ymca cheltenham
TRANSCRIPT
YMCA CHELTENHAM
CHELTENHAM YMCA
INDEX TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2018
Contents
Legal and Administrative Information
Page
1-2
Report of the Board of Directors 3-6
Board of Directors' Annual Review
Independent Auditor's Report 10 — 12
Statement of Comprehensive Income 13
Statement of Changes in Reserves 14
Statement of Financial Position 15
Cashf low Statement 16
Notes to Accounts 17-29
CHELTENHAM YMCA
LEGAL AND ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 3i MARCH 2018
HONORARY VICE PRESIDENTS
Mrs Anne Cadbury OBE 3P DLMr Alex Chalk MP
Mr Ross N ColeMrs Barbara DriverCllr Jacky FletcherCllr Wendy FlynnCllr Rob GarnhamMr Les Godwin 3PThe Rev Canon Dr Tudor GriffithsRt Rev Patrick HarrisRt Hon Lord 3ones of CheltenhamThe Rt Revd Robert Springett,
Bishop of Tewkesbury (from May 2017)Mr Donald StaightMr Mike SummerbeeThe Rt Revd Rachel Treweek,
Bishop of Gloucester (from May 2017)The Rev Canon Dr Tim WelchCllr Simon Wheeler
OFFICERS (* Also Directors)
PresidentLord-Lieutenant of Gloucestershire,
Dame 3anet Trotter DBE (from May 2017)
ChairmanMr M Ede* (to 3anuary 2018)Mr M Horne* (from 3anuary 2018)
Vice ChairmanMr M Ede* (from 3anuary 2018)
TreasurerMr P M 3ames
Chief Executive S. Company SecretaryMr D E Wallace
OTHER MEMBERS OF THE BOARD OFDIRECTORS
Mr H Harries*Mr M Horne* (to 3anuary 2018)Cllr S 3ordan*Dr D Manohar* (to November 2017)Mr B Reed*Dr D Shoesmith* (to 28 March 2018)Mrs F Tolond*Mr P Worsley*
In accordance with the Articles of Association,Mr H Harries will seek re-election at the forthcomingAnnual General Meeting.
MANAGEMENT SUB-COMMITTEES
Finance CommitteeHousing CommitteeHuman Resources CommitteeSports, Health, Exercise and Fitness Committee
SENIOR STAFF TEAM
Mr D Chandler
Mr R CharsleyMrs L Coley
Mrs 3 HomewoodMr T Ra w I in so n
Mrs K WestlakeMr N Wheeler
Centre Manager, Number 6(from December 2017)Fitness ManagerFinance Manager (from 3uly2017)Housing ManagerHousing Manager, Gloucester 5West CheltenhamPA to the CEOSenior Housing Support Worker
REGISTERED OFFICE6 Vittoria Walk, Cheltenham, GL50 1TP
PROFESSIONAL ADVISORS
BankersHSBC Bank pic, The Cross, Gloucester GL1 2AP
Chartered SurveyorMaxcis Project Management, 1 The Cedars, HalcyonPark, Shepton Road, Oakhill, Somerset BA3 5FY
PayrollHazlewoods LLP, Windsor House, Bayshill Road,Cheltenham GL50 3AT (appointed 1 April 2017)
SolicitorHarrison Clark Rickerbys Ltd, Ellenborough House,Wellington Street, Cheltenham GL50 1YD
VAT ConsultantHazlewoods LLP, Windsor House, Bayshill Road,Cheltenham GL50 3AT
AuditorCrowe Clark Whitehill LLP, Carrick House,Lypiatt Road, Cheltenham GL50 2QJ(to 31 March 2018)
Hazlewoods LLP, Windsor House, Bayshill Road,Cheltenham GL50 3AT (appointed 22 May 2018)
Auditor (Internal Audits)Kingscott Dix, Goodridge Court, Goodridge Avenue,Gloucester GL2 5EN
Cheltenham YMCA Statutory Accounts Year Ended 31.03.2018 Final
CHELTENHAM YMCA
LEGAL AND ADMINISTRATIVE XNFORMATXON - continued
FOR THE YEAR ENDED 31 MARCH 201S
Organisations with whom the Association works:
2gether NHS Foundation TrustACTion GlosActive GloucestershireAdult EducationAston Project - TheC3 Church, CheltenhamCaring for Communities and People (CCP)CGL —Turning PointCheltenham Borough Homes (CBH)Cheltenham Chamber of CommerceCheltenham FestivalsCheltenham First StopCheltenham Housing Advice Centre (CHAC)Cheltenham Open DoorCinderford YMCADiocese of GloucesterElim HousingFamily SpaceFootsteps Counselling and CareFurniture Recycling ProjectGARAS (Gloucestershire Action for Refugees and
Asylum Seekers)GDASS (Gloucestershire Domestic Abuse Support
Service)Gloucester City CouncilGloucester City MissionGloucestershire CollegeGloucestershire Leaving Care ServiceGloucestershire NightstopGloucestershire PoliceGloucestershire Rural Community Council (GRCC)Gloucestershire VCS Alliance
Gloucestershire Youth Offending TeamGloucestershire Youth Support TeamGottingen YMCA
GRASAC (Gloucestershire Rape and Sexual AbuseCentre)
Hesters Way Baptist ChurchHesters Way Neighbourhood ProjectHesters Way PartnershipHome GroupMid Cotswold Evangelical AllianceNelson Trust —TheP3Police Community Support OfficersPrince's Trust —TheProspect Training Services (Gloucester)PSALMS (Painswick and Stroud Area Local Ministries)Riverside Group —TheRock - TheSt Luke's ChurchScripture UnionSitting GiantSpringbank Community Resource CentreTrinity CheltenhamUniversity of GloucestershireUniversity of the West of England, BristolVision 21WaveLengthWest Cheltenham Team MinistryYMCA England S. WalesYoung GloucestershireYouth and Community ServicesYouth for Christ Gloucestershire
Organisations supporting the work of the Association:
Abbey Business EquipmentAll Saints' AcademyAsda CheltenhamBarnwood Park SchoolBarnwood TrustBasnett AssociatesBeatrice Laing Trust —TheBernard Sunley Charitable Foundation —TheC3 Church, CheltenhamCambray Baptist ChurchCheltenham Borough CouncilCheltenham FoodbankCHK Charities LimitedClifton DioceseDean Close SchoolFind Coffee House —TheFoodshareGeorge Cadbury Trust - The
Gloucester City CouncilGloucester City MissionGloucester DioceseGloucestershire County CouncilHesters Way Baptist ChurchHomes EnglandKingscott Dix Ltd, GloucesterLidl UK —Cheltenham StoreMayor of CheltenhamMid Cotswold Evangelical AllianceMid Counties Co-operativeSt Luke's ChurchSummerfield Charitable TrustSupporting People GloucestershireTesco CheltenhamTesco Gloucester SuperstoreUniversity of GloucestershireYMCA South West Regional Trust Fund
The Board of Directors wishes to formally record its thanks to the afore-mentioned organisations and toindividual donors for their support throughout the year.
