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2024-12-31-accounts

Charity number: 250118

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

CONSOLIDATED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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 - 10
Trustees' Responsibilities Statement 11
Independent Auditors' Report on the Financial Statements 12 - 15
Consolidated Statement of Financial Activities 16
Consolidated Balance Sheet 17
Charity Balance Sheet 18
Consolidated Statement of Cash Flows 19
Notes to the Financial Statements 20 - 46

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 2024

Trustees D Losse (resigned 28 January 2025)
C Halsey
N Daur
M Tinsley
A Fox
C Daur, Chair
S Haase
M Minett
M Quigley (appointed 13 January 2025)
K Payne (appointed 13 January 2025)
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 2024

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 January 2024 to 31 December 2024.

Chairman’s Statement

Lancaster Hall Hotel’s trading in 2024 was exceptional, with month on month of recording breaking revenue, allowing us to continue with our aim of steadily building 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.

The Associations profit for the year was £529,933 (against £295,671 in 2023). Following on from 2023, 2024 was another year of substantial cost as our refurbishment programme continued, with the completion of one floor of air-conditioned hotel bedrooms, the commissioning of a second floor or air conditioning and upgraded hotel room facilities. Elsewhere, conference room facilities got a major upgrade with the installation of state-ofthe art AV equipment.

Our charitable investment portfolio (comprising part of our strategic reserve) also performed creditably and contributed positively to this result.

Over the year the Association as a whole was able to increase its consolidated funds by £529,933 (£295,671 in 2023) and the total funds of the Charity rose to £6,041,751 as at the 31st December 2024.

In addition to improvements to the main hotel, we were also able to undertake a major renovation of one of the residential properties on Craven Road, with a view to putting it on the rental market.

Despite the chosen path of opting to simply use our dormant Charities Incorporated Organisation (CIO) as the new German YMCA CIO, the implementation is yet to be achieved as we continue to work with our lawyers over documentation, and we await agreement from the Charity Commission.

The upturn in membership activities and events, seen in 2023, grew further still in 2024, as set out in detail in the Trustees Report.

The impressive financial position is thanks to our Chief Executive, Rebecca Tinsley, and her leadership of a motivated team who are the subject of much positive feedback. 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)'.

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GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Objectives and activities (continued)

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.

c. Activities undertaken to achieve objectives

Regular fixtures, such as the German Classes, Peter’s Music, Watercolours & Wine and the Toddlers’ Group continued in 2024, with new additions of GYMCA Concerts a Talk Series, and regular outings through our ‘Out and About’ programme. We also began public speaking classes for children and teenagers. The extensive programme is a credit to Anna and Ruth who work tirelessly to organise these events, always ensuring that they are of the highest standard.

d. Our Work with volunteers

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. In 2024 we took on four volunteers, but by the end of the year it became clear that unfortunately ARSP were to cease sending volunteers to the UK as the visas and complicated legislation since Brexit have made it just too expensive and difficult for them, so instead they will place volunteers in other European countries.

However, at the German YMCA we were not ready to give up on this project and have engaged with a past employee of ARSP, who will work together with us from the beginning of 2025, in order to continue bringing volunteers over from Germany. We are very excited to be bringing this work back ‘in house’.

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GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Objectives and activities (continued)

e. Music

The Schubertiade music programme held 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 have our own piano, and hold our German YMCA concerts in-house, we continue to hold Schubertiade concerts in St James’s as those attending have become incredibly fond of it! Afternoon tea is always served back at the Lancaster Hall Hotel..

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.

The German Welfare Council, which operates the German Advice Centre from the Association’s premises, has been supported since 2013. We make 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 pre pandemic 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, and in addition pay a dividend of £90,000.

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GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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:

iIn 2024, a dividend payment of £100,000 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 £821,919 end of the current year, 2024

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 £306,596 in the year under review (2023 £226,545).

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 £734,516 at the 1st January 2024 rose to £821,920 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 2024

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. Support of Youth Work

IThe Association has an initiative, Room for Opportunity, by which it gives away free accommodation and conference room space to groups of children and young people who come from disadvantaged backgrounds, and by doing so, providing the opportunity for them to come to stay in London and experience the wealth of museums and all that the city has to offer, when their financial situations would have otherwise made this impossible. The focus is very much on aiming to improve outcomes, and the organisation also supports other charities who run programmes to help young people improve their futures with their mentoring and guidance. In 2024, the German YMCA provided over £68,000 of services.

