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Regulator of Social Housing registration number: LH3687 Company no. 01944516 Charity no. 516872

Worcestershire YMCA Limited Report and Consolidated Audited Financial Statements

31 March 2024

Worcestershire YMCA Limited

Reference and administrative details

For the year ended 31 March 2024

Regulator of Social LH3687 Housing registration number Company number 01944516 Charity number 516872 Registered office and Gordon Anstis House operational address Loxley Close Redditch B98 9JS Board Members Members of the Board are directors of the association and charitable company for the purposes of company law and trustees of the charity for the purposes of charity law. Lindsay Sartori Chair Melanie Braden Appointed 17 July 2023 Emma Cartwright Michael Higley Resigned 17 July 2023 Simon Hill Resigned 18 March 2024 Rev Gail Rogers Appointed 17 July 2024 Rev Michael Sermon Appointed 20 November 2023 Philip Smiglarski Appointed 18 March 2024 Company secretary Dr Annette Daly Senior management team Dr Annette Daly Chief Executive Corin Fletcher Head of Housing and Support Mick York Head of Business Development Dominique Needles Head of HR Richard Deane Head of Finance Bankers Unity Trust Bank plc Nine Bridley Place Birmingham B1 2HB Solicitors MFG Solicitors LLP Adam House Birmingham Road Kidderminster Worcestershire DY10 2SH

Worcestershire YMCA Limited

Reference and administrative details

For the year ended 31 March 2024

Auditors

Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

The Board is pleased to present its report (incorporating the strategic report) and audited financial statements for the year ended 31 March 2024.

Constitution

The Association is a charitable company registered under section 2 of the Housing Act 1996 (number LH3687) and continues to be a registered charity. The Association is established as a registered social landlord with no share capital. The Association is a charitable company limited by guarantee with members required to contribute up to a maximum of £1 each, should there be a deficiency on winding up. The Association is governed by its Articles of Association. The terms Charity and Association are to be used interchangeably within this report.

Structure, governance and management Organisational structure

The Association is part of the worldwide YMCA movement and is affiliated to the National Council of YMCAs in England and Wales, and through them to the World Council of YMCAs. It receives no funds from either the National Council or the World Council, but pays an affiliation fee to the National Council of YMCAs in England and Wales.

The Association is the sole member and parent charity of Worcester YMCA a charitable company limited by guarantee. As sole member, the Association is required to contribute up to a maximum of £1, should there be a deficiency on winding up Worcester YMCA. Worcester YMCA is not regulated by the Regulator of Social Housing (RSH). Worcester YMCA is the parent charity of two wholly owned trading subsidiaries, First Class Nursery (Kidderminster) Limited and Little Treasures Limited.

The Association is governed by its Board of volunteer trustee directors, responsible for overseeing strategy and policy, approving annual budgets and accounts, and who work in conjunction with the senior executive staff who recommend strategy, policy and exercise operational management. They hold four meetings per annum to consider business and progress against agreed plans plus hold strategic discussions to consider future work and direction. On appointment, Board members receive induction including Charity Commission guidance. Attendance at meetings, interests and skills is monitored and reviewed annually. The YMCA movement offers support, development and benchmarking information. Codes of Governance and Conduct have been adopted.

The Board oversees and endorses or challenges the short and medium term strategies recommended by the senior executive staff. The Board aims to ensure the long term interests of the Association are not adversely affected by decisions taken in the medium term and ensures the ethos and values of the Association are maintained.

The day-to-day control of the Association’s operations is exercised by the senior management team made up of the Chief Executive, Head of Housing and Support, Head of Business Development, Head of HR and Head of Finance. The senior management team attends Board meetings. In setting the salaries of the senior management team the Board considers benchmark information from the not for profit sector and other appropriate organisations in the YMCA movement.

The Association is organised so that those for whom activities are provided and key stakeholders are involved in the design, monitoring and evaluation of that provision; clear access to senior management and the Board members is integral to the structure and is part of our engagement process.

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Recruitment and appointment to the Board

The Board consists of up to fifteen elected members who are appointed for a three-year term, but who may stand for re-election at the end thereof of up to a further two terms. Members who are coopted during the year are appointed up until the next Annual General Meeting when they are eligible for election. Board members are elected from the Members of the Association at the Annual General Meeting. Membership of Worcestershire YMCA Limited is open to men and women.

All Board members acknowledge their commitment to the Christian ethos of the charity. No other person or body external to the Association is entitled to appoint board members.

Board members give their time voluntarily and receive no benefits from the Association in respect of this commitment. Any expenses reclaimed from the Association or payments made to them are set out in the notes to the accounts.

It is the aim of the Board members to have the Board made up of individuals primarily from the community it serves and simultaneously achieve a rich diversity of perspectives and experience, competent to oversee the operations of the Association. The Board seeks to recruit new members accordingly. Potential Board directors are made aware of the aims and purposes of the YMCA Movement and must indicate their desire to join the Movement and accept the responsibilities involved. The perspectives, experience and skills of individual board members are considered to ensure a balance across the Board.

Board member induction and training

As part of their induction programme, new Board members are provided with a welcome pack including copies of literature produced by the Charity Commission and the YMCA Movement: YMCA Code of Governance. Background information relating to the Association including copies of the Articles of Association, latest financial information, copies of minutes and policies are included in the welcome pack. The Board schedules four meetings per annum for ordinary business plus any additional meetings to consider the work of the Association and future direction.

As part of the YMCA Movement, Board members have access to its trustee development programme and training, support and benchmarking information. The Board undertakes periodic background and skills audits and as a result identifies certain characteristics it will require of future Board members. Attendance at Board meetings is monitored.

The Association works in partnership with other organisations, funders and commissioners that are compatible with its ethos and values.

Code of Governance

The Association’s Board has adopted the National YMCA Code of Governance based on the National Housing Federation Code of Governance. During the year the Board has undertaken an assessment of compliance with the Governance and Financial Viability Standard and the Board is satisfied that the Association complies with the Standard.

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Corporate Governance – internal financial control

The Board acknowledges its ultimate responsibility for ensuring that the Association has in place a system of controls that is appropriate to the various business environments in which it operates. These controls are designed to give reasonable assurance with respect to the:

reliability of financial information used within the Association or for publication;
maintenance of proper accounting records; and
▪ safeguarding of assets against unauthorised use or disposal.

It is the Board’s responsibility to establish and maintain systems of internal financial control. Such systems can only provide reasonable and not absolute assurance against financial misstatement or loss. Key elements include ensuring that:

formal policies and procedures are in place, including the documentation of key systems and rules relating to the delegation of authorities, which allow the monitoring of controls and restrict the unauthorised use of the Association’s assets;
experienced and suitably qualified staff take responsibility for important business functions; annual appraisal procedures have been established to maintain standards of performance;
forecasts and budgets are prepared which allow the Board and management to monitor the key business risks and financial objectives, and progress towards financial plans set for the year and the medium term; regular management accounts are prepared promptly, providing relevant, reliable and up to date financial and other information and significant variances from budgets are investigated as appropriate; and
all significant new initiatives, major commitments and investment projects are subject to formal authorisation procedures, through the Board members and others.

The Board receives and reviews regular reports from management and from the external auditors to provide reasonable assurance that control procedures are in place and are being followed.

Formal procedures have been established for instituting the appropriate action to correct weaknesses identified from the above reports.

Strategic report

Principal risks and uncertainties and risk management

The Association maintains a risk register, based on the Charity Commission’s template and covers governance, operational, financial, external and compliance risks. The Board receives and reviews regular reports from management including major risks facing the Association and action taken to reduce or mitigate the effects of those risks.