Cheltenham YMCA Statutory Accounts Year Ended 31.03.2018 Final
CHELTENHAM YMCA
REPORT OF THE BOARD OF DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2018
Status
On 22 February 2000, Cheltenham YMCA was incorporated as a private company limited by guarantee(company number 03930834 and new charity number 1079951). The winding up of the old Association,charity number 250195, was not undertaken until 1 April 2000 when all assets and liabilities of theunincorporated body were transferred to the new company.
The Governing Document of the Association is the Memorandum and Articles of Association of CheltenhamYMCA, produced on incorporation on 22 February 2000.
Accounts
The Board of Directors, who are the Trustees for the purposes of Charity Law, present their report andaudited accounts of the Association for the year ended 31 March 2018.
Results
Surplus for year
Transfer to general reserves
55,414
55,414
Principal Activity
Cheltenham YMCA is a residential and activity centre based on Christian values, which promotes through its
programme and service the physical, emotional and spiritual wellbeing of individuals of all religions, racesand communities.
As an independent company, limited by guarantee, a registered charity and Homes England registeredprovider it provides a range of accommodation as well as an activity programme for 300 membersencouraging all people regardless of ability to develop both physical and creative skills.
The Mission Statement prepared by the "LAUNDE" internal review in 1999 was reviewed in November 2002."Cheltenham YMCA is a Christian Organisation. Central to our aims are Christian values and service. Our
main objective is meeting the needs of young people and creating personal development opportunities forall".
Public Benefit, Aims and Purposes (extracted from the Memorandum of Association)
The objects of the Association arise from its acceptance of the Basis of Union of the Young Men's ChristianAssociations of England, Ireland and Wales adopted by the British Young Men's Christian AssociationAssembly held in Birmingham in the year 1973, that is to say:
"The Young Men's Christian Associations seek to unite those who, regarding jesus Christ as their God and
Saviour according to the Holy Scriptures, desire to be His disciples in their faith and in their life, and toassociate their efforts for the extension of His Kingdom.
Any difference of opinion on other subjects, however important in themselves, shall not interfere with theharmonious relations of the Associations of the Young Men's Christian Association Movement in England,Ireland and Wales".
Accordingly the objects of the Association are:
A. To unite those who, regarding jesus Christ as their God and Saviour according to the Holy Scriptures,desire to be His disciples in their faith and in their life, and to associate their efforts for the extension ofHis Kingdom.
B. To lead young people to the Lord jesus Christ and to fullness of life in Him.
C. To provide or assist in the provision, in the interests of social welfare, of facilities for recreation andother leisure time occupation for men and women with the object of improving their conditions of life.
D. To provide or assist in the provision of education for persons of all ages with the object of developingtheir physical, mental or spiritual capacities.
Cheltenharn YMCA Statutory Accounts Year Ended 31.03.2018 Final
CHELTENHAM YMCA
REPORT OF THE BOARD OF DIRECTORS —continued
FOR THE YEAR ENDED 31 MARCH 2018
Public Benefit, Aims and Purposes - continued
E. To provide or assist in the provision of education for persons of all ages with the object of developing
their physical, mental or spiritual capacities.
F. To relieve or assist in the relief of persons of all ages who are in conditions of need, hardship or distress
by reason of their social, physical or economic circumstances.
G. To provide residential accommodation for persons of all ages who are in need, hardship or distress by
reason of their social, physical or economic circumstances.
The Directors confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have
due regard to the Charity Commission's published general and relevant sub sector guidance concerning theoperation of the Public Benefit requirement under the Act.
The objects, aims and purposes of the Association are carried out for the public benefit and are clearly
identifiable and appropriate. This provision and availability is demonstrated by the wide range of services
and facilities offered by the Association at affordable prices.
General Financial Responsibilities
The Directors are responsible for preparing the Directors' Report and the accounts in accordance with
applicable law and regulations.
Legislation requires the Directors to prepare accounts for each financial year in accordance with United
Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicablelaw.
Under legislation the Directors must not approve the accounts unless they are satisfied that they give a true
and fair view of the state of affairs of the Association and of its net outgoing resources for that period. In
preparing these accounts the Board of Directors are required to:
~ select suitable accounting policies and then apply them consistently;
~ make judgements and estimates that are reasonable and prudent;
~ state whether applicable accounting standards and the Housing SORP 2014: Statement ofRecommended Practice (SORP) for Registered Housing Providers have been followed, subject to any
material departures disclosed and explained in the accounts;
~ prepare the accounts on the going concern basis unless it is inappropriate to presume that theAssociation will continue to operate.
The Directors are responsible for keeping proper accounting records that are sufficient to show and explain
the Association's transactions and disclose with reasonable accuracy at any time the financial position of theAssociation and enable them to ensure that the accounts comply with the Companies Act 2006, the Housing
and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing
2015. They are also responsible for safeguarding the assets of the Association and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
Insofar as each of the Directors of the Association at the date of approval of this report is aware there is no
relevant audit information (information needed by the company's auditor in connection with preparing theaudit report) of which the company's auditor is unaware. Each Director has taken all of the steps that he/she
should have taken as a Director in order to make himself/herself aware of any relevant audit information
and to establish that the Association's auditor is aware of that information.
Organisational Structure and Governance
The Officers have delegated day to day management of the Association to the Chief Executive —Mr David E
Wallace. The Board of Directors may pass major operational decisions to the Executive Committee which
will meet as appropriate and will consist of the following members: Board Chairman, Board Vice Chairman,
Chief Executive and the Treasurer.
Cheltenham YMCA Statutory Accounts Year Ended 31.03.2018 Final
CHELTENHAM YMCA
REPORT OF THE BOARD OF DIRECTORS —continued
FOR THE YEAR ENDED 31 MARCH 2018
Recruitment and Appointment of Directors
The Directors who served during the year are as set out on page 1. The Board of Directors is constantlyexamining the possibility of recruiting and appointing additional Directors.
Internal Financial Control
It is the Board of Directors' responsibility to establish systems of internal financial control. Such systemscan provide only reasonable and not absolute assurance of:
the safeguarding of assets against unauthorised use or disposition; and
the maintenance of proper accounting records which are free from any material misstatement or error.
Key elements of the internal financial control system established by the Association are:
~ formal policies and procedures are in place, including the documentation of key systems and clearlydefined organisational responsibilities and delegation of authorities, which allow the monitoring ofcontrols and restrict the unauthorised use of the Association's assets;
~ experienced and suitably qualified staff takes responsibility for important financial functions. Appraisal
procedures have been established to maintain standards of performance;
~ budgets are prepared which allow management to monitor the key financial activities and risks and theprogress towards financial objectives set for the year; monthly management accounts are preparedproviding relevant, reliable and up-to-date financial and other information; significant variances from
budget are investigated and reported to the Finance Committee on a monthly basis;
~ investment projects are subject to formal authorisation procedures by the Finance Committee;
~ all capital expenditure and disposals undergo approval procedures, and there are clearly defined
authority levels and monthly reporting on capital expenditure;
~ the useful economic life and residual value of all fixed assets are reviewed annually;
~ the Finance Committee reviews reports from management and the external auditor to providereasonable assurance that internal control procedures are in place and are being followed;
formal procedures have been established for instituting appropriate action to correct weaknessesidentified from the above reports.
