2022-03-31-accounts - YMCA Norfolk

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

				Pages
Chair's report
Chief Executive Officer's annual		report
Report ofthe directors	(incorporating		Strategic Report)	3-14
Auditor's report				15-17
Statements ofcomprehensive		income		18
Statements offinancial	position			19
Statements ofchanges	in reserves			20
Statement ofcash flows				21
Notes to the financial statements				22-38

Metrics specified by the regulator:									Sector
						2021-22	2020-21	2019-20	2020-22
1 Reinvestment%
Investment in housing properties in the year as			a
percentage ofthe gross book value at	the year	end				2.8%	0.8%	0.5%	4,6%
2A New supply delivered (social housing units)
The number ofsocial housing units acquired or			developed
in the year as a proportion oftotal social housing				units
owned at the year end						07%	Nil	NII	7.0%
2B New supply delivered (non-social	housing	units)				Nil	Nil	Nil	Nil
3 Gearing%
Net debt (loans —cash) as a percentage	ofthe gross value
of housing properties						-7.0%	-8.5%	-12.6%	9.1%
4 Earnings before interest, tax, depreciation,			and
amortisation (EBITDA, major repairs	included)		interest
cover%
The level ofsurplus generated compared to interest
payable						359%	3,8859o	3,788%	427%
5 Headline social housing cost per unit						f13,052	f12,729	f13,214	f24,950
6A Operating margin (social housing	lettings only)				%	0.99o	2.3%	-4.7%	7.5%o
6B Operating margin (overall) %						-0.7%o	27 9%	7.3%	4.4%
7 Return on capital employed%						-0.4%	11.1%	10.5%	3.2%
Other YMCA Norfolk value for money	targets:				Target
8 Occupancy ofowned and leased properties
					95.0%	94.6%	92.2%	94.3%	94.9%
9 EBITDA %o
The level of surplus generated as a percentage		of
turnover					100%	3A%	30.0%	9.6%	4.7%

			Group	Group	Charity	Charity
			2022	2021	2022	2021
		Notes	E	E	E
Turnover		2, 4	4,534,371	5,369,751	4,109,468	5,158,483
Other operating income			11,798	123,639	11,798	123,639
Operating expenditure			(4,591,998)	(4,031,574)	(4,259,223)	(3,805,016)
Operating surplus/(deficit)			(45,829)	1,461,816	(137,957)	1,477,106
Interest receivable			887	2,165	8&7	2,161
Interest and financing	costs		(43,204)	(14,364)	(43,204)	(14,364)
Surplus/(deficit) for	the year		(88,146)	1,449,617	(180,274)	1,464,903
Net gain/(loss) in respect of pension schemes				(89,065)		(89,065)
Total comprehensive	income for the year		(88,146)	1,360,552	(180,274)	1,375,838

												Group	Group		Charity	Charity
												2022	2021		2022	2021
											Notes	E	E		E	E
Fixed Assets
Tangible		fixed assets									11,14	11,716,156	11,617,935		11,715,497	11,617,935
Investments											15	1	1		245,853	245,853
Goodwill											16	70,124	105,185
												11,786,281	11,723,121		11,961,350	11,863,788
Current Assets
Stock												21,096	7,541		19,971	6,598
Trade and			other		debtors						17	432,326	336,457		343,331	306,735
Cash and		cash equivalents										1,768,266	1,924,316		1,551,755	1,810,351
												2,221,688	2,268,314		1,915,057	2,123,684
Creditors:
Amounts		falling			due	within		one year				(1,176,848)	(861,315)		(1,116,085)	(836,023)
Net Current	Assets											1,044,840	1,406,999		798,972	1,287,661
Total assets	less			current		liabilities						12,&31,121	13,130,120		12,760,322	13,151,449
Creditors:
Amounts		falling			due	after		one	year		19	(6,882,846)	(7,093,699)		(6,882,846)	(7,093,699)
Total net assets												5,948,275	6,036,421		5,877,476	6,057,750
Reserves
Income and				expenditure			reserve					5,948,275	5,886,421		5,&77,476	5,907,750
Restricted			reserves										150,000			150,000
Total Reserves												5,948,275	6,036,421		5,&77,476	6,057,750
nancial	statements					ere		approved		bythe	board on 26 September 2022		andhave been signed	by;
PG Macdonald									1Currey
Chairman									Treasurer