Risk	Mitigation and further action to be taken.
Governance – ineffective organisational structure	Organisational re-structure to ensure efficient and effective lines of communication and reporting. Working towards more centralised systems, processes and staff roles.
Governance - loss of key staff and volunteers	Skills and role descriptions are identified, a training matrix identifies skills gaps, training is budgeted and undertaken, the strategic plan is approved by the Board, appraisals are conducted regularly. Succession planning to be built into key roles.
Operational – capacity and use of resources	Housing stock survey to be undertaken and maintenance schedule to be updated.
Operational – project / service development	Review operational strategy and continue development of new plans in line with charitable objectives.

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Financial - dependency on limited income sources	Strategic plans aim to change the mix of income and the provision of services that are less dependent on government policy. Identify sources of income that are sustainable so social enterprise is served and additional income generated.
Financial – budgetary control and financial reporting	Implement new financial systems to reduce reliance on the knowledge and experience of individuals.
Environmental or external factors - changing government policy	Membership of YMCA policy groups and relevant local groups. Engage a wider audience particularly potential service users in the provision of data and case studies for influencing policy and ensure other initiatives in diversification are coordinated. Conduct research with target audiences.
Environmental – turbulent economic situation	Cost of living crisis erodes capacity to deliver meaningful outcomes. Reserves policy to be reviewed in coming 12 months.
Compliance – changes to law and regulators’ requirements	New systems rolled out for monitoring housing, safeguarding, HR and H&S compliance.

Financial review

Reserves

The Board considers there are sufficient assets to meet obligations as they arise. Net current assets of the Group are £984,406 (2023: £1,761,576) and net assets and total reserves of the Group are £3,354,805 (2023: £4,117,593). The general funds of the Group have decreased because of an operational deficit.

The Association and Group does not trade for profit, but plans for income to exceed expenditure each year, ensuring a margin of safety to manage the unexpected, its Articles of Association prevent the distribution of reserves, which are instead applied to further the aims and objectives including the provision of social housing.

The Association has an asset management plan anticipating major maintenance to buildings and likely costs over the next 25 years. Long term maintenance and improvements needed in the housing stock under that plan are reviewed by the Board.

The Board has reviewed its reserves policy and the designation of reserves. The policy is to aim to maintain funds in reserves at least sufficient to fund 2 months total expenditure, being £762,884, to cover the eventuality of a material decline in incoming resources and to hold at least half of that amount in cash at bank. It will regularly review this policy having regard to the changing financial, regulatory and competitive environment in which the Association operates.

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Free reserves are traditionally calculated as Net Assets, £3,354,805, less Restricted reserves, £nil, less fixed assets and investments, £6,996,628, which amount to a deficit of reserves of £3,641,823. However, the nature of the Association as a Registered Provider means adjustment should be made for long term liabilities, i.e. bank loans which are secured against the housing properties in fixed assets, £1,643,524, and government grant creditors which reflect social housing grants received in respect of housing properties, £2,877,557. By that calculation, the adjusted free reserves are £879,258 (2023: £1,430,357). Therefore, the adjusted free reserves exceed the reserves target of £762,884 by £116,374. Free reserves have been built up from operating surpluses over several years such that free reserves exceed the minimum required by the reserves policy. The Association plans to hold and build upon free reserves to support continuity of business in the face of potential risks.

Pension deficit

As explained in note 23, Worcestershire YMCA Limited and Worcester YMCA participated in a contributory pension plan providing defined benefits based on final pensionable pay for employees of YMCAs in England, Scotland and Wales. At 31 March 2024, the pension deficit for the Association was £109,499 (2023: £291,176) and the group was £137,121 (2023: £363,192) as shown on the balance sheet.

Worcestershire YMCA Limited recognises possible concern relating to its participation in this defined benefit pension scheme. Appropriate action has been taken: The scheme was closed to new members in 2007, and the link to final salary broken in 2011. Additional contributions continue to be made to reduce the deficit. As part of the YMCA federation, the multi-employer scheme is run by an independent board of trustees with employer representation through the Principal Employer, the National Council of YMCAs. The pension scheme trustees obtain an actuarial valuation every three years and we have considered the implications to the Association’s finances from the latest available actuarial valuation. We have reviewed the Association’s ability to continue to deliver its charitable objectives by ensuring budgets, forecasts and plans are available and include the impact of the deficit repayments. The Board included the impact of pension scheme deficit repayments in considering going concern status, reserves, and the risks and uncertainties that the Association face noted elsewhere in this Report.

Worcestershire YMCA Limited benefits from the expertise of pension scheme trustees and the Principal Employer seeking suitable specialist professional advice both to manage the scheme and in the continuing effort to explore ways of reducing the overall pension deficit. Further details are included in the note 23 of the financial statements and accounting policy 1)s).

A valuation prepared as at 1 May 2020 showed that the YMCA Pension Plan had a deficit of £39 million. Worcestershire YMCA Limited and Worcester YMCA were advised that they would need to make annual contributions of £50,655 and £12,528 respectively from 1 May 2023, increasing by 3% per annum for each subsequent year. At 31 March 2023, the recovery period was 6 years commencing 1 May 2023. After the 2023 year-end, a three-year valuation was completed as at 1 May 2023. That valuation showed that the YMCA Pension Plan had reduced to a deficit of £9.1 million. Worcestershire YMCA Limited and Worcester YMCA were advised to reduce their annual contributions to £38,224 and £9,642 respectively from 1 May 2024, with no uplift in subsequent years, for a reduced recovery period of 3 years commencing 1 May 2024.

Fundraising

The Association does not seek to raise funds from the public and therefore has nothing to report on its fundraising approach and standards.

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Employment of disabled persons

The Association operates an equal opportunities employment policy and is committed to be Disability Confident. Employers will be positive about their abilities. Employers who use the symbol make five commitments to action, relating to recruitment, communication of vacancies, offering interviews, anticipating reasonable adjustments and supporting people who become disabled.

The Objects of the Association are:

To advance the Christian faith, including by:

a) promoting a Christian environment and motivated by the life, example and teaching of Jesus Christ, where people of faith and people of none can work together for the transformation of communities;
b) enabling people of all ages and in particular young people, to flourish through experiencing and responding to the love of God demonstrated by the life, example and teaching of Jesus Christ;
c) providing or assisting in the provision in the interests of social welfare of facilities for recreation and other leisure time occupation for men and women with the object of improving their conditions of life;
d) To provide or assist in the provision of education for people of all ages and in particular young people, with the object of developing their physical, mental or spiritual capacities;
e) To relieve or assist in the relief of people of all ages and in particular young people, who are in conditions of need, hardship, or distress by reason of their social, physical, emotional, spiritual or economic circumstances; and
f) To provide residential accommodation, including Social Housing, for people of all ages and in particular young people, who are in need, hardship, or distress by reason of their social, physical, emotional, spiritual or economic circumstances.

Our aims mean we work with others to deliver activities through which all young people can be offered the opportunity to develop in body, mind and spirit so they have hope of experiencing life in all its fullness.

Strategy

The key elements of our medium to long-term strategy were:

Build on the strength of our Early Years and families presence across the County. We will work in partnership with others to improve health of mothers, their babies and families, make them better informed and benefit from their knowledge to improve their lives. We envisage opportunities for job creation, volunteering and delivery of some services that will no longer be provided by the state and to help the organisation move its funding mix from a reliance on the public sector to self-generated income; and
Provide opportunities that prepare young people, including the marginalised, for adult life and the world of work through positive activities, supported accommodation, alternative curriculum, employability skills, health and wellbeing, volunteering, community and family engagement, and targeted mentoring support. In addition, we will work with churches and other Christian organisations to deliver high quality youth work and opportunities for religious education. With the global YMCA movement we will provide wider opportunities for young people, to improve outcomes.

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

The strategic plan for the medium and short term ensures that the objects of the Association are pursued and thereby its purpose fulfilled, within the framework established by the Board. The Board retain the right of veto, to offer an additional perspective as non-executives and provide a check and balance for the plan before its approval by them. The strategic framework and these plans together form the business plan.

