered office or principal**|**Holding**|**Included in**|**Included in**|
|---|---|---|---|---|---|
||**place of business**|||**consolidation**||
|Lancaster Hall Hotel Limited|England and Wales||100%|Yes||
|The financial results of the subsidiary for the year were:||||||
|**Name**|**Income**|**Expenditure**|**Profit/(Loss**||**Net assets**|
||**£**|**£**|**)/ Surplus/**||**£**|
||||**(Deficit) for**|||
||||**the year**|||
||||**£**|||
|Lancaster Hall Hotel Limited|**2,830,728**|**(2,524,234)**|**306,494**||**410,564**|
Page 35
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **13. Stocks**
||**Group**|_Group_|
|---|---|---|
||**2023**|_2022_|
||**£**|_£_|
|Finished goods and goods for resale|**12,161**|_10,042_|
## **14. Debtors**
|**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income|**Group**
**2023**
**£**
**31,381**
**391**
**63,453**
**95,225**|_Group_
_As restated_
_2022_
_£_
_41,637_
_391_
_42,593_
_84,621_|**Charity**
**2023**
**£**
**-**
**7,429**
**31,249**
**38,678**|_Charity_
_As restated_
_2022_
_£_
_-_
_294,941_
_16,459_|
|---|---|---|---|---|
||||||
|||||_311,400_|
## **15. Creditors: Amounts falling due within one year**
|Pension contractual liability
Trade creditors
Corporation tax
Other taxation and social security
Other creditors
Accruals and deferred income|**Group**
**2023**
**£**
**-**
**194,530**
**13,586**
**118,718**
**104,434**
**67,144**
**498,412**|_Group_
_As restated_
_2022_
_£_
_27,293_
_171,793_
_13,001_
_143,702_
_78,515_
_87,285_
_521,589_|**Charity**
**2023**
**£**
**-**
**16,298**
**-**
**10,096**
**103,676**
**8,020**
**138,090**|_Charity_
_As restated_
_2022_
_£_
_27,293_
_1,571_
_-_
_4,656_
_75,515_
_8,188_|
|---|---|---|---|---|
||||||
|||||_117,223_|
Page 36
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **16. Creditors: Amounts falling due after more than one year**
|Pension contractual liability
Other creditors|**Group**
**2023**
**£**
**-**
**82,839**
**82,839**|_Group_
_2022_
_£_
_83,275_
_89,558_
_172,833_|**Charity**
**2023**
**£**
**-**
**82,839**
**82,839**|_Charity_
_2022_
_£_
_83,275_
_89,558_|
|---|---|---|---|---|
||||||
|||||_172,833_|
## **17. Deferred taxation**
## **Group**
|At the beginning of the year
Utilised in the year|**2023**
**£**
**10,591**
**72,439**|
|---|---|
|||
||**83,030**|
The deferred tax liability is made up as follows:
|Accelerated capital allowances|**Group**
**2023**
**£**
**(83,030)**
**(83,030)**|_Group_
_2022_
_£_
_(10,591)_|
|---|---|---|
||||
|||_(10,591)_|
## **18. Prior year adjustments**
Prior year adjustment has been recorded to ensure restricted income and expenditure has been allocated to the correct period within the Statement of Financial Activities. The total income recognised in relation to this grant has reduced by £229,060. Additionally, expenditure in relation to this grant has been reduced by £119,586. Overall, this has decreased the movement in funds by £176,670. The prior year debtor has reduced by £176,693.
We have also combined the prior year British Council Grant and National Agency Grant as these both relate to the same grant funder.