Financial review

a. Going concern

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 £6,041,751 (2023: £5,511,818), including £1,216,385 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.

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

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GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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:

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.

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GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management (continued)

c. Policies adopted for the induction and training of Trustees

There is an oral induction dealing with the philosophy, history and objectives of the charity.

Trustee development is currently under review, with the aim is that newly appointed trustees will be provided with copies of the charity’s constitution and the previous year’s “Trustees Report and Financial Statements”. 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

There is a Remuneration sub committee consisting of three trustees which reviews the salaries of the most senior staff annually, 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

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 R Tinsley – Managing Director and Company Secretary M Quigley N Daur

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

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GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management (continued)

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 in place.

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:

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. In addition, a health & safety audit is carried out annually by an external company.

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.

At the end of 2023, 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

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GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Plans for future periods (continued)

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:

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.

Approved by order of the members of the board of Trustees on 24 October 2025 and signed on their behalf by:

C Daur

Trustee

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GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024

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:

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 24 October 2025 and signed on its behalf by:

C Daur 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 2024 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:

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.

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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 (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:

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.

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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 (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,

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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 (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

24 October 2025

Haslers are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 15

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

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 on
investments
Net gains on investments
Net income before taxation
Taxation
Net income after taxation
Transfers between funds
18
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2024
£
-
-
-
-
-
-
-
-
-
-
-
-
-
(47,694)
(47,694)
47,786
(47,694)
92		 Unrestricted
funds
2024
£
4,954
3,373,637
346,026
2,210
3,726,827
1,315,522
1,779,636
3,095,158
631,669
56,882
688,551
(158,640)
529,911
47,694
577,605
5,464,032
577,605
6,041,637		 Total
funds
2024
£
4,954
3,373,637
346,026
2,210
3,726,827
1,315,522
1,779,636
3,095,158
631,669
56,882
688,551
(158,640)
529,911
-
529,911
5,511,818
529,911
6,041,729		 Total
funds
2023
£
25,764
2,834,288
263,454
5,584
3,129,090
1,291,248
1,465,037
2,756,285
372,805
8,891
381,696
(86,025)
295,671
-
295,671
5,216,147
295,671
5,511,818

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 20 to 46 form part of these financial statements.

Page 16

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024

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
18
Unrestricted funds
18
Total funds		 15,398
95,577
1,105,391
1,216,366
(497,804)		 2024
£
1,177,090
821,920
3,485,000
5,484,010
718,562
6,202,572
-
(160,844)
6,041,728
92
6,041,636
6,041,728		 12,161
95,225
897,649
1,005,035
(498,412)		 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

The financial statements were approved and authorised for issue by the Trustees on 24 October 2025 and signed on their behalf by:

C Daur

Trustee

The notes on pages 20 to 46 form part of these financial statements.

Page 17

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024

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
18
Unrestricted funds
18
Total funds		 4,112
484,903
489,015
(79,628)		 2024
£
529,635
822,920
3,485,000
4,837,555
409,387
5,246,942
-
5,246,942
92
5,246,850
5,246,942		 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

The financial statements were approved and authorised for issue by the Trustees on 24 October 2025 and signed on their behalf by:

C Daur

Trustee

The notes on pages 20 to 46 form part of these financial statements.

Page 18

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

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 20 to 46 form part of these financial statements		 2024
£
477,928
(47,237)
(268,859)
45,910
(270,186)
-
207,742
897,649
1,105,391		 2023
£
243,908
(33,857)
(318,928)
12,862
(339,923)
-
(96,015)
993,664
897,649

Page 19

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 20

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 - 2% straight line
Fixtures and fittings - 15% straight line
Computer equipment - 25% straight line
Property improvements - 2% straight line

Page 21

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 22

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 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 23

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. Income from donations and legacies

Donations
Grants
Total 2023		 Restricted
funds
2024
£
-
-
-
14,900		 Unrestricted
funds
2024
£
4,954
-
4,954
10,864		 Total
funds
2024
£
4,954
-
4,954
25,764		 Total
funds
2023
£
10,864
14,900
25,764

