rp.. YMCA EXETER CITY OF EXETER YMCA (A company limited by guarantee) DIRECTORS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 COMPANY NUMBER 2449636 REGISTERED CHARITY NUMBER 803226 CONTENTS LEADERSHIP Board of MonagementAnnual Report Leadership Welcome Our Objertives Review of Strategic Objertives Our fundraising ethos Mobilising support andvolunteers Looking Ahead PAGE Since 2017, we hove had o joint leodership model to foster occountability and mutual support in what con often be an isoloting role. Our Joint CEOS strive to deliver a better, stronger and more effective service for our beneficiories, our staff and our volunteers. 10 11 12 Si Johns begon ot YMCA Exeter in 2002 05 on Assistant Housing Manager, with o background in youth work and sociol work. An expert in the benefits system, tribunols ond disobility troining, Si is also a Full Chartered Member of the Chortered 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 poges do not form part of the financial statements. Income and Expenditure The Trustees submit their report and financial statements for the year ended 31 March 2023 for the City of Exeter YMCA. 36 Goreth 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 Exeterto help young people and ex-offendersinto employment. Gareth believes strongly in early inteNention 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 theyear ended 31 March 2023. 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 IFRS 102) (effective l January 2015) (Charities SORP IFRS 10211 in preparing the annual report and financial statements of the charity. Photo& Si Johns and Gareth Sorsby, Joint CEOS at our Gala Dinner OUR VISION TRANSFORMING'I COMMUNITIES i/ WHERE ALL YOUNG IiEOPLE CAN BELONG Yn¢A CONTRIBUTE ' AND THRIVE yiiikn WELCOME That was 180 years ogo, but more recently, in the 1980s, when YMCA Exeter hod another rejuvenotion, it wos the Local Churches working together to create a similar mission of compassion ond demonstrotion of God's loving chorocter that led to the formotion of o Housing Association and the construction of the St. David's Hill building that we coll our Stage I project todoy. As we look bock ot o yeor when we were oble to olso create o similor sized new project in Sidwell Studios, it is good to know that those Choritoble Aims set monyyears ogo ore os relevant today os they were when they were written. "What good is it, dear brother and sister4 ifyou sayyou have faith but don't show it byyour octions? Can that kind of faith sove onyone?P James, Chopter2.. Verse 14 James makes a very good point, and goes on to make many further good points, if you continue to read through Chopter 2 of James in the Bible. As o Christion orgonisotion this is one of the key Biblicol points for why we ore who we ore, and why we do whot we do! YMCA is o movement born out of the determinotion of o mon colled George Williams, who wos very soon supported by a group of like-minded friends, to expre55 the love ond chorocter of God to those around them. To demonstrote God's chorocterthere is no better woy, ond os Jomes writes Iheremoybe no other way, to do so thon by reoching out to the needs thot I we see oround us. We remoin committed to providing high quolity supported housing to young people who ore in need, to provide supportive, constructive assistance to them to tockle any issue they are struggling with and help them achieve all thot they hope for. To provide services thot are holistic, utilising YMCA'S ethos of providing for Mind, Body and Spirit to ensure that young people are inspired to achieve, motivated to care for their mental wellbeing and physical health and also seek out the purpose for their lives. We passionately believe thot every person is hugely voluable ond ensure that our services are welcoming lu people of all faiths or none, offering young people I lie spaces they need to feel secure, respÉrted, 'ieard, and valued and speaking out on issues that offect their lives. They storted as o proyer and bible study group, eager to get to learn mcffe obout God. They would meet together and pray for God to show them what wos on his heart. what things mottered to God? In answer to these prayers, they soon found themselves out in the community, helping others, trying to stand up for the oppressed and tockling injustice in the world. This is because God loves us. People are what matters to God. So the group found themselves setting up education for those who couldn't afford it, providing medical help for those in need and even tackling the unfair working hours of that current age. founding the basis of the regulations that now ensure we have fair breaks from work, holidays, and foir pay. YMCA Exeter was formed just 2 years after George Williams founded the first YMCA in London. He grew up in the Southwest and was married in Exeter, so it wos o special place for him. , AUAIIMrfI MIIIHGI AIE AUI7IMGI jHoI This olso is o foith journey for us. os on organisotion. As we step out in reliance upon God to guide our strategic plans ond to provide for us in times of funding difficulty. we discover more and morè of his generous provision ond his unwavering Presence to guide us. We are so thankful to have a team that can engage in seeking God's will for the organisation. praying for eoch other and for the work and so often going above and beyond in their service to others. If you are reading this Annual Report then we thank you foryour interest in us as on organisation and for joining us in this journey as we reflect back on another year of the work of YMCA Exeter. STRATEGIC REPORT: OUR OBJECTIVES Our Christion ethos is the foundotion ond inspirotion for oll thot we do, ond therefore our Strotegic Objectives seek to be more thon simply about organisotional 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. Remaintrueto our values and be obedient to God's calling This objective is the core of who we are and will shape all oui existing and futurework and the way we interact with our colleagues, partners ond service users. Volue, develop ond inspire our staff & volunteers to develop a highly skilled and motivated team We recognise that ourstaff team ore our greotest resource. With them empowered ond operoting ot high copocity we will ochieve more. YMCA Exeter is committed to high quolity troining ond planning of career progression for all our stoff. We will cultivote a reputation as an employer of excellence across Exeter and beyond. Continually listen to our communitiesto identify needs and work together to meet them We will ensuie that communities ore involved in everything we do, from needs analysis, planning new work, fundroising and deliveryto create chonge from within. Ensure our consistentfinoncial sustainability YMCA Exeter is committed to ensuring our finonciol sustainobility through first and foremost trust in God, coupled with developing a wide range of financial models including enterprise, grants, controcts and donations. Grow, Expand and Deepen ourwork YMCA Exeter will strive for excellence in all we do, ensuring all our progroms and 5ervice5 are delivered to the highest Possible standord. We ore committed to working in partnership with churches and with other organi50tions thot demonstrotesimilar volues to our own. (Topl St. Dovid's Hill our 31 Bed Stage l Residential Centre Ibottoml Sidwell Studios, our 26 Studio Flat Stage 4 development REVIEW OF STRATEGIC OBJECTIVES Remoin true to our volues ond be obedient to God's colling. •1 As a Christion orgonisation we involve our tull statt team in seeking God's guidonce in how to fulfil our choritable objectives. We regularly proy together for the work of the chority and for each other as we corry out our roles. We hove been blessed with the support ofour President, the Right Revd. Robert Atwell, Bishop of Exeter, over theyeors ond as he retires in September 2023, we will be prayerfullyconsidering whowe might approach to succeed him in thls role. We are blessed and truly thankful 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 partnering with usis a huge encouragement to us. Our primary function remains to focus on the needs of the young people that we seprfe, including providing residential accommodation for young people upon terms appropriate to their means. This meons we continually find newand innovative waysto provideexcellent services ond support that young people need, whilst keeping our occommodotion pathways at o level of rent thot promotes theirabilityto enter employment. This year we opened our new Stage 4 Development, Sidwell Studios which is aimed at tackling the l-bedroom housing need crisis and focussing that provision on enabling young people who need to move on from Supported accommodation to hove a really excellent option to do so. Through the year we have continued to strengthen our public voice, speaking outon issues that affect young people. This has included cultivating stronger link5 Wlth locol and notional media. We hove worked closely with media outlets to develop stories thot particulorly shine the spotlight on the lock of offordable housing ond youth homelessness. Throughout our'speaking out" we are committed to projecting o p051tive message. to highlight the'good work" within the difficulty. and to olwoy5 be resolution focussed when challenging issues in society. We continue to develop our work in utilising technology to make accessing our services easier for young people and the partners we work with. Including introducing mobile apps, electronic referral processes and social media content to give advice on what to do if homeless, the specific types of support YMCA Exeter offers and where