			Income and
			expenditure	Restricted
			reserve	reserve	Total
			6	E	E
GROUP
Balance at 31March	2020		4,510,817	165,052	4,675,869
Total comprehensive	income for the year		16,241	1,344,311	1,360,552
Release of restricted	capital funds spent	in the year	1,359,363	(1,359,363)
Balance at 31March	2021		5,886,421	150,000	6,036,421
Total comprehensive	income for the year		(93,146)	5,000	(88,146)
Release of restricted	capital funds spent	in the year	155,000	(155,000}
Balance at 31March	2022		5,948,275		5,948,275
CHARITY
Balance at 31March	2020		4,516,860	165,052	4,681,912
Total comprehensive	income for the year		31,527	1,344,311	1,375,838
Release of restricted	capital funds spent	in the year	1,359,363	(1,359,363)
Balance at 31March	2021		5,907,750	150,000	6,057,750
Total comprehensive	income for the year		(185,274)	5,000	(180,274)
Release of restricted	capital funds spent	in the year	155,000	(155,000)
Balance at 31March	2022		5,877,476		5,877,476

						2022	2021
						6
Net cash (consumed in) /	generated	from operating			activities (as below)	308,836	1,444,770
Cash flow from investing	activitites
Purchase oftangible fixed assets						(395,256)	(1,853,433]
Interest received						887	2,165
Cash flow from financing	activitites
Loans advanced							994,000
Interest paid						(36,919)	(7,888)
Repayment of borrowings						(33r598)	(3,321)
Net change in cash and cash equivalents						(156,050)	576,293
Cash and cash equivalents	at beginning		of	the year		1,924,316	1,348,023
Cash and cash equivalents	at end of	the	year			1,768,266	1,924,316
Net cash flow generated from operating			activities		is calculated as:
Operating surplus/(deficit)	for the year					(45,829)	1,461,816
Adjustment for non-cash	items:
Depreciation oftangible fixed assets						284,175	201,174
Amortisation of goodwill						35,061	35,061
Deferral of capital grants							200,000
Release of deferred capital grants						(97,1&9)	(89,211)
Donation in kind							(550,000)
Adjustment to pension	liability on	change of discount rate				(29,769)	6,588
(Increase) / decrease	in stocks					(13,555)	707
(Increase) / decrease	in trade and	other		debtors		(95,868)	211,059
Increase / (decrease)	in trade and	other		creditors		258,951	(69,916)
Net (gain) / loss on disposal oftangible				fixed assets		12,859	37,492
Net cash generated from	operating activities					308,836	1,444,770

						Group and	Charity
Social housing income generated		by	accommodation	and		2022	2021
other housing support						E	E
Rent receivable excluding	voids					1,969,815	2,053,667
Accommodation charges	re supported		lodgings			139,139	173,157
Revenue grants						352,049	404,127
Release of deferred grant	income	(see	note 21)			93,401	89,211
Other housing income						197,986	185,290
Total housing income before interest			receivable			2,752,390	2,905,452
				Regulated	Non-
				Social Housing	Regulated	2022	2021
					E	E
GROUP
Turnover				2,752,390	1,781,981	4,534,371	5,369,751
Other operating income					11,798	11,798	123,639
Operating expenditure				(2,740,947)	(1,851,051)	(4,591,998)	(4,031,574)
Operating surplus / (deficit)				11,443	(57,272)	(45,829)	1,461,816
Interest and investment	income				887	887	2,165
Interest payable				(8,577)	(34,627)	(43,204)	(14,364)
Surplus / (deficit) for	the year			2,866	(91,012)	(88,146)	1,449,617
Rent losses from voids						113,205	173,809
CHARITY
Turnover				2,752,390	1,357,078	4,109,468	5,158,483
Other operating income					11,798	11,798	123,639
Operating expenditure				(2,740,947)	(1,518,276)	(4,259,223)	(3,805,016)
Operating surplus / (deficit)				11,443	(149,400)	(137,957)	1,477,106
Interest and investment	income				887	887	2,161
Interest payable				(8,577)	(34,627)	(43,204)	(14,364)
Surplus/ (deficit) for	the year			2,866	(183,140)	(180,274)	1,464,903
Rent losses from voids						113,205	173,809

