'dwell Studios YMCA EXETER CITY OF EXETER YMCA (A company limited by guarantee) DIRECTORS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 PJ ( COMPANY NUMBER 2449636 REGISTERED CHARITY NUMBER 803226 ,.uPPORI & ADblCE CCTV CONTENTS LEADERSHIP Board of ManagementAnnual Report Leadership Welcome Our Objectives Review of Strategic Objectives Our fundraising ethos Mobilising support andvolunteers Looking Ahead PAGE Since 2017, we have had a joint leadership model to foster accountability and mutual support in what can often be an isolating role. Our Joint CEOS strive to deliver o better, stronger and more effective service for our beneficiaries, our staff and our volunteers. 10 11 12 Si Johns began at YMCA Exeter in 2002 as an Assistant Housing Manager, with a background in youth work ond sociol work. An expert in the benefits system, tribunals and disability training; Si is also a Full Chartered Member of the Chartered Institute of Housing. Si believes that this "work is all about acknowledging someone's potential and giving them the time they need to see it for themselves." Trustees, Report Independent Auditors, Report Statement of Comprehensive Income Statement of Financial Position Statement of Cash Flow Notes to the Accounts 13 23 26 27 27 28 The following pages do not form part of the financial statements. Income and Expenditure The Trustees submit their report and finonciol statements for theyeor ended 31 Morch 2022 for the City of Exeter YMCA. 36 Gareth Sorsby began working at YMCA Exeter in 2010. After leaving school, Gareth gradually worked his way up to General Manager at a 4" Cornish hotel, before moving to YMCA Exeter to helpyoung people and ex-offenders into employment. Gareth believes strongly in early intervention and the importance of youth work programmes. Gareth specialises in strategic housing and community development. The Trustees, who are also directors of the charity for the purposes of the Companies Act, submit their annual report and the audited financial statements for the year ended 31 March 2022. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts inaccordance with the Financial Reporting Standard in the UK and Republic of Ireland {FRS 1021 (effective l January 2015) (Charities SORP {FRS 102)} in preparing the annual report and financial statements of the charity. Photo& Si Johns and Gareth Sorsby, Joint CEOS at ourGalo Dinner OUR VISION IS OF AN INCLUSIVE CHRISTIAN MOVEMENT TRANSFORMING COMMUNITIES WHERE ALL YOUNGPEOPLE CAN BELONG CONTRIBUTE AND THRIVE Residents vJorkirg i n therapeutic hofticullure project WELCOME This is the work we undertoke every day. Everything YMCA Exeter does is obout meeting the needs of young people in body. mind and spirit.Thank you forjoining on this mission. In this report we hove the privilege to speak about mony'sunny Doy" moments that hove been achieved but we hove olso had to contend with one of the soddest of thunderstorm days. "Rejoice alwoy4 pray continuolly ond give thanks in all circumstances," for this is God's will foryou in Christ Jesu& i Thessalonians Chopter 5.. Verses 16- 18 Thonk you forjoining us os we look bockond celebrotehowcity of Exeter YMCA Housing Associotion IYMCA Exeter) hos continued to support the young people we serve during 2021 ond 2022. Reflection on o yeor con be o stronge process. Your mind is drow to the peoks ond the troughs of o yeor: the greot times ond the worst of time% but oll those doys in between, doys when the good work corried on os usuol can be possed over without much recognition. Our beloved Trustee ond Friend, Professor Poul Cloke, sodly possed owoy in Moy 2022. Poul was on inspirotion in every environment he was in; through)ut his incredible ocodemic coreer, Poul championed the needs of the homeless ond the vulneroble but olso supported and encouroged oll those oround him. So mony fellow ocodemics ond Students ottest to the care and time thot Poul would generously give out to them. At YMCA Exeter, he reminded ond grounded us in our mission, continuolly ensuring we remembered who we ore os on orgonisotion ond what we ore here to do. He wos possionote ond octively involved in our work from the strotegic level os a Boord Member through to working with our young people expressing themselves through music. He wos o constont source of encouragement to our staff team, particulorly our Joint Chief Executives and to his fellow Board Members. We are so thankful to have had him with us for the time that we did, and his life ond exomple will continue to inspire us ond shape us into the Like the weother, we remember the heotwove, we remember the thunderstorms but those average, nice gentle-weather-days, do not seem to stKk in our memories. This yeor hos seen its shore of allegorical thunderstorms and glorious sunny doys ond those we will reflect on. but we take a moment to recognise that in between these highs and lows, God has empowered YMCA Exeter every doy to support those in need of o place to call home and to provide shelter, worrnth and comfort to Body, Mind and Spirit. As l Thessalonians 5- 16- 18 reminds us we will "Rejoice olwoys, proy continually and give thanks in all circumstances- for this is God's will for [us1 in Christ Jesus. Throughout 202112022, our services have continued to adoptto meet the challenges presented by the Covid Pandemic. Social Distancing, lockdowns and self-isolations have not prevented us from serving the needs of our beneficiories. We remain committed to enabling previously homeless young people to live long-term in safe and high-quality homes that are affordablE, supporting young people at key transition points in their lives ond developing well-balanced communities where young people belong, contribute and thrive. We passionately believe that every person is hugely valuable and ensure that our services are welcoming to people of all faiths or none. offering young people the spaces they need to feel secure, respected. heard. and valued and speaking out on issues that affect their lives. Al o Golo Dinner event. -'rJfps50r Poul Qloke, with Jonothon Toylor. a re5identwho went on to become a member ofYMCA Exeter Stoff team. STRATEGIC REPORT: OUR OBJECTIVES Our Christian ethos is the foundation ond inspirotion for oll