Company Registration No. 02067523 (England and Wales) Charity Registration No. 801606 RSH No. H3868 Otsted Registration No. 2628543 YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 YMCA NORFOLK IA COMPANY LIMITED BY GUARANTEEI CONTENTS Pages Chair's report Chief Executive Officer's annual report Report of the directors {incorporating Strategic Report) 3-15 Auditor's report 16-18 Statements of comprehensive income 19 Statements of financial position 20 Statemev)ts of changes in reserves 21 Statement of cash flows 22 Notes to the financial statements 23-39 YMCA NORFOLK IA COMPANY LIMITED BY GUARANTEE) CHAIR'S REPORT This last year seems to have passed incredibly We are scratching the surface chaplaincy. youth quickly, perhaps in part due to the immense range of clubs. counselling, family support, a cafe on site at services and activities going on here at YMCA Aylsham Road drawing community together and all Norfolk. this before we think of so many young people housed across the county in our accommodation: in Kings Lynn, in Great Yarmouth and in Norwich. We are about transforming lives. working alongside young people and within communities and through our team of staff and volunteers have been involved We feel extremely privileged to play the part we do with so many people, delivered a number of projects amongst young people and within our communities and made a tangible difference evidenced by the nd we couldn't do itwithout our amazing staff team young people and communities themselves. Here and countless volunteers who care deeply and who are just three highlights- serve selfles51y. The vision of George Williams back in the mid-18005 lives on in Norfolk. Thank you to all who serve and support and make it possible. Our Muddy Puddles nursery cares directly for our youngest service users. What a difference it makes for parents and carers too who know their So finally and specifically, thank you 50 very much to youngsters are being looked after by people who the staff and volunteers for giving so much of care in an environrnent already recognised as one of themselves on a daily basis. You are making a the best in the County. The excitement at 8am each significant difference. To fellow Trustees. a massive weekday morning is palpable as the children look thank you. Your willingness to give up time and to forward to seeing our wonderful team of Nursery use your expertise and gifting to support the staff organisation and to provide servant hearted leadership is crucial as we as leaders seek to Our E-Learning team 5UPPOrt largely secondary aged demonstrate and drive forward the values we students who cannot be in a school setting for treasure so much. various reasons, supporting pathways to GCSES. interest only subjects such as art or small animal care as well as each of the key stage 1, 2 and 3 curricula. Qualif led teachers deliver tailor made les50ns often catering for individual requests and responding to unique interests. very recent initiative is our Professional PGMacdonald Therapeutic Pathway set up to reduce mental health Co-chair waiting lists across Norfolk and Waveney. At thetime of writing, we have already received almost 400 requestsforsupport. We expect number5to keep on growing. FJ Stuart Co -chair Aylsham Road. Norwich YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) CHIEF EXECUTIVE OFFICEWS ANNUAL REPORT YMCA Norfolk exists to serve the young people of Through Muddy Puddles and our Parent and Baby Norfolk. We have the honour of being there to group, we are able to support families at such a vital support them when they need it. It is they who time of their child's development. overcome trauma, the ch311enges in their lives and whose success we will celebrate at our annual Our Countywide youth gfOUPS continue to offef a celebration. Our role is to remain hope-filled for universal service providing a safe space for young them, to inspire and empower them on to achieve people to meet new people. try new activities and their goals. learn new skills. Through the provision of high-quality accessible services provided by our fantastic staff and volunteer team, we can do this through an eco-system of connected services, ensuring we offer holistic support. The charity remains in a strong financial position. During 2023-24 we were able to generate a small surplus to invest back into our mission. We also sold a property which was no longer suitable for single parent families. with the proceeds being re-invested through the purchase of new properties in 2024-25. During 2023-24 OLtr housing services provided young people with stability, safety and support to transition As we celebrate the impact we have had together, I to independent living. In our latest resident's survey would like to echo Philip & Fiona, our Co-chairs in 84% of young people said their lives are being their thanks to everyone involved. The passion of our transformed with the help of YMCA Norfolk. staff continues to motivate me. Our trustees and volunteers selflessly provide their time and expertise, YMCA Norfolk would not be as effective without them. During the year we realised 2 long held ambitions, to provide residents with a county wide Life Ready service and to provide dedicated support for our single parent families in our Umbrella propertie5. Both projects have secure funding for multiple years providing consistency for residents and employment security for staff. My hope is that a5 you read our annual report. you will see an organisation with a clear sense of purpose and ambition. The need for our services continues to grow in Our range of therapeutic services has increased as Norfolk. We celebrate the impact we have had but we launched the Professional Therapeutic Pathways we do not rest on our laurels. Our vision of seeing IPTPI coalition supporting young people stuck on an young people being able to belong, contribute and NHS waitin6 list, enabling them to receive timely and thrive is more relevant than ever. tailored support for their mental health. Muddy Puddles received Good at our first ever Ofsted inspection which is testament to the dedication of our staff. Research evidences how J Lee crucial the first 1.001 days of a child's life are. Chief Executive Officer YMCA NORFOLK {A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The directors have pleasure in submitting their annual report and the audited financial statements for the year ended 31 March 2024. Objectives and activitie5 YMCA is a Christian Federation which seeks to unite those who, regarding Jesus Christ as their God and Saviour according to the Holy Scriptures, desire to be His disciples in their faith and in their life, and to associate their efforts for the extension of His Kingdom. It welcomes into its fellowship persons of other religious faiths and of none. In accordance with its Christian values the YMCA stands for= A worldwide fellowship based on the equal value of all persons Respect and freedom for all. tolerance and understanding between people of different opinions Active concern for the needs of the community United effort by Christians of different traditions As the expression of its Christian purposes the YMCA aims to: Provide a welcome to members for themselves, in a meeting place which is theirs to share, where friendship5 can be made and counsel sought Develop activities which stimulate and challenge members in an environment that enables them to take responsibility and find a sense of achievement Involve all members in care and work for others Create opportunities for exchanging views, so that members can improve their understanding of the world, of