YMCA TRINITY GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1. ACCOUNTING POLICIES (continued) 1.12 Social Housing and other government grants
1.13 Other grants Where developments have been financed wholly or partly by Social Housing Grants (SHG), the amount of the grant received is recognised in turnover over the useful life of the property structure and components using the accruals model. SHG must be recycled by the group under certain conditions, if the property is sold, or if another relevant event takes place. In these cases the SHG may have to be repaid if certain conditions are not met. If the grant is not required to be recycled or repaid, any unamortised grant is recognised as turnover. In certain circumstances, SHG may be repayable and in that event is a subordinated unsecured repayable debt. Grants relating to revenue are recognised in the statement of comprehensive income over the same period as the expenditure to which they relate, once reasonable assurance has been gained that the performance conditions will be met. Government grants relating to revenue are recognised as income over the periods when the related costs are incurred. Grants received from non-government sources are recognised under the performance model. Where there are no specific performance requirements the grants are recognised in the statement of comprehensive income when the proceeds are received or receivable. Where grant is received with specific performance requirements attached, it is recognised as a liability until the performance conditions are met and then it is recognised as turnover.
1.14 Taxation - value added tax
The group is partially exempt in relation to Value Added Tax (VAT), and accordingly is able to recover from HM Revenue & Customs part of the VAT incurred on expenditure. At the year end, VAT recoverable or payable is included in the statement of financial position. Irrecoverable VAT is accounted for in the statement of comprehensive income.
1.15 Operating leases
Rentals applicable to operating leases where subsequently all the benefits and risks of ownership remain with the lessor are charged to the statement of comprehensive income.
1.16 Stock
Stock is valued at the lower of cost and net realisable value.
1.17 Pension scheme
The group participated in a multi-employer defined benefit pension plan for employees of YMCAs in England, Scotland and Wales, which was closed to new members and accruals on 30 April 2007. Due to insufficient information, the plan's actuary has advised that it is not possible to separately identify the assets and liabilities relating to YMCA Trinity Group. As described in note 24, YMCA Trinity Group has a contractual obligation to make pension deficit payments over a period to April 2027, accordingly this is shown as a liability in these accounts. In addition, YMCA Trinity Group is required to contribute to the operating expenses of the Pension Plan and these costs are charged to the statement of comprehensive income. The group also operates a defined contribution pension scheme for eligible employees and a further defined contribution scheme to comply with auto-enrolment regulations. The pension cost charged to the statement of comprehensive income is the amount of annual contributions payable to this scheme.
YMCA Trinity Group 8
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