YMCA Here for young people Here for communities Here for you YMCA NORFOLK YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Registration No. 02067523 (England and Wales) Charity Registration No. 801606 RSH No. H3868 Ofsted Registration No. 2628543
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) CONTENTS Chair's report Chief Executive Officer's annual report Report of the directors (incorporating Strategic Report) Auditor's report Statements of comprehensive income Statements of financial position Statements of changes in reserves Consolidated statement of cash flows Notes to the financial statements Pages 1 2 3 - 15 16-18 19 20 21 22 23 - 39
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) CHAIR'S REPORT If you log on to the website of YMCA England and to the future with great hope and make plans to Wales, you will read the following: Everyone should extend that provision in many areas of our have a fair chance to discover who they are and what operation. John Lee, in his report, will mention some they can become. of the specific numbers and it is my privilege to say thank you to him, the leadership team, the YMCA believes in fairness and opportunity. There are essential building blocks for a full and rewarding life: A safe home; acceptance; guidance; friendship; physical and mental health; academic support; employment skills; and access to real opportunities. Many young people have never known these things; other people have lost one or more as they grew up, but we all need them. All of us. wonderful staff team, an army of volunteers and the Board of Trustees who make all this possible with their positive outlook, their care for our young people and families, and for their determination every day to ensure that the things so many of us take for granted are made available across our county. At YMCA, we provide these critical foundations for a fresh, strong start for young people and a better quality of life in the community. On behalf of the Board, a heartfelt thank you for all you do, for your care and concern and for your dedication each day. YMCA was founded in 1844. Here we are in 2025, I reflect upon a year in which our world continues to going strong, serving more people, helping them to be challenged in so many ways. International be the best that they can be and with your continued conflict, global economy and general uncertainty support, we will make sure that we continue to amongst other things are causing people to be provide that hope for the future. concerned and these in turn do have a day to day impact on people's lives even if we cannot always directly trace the causes to the impacts. How wonderful then that here in Norfolk at YMCA, we can truly celebrate a year when these higher level challenges remain real, yet with kindness, determination and care, we have offered true, lasting and meaningful transformation to so many through our housing provision, our therapeutic support to young people and families, youth Philip Macdonald projects, early years child care and education. Chair Aylsham Road, Norwich Against a back drop of financial uncertainty and decreasing external support, we have increased our provision, managed our money sensibly and produced a financial outcome that allows us to look 1
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) CHIEF EXECUTIVE OFFICER'S ANNUAL REPORT YMCA Norfolk exists to serve the young people of Norfolk. We have the honour of being there to support them when they need it. It is they who overcome trauma, the challenges in their lives and whose success we will be celebrating at our Annual Celebration in October. We are privileged to come alongside them and to be hope-filled for them, believing that everyone has equal value and huge potential no matter their past background or current circumstances. Additionally, to inspire and empower them on to achieve their goals, believing that everyone should have a fair chance to discover who they are and what they can become. During 2024/25, we are proud to have: • Provided accommodation and support to 416 single people and single parent families who would otherwise be homeless. During the year we provided 72,697 nights of accommodation. • Offered therapeutic support to 900 young people and families • Undertaken youth work in youth clubs with 395 young people • Delivered youth projects and engagement work with a further 171 young people • Provided Early Years childcare to 204 children • Enabled 543 students to engage in education through our E-Learning service. During the year we were blessed to win "YMCA of the Year" celebrating the YMCA which has had the greatest impact in the year. It was a personal highlight of my year to see the joy on my colleagues faces as the news was announced. The charity remains in a strong financial position. During 2024-25 we were able to generate a small surplus through our social enterprises to invest back into our mission. This helps fuel our ongoing sustainable growth as we navigate an ever- challenging economic climate. As we celebrate the impact we have had together, I would like to echo Philip Macdonald, our Chair in his thanks to everyone involved. The passion of our staff continues to motivate me. Our trustees and volunteers selflessly provide their time and expertise; YMCA Norfolk would not be as effective without them. Thank you also to our partners and funders for your invaluable support. My hope is that as 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 Norfolk. We celebrate the impact we have had but we do not rest on our laurels. Our vision of seeing young people being able to belong, contribute and thrive is more relevant than ever. Solates John Lee Chief Executive Officer 2
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The directors have pleasure in submitting their annual report and the audited financial statements for the year ended 31 March 2025. Objectives and activities 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 friendships 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 181 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 82 YMCAs supporting people in housing and homelessness, sport, health, exercise and fitness, education and skills, and much more. 3
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025 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 registration number: RSH Number: 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 Barclays Bank PLC, Whitefriars, Norwich, NR3 1RJ Bankers: Management and governance The company is governed by a Memorandum and Articles of Association adopted on the 14th of November 2024. The association was formed in 1856. Directors The directors who have served during and after the year are as follows: Jack Branford John Currey Robert Fenton Ruth Grant (Appointed 14 November 2024) Francis Harmer Nicola Ingham Philip Macdonald Esther Ounounou - Cousins Richard Pennington Raymond Scott Kevin Stone (Appointed 14 November 2024) Fiona Stuart (Resigned 14 November 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 2025 4