that we do, ond therefore our Strategic Objectives seek to be more thon simply obout orgonisationol development. through them we seek to demonstrote the love of Christ to those oround us, ond seek out, welcome, inspire, speak out and serve communities in his nome. Remoin trueto our volues ond be obedient to God's calling This objective is the core of who we Ore ond will shape oll our existing ond futurework ond the woy we interoct with our colleogues, portners ond service users. Value, develop and inspire our staff & volunteers to developa highly skilled and motivated team We recognise that ourstoff teom ore our greote5t resource. With them empowered and operoting at high copacitywe will achieve more. YMCA Exeter is committed to high quality training and planning of career progression for all our staff. We will cultivate o reputation os on employer of excellence across Exeter and beyond. Contlnuolly Ilstento our communltlesto Identlfy needs ondwork together to meet them We will ensure that communities are involved in everything we do, from needs analysis, planning new work, fundraising and deliveryto creote change from within. Ensure our conslstentfir￿nc•al sustainability YMCA Exeter is committed to ensuring our financial sustainability through first and foremost trust in God, coupled with developing a wide range of financial models including enterprise, grants, contracts and donations. *WJ Grow, Expand and Deepen ourwork YMCA Exeter will strive for excellence in all we do, ensuring all our programs and services are delivered to the highest possible standard. We are committed to working in partnership with churches and with other organisations that demonstratesimilar values toour own. ,lllil'il Some of the teom toke o tour oround o nearly finished new Stage 4 housing Project. REVIEW OF STRATEGIC OBJECTIVES Remoin trueto our volues ond be obedient to God's colling •1 As a Christian organisation we involve our full stoff team in seeking God's guidance in how to fulfil our choritoble objectives. We regularly pray together for the work of the charity and for eoch other as we carry out our roles. We remain closely supported by our President, the Right Revd. Robert Atwell, Bishop of Exeter, and we are blessed and trulythankful for the support given by the wide range of Christian churches across Exeter and beyond. The support of the local churches through prayer and in portnering with us is a huge encourogement to u& Our primary function remains to focus on the needs of theyoung people that we serve, including providing residential accommodation for young persons upon terms appropriate to their means. This means we continuallyfind newand innovative woysto provideexcellent services ond support that young people need. whilst keeping our occommodotion ot o level of rent thot promotes their obility to enteremployment. This yearwe opened our new Stoge 4 Development, Sidwell Studios which is aimed ot tackling the l-bedroom housing need Crisis and focussing thot provision on enobling young people who need to move on from Supported accommodation to have a really excellent option to do so. Through theyear we have continued to strengthen our public voice, speaking outon issuesthataffect young people. This has included cultivating Stronger links with local and national media. We hove worked closely with media outlets to develop stories that particularly shine the spotlight on the l¢xk of affordable housing and youth homelessness. Throughout our'speoking out" we are committed to projecting a positive message, to highlight the'good work" within the difficulty, and to olways be resolution focussed when challenging issues in society. We continue to develop our work in utilising internettechnology to make accessing our services easier for young people and the partners we work with. We have updated our website to enable referrals and applications to our servicesand increased oursocial media content to give advice on whatto do if homeless. the specific type5 of support YMCA Exeter offers and where to occess community-based support oround the city. REVIEW OF STRATEGIC OBJECTIVES BELUINU CONTRIBUTE ANDTHRIVE Value, develop ond inspire our stoff & volunteers to developa highly skilled ond motivoted team It is common to hear thot a staff teom is the best asset to ony orgonisotion, but we reolly believe thot our orgonisotion is our staff teom. We believe thot YMCA Exeter is o greot ploce to work, ond wecontinueto ensure every staff member feels port of the orgonisotion, volued in their role and on essentiol part of plonning ourjourney forword. The continued impact ofthe Covid pondemic required us to keep adopting our Se￿iceS ond how stoff worked through the year. We've looked at eoch stoff member on on individuol bosis to ensure thot we con support thun to corry out their Toles whilst olso odopting to the chonges thot Covid hos brought to their home situotions. This hos included hybrid working orrongements, new working orrongements in offices ond o focus on ensuring we mointoin times where the stoff teom interocts os o whole. We continue to listen to the feedbock, ideos ond suggestions from our stoff team and this helps us shope the seNices that we deliver. Over the past year, the woy in which our staff team have adapted to using technology to engage young people hos continued to develop. We've reviewed the working methods that were introduced due to necessity during lockdowns and distilled out the innovative new working proctices that, even ofter relaxation of the social distancing rules, have proven to be things thot service users really enjoy and engage with. As a result, we've kept these practices ond ore looking to develop them further. This year we've been able to introduce our own 'app" with our young people thot is seporate from mainstream sociol medio allowing for more private and focussed sharing of information and communication. Our podcasts and gaming groups continue to be online communities that our young people enjoy engaging with and so continue to grow and be developed. The added advantage is that the online communities can now olso be augmented with irtrperson get together tool When innovation emerges in this way we are reminded of the volue in having a strong