A broader spread of income generation is a priority for long term sustainability whilst remaining responsive to commissioning opportunities that arise from social policy as the public sector remains a large market. In addition, the plan is customer focused taking account of current capacity and capability rather than putting our capabilities first. The major change for the organisation; clarifying the markets in which we operate and our delivery has begun, coinciding with cuts to public spending. This continues to require flexibility in our response.

We measure the success of the strategy:

Annually, prior to the commencement of the financial year, when plans are produced as part of our budgetary cycle. These are submitted to the Board for approval by the beginning of the year;
▪ During the year, the senior management meet regularly to monitor performance in both financial and non-financial terms. Progress is reported and variances explained to the Board throughout the year;
An annual review is conducted by the Board and senior management and an Annual General Meeting is also held and a report presented by the Board and senior management to members; and
During the year there are periodic reviews conducted with partner organisations including commissioning bodies.

Review of activities

Working from our own accommodation units, community centre, nurseries and prison, we provide preschool nurseries, play workers in prison, schools work, youth work including the support of young people towards independent living, ‘move on’ accommodation and support for vulnerable adults.

The three most significant charitable activities contributing to the achievement of our objectives in the year were:

Residential Accommodation & Facilities Management;
Children and Youth services; and
Family Services.

During the year, income from the Association's own activities decreased from £3,336,602 to £2,778,248 and the effect of the addition of the Worcester YMCA group generated a consolidated income of £3,945,451 (2023: £4,448,056) for the year. The additional income from Worcester YMCA was from non-regulated housing and housing related support and income from two trading subsidiaries operating in the nursery sector.

The main trends underlying performance and development and affecting the future are continued public sector funding pressure, rent reduction, uncertainty over any future supported housing model and the need to ensure a more commercial approach to some areas of delivery as well as the rising cost of living.

Further analysis of the income and expenditure on operations can be found in notes 2 to 9 to the financial statements.

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Nurseries

During the year under review, we ran nurseries in five settings within the Worcestershire YMCA Limited group. During the year under review, we closed a nursery in Kidderminster and after the yearend we closed a nursery in Malvern. The closures were due to leases ending. The remaining three nurseries are situated in Redditch, Kidderminster and Worcester. All nurseries are regulated by OFSTED.

Our settings continued to enhance provision across the group and contributed to the diversification of income sources.

A curriculum statement of intent provides a framework for setting out the aims of a programme of education, including the knowledge and skills gained at each stage, developing a framework over time into a structure and narrative. In line with the Association’s objectives, our statement enables children to live life to its fullest by offering stimulating learning experiences with Christian values at its heart. Our nurseries develop children's spiritual, social, moral and cultural understanding. They provide a holistic curriculum that fosters lifelong learning. The nurseries have created learning environments that build upon children, prior learning experiences and are tailormade for the families we support. We continue to follow the curriculum that is published and adopted by each nursery setting in line with Government guidance for the education sector.

HMP Hewell Rainbow Project

The Hewell Rainbow project continues to deliver a programme of impactful work with Prison families. The project offers a range of parenting courses designed to improve the parent-child relationship and support children with prison parents. We continue to work closely with our funders, and HMP Hewell staff to add maximum impact, adapting and flexing as required.

Youth Work

We continue to deliver contracts for youth clubs. The Youth Team has also played a crucial role in the County's response to holiday hunger for over 8s. YMCA became a lead partner in the delivery of HAF (and District funded) holiday provision.

Community Centres

The community centres in Redditch, Malvern and Upton have faced ongoing challenges. In January 2024, the management of the Malvern and Upton community centres were passed to another provider, with the agreement and support of Malvern Hills District Council. This also resulted in the necessary closure of the pop up nursery provision within the Malvern Centre, which was actioned with as much notice and continuity support as possible for families and staff.

Housing and Support

The housing and support service continued to be an integral part of the work we deliver throughout the county. The accommodation currently provides 211 units of which 84 are supported accommodation units. During the previous year, all supported providers were advised that all contracts were to be re-tendered in 2023, to commence in 2024. However, this was delayed and the service extended by 24 months and will be subject to a new commissioning regime in 2025. Given our successful outcomes with our young people and our excellent value for money we are confident in being a re-commissioned service.

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

We work with a range of partners in order to open opportunities for all our residents, including employment and training opportunities and awareness in gaining employment, benefit maximisation, and offering training and courses in managing finances, substance misuse awareness, mental, physical and sexual health and wellbeing. We encourage our residents to actively participate in other YMCA Worcestershire activities. We have successfully helped residents move on to other accommodation, often within our own non supported accommodation.

Our focus is on increasing this range of effective partnerships in order to ensure that these are mutually beneficial to all parties and given the national financial crisis we recognise that we have an increasing role to play in the local and national arena.

Value for Money (VFM)

On 1 April 2018, the Regulator of Social Housing (RSH) has revised the regulatory approach to VFM with the objectives of:

Continuing to drive improvements in VFM within the social housing sector;
Ensuring a strategic approach to delivering VFM is embedded within the business;
Encouraging investing in existing homes and new housing supply; and
Enhancing the consistency, comparability and transparency of VFM reporting.

Regulatory Metrics

*ulatory Metrics*
RSH Metric		Restated
	2024	2023
1. Reinvestment%	-	-
2a. New supply (social housingunits) %	-	-
2b. New supply (non-social housingunits) %	-	-
3. Gearing %	16%	1%
4. EBIDTA MRI interest cover%	(311)%	(22)%
5. Headline social housingcostper unit £	£5,603	£3,982
6a. Operatingmargin(social housinglettings only) %	55%	63%
6b. Operatingmargin(overall) %	(27%)	(10%)
7. Return on Capital Employed%	(9%)	(2%)

Commentary

As a YMCA, we are a small specialist charitable housing association with a diverse range of activities and the consolidated results including both regulated and non-regulated housing activities. As such, comparisons with other housing associations and charitable housing associations and benchmarking are difficult. We aim to continue to develop benchmarking with similar providers.

In respect of our indicators our comments are as follows:

Reinvestment % - During the year there have been no additions to social housing fixed assets, we have continued with a programme of ongoing repair and upkeep which has been expensed;

2a. New supply (Social housing units) % - During the year there have been no additions to social housing delivery;

2b. New supply (Non-social housing units) % - During the year there have been no additions to non-social housing delivery;

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Gearing % - This represents our net debt to lenders as percentage of the total value of our housing properties. The current level of gearing is low and we have capacity within that to borrow more;
EBITDA MRI Interest Cover % - This represents the level of surplus/(deficit) compared to the interest payable. Since the prior year, the negative percentage has significantly increased due to the size of the 2024 operating deficit;
Headline social cost per uni t - This represents social housing costs divided by total units owned and managed. The costs are higher in the year under review due to increased management and maintenance costs allocated to a similar number of units;
6a. Operating margin (social housing lettings) % - This represents operating surplus from social housing lettings divided by turnover from social housing lettings. During the year under review, the operating margin on social housing lettings remains relatively constant;
6b. Operating margin (overall) % - This represents the operating surplus/(deficit) divided by turnover. The reduction this year reflects the above commentary regarding an operating loss; and
Return on capital employed % - This compares the overall operating surplus/(deficit) to total assets less current liabilities. The movement in this metric reflects the operating loss in the year under review.

Public benefit

The Board have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Association’s aims and objectives and in planning future activities. In particular, the Board have considered how planned activities will contribute to the aims and objectives set:

Communities, particularly young people within the County of Worcestershire benefit from our work;
We work with parents of children and young people, and the children and young people themselves;
Our activities include affordable flexible childcare; work with school age children at school and outside school throughout the year; work with young people and adults in formal and informal education, leisure activities including health and well-being and in support towards independent living;
We engage in preventative work and work within the prison system to help offenders and their families; and
We are a registered provider of social housing offering affordable residential accommodation.