4. Income from other trading activities

Income from fundraising events

Unrestricted
funds
2024
£
Income from Christmas Market
2,462
Income from Lancaster Hall Hotel Limited
3,371,175
3,373,637
Total 2023
2,834,288		 Total
funds
2024
£
2,462
3,371,175
3,373,637
2,834,288		 Total
funds
2023
£
-
2,834,288
2,834,288

Page 24

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. Investment income

Rental income
Dividends and tax credits
Interest on deposits
Interest receivable
Total 2023		 Unrestricted
funds
2024
£
306,596
27,537
11,893
-
346,026
263,454		 Total
funds
2024
£
306,596
27,537
11,893
-
346,026
263,454		 Total
funds
2023
£
226,545
27,607
8,759
543
263,454

6. Other incoming resources

Membership fees received
Total 2023		 Unrestricted
funds
2024
£
2,210
5,584		 Total
funds
2024
£
2,210
5,584		 Total
funds
2023
£
5,584

Page 25

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Analysis of expenditure by activities

German YMCA Work and Youth Work
National Agency Grant
Schubertiade Concert
Support costs
Total 2023		 Activities
undertaken
directly
2024
£
213,936
-
5,472
-
219,408
158,249		 Support
costs
2024
£
-
-
-
1,560,228
1,560,228
1,306,788		 Total
funds
2024
£
213,936
-
5,472
1,560,228
1,779,636
1,465,037		 Total
funds
2023
£
149,580
5,141
3,528
1,306,788
1,465,037

Page 26

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Travel and coach hire
German lessons
Youth office costs
Postage and stationary
Conference fees
YMCA projects
Telephone and communication
Sundry Expenses
Donations
Schubertiade concert costs
Youth Projects
Cost of placement
General Programme
Xmas market costs
Total 2024
Total 2023		 German
YMCA Work
and Youth
Work
2024
£
137,747
162
15,220
-
1,388
7,894
3,385
516
8,472
13,450
-
19,480
-
4,140
2,082
213,936
149,580		 National
Agency
Grant
2024
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,141		 Schubertiade
Concert
2024
£
-
-
-
-
-
-
-
-
-
-
5,472
-
-
-
-
5,472
3,528		 Total
funds
2024
£
137,747
162
15,220
-
1,388
7,894
3,385
516
8,472
13,450
5,472
19,480
-
4,140
2,082
219,408
158,249		 Total
funds
2023
£
119,074
466
-
28
898
-
-
31
4,212
11,244
3,528
-
4,937
13,831
-
158,249

Page 27

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Agency staff
Postage and stationary
Travel agents commission
Depreciation
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 2024
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
2024
£
168,287
7,658
282,993
25,847
13,286
12,091
38,220
48,749
-
126,009
44,280
129,640
79,898
9,517
23,633
-
144,006
8,179
70,874
327,061
1,560,228
2024
£
30,950
1,780		 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

Page 28

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. Staff costs

Wages and salaries
Contribution to defined contribution pension
schemes		 Group
2024
£
993,289
31,733
1,025,022		 Group
2023
£
950,619
15,683
966,302		 Charity
2024
£
104,587
17,130
121,717		 Charity
2023
£
108,047
1,769
109,816

The average number of persons employed by the Charity during the year was as follows:

Charity staff
Hotel staff		 Group
2024
No.
2
39
41		 Group
2023
No.
4
38
42		 Charity
2024
No.
2
-
2		 Charity
2023
No.
4
-
4

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 - 1
In the band £70,001 - £80,000 1 -

Total remuneration paid to key management personnel was £79,898 (2023: £66,658)

Page 29

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Tangible fixed assets

Group

Cost or valuation
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
property
£
915,126
118,097
(3,821)
1,029,402
66,206
10,824
(1,603)
75,427
953,975
848,920		 Fixtures and
fittings
£
455,700
37,583
(258,340)
234,943
353,072
14,978
(243,044)
125,006
109,937
102,628		 Computer
equipment
£
34,612
50,673
(34,612)
50,673
34,612
1,056
(34,612)
1,056
49,617
-		 Property
Improvements
£
-
63,560
-
63,560
-
-
-
-
63,560
-		 Total
£
1,405,438
269,913
(296,773)
1,378,578
453,890
26,858
(279,259)
201,489
1,177,089
951,548

Page 30

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Tangible fixed assets (continued)

