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2026-03-31-accounts

THE YOUNG MEN'S CHRISTIAN ASSOCIATION

METROPOLITAN REGION TRUST FUND FINANCIAL STATEMENTS 31 MARCH 2026

Charity Number 276064

Cound & Co LLP Chartered Accountants

1 Prince’s Court Royal Way Loughborough Leics LE11 5XR

THE YOUNG MEN'S CHRISTIAN ASSOCIATION

METROPOLITAN REGION TRUST FUND

FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2026

CONTENTS PAGE
Trustees Annual Report 1- 4
Independent Examiner's report to the trustees 5
Statement of financial activities 6
Balance Sheet 7
Notes to the financial statements 8 - 11

THE YOUNG MEN'S CHRISTIAN ASSOCIATION

METROPOLITAN REGION TRUST FUND

TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2026

The trustees present their report and the financial statements of the charity for the year ended 31 March 2026.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name: The Young Men's Christian Association Metropolitan Region Trust Fund Registered address: 3[rd] Floor, 10-11 Charterhouse Square London EC1M 6EH Charity registration number: 276064 THE TRUSTEES

The trustees who served the charity during the period were as follows:

G Bratby V Guthrie S W Melhuish N Sherringham (Secretary) R Thompson (Chair) M Poulding-Wright A Weir (Appointed 16 January 2026) National Council of YMCAs represented by Mr J Hutchinson Independent Examiner Cound & Co LLP 1 Princes Court Royal Way Loughborough Leicestershire LE11 5XR Bankers Barclays Bank 126 Station Road Edgware Middlesex HA8 7RY Investment Managers Epworth Investment Management Limited 9 Bonhill Street London EC2A 4PE

THE YOUNG MEN'S CHRISTIAN ASSOCIATION

METROPOLITAN REGION TRUST FUND

TRUSTEES ANNUAL REPORT (continued) YEAR ENDED 31 MARCH 2026

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The organisation is a registered charity, established under a governing document dated 16 May 1978, which established its objects and powers.

The principal activity of the Fund is to assist:

Trustees

The Trustees have power to appoint new Trustees under the terms of the Trust Deed by:

Risk Statement

The Trustees have identified the risk to which the Trust could be subjected; primarily market forces on the investment funds, and have taken the necessary steps to mitigate these, through its cautious distribution and diversified asset allocation policies. The Trust Board have appointed specialist investment fund managers to look after our investments and achieve the best return possible.

Reserves Policy

As there are no ongoing responsibilities (staff, etc.), no regular funding payments, and only minor annual expenses, there is no need for the Trust to maintain a reserve fund. However, the Trustees regularly review the level of free reserves the Charity will require to sustain its operations over the period when it can be anticipated that some of the income normally received from investments will be curtailed temporarily.

The Trustees set forward reserves at a modest level, equivalent to six months’ operating expenses. With our current activity, this is equivalent to free reserves of at least £1,150 (2025: £1,400).

Most of the reserves are held in the form of investments, the remainder (the "free reserves") comprises the net current assets figure of £nil (2025: £1,255) which are available to make grants. Free reserves have decreased as more funds are held in the investment portfolio.

The Trustees are actively encouraging new grant applications and contributions to the fund.

THE YOUNG MEN'S CHRISTIAN ASSOCIATION

METROPOLITAN REGION TRUST FUND

TRUSTEES ANNUAL REPORT (continued) YEAR ENDED 31 MARCH 2026

ACTIVITIES AND PUBLIC BENEFIT

Public Benefit

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning the charity's future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives it has set.

The Metropolitan Region Trust Fund has been established as a Grant making Charity for the benefit of YMCA Associations, which are themselves Charities. The Trustees of the Charitable Trust receive, consider and where appropriate make grants to an Association, on receipt of formally prepared written applications. The National Council of the Young Men's Christian Association, and its affiliated YMCA's are Christian based Charities established to provide benefit for young people in areas of health, education, and support for improved employment opportunities. Its activities are open to those of the Christian faith, other faiths and no faith, and without any restriction due to class or creed.