We recognise the importance of responding to the needs of the community and allowing them to influence the Association’s developments:

We consult with participants in our activities, potential participants and partner organisations. Consultation takes place through a variety of routes including formal surveys, one to one sessions and informal meetings;
We aim to continuously improve our services, responding to comments and complaints made by people who participate in our activities. Informal comments are dealt with by the management of the particular delivery arm of the Association. Formal issues may be raised in accordance with our service delivery policies and procedures and will be reported to the Board; and
Services are regularly reviewed against current developments in recommended practice and guidelines issued by regulatory and similar bodies.

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Plans for future periods

The overall performance last year affects our medium to long term strategy:

Our assessment of performance in the year is used to inform our strategy. We have reviewed our strategies and focus delivery on children and their families and young adults. Our objects remain relevant and appropriate. We have engaged with staff more widely to assist in the short to medium term plans for the organisation in the face of reduced public spending. The organisation will further strengthen its offer to ensure it is comprehensive and cohesive and can be made to more potential beneficiaries throughout the County.

Our main objectives for next year:

Early Years and Children: Ongoing collaboration between our early years settings to enable shared learning to other sites so more children benefit from better outcomes at the Early Years Foundation Stage. Exploration of more formal unifying structures for our early years. Young Adults: Increase engagement with a wider spectrum of young people and develop enterprise initiatives so more young people are benefiting from broader opportunities towards raising aspirations and employment. Housing: to provide the highest quality supported housing and to be the funders’ provider of choice.

Statement of responsibilities of the board

The board (who are also directors of the Association for the purposes of company law) are responsible for preparing the board report and the financial statements in accordance with 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 Companies Act 2006 and registered social housing legislation requires the board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Association and of the incoming resources and application of resources, including the income and expenditure, of the Association for that period. In preparing these financial statements, the board is required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Housing SORP;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The board are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Association and the group and which enable them to ensure that the financial statements comply with the Companies Act 2006 the Housing and Regeneration Act 2008, and the Accounting Direction for private registered providers of social housing in England 2022. The board are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

In so far as the board are aware:

there is no relevant audit information of which the association's auditors are unaware; and
the board has taken all steps that it ought to have taken to make itself aware of any relevant audit information and to establish that the auditors are aware of that information.

The board is responsible for the maintenance and integrity of the corporate and financial information included on the association's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditors

Godfrey Wilson Limited were appointed as auditors to the group and parent association during the year and have expressed their willingness to continue in that capacity.

Approved by the board on 30 September 2024 and signed on its behalf by

M J Sermon

Lindsay Sartori - chair and board member

Michael Sermon - board member

Independent auditors' report

To the members of

Worcestershire YMCA Limited

Opinion

We have audited the financial statements of Worcestershire YMCA Limited (the 'parent association') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the consolidated statement of financial activities, consolidated and parent charity balance sheets, consolidated statement of cash flows and the related notes to the financial statements, 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 the Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the group and parent association's affairs as at 31 March 2024 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022.

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent association in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the board’s 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 and parent association'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 board 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 auditor’s report thereon. The directors 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.

Independent auditors' report

To the members of

Worcestershire YMCA Limited

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the board report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report included within the board report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent association and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the board report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent association, or returns adequate for our audit have not been received from branches not visited by us; or
the parent association financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
▪we have not received all the information and explanations we require for our audit.

In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 requires us to report to you if, in our opinion:

▪a satisfactory system of control over transactions has not been maintained.

Responsibilities of the board

As explained more fully in the board's responsibilities statement set out in the board report, the board (who are also the directors of the association for the purposes of charity law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Independent auditors' report

To the members of

Worcestershire YMCA Limited

In preparing the financial statements, the board is responsible for assessing the group and the parent association'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 board either intend to liquidate the group or the parent association or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

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 auditor’s 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 procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the group and parent association operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the group and parent association’s policies and procedures in relation to:

Identifying, evaluating and complying with laws and regulations, and whether they were aware of any instances of non-compliance;
Detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud; and
Designing and implementing internal controls to mitigate the risk of non-compliance with laws and regulations, including fraud.

(3) We inspected the minutes of board meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

Independent auditors' report

To the members of

Worcestershire YMCA Limited

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing the appropriateness of journal entries;

▪Assessing judgements and accounting estimates for potential bias;

▪Reviewing related party transactions; and ▪Testing transactions that are unusual or outside the normal course of business.

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. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 auditor’s report.

Use of our report

This report is made solely to the associationʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the associationʼs members those matters we are required to state to them in an auditorʼs 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 associationʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 30 September 2024

Robert Wilson FCA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

Worcestershire YMCA Limited

Consolidated statement of comprehensive income (incorporating an income and expenditure account)

For the year ended 31 March 2024

For the year ended 31 March 2024
Turnover 2 Operating expenditure 5 Gains on disposal of housing properties Operating surplus 7 Interest receivable and other income Interest and financing costs 6 Total comprehensive income	2024 Total £ 3,945,450 (4,577,301) - (631,851) 1 (130,938) (762,788)	Restated 2023 Total £ 4,448,056 (4,625,718) 132,259
		(45,403)
		- (68,325)
		(113,728)

The consolidated financial statements relate to wholly continuing operations.

The consolidated financial statements were approved by the Board on 30 September 2024.

M J Sermon

Lindsay Sartori - chair and board member Michael Sermon - board member

Worcestershire YMCA Limited

Consolidated balance sheets

As at 31 March 2024

Note Fixed assets Housing properties 11 Other tangible assets 12 Intangible fixed assets 16 Investments 13, 14 Current assets Debtors 17 Cash at bank and in hand Liabilities 18 Net current assets / (liabilities) Total assets less current liabilities 20 Defined benefit pension provision 23 Net assets Reserves 22 Restricted reserve Income and expenditure reserve Total reserves Creditors: amounts falling due within 1 year Creditors: amounts falling due after more than 1 year	The group 2024 £ 6,821,721 154,751 19,466 690 6,996,628 409,305 1,296,019 1,705,324 720,918 984,406 7,981,034 4,489,108 137,121 3,354,805 - 3,354,805 3,354,805	Restated The group 2023 £ 6,923,662 133,870 228,702 690 7,286,924 372,208 2,157,472 2,529,680 768,104 1,761,576 9,048,500 4,567,715 363,192 4,117,593 - 4,117,593 4,117,593	2024 £ 5,740,639 152,752 - - 5,893,391 306,480 172,606 479,086 600,268 (121,182) 5,772,209 3,750,110 109,499 1,912,600 - 1,912,600 1,912,600 The association	Restated The association 2023 £ 5,811,981 131,513 - -
				5,943,494
				280,283 1,224,757
				1,505,040 912,457
				592,583
				6,536,077 3,814,644 291,176
				2,430,257
				- 2,430,257
				2,430,257

Approved by the board on 30 September 2024 and signed on its behalf by

M J Sermon

Lindsay Sartori - chair and board member

Michael Sermon - board member

Worcestershire YMCA Limited

Consolidated statement of changes in reserves

As at 31 March 2024

As at 31 March 2024
Income and expenditure reserve £ Restated balance at 31 March 2022 4,231,321 Restated deficit from statement of comprehensive income (113,728) Restated balance at 31 March 2023 4,117,593 Deficit from statement of comprehensive income (762,788) Balance at 31 March 2024 3,354,805	Total £ 4,231,321 (113,728)
	4,117,593
	(762,788)
	3,354,805

Worcestershire YMCA Limited

Consolidated statement of cash flows

For the year ended 31 March 2024

Cash used in operating activities: Total comprehensive income Adjustments for: Depreciation charges Amortisation charges Loan interest paid Loss / (profit) on the sale of fixed assets Decrease / (increase) in debtors Increase / (decrease) in creditors Increase / (decrease) in provision Net cash provided by / (used in) operating activities Cash flows from investing activities: Proceeds from sale of fixed assets Purchase of tangible fixed assets Net cash provided by / (used in) investing activities Cash flows from financing activities: Loan interest paid Net cash provided in / (used in) financing activities Increase / (decrease) 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	2024 £ (762,788) 133,992 209,236 130,938 7 (37,097) (125,793) (226,071) (677,576) - (52,939) (52,939) (130,938) (130,938) (861,453) 2,157,472 1,296,019	Restated 2023 £ (113,728) 138,871 209,236 68,325 (164,230) 41,189 23,761 (69,995)
		133,429
		160,221 (131,290)
		28,931
		(68,325)
		(68,325)
		94,035 2,063,437
		2,157,472

Analysis of net changes in debt are given in note 24

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies

a) Basis of preparation and general information

Worcester YMCA a charitable company limited by guarantee registered in England and Wales and private registered provider of social housing in the United Kingdom. The registered office address is Gordon Anstis House, Loxley Close, Redditch, B98 9JS. The nature of the association's operations and activities are detailed in the Board Report.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice for Social Housing Providers 2018, and with the Accounting Direction for private registered providers of social housing in England 2022. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008 and the Companies Act 2006.