Page 37
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **19. Statement of funds**
## **Statement of funds - current year**
|**Restated**
**Balance at 1**
**January**
**2023**
**£**
**Unrestricted funds**
**Designated funds**
Schubertiade Concert
**151**
**General funds**
General Funds
**1,899,366**
Lancaster Hall Hotel Limited
**195,463**
Revaluation reserve
**3,281,460**
Pension reserve
**(198,320)**
**5,177,969**
**Total Unrestricted funds**
**5,178,120**|**Income**
**£**
**Expenditure**
**£**
**1,729**
**(3,278)**
**367,629**
**(447,065)**
**2,744,832**
**(2,490,230)**
**-**
**-**
**-**
**189,429**
**3,112,461**
**(2,747,866)**
**3,114,190**
**(2,751,144)**|**Taxation**
**£**
**-**
**-**
**(86,025)**
**-**
**-**
**(86,025)**
**(86,025)**|**Transfers**
**in/out**
**£**
**1,398**
**(1,398)**
**-**
**-**
**-**
**(1,398)**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**-**
**-**
**8,891**
**8,891**
**8,891**|**Balance at**
**31**
**December**
**2023**
**£**
**-**|
|---|---|---|---|---|---|
||||||**1,818,532**
**364,040**
**3,281,460**
**-**|
||||||**5,464,032**|
||||||**5,464,032**|
Page 38
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **19. Statement of funds (continued)**
|**Restricted funds**
Music Societies Account
National Agency Grant
**Total of funds**|**92**
**37,935**
**38,027**
**5,216,147**|**-**
**14,900**
**14,900**
**3,129,090**|**-**
**(5,141)**
**(5,141)**
**(2,756,285)**|**-**
**-**
**-**
**(86,025)**|**-**
**-**
**-**
**-**|**-**
**-**
**-**
**8,891**|**92**
**47,694**|
|---|---|---|---|---|---|---|---|
||||||||**47,786**|
||||||||**5,511,818**|
Page 39
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **19. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted**
**funds**
**Designated**
**funds**
Schubertiade
Concert
**General funds**
General Funds
Lancaster Hall
Hotel Limited
Revaluation
reserve
Pension reserve
**Total**
**Unrestricted**
**funds**
**Restricted**
**funds**
Music Societies
Account
National Agency
Grant
**Total of funds**|_Balance at_
_1 January_
_2022_
_£_
_1,651_
_1,972,899_
_(155,489)_
_3,281,460_
_(211,154)_
_4,887,716_
_4,889,367_
_92_
_57,342_
_57,434_
_4,946,801_|_Income_
_£_
_196_
_253,442_
_2,371,554_
_-_
_12,834_
_2,637,830_
_2,638,026_
_-_
_-_
_-_
_2,638,026_|_As restated_
_Expenditure_
_£_
_(1,696)_
_(254,135)_
_(2,009,405)_
_-_
_-_
_(2,263,540)_
_(2,265,236)_
_-_
_(19,407)_
_(19,407)_
_(2,284,643)_|_Taxation_
_£_
_-_
_-_
_(11,197)_
_-_
_-_
_(11,197)_
_(11,197)_
_-_
_-_
_-_
_(11,197)_|_Transfers_
_in/out_
_£_
_-_
_(72,840)_
_-_
_-_
_-_
_(72,840)_
_(72,840)_
_-_
_-_
_-_
_(72,840)_|_Balance at_
_31_
_December_
_2022_
_£_
_151_
_1,899,366_
_195,463_
_3,281,460_
_(198,320)_
_5,177,969_
_5,178,120_
_92_
_37,935_
_38,027_
_5,216,147_|
|---|---|---|---|---|---|---|
Page 40
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **20. Summary of funds**
## **Summary of funds - current year**
|**Restated**
**Balance at 1**
**January**
**2023**
**£**
Designated funds
**151**
General funds
**5,177,969**
Restricted funds
**38,027**
**5,216,147**
**Summary of funds - prior year**
Designated funds
General funds
Restricted funds|**Income**
**£**
**Expenditure**
**£**
**1,729**
**(3,278)**
**3,112,461**
**(2,747,866)**
**14,900**
**(5,141)**
**3,129,090**
**(2,756,285)**
_Balance at_
_1 January_
_2022_
_£_
_Income_
_£_
_1,651_
_196_
_4,887,716_
_2,637,830_
_57,434_
_-_
_4,946,801_
_2,638,026_|**Taxation**
**£**
**-**
**(86,025)**
**-**
**(86,025)**
_As restated_
_Expenditure_
_£_
_(1,696)_
_(2,263,540)_
_(19,407)_
_(2,284,643)_|**Transfers**
**in/out**
**£**
**1,398**
**(1,398)**
**-**
**-**
_Taxation_
_£_
_-_
_(11,197)_
_-_
_(11,197)_|**Gains/**
**(Losses)**
**£**
**-**
**8,891**
**-**
**8,891**
_Transfers_
_in/out_
_£_
_-_
_(72,840)_
_-_
_(72,840)_|**Balance at**
**31**
**December**
**2023**
**£**
**-**
**5,464,032**
**47,786**|
|---|---|---|---|---|---|
||||||**5,511,818**|
||||||_Balance at_
_31_
_December_
_2022_
_£_
_151_
_5,177,969_
_38,027_|
||||||_5,216,147_|
Page 41
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **21. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
**Total**
**Analysis of net assets between funds - prior year**
Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
**Total**|**Restricted**
**funds**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
-
951,548
-
734,516
-
3,485,000
47,786
957,249
-
(498,412)
-
(82,839)
-
(83,030)
47,786
5,464,032
_Restricted_
_funds_
_2022_
_Unrestricted_
_funds_
_2022_
_£_