to access community-based support around the city. REVIEW OF STRATEGIC OBJECTIVES Value, develop and inspire our staff & volunteers to develop o highly skilled and motivoted teo It is common to hear that a stoff team is the best osset to any organisotion. but we really believe that our orgonisotion is our staff team. We believe thot YMCA Exeter is a greot place to work. and we continue to ensure every staff member feels port of the orgonisotion, volued in their role ond on essential port of plonning ourjourney forword. The continued impoct of the Covid pandemic required us to keep adapting our services ond how stoff worked through the yeor. "*ql. We've looked ot eoch stoff member on on individuol bosis to ensure thot we can support them to carry out their roles whilst also odapting to the chonges thot Covid has brought to their home situotions. This hos included hybrid working orrongements,new working orrongements in offices ond o focus on ensuring we maintoin times where the staff team interocts os o whole. YMCA Exeter Staff Team Strategic Plonning Doy We continue to listen to the feedback, ideas and suggestions from our staff team ,Jnd this helps us shape the services that we deliver. Over the past year, the way In which our stoff teom hove adapted to usng technology to engage young people has continued to develop. We've reviewed the working methods that ere introduced due to necessity during lockdowns and distilled out the nnovative new working practices that, even after relaxation of the social ,Jistancing rules, have proven to be things that service users really enjoy ond ngage with. As a result, we've kept these practices and are looking to develop them further. This year we've been able to introduce our own "app" with our young people that is seporote from moinstreom sociol medio ollowing for more private and focussed shoring of information ond communication. Our podcasts and gaming groups continue to be onlinecommunities 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 also be augmented with in-person get together too! YMCA Exeter Staff Team Strategic Plonning Doy When innovation emerges in this way, we are reminded of the value in having a strong dedicated, happy and performing staff team and it reminds us that this strategic objective must remain a core pillar of our values as an organisation. REVIEW OF STRATEGIC OBJECTIVES Continually listen to our communities to identify needs ond work together to meet thenl Inviting young people to be actively involved in our services ond our decision moking is mossively important to us. This is because young people develop a much greoter understanding of the service they receNe when they ore involved in them, and they can understand the'why and how" those services ore delivered. Our young people continue to speok out through us ond with us about the issues thot they are focing and the things that ore important to them. Over the past yeor we hove ogoin increased the number of opportunities and methods through which we con "speak out" together on the issues thot young people find most importont to them. We've been blessed by the mony occosions this yeor where our young people hove been heord across TV, Rodio, printed medio ond the internet. thomw . gt Sldw•ll'• Studl Our Sidwell Studios development, 0 26 Studio Flot block of occommodotion creoted out of an obondoned worehouse in the centre of Exeter, opened in June 2022 to its first occupants. The project is o reol offordable ond yet high-quolity option for those young people moving on from higher supported accommodotion. There are very few projects like this available and none in Exeter or the surrounding oreos. As o result, the project was featured heavily in the locol and nationol news. This gove a fantastic platform for our young people to expre55 their thoughts and feelings about the ossistonce in life that they feel they need alongside how this project wos helping to provide for them. (Above) A YMCA Exeter resident introduces our new development to attendees ot a Galo Dinner event. (Left) A Resident is interviewed about the Housing Crisis for Local TV. Another positive result of the opening of our new Sidwell Studios development and publicity it generoted, was the interest it has drown from the surrounding local authorities. Other District Authorities in Devon, Torbay Council and Plymouth City Council hove all expressed o similor need for o development like Sidwell Studios for young people in their areos ond we hove begun discussions obout how we can reach out further to help other communities in the 50me woy we've been oble to provide for young people in Exeter. Iipo,: 11 The great need for this type of project is not fulfilled in Exeter by any means and so we continue to explore ways to provide more fantastic opportunities for young people who need this within the city of Exeter and its immediate surroundings. REVIEW OF STRATEGIC OBJECTIVES Ensure our consistent finonciol sustainobility. We want YMCA Exeter to continue serving young people ocross Exeter and the surrounding region for mony moreyeors to comeand we must ensure thot we con finonciolly sustoin oll our octivities and be prepared for ony changes thot may come. To this end. we are continually thankful to God for the wisdom and provision He foithfully provides us to achieve this eoch year, through the provision of controcts, donotions, volunteers ond gronts. We ore continuolly thonkful to the gront moking trusts that support our work and enable us to continue to develop more housing opportunities for homeless young people and provide the vitol support services that are required to operate alongside them. nilft¢iO,, 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 accommodotion payments to those young people not in work. Preventing young people from becoming homele55 and working to help them overcome difficult life circumstances early on saves a vast amount of money from statutory services ond many other areas that offect the public purse. We will continue to produce the evidence ond factual data thot shows this to ossist all those making commissioning decisions to understond how economically vital prevention methods ore. YMc*ÉxETER (Abovel Bishop Robert Attwell blesses the Artic Challenge Rowing Team ond their boat befoTe on incredible Artic Ocean crossing fundTaising challenge. ILeft) Some of the YMCA Exeter Great West Run Team having successfully completed the challenge. The YMCA ExeterGroup structure continuesto ollow usto achieve more by working in partnership with YMCA Exeter Community Projects ond YMCA Centres (South Moltonl. Through the portnership this yeor we hove been oble to further develop how YMCA Exeter Community Projects. community-based activities can ploy o vitol port in the journey of o young person through Supported Accommodation. Finally, we remain forever thankful and humbled by the generous donations from our many supporters and friendswithout whom we could not achieve all that 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. Thank you! REVIEW OF STRATEGIC OBJECTIVES Grow, Expond and Deepen our work This year we were proud to bring our new Stage 4 project Sidwell Studios into existence. It opened to its first occupants in June 2022 and by October 2022 it wos full up! Referrols to the project were for any young person needing to move on from higher level supported occommodotion, in low paid employment or ready to be, and looking for a community of support around them os they moved. Referrols were open to oll supported occommodotion providers in the oreo os well os YMCA Exeter's own projects. Sidwell Studios hos been mony yeors in the plonning ond ot over o yeor in the octuol building. It is o community of 26 high quolity studio flots in a modern ottroctive building. Eoch studio flot is furnished with a double bed, wordrobe, bedside cobinet, sofo, dining toble and chairs. Each have o fully equipped kitchen ond o separote bothroom moking it completely self-contoined. The Studio flats hove a floor spoce of 28sqm with 2 lorge full height windows making them feel even more spacious than they already ore. Modern Karndean flooring, cutting edge security and doors that can be operated from a young person's mobile phone finish off the ottention to detail and high-quality feel of the properties. Beyond the practical positives, Sidwell Studio's itself is o beocon of hope in the city of Exeter. It was built out of the shell of an abandoned warehouse in the middle of Exeter, and it had already hod planning permission to be converted into Student Housing. Instead, YMCA Exeter have been able to transform it into 26 units of occommodation that would not otherwise exist. No other developer in Exeter is creating affordable, single person accommodation for those in supported accommodation. Whilst feeling luxurious, they are still very affordoble for theyoung people, the majority of whom are in employment. A comparison of rents this year showed that they were at least £300 0 month cheaper than the market rate. The young people now calling Sidwell Studios homecan continue the amazing progress they've been making getting their lives and careers bock on track whilst in occommodation thot exceeds the quolity ond size of that of the most expensive ond desired student accommodation in Exeter. There is such a huge need for this type of accommodation for both those young people desperately trying to move on from supported accommodation and for others who moy be limited in their options due to a lock of availobility of oppropriate disabled access properties with the right level of support to enable them to grow