Worcestershire YMCA Limited 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 note.

b) Group accounts

These financial statements consolidate the results of the association and its wholly-owned (controlled) subsidiary on a line by line basis. Transactions and balances between the association and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the association's balance sheet. A separate statement of financial activities, or income and expenditure account, for the association itself is not presented because the association has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

c) Going concern basis of accounting

The accounts have been prepared on the assumption that the association is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the association's ability to continue as a going concern.

d) Turnover and other income

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover represents rental and service charges income receivable in the year net of rent and service charge losses from voids, revenue grants from the government (local authorities) and the Homes England and income from community services.

Government grants received towards housing properties and other capital projects are recognised at the fair value of the asset received or receivable. Where the assets are accounted for using the cost model then the government grant is accounted for using the accruals model. The difference between the fair value of the asset and the consideration is recognised as a liability and amortised over the useful economic life of the asset. This amortisation is recognised within turnover. Where the assets are accounted for using the valuation model then the government grant is accounted for using the performance model so that turnover is taken once the performance conditions have been met.

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

d) Turnover and other income (continued)

Government and other grants received as a contribution to revenue expenditure are recognised in the statement of comprehensive income on a systematic basis over the period in which the landlord recognises the related costs for which the grant is intended to compensate. The related expenditure is included under administrative expenses. Grants are recognised in the same period as the related expenditure provided the conditions for receipt have been satisfied and there is reasonable assurance that the grant will be received.

Income from other income streams is recognised when the association has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income received in advance of provision of a specified service or the period to which it relates, is deferred until criteria for income recognition are met.

e) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the association has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the association of the item, is probable and the economic benefit can be measured reliably. In accordance with principles the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the association which is the amount the association would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the association: this is normally upon notification of the interest paid or payable by the bank.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Tangible fixed assets

Tangible fixed assets (including social housing properties) are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended such as the cost of acquiring land and buildings, developments costs, interest charges on loans during the development period and expenditure on improvements. Expenditure on improvements will only be capitalised when it results in incremental future benefits such as increasing rental income, reducing maintenance costs or resulting in a significant extension of the useful economic life of the property.

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

h) Tangible fixed assets (continued)

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Housing properties

Major components of housing properties are depreciated at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land Not depreciated Main fabric 100 years Roof structure and covering 35 years Windows and external doors 20 years Mechanical 30 years Electrical 30 years

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in expenditure through the statement of comprehensive income.

Other fixed assets

Freehold buildings 10 - 50 years Fixtures 15% straight line Motor vehicles 25% straight line Computer equipment 20% straight line Other equipment 10% straight line

Items of equipment are capitalised where the purchase price exceeds £1,000.

i) Intangible fixed assets

Intangible fixed assets are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an assets may not be fully recoverable. Amortisation is provided at the following rates:

Goodwill 5 years straight line

Previously intangible fixed assets were amortised over 10 years straight line.

j) Investments in subsidiaries

The association has a wholly owned subsidiary, Worcester YMCA, which is a charitable company, registered company number 05056873 and registered charity number 1102766. Worcester YMCA.

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

j) Investments in subsidiaries (continued)

Worcester YMCA has two wholly owned subsidiaries, Little Treasures Limited, registered company number 04029930 and First Class Nursery (Kidderminster) Limited, registered company number 08887253. The subsidiaries of Worcester YMCA are used for non-primary purpose trading activities.

The subsidiary undertakings are valued at cost less any cumulative impairment losses in the charitable company's accounts.

k) Listed investments

Listed investments traded on a recognised stock exchange are stated at fair value at the reporting date, which is deemed to be their market value. Any gain or loss, whether realised or unrealised, is taken to the Statement of Financial Activities.

l) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

m) Cash at bank and in hand

Cash at bank and cash 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.

n) Creditors

Creditors and provisions are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) Provisions

A provision is recognised in the balance sheet when the association has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

p) Financial instruments

The charitable company 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 recognised at amortised cost using the effective interest method.

q) Operating leases

Rentals paid under operating leases are charged to the statement of financial activities as they fall due.

r) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

s) Defined benefit pension scheme

Worcestershire YMCA and its subsidiary Worcester YMCA participated in a multi-employer defined benefit pension plan for employees of YMCAs in England, Scotland and Wales, which was closed to new members and accruals on 30 April 2007. Due to insufficient information, the plan's actuary has advised that it is not possible to separately identify the assets and liabilities relating to Worcestershire YMCA or Worcester YMCA.

As described in note 23 Worcestershire YMCA and Worcester YMCA have a contractual obligation to make pension deficit payments of £38,224 pa £9,642 pa respectively over the period to April 2027 (2023: £50,655 pa and £12,528 pa to April 2029 respectively), accordingly this is shown as a liability in these accounts. In addition, Worcestershire YMCA and Worcester YMCA are required to contribute £12,183 pa and £3,073 pa (2023: £12,000 and £2,968) to the operating expenses of the Pension Plan and these costs are charged to the Statement of Comprehensive Income as made.

t) Restricted reserves

Restricted reserves are those reserves which are only expendable in accordance with the wishes of the funder or regulatory body. Restricted reserves include funds raised in response to a specific appeal. Revenue and expenditure cannot be directly set against restricted reserves but is taken through the statement of comprehensive income and then a transfer to restricted reserves is made as appropriate.

u) Accounting estimates and key judgements

In the application of the association's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation, amortisation and defined benefit pension provision as described in note 1(h), 1(i) and 1(s) above.

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

2. Turnover

Income from: Housing Donations and grants Community activities Other trading activities Total 3. Social housing income and expenditure Rents receivable excluding service charges Service charges receivable Capital grants Social housing operating costs Operating surplus from housing activities Memo: Void losses Amortised government grants 4. Accommodation owned and managed Total units under management Supported accommodation General needs housing Total owned and managed	2024 Total £ 1,905,434 105,263 759,602 1,175,151 3,945,450 2024 Total £ 946,864 953,785 31,973 (873,844) 1,058,778 120,619 31,973 2024 Total Units 211 84 127 211	Restated 2023 Total £ 1,773,905 368,875 1,213,166 1,092,110
		4,448,056
		Restated 2023 Total £ 792,775 825,134 31,973 (614,932)
		1,034,950
		67,071
		31,973
		2023 Total Units 212
		84 128
		212

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

5. Operating expenditure

£ Staff costs (note 8) 881,002 Other staff costs 20,387 Premises costs - Vehicle costs - Other direct costs 78,796 Office expenses 55,028 Repairs and maintenance 18,499 Depreciation and Amortisation 22,427 Audit and accountancy fees 16,200 Pension deficit - Bad debt provision movement 63 Corporation tax (400) Total operating expenditure 1,092,002 Prior period comparative: £ Staff costs (note 8) 713,487 Other staff costs 992 Premises costs - Vehicle costs - Other direct costs 70,938 Office expenses 47,657 Repairs and maintenance 21,525 Depreciation and Amortisation 30,493 Audit and accountancy fees 21,623 Pension deficit - Bad debt provision movement 9,511 Corporation tax 2,536 Total operating expenditure 918,762 Cost of nursery subsidiaries Cost of nursery subsidiaries	£ 1,711,241 227,468 755,970 28,711 119,517 241,064 164,916 320,802 26,470 (147,920) 37,060 - 3,485,299 £ 1,829,559 119,602 575,734 59,003 141,836 306,879 141,366 317,614 64,484 16,831 134,048 - 3,706,956 Other charitable costs Other charitable costs	2024 Total £ 2,592,243 247,855 755,970 28,711 198,313 296,092 183,415 343,229 42,670 (147,920) 37,123 (400)
		4,577,301
		2023 Total £ 2,543,046 120,594 575,734 59,003 212,774 354,536 162,891 348,107 86,107 16,831 143,559 2,536
		4,625,718