themselves and of one another YMCA Norfolk Vision and Mission YMCA Norfolk's vision is to be an inclusive Christian organisation, transforming communities across Norfolk so that young people truly belong, contribute and thrive. The mission of YMCA Norfolk is to transform young lives. The vision and mission of the organisation are furthered by our staff and volunteers in line with our values which are to be: hope-filled, inspiring and empowering. The YMCA Federation Through its affiliation to YMCA England & Wales. YMCA Norfolk as an independent local charity is part of the YMCA Federation, which was founded in 1844, celebrating 180 years of the worldwide YMCA Movement. The Federation is the largest and oldest youth charity in the world working in 120 countries reaching 65 million people worldwide. In England and Wales there are 85 YMCAS supporting people in housing and hornelessness. sport, health, exercise and fitness, education and skills, and much more. YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Reference and administrative details The company is a registered charity. a registered social housing provider within the meaning of the Housing and Regeneration Act 2008 and a registered provider of childcare services. Charity registration number-. Company reBistration number.. RSH NL6mber: Ofsted registration number: Registered office.. 801606 02067523 H3868 2628543 YMCA Norfolk. 61a Aylsham Road, Norwich, NR3 2HF Our advisers Auditors: Price Bailey LLP. 36 Tyndall Court, Commerce Road, Lynch Wood. Peterborough, PE2 6LR Bankers: Barclays Bank PLC, Whitefriars. Notwich, NR3 IRJ Management and governance The company is governed by a Memorandum and Articles of Association dated 27 October 1986 as amended by Special Resolution dated 29 January 2010. The association was formed in 1856. Directors The directors who have served during and after the year are as follows. J Branford C Copsey (resigned 15 July 20231 J Currev R Fenton GJ Green (resigned 12 June 2023) FP Harmer NL Ingham PG Macdonald (appointed 14 November 2023} E Ounounou- Cousins RW Pennington A Rusbridge Iresigned 23 October 2023) RA Scott FJ Stuart YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORTI FOR THE YEAR ENDED 31 MARCH 2024 The trustees act as directors of the company and are appointed by election from the membership by simple ballot at the AGM. They serve for a period of three years and then become eligible for re-election for two further periods of three years. The Treasurer and President of the Association are elected annually by simple majority of all the members present at the AGM. The Chair of the Board is elected by the directors by simple majority at the first meeting of the Board after the AGM. The governance of the company is regulated by the Charity Commission, the Regulator of Social Housing and Ofsted. The Board of Directors ensures that its lay leadership is appropriately trained and qualified. During the year ended 31 March 2024 it delivered the implementation of its policies and strategic vision through the following sub-committees, each chaired by a trustee: Audit and Remuneration Committee Finance and Resources Committee Compliance and Performance Committee J Currey J Currey RW Pennington Principal officers President.. Chair: Co-chair: Co-chair: Treasurer.. General the Lord Dannatt GCB CBE MC DL FJ Stuart (until 11 December 2023) FJ Stuart (Co-chair from 11 December 20231 PG Macdonald (appointed 11 December 20231 J Currey Key management personnel Chief Executive Officer: JLee Compliance with the Regulator of Social Housing Regulatory Standards The Board of Directors have undertaken a review to ensure compliance with the Standard5. No material breache5 have been highlighted a5 a result of this review. YMCA Norfolk has adopted the Charity Governance Code 2020. During 2023/24 the Board of Trustees completed a self-assessment against the code. This evidenced significant areas of strength alongside some areas which required further development. The review resulted in an action plan which the Co-chairs have led. Director induction and training On appointment a new director is provided with copies of relevant documents including the Articles of Association, YMCA Norfolk Board Members Handbook. a list of Policies including the Finance Policy, and the Charity Commission leaflet CC3- (The Essential Trustee- What you need to knowl. Directors are encouraged to read Euidance published by the YMCA Federation. the Regulator of Social Housing, Ofsted and the Charity Commission and to attend courses designed to keep them abreast of their duties and responsibilities. In addition. the Board of YMCA Norfolk arranges, at least once a year, training sessions to deal with current issues of concern and strategic importance. Members are also encouraged to attend national YMCA gatherings in order to broaden their understanding of the national and international YMCA Federation. YMCA NORFOLK IA COMPANY LIMITED BY GUARANTEE} REPORT OF THE DIRECTORS {INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Public benefit The directors confirm that, in exercising their powers and duties, they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission. Significant activities undertaken during the year to further its charitable purposes for the public benefit were: l. Housing assistance and support to 378 single people and single parent families who are otherwise homeless, provided in residential centres in Norwich. Great Yarmouth and King's Lynn as well as in dispersed locations across the county of Norfolk. This was provided in= 141 units owned 63 units managed {but not owned) 2. Personal development and positive activities for youn8 vulnerable people, including: An engagement programme to help young people grow their self-esteem, team working and resilience A varied programme of life skills activities including independent living ski115 Employability programmes leading to young people securing employment or volunteering opportunities Support to help young people engage in training and education 3. Therapeutic and family support, including: Intensive support for 83 school children Support for 25 single parent families in our Umbrella properties Therapeutic support for 303 young people 4. Development opportunities and sUPPOrt for young people= Youth work undertaken in youth clubs with 407 young people Youth projects and engagement work with 300 young people Early Years childcare provision to 173 children Mental health support and awareness raising in schools, and direct support to young people through wellbeing services with referrals received under a new waitlist initiative Support for teachers and other professionals to support young people with mental health issues including delivery of Mental Health First Aid and Youth Mental Health First Aid training Provision of the SOS bus for interactions with young people in the Kings Lynn night-time economy, with referrals for additional 5UPPOrt including debt advice and other agencies. YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS {INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Value for Money statement 2023-24 The format of this statement reflects the publication in April 2018 by the Regulator of Social Housing IRSH} of a Value for Money Standard for registered providers. Performance against YMCA Norfolk value for money targets and those specified by the RSH is summarised below,- comments on performance are provided in respect of those metrics which are most appropriate for YMCA Norfolk (Group). Metrics specified by the regulator: Sector 2023-24 2022-23 2021-22 2022-23 l Reinvestment % Investment in