Policy Statement on Risk Management
The Finance Committee are pleased to report that clear strategies for all aspects of internal operational and
financial controls including reserves accounting, investment policy and going concern assessment have been
defined, implemented and are being regularly reviewed for effectiveness. The Finance Committee is
satisfied that systems are in place to manage exposure to the major identifiable risks.
The following reviews were undertaken, by the Finance Committee during the reporting period attended by
independent advisors:
Equity Investments Policy —throughout the period
Succession Policy —throughout the period
Reserves Policy —2018
Conflict of Interest Policy —14 july 2016
Risk Assessment Register and Business Continuity Plan —june 2017
Investment Policy and Performance
Under its Memorandum and Articles of Association, Cheltenham YMCA has the power to make anyinvestment which the Board sees fit. The funds are now being held in various Interest Accounts, thisreduces the risk, by spreading the funds between accounts. It also provides a small amount of interest as
Cheltenham YMCA Statutory Accounts Year Ended 31.03.2018 Final
CHELTENHAM YMCA
REPORT OF THE BOARD OF DIRECTORS —continued
FOR THE YEAR ENDED 3i MARCH 2018
well as having the necessary access to fund the building developments as described in the Annual Reportfrom the Directors.
Yalue for Money and Corporate Governance
Cheltenham YMCA shall seek to secure value for money through the economic, efficient and effective use ofits resources. It shall seek to comply with the requirements of the Homes England Governance and Financial
Viability Standard. Cheltenham YMCA shall follow the Good Governance Code for the Voluntary and
Community Sector
Policy Statement on Reserves and Going Concern Review
Cheltenham YMCA has unrestricted reserves available to finance its activities.
Unrestricted reserves are expendable at the discretion of the Board of Directors in furtherance of thecharity's objects. General reserves represent the amount of unrestricted reserves.
The Board recognises the need to establish a level of general reserves that enables financial stability, is
actequate to meet the requirements of working capital and acts as a cushion against fluctuations in incomelevels and in the financial performance of the charity's activities. Such reserves are built up from annual
surpluses, when appropriate.
The Board's policy has been reviewed and the Board has decided that the reserves should be equivalent to 6months of the next year's anticipated expenditure,
At anticipated levels of activity this is equivalent to a level of general reserves of approximately f675,000.
As at 31 March 2018 general reserves were f959,282 (2017 8903,868).
The Board of Directors reviews its reserves policy on an annual basis. The Directors are satisfied that it is
appropriate for the accounts to be prepared on a going concern basis.
Auditor
Hazlewoods LLP were appointed auditor for the year ended 31st March 2018 and a resolution to reappointHazlewoods LLP as auditor, in accordance with section 485 of the Companies Act 2006, will be proposed atthe next Annual General Meeting.
Approved and Signed by Order of the Board
Director, M Horne
Director, F Tolond
tg, yeP7 (II Dated
Cheltenham YMCA 2018 accounts (final draft) vi
CHELTENHAM YMCA
BOARD OF DIRECTORS' ANNUAL REVIEW
FOR THE YEAR ENDED 31 MARCH 2018
What started out to be a planned period of consolidation quickly became a time of significant change forCheltenham YMCA.
In May 2017 we were thrilled that long-time supporter, Dame Janet Trotter, Lord-Lieutenant ofGloucestershire, accepted our invitation to become President of Cheltenham YMCA. We look forward toworking more closely with Dame 3anet in her new role.
The Board of Trustees has undergone some changes during the year, with Mike Horne taking over asChairman in 3anuary 2018, and Michael Ede (the retiring Chairman) stepping into the vacant role of Vice
Chairman. Our thanks and appreciation are extended to Michael Ede for his hard work and commitmentduring his five busy years as Chairman.
In November 2017, David Manohar stood down having been a Trustee for ten years. David had brightenedour meetings with his quick mind, fresh approach and infectious smile, and we would like to thank him forhis unstinting support over the years.
It was with much sadness that we received the news on 28 March 2018 that Dr David Shoesmith had died
following a period of ill health. David had served on the Board of Trustees since 2004 and had beenChairman of the Finance Committee and a proactive member of the HR Committee until shortly before his
death. David had also served as Vice Chairman of the Board. A quiet, unassuming man, David would steeraway from the spotlight. However, his sense of humour, his care and concern for all around him, and his
indefatigable support of the YMCA, its staff, residents, members and volunteers, was clear in all that he did.He was a regular attendee at our weekly prayer meetings, and his love for his fellow man, particularly thosewho were suffering, was evident in his prayers and conversation. His faith manifested itself in his
unfaltering desire to see the Christian ethos of the YMCA upheld in all areas of its work. We will greatly miss
his wisdom, encouragement and friendship.
As we look towards the next phase in the life of this well established Charity, Trustees are currentlyreviewing the strategic plans for the organisation and are keen to maintain the momentum of rapid growth.These are exciting times and as a small independent charity we are thankful for the flexibility to adapt and
meet the ever-changing needs of young people and the wider community in Gloucestershire.
Our housing work continues to expand and in the last year we opened two new affordable housing projectsin West Cheltenham. Dulverton Court (previously St Silas Church Centre), with 21 units, opened in 3uly
2017 and, in April 2018, we opened 3ames Smith Row —10 individual brand new units. This accommodationis primarily for single people moving on to independent living, often for the first time, and has provedextremely popular. We are very grateful to Hesters Way Baptist Church, the Gloucester Diocese WestCheltenham Team Ministry, Cheltenham Borough Council and Homes England for their support in enabling
us to bring these projects to fruition and provide much needed accommodation in this local area.
Both of our supported housing projects - Vittoria Walk in Cheltenham (73 low, medium and high supportunits) and St Michael's House in Gloucester (16 low support units) — continue to be well used providing high
quality safe and secure accommodation. There has been a noticeable increase in demand for high supportaccommodation during the year and we have continued to hold fast to our Christian ethos and belief thateveryone should have the opportunity and support to realise their potential in body, mind and spirit and ourdedicated teams work hard to ensure that this is the case. We were delighted at the beginning of the yearto receive confirmation from Gloucestershire County Council that funding to enable us to continue to provide
support for adults with complex needs had been secured until April 2020.
The YMCA Sports Centre continues to be a hive of activity and, following some development initiatives, hasseen a marked increase in usage. In addition to hosting Cheltenham Table Tennis Club, the Sports Centrealso provides three table tennis sessions to members during the week; Walking Football continues to beextremely popular with players also enjoying regular informal social events; youth judo has seen an increasein numbers and we are very grateful to our team of volunteer instructors who give freely of their time eachweek to lead this group; links with the local community are growing with YMCA being an active partner in
the local Neighbourhood Watch group. Plans for the future include a junior club from September 2018, with
some introductory activities being held during the summer holidays. We would like to thank our members
Cheltenham YMCA Statutory Accounts Year Ended 31.03.2018 Final
!II'@ehCHELTENHAM YMCA
BOARD OF DIRECTORS' ANNUAL REVIEW - continued
FOR THE YEAR ENDED 31 MARCH 2018
for their support of the wider work of Cheltenham YMCA, raising funds through our popular Quiz Nights and
taking part in Cheltenham's annual sleep out event, Sleep Easy.
