YMCA TRINITY GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
LEGAL STATUS
YMCA Trinity Group is registered under the Companies Act 2006 and is a registered provider of social housing and is a registered charity. The registered office is Queen Anne House, Gonville Place, Cambridge, CB1 1ND. The YMCA has one wholly owned subsidiary, The Cresset Limited. The Cresset Limited is registered under the Companies Act 2006. Further details are shown in note 26.
1. ACCOUNTING POLICIES 1.1 Basis of accounting
The financial statements have been prepared in accordance with applicable United Kingdom Accounting Generally Accepted Accounting Practice (UK GAAP) including Financial Reporting Standard 102 and the Statement of Recommended Practice for registered housing providers: Housing SORP 2018. As a public benefit entity, the Group has applied the public benefit entity 'PBE' prefixed paragraphs of FRS 102. The consolidated financial statements incorporate the results of YMCA Trinity Group and its subsidiary undertaking, The Cresset Ltd as at 31 March 2025 using the acquisition method of accounting as required. The financial statements comply with the Companies Act 2006, the Housing Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. The accounts are prepared on the historical cost basis of accounting as modified by the revaluation of investment property and are presented in sterling. In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS 102: - Disclosures in respect of the parent company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the group as a whole; and - No disclosure has been given for the aggregate remuneration of the key management personnel of the parent company as their remuneration is included in the totals for the group as a whole.
1.2 Basis of consolidation
The consolidated financial statements incorporate the results of YMCA Trinity Group and its subsidiary undertaking, The Cresset Ltd as at 31 March 2025 using the acquisition method of accounting as required. Where the acquisition method is used, the results of the subsidiary undertakings are included from the date of acquisition, being the date the group obtains control. Joint ventures are accounted for in accordance with note 1.19. All intra-group transactions, balances, income and expenses are eliminated in full prior to consolidation.
1.3 Going concern
These financial statements have been prepared on a going concern basis which assumes that the group will continue in operational existence for the foreseeable future. The board has considered a period of 12 months from the date of approval of these financial statements and has determined that the group can continue to operate as a going concern.
The board has agreed to support its trading comapny, The Cresset Limited (TCL), for a further period of 12 months from the date of approval of these financial statements while the outcome of an external business review are implemented to guide future governance and staffing structures. During this period the board will focus on TCL's ongoing financial performance and ensure that measures currently in place continue to transform the organisation into a financially sustainable position over the next five years.
YMCA Trinity Group 5
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