The Charitable Trust will usually make Grants for equipment, refurbishment of appropriate accommodation, training necessary for the project or other special essential expense, and will usually be for new pieces of youth work. The Trust makes grants to YMCA Associations affiliated to the National Council of YMCAs in England & Wales. It may from time to time consider applications for training, education or travel, when a UK YMCA is working in collaboration with an Overseas YMCA, affiliated to the World Alliance of YMCAs.

Review of Activities and Future Development

The Trustees will continue to promote the availability of grants to local YMCAs especially for the startup and continuation of youth work programmes and international experiences. The Trustees have tried to encourage more applications by raising awareness amongst eligible YMCAs.

FINANCIAL REVIEW

The main source of income arises from the investments held £21k, the majority held with Epworth Investment Management (2025: £21k). .

Four grants amounting to £52,581 were paid during the year (2025: Six grants amounting to £65,345). Despite withdrawing funds to pay these grants, the market value of investments held at the balance sheet date increased to £898k (2025: £881k)

THE YOUNG MEN'S CHRISTIAN ASSOCIATION

METROPOLITAN REGION TRUST FUND

TRUSTEES ANNUAL REPORT (continued) YEAR ENDED 31 MARCH 2026

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Trustees utilize the services and expertise of YMCA England and Wales Finance Department to undertake the authorised transactions and financial accounts of the charity funds.

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the trustees

R Thompson Chair of Trustees

Date: 1 July 2026

THE YOUNG MEN'S CHRISTIAN ASSOCIATION

METROPOLITAN REGION TRUST FUND

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

I report to the trustees on my examination of the accounts of the Trust for the year ended 31 March 2026 which are set out on pages 6 to 11.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination’.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

C L Mayne ACA Chartered Accountant 1 Princes Court Royal Way Loughborough Leics LE11 5XR

THE YOUNG MEN'S CHRISTIAN ASSOCIATION

METROPOLITAN REGION TRUST FUND

STATEMENT OF FINANCIAL ACTIVITES YEAR ENDED 31 MARCH 2026

Notes
INCOME FROM
Donations
Investment income
2
Sundry income
Realised gains on sale of investments
TOTAL INCOME
EXPENDITURE FROM
Charitable activities
3
Investment management charges
7
Realised losses on sale of investments
7
TOTAL EXPENDITURE
NET (EXPENDITURE) FOR THE YEAR
Unrealised gains on investments
7
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
FUNDS CARRIED FORWARD		 2026
£
260
20,797
-
18,960
40,017
(54,849)
(7,864)
-
(62,713)
(22,696)
37,215
14,519
881,981
896,500		 2025
£
280
20,770
50
-
21,100
(68,200)
(7,781)
(1,581)
(77,562)
(56,462)
5,186
(51,276)
933,257
881,981

THE YOUNG MEN'S CHRISTIAN ASSOCIATION

METROPOLITAN REGION TRUST FUND

BALANCE SHEET AS AT 31 MARCH 2026

Notes
FIXED ASSETS
Investments
7
CURRENT ASSETS
Cash at Bank
CREDITORS: Amounts falling due within
one year
8
NET CURRENT(LIABILITIES) ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
FUNDS
Unrestricted Income Fund
TOTAL FUNDS		 2026
£
£
898,371
547
(2,418)
(1,871)
896,500
896,500
896,500		 £
4,350		 2025
£
880,726

1,255
(2,418) (3,095)
881,981
881,981
881,981

These financial statements were approved and authorized for issue by the Board of Trustees on 1 July 2026 and are signed on their behalf by:

R Thompson Chair of Trustees

THE YOUNG MEN'S CHRISTIAN ASSOCIATION

METROPOLITAN REGION TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2026

1 ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, except for investments which are included at market value, and in accordance with applicable United Kingdom accounting standards and the requirements of the 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 Ireland issued by the Charity Commission (the Charities SORP 2015).

As a qualifying entity (for the purpose of FRS 102 Section A small entities), the charity has taken advantage of the reduced disclosure framework exemption from requirement to prepare a statement of cash flows.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market values.

Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

THE YOUNG MEN'S CHRISTIAN ASSOCIATION

METROPOLITAN REGION TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2026

1 ACCOUNTING POLICIES (continued)

Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.

Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination fees and costs linked to the strategic management of the charity.

All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. floor areas, per capita or estimated usage as set out in the notes to the accounts.

Investment assets and income

During the year most of the investments were moved to Epworth Investment Management Limited. Diversification of risk is achieved by investment in different asset classes, namely UK Equities, Global Equities, Fixed Income, Commercial Property, alternatives and cash. The principle investment objective is to achieve an annual return of +4% over inflation over the longer term. This should enable the Trustees to distribute 3-4 grants each year, whilst maintaining the real value of the assets in both capital and income terms.

Investments are shown in the accounts at their market value.

Going concern

The Trustees believe that it is appropriate to prepare the accounts on a going concern basis as the level of reserves significantly exceeds the annual expenditure.

Taxation

The charity is exempt from tax on income and gains to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.

THE YOUNG MEN'S CHRISTIAN ASSOCIATION

METROPOLITAN REGION TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2026

2
INVESTMENT INCOME
Interest receivable
COIF Charity Fund dividends
Epworth Dividends
3
CHARITABLE ACTIVITES
Grants payable (Note 4)
Support costs (Note 5)
4
ANALYSIS OF GRANTS AND AWARDS
Grants to institutions:
YMCA Essex
One YMCA
YMCA Henley
YMCA Lincolnshire
YMCA London CAN
YMCA Newcastle
YMCA Northumberland
YMCA Southend
YMCA Tees Valley
YMCA Trinity Group
5
SUPPORT COSTS
Independent examination fees (including irrecoverable VAT)
Accountancy (including irrecoverable VAT)
Costs of trustees’ meetings
No salaries for wages have been paid to employees, including the
members of the Trustees during the year
6
NET INCOMING RESOURCES FOR THE YEAR
This is stated after charging:
Independent examiner’s remuneration (excl VAT)		 2026
£
46
417
20,334
20,797
52,581
2,268
54,849
-
-
-
20,000
-
-
-
10,000
14,673
7,908
52,581
960
1,200
108
2,268
800		 2025
£
1,333
1,455
17,982
20,770
65,345
2,855
68,200
350
4,995
10,000
-
20,000
10,000
20,000
-
-
-
65,345
1,020
1,800
35
2,855
850

THE YOUNG MEN'S CHRISTIAN ASSOCIATION

METROPOLITAN REGION TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2026

7
INVESTMENTS
Market value as at 1 April 2025
New funds invested (withdrawn)
Investment income reinvested
Investment management charges
Realised gains losses on sale of investments
Unrealised gains (losses) on market value
Market value as at 31 March 2026
Analysed as:
Fixed Income
UK Equities
Global Equities
Commercial Property
Alternatives
Cash		 2026
£
880,726
(51,000)
20,334
(7,864)
18,960
37,215
898,371
99,721
133,508
483,778
50,554
96,078
34,732
898,371		 2025
£
897,411

(30,955)
18,446

(7,781)
(1,581)
5,186
880,726
111,082
151,646
463,614
18,430
101,195
34,759
880,726

All these investments are held with Epworth Investment Management

8
CREDITORS: Amounts falling due within one year
Independent Examiners Charge
Due to National Council of YMCAs		 1,020
1,398
2,418		 1,020
2,075
3,095

9 RELATED PARTY TRANSACTIONS

The National Council of YMCAs provides book-keeping services to the charity for which it receives an income of £1,200 (inc VAT). Mr J Hutchinson (a trustee) is the Director of Resources at the National Council of YMCAs. Mr R Thompson was previously a Trustee and Chair of YMCA North London who received a grant from the Trust in the previous year. Mr Thompson took no part in the decision to award the grant.

No other trustee (or other person related to the charity) had any personal interest in any other contract or transaction entered into by the charity during the year (or previous year).