In March 2018, we finally re-opened the Georgian Villa, "Number 6", following extensive repair works due tothe major flood in july 2016. Under the leadership of the new centre manager, Darren Chandler, we
envisage this charming property in the centre of Cheltenham quickly becoming a firm favourite, providing
friendly and welcoming budget accommodation to interns, students, tourists, festival volunteers and
overseas visitors to the town, as well as providing a range of conferencing facilities.
Behind the scenes, it has been a busy year for the central team too: the payroll was outsourced in April; thenew fully interactive website went live in july 2017; Louisa Coley was appointed Finance Manager in july;early this year, "Peoplehr" (a human resources software program) was introduced to assist with staffadministration and management; and a great deal of preparation for GDPR was completed.
During the year we have developed our relationship with St Luke' s, our local parish church, which has
involved sharing intern, Naomi Shaw, for a 10-month period. We have been very grateful for Naomi's
support both in Number 6 and in working with our residents. The Vicar at St Luke' s, Rev Patrick Wheaton,and long-time volunteer counsellor, Stella Hedley, were both welcomed into full membership of Cheltenham
YMCA in january 2018.
Cheltenham's 6th Annual Sleep Out, "Sleep Easy", finally took place on 9 March 2018, having been
postponed for a week due to the arrival of "Storm Emma". Instead of snow and ice, our brave rough
sleepers had to contend with a night of pouring rain. Our staff and volunteer support teams were kept busy
throughout the night sweeping water off the tops of cardboard boxes so they didn't collapse onto theunsuspecting sleepers below. After surviving a horrible night and the most difficult Sleep Easy to date, our
intrepid sleepers enjoyed a well-earned delicious cooked breakfast. Our thanks go to all our rough sleeperswho raised a whopping f13,702 towards our work of bringing about real change to the lives of those who
have been homeless.
Other fundraising events included the popular YMCA quizzes, with our home-grown Quizmaster, PeterWorsley and His Hats, and the "Reverse Advent" which attracted a lot of support during December providing
special gifts for our residents. Our residents were also delighted to receive beautifully decorated boxes filled
with assorted goodies from All Saints' Academy and CCP. Thank you to everyone who supported these greatcauses.
Cheltenham YMCA has had another good year financially with turnover in line with 2016-17 and a surplus atthe end of the year of f55,414. Our new accommodation at Dulverton Court was filled quickly and is
generating positive revenue as well as increasing the provision of this type of accommodation in
Cheltenham. The slightly lower surplus this year is due to the flood in the Number 6 Vittoria Walk premisesin july 2016. There has been only minimal activity in these premises whilst the insurance company sortedout the repairs and the final claim is still being processed. Number 6 is now ready for business and will be
fully active again in 2018-19. Also during the year, new accommodation, james Smith Row in westCheltenham, was being built and this will be ready for occupation during the financial year 2018-19.
Our close relationship with Family Space continues and we have been encouraged to watch the work adaptto the changing needs of the local people. A major achievement during the year was gaining supervisedcontact accreditation enabling Family Space to offer one-to-one contact, thereby supporting parents in theearly stages of renewing contact with their children.
Also in West Cheltenham, we were pleased to work with Hesters Way Partnership on their project to install a
MUGA (multi use games area) outside the Oasis Centre on Coronation Square. We are sure that this will
become a firm favourite with young people in the area.
Finally, we would like to acknowledge and give thanks for the continued backing of all our partners and
friends who have given generously of their time, expertise and money towards the important continuing
work of Cheltenham YMCA.
Cheltenham YMCA Statutory Accounts Year Ended 31.03.2018 Final
CHELTENHAM YMCA
BOARD OF DIRECTORS' ANNUAl REVIEW - continued
FOR THE YEAR ENDED 31 MARCH 2018
Signed on behalf of the Board of Directors
Director, M Horne
Director, F Tolond
Dated
Cheltenharn YMCA 2018 accounts (final draft) vi
INDEPENDENT AUDITOR'5 REPORT
TO THE MEMBERS OF CHELTENHAM YMCA
FOR THE YEAR ENDED 31 MARCH 2018
Opinion
We have audited the financial statements of Cheltenham YMCA for the year ended 31 March 2018 which
comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to thefinancial statements, including a summary of significant accounting policies. The financial reportingframework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK
and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
~ give a true and fair view of the state of the Association's affairs as at 31 March 2018 and of its income
and expenditure for the year then ended;
~ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
~ have been prepared in accordance with the requirements of the Companies Act 2006, the provisions ofSchedule 1 to The Housing and Regeneration Act 2008, and the Accounting Direction for Private
Registered Providers of Social Housing 2015.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of theAssociation in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethicalresponsibilities in accordance with these requirements. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us toreport to you where:
~ the Directors' use of the going concern basis of accounting in the preparation of the financial statementsis not appropriate; or
~ the Directors have not disclosed in the financial statements any identified material uncertainties that may
cast significant doubt about the company's ability to continue to adopt the going concern basis ofaccounting for a period of at least twelve months from the date when the financial statements areauthorised for issue.
Other information
The Directors are responsible for the other information. The other information comprises the information
included in the annual report, other than the financial statements and our auditor's report thereon. The
Directors are responsible for the other information. Our opinion on the financial statements does not coverthe other information and, except to the extent otherwise explicitly stated in our report, we do not expressany form of assurance conclusion thereon. In connection with our audit of the financial statements, our
responsibility is to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise
appears to be materially 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 misstatement of 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 thatfact.
We have nothing to report in this regard.
Cheltenharn YMCA Statutory Accounts Year Ended 31.03.2018 Final
%NCAA'
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHELTENHAM YMCA - continued
FOR THE YEAR ENDED 31 MARCH 2018
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 Directors' report for the financial year for which the financial statements areprepared is consistent with the financial statements; and
~ the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the courseof the audit, we have not identified material misstatements in the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not beenreceived from branches not visited by us; or
~ the financial statements are not in agreement with the accounting records and returns; or
~ certain disclosures of Directors' remuneration specified by law are not made; or
~ we have not received all the information and explanations we require for our audit; or
the Directors were not entitled to prepare the financial statements in accordance with the small
companies regime and take advantage of the small companies' exemptions in preparing the Directors'
report and from the requirement to prepare a strategic report.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities statement set out on page 5 the Directors (who arealso the Directors of the company for the purposes of company law) are responsible for the preparation ofthe financial statements and for being satisfied that they give a true and fair view, and for such internal
control as the Directors determine is necessary to enable the preparation of financial statements that arefree from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the company's ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Directors either intend to liquidate the company or to ceaseoperations, or have 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 arefree from material misstatement, whether due to fraud or error, and to issue an auditor's report thatincludes 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.iviisstatements 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 thesefinancial statements.
