REGISTERED COMPANY NUMBER: 01179826 (England and Wales) REGISTERED CHARITY NUMBER: 268131
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 30 September 2020
for
GREYGARTH ASSOCIATION (LIMITED BY GUARANTEE)
Christopher Wilson & Company 10 Church Road Cheadle Hulme Cheadle Cheshire SK8 7JU
GREYGARTH ASSOCIATION (LIMITED BY GUARANTEE)
Contents of the Financial Statements for the Year Ended 30 September 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 14 |
| Detailed Statement of Financial Activities | 15 | to | 16 |
GREYGARTH ASSOCIATION (LIMITED BY GUARANTEE)
Report of the Trustees for the Year Ended 30 September 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Greygarth Association is an educational charity. Its principal objects are the advancement of education and learning in accordance with Christian principles and ideals. The activities of the Association are carried out primarily through Greygarth Hall, an intercollegiate hall of residence based in Manchester.
Significant activities
Greygarth Hall first opened in 1962 and offers student accommodation for students. It is the main centre of activity of the Charity, continuing the work started in 1959 in a much smaller site in Didsbury. In 2010 the centre in Didsbury was relocated to Victoria Park.
The facilities at Greygarth Hall are available to residents and non-residents alike, and non-residents are encouraged to participate in the different activities organised in or by the Hall. In this way, the Hall has a much wider outreach than its relatively small accommodation capacity would suggest. Indeed, Greygarth Hall has always seen its mission as providing a service not only to its residents, but also to the whole university and local community. The Hall is therefore more than just a provider of accommodation. It tries to help many, not just residents, in many ways, not just provision of accommodation. The Hall wants to offer an environment where residents and friends can flourish as individuals, for their own benefit and the benefit of others.
It is fair to say that, especially since its refurbishment in 2011, the Hall provides excellent accommodation facilities: most of the rooms are en-suite, the kitchen staff show their professionalism by offering a well-cooked, varied menu - which is invariably commented favorably upon by new students and visitors alike - premises which are cleaned daily, etc.
We are proud of the fact that the Hall offers excellent study facilities (we have three libraries), a chapel, a music room and meeting rooms. All of these things help as evidence that Greygarth is "more than student accommodation" as our marketing literature points out.
In return, the residents are expected to show respect and consideration for the people with whom they live, to abide by the standards of the Hall, and contribute to maintaining it in good order.
These facilities are used not just by their residents but their friends and colleagues, and not only to Christian students but any student regardless of his beliefs. This is reflected in the make-up of the Hall's residents and is very much in line with the Christian principles upon which the ethos of the Charity is founded.
The Charity, though strictly non-denominational, takes its values and mission from the Christian message. From its inception the Hall's main aim has been to provide a first-class university educational experience which should include good pastoral support. The Hall is one of the last remaining halls with a resident executive warden, holding managerial as well as pastoral responsibilities. This enables the Hall to preserve is distinctive ethos and offer a unique atmosphere where academic work, family life and community activity are deeply rooted in its day-to-day life.
The resident warden is assisted by a deputy warden and a secretary. For those who wish to avail themselves of it, the Hall also offers the services of a resident Catholic Chaplain.
Public benefit
The Directors regularly review the objects and activities of the Charity, to ensure that the two remain closely linked. Following the guidance from the Charity Commission regarding Public Benefit, the Directors are of the opinion that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charity Commission.
Page 1
GREYGARTH ASSOCIATION (LIMITED BY GUARANTEE)
Report of the Trustees
for the Year Ended 30 September 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
In accordance with the Charities Act 1993 and as allowed by the Memorandum and Articles of the Charity, payment of £10,000 (previous year: £nil) were made to one of the trustees in his capacity as Warden of Greygarth Hall. No other charity trustee was paid or received any other benefits from the charity. (previous year: £nil).
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
01179826 (England and Wales)
Registered Charity number
268131
Registered office
1 Lower Park Road Manchester M14 5RS
Trustees
J Valero A Taylor X Bosch - Chairman A J Walker
Company Secretary
P Hatchman
Independent Examiner
Christopher Wilson Certified Public Accountants Christopher Wilson & Company 10 Church Road Cheadle Hulme Cheadle Cheshire SK8 7JU
Page 2
GREYGARTH ASSOCIATION (LIMITED BY GUARANTEE)
Report of the Trustees for the Year Ended 30 September 2020
COMMENCEMENT OF ACTIVITIES
As in previous years, the Hall has been enriched by a good variety of postgraduate and graduate students as well as a good mix of home and foreign students.The quality of student-led activities continued, and was aided by 2 induction days at a country house in Cheshire, which included an introdution to living in Greygarth and various sessions focusing on what residents would like from us and ways in which they thought they could contribute to the social and cultural life of the Hall.