dedicated, happy and performing staff teom ond reminds us that this strategic objective must remain a core of our values as an organisation. Andy V.u£kay pretending to be working on our regular Podcost for residentsl REVIEW OF STRATEGIC OBJECTIVES Continuolly listen to our communities to identify needs ond work togetherto meetthem Inviting young people to be actively involved in our services ond our decision moking is massively important to us. This is because young people developa much greoter understanding of the service they receive if they ore involved in them and they con understond the "why ond how'lhose services ore delivered. Through the finonciol yeor, os Covid continued to limit some of the'normol" woys in which we communicated with the young people we serve, we continued to develop the many innovotive woys we engoged and communicoted with young people, both within our services ond those seeking our help. It hos been o very interesting ond a leorning process for us to discover the many odvontoges of hoving new internet and technology- based communicotion methods. Young people hove been oble to express their thoughts, needs, ideos ond feelings in sofe ond confidentiol environments thot were more text ond image bosed rother than face-to-face conversotions. We will continue to develop these communicotion methods to give us o greoter ronge in our obility to hear the views of young people. Nem.. housing crisis Pandeinic exiles from big cities push up prices in lockdown hotspots Chlr young people continue to speak out through us and with us about the issues that they ore facing. Over the past year we have again increased the number of opportunities and methods through which we can'speak out" together on the issues that young people find most important to them. We've been blessed by the many occasionsthis yeor where our young people have been heard acrossTV, Radio, printed media and the internet. Through the opening of our new Stage 4 Project, Sidwell Studios, many young people have been able to tell their story through articles in national newspapers, local TV spots and local and even international radio interviews. Together, we have been able to highlight the challenges of the current housing crisis, cost of Iwing increases and the impact of lockdown on the mental health of young people. We've been able to reach a vast number of listeners and readers and increase the general understanding of these issues for the general public. [directly obovel A Resident is interviewed obout the Housing Crisis for Locol TV. labove rightl Following interviews, YMCA Exeter Resident'5 opinions and quotes feature in an orticle in The Guordian newspoper. REVIEW OF STRATEGIC OBJECTIVES Ensure our consistentfinoncial sustainability We want YMCA Exeter to continue serving young people ocross Exeter andthe surrounding region for mony moreyeorstocome ondwe must ensure that we can financiolly sustain oll our octivities and be prepared for ony chonges thot may come. To this end. we are continuolly thankful to God for the wisdom and provision he foithfully provides us to ochieve this eoch yeor, through the provision of contracts, donations, volunteers ond gronts. We ore olso groteful for the recognition of our locol outhorities for our work within the supported occommodotion sector ond the funding they provide through support controcts and accommodation payments to those young people not in work. We ore continuolly thonkful to the grant moking trusts thot support our work and enoble us to continue to develop more housing opportunities for homeless young people and provide the vital support services thot ore required to operate alongside them. The YMCA Exeter Group structure continuesto allow u5 to achieve more by working in partnership with YMCA Exeter Community Projects ond YMCA Centres (South Moltonl. Through the partnership this year we have been able to further develop our Lighthouse Training Programme, which now includes theropeutic horticulture work which continues to hove an astounding effect on emotional wellbeing. We have also added mental health and wellbeing support to the Lighthouse Programme and many community-based activities to the residents within our supported housing projetts. Finally, we remain forever thankful and humbled by the generous donations from our manysupporters and friends without whom we could not achieve anywhere near what we do. The knowledge that individuals, businesses, organisations, and churches are committed to serving the needs of our young people brings greater sustainability to our daily work. Gareth Sorsby with Councillor Philip Bialyk, Leoder of Exeter City Council ot the official opening of Sidwell Studios Thank youl REVIEW OF STRATEGIC OBJECTIVES Grow, Expond and Deepen our work Despite the chollenges of Covid throughout the post two years, we were still able to complete our brond-new Stage 4 Supported Housing Project, Sidwell Studios. Sidwell Studios hos been mony years in the planning ond ot over o year in the actuol building. It is a community of 26 high quolity studio flats in o modern ottroctive building. Each studio flot is furnished with a double bed, wordrobe, bedside cabinet, sofa, dining table and choirs. Eoch have a full equipped kitchen and o separote bothroom moking it completely self- contoined. The Studio flots hove o floor spoce of 28sqm with 2 lorge full height windows moking them feel even more spocious thon they olreody ore. Modern Korrxdeon flooring, cutting edge security ond doors thot con be operoted from o young person's mobile phone finish off the attention to detail ond highquality feel of the properties. Whilst feeling luxurious, they Ore still very affordable for the young people, the majority of whom are in employment. A comparison of rents this year showed that they were ot leost £300 a month cheaper than the morket rote. These flats are also torgeted ot those young people who ore currently living in other Supported housing but are ready to'move-on" to a lower supported placement. At a time when other housing options are unlikely to house those moving on from supported housing projects, Sidwell Studios is a purpose designed project specifically welcoming them. Beyond the proctical positives, Sidwell