_£_
_-_
_651,254_
_-_
_696,579_
_-_
_3,485,000_
_38,027_
_1,050,300_
_-_
_(521,589)_
_-_
_(172,833)_
_-_
_(10,591)_
_38,027_
_5,178,120_|**Total**
**funds**
**2023**
**£**
**951,548**
**734,516**
**3,485,000**
**1,005,035**
**(498,412)**
**(82,839)**
**(83,030)**
**5,511,818**
_Total_
_funds_
_2022_
_£_
_651,254_
_696,579_
_3,485,000_
_1,088,327_
_(521,589)_
_(172,833)_
_(10,591)_
_5,216,147_|
|---|---|---|
Page 42
## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **22. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income for the year (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Gains/(losses) on investments
Dividends, interests and rents from investments
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Corporation tax paid
**Net cash provided by operating activities**
**23.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
**24.**
**Analysis of changes in net debt**
**At 1**
**January**
**2023**
**£**
Cash at bank and in hand
**993,664**
Debt due within 1 year
**(27,293)**
Debt due after 1 year
**(83,275)**
**883,096**|**Group**
**2023**
**£**
**295,671**
**18,634**
**8,891**
**(12,862)**
**(2,119)**
**(10,604)**
**(40,703)**
**(13,001)**
**243,907**
**Group**
**2023**
**£**
**897,649**
**897,649**
**Cash flows**
**£**
**(96,015)**
**27,293**
**83,275**
**14,553**|_Group_
_2022_
_£_
_269,346_
_12,794_
_(72,840)_
_(1,998)_
_3,944_
_(30,421)_
_202,299_
_-_
_383,124_
_Group_
_2022_
_£_
_993,664_
_993,664_
**At 31**
**December**
**2023**
**£**
**897,649**
**-**
**-**
**897,649**|
|---|---|---|
Page 43
**GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **25. Pension commitments**
German Young Men's Christian Association In London participated in a contributory pension plan providing defined benefits based on final pensionable pay for employees of YMCAs in England, Scotland and Wales. The assets of the YMCA Pension Plan are held separately from those of German Young Men's Christian Association In London and at the year end these were invested in the Mercer Dynamic De-risking Solution, 40% matching portfolio and 60% in the growth portfolio and Schroder (property units only).
The most recent completed three year valuation was as at 1 May 2017. The assumptions used which have the most significant effect on the results of the valuation are those relating to the assumed rates of return on assets held before and after retirement of 3.75% and 2.25% respectively, the increase in pensions in payment of 3.35% (for RPI capped at 5% p.a.), and the average life expectancy from normal retirement age (of 65) for a current male pensioner of 22.2 years, female 24.1 years, and 24.0 years for a male pensioner, female 26.0 years, retiring in 20 years time. The result of the valuation showed that the actuarial value of the assets was £141.2m. This represented 81% of the benefits that had accrued to members.
The Pension Plan was closed to new members and future service accrual with effect from 30 April 2007. With the removal of the salary linkage for benefits all employed deferred members became deferred members as from 1 May 2011.
The valuation prepared as at 1 May 2017 showed that the YMCA Pension Plan had a deficit of £33.6 million. German Young Men's Christian Association In London has been advised that it will need to make monthly contributions of £2,212 from 1 May 2022. This amount is based on the current actuarial assumptions (as outlined above) and may vary in the future as a result of actual performance of the Pension Plan. The current recovery period is 5 years commencing 1st May 2022.
In the current year German Young Men's Christian Association made the decision to pay its share of the deficit and no longer be part of the pension scheme. This has resulted in a nil liability at the year end.
## **26. Operating lease commitments**
At 31 December 2023 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
|Not later than 1 year
Later than 1 year and not later than 5 years|**Group**
**2023**
**£**
**5,352**
**3,420**
**8,772**|_Group_
_2022_
_£_
_5,352_
_8,772_|
|---|---|---|
||||
|||_14,124_|
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## **GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **27. Related party transactions**
During the year transactions with the following related parties occured:
Lancaster Hall Hotel Limited - Subsidiary.
At the year end, £7,429 (2022: £297,304) was due from Lancaster Hall Hotel Limited.
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