A further description of our responsibilities for the audit of the financial statements is located on theFinancial Reporting Council's website at www. frc.org. uk/auditorsresponsibilities. This description forms partof our auditor's report.
Use of our report
This report is made solely to the Association's members, as a body, in accordance with Chapter 3 of Part 16of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Association's
members those matters we are required to state to them in an auditor's report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Cheltenham YMCA Statutory Accounts Year Ended 31.03,2018 Final
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHELTENHAM YMCA - continued
FOR THE YEAR ENDED 31 MARCH 2018
Association and the Association's members as a body, for our audit work, for this report, or for the opinions
we have formed.
Martin Howard (Senior Statutory Auditor)
for and on behalf of Hazlewoods LLP, Statutory Auditor
Windsor House, Bayshill Road, Cheltenham GL50 3AT
Dated
Cheltenham YMCA Statutory Accounts Year Ended 31.03.2018 Final
CHELTENHAM YMCA
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2018
Notes 2018 2017
Turnover 1,437,727 1,472, 719
Operating costs 1 393 959 1 379 748
Operating surplus 2a/6 43,768 92,971
General donations received
Restricted donations received
Investment income (gross}
Pension fund contribution
2a
2a
14/16
21,430
2,999
12 785
14,577
6,400
2,218
13 009
Surplus for the year before tax
Taxation
Surplus for the year
55,414 103,157
193 1W7.
There was ENil comprehensive income for the year (2017 - ENil).
Approved and authorised for issue by the Board of Directors on ~%~Director, M Horne
Director, F Tolond
For and on behalf of the BoardThe notes on pages 17 to 29 form part of these accounts.
Cheltenham YMCA 2018 accounts (fina draft) vi 13
CHELTENHAM YMCA
STATEMENT OF CHANGES IN RESERVES
FOR THE YEAR ENDED 31 MARCH 2018
STATEMENT OF CHANGES IN RESERVESGeneral
ReservesRevaluation
ReserveTotal
Reserves
Balance as at 1 April 2016 800,711 790,807 1,591,518
Surplus/(Deficit) from Statement ofComprehensive Income
103,157 103,157
Balance at 31 March 2017 903 868 790 807 1 696 675
STATEMENT OF CHANGES IN RESERVES
Balance as at 1 April 2017
Surplus/(Deficit) from Statement ofComprehensive Income
GeneralReserves
903,868
55,414
RevaluationReserve
790,807
TotalReserves
1,694,675
55,414
Balance at 31 March 2018 959 282 790 807 1 750 089
Cheltenham YMCA Statutory Accounts Year Ended 31.03.2018 Final
CHELTENHAM YMCA
STATEMENT OF FINANCIAL POSITION
As at 31 MARCH 2018 COMPANY NUMBER 03930834
FIXED ASSETSNotes
2018E
2017f
Tangible Fixed Assets
Housing Association assetsNon Housing Investment PropertyProperty, Plant at Equipment
89
6,219,2331,025,000
31,075
5,503,6651,025,000
6,827
TOTAL FIXED ASSETS 7,275,308 6,535,492
CURRENT ASSETSStockDebtors due in less than one yearCash and cash equivalents
101112
592161,337229,345391,274
770116,90193,625
211,296
CREDITORSAmounts falling due within one yearNET CURRENT LIABILITIES
13 (456,652)(65,378)
(435,358)(224, 062)
TOTAL ASSETS LESS CURRENTLIABILITIES
7I209I930 6,311,430
C RE DITORSAmounts falling due after more than one year 14 (5,459,841) (4,616,755)
NET ASSETS 1,750,089 1,694,675
ACCUMULATED RESERVESGeneral ReservesRevaluation Reserve
959,282790,807
903,868790,807
TOTAL RESERVES 1,750,089 1,694,675
Approved and authorised for issue by the Board of Directors on 4~ ~~~~- ~~&R,
Director, M Horne
Director, F Tolond
For and on behalf of the BoardThe notes on pages 17 to 29 form part of these accounts.
Cheltenham YMCA 2018 accounts (final draft) vi
CHELTENHAM YMCA
STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 31 MARCH 2018
Cashflows from operating activities
Surplus/(Deficit) for the financial year
Adjustments for:
Depreciation of tangible assets
Amortisation of Grants received
Interest Received
Decrease/(Increase) in trade and other debtors
Decrease/(Increase) in Stocks
(Decrease)/Increase in trade and other creditors
2018
55,414
204,837(172,366)
(1,417)(44,436)
178(33,322)
2017F
103,157
192,204
(160,109)(2,218)
69,65334
11,556
Net Cashf low from operating activities 8,888 214,277
Cashflows from investing activities S. donations
Purchase of tangible assets
Proceeds from sale of fixed assets
Grants Received
Grants Paid Back
Interest Received
Net Cash from investing activities
(944,654)4,575
1,065,494
1,417126,832
(772,799)
693,000
(790,500)2,218
(868,081)
Net (Decrease)/Increase in cash and cash equivalents 135,720 (653,804)
Cash and Cash Equivalents at the beginning of the year
Cash and Cash Equivalents at the end of the year
93,625229,345
747,429
93,625
Cheltenham YMCA Statutory Accounts Year Ended 31.03.201S Final
CHELTENHAM YMCA
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2018
ACCOUNTING POLICIES
a)
b)
c)
cl)
e)
Status
The Association is a company limited by guarantee, number 03930834, incorporated in the United Kingdom,
registered at 6 Vittoria Walk, Cheltenham, GL50 1TP; a registered charity, number 1079951, and a
registered housing association with Homes England under the Housing and Regeneration Act 2008, numberH4270. The Board of Directors is of the opinion that the Association is exempt from liability to taxation on
its income and capital gains, and that it is a public benefit entity.
The liability of members is limited.
Every full member of the Association undertakes to contribute such amount as may be required (notexceeding E1.00) to the assets of the Association in the event of the same being wound up while he or sheis a member or within one year after he or she ceases to be a member for payment of the debts and
liabilities of the Association contracted before he or she ceases to be a member and of the costs, chargesand expenses of winding up and for the adjustment of the rights of the contributories among themselves.
If upon the winding up or dissolution of the Association there remains, after the satisfaction of all its debtsand liabilities, any property whatsoever, the same shall not be paid to or distributed among the members ofthe Association but shall be given or transferred to The National Council of Young Men's Christian
Associations (Incorporated) for its work in Cheltenham.
Basis of Accounting
These financial accounts have been prepared in accordance with the Housing Statement of RecommendedPractice (SORP), published in 2014, with the Accounting Direction for Private Registered Providers of SocialHousing 2015, with the Financial Reporting Standard 102 (FRS 102) and with the Companies Act 2006. Thefinancial statements have been prepared on the historical basis except for the modification to a fair value
basis for its investment prope*y.