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025 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 John Currey John Currey Richard Pennington Principal officers President: Chair: Co-Chair: Co-Chair: Treasurer: General the Lord Dannatt GCB CBE MC DL Philip Macdonald (from 14 November 2024) Philip Macdonald (until 14 November 2024) Fiona Stuart (until 14 November 2024) John Currey Key management personnel Chief Executive Officer: John Lee Compliance with the Regulator of Social Housing Regulatory Standards The Board of Directors have undertaken their annual review to ensure compliance with the Standards. No material breaches have been highlighted as a result of this review. Action plans have been created to address areas where the organisation can improve. YMCA Norfolk has adopted the Charity Governance Code 2020. During 2024/25 the Board of Trustees completed a self-assessment against the aspects of the code which they felt required further attention. This evidenced significant areas of strength alongside some areas which required further development. 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 know). Directors are encouraged to read guidance 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 (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025 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: Housing assistance and support to 416 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 young 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 skills • 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: • Support for 31 single parent families in our Umbrella properties • Therapeutic support for 900 young people 4. Development opportunities and support for young people: • Youth work undertaken in youth clubs with 395 young people • Youth projects and engagement work with 171 young people • Early Years childcare provision to 204 children • Mental health support and awareness raising in schools, and direct support to young people through wellbeing services. 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 support 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 2025 Value for Money statement 2024-25 The format of this statement reflects the publication in April 2018 by the Regulator of Social Housing (RSH) 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 2024-25 2023-24 2022-23 2023-24 1 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 units) 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 2B New supply delivered (non-social housing units) 3 Gearing % Net debt (loans - cash) as a percentage of the gross value of housing properties 4 Earnings before interest, tax, depreciation, and amortisation (EBITDA, major repairs included) 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 % 1.0% 0.5% 2.1% 6.8% Nil Nil Nil Nil 2.1% Nil 5.1% 0.3% -15.7% -10.3% - 3.5% 7.6% 1,394% €15,851 -0.1% 4.9% 2.1% 1,227% E15,475 - 2.2% 5.7% 5.1% 410% €13,995 -0.8% -0.3% -0.2% 14% £20,144 1.2% 0.9% 0.8% Other YMCA Norfolk value for money targets: 8 Occupancy of owned and leased properties % 9 EBITDA % The level of surplus generated as a percentage of turnover Target 2024-25 2023-24 2022-23 95.0% 94.2% 94.3% 93.9% 8.5% 8.7% 9.6% 3.4% YMCA Norfolk seeks to return a surplus in its work, to generate funds to reinvest in future services. In respect of Regulated Social Housing activity, a small deficit was returned in 2025-26 due to increased expenditure on works to existing housing properties to ensure our housing stock is maintained to a good standard. 7
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Value for Money statement 2024-25 (continued) Sector comparator figures have been derived from providers' Value for Money metrics for 2023-24 published by the RSH in March 2025, which included all registered providers with more than 1,000 properties. The comparator figures are calculated as weighted averages of the published consolidated metrics for the eight providers included where at least 70% 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 chances. 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 fundraised 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 sustainably at scale and ensure that we can use 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. A review against this was completed during 2024/25 and shared with the Board of Trustees. YMCA Norfolk registered with the Fundraising Regulator in April 2025. 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 activities. YMCA Norfolk did not enlist the services of external professional fundraisers in the year. Development and performance YMCA Norfolk housed 372 young people over the course of the year. 254 young people moved on of our housing services; 76.4% of these moves occurred in a planned positive way. We work hard to minimise evictions and use restorative approaches to restore relationships but due to the chaotic behaviours of a proportion of our client group, there is a high risk of evictions. During the year there were 34 evictions across all services, which was due to significant breaches of occupancy agreements, including severe rent arrears and violent behaviour. Key performance data: • Over 72,697 bedspace nights were offered across the year • Occupancy averaged 94% across our owned and leased properties • 98.3% of rent due was collected. 8
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Development and performance (continued) The Board had a strategic plan for 2023-26, to deliver our mission to transform 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 2024/25 We worked with 2,110 unique clients • Anonymous interactions with 19,047 interactions over the course of the year through our SOS Bus service. • Young people accessing therapeutic support through our range of services increased to 900 individuals • Early Years nursery provision grew to serve 204 children during the year with Muddy Puddles We supported 584 students through our ELS service We enhanced the use of the Community Hub at Aylsham Road, Norwich through parent and baby groups. 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-Learning 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 café and Explorers soft play grew to generate surpluses to resource the broader mission • We invested capital to increase the energy efficiency of 1 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. • We have increased our chaplaincy service which is now available to staff • 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 9