housing properties in the year as a percentage of the gross book value at the year end 2A New supply delivered (social housing unitsl The number of social housing units acquired or developed in the year as a proportion of total social housing units owned at the year end 28 New supply delivered Inon-social housing units) 3 Geartng % Net debt (loans- cashl as a percentage of the gross value of housing properties 4 Earnings before interest, tax. depreciation, and arnortisation {EBITDA, major repairs includedl interest cover % The level of surplus generated compared to interest payable 5 Headline social housing cost per unit 6A Operating margin (social housing lettings only) % 6B Operating margin (overall) % 7 Return on capital employed % 0.5% 2.1% 2.8% 7.1% Nil 2.1% 0.7% 5.1% Nil Nil Nil Nil -10.3% -3.5% -7.0Y. 11.4% 1.227% £15.475 £13,995 £13.052 £17,915 -12.9% -0.8% 0.9¥0 3.5% 410% 359Yo 47% 5.4% -0.3% -0.7% 1.3% 5.1% -0.2% -0.4% i.o% Other YMCA Norfolk value for money targets: 8 Occupancy of owned and leased properties Target 95.0% 94.3% 93.9% 94.6% N/A 9 EBITDA % The level of surplus generated as a percentage of turnover 10.0% 9.1% 3.4% 3.4% 0.1% YMCA Norfolk seeks to return a surplus in its work, to generate funds to reinvest in future services. In respect of Regu13ted Social Housing activity, a surplus was returned in 2023-24 due to the gain on disposal of one of our housing properties, which will be replaced by the purchase of new units in the next 12 months. YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Value for Money statement 2023-24 {continued) Sector comparator figures have been derived from providers, Value for Money metrics for 2022-23 published by the RSH in March 2024, which included all registered providers with more than 1,000 properties. The comparator figures 3re calculated as weighted averages of the published consolidated metrics for the eight providers included where at least 70Yo of the units owned or managed were supported housing units. We believe that we achieve added value through the range of services and activities that we provide. Many of the young people and families we support have complex needs including those affected by homelessness, family breakdown, domestic violence, isolation, disrupted education, offending and poor physical and mental health. Our services directly impact on their life chance5. Although difficult to quantify, we are confident in claiming that our services also prevent or reduce the need for other interventions both short and long term with obvious benefits for individuals as well as the public purse. Our business model is based on seeking to make a surplus in our work to reinvest in future services. As a charity. we also fundraise for projects that meet specific needs in our community, with unrestricted fundra i5ed income targeted to add value to our existing work and to support costs that can be difficult to secure grant fundraising to cover. In addition to fundraised income, we seek to generate resources through the organisation's trading operations. Overall, we are seeking a balance of funding that enables us to operate 5UStainably at scale and ensure that we can utilise economies of scale and complementary funding to offer our funders and customers even better value for money. Fundraising YMCA Norfolk follows the Chartered Institute of Fundraising's voluntary Code of Fundraising Practice. The Finance and Resources Committee monitors and oversees fundraising activity on behalf of the Board, and the in-house fundraising team reports to each meeting of the committee on fundraising activitie5. Any proposals for new fundraising initiatives are considered by the committee and approved by the Board of trLtstees before implementation. YMCA Norfolk did not enlist the services of external professional fundraisers in the year. Development and performance YMCA Norfolk housed 378 young people over the course of the year. 153 young people moved out of our housing services,. 69.5Yo of these moves occurred in a planned positive way. We work hard to minimise evictions and use restorative approaches to restore re5ation5hips but due to the chaotic behaviours of proportion of our client group, there is a high risk of evictions. During the year there were 37 evictions across all services, which was due to significant breaches of occupancy agreements, including severe rent arrears and violent behaviour. Key performance data: Over 67,991 bedspace nights were offered across the year Occupancy averaged 94% across our owned and leased properties 98.5¥0 of rent due was collected. YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS IINCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Development and performance (continued) The Board had a strategic plan for 2023-26, to deliver our mission to transfvrm young lives. The plan consists of three main elements, set out below. Transform Young Lives We will grow our services so that more young people and families receive the support they need. Across all our services we will ensure the highest standards of support, we can evidence our impact and that we involve young people in shaping our work. During 2023124 We worked with 1.665 unique clients Anonymous interactions increased to 20,259 individuals over the course of the year through our SOS Bus service and our work with schools. Young people accessing therapeutic support through our range of services increased to 303 individuals Early Years nursery provision grew to serve 173 children during the year with Muddy Puddles achieving Good in its first Ofsted inspection. We supported 249 students through our ELS service We enhanced the use of the Community Hub at Aylsham Road, Norwich through parent and baby groups. We increased our Housing First provision, the first Housing First service for young people in Norfolk, to 5 units available for clients with complex needs in Norwich during the year. Our chaplaincy support for residents grew to support residents in Kings Lynn and Great Yarmouth, alongside our Norwich residents. Sustainable Growth We will increase our income from our commercial entities to enable us to generate a surplus to invest back into our mission. Across all teams we will ensure the most effective use of our charitable resources, ensure a contribution towards shared costs, reducing our environment impact and increasing awareness of our work. The E-Learnin8 Service grew further, providing education to a greater number of school-age children, whilst generating increased resources to channel into new opportunities. Trading activity at Aylsham Road through Muddy Puddles nursery, Williams Kitchen cafe and Explorers soft play grew to generate surpluses to resource the broader mission We invested capital to increase the energy efficiency of 2 of our residential properties. Enhance Staff Experience We will be a distinctive Christian organisation where staff feel they belong, know how they contribute to the mission and thrive as individuals. In our annual staff survey. 82.9% of staff believe that YMCA Norfolk lives up to its values. We have increased our chaplaincy service which is now available to staff YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIREcfoRS (INCORPORATING STRATEGIC REPORn FOR THE YEAR ENDED 31 MARCH 2024 We have delivered Mental Health First Aid training help equip staff to better sUPPOrt each other and those we serve. 