in independenc4 for young people coming out of care and for young people who are unable to work for a period of time due to their health. There are also thousands of people still waiting on housing registers who do not haveo backgroundof care or support needs, but have no real affordable option in cities across Devon due to rising rent and cost of living costs. Sidwell Studios showed that these needs can be provided for with the right plan and the level of care and commitment a charity like YMCA Exeter can provide. As more Locol Authorities across the Southwest express an interest in the"Sidwell Studios model.we will seek to grow and deepen what we can do in this area with those local communities andtheyoung people that live there. OUR FUNDRAISING ETHOS "As a Christian I am aware of my responsibility to help others out of a sense of solidarity with fellow human beings. It is important to work with organisations where I can see the projects to which I am contributing and form a relationship with those leading the work. This is why I support YMCA Exeter". Quoted by a YMCA Exeter donor. YMCA Exeter is committed to the discipline of fundraising, for when we ask and receive resources, we are better equipped to shore obundont life with the people we Serve. Insplred by our Christlon faith, we believe that the best expression of our love for God is our love for one another. It is this understanding of God that motivates us to live hospitobly, inviting ourselves and others to give generously of our resources, including time, talent ond money,with those around us. Our fundroising ethos is based on four key premises: We believe through the sharing of resources we can provide hospitality and we con welcome young people into a community. We believe our fundroising octivities unite those in need with those who can give. We believe in the ability of all people to assist in meeting the needs of those we serve. We believe we ore 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 "tYMCA Exeter] ore a phenomenal charity...They really look after the young people of the city and surrounding areos and we just really want to bock them ond support them." - Mott maso￿ speaking about his orctic Rowing Challenge on B8C Radio. A primorywoy for individuols and componiesto shore their resources is through the giving of their time ond expertise. This con be in the form of on individuol fundroising, through o company supporting on event or through the giving of time to volunteer within YMCA Exeter. Volunteers at YMCA Exeter include mony individuals and businesses who are able to support us through their time. This is often through Corporate Sociol Responsibility pledges where time-bound projects directly benefit those we Se￿e. As the previous Covid restrictions have now lifted, we have been oble to open up our doors ogoin ond welcome back the help of so many amazing individuals who support the work of YMCA Exeter through the giving of their precious time and energy, and to welcome new volunteers to our teams. +P We reolly enjoy working with individuals and organisotions ocross the city in order to deliver services that benefit the lives of young people. This yeor we've been working on increasing the number of opportunities and the way in which young people who live within OUT services can get involved in volunteering within the YMCA Exeter projects. We've been adapting the policies and procedures we have in place to allow more flexibility and capacity to allow young people to Step into roles within the projects, mentoring, maintaining, supporting roles within leading groups, IT and computer work. We've seen young people be encouraged by this responsibility and felt volued by their greater inclusion in the running of services. We look forward to expanding these opportunities further in the future. li LOOKING AHEAD HOUSING AND COMMUNITIES FOR ALL YOUNG PEOPLE We know that there ore many life situations thot can prevent young people from being oble to find suitable accommodation. iy 'I can't even put it into wordsl It's just amazing. - a new YMCA ExeterSidwell Studios Tenont 2022 Those in Supported Accommodotion con be porticularly disodvantoged in progressing due to the lock of lower level and more affordoble supported occommodotion options. Our Stoges of supported occommodotion oim to tockle this issue. This yeor sow the opening of our new development. Sidwell Studios. This project marks our continued aim to increose our housing provision to meet the needs ofyoung peopleond develop our supported housing services across four stages of graduated support, to ensure every young person can transition through theirjourney in the most supported way possible. As on experienced ond expert provider of A I I '>. I p x-- supported occommodotion for young people, we know thot independence- empowering occommodation that has o thriving community doe5 not appeor naturally, it has to be intentionally created. We olso ore owore thot mony disobled young people find moving to geoter independent living very difficult. There is a lack of accommodotion option that promotes their independence whilst still ensuring on adequote level of provision for their additional needs. Working in portnership with othets, we will seek to find options to empower disabled young people to hove more independent lives in homes of their own. YMCA Exeter's choritoble aims ore not limited to just those young people who hove had difficulties in C their lives previously, although we of course have a huge heart for them at the core of all we do. Mony young people in this generation are facing the impossibilities of finding good quality affordable accommodation thot meets their needs. In citles ocross Devon. rents ond the general cost of living is making finding accommodation from a trustworthy Landlord very difficult. Look ahead, we also will develop options for local young people to afford to live and work where their grew up, where their families ore ond where they wont to remain. -(.1. We have seen many young people who have successfully progressed through supported accommodation ond moved on to independent living, hit a setback; had a relapse. been a victim of something that has triggered feelings from a traumatic post, ond found themselves heading towards a crisis where they once again might lose their employment, their health and their home. Our way of working prevents homelessness and olso prevents relapse from restarting that cycle. The opening of Sidwell studi￿ the prthjf of its sustoinobility modeland the wide interest it hos drown from other Local Authorities los well os in Exeterl, gives us full confidence to develop similar housing projects to tackle the desperote need for supported housing pathways and l-bed accommodation across Devon. DEVELOPMENT OF DIGITAL SERVICES FOR CARE & SUPPORT Through the Covid Pandemic, the importance of Digital connection for young people was clearly shown to be o critical part of how services need to be delivered. Digital Support Services and working in this way is not yet recognised and given the financial provision it deserves within the Care and Support sector as commissioning and funding of services take a long time to adapt to this level of societal change. We will seek help and funding to progress ond pioneer this type of provision which is so criticol to young people in particular in how they connect with others, live independently ond communicate. The need for l-bed accommodation is a significant one, making up around 650k of the total 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 ways will be to continue to develop and bring online new developments of accommodation like Sidwell Studios. RODE. TRUSTEES, REPORT 13 TRUSTEES Paul Reisbach Chair Will McDermid Treasurer Rita Nordone Emmo White Jonathan Snicker Paul Lambdin Sarn Traynor Llew Nicholls Deborah Leighton-Plom Jean-cloude Kotte Tom Cox Lucy Herrin9 Louise Glonville 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 social welfare of facilities for recreation and other leisure time occupation for men and women with the object of improving their condition in life. bl To provide, construct, improve or manage houses or hostels providing residential accommodation for young persons upon terms appropriate to their means. To meet these objectives and our public benefit requirements during this financial 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 who come from throughout Devon, and occasionally beyond. We have increased our housing and support provision in the course of this year and are actively seeking to achieve further development in coming years. All of our support ser￿iceS are provided free of charge to all our clients, amply meeting our public benefit requirements. 15 GOVERNANCE AND FINANCIAL MANAGEMENT RECRUITMENT,APPOINTMENT AND ROTATION OF BOARD MEMBERS The organisotion is o charitoble Compony limited by guorontee, ond o Registered Provider of Sociol Housing. incorporated on 5th December 1989. The Compony wos estoblished under o Memorondum of Associotion which established the objects and powers ofthe choritoble company and is governed under its Articles of Association. In the event of the Company being wound up, membersare requiredto contribute an amount not exceeding £1. The Board seeks to ensure that members have a ronge of skills covering business ond management areas. together with those with experience of working with our primory client groups. Regular skills oudits are corried out ond, when vocancies occur on the Board, new members ore sought with oppropriote skills, experience ond quolificotions to strengthen ony identified weok areos. Prospective Boord members complete o three-stoge application 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 and responsibilities of a Board member are exploined ot this stoge, ond if the individuol still wishes to join the Board, they ore given a written Board Member Role Description which exploins the role cleorly. 