The stock of social housing accommodation owned and managed	The stock of social housing accommodation owned and managed	The stock of social housing accommodation owned and managed	by YMCA Norfolk as a Registered	Social
Landlord at the beginning and end of the year was as		follows;
				2022	2021
				Number	Number
Supported housing and lodgings: Owned	and managed			142	141
Managed		but not owned		68	85
				210	226
NON-REGULATED GRANT INCOME				Group and	Charity
				2022	2021
				E	E
Turnover includes the following grants partly funding		specific activities:
Big Lottery Fund and European Social Fund, for On Track				98,498	101,808
Anguish's Educational Foundation, for Life Ready Norwich				92,295	24,709
Children in Need, for Life Ready Great Yarmouth				59,419
West Norfolk Clinical Commissioning Group, for SOS	Bus			40,175	16,296
Norfolk Museums Service, for Kick the Dust				29,548	22,918
Catton Grove Big Local, for youth clubs				14,426
Norwich City Council Grant, for Stepping Stones cafe				12,000	15,343
Active Norfolk, for various youth activities				11,709	17,250
Douglas Wood Charity, for Life Ready Great Yarmouth		Gardening	Project	10,563
One YMCA, Airplay project				10,514
Lord Cozens-Hardy Trust (forthe establishment of YMCA Aylsham			Road)	5,000	5,000
Youth Investment Fund, for Youth-West Partnership					173,772
Oak Grove Community Church, for youth clubs					5,500
Homeless Link					45,354
Norwich City Council Grant, for Pathways bedspace accomodation					20,000
National Lottery Community Covid-19, for On Line Delivery					10,000

5.	OPERATING 5URPLUS					Group		Charity
						2022	2021	2022	2021
						E	E	E	E
	The operating surplus is stated after		charging	/(crediting):
	Depreciation on housing properties					143,798	141,810	143,798	141,810
	Depreciation on other tangible fixed		assets			140,378	59,364	140,298	59,364
	(Gain) / loss on disposals of tangible		fixed assets			12,859	37,492	12,859	37,492
	Operating lease agreements					107,932	138,554	107,932	138,554
	Rent losses from bad debts					15,285	21,996	15,285	21,996
	Other bad debts						901
	Auditor's remuneration (including	irrecoverable		VAT):
	audit fees					10,&46	10,562	8,526	8,244
	non-audit fees					100	201
6.	INTEREST RECEIVABLE AND OTHER		INCOME					Group and Charity
								2022	2021
								E	E
	Interest receivable from deposits							887	2,162
7.	INTEREST PAYABLE AND FINANCING COSTS
	On loans wholly or partly repayable		in more than five years					36,919	7,650
	Interest on liability for pension deficit recovery			payments	(note	23)		6,285	6,714
								43,204	14,364

The remuneration paid to the	The remuneration paid to the	CEO is set out below:			Group and	Charity
					2022	2021
					E	E
CEO gross salary					60,956	58,243
CEO benefits-in-kind					105	1,116
CEO employer	pension contributions				3,098	6,437
Total					64,159	65,796
The aggregate	remuneration	for the four (2020-21.four) key management	personnel	(including	the CEO)
charged in the	year was:
Gross salaries					190,192	172,501
Pension contributions					18,462	17,253

EMPLOYEE	COSTS			Group		Charity	Charity
				2022	2021	2022	2021
				E	E	E	E
Wages and	salaries			2,185,898	1,915,796	2,131,521	1,867,989
Social security costs				160,047	146,995	155,110	142,494
Pension costs: current employees				161,522	155,317	156,638	150,5D6
				2,507,467	2,218,108	2,443,269	2,160,989
The average	number of employees	expressed	as full time
equivalents	(based on 37.5 hours	per week)	was	91	78	90	76
The average	number offull and part time persons
employed was				116	102	113	100