4 apprenticeship opportunities were offered to staff We supported 3 Young People with work experience placements in Williams, Kitchen A comprehensive review of our salaries was completed to ensure that we offer a competitive salary for the local charity sector. Contribution of volunteers DurinE the year the charity had 46 volunteers donating over 2,070 hours of their time and expertise. The directors acknowledEe the valuable contribution made by all its volunteers. In addition to this the directors very much appreciate the monetary donations given by so many organisations, trusts and individuals. io YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Principal risks and uncertainties The directors conduct a review of the company's activities on a quarterly basis including an assessment of the risks to which it is exposed. The assessment of risks encompasses a methodical appraisal of the likelihood of occurrence of each event and the significance of its potential impact. This assessment provides the direction for action to manage the risks identified in order to minimise or mitigate their impact. This approach 15 reinforced through regular formal methodical reviews including a stress testing exercise recommended by the Regulator of Social Housing. The most Significant risks identified are: Our ability to continue to deliver vital services in the context of reductions in public sector funding for non-statutory work with children, young people and families. Increased reliance on short-term contracts. Safeguarding, considering the vulnerable children. young people and families with whom we work. Rent arrears open us up to the risk of not securing income we are owed for services delivered and represent a risk of eviction for young people and families. The directors have approved a strategy that seeks to manage risks and monitor relevant performance on a quarterly basis. Action to manage the risks includes- Diversifyin8 our income sources and growing the proportion of non-public sector sources to better manage reductions in individual streams of income, particularly from the public sector. Working with commissioning authorities to maximise the opportunities for renewal of short-term contracts. Self-assessment of safeguarding and independent scrutiny of practice through the Norfolk Safeguarding Children Board sll review. both on an annual basis. Update reports are provided to each directors, meeting. Establishing targets for each housing service for former and current tenant debt, and action plans for income recovery. Monitoring reports are provided to each governance committee meeting. Directors, statement on internal controls The directors acknowledge their ultimate responsibility for ensuring that the company has in place a system of controls that is appropriate to the variou5 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. the maintenance of proper accounting records- and the safeguarding of assets against unauthorised use or disposition. li YMCA NORFOLK {A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Directors. statement on internal controls (continued) It is the directors, responsibility to establish and maintain systems of internal controls. Such systems can only provide reasonable and not absolute assurance against material financial mi55tatement or Ioss. 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 exist 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 infomiation and 5i8nificant variances from budgets are investigated as appropriate. all significant new initiatives, major commitment and investment projects are subject to formal authorisation procedures. the Finance and Resources Committee reviews reports from management to provide reasonable assurance that control procedures are in place and are being followed. The Finance and Resources Committee makes regular reports to the Board. In addition. the Board review reports on risk assessment and management at every meeting. The Audit and Remuneration Committee is responsible for liaising with the extemal auditors and ensuring that significant findings and recommendations are received. discussed and acted upon by the directors. Formal procedures have been established for instituting appropriate action to correct weaknesses identified from the above reports. In respect of the year ended 31 March 2024. no weaknesses were found in internal controls which resulted in material10sses, contingencies, or uncertainties which require disclosure in the financial Statements or in the auditors, report on the financial statements. Financlal review Group turnover increased by £l.Im as a result of the continued growth of our trading operations at Aylsham Road and The E-Learning Service, plus income from the sale of a housing property which achieved a gain on disposal of £409k. The sale pro￿ed5 will be used to purchase replacement housing units in the next twelve months. Group expenditure increased by c£O.4m due to the impact of inflation on the cost of providing services, which was partially offset by the reduction in the YMCA pension fund deficit liability of £102k. The overall group result for the year was a surplus of £659k compared to a deficit of £62k in the previous year. 12 YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIREcfoRS {INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Reserves policy The directors seek to maintain free reserves in unrestricted funds at a ran8e of between eight- and twelve- weeks. budgeted expenditure. The directors consider that this level will provide sufficient funds to respond to fluctuations in irbcome levels and in the financial performance of the company. while enabling funds to be utilised for public benefit in accordance with its charitable objectives. The directors seek to maintain group reserves at around this level by setting and approving annual budgets consistent with the reserves policy and by monitoring financial performance against budget. For this purpose, free reserves are measured by net current assets excluding any element represented bv restricted reserves. This measure excludes funds tied up in tangible fixed assets and exclude5 the extent to which long-term liabilities, principally those resulting from the external funding of tangible fixed assets, fall due after more than one year. At the time of approving the financial statements for the year ended 31 March 2024, the directors assessed that the target level of free reseNes was between £940,000 (eight weeks) and £1,410,000 {twelve weeks) based on the expenditure budget approved for 2024-25. Free reseNes on the basis described above amounted to £1.573,000 on 31 March 2024. and was just above the target range. Investment policy YMCA Norfolk seeks to maximise potential returns from its cash and other investments to further support the ongoing aims of the charity, within approved levels of risk whilst at the same time maintaining the cash required for current expenditure. For this purpose, investments include cash balances. The Finance and Resources Committee is responsible for overseeing all investment of funds ofthe Association. The Committee is responsible for considering whether and when to invest, and in what investment product. having due regard to the risk profile, potential returns. historic performance and fund make-up of a potential investment. Recommendations concerning investments may be made to the Board for approval. Additionally, the Finance and Resources Committee may seek external advice or may recommend to the Board the appointment of Professional Fund Managers. The Association will not seek to increase interest income by deliberately delaying payments to creditors beyond agreed terms. The Chief Finance Officer will report to the Chief Executive Officer and Finance and Resources Committee regularly on the activities of the Treasury Management operation and on the exercise of Treasury Management powers delegated to them including monitoring and compliance. Performance of YMCA Norfolk's investments is reviewed and considered by the Finance and Resources Committee in such reports as necessary to enable the Committee to carry out their responsibilities effectively. 