Our personal development programme included focusing on studies, culture, sports, solidarity and a mentoring programme in which every resident is assigned an in-house mentor to meet weekly. These programms were mostly coordinated by our social manager, Enrique Calomarde, with the help of two residents. Regarding cultural activities, we continued our Monday guest speaker tradition, with speakers such as Vincent De Gaetano, judge at the European Court of Human Rights; Dr Steve Stone, chief of the UN's environment and economy's branch; Dr Luis Fuertes, radiation Oncologist at the La Paz hospital in Madrid; Mr Bill Gore, Navy Officer and high ranking manager at Shell; Dr Eduardo Mauri, sports doctor at Manchester City or Dr Yuhei Inoue, professor of Sports Economics at MMU. Weekly, a resident would present on a topic of his own personal or professional interest which included short presentations on economics, sports, their country's culture, etc... and monthly interviews and debates were popular among residents.
As in previous years, football dominated the sports scene, with weekly matches being organized by the residents. For the second year running a fundraising football tournament was organized involving over 60 university students and young professionals, the proceedings of which were sent to various social projects.
Our close links with Citywise continued this year, with some residents contributing to the activities of this charity, mainly by volunteering. Additionally, the warden and chaplain took on part time positions at Citywise, further strengthening the connection between the charities. Other solidarity activities included visits to the homeless in Manchester every fortnight, with 10-15 residents splitting into groups to take hot drinks to the homeless and spend some time with them.
Other activities seek to promote friendship among residents, creating opportunities for socialising in events such as start and end of year dinners, Christmas party, birthday celebrations, etc.
Spiritual and Character Building Activities
Spiritual activities at Greygarth Hall are entrusted to Opus Dei, a personal Prelature of the Catholic Church. Mass is celebrated daily in the chapel. Two weekend retreats for students were held at Thornycroft Hall, near Macclesfield, Cheshire. Other spiritual activities included doctrine talks and monthly recollections, which were able to go ahead streamed during the lockdown.
Approved by order of the board of trustees on 22 June 2021 and signed on its behalf by:
P Hatchman - Secretary
Page 3
Independent Examiner's Report to the Trustees of GREYGARTH ASSOCIATION (LIMITED BY GUARANTEE)
Independent examiner's report to the trustees of GREYGARTH ASSOCIATION (LIMITED BY GUARANTEE) ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2020.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Certified Public Accountants which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Christopher Wilson Certified Public Accountants Christopher Wilson & Company 10 Church Road Cheadle Hulme Cheadle Cheshire SK8 7JU
22 June 2021
Page 4
GREYGARTH ASSOCIATION (LIMITED BY GUARANTEE)
Statement of Financial Activities
for the Year Ended 30 September 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities 2 Investment income 3 Other income Total EXPENDITURE ON Raising funds 4 NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
30.9.20 Unrestricted fund £ 151,822 99,273 26,284 975 278,354 251,971 26,383 3,033,668 3,060,051 |
30.9.19 Total funds £ 202,899 145,573 20,966 - |
|---|---|---|
| 369,438 319,814 |
||
| 49,624 2,984,044 |
||
| 3,033,668 |
The notes form part of these financial statements
Page 5
GREYGARTH ASSOCIATION (LIMITED BY GUARANTEE)
Balance Sheet
30 September 2020
| Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 NET ASSETS FUNDS 13 Unrestricted funds TOTAL FUNDS |
30.9.20 Unrestricted fund £ 4,434,713 260,019 96,930 356,949 (147,671) 209,278 4,643,991 (1,583,940 ) 3,060,051 3,060,051 3,060,051 |
30.9.19 Total funds £ 4,474,108 224,749 107,163 331,912 (122,492) 209,420 4,683,528 (1,649,860 ) 3,033,668 3,033,668 3,033,668 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.
-
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 6
continued...
GREYGARTH ASSOCIATION (LIMITED BY GUARANTEE)
Balance Sheet - continued 30 September 2020
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 22 June 2021 and were signed on its behalf by:
X Bosch - Trustee
The notes form part of these financial statements
Page 7
GREYGARTH ASSOCIATION (LIMITED BY GUARANTEE)
Notes to the Financial Statements
for the Year Ended 30 September 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. OTHER TRADING ACTIVITIES
| 30.9.20 | 30.9.19 | |
|---|---|---|
| £ | £ | |
| Regular fees | 99,273 | 145,573 |
continued...