Studio's itself is a beacon of hope in the city of Exeter. It was built out of the shell of on abandoned warehouse in the middle of Exeter,and it had already had planning permission to be converted into Student Housing. Instead, YMCA Exeter hove been ab￿ to transform it into 26 units of occommodotion that would not otherwise exist. No other developer in Exeter is creating affordable, single person accommodation for those in supported accommodation. ) A-4/ The young people now calling Sidwell Studios home can continue the amozing progress they've been moking getting their lives and careers back on track whilst in accommodation that exceeds the quality and size of that of the most expensive anddesired student accommodation in Exeter. OUR FUNDRAISING ETHOS "As a Christian I am aware of my responsibility to help others out of o sense of solidarity with fellow human beings. It is important to work with orgonisotions where I con see the projects to which I om contributing and form o relotionship with those leading the work. This is why I support YMCA Exeter" Quoted by o YMCA Exeterdonor YMCA Exeter is committed to the disciplineof fundroising, for when we osk ond receive resources, we ore better equipped to shore obundont life with the people we serve. Inspired by our Christian foith, we believe that the best expression of our love for God is our love for one another. It is this understanding of God thot motivates US to live hospitably, inviting ourselve5 and others to give generously of our resources, including time, talent and money, with those oround us. Our fundraising ethos is bosed on four key premises: We believe through thesharing of resources we can providehospitality and we can welcome young people into a community. We believe our fundraising activities unite those in need with those who can give. J. We believe in the ability of all people to assist in meeting the needs of those we serve. We believe we are a bridge through which young and old, rich and poor, can belong, contribute and thrive within a just and fair society. io MOBILISING SUPPORT AND VOLUNTEERS "After o very chilly night, a lot of rain and the roof on our shelter collapsing in on us, it's fair to soy tonight hos been chollenging, but this was just a tiny glimpse of whot some people hove to struggle with every single night." - Nationwide Exeter A primory woy for individuols to shore their resources is crucially through the giving of time ond expertise. Volunteers ot YMCA Exeter include mony individuols ond businesses who ore oble to support us through their time. This is often through Corporate Social Responsibility pledges where time-bound projects directly benefit those we serve. Whilst Covid restrictions still in ploce for some of this financial yeor meant that many volunteers couldn't contribute in the way5 that they previously did, we were able to begin to open up our doors and welcome the help of so many amozing individuals who support the work of YMCA Exeter through the giving of their precious time and energy. Many of our regulor groups welcomed back their volunteer helpers ond we were hugely blessed by HSBC and Good Gym who put together teams of helpers to furnish the new Sidwell Studios building. We really enjoy working with individuols ond organisations across the city in order to deliver services that benefit the lives of young people. This past year some of those hove been: The HSBC Teams who helped day and night to put furniture together The wonderful members of Good Gym who did the same! Special mention to lan Ablett, our longest serving volunteer! Janet Spencer, who leaves US this year after nearly 6 years of service Bob Whitchurch, Harriet Daly and Tim Ellis you are stars! LOOKING AHEAD II can't even put it into wordsl It's just amozingly - o new YMCA Exeter Sidwell Studios Tenant 2022 This yeor sow the opening of our new Stage 4 projecL Sidwell Studios. This project marks our continulxd oim to increase our housing provision to meet the needs of young people and develop our supported housing services across four stoges of graduated support, to ensure everyyoung person con tronsition through theirjourney in the most supported woy possible. As o long stonding, expert provider of supported occommodotion for young people, we know thot independent occommodotion thot hos a thriving community does not oppeor noturolly, it hos to be intentionolly created. We hove seen many young people who hove successfully progressed through supported occommodation ond moved on to independent living, hit a setback. had a relapse; been o victim of something that hos triggered feelings from a troumotic past, ond found themselves heading towards a crisis where they once ogain might lose their employment, their heolth and their home. The entronce woy to our new Stoge 4 housing projecL Sidwell Studios. DEVELOPMENT OF COMMUNITY-BASED ACTIVITIES By continuing to work in partnershipwithin the YMCA Exeter Group we can ochieve more together to meet the needs of all young people, both those thot live in YMCA Exeter accommodation ond those who live locally in the community. The completion of Sidwell Studios ond the proof of its sustoinability model gives us the full confidence to continue to seek ways to develop rrKJre similar housing projects to tackle the desperote need for l-bed accommodation ocross Devon. The development of our group work model of octivities, whereby smoll groups of residents come together over shored hobbies ond interests, is key moving forward as we seekto roll out these groups for all young people across the city, not just for our residents. Our colleagues in YMCA Exeter Community Projects ond YMCA Centres {South Moltonl ore already working with young people in communitiesthrough community connectin9, open access youth services and young families support work. We look forword to creating spaces for all young people to receive more informal, yet preventative ond pastoral support. The need for l-bed accommodation is a significant one; making up around 65% of the totol need for housing on Devon Home Choice waiting lists. YMCA Exeter will continue to focus on finding solutions to this crisis in every way it can. One of those woys will be to continue to develop and bring online new units of accommodation like Sidwell Studios has achieved. DEVELOPMENT OF DIGITAL SERVICES Through these initiatives,YMCA Exeterwillalways be a placewhere a group of dedicated and caring individuals will extend hospitality to others, showing nojudgement or favouritism,and creating safe spaces where allyoung people con truly belong, contributeand thrive. Through the Covid Pandemic, we developed new ways to bring young people together in online communities and provide our seNices in a more digitally accessible format. We aim to continue to invest in developing these and combine them with our in-person activities to increase the range of ways that young people can interact and engage with our services and build communities together. 