13 YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Ethical considerations form an important part of YMCA Norfolk's investment management process, to ensure that investments align with its Christian Aims and Purposes. As such, YMCA Norfolk will never knowingly invest funds in unethical businesses. The Association accepts, however. that investing funds through certain investment products may result in investment holdings in companies and businesses that YMCA Norfolk would otherwise choose not to invest in. Wherever possible, YMCA Norfolk will seek to minimise its exposure to this through consideration of the fund make-up and strategy of any potential investment product being considered. YMCA Norfolk's investments may be in the form of Cash or Other Investments. with cash reserves being held in low-risk accounts and fund5. Charitable giving The company made no donations during the year. Maintenance and repairs Maintenance and repairs consist mainly of day-to-day repairs and planned maintenance (internal decorations, cyclical maintenance and major repairs). Major repairs are funded through revenue on a planned cyclical basis. Director5, responsibilities for the financial statements The directors are responsible for preparing this report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the directors to prepare financial statements for each financial year, which give a true and fair view of the state of affair5 of the company and of the surplus or deficit for that period. In preparing those financial ststements, the directors are required to= select suitable accounting policies and then apply them consistently. make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards 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 company will continue in business. The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to 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 2019. They are also responsible for safeguarding the assets of the company and for taking reasonable steps for the prevention and detection of fraud and other irregularities. 14 YMCA NORFOLK IA COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIREcfoRS (INCORPORATING STRATEGIC REPORTI FOR THE YEAR ENDED 31 MARCH 2024 Statement on disclosure of information to the auditors So far as each director is aware, there is no relevant audit information of which the companrfs aLtditors are unaware. Each dirertor has taken all the steps that they ought to have taken in their duty as 3 director in order to make themselves aware of any relevant audit inforniation and to establish that the company's auditors are aware of that information. ON BEHALF OF THE BOARD PG Macdonald Co-chair FJ Stuart Co-chair Aylsham Road. Norwich Date: 23 September 2024 15 YMCA NORFOLK IA COMPANY UMITED BY GUARANTEEI INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF YMCA NORFOLK Opinion We have audited the financial statement5 of YMCA Norfolk Ithe 'parent companll and its subsidiary Ithe 'grotJp'l for the year ended 31 March 2024 which comprise the Statement of Comprehensive Incorne. the Statement of Financial Position, the Cash Flow Statement and the notes to the financial statements. including a summary of 5iBnificant 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 Finonciol Reporting Standord applic(Jble in the UK ond Republic of Irelond (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the group's and of the parent company's affairs as at 31 MaTch 2024, and of its incoming resources and 3pplication of resources. including it5 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 reqvirements of the Companie5 Act 2006. the Housing and Regeneration Act 2008 and the Accounting Dirertion for private registered providefs of social housing in England 2022. Basis for opsnion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and hpplicable law. Our responsibilities under those standard5 are further described in the Aud4tols responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical reqvirements that are relevant to our audit of the financial statements in the UK, including the FRUS 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 finantial statements, we have concluded that the Board's use of the going concern bas15 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 doubt on the group'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 8nd 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 statement5 and our auditor's report thereon. The Board is responsible for the other information contained within the annual report. Our opinion on the fivancial statement5 does not cover the other information and. except to the extent otherwise explicitly stated in our report. we do not expTess any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 16 YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF YMCA NORFOLK Opinions on oiher matters prescribed by the Companies Art 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the report of the director5 {incorporating the strategic report) for the financial year for which the financial statements are Prepared is consistent with the financial statements,. and the report of the directors (incorporating the strategic report) has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of our knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the report of the directors lincorporatin8 the strategic 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 company or returns adequate for our 3udit have not been received from branches not visited by u5- or the parent company financial statements are not in agreement with the accounting records and returns- or certain disclosures of direttors, remuneration specified by law are not made- or we have not received all the informatlon 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. Responsibilitles of the board As explained more fully in the board's responsibilities statement set out on page 13, the board members Iwho are also directors for the purposes of charity lawl are responsible for the preparation of the financial statements and for being satlsfied that they give a true and fair view, and for such internal contfol as the board determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparin8 the financial statements, the board is responsible for assessing the group's and the parent company's ability to continue as a going concern. disclosing, as applicable. matters related ro going concern and using the going concefn basis of accounting unless the board either intend5 to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. 17 YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YMCA NORFOLK Auditols responsibilitie5 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 i55ue an auditorfs 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 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered Tnaterial if, individ¥Jally 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.7211 Cash flow from invÉstln8 activlties Purchase of tangible fixed assets Sale of tan￿ble fixed assets Interest received 195,2501 1298,3131 437,435 909 37,706 12,799 Cash flow from finan¢Trr$8 activities Interest paid Repayment of borrowings 134,3151 142,5171 135,5561 141,0801 Net thange in cash and cash equivalents 664,763 1401.9621 Cash and cash equivalents ?t begbnning of the year 1,366,304 1,768.266 Cash at)d ash equi¥alents at end of the year 2.031,067 1,366,304 Net cash flow generated from operatin8activÉlies Is calculated a5: Operatlrtg surpluslldeficitl for the year 667.526 130.9011 Adjustment for ftonsumption of support costs across the regulated and non re8ulated actyvities of the organisation. Support costs have been appgrtioned in proportion to the direct staffing costs of the revenue-eeneratinE activities. 