Charity

Cost or valuation
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
property
£
447,258
-
-
447,258
-
-
-
-
447,258
447,258		 Fixtures and
fittings
£
47,145
1,359
(24,146)
24,358
26,158
3,529
(24,146)
5,541
18,817
20,987		 Property
improvements
£
-
63,560
-
63,560
-
-
-
-
63,560
-		 Total
£
494,403
64,919
(24,146)
535,176
26,158
3,529
(24,146)
5,541
529,635
468,245

Page 31

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11. Investment property

Group and Charity

Valuation
At 1 January 2024
At 31 December 2024		 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 2024
Revaluations
Transfers between classes
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Listed
investments
£
734,516
30,522
56,882
821,920
821,920
734,516

Page 32

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Fixed asset investments (continued)

Charity
Cost or valuation
At 1 January 2024
Revaluations
Transfers between classes
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Investments
in
subsidiary
companies
£
1,000
-
-
1,000
1,000
1,000		 Listed
investments
£
734,516
30,522
56,882
821,920
821,920
734,516		 Total
£
735,516
30,522
56,882
822,920
822,920
735,516

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 period were:
Name Income Expenditure Profit/(Loss Net assets
£ £ )/ Surplus/ £
(Deficit) for
the period
£
Lancaster Hall Hotel Limited 3,371,174 (2,940,406) 430,768 795,784

Page 33

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Stocks

Group Group
2024 2023
£ £
Finished goods and goods for resale 15,398 12,161

14. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Group
2024
£
76,465
-
19,112
95,577		 Group
2023
£
31,381
391
63,453
95,225		 Charity
2024
£
-
-
4,112
4,112		 Charity
2023
£
-
7,429
31,249
38,678

15. Creditors: Amounts falling due within one year

Trade creditors
Corporation tax
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2024
£
148,061
80,819
133,481
7,944
127,499
497,804		 Group
2023
£
194,530
13,586
118,718
104,434
67,144
498,412		 Charity
2024
£
7,332
-
6,322
42,098
23,876
79,628		 Charity
2023
£
16,298
-
10,096
103,676
8,020
138,090

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GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Creditors: Amounts falling due after more than one year

Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Other creditors - 82,839 - 82,839

17. Deferred taxation

Group

At the beginning of the period
Utilised in the year		 2024
£
83,030
77,814
160,844

The deferred tax liability is made up as follows:

Accelerated capital allowances Group
2024
£
(160,844)
(160,844)		 Group
2023
£
(83,030
(83,030

The net reversal of deferred tax liabilities in the next year is £8,475. This primarily relates to the reversal of differences on acquired tangible assets and capital allowances through depreciation.

Page 35

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Schubertiade Concert
General funds
General Funds
Lancaster Hall Hotel Limited
Revaluation reserve
Total Unrestricted funds		 Balance at 1
January
2024
£
-
1,818,532
364,040
3,281,460
5,464,032
5,464,032		 Income
£
1,239
354,412
3,371,175
-
3,725,587
3,726,826		 Expenditure
£
(5,472)
(307,919)
(2,781,767)
-
(3,089,686)
(3,095,158)		 Taxation
£
-
-
(158,640)
-
(158,640)
(158,640)		 Transfers
in/out
£
4,233
43,461
-
-
43,461
47,694		 Gains/
(Losses)
£
-
56,882
-
-
56,882
56,882		 Balance at
31
December
2024
£
-
1,965,368
794,808
3,281,460
6,041,636
6,041,636

Page 36

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. Statement of funds (continued)

Restricted funds
Music Societies Account
National Agency Grant
Total of funds		 Balance at
1 January
2024
£
92
47,694
47,786
5,511,818		 Income
£
Expenditure
£
-
-
-
-
-
-
3,726,826
(3,095,158)		 Taxation
£
-
-
-
(158,640)		 Transfers
in/out
£
-
(47,694)
(47,694)
-		 Gains/
(Losses)
£
-
-
-
56,882		 Balance at
31
December
2024
£
92
-
92
6,041,728

Page 37

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. Statement of funds (continued)

Unrestricted general - Represents funds for the general use of the Charity towards its charitable objectives on which there is no designation or restriction.

Schubertiade Concert - Its purpose is to cover the costs of the artists and catering at these concerts which are attended by member of the public.

Music Societies Account - Its purpose is to fund and facilitate events by various musical societies in Greater London.