12 ROJECTS Iisumi 4¥ eL TRUSTEES, REPORT 13 TRUSTEES Paul Reisbach Chair Will McDermid Treasurer Emma White Poul Cloke Rita Nordone Louise Glanville Jonathan Snicker Paul Lambdin Sara Traynor Llew Nitholls Deborah hton-Plom Lei 14 CHARITABLE OBJECTIVES AND PUBLIC BENEFIT The Charity's objectives set out in its Memorandum of Association include:. ol To provide or assist in the provision in the interests of sociol welfore of facilities for recreotion ond other leisure time occupotion for men ondwomen with the object of improving their condition in life. bl To provide, construcL improve or monoge houses or hostels providing residentiol occommodation foryoung persons upon terms appropriate totheir means. To meet these objectives and our public benefit requirements during this financiol year, we continued to deliver our supported housing and associated services in a very challenging environment. These services are described in detail in the Board of Management Annual Report. Our provision is focused on assisting single, vulnerable young people between the ages of 16 to 29 who come from throughout Devon, and occasionally beyond. We have increased our housing and support provision in the course of thisyear and are actively seeking to achieve further development in coming years. All of our support services ore provided free of chorge to oll our clients, omply meeting our public benefit requirements. The development of o community Forest School and Social space in Exwick 15 GOVERNANCE AND FINANCIAL MANAGEMENT RECRUITMENT, APPOINTMENT AND ROTATION OF BOARD MEMBERS The organisotion is a choritoble Compony limited by guorontee. ond o Registered Provider of Social Housing, incorporoted on 5th December 1989. The Company wos established under a Memorondum of Association which established the objects ond powers of the charitoble company and is governed under its Articles of Associotion. In the event of the Company being wound up, membersore requiredto contribute on omount not exceeding £1. The Board seeks to ensure thot members hove a ronge of skills covering business and monogement oreos. together with those with experience of working with our primory client groups. Regular skills audits ore carried out ond, when voconcies occur on the Board, new members are sought with oppropriote skills, experience ond quolificotions to strengthen ony identified weok areos. Prospective Board members complete o three*toge opplicotion process. In the first instonce on individuol expressing on interest in joining the Boord is invited to visit the Associotion's premises ot St Dovid's Hill to be briefed obout the work of the orgonisotion, to meet key stoff, ondto be given o tour of the premises. The role ond responsibilities of o Boord member ore exploined ot this stoge, ond if the individual still wishes to join the 8oord, they ore given a written Board Member Role Description which explains the role clearly. The business of the Associotion is monoged by the Council, olso known os the Boord, which moy include co-opted members. The directors of the Compony ore olso chority trustees for the purposes of chority bw ond, under the Compony's Articles, ore known os members of the Boord. The Board moy hove between 8 ond 24 members who meet monthly. They ore responsible for the strategic direction, scrutiny of operationol octivity and policy of the charity. Five Board members need to attend eoch meeting to form o quorum. During 2021122, the Board comprised eleven members. The Board has resolved to limit their number to a maximum of 12 to comply with the adopted NHF Code of Governance 2022, and toensure effective conduct of Board business. The prospective Boord memberthen completes on application form in which they outline their experience and the time, skills and knowledge they can contribute to the organisation. At this stoge they may be invited to attend a Board meeting as an obser4er. The Board works to ensure we ore meeting the expectations of our regulators, service users and other stokeholders. This is primarilyachieved through regular reviews of internal policies and procedures to ensure compliance with legislative requirements and standards. Once references are taken up, on interview is orranged with two members of the Board. If the interviewers are satisfied they possess the necessary skills and knowledge, then the interviewers will propose their acceptance as Board members otthe next Board Meeting. subjectto ratification otthe next AGM. Board members ore elected for a 3-year term, with approximately one third of the Board resigning at the AGM, after which they may offer themselves for re-election. Board members may not serve more than 3 terms without a break. All members of the Board give their time voluntarily and receive no benefits from the Association. 