Cash Flow Statement
Cheltenham YMCA is obliged to prepare a Cashf low statement for the year with comparatives.
Fixed Asset Yaluation Bases
Fixed Asset Properties used for Social Housing are classified as Tangible Fixed Assets and are valued atHistoric Cost. Fixed assets Prope*ies for non-Social Housing are classed as Investment Properties and arevalued at Fair value based on a valuation by a professionally qualified third party, annually.
Depreciation
Depreciation is provided on all tangible fixed assets (excluding Investment property) in use, at ratescalculated to write off the cost or valuation, of each asset over its expected useful life on a straight line
basis, as follows:
Freehold Buildings and Construction
Windows Doors Lift Ik MS.E Installations
Roof and Telephone System
Shower Rooms and Kitchen Units
Furniture, Curtain and Carpets
IT 5. Wi-Fi Communications
Kitchen ik Laundry Appliances
Programme Fixtures and Equipment
Motor Vehicles
Administration Equipment
Cafe Y Fixtures and Fittings
Conference Fixtures and Fittings
over 50 years
over 30 years
over 20 years
over 10 years
over 5-10 years
over 4 years
over 3 years
over 4 years
over 4 years
over 4 years
over 4 years
over 8 years
Cheltenham YMCA Statutory Accounts Year Ended 31.03.2018 Final
CHELTENHAM YMCA
NOTES TO THE ACCOUNTS - continued
FOR THE YEAR ENDED 31 MARCH 20i8
ACCOUNTING POLICIES (continued)
e)
g)
Depreciation (continued)
Assets under construction, or not yet available for use, are not depreciated until they are brought into use.
The useful economic life and residual value of all Fixed assets are reviewed annually.
Freehold Land is not depreciated and neither is Investment Property.
Assets costing 6150 or more are capitalised as tangible fixed assets and are carried at cost, lessdepreciation and any provision for impairment.
Component Accounting
Under component accounting, in addition to the structure, the housing property is divided into those majorcomponents which are considered to have substantially different useful economic lives and depreciation on
these components has been implemented at the rates shown in e) above.
Apportionment of Management Expenses
Direct employee, administration and operating costs have been apportioned to the hostel revenue accountand the non-hostel revenue account on the basis of the cost of the staff involved or the usage of the
buildings, as appropriate, using percentages derived from the Chief Executive's estimates for utilisation ofthe activities.
Turnover
Turnover represents net rental income receivable for its hostel units and, with non-hostel lettings, income
from sporting, recreational and welfare programmes and grants/contracts from local authorities, GloucesterCounty Council, and The Cheltenham Borough Council. Turnover is disclosed net of bad debts and void
losses for hostel units which are disclosed in note 2c to the accounts. It also includes insurance moniesreceivable for repairs and lost income relating to the flood in july 2016.
Government Grants
Government grants include grants receivable from Homes England (HE), local authorities, and othergovernment organisations.
Revenue grants are creditors to Statement of Comprehensive Income over the same period as theexpenditure to which they relate. Grants received for the capital costs of housing schemes are recognisedin income over the useful economic life of the Structure of property concerned under the accruals model.Homes England Grants are repayable under certain circumstances, primarily following the sale of theproperty, but will normally be restricted to net proceeds of the sale.
Stock
Stocks, where material, are valued at the lower of cost and net realisable value. Cost is computed on a firstin first out basis.
PENSION SCHEME —YMCA Superannuation Scheme and One Stakeholder Scheme
Cheltenham YMCA in the past has participated in a multi-employer defined benefit pension plan foremployees of YMCAs in England, Scotland and Wales, which was closed to new members and accruals on 30April 2007. The plan's actuary has advised that it is not possible to separately identify the assets and
liabilities relating to Cheltenham YMCA, therefore the scheme is accounted for as a defined contributionscheme.
As described in note 16 Cheltenham YMCA has a contractual obligation to make pension deficit paymentsover the period to April 2027, accordingly this is shown as a liability in these accounts. In addition,Cheltenham YMCA is required to contribute to the operating expenses of the Pension Plan and these costsare charged to the Statement of Comprehensive Income.
Cheltenham YMCA now operates a corporate money purchase pension scheme for employees and also
participates in the One stakeholder pension scheme as set out in Government legislation. In both theseschemes both the employee and Cheltenham YMCA contribute to the schemes but the funds areaccumulating only and no liability is attached to these schemes going forward.
Cheltenham YMCA Statutory Accounts Year Ended 31.03.2018 Final
CHELTENHAM YMCA
NOTES TO THE ACCOUNTS - continued
FOR THE YEAR ENDED 31 MARCH 2018
ACCOUNTING POLICIES (continued)
I) Operating Leases
Rentals under operating leases are charged to the Income and Expenditure Account on a straight line basisover the lease term, as detailed in note 18.
m) Going Concern
After reviewing the current reserves, forecasts and projections the Board of Directors have a reasonableexpectation that the Association has adequate resources to continue in operational existence for theforeseeable future. Accordingly, they continue to adopt the going concern basis for preparing the accounts.
n) Voluntary Income
Donations and similar incoming resources are included in the year in which they are receivable.
o) Employee benefits
Short-term employee benefits and contributions to defined contribution plans are recognised as an expensein the period in which they are incurred.
p) Taxation
The Association is recognised as a charity for tax purposes and consequently not liable to Corporation Tax.
q) Financial instruments
Financial instruments which meet the criteria of a basic financial instrument as defined in Section 11 of FRS
102 are accounted for at amo*ised historic cost.
Non-basic financial instruments are recognised at fair value using a valuation technique with any gains orlosses repo*ed in surplus or deficit. The Association has no non-basic financial instruments at the year end.
r) Significant management judgements
The following are significant management judgements made in applying the accounting policies of theAssociation that have the most significant effect on the financial statements.
Useful economic life of components. The split of the cost of building and fitting out the new
housing developments at Vittoria Walk and Dulverton Court in Cheltenham and St Michael's in
Gloucester has been provided by the project management company, Maxcis, that was responsible formanaging the building programme. This breakdown and the estimated economic lives of thecomponent parts of the builds have been used as a basis for calculating both the depreciation on theproperties and the rate of amortisation of the capital grants given by Homes England and local
authorities for these projects. The Directors believe that this is the best method of calculating theseannual costs and revenues.
YMCA Pension Obligations. The contribution that must be made by the Association to the YMCA
England Pension Scheme deficit has been submitted in an actuarial report carried out by YMCA England
5. Wales in May 2017 and will be carried out every 3 years. The current liabilities for the Association
are based on this repo* and the total current obligation is shown in creditors within the financial
statements split between liabilities within one year and subsequent years in notes 13 and 14.