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

6.	Interest and financial costs
		2024	2023
		Total	Total
		£	£
	Loan interest payable	130,938	68,325
		130,938	68,325
7.	Operating surplus / (deficit)
	This is stated after charging:
		2024	2023
		£	£
	Depreciation	133,992	138,871
	Amortisation	209,236	209,236
	Operating lease payments	174,359	134,115
	Trustees' remuneration	Nil	Nil
	Trustees' reimbursed expenses	-	208
	Auditors' / Independent examiner's remuneration:
	Statutory audit (excluding VAT)	32,000	69,018
	Other services (excluding VAT)	-	2,738
8.	Staff costs and numbers
	Staff costs were as follows:
		2024	2023
		£	£
	Salaries and wages	2,342,477	2,275,616
	Social security costs	167,486	158,652
	Pension costs	82,280	108,778
		2,592,243	2,543,046
	Included in salaries and wages are redundancy and termination costs totalling £3,710 (2023:£11,699)
	comprising redundancy (2023: restructuring) costs.
	The number of higher paid employees was:	2024	2023
		No.	No.
	£60,001 - £70,000	-	1
	£70,001 - £80,000	1	-
		1	1

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

8. Staff costs and numbers (continued)

Average number of employees	2024 No. 128	2023 No. 140

9. Board and key management personnel remuneration

The key management personnel of the association comprise the directors, Chief Executive Officer, and other key management personnel. The total employee benefits of the key management personnel were £308,472 (2023: £229,171).

The emoluments of the highest paid director (including the Chief Executive Officer), included above was:

Aggregate emoluments (excluding pension contributions) Contributions to money purchase pension plan	2024 £ 73,253 7,045 80,298	2023 £ 66,498 7,044
		73,542

The Chief Executive is an ordinary member of the YMCA pension scheme and has an enhanced payment of 11% contribution paid. The Chief Executive participates in the YMCA contributory pension scheme.

10. Taxation

The association and it's subsidiary, as a charitable companies, are exempt from corporation tax as all their income is charitable and is applied for charitable purposes. The subsidiary companies of Worcester YMCA, distribute any profits to the Worcester YMCA and therefore ordinarily no corporation tax is payable.

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

11. Tangible fixed assets - housing properties and other land and buildings Group

Group
Cost or valuation At 1 April 2023 At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023	Restated £ 2,359,506 2,359,506 282,657 24,404 307,061 2,052,445 2,076,849 Knowle Close	Restated Gordon Anstis House £ 3,708,949 3,708,949 419,184 40,502 459,686 3,249,263 3,289,765	Bengrove Close £ 32,738 32,738 4,892 338 5,230 27,508 27,846	Frederick Eary House £ 534,384 534,384 116,863 6,098 122,961 411,423 417,521	Stanley Road £ 585,000 585,000 84,095 18,280 102,375 482,625 500,905	Little Treasures £ 665,242 665,242 55,175 12,163 67,338 597,904 610,067	First Class £ 1,557 1,557 848 156 1,004 553 709	Restated Total £ 7,887,376
								7,887,376
								963,714 101,941
								1,065,655
								6,821,721
								6,923,662

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

11. Tangible fixed assets - housing properties and other land and buildings (continued)

11. Tangible fixed assets - hous	ing properties	and other land	and buildin	gs (continued	)
Association Cost or valuation At 1 April 2023 At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 12. Other tangible fixed assets Group Cost At 1 April 2023 Additions in year Disposals At 31 March 2024 Depreciation At 1 April 2023 Charge for the year Disposals At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023	Restated Knowle Close £ 2,359,506 2,359,506 282,657 24,404 307,061 2,052,445 2,076,849 Motor vehicles £ 48,590 23,218 (37,802) 34,006 48,590 3,870 (37,802) 14,658 19,348 -	Restated Gordon Anstis House £ 3,708,949 3,708,949 419,184 40,502 459,686 3,249,263 3,289,765 Computer Equipment £ 162,451 10,731 (114,787) 58,395 137,378 9,944 (114,780) 32,542 25,853 25,073	Bengrove Close £ 32,738	Frederick Eary House £ 534,384 534,384 116,863 6,098 122,961 411,423 417,521 Fixtures £ 308,277 18,990 - 327,267 199,480 18,237 - 217,717 109,550 108,797	Restated Total £ 6,635,577
			32,738		6,635,577
			4,892 338		823,596 71,342
			5,230		894,938
			27,508		5,740,639
			27,846		5,811,981
			Other equipment £ 99,580 - -		Total £ 618,898 52,939 (152,589)
			99,580		519,248
			99,580 - -		485,028 32,051 (152,582)
			99,580		364,497
			-		154,751
			-		133,870

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

12. Other tangible fixed assets (continued) Association Motor vehicles £ Cost At 1 April 2023 37,802 Additions in year 23,218 Disposals (37,802) At 31 March 2024 23,218 Depreciation At 1 April 2023 37,802 Charge for the year 3,870 Disposals (37,802) At 31 March 2024 3,870 Net book value At 31 March 2024 19,348 At 31 March 2023 -	Computer Equipment £ 156,853 10,731 (114,787) 52,797 131,780 9,586 (114,780) 26,586 26,211 25,073	Other equipment £ 89,764 - -	Fixtures £ 236,708 18,990 - 255,698 130,268 18,237 - 148,505 107,193 106,440	Total £ 521,127 52,939 (152,589)
		89,764		421,477
		89,764 - -		389,614 31,693 (152,582)
		89,764		268,725
		-		152,752
		-		131,513

13. Investments

Market value at 1 April 2023 Market value at 31 March 2024	2024 2023 £ £ 690 690 690 690 The group	2024 2023 £ £ 690 690 690 690 The group	2024 2023 £ £ - - - - The association
		690

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

14. Subsidiary undertakings

Worcester YMCA

The parent association wholly controls the charitable company Worcester YMCA, registered in England and Wales (charity number 1102766, company number 05056873). Worcestershire YMCA exercises control over Worcester YMCA as the sole member of the charity, giving it the powers to appoint and remove trustees. Worcester YMCA in turn wholly controls Little Treasures Limited (company number 04029930) and First Class Nurseries (Kidderminster) Limited (company number 08887253), both of which are incorporated in England and Wales.