16 BOARD MEMBER INDUCTION AND TRAINING MANAGEMENT STRUCTURE On being formally voted onto the Boord. new members ore given o Member's Pock which contains comprehensive information and documentation, which includes the constitution. orgonisotion structure. terms of reference, previous accounts, policy documents and minutesof previous meetings. The Associotion works in close portnership with YMCA Exeter Community Projects (o registered chorityl. ond YMCA Centres Isouth Moltonl, shoring resourcesandexpertise toenoble both orgonisationsto achieve more than they could separotely. Boord members ore given o formol induction progromme to introduce them totheir responsibilities os Boord members os wellas to give them an overview of every orea of the orgonisotion's work, including meeting key stoff to be briefed on the doy-to-doy choritoble octivities. Doy to doy responsibility of the monogement of the organisotion rests with two Jointchief Executive Officers, supported by o Management Team. The key personnel of the orgonisotion is Si Johns. The Associotion employs a smoll stoff teom who all work closely together to ensure thot the oims ond objectives of the chority are met. The Choir is o member of the notional YMCA Englond and Woles Chairs Network thot meets twice o yeor for troining ond shoring informotion ond experience. Other Boord members ore encouroged to ottendtroining events organised by YMCA Englond ond Woles or orgonisedjointly by the YMCAS in the South West. The Boord oppoints subcommittees to oversee in more detail vorious oreas of the Orgonisotion's business, ond these subcommittees report to the full Boord. BOARD OF MANAGEMENT AND THEIR INTERESTS The Association is a charitable Company limited by guoronteewith no share capital. Each member's liability is a contribution of £1. pi 11 It IQPLE The Board of Management of the Association during theyear ended 31 March 2022 was: P Reisbach W McDermid P Lombdin J Snicker L Nicholls S Traynor D Leighton Plom R Nardone L Glonville E White P Cloke (Chair) (Treasurer) In¢ft YMCA EXETER (Appointed 31 Jonuary 2022) (Resigned 27 September 2021) (Deceased 25 May 20221 The heritage stand at our I1Stli Celebration in Exeter Cothedral 17 RISK MANAGEMENT FINANCIAL PLANNING AND MONITORING The Boord has conducted a review of the mojor risks to which the Association is exposed. Where appropriate. systems or procedures have been established to mitigate the risks the charity foces. Detoiled budgets ore produced and opproved by the Board prior to the commencement of the year to estoblish the level of funding required, ond a funding strategy hos been developed to secure the funds needed to Additional support costs during the financial year 2021-2022 were cover this expenditure. The mojority of expenditure is plonned in advance to funded by way of o'spot purchase, controct, on o quorterly basis, odvised ensure thot it does not exceedthe annual income. Income is generated 3 months before the commencement ofthe relevant quarter. Contingency from rentol income, controcts,gronts,choritoble donations ond by providing plans are in place should there be a substantial reduction in spot purchase leodership ond monogement support to otherchoritoble orgonisations. payments ot o future dote. Strict performonce criterio ore ottoched to the controct, and systems hove been put in place to ensure thot oppropriote levels of performonce ore ochieved. RESERVES POLICY The Boord hos established o reserves policy to retoin three months operoting costs to enoble it to continue operoting in the event of unforeseen circumstonces. Excluding depreciotion, the operoting costs for the yeor were roughly £908,000, requiring reserves in excess of £227,000. Internol control risks ore minimised by the implementotion of procedures for outhorisotion of tronsoctions and projects, with o cleoT Stotement of delegation of responsibilities to ensure thot oll decisions with finonciol implications ore opproved at on oppropriote level (Project stoff, Coordinators, Managers, Joint Chief Executive Officers, Choir or full Boord, os oppropriatel. Net current assets (Cosh and debtors held less creditorsl ore £565,744, exclude short term Housing Loon ond Deferred Grant income £99,434 the amount is £665,178. Restricted reserve5 are E102,046, which gives net current reserves of £563,132. The Board has set aside £32,487 in various property reserves for cyclicol repairs and maintenance as well as refurbishment. In addition, £241,279 is ollocated to a property development reserve to be invested in planned future expansion of housing stock. £119,314 has been designated to cover future set up and initial operations costs of new property development projects. This gives £170,052 of unrestricted operotional cash reserve which represents under 3 months operating expenditure. Monagement accounts are prepared quarterly, and these are compored with the budget. The Association's Finances are monitored closely by the Monogement and the Board, and eorly oction taken to mitigate any financial risks identified. Detailed Policy and Operational Procedures ore in place to ensure compliance with health and safety requirements and to ensure the sofety and welfare of staff. S￿Ice users and visitors to the premises, and regulor reports are made to the Board. Porticulor attention is given to The Boord is prepared to release the reserve of initial operations of new property safeguarding children and vulnerable adults. These Policies and Procedures development projects by the end of the next financial year. The Trustees hope to are periodically reviewed to ensure that they continue to meet the needs increase the level of reserves to meet the three months operating costs os per of the organisation as well as statutory and regulotory requirements. the policy through budget surpluses over the next few years. INVESTMENT POLICY As set out in the rese￿eS policy cash may be required at relotively short notice so oll funds are held in short term deposits to provide liquidity when required. 18 FINANCIAL REVIEW Review of the Yeor ended 31 Morch 2021 Turnover from rental income decreased by 3% from £735,678 to £713.892 due to increase in income lost through voids. Support controcts income decreased by 6% from £203,644 to £192,542. Other income increosed by 9% from £315,988 to £345.099 due to higher fundroising income ond donotions for the new property development project, Sidwell Studios. Expenditure for operoting costs increosed by 15% from £916,331 to £974,524 due to the rising costs of operotions ond increose in the number of employees. This created an end ofyeor operoting income of £84,467 which ofter net finance costs gives a total comprehensive income for the yeor of £71,779. The bolance sheet is heolthy with £681,836 held in bonk accounts ot the end of the year. Net current assets are £665,178 lexcluding short term housing loon ond deferred gront income) with £102,046 being restricted reserves which ore held for Specific purposes and con only be used for these purposes. The remaining reserves of £563,132 are known as unrestricted reserves. Of these unrestricted reserves, the trustees hove designated £393,080 to be held in the Development Reserve, Property Reserve and Support Work Reserve. PLANS FOR FUTURE PERIODS The Association anticipates that it will continue to operate its existing 60 units of accommodation and the additional 26 units of accommodation which were completed ofter the finonciol yeor end. for the foreseeoble future. We are also looking to further increose the number of units we operate as supported housing in varying formats to meet the needs of its service users. The Association continues to diversify its income streams and tender for new contracts ond opportunities. A Tenant moves Into tneir new Flat at Sidwell Studios 19 VALUE FOR MONEY The table below contains our performance for the lost threeyeors. 