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025 We supported 4 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 During the year, the charity had 51 volunteers donating over 2,482 hours of their time and expertise. The Directors acknowledge 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. 10
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025 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 to minimise or mitigate their impact. This approach is 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: • Diversifying 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 S11 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 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. • the maintenance of proper accounting records; and • the safeguarding of assets against unauthorised use or disposition. 11
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025 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 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 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 information and significant 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 external 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 2025, no weaknesses were found in internal controls which resulted in material losses, contingencies, or uncertainties which require disclosure in the financial statements or in the auditors' report on the financial statements. Financial review Group turnover increased by £1.4m due to the continued growth of our trading operations at Aylsham Road, The E-Learning Service, and our therapeutic and family support services. Group expenditure increased by cf1.5m due to an increase in headcount and employee costs of £0.5m and other operational costs of £0.6m to support growth of our services, plus increased investment in maintaining our housing properties of £0.1m, increases in provisions f0.2m, and a change in our fixed asset depreciation policy f0.1m. The overall group result for the year was a surplus of £296k compared to a surplus of £659k in the previous year (which had included a gain of £331k from the disposal of a housing property). 12
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Reserves policy The Directors seek to maintain free reserves in unrestricted funds at a range of between eight- and twelve- weeks budgeted expenditure. The directors consider that this level will provide sufficient funds to respond to fluctuations in income levels and in the financial performance of the company, while enabling funds to be used 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 by restricted reserves or designated reserves. This measure excludes funds tied up in tangible fixed assets and excludes 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 2025, the directors assessed that the target level of free reserves was between £1,040,000 (eight weeks) and £1,560,000 (twelve weeks) based on the expenditure budget approved for 2025-26. Free reserves on the basis described above amounted to £1,385,000 on 31 March 2025 and are within the target range. Planned investment in additional housing properties during the next 18 months will utilise unrestricted designated reserves of £ 400,000. 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 of the 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 2025 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 funds. 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. Directors' 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 affairs of the company and of the surplus or deficit for that period. In preparing those financial statements, 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 (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS (INCORPORATING STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Statement on disclosure of information to the auditors As far as each director is aware, there is no relevant audit information of which the company's auditors are unaware. Each director has taken all the steps that they ought to have taken in their duty as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. ON BEHALF OF THE BOARD P Macdonald Philip MacDonald (Sep 29, 2025, 5:50pm) Philip Macdonald Chair Aylsham Road, Norwich Date: 22 September 2025 15
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YMCA NORFOLK Opinion We have audited the financial statements of YMCA Norfolk (the 'parent company') and its subsidiary (the 'group') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Cash Flow Statement and the 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 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's and of the parent company's affairs as at 31 March 2025, and of its 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 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 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 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 Board is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 16
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YMCA NORFOLK Opinions 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 report of the directors (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 which 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 (incorporating 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 audit have not been received from branches not visited by us; or • the parent company 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 on page 13, the board members (who are also directors 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 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 preparing 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 to going concern and using the going concern basis of accounting unless the board either intends 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 Auditor's 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: • We identified the laws and regulations applicable to the company through discussion with trustees and our knowledge of the business. • Performing audit work to address the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; • Assessing whether the judgements made in accounting estimates are indicative of a potential basis; • Reviewing minutes of meetings of those charged with governance • Reviewing the financial statement disclosures • Enquiring of management as to actual and potential litigation and claims; and • Making enquires of management as to their knowledge of actual and suspected fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report This report is made solely to the company's 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 company's members those matters we are required to state to them in an auditor's 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Kerry Hilliard ACA FCCA CTA (Senior Statutory Auditor) For and on behalf of Price Bailey Statutory Auditor 36 Tyndall Court Commerce Road Lynchwood Peterborough PE2 6L Date: 29 September 2025 18