Total consolidated income Total consolidated expenditure Net expenditure and net movement in funds The aggregate of the assets, liabilities and funds was: Assets Liabilities Funds	2024 £ 1,256,560 (1,501,689) (245,129) 2024 £ 2,464,695 (1,022,488) 1,442,207	Restated 2023 £ 1,079,480 (1,452,321)
		(372,841)
		2023 £ 2,789,161 (1,101,825)
		1,687,336

15. Parent association

The parent association's gross income and the results for the year are disclosed as follows:

Gross income Results for the year	2024 £ 2,778,248 (517,657)	Restated 2023 £ 3,336,602 (259,116)

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

16. Intangible assets

Group and association Cost At 1 April 2023 At 31 March 2024 Amortisation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023	Restated Goodwill £ 1,087,428 1,087,428 858,726 209,236 1,067,962 19,466 228,702	Restated Total £ 1,087,428
		1,087,428
		858,726 209,236
		1,067,962
		19,466
		228,702

17. Debtors

Debtors
Less: provision for doubtful debts Other debtors Prepayments and accrued income Trade debtors (gross social housing rent arrears)	2024 2023 £ £ 669,095 559,517 (470,535) (409,473) 198,560 150,044 102,080 116,177 108,665 105,987 409,305 372,208 The group		2024 2023 £ £ 630,033 536,997 (433,288) (389,181) 196,745 147,816 1,070 26,480 108,665 105,987 306,480 280,283 The association
		150,044 116,177 105,987		147,816 26,480 105,987
		372,208		280,283

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

18. Creditors : amounts due within 1 year

Creditors : amounts due within 1 year
Bank loans and overdrafts Other taxation and social security Trade creditors Other creditors Government grant creditor Owed to related undertakings Accruals and deferred income Corporation tax	Restated 2024 2023 £ £ 63,907 58,768 69,829 54,145 172,284 134,907 48,060 25,576 31,973 31,973 - - 334,865 443,123 - 19,612 720,918 768,104 The group		Restated 2024 2023 £ £ 37,718 37,591 37,236 17,507 160,454 115,696 38,326 22,749 31,973 31,973 135,218 421,094 159,343 265,847 - - - 600,268 912,457 The association
		768,104		- 912,457

Included within other creditors are pension creditors of £24,582 (2023: £9,253) for the group and £19,053 (2023: £7,229) for the association.

19. Deferred income

Deferred income
At 1 April 2023 Deferred during the year Released during the year At 31 March 2024	2024 2023 £ £ 178,612 299,629 157,907 178,612 (178,612) (299,629) 157,907 178,612 The group		2024 2023 £ £ 88,716 217,159 46,184 88,716 (88,716) (217,159) 46,184 88,716 The association
		178,612		88,716

Deferred income relates to income received in advance related to the subsequent period.

20. Creditors: amounts falling due after more than one year

Government grant creditor Bank loans	Restated 2024 2023 £ £ 2,845,584 2,877,557 1,643,524 1,690,158 4,489,108 4,567,715 The group	Restated 2024 2023 £ £ 2,845,584 2,877,557 1,643,524 1,690,158 4,489,108 4,567,715 The group	Restated 2024 2023 £ £ 2,845,584 2,877,557 904,526 937,087 3,750,110 3,814,644 The association	Restated 2024 2023 £ £ 2,845,584 2,877,557 904,526 937,087 3,750,110 3,814,644 The association
		4,567,715		3,814,644

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

20. Creditors: amounts falling due after more than one year (continued)

Analysis of loan debt maturity Debt due after more than one year: Within one to two years Within two to five years In more than 5 years	2024 2023 £ £ 62,267 62,354 214,632 210,885 1,366,625 1,416,919 1,643,524 1,690,158 The group	2024 2023 £ £ 62,267 62,354 214,632 210,885 1,366,625 1,416,919 1,643,524 1,690,158 The group	2024 2023 £ £ 40,556 39,946 140,159 135,536 723,811 761,605 904,526 937,087 The association	2024 2023 £ £ 40,556 39,946 140,159 135,536 723,811 761,605 904,526 937,087 The association
		1,690,158		937,087

At association level there are two secured bank loans, one with with Unity Bank and one with BCM Global. Interest is charged at commercial rates. Interest is charged at 2.5% above Bank of England base rate on the Unity Bank loan, and the loan is repayable over 25 years. Interest is charged at 9.5% on the BCM Global loan and the loan is repayable over 33 years. The loans are secured against three of the association's properties, Gordon Anstis House, Loxley Close, Redditch, B98 9JS, Frederick Eary House, Studley Road, Redditch, B98 7XA and Knowle Close, Church Hill, Redditch, B98 9JW.

At a group level there are also two secured bank loans on the properties at 2 Stanley Road, Worcester, WR5 1BR and at Broomhall Grange, Norton Road, Broomhall, WR5 2PD. The loans from Unity Bank are charged at commercial rates of 1.5% above Bank of England base rate and are repayable over 25 years. The loans are secured with fixed charges over the assets of the Worcester YMCA and its subsidiary, Little Treasures Limited.

At 31 March 2024, Worcestershire YMCA had failed to meet its financial covenant under the Unity Trust loan in respect of the EBITDA measure. Based on communications and discussions with the bank there was no indication from the bank that any action, beyond a reservation of rights letter would take place. The carrying amount of this loan in breach was £701,453 at 31 March 2024.

In the year ended 31 March 2023, Worcester YMCA had failed to meet its financial covenant under the loans in respect of the EBITDA measure. Based on communications and discussions with the bank and the understanding that sufficient funds are held by Worcestershire YMCA Limited, the ultimate parent charitable company, that could be provided to Worcester YMCA to enable it to satisfy the EBITDA measure, there is no indication that any action, beyond the issue of a reservation of rights letter, will take place. The carrying amount of the loan in breach was £774,248 at 31 March 2023.

21. Analysis of net assets between reserves

All assets and liabilities are allocated to the income and expenditure reserve in both the current and prior year.

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

22. Group reserves

As noted in the accounting policies, revenue and expenditure cannot be directly set against restricted reserves but is taken through the statement of comprehensive income and then a transfer to restricted reserves is made as appropriate. Details below are included on the movement in restricted reserves during the year.

Restricted reserves Children and Youth Services National Citizen Service Supporting People Prison Contract - HMP Hewell Total restricted reserves Income and expenditure reserve Total reserves	Restated at 1 April 2023 £ - - - - - 4,117,593 4,117,593	Income £ 170,042 1,440 134,937 104,499 410,918 3,534,533 3,945,451	£ (177,718) (1,440) (175,235) (121,266) (475,659) (4,232,580) (4,708,239) Expenditure	Gains and losses £ - - - - - -	Transfers between funds £ 7,676 - 40,298 16,767 64,741 (64,741) -	£ - - - - At 31 March 2024
						-
						3,354,805
						3,354,805

Transfers Transfers have been accounted for in the year account for overspends on restricted projects or restricted expenditure being incurred in advance of funding being received.

Reserve descriptions

Children and Youth Services Provision of positive activities for young people in Redditch and Bromsgrove. National Citizen Service Provision of social action training for young people aged 16 & 17 years. Supporting People Provision of support for vulnerable homeless young people.

Provision of positive activities for young people in Redditch and Bromsgrove.

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

22. Group reserves (continued)

Reserve descriptions (continued)

Prison Contract - HMP Hewell

Providing childcare and family support to prisoners and their families, encouraging sustained involvement whilst fathers are in prison.

BBO Job Coach Income and expenditure reserve

Provision of support for economically inactive and unemployed person aged 16+.

The income and expenditure reserve represents cumulative surplus and deficits net of other adjustments.

Prior year comparative

Restricted reserves Children and Youth Services National Citizen Service Supporting People Prison Contract - HMP Hewell BBO Job Coach Total restricted reserves Income and expenditure reserve Total reserves	Restated at 1 April 2022 £ - - - - - - 4,231,321 4,231,321	Restated Income £ 215,255 477,297 148,858 147,886 133,136 1,122,432 3,325,624 4,448,056	£ (215,255) (477,297) (148,858) (147,886) (133,136) (1,122,432) (3,439,352) (4,561,784) Restated Expenditure	Gains and losses £ - - - - - - -	Transfers between funds £ - - - - - - - -	£ - - - - - Restated at 1 April 2023
						-
						4,117,593
						4,117,593

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

23. Provisions for liabilities: defined benefit pension scheme liability

Present value of provision	2024 2023 137,121 363,192 The group	2024 2023 £ £ 109,499 291,176 The association

Reconciliation of opening and closing provisions

Provision at the start of the year Deficit contributions paid Impact of reduction to repayment period Provision at the end of the year Assumptions Rate of discount Unwinding of the discount factor (interest expense)	2024 2023 £ £ 363,192 433,187 (63,183) (90,788) 17,433 20,793 (180,321) - 137,121 363,192 2024 2023 £ £ 4.80% 4.80% The group The group	2024 2023 £ £ 291,176 347,292 (50,655) (72,786) 13,976 16,670 (144,998) - 109,499 291,176 2024 2023 £ £ 4.80% 4.80% The association The association

The discount rates shown above are the equivalent single discount rates which, when used to discount future recovery plan contributions due, would give the same results as using the pwc pension accounting trends median figure to discount the same recovery plan contributions.