25 YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 PRINCIPAL ACCOUNTING POLICIES Iconlinuedl 1.14 Operatfjng leases Renta15 applicable to operating leases where subsequently all the benefitsand risks of ownership remain with the lessor are charged to the 5tstement of comprehenssve income. 1.15 Stod( Stock 15 valued at the lower of cost and net lealisable value. 1.16 Pension sthemes YMCA Norfolk participated in a multi*mployef defined benefit penslon plan for employee5 ofYMCAs in England, Scotland and Wales, which was clgsed to new members and accruals on 30 April 20)7. The plan's actuary has advised that it is not possible to separately identify the asset5 and liabtlities ielatingto Norfolk YMCA. As dèscribed in note 23 YMCA Norfolk ha5 8 contrattual obligaiion to make pension deficit payments overthe period to April 2027 12023.. to April 20291, and this is shown as a liability in thèse accounts. In addttion, YMCA Norfolk is required to contribute to the operating exper>ses of the Pension Plan and these cost5 are char8ed to the Statement of Comprehensive Income as mède. The group also operates a number of defined tontribution schemes and an auto enrolment stheme for the benefitofits employees. COntrib￿tiOnS afe charged to the statement of comprehensive income as they are paid. 1.17 Flnancial Instruments The group only has financial instruments which meet thè criteri3 of a basscfinanctal instrument as defined by Settion 11 of FRS 102. Short term debtors are rneasured at transaction price le55 any impairment. Loans receivable are measured initially atfairvalue, net of transaction costs. and are subsequently measLs¥ed at amortised cost Ltsing the effective interest method. less any impairmeTht. Shorttèrm CTediiOfS are measured atthe transactions price, other financial liabiltties iDcluding bank loans are initially measured at fair value. fiet of transaction costs, and are subsequently measured at amortised c05t using the effertive interest method. 1.18 Impairment Reviews for impairment of houslng propertie5 are carried out when a trigger has occurred and any impairment lo￿ in a cash genecating unit is recognised by a ¢harge to the statement of comprehensive tneome. Impèimient is recognised wheTÈ the Cafrylllg value of a cash generating unit exceedsthe higher of its net realisable value or its value in use. A cash generatin8 unit 15 normallv an individual property whose cash income can be separately identified. Following a trigger for impairment, the 8roup perforrns imp3Frment tests based on faiT ¥alue less c05t5 to sell oi a value in use calculatton. The lairvalue less coststo sell calculation is based on available data from sale5 transactions in an arm'5 length transact+on on ￿￿lIar cash generatin8 units Ipropertiesl or observable market prices less incrementsl costs for disposing of the The value in use calculation 15 based on either3 deprecFated replacement cost or a discounted cashflow mode1. The dèpreciated replacement cosi is based on available data of the cost of construrting oi affjuiring replacement properties to provide the same level of seTvice potential to the group a5 the existing prope￿. 26 YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 PRINCIPAL ACCOUNTING POLICIES Iconiinued) 1.19 Reserves The balance on the Income and expenditure account reserye represents the accumulaied surplu5 including surpluses on the sale of propertles. The re5Èrve may be ulilised entirely at the discretion of the group's officers. It is intended that the charity's general reserves will be Lttilised to extend the charitsble pyrpose5 01 YMCA Norfolk in support olits WO￿ with young people. 1.20 Donated Land Land and donaied assets from non-government sou¥ces are recognised as income. Initial recognition 15 rneasured at faiT value at the time of the donation. 27 YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 SOCIAL HOUSING TURNOVER AND cosrs Group and Charity 2024 2023 social housing income generated by accommodation and other hoysing support Rent receivable excludingvoids Accommodation charge5 re supporled lodgings Revenue grants Release of defefred grant if¢come (see note 211 OthEr housing incorre 2,258.051 103,484 452,786 67,566 204,502 2,066,003 117,976 424,484 95.789 196,925 Total housin8 income before inleresl rèceivable 3,086,389 2,901,Iri Regulated Social Housing Non- Regulated 2024 2023 GROUP Turnover 3.086,389 1.851,822 5,938,Zll 5.178.082 Gain on disposal of housing property 330.747 330,747 Operatin8 expenditure I3,156,8￿} 12,444.6321 15,601,432) 15.208,9831 Opèrating surplus I IdeficStl 260.336 407,190 667,526 130.9011 Interest 3nd investrnent income Interest payable 37,706 136.9031 37,706 {46,4291 12,799 143,6071 (9.5261 Surplus I Ideficitl for the year 250,810 407.993 658A03 161,7091 RÈnt105sÈs from volds 135,706 133,268 CHARITY Turnover 3.086.389 2.348.981 5.435.370 4.797,731 Gain on disposal of housing property 330.747 330.747 Operating expenditure 13,156.8001 11.940.086) 15,096,886) 14,840,349) Operating surplus I (deficit) 260.336 408.895 669,231 142,6181 Interest and investment income Interest payable 37.7C 136,903) 37,706 146,4291 12,799 143,6Q71 19.5161 Surplus I Idèflcltl for the year 250.810 409.698 660,508 173,4261 Rent losses from voids 135.706 133,268 28 YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ACCOMMODATION IN MANAGEMENT The stock of social housing accommodation owned ènd managed by YMCA Norfolk as a ReBTstered Social Landloid at the beBinnift8 and end of the year was as follows". 2024 Number 2023 Number Supported housin8and lodwng5'. Owned and managed Managed but notowned 141 63 145 65 204 210 NON-REGULATED GRANT INCOME Group and Charlty 2024 2023 Turnover includes the followin8 8Tants partly fundingspecific actavities.. Big lottery Fund and European Social Fvnd. fow On Track Anguish's Educational Foundation, for bfe Ready Norwtth Alan 8oswell, foT Life Ready Great Yamiouth Hope5tead, for Life Ready Great Yam)outh NHS Norfolk & Waveney Integrated Care Board, forSOS Bus Norfolk Museums Service. for Kickthe Dust Catton Grove 8ig Local, for youth clubs Active Norfolk, for various youth artivitie5 One YMCA. Airplay project YMCA England & Wales. Cadent Projert Community Fund National Lottery. for tife Ready. Work Ready Loid Cozens-Hardy Trust Iforthe establishment of ym￿ Aylsharn Road) 4.433 48.711 76,639 66.671 13,693 9.997 49,780 28,977 13,775 8.663 35.489 37.4?6 7.950 8,026 37,951 ois 37.954 5,OCQ 29 YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 OPERATING SURPLUS Group 2024 Charity 2024 2023 1023 The operating surplus is stated after char￿n￿l Icreditin8)'. Depreciation on housing properties Depreciation on othertangible fixed assets IGainl / loss on disposa15 of tangible fixed assets Operating lease agreement5 Rent losses from bad debts Other bad debts Auditoi's remuneration (including tirecoverable VATI.. audit lees non-audit fees 149.821 115.083 1328,9151 111927 35.958 151,189 129,561 15.518 95.232 14.554 149,821 114,830 1328,9151 112,927 35,958 151,189 129,405 15,518 95.232 14.554 1,006 11.280 217 10,589 210 8,762 8.340 INTEREST RECENABLE AND OTHER INCOME Group and Charlty 2024 2023 Interest receivable from deposits 37.706 12,799 INTEREST PAYABLE AhlD FINANCING