National Agency Grant - Its purpose is to provide Youth Opportunities, training and education opportunities for students outside of the UK.

Revaluation Reserve - Its purpose is to disclosure separately the revaluation on the freehold investment property.

Transfer between funds - A transfer was recorded from restricted to unrestricted funds following completion of the project with the permission of the donor. In addition there is a transfer between unrestricted and designated funds to cover the additional expenditure.

Page 38

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18.
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		 Balance at
1 January
2023
£
151
1,899,366
195,463
3,281,460
(198,320)
5,177,969
5,178,120		 Income
£
1,729
367,629
2,744,832
-
-
3,112,461
3,114,190		 Expenditure
£
(3,278)
(447,065)
(2,490,230)
-
189,429
(2,747,866)
(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 39

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. 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 40

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Summary of funds

Summary of funds - current year

Balance at 1
January
2024
£
Designated funds
-
General funds
5,464,032
Restricted funds
47,786
5,511,818		 Income
£
Expenditure
£
1,239
(5,472)
3,725,587
(3,089,686)
-
-
3,726,826
(3,095,158)		 Taxation
£
-
(158,640)
-
(158,640)		 Transfers
in/out
£
4,233
43,461
(47,694)
-		 Gains/
(Losses)
£
-
56,882
-
56,882		 Balance at
31
December
2024
£
-
6,041,636
92
6,041,728

Page 41

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Summary of funds (continued)

Summary of funds - prior year

Designated funds
General funds
Restricted funds		 Balance at
1 January
2023
£
151
5,177,969
38,027
5,216,147		 Income
£
1,729
3,112,461
14,900
3,129,090		 Expenditure
£
(3,278)
(2,747,866)
(5,141)
(2,756,285)		 Taxation
£
-
(86,025)
-
(86,025)		 Transfers
in/out
£
1,398
(1,398)
-
-		 Gains/
(Losses)
£
-
8,891
-
8,891		 Balance at
31
December
2023
£
-
5,464,032
47,786
5,511,818

Page 42

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Provisions for liabilities and charges
Total
Analysis of net assets between funds - prior period
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
2024
Unrestricted
funds
2024
£
£
-
1,177,090
-
821,920
-
3,485,000
92
1,216,274
-
(497,804)
-
(160,844)
92
6,041,636
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		 Total
funds
2024
£
1,177,090
821,920
3,485,000
1,216,366
(497,804)
(160,844)
6,041,728
Total
funds
2023
£
951,548
734,516
3,485,000
1,005,035
(498,412)
(82,839)
(83,030)
5,511,818

Page 43

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gains/(losses) on investments
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Decrease in creditors
Corporation tax paid
Net cash provided by operating activities
22.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
23.
Analysis of changes in net debt
At 1
January
2024
£
Cash at bank and in hand
897,649
897,649		 Group
2024
£
529,911
26,975
56,882
(45,910)
17,511
(3,236)
(354)
(90,265)
(13,586)
477,928
Group
2024
£
1,105,391
1,105,391
Cash flows
£
207,742
207,742		 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
At 31
December
2024
£
1,105,391
1,105,391

Page 44

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

24. Capital commitments

Group Group
2024 2023
£ £
Contracted for but not provided in these financial statements 178,435 -

25. Contingent asset

The charity has been notified of a legacy from the estate of a deceased individual. As at the reporting date, the legacy has not been recognised as income in the Statement of Financial Activities.

In accordance with the Charities SORP (FRS 102), legacy income is only recognised when the charity is entitled to the income, receipt is probable, and the amount can be measured reliably. While the charity has

been formally notified of its entitlement, the value of the legacy cannot currently be measured with sufficient reliability.

The charity will recognise the income in a future reporting period when the receipt can be measured with sufficient accuracy.

26. 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.

Page 45

GERMAN YOUNG MEN'S CHRISTIAN ASSOCIATION IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

26. Pension commitments (continued)

27. Operating lease commitments

At 31 December 2024 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
2024
£
2,280
1,140
3,420		 Group
2023
£
5,352
3,420
8,772

28. Related party transactions

During the year transactions with the following related parties occured:

Lancaster Hall Hotel Limited - Subsidiary.

At the year end, £36,408 (2023: £7,429) was due from Lancaster Hall Hotel Limited.

Page 46