Worcestershire YMCA and Worcester YMCA 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 Worcester YMCA and at the year end these were invested in the Mercer Dynamic De-risking Solution, 65% matching portfolio and 35% in the growth portfolio and Schroder (property units only).

The most recent completed three year valuation was as at 1 May 2023. 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 of 4.56%, the increase in pensions in payment of 3.18% (for RPI capped at 5% p.a.), and the average life expectancy from normal retirement age (of 65) for a current male pensioner of 21.5 years, female 24.0 years, and 23.1 years for a male pensioner, female 25.7 years, retiring in 20 years’ time. The result of the valuation showed that the actuarial value of the assets was £103.1m, which represented 92% of the benefits that had accrued to members.

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

23. Provisions for liabilities: defined benefit pension scheme liability (continued)

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 2020 showed that the YMCA Pension Plan had a deficit of £39 million. Worcestershire YMCA and Worcester YMCA were advised that it would need to make contributions of £50,655 and £12,528 per annum from 1 May 2023 respectively, increasing by 3% per annum for each subsequent year. These amounts were based on the actuarial assumptions at 1 May 2020 (as outlined above) and it was understood that contributions may vary in the future as a result of actual performance of the Pension Plan. At 31 March 2023, agreed future deficit contributions were discounted using a rate of 4.8% (2022: 2.7%). At 31 March 2023, the recovery period was 6 years commencing 1 May 2023.

The valuation prepared as at 1 May 2023 showed that the YMCA Pension Plan had a deficit of £9.1 million. Worcestershire YMCA and Worcester YMCA have been advised that they will need to make annual contributions of £38,224 and £9,642 respectively from 1 May 2024. 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. Agreed future deficit contributions have been discounted using a rate of 4.8% (2023: 4.8%). The current recovery period is 3 years commencing 1 May 2024.

24. Analysis of changes in net debt Group

Analysis of changes in net debt Group
Cash Loans falling due within 1 year Loans falling due after 1 year	2,157,472 (58,768) (1,690,158) 408,546 At 1 April 2023	(861,453) (5,139) - (866,592) Cash flows	1,296,019 (63,907) (1,690,158) At 31 March 2024
			(458,046)

25. Financial instruments at fair value

Financial instruments at fair value
	The group		The association
	2024	2023	2024	2023
	£	£	£	£
Financial assets measured at fair value	690	690	-	-

Financial assets measured at fair value comprise listed investments.

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

26. Contingent liabilities

The Social Housing Grants are repayable under certain circumstances (for example the sale of properties).

As detailed in note 23 above, Worcestershire YMCA Limited and Worcester YMCA may incur liabilities in the event of the non-payment by other participating YMCA’s of their share of the YMCA Pension Plan’s current deficit. The method of allocation of the deficit has not yet been finalised and the future ability of other participating YMCA employers to meet their obligations cannot presently be determined. No provision for any liability that may arise has been made in these financial statements.

27. Operating lease commitments

The group and association had operating leases at the year end with total future minimum lease payments as follows:

Amount falling due: Within 1 year Within 1 - 5 years Over 5 years	Restated 2024 2023 £ £ 99,588 132,390 87,015 104,055 279,336 292,334 465,939 528,779 The group	Restated 2024 2023 £ £ 91,589 124,390 55,015 72,055 114,003 119,000 260,607 315,445 The association	Restated 2024 2023 £ £ 91,589 124,390 55,015 72,055 114,003 119,000 260,607 315,445 The association
			315,445

28. Related party transactions

The charitable company has a wholly owned subsidiary undertaking called Worcester YMCA, a registered charity (number: 1102766) and company limited by guarantee (number: 05056873). Copies of the Worcester YMCA group consolidated financial statements are available from the Charity Commission. The subsidiary gifts available taxable profits to its parent undertaking. The balance owing to the subsidiary at 31 March 2024 was £163,796 (2023: £439,309). Transactions between the entities during the year have not been disclosed in accordance with section 33 of FRS 102.

Worcester YMCA has a wholly owned subsidiary undertaking called Little Treasures Limited, a registered company in England and Wales (number: 04029930). Worcestershire YMCA has a 100% controlling interest in Worcester YMCA resulting in Worcestershire YMCA having a controlling interest in the company. The company gifts available taxable profits to Worcester YMCA. The balance owing from the charity at 31 March 2024 was £28,728 (2023: £28,982). Transactions between the entities during the year have not been disclosed in accordance with section 33 of FRS 102.

Worcester YMCA has a wholly owned subsidiary undertaking called First Class Nursery (Kidderminster) Limited, a registered company in England and Wales (number: 08887253). Worcestershire YMCA has a 100% controlling interest in Worcester YMCA resulting in Worcestershire YMCA having a controlling interest in the company. The company gifts available taxable profits to Worcester YMCA. The balance owing to the charity at 31 March 2024 was £57,306 (2023: £47,197). Transactions between the entities during the year have not been disclosed in accordance with section 33 of FRS 102.

All of the charitable company's trustees are also trustees of Worcester YMCA.

Worcestershire YMCA Limited

Notes to the financial statements

For the year ended 31 March 2024

29. Ultimate controlling party

Worcestershire YMCA Limited is controlled by its Board of Trustees.

30. Prior year restatement

The association prior year comparatives have been restated to correctly account for social housing grants used to fund social housing properties on the accruals model. The impact on the prior year association Balance Sheet is as detailed:

Total association creditors as at 31 March 2023 as previously stated Net off intercompany debtors and creditors Re-allocation of government grants Total association creditors as at 31 March 2023 as restated Association housing properties as at 31 March 2023 as previously stated Re-allocation of government grants Association housing properties as at 31 March 2023 as restated	£ 1,864,767 (47,196) 2,909,530
	4,727,101
	£ 2,902,451 2,909,530
	5,811,981

These restatements have had no impact on the reserves of the association or group.

The association prior year comparatives have also be restated to remove designated funds in line with the requirments of the Housing SORP which states these are an internal matter which should not be disclosed in the financial statements.

The group prior year comparatives have also been restated for the treatment of goodwill and investments within the association's subsidiary Worcester YMCA's group financial statements. The impact on the total reserves of the group was as follows:

reserves of the group was as follows:
Total reserves as at 31 March 2023 Adjustments to goodwill Adjustments to investments Total reserves at 31 March 2023 as restated	£ 4,528,299 (70,775) (339,931)
	4,117,593

2024-03-31-accounts

Worcestershire YMCA Limited Report and Consolidated Audited Financial Statements

Worcestershire YMCA Limited

Reference and administrative details

Worcestershire YMCA Limited

Reference and administrative details

For the year ended 31 March 2024

Auditors

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Constitution

Structure, governance and management Organisational structure

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Recruitment and appointment to the Board

Board member induction and training

Code of Governance

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Corporate Governance – internal financial control

Strategic report

Principal risks and uncertainties and risk management

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Financial review

Reserves

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Pension deficit

Fundraising

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Employment of disabled persons

The Objects of the Association are:

Strategy

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Review of activities

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Nurseries

HMP Hewell Rainbow Project

Youth Work

Community Centres

Housing and Support

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Value for Money (VFM)

Regulatory Metrics

Commentary

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Public benefit

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Plans for future periods

Statement of responsibilities of the board

Worcestershire YMCA Limited

Board report

For the year ended 31 March 2024

Auditors

M J Sermon

Independent auditors' report

To the members of

Worcestershire YMCA Limited

Opinion

In our opinion, the financial statements:

Basis for opinion

Conclusions relating to going concern