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 Company ore also charity trustees for the purposes of chority low ond, under the Company's Articles, ore known os membersof the Board. The Board may have between 8 and 24 members who meet monthly. They are responsible for the strotegic direction, scrutiny of operationol octivity ond policy of the charity. Five Boord members need to attend each meeting to form a quorum. During 2022123, the Board comprised ten 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 member then completes on opplication form in which they outline their experience and the time, skills and knowledge they can contribute to the organisation. At this stage they may be invited to attend a Board meeting as an observer. The Board works to ensure we ore meetlng the expectotlons of our regulotors, service users and other stakeholders. This is primarily achieved through regular reviews of internal policies and procedures to ensure compliance with legislative requirements and standards. Once references are taken up, on interview is arranged 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 Boord members at the next Board Meeting, subject to ratification at the next AGM. Board members are elected for 0 3-yeor term, with approximotely one third of the Board resigning at the AGM. after which they moy offer themselves for re-election. Board members may not serve more thon 3 terms withouto breok. wd l-ty All members ofthe Board give theirtimevoluntarilyand receive no benefits from the Association. BOARD MEMBER INDUCTION AND TRAINING MANAGEMENT STRUCTURE On being formally voted onto the Board, new members ore given a Member's Pock which contoins comprehensive informotion and documentation, which includes the constitution, orgonisotion structure, terms of reference, previous accounts, policy documents and minutes of previous meetings. The Assixiation works in close partnership with YMCA Exeter Community Projects la registered chorityl, and YMCA Centres (South Moltonl, shoring resourcesondexpertise to enoble both organisationsto achieve more than they could seporotely. Boord members ore given o formol induction progromme to introduce them totheir responsibilities os Boord members os well as to give them on overview of every oreo 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 Joint Chief Executive Officers, supported by o Monogement Team. The key personnel of the orgonisotion is Si Johns. The Associotion employs a smoll stoff teom who oll work closely together to ensure thot the oims ond objectivesof the chority are met. The Choir is o member of the national YMCA England and Woles Chairs Network that meets twice o yeor for training ond shoring information ond experience. Other Boord members ore encouroged to ottend troining events organised by YMCA England and Woles or organisedjointly by the YMCAS in the South West. The Board appoints subcommittees to oversee in more detail various oreas of the organisotion's business, and these subcommittees report to the full Boord. BOARD OF MANAGEMENT AND THEIR INTERESTS The Association is a choritable Company limited by guarantee with no share capital. Each member's liability is a contribution of £1. The Board of Management of theAssociotlon during the year ended 31 March 2023 was: P Reisboch W McDerrnid P Lombdin J Snicker S Traynor R Nardone P Cloke L Nicholls D Leighton Plom L Herring E White Tcox L Glanville J Kotte Ichoirl ITreasurerl {D￿e05ed 25 May 20221 (Resigned 26 September 20221 IResigned 30 January20231 (Appointed 26 September 20221 (Appointed 26 September 20221 (Appointed 30 Jonuory 20231 (Appointed 31 Jonuary 20221 IAppJinted 15 Moy 20231 RISK MANAGEMENT FINANCIAL PLANNING AND MONITORING The Boord has condurted a review of the mojor risks to which the Association is exposed. Where appropriote,systems orprocedures hove been established to mitigate the risks the chority faces. Detoiled budgets ore produced ond opproved by the Board prior to the commencement of the yeor to estoblish the level of funding required, ond o funding strategy hos been developed to secure the funds needed to cover this expenditure. The majority of expenditure is plonned in advance to ensure thot itdoes not exceed the annual income. Income is generoted from rentol income, contracts, grants, choritoble donations ond by providing leodership ond monogement support to otherchoritoble orgonisotions. Providing for the support costs during the finonciol yeor 2022-2023 is o diverse income stream model of income, combining onnuol block controcts olongside individuol plocement ogreement funding, enhonced housing benefit ond fundroising income. Contingency plons ore in ploce should there be a substontial reduction in any part of the diverse funding and new models and avenues of funding ore continually explored to extend the diverse income model. 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 year were roughly £1,124,471 requiring reserves in excess of £281,000. Internal control risks are minimised by the implementotion of procedures for outhorisation of transactions ond projects, with o clear statement of delegation of responsibilities to ensure thot oll decisions with financial implications ore opproved ot on oppropriote level IProject stoff, Coordinators, Managers, Joint Chief Executive Officers, Chair or full Board, os oppropriatel. Net current ossets Icash ond debtors held less creditors) are £307,275 excluding short term Housing Loon ond Deferred Grant income £99,192 the amount is £406,467. Restricted reserves are £102,046, which gives net current reserves of £304,421. The Board has set aside £32,487 in various property reserves for cyclical repoirs ond mainterrfjnce as well os refurbishment. In addition, £55,000 is ollocoted to a property development reserve as o retention fee for a newly built property. Therefore, there is £216,619 of unrestricted operational cash reserve as ot 31 March 2023 which is under the policy of holding 3 months. Monagement accounts are prepared quarterly, ond these ore compored with the budget. The Association's Finances aremonitored closely bythe Monogement and the Board, and early action taken to mitigate any financial risks identified. Detailed Policy and Operational Procedures are in place to ensure compliance with health and safety requirements and to ensure the sofety The Trustees planned a budget deficit in 2023-24 with the aim of continuing our and welfare of staff, seNice users and visitors to the premises, and regular seven-year plon of investing in housing projects. After this financial year, the reports are made to the Board. Particular attention is given to Trustees are planning for o balonced budget followed by budget surpluses in sofeguarding children and vulnerable adults. These Policies and Procedures subsequent years. are periodically reviewed to ensure that they continue to meet the needs of the organisation os well os stotutory and regulatory requirements. INVESTMENT POLICY As set out in the reserves policy cash may be required at relatively short notice so all funds are held in short term deposits to provide liquidity when required. 18 ## **FINANCIAL REVIEW** ## **Review of the Year ended 31 March 2023** Turnover from rental income increased by 36% from £713,892 to £972,480, largely due to increasing the amount of housing stock. Support contracts income decreased by 7.5% from £192,446 to £177,930. Other income decreased by 36% from £345,099 to £222,020 due to reduced fundraising income and donations. Last year saw increased income from these sources for the new property development project, Sidwell Studios. Expenditure for operating costs increased by 30% from £975,524 to £1,272,148 due to the increased housing stock as well as rising costs of operations. This created an end of year operating deficit of (£77,648) which after net finance costs gives a total comprehensive deficit for the year of (£99,829). The balance sheet is healthy with £350,566 held in bank accounts at the end of the year. Net current assets are £406,467 (excluding short term housing loan and deferred grant income) with £102,046 being restricted reserves which are held for specific purposes and can only be used for these purposes. The remaining reserves of £304,421 are known as unrestricted reserves. ## **PLANS FOR FUTURE PERIODS** The Association anticipates that it will continue to operate its existing 85 units of accommodation for the foreseeable future. We are also looking to further increase 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 and opportunities. VALUE FOR MONEY The table below contains our performonce for the last three yeors. 