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) STATEMENTS OF COMPREHENSIVE INCOME AS AT 31 MARCH 2025 Group 2025 2024 Charity 2025 2024 Turnover Gain on disposal of housing property Operating expenditure Operating surplus/(deficit) Interest receivable Interest and financing costs Surplus/(deficit) for the year Net gain/(loss) in respect of pension schemes Total comprehensive income for the year Notes 2,4 2 5 6 7,346,326 5,938,211 - 330,747 (7,065,099) (5,601,432) 281,227 667,526 60,044 37,706 (45,018) (46,429) 296,253 658,803 - 296,253 658,803 6,731,275 5,435,370 - 330,747 (6,369,265) (5,096,886) 362,010 60,044 (45,018) 377,036 - 377,036 669,231 37,706 (46,429) 660,508 - 660,508 The financial statements were approved by the board on 22 September 2025 and have been signed by: P Macdonald JE Currey Bibig MacDonald (Sep 29, 2025. 1025p fryrey (Sep 29, 2025, PG Macdonald Chair 1 Currey Treasurer The group's results relate wholly to continuing operations. The notes on pages 23 to 39 form an integral part of the financial 19
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2025 Fixed Assets Tangible fixed assets Investments Goodwill Current Assets Stock Trade and other debtors Cash and cash equivalents Creditors: Amounts falling due within one year Net Current Assets Total assets less current liabilities Creditors: Amounts falling due after one year Total net assets Reserves ncome and expenditure reserv Restricted reserve Total Reserves Notes 11,14 15 16 Group 2025 2024 11,259,216 11,439,117 17 18 - 11,259,217 11,439,118 13,506 13,786 706,529 988,767 2,572,576 2,031,067 3,292,611 3,033,620 (1,410,226) (1,460,713) 1,882,385 1,572,907 13,141,602 13,012,025 19 (6,299,979) 6,841,623 (6,466,655) 6,545,370 6,744,333 97,290 6,545,370 6,841,623 6,545,370 The financial statements were approved by the board on 22 September 2025 and have been signed by: P Macdonald Boże, MaeBAnald (Sep 29, JE Currey 4029p fryrrey (Sep 29, 2025, PG Macdonald Chair J Currey Treasurer The notes on pages 23 to 39 form an integral part of the financial statements. Company Registration No. 02067523 (England and Wales) Charity Registration No 801606 RSH No. H3868 20 Charity 2025 2024 11,257,405 11,437,846 245,853 245,853 - 11,503,258 11,683,699 12,506 12,811 677,806 877,412 2,242,399 1,739,121 2,932,711 2,629,344 (1,294,396) (1,381,830) 1,638,315 1,247,514 13,141,573 12,931,213 (6,299,979) (6,466,655) 6,841,594 6,464,558 6,744,304 6,464,558 97,290 6,841,594 6,464,558
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) STATEMENTS OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 MARCH 2025 Income and expenditure reserve GROUP Balance at 31 March 2023 Total comprehensive income for the year Release of restricted capital funds spent in the year Balance at 31 March 2024 Total comprehensive income for the year Release of restricted capital funds spent in the year Balance at 31 March 2025 5,881,567 663,803 6,545,370 198,963 - 6,744,333 CHARITY Balance at 31 March 2023 Total comprehensive income for the year Release of restricted capital funds spent in the year Balance at 31 March 2024 Total comprehensive income for the year Release of restricted capital funds spent in the year Balance at 31 March 2025 5,799,050 665,508 6,464,558 279,746 6,744,304 21 Restricted reserve 5,000 (5,000) - 97,290 97,290 5,000 (5,000) - 97,290 97,290 Total E 5,886,567 658,803 6,545,370 296,253 6,841,623 5,804,050 660,508 6,464,558 377,036 6,841,594
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 Net cash (consumed in) / generated from operating activities (as below) ash flow from investing activiti urchase of tangible fixed asse Sale of tangible fixed assets Interest received Cash flow from financing activities Interest paid Repayment of borrowings Net change in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year Net cash flow generated from operating activities is calculated as: Operating surplus/(deficit) for the year Adjustment for non-cash items: Depreciation of tangible fixed assets Amortisation of goodwill Release of deferred capital grants Adjustment to pension liability (Increase) / decrease in stocks (Increase) / decrease in trade and other debtors Increase / (decrease) in trade and other creditors Net (gain) / loss on disposal of tangible fixed assets Net cash generated from operating activities 22 2025 751,535 (184,627) (1,553) 60,044 2024 € 361,704 (95,250) 437,435 37,706 (40,159) (43,731) 541,509 2,031,067 (34,315) (42,517) 664,763 1,366,304 2,572,576 2,031,067 281,227 290,179 (79,638) (4,031) 280 (287,762) 475,378 75,902 751,535 667,526 264,907 35,063 (71,355) (105,055) (2,752) (188,265) 90,550 (328,915) 361,704
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1. PRINCIPAL ACCOUNTING POLICIES 1.1 Legal status YMCA Norfolk is incorporated in England under the Companies Act 2006, is registered with the Regulator of Social Housing as a private registered provider of social housing, is a registered provider of childcare services and is a registered charity. The registered office is Aylsham Road, Norwich NR3 2HF. 1.2 Basis of preparation The financial statements have been prepared in accordance with applicable United Kingdom Accounting Generally Accepted Accounting Practice (UK GAAP) including Financial Reporting Standard 102 and the Statement of Recommended Practice for registered housing providers: Housing SORP 2018. As a public benefit entity, the charity has applied the public benefit entity 'PBE' prefixed paragraphs of FRS 102. The financial statements comply with the Companies Act 2006, the Housing Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing 2022. The accounts are prepared on the historical cost basis of accounting and are presented in sterling f. 1.3 Going concern The financial statements have been prepared on a going concern basis which assumes that the group will continue in operational existence for the foreseeable future. The board have considered a period of at least 12 months from the date of approval of these financial statements and have raised no significant concerns. On this basis the board consider it appropriate that the accounts are prepared on a going concern basis. The group has a two-year cash flow forecast, in addition to a twenty-year business model for the operations at Aylsham Road, which shows that it is able to support its ongoing operations and service its loan facilities. At 31 March 2025 there were significant available cash balances to support the group going forward. On this basis, the board has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future, being a period of at least twelve months after the report and financial statements are signed. The Board therefore continues to adopt the going concern basis in the financial statements. 1.4 Basis of consolidation The consolidated financial statements include YMCA Norfolk and its subsidiary undertakings, details of which are given in note 15. Intra-group transactions and balances are eliminated on consolidation. The acquisition method of accounting has been adopted for the subsidiary undertaking. 23