2021122 2020121 2019120 Value for Money IVFMI is central to delivering our mission, values ond Business Strategy. As a small housing association. we are extremely conscious of the need to monoge our resources ond octivities in the most effective monner. We ore ambitious to provide our residents with the best quolity services and to ochieve this we must ensure that we optimise productivity from our finances, staff ond suppliers. We remoin committed to reducing costs or generoting odditionol income where possible. We serve o young community thotoften need high level of support. Thus, we ore committed to providing services thot moke a positive contribution to our residents ond provide on opportunity forthem to grow ondthrive. VFM is notjust obout soving money. While we consistently oim to get the most out of what we spend, we olso look for qualitative improvements, for exomple increasinglimproving services with no increose in cost. Achieving value for money is therefore about getting the right bolonce between the cost of delivering our services leconomyl together with how efficient ond effective we ore as an orgonisotion. We ore clear that os o housing ossociation committed to delivering a community service and investing in new homes, that our efficiency approach must a150 be geared towards ochieving our long-term vision of investment and growth. The Regulatory Framework for housing associations includes a Value for Money stondord that requires registered landlords to- monage resources economically, efficiently and effectively in our provision of housing and services, for Boards to maintain a robust assessment of VFM performance and to articulate how they will deliver VFM. The Regulator for Social Housing IRSHI has outlined what it expects Registered Providers to deliver in relation to value for money IVFM) in its VFM standord 2018. A key requirement of the VFM standard is that an organisotion understonds its costs and the outcome of delivering specific services, and the underlying factors which impact these costs. The regulator has defined 7 VFM metrics, and these are the main elements of our VFM reporting and analysis, which allows us to compore against ourselvesovertime. Reinvestment (%) Considersthe investment in proFerties (existing slock os well os new supplies) as a percentoge of the volue of totol properties held New supply delivered {%) Number of new sociol housing ond non-sociol housinghornesthot hove beenocquired or developed in the yeor os o Propo￿on of totol sociol housing ond non-social housing homes owned at period end. New supply delivered (Sociol housing units) % New supply delivered INon-socioI housing units1% G•oring (%) Assesses how much of the ossets ore mode up of debt ond the degree of dependence on debt finonce Eorning5 before Interest, Tox, Depre¢iution, Amortisotion. Major R•pairslnclud•d{EBITDA MRLI Interest cover {%) A key indicolor for liquidity ond investment copocity. Meosuresthe level of surplusgenerotedcomporedto Interest poyoble Htodline Sotiol Housin9 Cost per unit 1£) The heodline sociol housing Cost per unitos defined by the regulotor. The costs include mono9ement, service chorge, mointenonce, mojor repoirs ond other sociol housing costs Operating Morgin {%) ernonstrotesthe profitability of theoperating assets before exceptionol expenses ore taken into account. Increosing margins are one way to improve the financiol efficiency of a business. Operoting Margin (Social housinglettings only) Operoting Margin loveToIII ROCEI%) Operating surplus to total assets less current liabilities. An ossessmentof theefficbentin¥eslment of capital resources. 36% 35% 7% 6% 73 1270 11,452 10,373 9,917 12.9 20 REINVESTMENT Our ombitlous seven-year plan, commencing 2018 to 2024. will see our housing stock increase to almost double. During the year. we added 4 rooms to the total number of rooms to let and completed o building conversion. The twenty-six rooms in the building will be ready to let in the next financial year. NEW SUPPLYDELIVERED We hove mode good progress in ocquiring propertiesond ore on torget to deliver housing units occording to our seven-yeor plon. Il I GEARING The georing ratio is zero which indicotes thot our debt level is low compored to the cost of housing properties. Our level of georing minimises the exposure of interest rotes chonges. Reduced interest poyments ollow more cash flow to be invested in profitoble projects. EBITDA MRI INTEREST COVER Our EBITDA MRI Interest Cover will fluctuate from year to year in line with void levels and other sources of income. We are content that our underlying performance is strong and demonstrates our efficiencyand effectiveness in delivering robust finonciol re5uIt5. HEADLINE SOCIAL HOUSING COST PER UNIT YMCA Exeter has a relatively high cost per unit as compared to general needs housing associations. It is similar with other supported accommodation providers. There is a gradual rise in costs over the years. OPERATING MARGIN Operating margins are within the acceptable range. We aim to maintoin or improve this level of margins in the next financiol year. ROCE ROCE has decreased in the year which is attributable to a lower operating surplus which ho5 underperformed as compared to the increased of net assets. The reason for the decrease is due to a completion of a