11.	TANGIBLE FIXEDASSETS	- HO	USI	NG PRO	PERTIES
	Social housing properties	held	for	letting:			Group and	Charity
						Freehold	Property	Total
							E	E
	Cost
	As at 31March 2021						10,143,452	10,143,452
	Additions						294,453	294,453
	Disposals						(3,458)	(3,458)
	As at 31 March 2022						10,434,447	10,434,447
	Depreciation
	As at31March 2021						1,315,894	1,315,894
	Charge for the year						143,798	143,798
	Eliminated on disposals						(713)	(713)
	As at31March 2022						1,458,979	1,458,979
	Net BookValue
	As at 31March 2022						8,975,468	8,975,468
	As at 31March 2021						8,827,558	8,827,558
							Group and	Charity
							2022	2021
							E	E
	The net book value of housing		properties		pledged as security for loan
	liabilities (see note 19)outstanding			at the year end was:			3,516,449	3,569,422
12.	SOCIAL HOUSING GRANTS
	Total accumulated social	housing		grant received or receivable at31March:			6,454,581	6,454,581
	Recognised in statement	ofcomprehensive			income		914,814	821,413
	Held as deferred income						5,473,471	5,434,280
	Held as Recycled Capital	Grant					66,296	198,888
							6,454,581	6,454,581
13.	EXPENDITURE ON WORKS TO		EXISTING		HOUSING PROPERTIES		2022	2021
							E	E
	Amounts capitalised						16,357	81,122
	Amounts charged to income and expenditure						206,513	163,757
							222,870	244,879

TANGIBLE FIXED ASSETS - OTHER
		Furniture
	Freehold	and	Motor
	Property	equipment	vehicles	Total
	E	E		E
CHARITY
Cost
As at 31March 2021	2,351,069	869,485	68,145	3,288,699
Additions	40,401	59,663		100,064
Disposals		(51,524)		(51,524)
As at 31March 2022	2,391,470	877,624	68,145	3,337,239
Depreciation
As at 31 March 2021		457,922	40,400	498,322
Charge for the year	45,299	89,450	5,549	140,298
Eliminated on disposals		(41,410)		(41,410)
As at 31March 2022	45,299	505,962	45,949	597,210
Net Book Value
As at 31March 2022	2,346,171	371,662	22,196	2,740,029
As at 31March 2021	2,351,069	411,563	27,745	2,790,377
GROUP
Cost
As at 31March 2021	2,351,069	869,485	68,145	3,288,699
Additions	40,401	60,402		100,803
Disposals		(51,524)		(51,524)
As at 31March 2022	2,391,470	878,363	68,145	3,337,978
Depreciation
As at 31March 2021		457,922	40,400	498,322
Charge for the year	45,299	89,530	5,549	140,378
Eliminated on disposals		(41,410)		(41,410)
As at 31March 2022	45,299	506,042	45,949	597,290
Net Book Value
As at 31March 2022	2,346,171	372,321	22,196	2,740,688
As at 31March 2021	2,351,069	411,563	27,745	2,790,377

INVESTMENTS	INVESTMENTS					Group		Charity
						2022	2021	2022	2021
						E	E	E	6
Investment	in	subsidiary	undertakings	at cost				245,852	245,852
Other unlisted		investment	- Norwich	Housing	Society Ltd			1	1
Tota I								245,853	245,853

GOODWILL			Group
			2022	2021
			E	E
Net book value	brought	forward	105,185	140,246
Amortisation:	charge for the year		(3S,061)	(35,061)
Net book value			70,124	105,1&5