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 1. PRINCIPAL ACCOUNTING POLICIES (continued) 1.5 Significant judgements and estimates The preparation of financial statements requires judgement in the process of applying the accounting policies and the use of accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. The following key estimates and judgements apply: a) Useful lives of depreciable assets Management reviews the estimated useful lives of depreciable assets at each reporting date. Uncertainties in these estimates may relate to the impact of technological change and/or to changes in government regulation that may require components of property to be replaced more frequently. b) Apportionment of operating expenditure The group is required to allocate its expenditure between social housing activities and activities other than social housing. There is a degree of judgement that must be applied in determining the basis of apportionment for indirect costs, which may change over time and is reviewed and applied annually. 1.6 Turnover Turnover represents rents receivable, contract income, grants, sales, donations and other fundraised income. 1.7 Revenue Recognition Rental income is recognised in turnover over the periods for which each property is let, net of voids. Government grants relating to revenue are recognised in turnover over the same period as the expenditure to which they relate, once reasonable assurance has been gained that the performance conditions will be met. Government grants relating to capital are recognised in accordance with note 1.11 below. Grants received from non-government sources are recognised using the performance model. A grant which does not impose specified future performance conditions is recognised as revenue when the grant proceeds are received or receivable. A grant that imposes specified future performance-related conditions on the association is recognised only when these conditions are met. A grant received before the revenue recognition criteria are satisfied is recognised as deferred income. Donations are recognised in turnover when received or receivable. 24
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 1. PRINCIPAL ACCOUNTING POLICIES (continued) 1.8 Housing properties Housing properties are initially measured at cost and are subsequently measured at cost less depreciation and any impairment. Freehold land is not depreciated. Other major components of housing properties are identified and treated as separable assets and are depreciated on a straight line basis over their expected economic useful lives at the following rates: Property structure Kitchens Bathrooms Central heating system 100 years 15 years 20 years 15 years Lifts Roofs Windows Outbuildings 20 years 70 years 30 years 20 years 1.9 Other tangible fixed assets and depreciation Other tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided on a straight line basis over their expected economic useful lives at the following rates: Freehold property Furniture and equipment Motor vehicles 2% straight line 5 - 10 years 10 years ICT equipment CCTV equipment Commercial kitchen equipment 3-5 years 10 years 15 years Fixed assets acquired after 01/04/2025 with an individual value below £1,000 will not be capitalised. 1.10 Investment in subsidiary undertakings YMCA Norfolk acquired the entire issued capital of The E-Learning Service Ltd on 13 May 2019 as a part of its strategic plan to increase s presence in education. This subsidiary undertaking makes qualifying donations under Gift Aid to the parent charity which reduce th xtent to which its profits would be taxable. The investment in the subsidiary undertaking is stated in the charity's own balance shee at cost less impairment and is eliminated on consolidation. Goodwill arising on the acquisition is calculated using the purchase method and is amortised over five years. The charity acquired the entire issued capital of YMCA Norfolk (Services) Ltd on its incorporation on 26 February 2021. At the reporting date, this subsidiary undertaking had not commenced trading. 1.11 Government capital grants Where the capital cost of a development has been financed wholly or partly by social housing (SHG) or other government grant funding, the amount of the grant received or receivable is initially treated as deferred in come and recognised as a liability in the balance sheet. The grant is then recognised in turnover over a period based on the useful life of the structure and other major components of the related property using the accruals model. The unamortised grant is included in liabilities as deferred income. SHG must be recycled under certain conditions by the charity, if the property is sold, or if another relevant event takes place. In these cases, the SHG may have to be repaid if certain conditions are not met. If the grant is not required to be recycled or repaid, any unamortised grant is recognised as turnover. In certain circumstances, SHG may be repayable and in that event is a subordinated unsecured repayable debt. To the extent that SHG is expected to be recycled by the charity, amounts are disclosed in a designated Recycled Capital Grant Fund (RCGF). 1.12 Taxation YMCA Norfolk is a registered charity and qualifies for relief from corporation tax under Sections 466 to 493 of the Corporation Tax Act 2010. Consequently no liability to taxation arises. Irrecoverable Value Added Tax is included within operating expenditure. 1.13 Apportionment of support costs In the analysis of social housing turnover and costs (note 2), operating expenditure attributed to social housing activities consists of direct costs and a share of support costs, being general management staff costs, general overheads and non-housing asset depreciation. Support costs have been apportioned in proportion to the direct staffing costs of the revenue-generating activities. 25