Categorisation of properties as investment property or property, plant and equipment. FRS102 has set out the criteria that categorises whether the various properties of the Association areclassed as investment properties or not. The newly built properties are clearly categorised as SocialHousing by the very nature of their build, finance and use of the properties by people who requireassistance in being housed and supported as part of the core objectives of the Association. The old
building at Vittoria Walk is not being used for social housing, but used as a building in which
commercial rates are charged appropriate to the rooms and added facilities and the income from this
property is used to contribute towards the central costs of running the Association that are not entirelycovered by the income from social housing. It is a listed building and is likely to appreciate in value
over time and therefore enhance the net asset value of Cheltenham YMCA. It is therefore considered tobe an investment property and under FRS 102 the investment property is valued at fair value, this
being assessed each year and no depreciation needs to be provided for this property. The detail of this
valuation is set out in the policy note below and note 8 in the financial statements.
Cheltenham YllCA Statutory Accounts Year Ended 31.03.201S Final
CHELTENHAM YMCA
NOTES TO THE ACCOUNTS - continued
FOR THE YEAR ENDED 31 MARCH 201.8
ACCOUNTING POLICIES (continued)
r) Significant management judgements (continued)
~ Value of Investment Property. The value of the old Vittoria Walk YMCA-owned building was carriedout by a qualified firm of chartered surveyors and this will be continued each year going forward, with
any increase or decrease being reflected in the statement of comprehensive income each year and with
the adjustments affecting the Investment Property revaluation reserve which has been set up following
the first revaluation of the property as at 1 April 2014.
Cheltenham YMCA Statutory Accounts Year Ended 31.03.2018 Final 20
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CHELTENHAM YMCA
NOTES TO THE ACCOUNTS - continued
FOR THE YEAR ENDED 31 MARCH 2018
2b. The Association provided supported housing accommodation with 73 bed spaces at Vittoria Walk, all internally
managed from 1 April 2015. A further 16 bed spaces have been provided at St Michael's Square from 1 August
2015.
During the financial year ended 31 March 2018, all 89 bed spaces were classed as supported accommodation.
2c. The maximum potential rents receivable for the year ended 31 March 2018 were E1,117,945 (2017: E976,372).Of this amount E967,578 (2017: E883,006) has been credited, Rent voids are E107,327 (2017: E80,932) and bad
debts are E43,040 (2017: E12,434), therefore total of voids and losses are E150,367 (2017: E93,366).
KEY MANAGEMENT REMUNERATION
The remuneration paid to officers of the Association excluding pension contributions was:2018
E
Emoluments to officer 67,543175Expenses reimbursed to the aforementioned officer
Other officers' expenses reimbursed
2017E
60,624
The members of the Board who are non-executive board members received no remuneration in the current orprevious year. No other officer received remuneration or benefits in kind.
The CEO is the highest paid officer, and the only officer paid at more than E60,000 per annum.
For the purpose of this disclosure all officers of the Association are considered to be Directors.
See note 5 for disclosure of pensions paid in respect of the paid officer.
STAFF COSTS
Salaries
Social security costs
Other pension costs — YMCA Executive Stakeholder Scheme— Family Space Stakeholder Pension Scheme- YMCA Pension Scheme People's Pension— YMCA Pension Scheme Scottish Widows— YMCA England Pension Scheme cost
2018
657,10947,872
5202,8116,889
12,875
2017E
611,90044, 581
866
1,9766,415
13,009
728,076 678,747
The average number of persons employed during the year was 41 (2017:40) of which 22 (2017:23) were full
time. (Housing: 22 (2017: 23) (of which 9 (2017: 8) part time), Programme/Cafe Y: 6 (2017: 6) (of which 3(2017: 3) part time), Administration 7 (2017: 5) (of which 4 (2017: 3) part time), Family Space 6 (2017: 6) (ofwhich 3 (2017: 3) pa* time)).
The Association has an agreement in place for the secondment of staff to Family Space. During the year theAssociation paid salary costs of E69,590 (2017: E74,493) to the employees involved in this agreement, thesecosts have been included within salaries. Family Space paid the Association E75,870 (2017: E85,666) as full
reimbursement of these costs and this income has been included within the turnover.
OPERATING SURPLUS/(DEFICIT)
Operating surplus/deficit is stated after charging:— Officers' remuneration— Officers' employer pension contribution— Depreciation of tangible fixed assets- Amortisation of grant received- Audit fee— Operating Lease Rentals (note 18)
2018E
67,5435,403
700,993(172,937)
6,7502,382
2017E
60,6245,272
192,204
(160,109)6,9502,820
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CHELTENHAM YMCA
NOTES TO THE ACCOUNTS - continued
FOR THE YEAR ENDED 31 MARCH 20is
7. TANGIBLE FIXED ASSETS (continued)
Social Housing Assistance
Total accumulated social housinggrant receivable at 31 March
2018E
3,401,129
2017E
4,891,819
8. TANGIBLE INVESTMENT PROPERTY
Fair Value as at 31 March 2018
Fair Value as at 31 March 2017
Number 6(Vittoria Walk BKB andConferencing)
E1,025,000
E1,025,000
This was valued by Ash S. Co Chartered Surveyors on 31 March 2016 and confirmed that there has been no
significant variation on 30 june 2018.
The Historic Net Book Value of this Building was E234, 193.
24
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CHELTENHAM YMCA
NOTES TO THE ACCOUNTS - continued
FOR THE YEAR ENDED 31 MARCH 2018
10. STOCKS
Cafe Y
Cleaning
2018E
208384592
2017E
174
596
770
11. DEBTORS
Trade debtors
Residents' rents owed
Prepayments
Other debtors due within one year- Accrued Income— Other
Other debtors due after more than one year- Other
2018E
7,623
5,09943,114
43,21045,422
16,&69
2017E
11,282
3,423
42,240
38,683
4,428
16,845
161,337 116,901
Other debtors due after more than one year relates to a loan which the company made to the CEO in 2016to be repaid within five years. This loan has been repaid since the year end.
12. CASH AND CASH EQUIVALENTS
Bank deposit account
Cash in hand
2018f
229,077268
229,345
2017E
93,235
390
93,625
13. CREDITORS: Amounts falling due within one year
Residents' rents in advance
Trade Creditors
Other Creditors
VAT 5. PAYE/NIC payable
YMCA Pension deficit
Holiday Accrual
Sundry creditors and accruals
Deferred Capital Grant —HE Vittoria Walk
Deferred Capital Grant —HE St Michael's
Deferred Capital Grant —GCC St Michael's
Deferred Capital Grant —HE Dulverton Court
Deferred Capital Grant —Dulverton Court
Deferred Capital Grant —HE Barbridge Road
2018E
281182,142
9,285
14,84629,835
1,84428, 10695,64526,71713,58515,70714,78323,876
456,652
2017E
475
78,432
115,781
14,800
28,966
4,280
34,933115,635
27,880
14,176
435,358
All creditors are paid within two months of the liability being notified.