2022123 2021122 2020121 Volue for Money IVFMI is central to delivering our mission, volues ond Business Strategy. As a smoll housing ossociotion, we ore extremely conscious of the need to manage our resources ond activities in the most effective manner. We ore ombitiousto provide our residents with the best quolity services ond to achieve this we must ensure thot we optimise productivity from our finances, staff ond suppliers. We remain committed to reducing costs or generating odditionol income where possible. We serve o young community thot often need high level of support. Thus, we ore committed to providing services thot moke o positive contribution to our residents ond provide on opportunity for them to grow ond thrive. VFM is notjust about saving money. While we consistently aim to get the most out of what we spend, we olso look for quolitotive improvements, for exomple increasinglimproving services with no increose in cost. Achieving value for money is therefore about getting the right bolance between the COSt of delivering our services leconomyl together with how efficient and effective we are os an orgonisotion. We ore clear that os a housing association committed to delivering a community service and investing in new homes, that our efficiency approach mustalso be geared towards achieving our long-term vision of investment and growth. The Regulatory Framework for housing associations includes o Value for Money standard that requires registered landlords to- monoge 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 Sociol Housing IRSHI has outlined what it expects Registered Providers to deliver in relation to volue for money IVFMI in its VFM stondord 2018. A key requirement of the VFM stondord is thot on orgonisation understonds its costs and the outcome of delivering specific services. and the underlying foctors which impoct these costs. The regulator has defined 7 VFM metrics. and these ore the main elements of ourVFM reporting and onolysis. which allows us to compareogainst ourselvesovertime. Reinvestment (%) Considersthe investment in properties (existing stock os well os new supplies) os o percentoge of the value of total properties held New supply delivèred {%) Number of new sociol housing and non-sociol housing homesthot have been ocquiied or developed in the yeoT as a proportion of totol sociol housing ond noTrsociol housing homes owned at period end. New supplydeliveTed (Sociol housing units) % New supply delivered INon-socioI housing units) % Georing1%1 Assesses howmuch of the ossets ore made upof debt ond the degiee of dependence on debt fiTh)nce Earnings before Interest, Tax, Depreciation, Amortisotion, Mojor Repalrs Included IEBITDA MRLI Interest cover {%) A key indicotor for Iiquidily ond invèstment copocity. Meosures the level of surplusgenerotedcomporedto Interest payoble Headline social Housing Cost per unit IE) The headline Social housing c05t per unit 0$ defined by the regulator. The costs include monogernent, Service chorge, mointenonce. mojor repoirs ond other sociol housing costs Operoting Morgin {%) Demonslrotesthe profilobility of theopefoting 0ssetS before exceptional expense5 are token into account. Increosing mofgins ore one way to improve the finantiol effKiency of a tVJsiness. Operoting Mor9in (Sociol housin9 leltings only) Operoting Margin loveralll ROCEI%) Operoling surplus to total ossets less current liabilities. An assessment of the efficientinveslment of capital resources. 2% 42% 36% 31% io% 17% 700% 730% 1270% 9,954 11,452 10,373 9.3% -6.5% 6.4% 12.9% 1.5% 1.6% 20 REINVESTMENT Our ambitious seven-yeor plon, commencing 2018 to 2024. will see our housing stock increase to olmost double. During the year, we added 26 bedspaces to the total number we provide. NEW SUPPLY DELIVERED We hove mode good progress in acquiring propertiesond ore on torget to deliver housing units occording to our seven-year plon. GEARING The georing rotio 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 allow more cosh flow to be invested into sustoinoble projects. EBITDA MRI INTEREST COVER Our EBITDA MRI Interest Cover will fluctuate from yeor to year in line with void levels and other sources of income. We are content that our underlying performonce is strong and demonstrotes our efficiency and effectivene55 in delivering robust financial results. HEADLINE SOCIAL HOUSING COST PER UNIT YMCA Exeter hos a relatively high cost per unit as compared to general needs housing associations. It is similar with other supported accommodation providers. OPERATING MARGIN Opeiotirig margins are within the acceptable ronge. We oim to mointoin or improve this level of margins in the next financial year. ROCE ROCE hos decreosed in the yeor which is ottributoble to o lower operoting surplus which has underperformed as compared to the increased of net assets. The reason for the decrease is the completion of a building conversion which for its first yeor of operation couldn't be fully occupied until the second half of the financial year. STATEMENT OF THE BOARD'S RESPONSIBILITIES Charity and Company Law, Homes England ond Regulotor of Social Housing, requires the Board to prepore financiol stotements for each financial yeor which give a true ond foir view of the stote of affoirs of the Charity and of the surplus or deficit for that period. In preparing these finonciol stotements, the Boord is required to: Select suitoble occounting policies ond opply them consistently. Observe the methods and principles in the Chorities SORP IFRS1021 Mokejudgements ond estimotes thot ore reosonobleond prudent; State whether applicable UK accounting standords hove been followed, subject to any material deportures disclosed and explained in the financial statements; and Prepore the occounts on o going concern bosis unless it is inappropriate to presume thot the Chority will continue to operate. RELEVANTORGANISATIONS. Auditors: Westcotts ISWI LLP. Timberly, South Street,Axminster, Devon, EX13 SAD BankeN' Bank of Scotland, PO Box 23581, Edinburgh, EHI IWH CAF Bonk Limited, 25 Kings Hill Avenue, Kings Hill, West Malling, ME19 4JQ The Trustees ore responsible for keeping proper accounting records which disclose with reasonable accuracy ot any time the finonciol position of the Charity and enoble it to ensure that the financial statements comply with the Industrial and Provident SocietiesAct 1965 to 2002, Charities Act 2011, Housing and Regeneration Act 2008 and the Accounting Requirements for Registered Social Landlords General Determination 2006. It is also responsible for safeguarding the assets of the Chority and hence for toking reasonable steps for the prevention and detection of fraud and other irregularities. Auditors: Westcotts ISWI LLP has expressed its willingness to continue in office and o resolution for their reoppointment will be proposed ot the Annual General Meeting. By order of the Board: In so far os the Board are aware: There is no relevant audit informotion of which the Chority's auditors are unaware, and The Board have taken all the steps thatthey oughtto have taken to make themselves aware of any relevant audit information and to establish that the Charity's auditors are aware of that information. P Reisboch 39141 St David's Hill. EXETER, Devon EX4 4DA Dated: 25th September 2023 INDEPENDENT AUDITORS, REPORT 23 INDEPENDENT AUDITORS, REPORT CONCLUSIONS RELATING TO GOING CONCERN We hove audited the finonciol statements of City of Exeter Y.M.C.A for the yeor ended 31 March 2023 which comprises the Stotement of Comprehensive Income, the Statement of Finonciol Position ond the reloted notes. The financial reporting fromework thot has been applied in their preparation is opplicoble low ond United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Procticel, including Finonciol Reporting Standard 102 IFRS 1021, 'the Financiol Reporting Stondord in the UK ond Republic of Irelond,. We have nothing to report in respect of the following motters in relation to which the ISAS IUKI require us to report to you where: the Boord of Monagement's use of the going concern bosis of accounting in the preporation of the finonciol statements is not oppropriote. or the Boord of Management hos not disclosed in the finonciol stotements any identified moterial uncertointies thot may cast significont doubt about the association's ability to continue to odopt the going concern basis of accounting for a period of at least twelve monthsfrom the dote when the financial stotements ore outhorised for issue. In our opinion the financial stotements: Give a true and fair view of the state of the Association's offairs os ot 31 March 2023 and of its income ond expenditure for that yeor ended. Have been properly prepared in accordoncewith United Kingdom Generally Accepted Accounting Practice. and Have been prepared in accordance with the requirements of the Companies Act 2006, the Accounting Directive for social housing from April 2015 and section 137 of the Housing and Regeneration Act 2008. OTHER INFORMATION The Boord of Monogement is responsibleforthe other information. The other informotion comprises the information included in the annual report, other thon the financial statements and our auditor's report thereon. Our opinion on the finonciol stotements does not cover the other information and we do not express any form ofassurance conclusion thereon. BASIS OF AUDIT OPINION In connection with our audit of the financial statements, our responsibility 15 to reod the other information ond, in doing so, consider whether the other informotion is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be moteriolly misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstotementof the other information. If, bosed on the workwe hove performed.we conclude thotthere is o moterial misstotement of this other information. we are required to report that foct. We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable low. Our responsibilities under those stondards are further described in the Auditor's responsibilities for the audit of the finonciol statements section of our report. We are independent of the Association in accordance with the ethical requirements that ore relevant to our oudit of the financial statements in the UK, including the FRC'S Ethicol Standard, and we