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 1. PRINCIPAL ACCOUNTING POLICIES (continued) 1.14 Operating leases Rentals applicable to operating leases where subsequently all the benefits and risks of ownership remain with the lessor are charged to the statement of comprehensive income. 1.15 Stock Stock is valued at the lower of cost and net realisable value. 1.16 Pension schemes YMCA Norfolk 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 informaton, the plan's actuary has advised that it is not possible to separately identify the assets and liabilities relating to Norfolk YMCA. As described in note 23 YMCA Norfolk has a contractual obligation to make pension deficit payments of £37k pa over the period to April 2027 (2024: £43k pa), accordingly this is shown as a liability in these accounts. In addition, YMCA Norfolk is required to contribute to the operating expenses of the Pension Plan and these costs are charged to the Statement of Comprehensive Income as made. The group also operates a number of defined contribution schemes and an auto enrolment scheme for the benefit of its employees. Contributions are charged to the statement of comprehensive income as they are paid. 1.17 Financial instruments The group only has financial instruments which meet the criteria of a basic financial instrument as defined by section 11 of FRS 102. Short term debtors are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any impairment. Short term creditors are measured at the transactions price, other financial liabilities including bank loans are initially measured at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective interest method. 1.18 Impairment Reviews for impairment of housing properties are carried out when a trigger has occurred and any impairment loss in a cash generating unit is recognised by a charge to the statement of comprehensive income. Impairment is recognised where the carrying value of a cash generating unit exceeds the higher of its net realisable value or its value in use. A cash generating unit is normally an individual property whose cash income can be separately identified. Following a trigger for impairment, the group performs impairment tests based on fair value less costs to sell or a value in use calculation. The fair value less costs to sell calculation is based on available data from sales transactions in an arm's length transaction on similar cash generating units (properties) or observable market prices less incremental costs for disposing of the properties. The value in use calculation is based on either a depreciated replacement cost or a discounted cashflow model. The depreciated replacement cost is based on available data of the cost of constructing or acquiring replacement properties to provide the same level of service potential to the group as the existing property. 26
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 1. PRINCIPAL ACCOUNTING POLICIES (continued) 1.19 Reserves The balance on the income and expenditure account reserve represents the accumulated surplus including surpluses on the sale of properties. The reserve may be utilised entirely at the discretion of the group's officers. It is intended that the charity's general reserves will be utilised to extend the charitable purposes of YMCA Norfolk in support of its work with young 1.20 Donated Land Land and donated assets from non-government sources are recognised as income. Initial recognition is measured at fair 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 2025 2. SOCIAL HOUSING TURNOVER AND COSTS Social housing income generated by accommodation and other housing support Rent receivable excluding voids Accommodation charges re supported lodgings Revenue grants Release of deferred grant income (see note 21) Other housing income Total housing income before interest receivable Non- Regulated GROUP Turnover Gain on disposal of housing property Operating expenditure Operating surplus / (deficit) Interest and investment income Interest payable Surplus / (deficit) for the year Rent losses from voids CHARITY Turnover Gain on disposal of housing property Operating expenditure Operating surplus / (deficit) Interest and investment income Interest payable Surplus / (deficit) for the year Rent losses from voids egulate Social Housir 3,155,873 - (3,233,631) (77,758) (9,39) (87,153) 4,190,453 (3,831,468) 358,985 60,044 (35,623) 383,406 3,155,873 3,575,402 (3,233,631) (3,135,634) (77,758) 439,768 60,044 (9,395) (87,153) (35,623) 464,189 28 Group and Charity 2025 2024 € 2,383,029 72,119 449,366 75,856 175,503 3,155,873 2025 2,258,051 103,484 452,786 67,566 204,502 3,086,389 2024 7,346,326 (7,065,099) 281,227 60,044 (45,018) 296,253 146,773 5,938,211 330,747 (5,601,432) 667,526 37,706 (46,429) 658,803 135,706 6,731,275 5,435,370 330,747 (6,369,265) (5,096,886) 362,010 60,044 (45,018) 669,231 37,706 (46,429) 377,036 660,508 146,773 135,706
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 3. ACCOMMODATION IN MANAGEMENT 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: 2025 Number 2024 Number Supported housing and lodgings: Owned and managed Managed but not owned 141 63 204 141 63 204 4. NON-REGULATED GRANT INCOME Group and Charity 2025 2024 Turnover includes the following grants partly funding specific activities: Big Lottery Fund and European Social Fund, for On Track Anguish's Educational Foundation, for Life Ready Norwich NHS Norfolk & Waveney Integrated Care Board, for SOS Bus Norfolk Museums Service, for Kick the Dust Catton Grove Big Local, for youth clubs Active Norfolk, for various youth activities One YMCA, Airplay project YMCA England & Wales, Cadent Project Community Fund National Lottery, for Life Ready, Work Ready Geoffrey Watling Foundation, for Life Ready. Work Ready Borough Council of King's Lynn & West Norfolk Health and Wellbeing Fund, for SOS Bus Project Childs Charitable CCT Grant for Chaplaincy Aviva Grant for Future Chances : 37,476 12,360 4,638 6,568 41,549 403 146,577 9,000 10,000 5,000 15,150 4,433 48,711 37,476 12,000 7,950 8,026 37,951 2,015 37,954 29
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 5. OPERATING SURPLUS The operating surplus is stated after charging / (crediting): Depreciation on housing properties Depreciation on other tangible fixed assets (Gain) / loss on disposals of tangible fixed assets Operating lease agreements Auditor's remuneration (including irrecoverable VAT): non-audit fees Group 2025 € 153,625 136,552 75,902 125,741 41,555 107,624 11,976 266 2024 149,821 115,083 (328,915) 112,927 35,958 11,280 217 6. INTEREST RECEIVABLE AND OTHER INCOME Interest receivable from deposits 7. INTEREST PAYABLE AND FINANCING COSTS On loans wholly or partly repayable in more than five years Interest on liability for pension deficit recovery payments (note 23) 30 Charity 2025 2024 153,625 136,299 75,902 125,741 41,555 107,624 9,331 149,821 114,830 (328,915) 112,927 35,958 8,762 Group and Charity 2025 2024 60,044 37,706 40,159 4,859 45,018 34,315 12,114 46,429