COSTS On103n5 wholly or partly repayable in more than five years Interest on liabilityfor pen￿0￿ defscit recovery payments (note 231 34,315 12,114 3S.556 8,051 46,429 43.607 30 YMCA NORFOLK {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 KEY MANAGEMENTPERSONNEL Key management personnel are defined as board members. the charity's Chief Exe¢utive Officer ICEOI and any other person who is a member of the executive team. The ¥emuner3tion paid to the CEO 15 Set out below= Group and Charlty 2024 2023 CEO grosssalary CEO beneftts-in-kind CEO employer pension contributions 65,9S9 91 3,628 61,559 91 3.358 Tota5 69.678 65.008 The a88regate remuneratton lor the four12022-23.. threel key management per59nnel lincluding the CEO) ch3Tged in the year was.. Gross salaries Pension contributions 213,229 17,761 160.022 15,732 The gross sa13ries and pensioft contributions reported above rellect salary sacrifice arrangements under which, in common with other employees, key management personnel have sacrificed amotsnts of pay in return for additional employer pension ¢ontiibutions. The Audit antj Remuneration Committee leadsthe £on5ider3tion of the pay and temunetation of key personnel taking due regard of internal salary b8nds. benchm3rkin8 With other YMCAS nationally and other charitable organisations. The Audit artd Remuneration Committee makes ieeommendations forthe Board of Trusteesto review on an annual basis. The CEO is the only employee paid in excess of £60,COJ. No iemuneralion was paid to Trustees. EMPLOYEE COSTS Group 2024 Charity 202d 2023 2023 Woges and 5alarie5 Social 5ecvritV C95ts Pension costs.. currentemployees 2.481033 191.040 177.473 2,504.991 197.042 181.469 2,394,769 183,112 169,265 2,436,405 190,718 175,201 2.850.546 2.883.S02 2,747.146 2.802.324 The average number of employees expressed as full time equivalents Ibased on 37.5 hours per weekl was 93 92 92 The avera8t numbei of full and part time person5 employed was 146 126 143 123 31 YMCA NORFOLK {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10, TAXATION YMCA Norfolk is a re￿stered charity and only applies its fvnds in accordance with its tharitable objectives, therefore corporation tax Is not chargeable. 11. TANGIBLE FIXED A55ETS- HOUSING PROPERTIES Social housing properties held for letting.. Group and Char4ty Freehold Property Total C05t As at 31 March 2023 Additions Disposals 10,645.508 10,645.508 52,009 52.009 {155,9841 1155.9841 A5 at 31 March 2024 10.541,533 10.541,533 Depreclatlon A5 at 31 March 2023 Charge for the year Eliminated on disposals 1,606,101 149,821 156.6191 1.606.101 149,821 156,6191 at 31 March 2024 1.699,303 1,699,303 Net Book Value As at 31 March 2024 8,842.210 8,842,230 As at 31 March 2023 9.039,407 9,039,407 Group and Charlty 2024 2023 The nei book value of housing propertles pledged as security for loan liabilities Isèe note 191 outstanding at the year end was= 3,428.271 3.463.422 12. SOCIAL HOUSING GRANTS Total accvmulated social htsusinggrant received or re￿1¥able at 31 Maich= 6.454,581 6,454.581 Recognised in 5t8tÈment of comp￿hen$1ve income 1.078,169 1,010.603 Held 35 deferred income 5,360,476 5,443.978 Held as Recycled Capital Grant 15,936 6.454,581 6.454,581 13. EXPENDITURE ON WORKS TO EXISTING HOUSING PROPERTIE5 2024 2023 Amounts capstalised Amounts charged to inrome and expenditure 52,009 2￿.977 59,532 266,939 334.986 326,471 32 YMCA NORFOLK IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCtrI 2024 14. TANGIOLE FIXED ASSETS- OTHER Furnlture Freehold and Property equipment Motor vehlcles Total CHARirY Cost As at 31 March 2023 Additions Disposals 2,41)J.693 867,002 42.932 19,2931 68.145 3.335,840 42,932 19.2931 As at 31 March 2024 2.4Q),693 )0.641 68,145 3,369.479 Depredation As at 31 March 2023 Chèrge for the year Elirninated on disposals 90,783 45.484 S18,(KJO 65.795 11381 50.388 3,551 659.171 114,830 11381 As at 31 March 2024 136,267 583,657 53.939 773,863 Net Book Value As at 31 March 2024 2.264,426 316,984 14.206 2,595,616 As at 31 March 2023 2.309.910 349,002 17.757 2.676,669 GROUP Cost A5 at 31 March 2023 Additions Disposals 2.4(M).693 868.453 43.241 19.2931 68,145 3,337,291 43,241 19.2931 A5 at 31 March 2024 2.4￿.693 902,401 68.145 3.371,239 Deprecia￿0￿ A5 at 31 March 2023 Charge for the year Eliminated on disposals .783 45.484 518.236 66.048 11381 50,388 3,551 659,407 115.083 11381 As at 31 March 2024 136.267 584,146 53.939 774.352 Net Book Value As at 31 March 2024 2.264.426 318.255 14.206 1,596,887 As at 31 Mar¢h 2023 2.309.910 350,217 17.757 2,677.884 33 YMCA NORFOLK (A COMPANY LIMITED B Y GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 IS. INV£STMENTS Group 2024 Charlty 2024 2023 Z023 Investment in subwdiary undertakings at ¢ost Othei unlisted investment- Non¥ich Hou5ingSociety Ltd 245￿51 245.852 Total 245A53 245.853 YMCA Norfolk acquired 10(fA of the issued share capital of The E-learningservice Ltd. a company incorporated in England and Wales, on 13 May 2019. Consideration of £245.752 was payable by the charity. At 31 March 2024, following a review for impairrnent. the carrying value of the investment remained unchanged at £245,752. YMCA Norfolk acquired 100% of the issued share capital of YMCA Norfolk (Servicesl Ltd. a company in¢orporated in England and Wales. on its incorporation date of 26 Febfuary 2021. At 31 March 2024. this subsidiary undertaking had not commenced tfadtng. Consideration of £IC(J was payable by the charity. representingthe nominal value of the subsidiary undertaking's share capital. 16. GOODWILL Group 2024 2023 Net book value brought forward Amortisation.. charge forthe year 35,063 {35.0631 70.124 135,0611 Net book value 35,063 The goodwill arising from the acqui51tion of The E-LearniDg Service Ltd is attributable to the acquired cu5tgmer base and the reputation of the service provided. Management estimated the useful life of goodwill to be S years from the date of acquisition. At 31 March 2024 after application of the amortisation chaige for the year the balance 15 nil12023 £35.0631. 34 YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17. DEBTORS Group 2024 Charity 2024 2023 2023 Rent and service charges feceivable Less.. Bad debt provisson (re￿tal debt Le55.' Bad debt provision (other debtl Revenue grafits receivable E-Learningtrade debtors Balance5 due from subsidiary undertaking Prepayments and accrued incorne Other debtois 138,122 (58.7871 11,0061 63L095 200.340 152.691 152.8791 11,C¥J61 500,705 126.W) 138,122 158,7871 11,C¥)61 631.095 152,691 152,8791 11,0061 500.705 92.163 35.773 40.052 28,511 39,286 33,209 35.773 43.230 39,286 35,705 988.767 800.502 877,412 7LX).517 18. CREOITORS: AMOUNTS FAWNG DUE WITHIN ONE YEAR Trade creditors Rent and service chaTge5 received in advan Taxation and social securitv Other treditOTS YMCA pension plan deficit contribution5 (note 201 Accwals and deferred income Current portion of housing103n Current portion of bank loan OeleFred grant Income Inote 211 103.586 92,143 73,853 13.269 37.17a 1,022,953 773 42,958 74,005 122.949 81,933 64,320 25,741 41,723 877,534 705 41.679 99.563 65,768 92.143 36,278 13,269 37,173 1.019,463 86.557 81,933 25,994 25,741 41,723 874.598 705 41,679 99,563 42,958 74,th)5 1,460.713 1,356.147 1.381,830 1,278,493 19. cRED￿oRS. AMOUNTS FALLING AFfER MORE THAN ONE YEAR Group and Charity YMCA petjsion plan deficit contributFons (note 201 Housing loan to be repaid within five years Housing loan to be repaid after five years Bank loan to be repaid within five years Bank loan to be repaid aftef live years Delerred grant income (note 211 Recy¢led Capital Grant Fund Inote 221 200,556 3,573 70.136 179,906 696,459 5,536,853 3,921 185,427 647,980 5.475,120 15,936 6.466,655 6,S87,483 The housing loan included in creditor5 at 31 March 2023 15 repayable by tnstslments. the lasr instalment falling due in 2050. Interest is payable at a fixed rate of 9.5% and the loan is secured by fixed charges on individual properties Isee note 111. The bank loan included in creditors at 31 March 2023 t5 repayable by instalments. the last instalrnentfrdllin@ due in 2040. Interesi is payable at a fixed rale of 2.96% and the loan is secured by fixed charges on individual properties Isee note 111. 