have fulfilled our other ethicol responsibilities in occordance with these requirements. We believe that the audit evidence we have obtained is sufficient and oppropriote to provide o bosis for our opinion. We have nothing to report in this regard. ## **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 Board of Management's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Board of Management's report has been prepared in accordance with applicable legal requirements. ## **MATTERS OF WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION** 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, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of the Board of Management's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit ## **RESPONSIBILITIES OF THE BOARD OF MANAGEMENT** As described in the statement of the Board of Management's responsibilities set out on page 18, the Board of management are responsible for the preparation of accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Practice) and for being satisfied that they give a true and fair view, and for such internal control as it is deemed necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the committee of management is responsible for assessing the Association's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Management either intends to liquidate the Association or to cease operations, or has no realistic alternative but to do so. ## **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 areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the Trustees and management. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throughout the audit. - The Association is subject to laws and regulations that govern the preparation of the financial statements, including financial reporting legislation, and other companies legislation. The Association is also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial statements, including employment, anti-bribery, anti­ money laundering and certain aspects of companies legislation. - Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations 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/auditors responsibilities. This description forms part of our auditor's report. This report is made solely to the Members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Members those matters we are required to state to them in an auditors' 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 Registered Social Landlord and the Members as a body, for our audit work, for this report, or for the opinions we have formed. for and an behalf of **Robyn Gifford-Engl�enior Stotutory Auditor)** Westcotts (SW) LLP, Chartered Accountants, Statutory Auditors, limberly, South Street, Axminster, Devon, EX13 SAD. **Dated: 27 September 2023** STATEMENT OFCOMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2023 Not• 2023 2022 Turnover Operating Costs Other Income Operoting Incomel(Deficit) Interest Receivoble 972,480 {1.272.148} 222,020 177,6481 713,892 1974,524) 345,099 84,467 123 24 Interest Payable and Similor Charges Total Comprehensive Incomefortheyeor 122.304) 199,8291 112,7121 71,779 During 2023, £1,000 included in other income w05 re5tricted12022.. £202.676). Included within operating cost5 is £1,000 of restricted expenditure12022: £98,694). Tim Wells celebrates with o YMCA EXETER Resident on their completion of the Lighthouse Troining Piogromme. STATEMENTOF INCOME AND RETAINED EARNINGS Income ond Expenditure Restrirted Reserve The Association's results relate wholly to continuing octions. The accompanying notes form port of these Financial Statements. Totol Bolance as ot l April 2021 833,296 246,835 1,080.131 These finonciol stotements were opproved by the Board of Monagement on 25th September 2023. Totol comprehensive income I IExpendituiel for the yeai 216,568 1144,7891 71.779 Balance ot 31 March 2022 1,049,864 102,046 1,151,910 Totol comprehensive income I IExpendituiel for the year 199,8291 199,8291 Bolance at 31 March 2023 950,035 102,046 1,052,081 P Reisbach Chair W McDermid Treasurer 26 STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2023 STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 MARCH 2023 Notés 2023 2022 2022 2022 Fixed Assets Housing Properties Tangible Fixed Assets io li 4,354.789 514,164 4.750.284 58,023 Cash flows from operating Orti¥ities Surplus I Ideficitl for the year Adjustments for Oepreciation of housing properties ond longible ossets Amortisolion of Sociol Housing Gront Interest receivoble ond similar income Interest poyoble ond similor choTges Chonge5 in.. Trode and other debtors Trode and otl*r creditors Cosh generoted fromllused inl operoting octlvitles 199,8291 71,779 4,868,953 4.808,307 147.679 184,5721 11231 22,304 66,314 137,9821 1241 12,712 Current Assets Debtors Cosh at Bonk and in Ho￿1 12 105914 350 566 51,380 681836 154,5341 118 2621 187,3371 11,4011 456,480 733,216 129,216 Creditors.. omounts falling due withln one yeor 149 205 167 471 Interest Poid Interest Received Net cosh fromllused inl operoting octivities 122,3041 123 1109,5181 112,7121 24 116.528 Net Current Assets 307275 565 745 Total Assets less current 5.176,228 5.374,052 Cosh flows from Investln9 Octlvlttes FXJrch05e of fixed 05setS 1208 324 2016282 Credltors: omounts falling due after more thon one year Net cosh from I (used in) investing octivities 317 842 1899 754 14 14,124,147) 14.222.142) Cosh flows from finonclng octlvitle5 Sociol Housing GTont Borrowings received Repoyment oft)orrowin9S 517,363 250,000 Total Net A55etS 1052 081 151910 Reserves Income ond ExperKliture Re5erve5 Restricted Reserves Net incre05e I (decrease) In cosh and cosh equivalent5 1331,2701 11,141,720) 18 950,035 1.049.864 Cash ond cash equiwlents at beginning of year 681.836 1823 556 19 102,046 102,046 Cash ond cash uivalents at end of ear 350,566 681,836 Total Reserves 1,052,081 1.151,910 The occomponying notes form port of these Finoncial Statements. These financial statement5were opprovedbythe Board ofmanogement on 25th September 2023. P Rei5boch Choir W McDermid Treosurer 27 NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 LEGAL STATUS Housing Properties Housing properties ore properties held for the provision of sociol housing or to otherwise provide social benefit. Housing properties ore principolly properties ovoiloble for rent ond ore stoted ot cost less occumuloted depreciotion ond impoirment losses. Cost includes the cost of acquiring lond ond buildings, development costs, and interest charges incurred during the development period. The Associotion is registeredunder the Companies Act 2006ond is o registered housing provider. ACCOUNTING POLICIES Bosis of Accounting ond Assessment of Going Concern The finonciol stotements of the Associotion ore prepored in occordonce with UK Generolly Accepted Accounting Proctice (UK GAAPI including Finoncial Reporting Stondord 102 IFRS 1021 and the Housing SORP 2014: Statement of Recommended Practicefor Registered Social Housing Providers andcomply with the Accounting Direction for Private Registered Providers of Sociol Housing 2015. Works to existing properties which reploce o component thot hos been treoted seporotelyfor depreciotion purposes, olong with those worksthot result in on increose in net rentol income over the lives of the properties, thereby enhoncing the economic benefit of the ossets, ore copitolised as improvements. Depreciation is charged so os to write down the cost of leosehold housing properties on o straight line bosis over their expected useful economic life at the following rates. The Trustees consider thot there are no moterial uncertointies about the Association's ability to continue a5 a going concern. There are no significant oreas of judgement or key assumptions that affect items in the financial statements other than those included within the occounting policies described below. Leasehold Properties St David's Hill over 60 years from April 1999 Sidwell Studios over 50 years from April 2022 The financlol statements ore prepared in Sterling (£1. Freehold Properties I Philip Road, over So yearsfrom April 2012 Newcourt, over 50 years from April 2015 Exwick,over 50 yearsfrom April 2020 Alphington, project in progress Turnover Turnover represents rental income and service charges receivoble net of rent and service chorge losses from voids, fees and grants receivable in the year. Impairment All tangible fixed assets with estimated useful lives of more than 50 years are required to be reviewed annuolly for impairment. The Trustees have considered the assets in terms of impairment for the year end and no adjustment to the accounts was considered necessary. Rental income is recognised from the point when properties under development reach practical completion or otherwise become availablefor letting, net of any voids. Chorges for support services funded under Supporting People are recognised as they fall due under the contractual agreements with Administering Authorities. 