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 8. KEY MANAGEMENT PERSONNEL Key management personnel are defined as board members, the charity's Chief Executive Officer (CEO) and any other person who is a member of the executive team. The remuneration paid to the CEO is set out below: Group and Charity 2025 € 2024 CEO gross salary CEO benefits-in-kind CEO employer pension contributions 70,356 91 3,870 65,959 91 3,628 Total 74,317 69,678 The aggregate remuneration for the 5 (2023-24: 4) key management personnel (including the CEO) charged in the year was: Gross salaries Pension contributions 275,373 13,575 213,229 17,761 The gross salaries and pension contributions reported above reflect salary sacrifice arrangements under which, in commor vith other employees, key management personnel have sacrificed amounts of pay in return for additional employer pensior Banding for key management personnel whose total remuneration exceed £60,000 per annum is as follows: 2025 Number 1 2024 Number €60,000 to £69,999 £70,000 to £79,999 Total N 1 The Audit and Remuneration Committee leads the consideration of the pay and remuneration of key personnel taking due regard of internal salary bands, benchmarking with other YMCAs nationally and other charitable organisations. The Audit and Remuneration Committee makes recommendations for the Board of Trustees to review on an annual basis. No remuneration was paid to Trustees. 9. EMPLOYEE COSTS - Wages and salaries Social security costs Pension costs: current employees Group 2025 2,894,854 227,373 202,662 3,324,889 2024 2,482,033 191,040 177,473 2,850,546 The average number of employees expressed as full time equivalents (based on 37.5 hours per week) was The average number of full and part time persons employed was 101 166 93 146 Charity 2025 € 2024 2,768,079 2,394,769 214,644 183,112 191,532 169,265 3,174,255 2,747,146 98 92 163 143 31
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10. TAXATION tax is not chargeable. YMCA Norfolk is a registered charity and only applies its funds in accordance with its charitable objectives, therefore corporation 11. TANGIBLE FIXED ASSETS - HOUSING PROPERTIES Social housing properties held for letting: Cost As at 31 March 2024 Additions Disposals As at 31 March 2025 Depreciation As at 31 March 2024 Charge for the year Eliminated on disposals As at 31 March 2025 Net Book Value As at 31 March 2025 As at 31 March 2024 Group and Charity Freehold Property Total 10,541,533 10,541,533 106,350 106,350 (4,186) (4,186) 10,643,697 10,643,697 1,699,303 1,699,303 153,625 153,625 (1,547) (1,547) 1,851,381 1,851,381 8,792,316 8,842,230 8,792,316 8,842,230 Group and Charity 2025 2024 3,373,744 3,428,271 The net book value of housing properties pledged as security for loan liabilities (see note 19) outstanding at the year end was: 12. SOCIAL HOUSING GRANTS Total accumulated social housing grant received or receivable at 31 March: Recognised in statement of comprehensive income Held as deferred income Held as Recycled Capital Grant 13. EXPENDITURE ON WORKS TO EXISTING HOUSING PROPERTIES Amounts capitalised Amounts charged to income and expenditure 6,454,581 1,154,025 5,284,384 16,172 6,454,581 2025 106,350 342,160 448,510 6,454,581 1,078,169 5,360,476 15,936 6,454,581 2024 52,009 282,977 334,986 32
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14. TANGIBLE FIXED ASSETS - OTHER Furniture Freehold and Property equipment € € CHARITY Cost As at 31 March 2024 Additions Disposals As at 31 March 2025 Depreciation As at 31 March 2024 Charge for the year Eliminated on disposals As at 31 March 2025 Net Book Value As at 31 March 2025 As at 31 March 2024 GROUP As at 31 March 2024 Additions Disposals As at 31 March 2025 Depreciation As at 31 March 2024 Charge for the year Eliminated on disposals As at 31 March 2025 Net Book Value As at 31 March 2025 As at 31 March 2024 2,400,693 9,361 - 2,410,054 136,267 46,108 - 182,375 2,227,679 2,264,426 900,641 54,927 (402,929) 552,639 583,657 85,635 (334,632) 334,660 217,979 316,984 2,400,693 9,361 - 2,410,054 902,401 55,722 (402,929) 555,194 136,267 46,108 - 182,375 2,227,679 2,264,426 33 584,146 85,890 (334,632) 335,404 219,790 318,255 Motor vehicles 68,145 13,194 (15,114) 66,225 53,939 4,556 (11,701) 46,794 19,431 14,206 68,145 13,194 (15,114) 66,225 53,939 4,556 (11,701) 46,794 19,431 14,206 Total 3,369,479 77,482 (418,043) 3,028,918 773,863 136,299 (346,333) 563,829 2,465,089 2,595,616 3,371,239 78,277 (418,043) 3,031,473 774,352 136,554 (346,333) 564,573 2,466,900 2,596,887
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15. INVESTMENTS Group 2025 € 2024 Charity 2025 € 2024 Investment in subsidiary undertakings at cost Other unlisted investment - Norwich Housing Society Ltd 245,852 Total 1 245,853 245852 245,853 YMCA Norfolk acquired 100% of the issued share capital of The E-Learning Service Ltd, a company incorporated in England and Wales, on 13 May 2019. Consideration of £245,752 was payable by the charity. At 31 March 2025, following a review for impairment, the carrying value of the investment remained unchanged at £245,752. YMCA Norfolk acquired 100% of the issued share capital of YMCA Norfolk (Services) Ltd, a company incorporated in England and Wales, on its incorporation date of 26 February 2021. At 31 March 2025, this subsidiary undertaking had not commenced trading. Consideration of £100 was payable by the charity, representing the nominal value of the subsidiary undertaking's share capital. 16. GOODWILL Group 2025 2024 Net book value brought forward Amortisation: charge for the year 35,063 (35,063) Net book value - - The goodwill arising from the acquisition of The E-Learning Service Ltd is attributable to the acquired customer base and the reputation of the service provided. Management estimated the useful life of goodwill to be 5 years from the date of acquisition. At 31 March 2025 after application of the amortisation charge for the year the balance is nil (2024 £nil). 34