26
CHELTENHAM YMCA
NOTES TO THE ACCOUNTS - continued
FOR THE YEAR ENDED 31 MARCH 2018
14. CREDITORS: Amounts falling due after one year 2018E
2017f
Deferred Capital Grant
Deferred Capital Grant
Deferred Capita I Grant
Deferred Capital Grant
YMCA England Pension
Deferred Capital Grant
Deferred Capital Grant
—HE Vittoria Walk
—HE St Michael's
—GCC St Michael's
—HE Dulverton Ct/Barbridge Rd
Deficit
—CBC Dulverton Court
—HE Barbridge Road
2,779,505493,583250,976687,928241,749316,337689,763
5,459,841
2,875, 150
520,300
264,561
693,000
263,744
4,616,755
YMCA England Pension
Due in 1-2 Years
Due in 2-5 Years
Due in &5 Years
29,83489,504
122,411241,749
28,966
86,897
147,881
263,744
Deferred Capital Grant
Due in 1-2 Years
Due in 2-5 Years
Due in &5 Years
TOTAL
194,527551,015
4,472,5505,218,0925I459I841
143,054400,940
3,809,017
4,353,011
4,616,755
No security has been given by the Association in respect of the above creditors.
15. DEFERRED CAPITAL GRANT MOVEMENTS
At 1 April 2017
Grant paid back in the year
Grant received in the year
Released in the year
At 31 March 2018
Vittoria WalkHE
2,990,785
115 635
2 875 150
St Michael'sHE
548, 180
27 880
520 300
St Michael'sGCC
278,736
Dulverton Ct/Barbridge Rd
HE S. CBC
693,000
Total
4,510,701
1 065 494 1 065 494
14 175 10 100 167 790
264 561 1 748 394 5 408 405
27
CHELTENHAM YMCA
NOTES TO THE ACCOUNTS - continued
FOR THE YEAR ENDED 31 MARCH 20is
16. PENSION SCHEMES
a) Cheltenham YMCA participated in a contributory pension plan providing defined benefits based on final
pensionable pay for employees of YMCAs in England, Scotland and Wales. The assets of the YMCA Pension
Plan are held separately from those of Cheltenham YMCA and at the year end these were invested in theMercer Dynamic De-risking Solution, 40% matching portfolio and 60% in the growth portfolio and Schroder(property units only).
The most recent completed three year valuation was as at 1 Nay 2017. The assumptions used which havethe most significant effect on the results of the valuation are those relating to the assumed rates of returnon assets held before and after retirement of 3.75% and 2.25% respectively, the increase in pensions in
payment of 3.35% (for RPI capped at 5% pa), and the average life expectancy from normal retirement age(of 65) for a current male pensioner of 22.2 years, female 24. 1 years, and 24.0 years for a male pensioner,female 26.0 years, retiring in 20 years' time. The result of the valuation showed that the actuarial value ofthe assets was E141.2m. This represented 81% of the benefits that had accrued to members.
The Pension Plan was closed to new members and future service accrual with effect from 30 April 2007.With the removal of the salary linkage for benefits all employed deferred members became deferredmembers as from 1 May 2011.
The valuation prepared as at 1 May 2017 showed that the YMCA Pension Plan had a deficit of E33.6 million.
Cheltenham YMCA has been advised that it will need to make monthly contributions of E2492.26 from 1 May
2018. This amount is based on the current actuarial assumptions (as outlined above) and may vary in thefuture as a result of actual performance of the Pension Plan. The current recovery period is 9 yearscommencing 1st May 2017.
Within oneyearE'000
Repayable
One to two Two toyears five yearsE'000 E'000
After fiveyearsE'000
After morethan oneyearE'000
TOTAL
2017E'000
TOTAL
2016E'000
As at 31 March 2018 30 30 90 122 242 272
As at 31 March 2017 29 29 87 148 264 293
In addition, Cheltenham YMCA may have over time liabilities in the event of the non-payment by otherparticipating YMCAs of their share of the YMCA Pension Plan's deficit. It is not possible currently to quantifythe potential amount that Cheltenham YMCA may be called upon to pay in the future.
b) The Chief Executive was an ordinary member of the YMCA Pension Plan until its closure on 30 April 2007with no special or enhanced terms. From then he transferred to an executive stakeholder pension schemewith only one other person until September 2015 (Cheltenham YMCA contributions in 2016/17: ENil;
2017/18: ENil). From October 2015 the two employees transferred to the Cheltenham YMCA ScottishWidows Stakeholder Pension Scheme. The Chief Executive was an ordinary member of this pension schemeuntil the plan closure.
c) From October 2015, the Association has been operating a Cheltenham YMCA Scottish Widows StakeholderPension Scheme in which there are now 4 employees (2017; 6) with company contributions during thefinancial year of E6,889 (2016/17: E6,697).
d) From August 2015, in line with UK government legislation, Cheltenham YMCA has operated a nationalstakeholder money-purchase scheme for all other employees who earn more than E10,000 per annum andwho have not formally opted out of the scheme. Cheltenham YMCA has contributed E2,811 in financial year2017/18 (2016/17: E2,297).
28
CHELTENHAM YMCA
NOTES TO THE ACCOUNTS - continued
FOR THE YEAR ENDED 31 MARCH 2018
17. CAPITAL COMMITMENTS
As at 31 March 2018, Cheltenham YMCA had a capital commitment to pay Maxcis a value of E100,401 which is theremaining value of the contract which is payable in instalments based on the condition that the building work thatwas being carried out on James Smith Row was carried out successfully and which was scheduled for completion in
April 2018. Within this contract and capital commitment is a retention fee of E30,225 which is not due until April
2019.
18. OPERATING LEASE COMMITMENTS
At 31 March 2018 the Association had commitments under non-cancellable operating leases for plant and
machinery as follows:
Within 1 yearDue within 2-5 years
2018E
2r382939
2017E
2,8203,096
19. RELATED PARTY TRANSACTIONS
a) FAMILY SPACE
The agreement and relating transactions with Family Space are included in note 4.
Family Space is a social charity set up to assist families and children with integration and support.Cheltenham YMCA assists the charity in providing Human Resources advice, Payroll 5 Generaladministration and Accounting support. Cheltenham YMCA charge Family Space for the cost of salaries paidout from the payroll including HMRC payments plus an administration fee equal to 15'/o of the Total GrossSalaries administered and this is included in the comprehensive income statement to the values listed below
and as such are considered related party transactions.
Administration Charge of 15'/o of Total Gross SalarySalary Costs
2018E
10,43969,560
2017E
11,17374,493
Balance at Year End Nil Nil
b) LOAN
During the previous financial year, the Chief Executive received a loan from Cheltenham YMCA of E25,000.The loan is unsecured and is being repaid over 5 years with a monthly interest rate equivalent to 3'/o perannum. At 31 March 2018, this debt amounted to E16,869 (2017: E21,271) and interest was charged ofE1,187 (2017 E590).
20. Share Capital and Guarantees
The Association is limited by guarantee and therefore has no share capital. Each member (see numbers below)
agrees to contribute a maximum or E1 per member in the event of a winding up order on Cheltenham YMCA if it
ever occurred.
Number of membersAt 1 April
Joining during the yearLeaving during the yearAt 31 March
201836190
(135)316
2017339139
(117)361
29
YMCA enables people to develop their full potential in mind, body and spirit. Inspired by, and foithful to, our Christian values,we create supportive, inclusive and energising communities, where young people can truly belong, contribute and thrive.
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