28 Government Grants Government grants include grants receivable from Homes Englond Iformally known os Homes and Communities Agency IHCAI), local outhorities, ond other government authorisotions. Government grants received for housing properties are recognised in income over the useful life of the housing property structure under the occruols model. Assets under construction or not yet available for use are not depreciated until they ore bought to use. The useful economic life and residual value of all fixed ossets are review onnuolly. Gronts relotingto revenue ore recognised in income ond expenditure over the some period os the expenditure to which they relote once reosonoble ossuronce hos been gained that the entity will comply with the conditions ond thot the funds will be received. Depreciotion on these components ore depreciated seporately from the connected housing property ot the following rotes: Roof, Access System ond Stores Externol Doors ond Windows Flot Bothroom ond Kitchen Units Heoting Common Flooring Kitchen ond Loundry Applionces Progromme Fixtures and Equipment 20 yeors stroight line 10 yeors stroight line 10 yeors stroight line 10 yeors stroight line 5 yeors stroight line 10 years stToight line 10 years stroight line Grants due from government orgonisations or received in advance ore included os current ossets or liobilities. If there is no requirement to recycle or repay the gront on disposol of the osset, ony unamortised gront remoining within creditors is releosed ond recognised as income in income and expenditure. Under Component Accounting, in addition to the structure, the housing property is divided into major components which are considered to have substantially different useful economic lives. Depreciotion on these components will be implemented in the next accounting year. Government gronts received for housing properties are subordinated to the repayment of loans agreement with the Homes England and the locol city council. Government gronts released on sole of a property moy be repayoble but ore normally avoiloble to be recycled and are credited to o Recycled Capital Grant Fund and included in the statement of financial position as creditors. These grants are repayable in certain circumstances, primarily following the sole of o property. Manogement reviews its estimate of the useful lives of depreciable ossets at each reporting dote based on the expected utility of the assets. Uncertainties in these estimates relate to technological obsolescence that may change the utility of certain software and IT equipment and chonges to decent homes standards which may require more frequent replacement of key components. The Social Housing Grant received by the organisation hos been amortised at the same rate as the depreciation charged on the property it relates to os set out in the note above. Capitalisation of Interest Interest on the mortgage loan financing a development is capitolised up to the date of practical completion ofthe scheme. Depreciation Depreciation is provided by the Association to write off the cost less the estimated residual value of tangible fixed assets over their estimated Useful economic lives as follows: Computer Equipment - 3 years straight line Fixtures and Fittings 25Wo per annum reducing balance Reserves The Association establishes restricted reserves for specific purposes where their use is subject to external restrictions. Income Recognition Investment income is recognised on o receivoble bosis. Interest is apportioned relating to the period and dividends on a received basis. Other income consists of sundry income from residents, donations received and monogement ond administrotion fees. 29 Expenditure Recognition All expenditure is accounted for on on occruols basis and is recognised where there is o legol ond constructive obligotion to poy for the expenditure. The cost of raising funds includes all costs ossocioted with the letting of office accommodation ond internal investment manogement. 3. PARTICULARS OF INCOME AND EXPENDITURE FROM SOCIAL HOUSING LEThINGS 2023 2022 Incom¢ Rent receivable gross Service charge income Choritable expenditure includes oll costs reloting to the furtheronce of the charitable objectives. Governonce costs include those incurred in the governonce of the Association ond its ossets ond ore primorily ossocioted with constitutional ond statutory requirements. 366,723 396,932 763,656 260,003 304,592 564,595 Amortised government gronts Targeted support contract Resident support contract Groupwork Giant & Sessionol funding Other Gronl5 Turnover from sociol housing lettings 84,571 157,167 20,763 32,000 37,982 157,167 35,279 Cash at bank and in hand Cosh ot bonk ond in hond includes cosh ond short term highly liquid investments with o short moturity ofthree months or lessfrom the doteof ocquisition or opening or the deposit or similar occount. 150 795,173 1,058,157 Debtors and creditors receivablelpayable within one year Debtors and creditors with no stoted interest rate ond receivoble or poyable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Void Losses (being rental income lost as o result of a property not being let. olthough it is avoilable for letting) 10%12001- 4%) 185,6771 972,480 181,2821 713,891 Operating Expenditure Monogemenl of sociol housing lettings Monogement of resident support Mointenonce Bad debts Depreciation of housing properties Depreciation of housing improvements Other costs Oper(rting expenditure on Sociol Housing lettings Definedcontribution plans Contributions to defined contribution plans ore recognised os on expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepoyment will leod to a reduction in future payments or a cosh refund. 262.953 281,661 49,556 4,107 94,842 36,320 186,764 916,203 188,845 194,840 57,430 2,840 49,663 102,155 595,773 When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on o discounted present value basis. The unwinding of the discount is recognised as on expense in the period in which it arises. Operirting surplus on Social Housing lettings 56,277 118,118 Pension Costs Pension costs for the defined contribution scheme ore chorged ogoinst income 0$ they foll due. 30 4. OPERATING INCOMEI(DEFICIT) The operating incomelldeficitl is arrived at ofterchorging I (crediting): 2023 2022 Board Members None of the Board members received emoluments. Depreciation of housing properties 94.842 49.663 Depreciotion of other tongible fixed ossets Fees poyoble to the Associotion's ouditors for the oudit Fee5 payoble to the Association's auditors for other services 52.837 2,200 4.044 16.651 2.000 4.425 7.OTHER INCOME 2023 2022 Resident Eventsand donotions Monogementond admin 423 157,208 64,389 220,020 343 292,136 52,620 345,099 5. KEY MANAGEMENT PERSONNEL The aggregate remuneration of Keymanogement personnel in the year is.. - 2023 2022 In the year, £1,000 of restricted donation income was received for troining purposes. Last yeor, E202,676 wos restricted for the Sidwell Studios project Basic Solory Social Security costs Pension Contributions 123,435 12,647 8,640 108,970 10,460 7,628 INTEREST PAYABLE AND SIMILAR CHARGES 144,722 127,058 2023 2022 Key monagement consist of the Chief Executive and senior manogement team. The Chief Executive is the highest paid key management personnel £43,05112022.. £38,639) and is o member of the ordinary defined contribution pension scheme. Loons 22,304 12.712 6. EMPLOYEE COSTS 9. TAXATION 2023 2022 City of Exeter Y.M.C.A is o registered chority ond is therefore potentially exempt from toxotion on its income ond goins. Wages and Salaries Social Security Costs Employer Pension Costs 587,664 36.743 38.595 663,002 474,089 25,954 30,708 530,751 The average number of employees during the yearwas: Full time equivalent137.5 hours per weekl 25 21 27 31 ## **10. FIXED ASSETS - HOUSING PROPERTIES** ||**Leasehold**
£|**Freehold**
£|**Total**
£| |---|---|---|---| |**Cost**|||| |At 1 April 2022|3,791,489|1,530,162|5,321,651| |Additions|61,146|28,900|90,046| |Transfers (note 11)|(390,700)||(390,700)| |At 31 March 2023|3,461,935|1,559,062|5,020,997| |**Depreciation**|||| |At 1 April 2022|456,561|114,806|571,367| |Charge for the Year|64,239|30,603|94,842| |Disposals|||| |At 31 March 2023|520,800|145,409|666,209| |**Net Book Value**|||| |At 31 March 2023|2,941,135|1,413,653|4,354,788| |At 31 March 2022|3,334,928|1,415,356|4,750,284| Housing Properties include cumulative capitalised interest of £74,293 in earlier years and staff costs of £10,440 capitalised in 2015. Interest of £2,647.42 was capitalised in 2022. The leasehold properties are held on long term leaseholds. |**Social Housing Assistance**|**2023**|**2022**| |---|---|---| ||£|£| |Net social housing grant received at 31 March|3,930,872|3,451,491| |Addition||517,363| |Recognised in the statement of
Comprehensive Income|(84,572)|(37,982)| |Held as deferred income|3,846,300|3,930,872| Social housing grants are repayable if the property it relates to is sold. ## **11. FIXED ASSETS - TANGIBLE** ||**Building**|**Furniture**|**Computer**|**Total**| |---|---|---|---|---| ||**Components**|**and fittings**|**equipment**|| ||£|£|£|£| |**Cost**||||| |At 1 April 2022||157,851|111,324|269,175| |Additions|51,874|46,077|20,327|118,278| |Transfers (note 10)|390,700|||390,700| |Disposals||(105,435)|(90,637)|(196,072)| |At 31 March 2023|442,574|98,493|41,014|582,081| |**Depreciation**||||| |At 1 April 2022||118,449|92,703|211,152| |Charge for the Year|36,320|10,009|6,508|52,837| |Disposals||(105,435)|(90,637)|(196,072)| |At 31 March 2023|36,320|23,023|8,574|67,917| |**Net Book Value**||||| |At 31 March 2023|406,254|75,470|32,440|514,164| |At 31 March 2022||39,402|18,621|58,023| ## **12. DEBTORS** |**12. DEBTORS**||| |---|---|---| ||**2023**|**2022**| ||£|£| |Other Debtors||1,511| |Rent Arrears|41,679|25,558| |Bad Debt Provision|(4,013)|(4,013)| |Prepayments and Accrued Income|55,633|25,501| |**Amounts Owed By Connected Organisations**||| |YMCA Exeter Community Projects|12,669|2,556| |YMCA Centres (South Molton)|(54)|267| ||105,914|51,380| |||�
**a**| 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 15. DEFERRED GRANT INCOME 2023 2022 2023 2022 At l April 2022 Gront received in the yeor Released to income in the year 3,930,872 3,451.491 517,363 137,982) Other creditors Rent Advonce Housing loan (note 141 Deferred grant income (note 151 Accruols and deferred income 9,505 22.430 14.620 84,572 18.078 19.822 13.969 14.863 84.571 34,246 167,471 184,5721 At 31 Morch 2023 3,846,300 3,930,872 Amounts to be releosed within one yeor 84,572 84,571 149,205 Amountsto be released in more than one year 3,762,158 3,846,300 3,846,301 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 3,930,872 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Interest rate % 8.375 flooting 2023 2022 2023 Fixed Assets £ Netcurrent Assets Long Term Llobilities Total FRESH plc Loon CAF Loon Deferred Income grant (note 15) 147,620 215,367 3,761,730 4.124,717 148,136 227,709 3,846,297 Unrestricted Funds 4.222.142 Restricted Funds 4,868,953 205,229 102,046 (4,124,147) 950,035 102,046 Analysis of aggregate debt. Within l yeor Between 2 and 5 years After morethan 5 years 4.868,953 307,725 14,124,147) 1.052,081 14,620 63,629 298,788 377,037 14,863 63,234 312,611 390,708 2022 Fixed Net Current Assets Assets Long Term Liabilities Total Unrestricted Funds Restricted Funds 4.808.307 463.699 (4.222.142) 1,049.864 The FRESH plc loan is secured by a fixed charge on thepropety to which it relates and is repayable by instalments. 102,046 102,046 4,808,307 565,745 14,222,142) 1.151,910 33 17. CONNECTED PARTIES At the end of the year Y.M.C.A Exeter Community Projects owed £12,66912022: £2.5561 and Y.M.C.A Centres {South Moltonl was owed £5412022: owed £2661 by the Housing Association for costs incurred but not yet reimbursed. Nothing is included within trade creditors for omounts owed to Y.M.C.A Exeter Community Projects os ot 31 March 202312022: £0 included). City of Exeter Y.M.C.A is a choritoble compony limited by guorantee, ond o Registered Sociol Londlord (Number 24496361. Y.M.C.A Exeter Community Projects is an incorporoted registered chority. Currently the trustees of City of Exeter Y.M.C.A ond Y.M.C.A Exeter Community Projects ore the same members. W McDermid ond R Nardone ore trustees of Y.M.C.A Centres (South Molton). During theyeor, the Associotion did not reimburse ony expenses to trustees for trovel costs12022: Nill. 18. INCOME AND EXPENDITURE RESERVES Doyto day responsibility for themonogementof the three organisation rests with the Joint Chief Executive Officers of City of Exeter YMCA ond YMCA Exeter Community Projects supported by the monogement teom under o service level ogreement between the respective orgonisations. At l April 2022 Income Expenditure Tronsfers At 31 March 2023 Generol Reserve Development Reserve Property Reserve Support Work ReseNe Totol 656.784 1.193.623 241,279 32.487 119,314 1,049,864 1,193,623 11.174.138) 186,279 1186.2791 862,548 55,000 32,487 During the year the Associotion mode poyments to and received payments from YMCA Exeter Community Projects and received payments from YMCA Centres (South Moltonl, for shored costs ond services provided. These have been charged at comparable market costs, without ollowing any discounts due to the connected nature of their relationship. 1119,3141 11,293,452) 950,035 Development Reserve The development reserve is set aside to fund future developments including funding towards the purchase of additional accommodotion. The level of ony additions or withdrawals from these designated reserves is determined by the Board throughout the year. The balance is the retention fee for a newly built property. Y.M.C.A Exeter Community Projects charges the Associotion for the work carried out by the Joint Chief Executive Officer and volunteer coordinator interns and stoff running the Garden Project. In addition, the Charity chorges rental of office space and room. The total charges for the year amount to £79,93112022- £67,886). Property Reserve The Association has mode designations to set aside funds to cover future expenditure on the maintenance of the St David's Hill, Philip Road and Newcourt properties. Based on the Stock Condition Survey corried out in November 2017, the Association have been ollocating funds to this reserve to reach the desired level of funds for future expenditure and maintenance costs. City of Exeter YMCA charges Y.M.C.A Exeter Community Projects for services provided; cleoning, management and administration, publicity and marketing, resources and communications support ond staff supporting the Charity's project. Other charges include office expenses and provision of accommodation for interns. The charges for the year is £63,343 {2022.. £55,305). The Associotion chorges YMCA Centres {South Moltonl manogement ond administration, office costs and publicity and marketing £10.12312022= £7.603). The omount charged is at market rate. Support Work Reserve Support Work Reserve is to cover future costs of hiring ond solories of new stoff who will be employed to support ond mono9e new residents in our new property development. During the year. new staff members were supporting tenants in theirjourney of moving into ond settling in our new property development. The expenditure mainly consists of salaries costs and support work costs. 34 19. RESTRICTED RESERVES 14. ACCOMMODATION IN MANAGEMENT At l April Income Expenditure Transfer 2022 At31 March 2023 At 31 Morch 2023. theAssociotion hod 85 units in monagementl2022: 601. Troining ond Meeting ReseNes 1,124 1.000 11,0001 1,124 15. GENERAL INFORMATION Resident Grants Reserve 724 724 The Associotion is o compony limited by guorontee registered in Englond under the Componies Act 2006, number 2449636 and o registeredchority, number803226. The Associotion is registeredwith the Regulotor of Sociol Housing os o registered provider of sociol housing, number H3905. East Devon YMCA Development Reserve 100.198 100,198 102,046 1,000 11,0001 102,046 The registered office of the Associotion is 39141 St Dovid's Hill, Exeter,Devon EX4 4DA. Tralnlng and Meetlng The Training and Meeting Fund is to cover the costs of departmental managers meeting with their colleogues in Y.M.C.As across the South West region to share expertise and experience. rlr Resident Grant5 The Residents Grant Fund is for funds awarded to individual residents by grant making trusts to participate in specific activities and training. East Devon YMCA Development East Devon Y.M.C.A Development Reserve is to finance new projects in East Devon. 13. CAPITAL COMMITMENTS 2023 2022 Expenditure contracted but not provided for 55,000 198,978 35 The following pages do not form part of the financial statements. INCOME AND EXPENDITURE ACCOUNT OR THE YEAR ENDED 31 MARCH 2023 Unrestrirted Funds Restrirted Funds Total 2023 Total 2022 2023 2023 Income Hostel Rent Philip Rood Rent Newcourt Rent Exwick Rent Sidwell Studi05 Torgeted Support Controct Groupwork Gront & Se55ional funding Resident Support Contract Amortlsed Social Housing Gront 355,961 29.738 126,929 88.660 162,368 157,167 32.000 20.763 84,571 1,058.157 185,6771 972,480 355,961 29.738 126,929 88.660 162,368 157,167 32.000 20.763 84,571 1,058,157 185,6771 972,480 339,113 27.441 120,917 77.125 157,167 150 35.279 37,982 795,174 181,2821 713,892 Less: Rent Voids Operating Costs Salories ond staff costs Recruitment ond Training Trovelling Costs Fundraising Salaries Fundraising Costs Property Maintenonce Insurance Rent Rates Water, Electricity ond Gos Loundry Costs Cleaning contractor Cleaning ond Gardening Residents, Internet Residents, Support Costs Telephone and Postage Office Expenses Computer Cost5 Leosing Choiges Affiliotion Fees Audit and Accountancy Fees Professionol Fees Board Troining Bad Debt5 ond Provision Depreciation Bank Charges 699,851 20,989 3,391 33.715 26,574 49,556 9,908 31,094 28,854 74.993 699.851 21.989 3,391 33.715 26,574 49.556 9,908 31.094 28.854 74.993 570,011 8,025 724 20.266 22,679 57,430 8,486 26,512 26,799 50.298 239 10,121 11,163 5,456 16,241 13,689 12,179 26,849 1,000 7,282 15,257 5,563 26,657 11,066 18,983 24,972 2.005 7,751 6,244 10.536 2.051 4,107 147,678 2.071 1,271.148 7,282 15,257 5,563 26.657 11,066 18,983 24,972 2,005 7,751 6,244 10,536 2,051 4,107 147,678 2,071 1,272,148 5,681 6,425 3,178 1,075 2,840 66,314 1,839 974,524 36 1.000 ## **INCOME AND EXPENDITURE ACCOUNT FOR THE VEAR ENDED 31 MARCH 2023** ||**Unrestricted Funds**|**Restricted Funds**|**Total**|**Total**| |---|---|---|---|---| ||**2023**|**2023**|**2023**|**2022**| ||£|£|£|£| |Operating Surplus/Deficit Brought Forward|(298,668)|(1,000)|(299,668)|(260,632)| |**Interest Receivable and Other Income**||||| |Management and Admin Support|64,389||64,389|52,620| |Fundraising|97,220||97,220|157,480| |Donations|43,608|1,000|44,608|123,441| |Residents' Other Income|423||423|343| |Car Park Access Rights|900||900|900| |Sundry Income|2,320||2,320|6,294| |Bank Interest Received|123||123|24| |Gift Aid Income|12,160||12,160|4,021| ||221,143|1,000|222,143|345,123| |**Interest Payable and Similar Charges**||||| |Hostel Mortgage Interest|(12,465)||(12,465)|(12,546)| |CAF Loan Interest|(9,839)||(9,839)|(166)| |**Net (Expenditure) / Income for the Year Before**|(99,829)||(99,829)|71,779| |**Transfers**||||| |Transfers between reserves||||| |**Retained Net (Deficit)/Surplus for the Year**|(99,829)||(99,829)|71,779| YMCA EXETER 39141 St David's Hill Exeter EX4 4DA. T. 01392 410530 www.ymcaexeter.org.uk Iiu Yn¢A Here for young people YMCA enobles people to develop their full potentiol in mind, body and spirit. Here for communities Inspired by, and faithful to. our Christian values, we create supportive, inclusive ond Here for you energising communities, where young people con truly belong, contribute and thrive. FAMILY & YOUTH WORK HEALTH & WELLBEING HOUSING TRAINING & EDUCATION SUPPORT & ADVICE