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 17. DEBTORS Rent and service charges receivable Less: Bad debt provision (rental debt) Less: Bad debt provision (other debt) Revenue grants receivable E-Learning trade debtors Balances due from subsidiary undertaking Prepayments and accrued income Other debtors Group 2025 246,494 (83,770) (107,134) 138,690 208,543 - 197,300 106,406 706,529 2024 138,122 (58,787) (1,006) 631,095 200,340 35,773 43,230 988,767 Charity 2025 € 246,494 (83,770) (107,134) 138,690 184,904 197,300 101,322 677,806 2024 138,122 (58,787) (1,006) 631,095 2,163 35,773 40,052 877,412 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Rent and service charges received in advance Taxation and social security Other creditors YMCA pension plan deficit contributions (note 20) Accruals and deferred income Current portion of housing loan Current portion of bank loan Deferred grant income (note 21) 254,240 134,099 177,154 78,704 36,768 604,263 848 44,276 79,874 1,410,226 103,586 92,143 73,853 13,269 37,173 1,022,953 773 42,958 74,005 1,460,713 19. CREDITORS: AMOUNTS FALLING AFTER MORE THAN ONE YEAR YMCA pension plan deficit contributions (note 20) 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 after five years Deferred grant income (note 21) Recycled Capital Grant Fund (note 22) 193,541 134,099 125,360 78,704 36,768 600,926 848 44,276 79,874 1,294,396 65,768 92,143 36,278 13,269 37,173 1,019,463 773 42,958 74,005 1,381,830 Group and Charity 33,344 69,389 4,302 3,921 67,653 68,882 191,118 185,427 598,013 647,980 5,389,377 5,475,120 16,172 15,936 6,299,979 6,466,655 The housing loan included in creditors at 31 March 2025 is repayable by instalments, the last 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 (see note 11). The bank loan included in creditors at 31 March 2025 is repayable by instalments, the last instalment falling due in 2040. Interest is payable at a fixed rate of 2.96% and the loan is secured by fixed charges on individual properties (see note 11). 35
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20. PENSION LIABILITY Group and Charity 2025 2024 Opening balance Contributions payable in the year Adjustment on reduction in term and discount rate Interest on liability 106,562 242,279 (37,278) (42,776) (4,031) (105,055) 4,859 12,114 70,112 106,562 Future deficit recovery payments to the YMCA Pension Plan (see note 23) have been discounted at an annual rate of 4.56% (2024: 4.56%) to calculate the liability at the balance sheet date. Within One to two Two to five one year years years After five years Total As at 31 March 2025 As at 31 March 2024 36,768 37,173 30,610 33,841 2,734 35,548 70,112 106,562 21. DEFERRED GRANT INCOME As at 31 March 2024 Grant acquired through recycling / Grant recycled Recognised in statement of comprehensive income - Social housing Recognised in statement of comprehensive income - Other As at 31 March 2025 Amounts to be recognised within one year Amounts to be recognised in more than one year Group and Charity 2025 2024 5,549,125 5,636,416 (236) (15,936) (75,856) (67,566) (3,782) (3,789) 5,469,251 5,549,125 79,874 74,005 5,389,377 5,475,120 5,469,251 5,549,125 22. RECYCLED CAPITAL GRANT FUND As at 31 March 2024 Additions to fund due to disposals Interest Accrued As at 31 March 2025 15,936 - 236 16,172 15,936 15,936 36
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 23. PENSION COSTS YMCA Pension Plan YMCA Norfolk 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 YMCA Norfolk 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. 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 2023 showed that the YMCA Pension Plan had a deficit of £9.1 million. YMCA Norfolk has been advised that it will need to make monthly contributions of £3,064 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 4.56% (2024: 4.56%). The current recovery period is 3 years commencing 1st May 2024. Other schemes YMCA Norfolk also operates three defined contribution schemes, the assets of which are held separately from those of the charity. The charge for the year to the income and expenditure account in relation to these schemes was £202,662 (2024: £177,473). Contribution rates were in the following ranges: Minimum employee contributions Employer contributions 3% Between 5% and 5.5% 24. SHARE CAPITAL YMCA Norfolk is limited by guarantee and therefore has no share capital. Each member (see numbers below) or person ceasing to be a member within one year of the company being wound up undertakes to contribute to the assets of the company. This contribution must not exceed f1 per member. At beginning of the year New members during the year Leavers during the year At end of the year 2025 Number 28 - (7) 21 2024 Number 32 - (4) 28 37
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 25. OPERATING LEASES The future minimum operating lease payments to which YMCA Norfolk is committed are as follows: Land and buildings: 2025 2024 Leases with non-cancellable periods expiring not later than one year Leases with non-cancellable periods expiring later than one year and not later than five years Leases with non-cancellable periods expiring later than five years 52,508 35,092 42,675 61,955 87,600 104,630 Commitments are stated based on the non-cancellable period for which the lessee has contracted to lease the asset 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 inception of the lease it is reasonably certain that the lessee will exercise the option. At the year-end there were no leases with non-cancellable periods over five years. 26. RELATED PARTY TRANSACTIONS There were no related party transactions during the year. 27. CHANGES IN NET DEBT Cash Loans due within one year Loans due after one year As at 31 March 2024 € 2,031,067 (43,731) (906,210) 1,081,126 Cash flows Other non-cash movements 541,509 (1,393) 45,124 ... 585,240 As at 31 March 2025 2,572,576 (45,124) (861,086) 1,666,366 28. CAPITAL COMMITMENTS During the financial year, the Charity committed to incurring other capital expenditure of €27,000 including VAT for supply and fit of artificial grass to the Muddy Puddles Nursery garden. A deposit of 75% is included in prepayments and the balance of this commitment is expected to be settled within 6 months from cash reserves. 38
YMCA NORFOLK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 29. ASSOCIATED UNDERTAKINGS YMCA Norfolk has two associated undertakings: The charity's board of directors, represented by the chairman, act as managing trustee for the Josiah Vavasseur YMCA Fund, a separately registered charity (number 250526), the income of which may be applied in furthering the charitable work with young people in the Norfolk area. The fund is held in trust until 2034. YMCA Norfolk is also managing trustee for The Norwich Lads' Club, a separately registered charity (number 304031) that has different objectives. The main objective is the general benefit of young people under the age of 25 in the Norwich area. A brief summary of the associated undertakings' results for the year and financial position at 31 March 2025 is provided below: 2025 2024 2025 2024 Surplus for the year Surplus for the year - Capital and reserves Josiah Vavasseur YMCA Fund 2,437 1,935 41,977 39,540 - The Norwich Lads' Club 10,203 8,099 175,690 - 165,487 30. FINANCIAL INSTRUMENTS The group's financial instruments may be analysed as follows: Financial assets: Financial assets measured at amortised cost Financial liabilities: Financial liabilities measured at amortised cost 2025 € 2024 2,943,843 2,310,742 1,294,549 1,145,670 Financial assets measured at amortised cost comprise cash at bank and in hand and trade debtors. Financial liabilities measured at amortised cost comprise bank loans and overdrafts, trade creditors and rent received in advance. 39