35 YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20. PENSION LIABILITY Group and Charity 2024 2023 Opentn8 balance Contributions payable in the year Adjustment on redurtion in term and discount rate Interest on liability 242,279 {42,7761 1105,0551 12,114 292,771 141,7451 116,7981 8,051 106,562 242,279 Future deficit recovery payments to the YMCA Penson Plan Isee note 231 have been discounted at an annual rate of 4.56%12023: 5.00%) to calculate the liability at the balance sheet date. WIthiA One to two Two to five After five years one year years years Total As at 31 March 2024 37.173 33.841 35,548 106,562 As at 31 March 2023 41.723 41.012 118.409 41,135 242,279 21. DEFERRED GRANTINCOME Gioup and Charity 1024 2023 As at 31 March 2023 Grant acquired through recycling /Grant recycled Recognised in statement of cgmpfehen5ive income-social housin8 Recognised in ststement of comprehensive incomè- Othei 5.636.416 115,9361 (67.5661 13,7891 5,669,683 66,296 195,7891 13,7741 As at 31 MaTch 2024 5,549,125 5,636,416 Amounts to be reco8nised within one year Amounts to be reco8nt5ed in more than one year 74.t>05 5.475.120 99,S63 5,536,853 5.549,125 5,636,416 22. RECYCLED CAP￿Al GRANT FUND A5 at 31 MaTch 2023 New gfaF%t5 to be recycled Gr3nts recycled the year 66,296 15.936 166,2961 As at 31 March 2024 15,936 36 YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23. PENSION COSTS YMCA Penslon Plan YMCA Norfolk p8rticip3ted in a contributory pension plan providing defined benefits based on final pensionable pay for employees of YMCAS in En8land. Scotland and Wèles. The assets of the YMCA Pension Plan are held separately from those of YMCA Norfolk ènd at the year end these were invested in the Mercer Oynamic De-risking Solution. 65% matching Portfolio and 35% In the growth portfolio and Schroder Ip¥operty un*ts onlvl. The most recent completed three year valuat40n was as at l May 2023. The assumptions used which have the most significant effect on the results of the valuation are those ie13tingto the assumed rates of return on assets of 4.56%. the incrèase in pensions in payment of 3.18% Ifor RPI capped at 5% p.a.), and the average life expeuancy from norrnal retirement age lof 651 for 8 current male pensioner of 21.5 years. fernale 24.0 years. and 23.1 yearsfor a male pensioner. female 25.7 years. retiring in 20 years. time. The result of the valuation showed thatthe actuarial value of the a$5ets was E103.Im, which represented 92% of the benefits that had accrued to members. The Pensitsn Plan was closed to new member5 and future service accrual with effert from 30 April 2(W)7. With the removal olthe salaiy linkage for benefits all employed deferred members became dèferred members as frorn l May 2011. The valuation prepared as at l May 2023 showed that the YMCA Pension Plan had a deficit of £9.1 million. YMCA Norfolk ha5 bèen advised th31 it will need to make monthly contributlOn5 of £3.064 from l May 2024. Thi5 amour*t is based on the current actuarial assumptlOn5 la5 Outlined above) and may vary in the fijture as 3 fesult of actual performance of the Pension Plan, with agreed future deficit contributions intfeasing at an annual rate of l)%12023.. 3%). The current recovery peiiod is 3 years commencing 1st May2024. Other srhemÈs YMCA Norfolk also operate5 three defined contribution schemes, the a55etsof which are held separately from those of the charity. The charge for the year to the income and expenditure account in ielation to these schemes was £l77,47312023: £181.4691. Contribution rates were in the following range5.' Minimum ernployee contribvtions Employer contributions 3% 8etween S%and 5.5% 24. SHARE CAP￿AL YMCA Norfolk is limited by guarantee and therefore ha5 110 share capital. Each member15ee numbers below) or person ceasinÈ to be a member within one yèar of the company bein8 wound up undertakes to contribute to the assetsof the company. This contiibution must not exceed £1 per member. 2024 Number 2023 Numbèr At beginning of the year New members duringthe year Leavers during the year 31 27 At end Ol the year 28 32 37 YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 25. OPERATING LEASES The future minsmum operating lease payments to which YMCA Norfolk is committed are as follows". Land and buildings= 2024 2023 Leases with non-cancellable periods expiring not later than one year lea5e5 Wlth non-cancellable periods expiring later than one year and not later than five yea Leases with non-can¢ellable periods expiring later than fjve years 42,675 61,955 45.092 21.126 44,4 104.630 110,618 Commitments are Stated based on the non-cancellable period for which the lessèe has contracted to lease the a55et together with any further terms for which the lessee has the option to continue to lease the asset. with or without further payment, when at the Snceptton of the lease it IS feasonably certain that the lessee will exerase the option. At the yearond theTe were no lea5e5 Wlth non-cancellable periods over five year5. 26. RELATED PARTYTRANSACTIONS There were no related party trènsactions durinÉ the year. 27. CHANGES IN NET DEBT A5•t 31 March 2023 Cash Ilows Other non-cash movements Asat 31 Marth 2024 Cash Loans due within one year Loans due 3fterone year 1.366.304 {42,3841 1950,0741 664.763 {1,347) 43.864 2,031,067 143.7311 1906.2101 373.846 707.180 1.081.126 28. CAPITAL COMMITMENTS During the financial year. the Chaiity committed to incurring other capitsl expenditure of £65,0(N) plus VAT for ioof and window replacements. This commitment Is experted to be settled within 12 months from cash reserves. 38 YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Z9. ASSOCIATED UNDERTAKINGS YMCA Norfolk has two assoc43ted undertakin8S'. The charity's board of dirertofs. represented by the ch3irn￿n. art as rnana￿ng trustee for the losiah Vavas*ur YMCA Fund. a separately regISte￿d eh3rity Inumber 2505261. the income of which may be applied in furthering the charitable work with young people in the Norfolk area. The fund 15 held in trust urttil 2034. YMCA Norfolk is also rnanagingtrustee for The Norwch Lads, Club. a separately registered charity Inumber 3040311 that has different objectives. The main obiective is the general benefit of young people under the age of 25 Fn the Norwich area. A brief Summary of the associated undert¥kn"n85' results foi the year and financial pogtion at 31 March 2024 is provided below.. 2024 2023 2024 2023 Surplus for the yÈar {Deficii) for the yeaf Capitsl and reserves Josiah Vavasseur YMCA Fund 1.935 14.4611 39.$40 37,605 The Norwich Lads. Club 118,6721 165.487 157,388 30, FINANCIAL INSTRUMEP4TS The 8foLtp's finènoal instruments may be analysed as follows.. 2023 FlnancSal assets-. Financial assets measured at amortised cost 2.310,742 1.592,116 Flnanclal liabiltties: Financial liabilities measured at amortised c05t 1.145,670 1,197.340 Financial assets measured at amortlsed cost comprise cash at bank and in haDd and trade debtor5. Financial liabilities measured at amortised cost comprise bank loans and overdrafts. trade creditorsand reni received ift advance. 39