ymca cheltenham

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

REPORT OF THE BOARD OF DIRECTORS


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


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



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


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


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


!II'@ehCHELTENHAM YMCA

BOARD OF DIRECTORS' ANNUAL REVIEW - continued


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

BOARD OF DIRECTORS' ANNUAl REVIEW - continued


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


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


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


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

STATEMENT OF COMPREHENSIVE INCOME


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


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

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


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


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

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




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


FOR THE YEAR ENDED 31 MARCH 201.8


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



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


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



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



14. CREDITORS: Amounts falling due after one year 2018E

2017f

Deferred Capital Grant


Deferred Capita I Grant


YMCA England Pension



—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


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


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



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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ymca cheltenham

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