17.	DEBTORS			Group		Charity	Charity
				2022	2021	2022	2021
				E	6	E	E
	Rent and service charges receivable			156,900	167,984	156,900	167,984
	Less: Bad debt provision			(51,176)	(57,517)	(51,176)	(57,517)
	Revenue grants receivable			123,951	121,113	123,951	121,113
	E-Leaming trade debtors			2,006	34,862
	Balances due from subsidiary undertaking					23,357	6,449
	Prepayments and accrued income			64,852	61,674	64,852	61,674
	Other debtors			135,793	8,341	25,447	7,032
				432,326	336,457	343,331	306,735
18.	CREDITORS: AMOUNTS FALLING	DUE WITHIN ONE YEAR
	Trade creditors			170,231	121,553	135,899	110,047
	Rent and service charges received in advance			87,930	80,323	87,930	80,323
	Taxation and social security			85,543	18,159	61,814	6,791
	Other creditors			14,272	6,803	14,272	6,903
	YMCA pension plan deficit contributions		(note 20)	41,173	42,508	41,173	42,508
	Accruals and deferred income			639,430	468,730	636,728	466,212
	Current portion of housing loan			642	585	642	585
	Current portion of bank loan			40,438	35,934	40,438	35,934
	Deferred grant income (note 21)			97,189	86,720	97,189	86,720
				1,176,848	861,31S	1,116,085	836,023
19.	CREDITORS: AMOUNTS FALLING	AFTER	MORE THAN ONE	YEAR		Group and	Charity
	YMCA pension plan deficit contributions		(note 20)			251,598	316,634
	Housing loan to be repaid within	five years				3,257	2,968
	Housing loan to be repaid after five years					71,157	71,978
	Bank loan to be repaid within five	years				174,549	169,351
	Bank loan to be repaid after five years					743,495	786,320
	Deferred grant income (note 21)					5,572,494	5,547,560
	Recycled Capital Grant Fund (note 22)					66,296	198,888
						6,882,846	7,093,699

PENSION LIABILITY	PENSION LIABILITY				Group and	Charity
					2022	2021
					E	E
Opening balance					359,142	298,412
Contributions	payable	in the	year		(42,887)	(41,638)
Adjustment	on change	in discount rate			(29,769)	6,5SS
Adjustment	following	triennia	I valuation	May 2020		89,065
Interest on	liability				6,2S5	6,714
					292,771	359,142

						Within	One	to two	Two to	five	After
						one year		years	years		five years	Total
						E		E		E	E	E
	As at 31March 2022					41,173		41,104	123,914		86,580	292,771
	As at 31March 2021					42,508		43,062	132,384		141,188	359,142
21.	DEFERRED GRANT INCOME											Group and	Charity
												2022	2021
												E	E
	As at31March	2021										5,634,280	5,523,491
	Grant transferred to YMCA				Norfolk	in the year							200,000
	Grant released	on disposal			of property
	Grant acquired	through	recylcing									132,592
	Recognised in statement			of comprehensive			income	- Social	housing			(93,401)	(89,211)
	Recognised in statement			of comprehensive			income	- Other				(3,788)
	As at 31March	2022										5,669,683	5,634,280
	Amounts to be	recognised		within one year								97,189	86,720
	Amounts to be	recognised		in more		than one	year					5,572,494	5,547,560
												5,669,683	5,634,280
22.	RECYCLED CAPITAL GRANT				FUND
	As at 31March	2021										198,888
	New grants to be recycled
	Grants recycled	in the year										(132,592)
	As at31March	2022										66,296

		2022	2021
		Number	Number
At beginning	of the year	28	29
New members	during the year
Leavers during the year
At end of the	year	27	28

Land and buildings:					2022	2021
					E	E
Leases with non-cancellable	periods	expiring	within one year		38,790	60,702
Leases with non-cancellable	periods	expiring	between	one and two years
Leases with non-cancellable	periods	expiring	between	two and five years	18,413	37,565
					57,203	98,267

				As at	Cash	Other	As at
				31March	flows	non-cash	31March
				2021		movements	2022
				f	E	E	E
Cash				1,924,316	(156,050)	-	1,768,266
Loans	due	within	one year	(36,519)	(4,561)	-	(41,080)
Loans	due	after	one year	(1,030,617)	38,159	-	(992,458)
				857,180	(122,452)		734,728

	is provide	d	below:
											2022	2021	2022	2021
											Surplus for	Surplus for
											the year	the year	Capital and	reserves
												E	E	E
	Josiah Vavasseur			YMCA Fund							1,057	6,942	42,066	41,009
	The Norwich		Lads'	Club							4,430	29,026	176,060	171,630
29.	FINANCIAL		INSTRUMENTS
	The group's		financial		instruments			may	be	analysed	as follows:
													2022	2021
													E	E
	Financial	assets:
	Financial	assets measured				at	amortised		cost				1,875,996	2,069,645
	Financial	liabilities:
	Financial	liabilities		measured			at	amortised		cost			1,291,699	1,269,012