building conversion at year end was only ready to let after the year end. Baking Bread at the Lighthouse Cafe 21 STATEMENT OF THE BOARD'S RESPONSIBILITIES Chority ond Compony Low, Homes England and Regulotor of S(KioI Housing, requires the Boord to prepare financial stotements for eoch finonciol year which give o true ond fair view of the state of affairs of the Chority and of the surplus or deficit for thot period. In preparing these finonciol statements. the Board is required to: RELEVANTORGANISATIONS: Auditors: Thomos Westcott, fimberly, South Street, Axminster, Devon, EX13 SAD Select suitoble occounting policies ond opply them consistently. Observethe methods ond principles in the ChoritiesSORP IFRS1021 Mokejudgements ond estimotes thot ore reosonobleond prudent; Stote whether opplicoble UK accounting stondords have been followed, subject to ony materiol deportures disclosed and exploined in the finonciol statements; ond Prepare the occounts on a going concern bosis unless it is inappropriate to presume that the Chority will continue to operate. Bonkers: Bonk of Scotlond, PO Box 23581, Edinburgh, EHI IWH CAF Bonk Limited, 25 Kings Hill Avenue, Kings Hill, West Malling, ME19 4JQ Auditors: Thomas Westcott LLP has expressed its willingness to continue in office ond o resolution for their reoppointment will be proposed ot the Annuol Generol Meeting. By orderof the Boord: The Tru5tee5 are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the finonciol position of the Charity and enable it to ensure that the financial statements comply with the Industrial and Provident Societies Act 1965 to 2002, Charities Act 2011, Housing and Regeneration Act 2008 and the Accounting Requirements for Registered Sociol Landlords General Determination 2006. It is also responsible for safeguarding the ossets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. P Reisboch 39141 St David's Hill EXETER Devon EX44DA In so far asthe Boord are awore: There is no relevant audit information of which the Chority's auditors are unaware, and . The Board have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information ond to establish that the ChoritY5 ouditor5 are oware of that information. Dated: 26th September 2022 22 -v INDEPENDENT AUDITORS, REPORT INDEPENDENT AUDITORS, REPORT CONCLUSIONS RELATING TO GOING CONCERN We hove audited the financiol statements of City of Exeter Y.M.C.A for the year ended 31 March 2022 which comprises the Statement of Comprehensive Income, the Statement of Finonciol Position and the reloted notes. The financiolreporting fromeworkthat has been applied in their preporation is opplicoble law ond United Kingdom Accounting Stondards (United Kingdom Generally Accepted Accounting Procticel, including Finonciol Reporting Stondord 102 IFRS 102), 'the Finonciol Reporting Stondord in the UK ond Republic of Irelond.. We have nothing to report in respect of the following matters in relation to which the ISAS IUKI require us to report to you where: the Board of Management's use of the going concern basis of accounting in the preporation of the finonciol statements is not oppropriote. or the Boord of Monogement hos not disclosed in the finonciol statements ony identified moteriol uncertointies thot moy cost significont doubt obout the associotion's ability to continue to adopt the going concern basis of occounting for o period of at leost twelve monthsfrom the dote when thefinoncial statements are outhorised for issue. In our opinion the financiol stotements: Give a true ond fair view of the state of the Association's offoirs os ot 31 Morch 2022 ond of its income ond expenditure for that yeor ended. Have been properly prepared in accordoncewith United Kingdom Generally Accepted Accounting Proctice; and Have been prepared in accordance with the requirements of the Companies Act 2006, the Accounting Directive for social housing from Apri12015 ond section 137 of the Housing and Regeneration Act 2008. OTHER INFORMATION The Boord of Monogement is responsibleforthe other informotion. The other information comprises the informotion included in the onnual report, other thon the financial statements and our auditor's report thereon. Our opinion on the finonciol statements does not cover the other information and we do not express anyform ofassurance conclusion thereon. BASIS OF AUDIT OPINION In connection with our audit of the financial statements, our responsibility is to reod the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstoted. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatementof the other information. If, based on the work we have performed,we conclude that there is a material misstatement of this other information, we are required to report that fact. We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKI) and applicable low. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financiol statements section of our report. We are independent of the Association in accordance with the ethical requirements that are relevant to our oudit of the financial statements in the UK, including the FRC'S Ethicol Standard, and we hove 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. We have nothing to report in this regard. 24 OPINIONSON OTHER MATTERS PRESCIUBED BYTHE COMPANIES Acr 2006 I n our opinion, based on the work undertaken in the course of the audit.. the information given in the Boord of Management's report for the financialyear for which the financial statements are prepared is consistent with the financial statements., and the Boord of Management's report hos been prepored in occordance with opplicoble legal requirements. Irregulorities, including froud, ore instonces of non-complionce with lows ond regulations. We design procedures in line with OUT responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our pr￿edureS are capable of detecting iriegularitie5, including fraud is detailed below= We identified oreos of lows ond regulotions thot could reosonobly be expected to hove o moterial effect on the financiol 5totement5 from our general cornmerciol and sector experience and through discussion with the Trustees and management. We communicated identified laws ond regulation5 throughout our team, and remoined alert to any indications of non