Page 8
GREYGARTH ASSOCIATION
(LIMITED BY GUARANTEE)
Notes to the Financial Statements - continued for the Year Ended 30 September 2020
3. INVESTMENT INCOME
| Rents received 4. RAISING FUNDS Charitable activities Rates and water Insurance Light and heat Telephone Postage and stationery Sundries Computer software Repairs & renewals Premises expenses Training Support costs Investment management costs Food Staff maintenance & general Catering Advertising Oratory Travel Loan interest Bank charges Professional fees Aggregate amounts |
30.9.20 £ 26,284 30.9.20 £ 6,012 14,268 23,283 1,069 93 5,791 132 18,730 287 1,536 - 71,201 30.9.20 £ 34,845 - 66,443 616 324 4,884 16,670 147 4,520 128,449 251,971 |
30.9.19 £ 20,966 30.9.19 £ 7,041 12,721 27,060 1,650 3,387 4,594 41,003 24,407 900 1,013 49,837 |
|---|---|---|
| 173,613 | ||
| 30.9.19 £ 30,952 67 88,013 713 1,319 3,579 17,523 285 3,750 |
||
| 146,201 | ||
| 319,814 |
continued...
Page 9
GREYGARTH ASSOCIATION (LIMITED BY GUARANTEE)
Notes to the Financial Statements - continued for the Year Ended 30 September 2020
5. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 30.9.20 | 30.9.19 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 52,321 | 49,837 |
6. TRUSTEES' REMUNERATION AND BENEFITS
The trustees' remuneration paid in the year was £10,000 (2019 £nil).
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2020 nor for the year ended 30 September 2019.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities Investment income Total EXPENDITURE ON Raising funds NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 202,899 145,573 20,966 369,438 319,814 49,624 2,984,044 3,033,668 |
|---|---|
continued...
Page 10
GREYGARTH ASSOCIATION
(LIMITED BY GUARANTEE)
Notes to the Financial Statements - continued for the Year Ended 30 September 2020
8. TANGIBLE FIXED ASSETS
| Fixtures Freehold and property fittings £ £ COST At 1 October 2019 4,966,667 47,449 Additions - 12,926 At 30 September 2020 4,966,667 60,375 DEPRECIATION At 1 October 2019 510,818 35,169 Charge for year 43,420 5,556 At 30 September 2020 554,238 40,725 NET BOOK VALUE At 30 September 2020 4,412,429 19,650 At 30 September 2019 4,455,849 12,280 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Tax 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other loans (see note 12) Trade creditors VAT Other creditors Accrued expenses |
Motor vehicles £ 18,925 - 18,925 12,946 3,345 16,291 2,634 5,979 30.9.20 £ 260,019 - 260,019 30.9.20 £ 20,100 288 31,300 85,853 10,130 147,671 |
Totals £ 5,033,041 12,926 |
Totals £ 5,033,041 12,926 |
|
|---|---|---|---|---|
| 5,045,967 | ||||
| 558,933 52,321 |
||||
| 611,254 | ||||
| 4,434,713 | ||||
| 4,474,108 | ||||
| 30.9.19 £ 214,776 9,973 |
||||
| 224,749 | ||||
| 30.9.19 £ 20,100 2,667 41,384 50,601 7,740 |
||||
| 122,492 |
continued...
Page 11
GREYGARTH ASSOCIATION (LIMITED BY GUARANTEE)
Notes to the Financial Statements - continued for the Year Ended 30 September 2020
| 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 30.9.20 £ Other loans (see note 12) 1,583,940 12. LOANS An analysis of the maturity of loans is given below: 30.9.20 £ Amounts falling due within one year on demand: Other unsecured loan 20,100 Amounts falling between one and two years: Other loans - 1-2 years - Other unsecured loan creditor 1,583,940 1,583,940 13. MOVEMENT IN FUNDS Net At movement 1.10.19 in funds £ £ Unrestricted funds General fund 3,033,668 26,383 TOTAL FUNDS 3,033,668 26,383 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 278,354 (251,971) TOTAL FUNDS 278,354 (251,971) |
30.9.19 £ 1,649,860 30.9.19 £ 20,100 1,641,290 8,570 1,649,860 At 30.9.20 £ 3,060,051 3,060,051 Movement in funds £ 26,383 26,383 |
|---|---|
continued...
Page 12
GREYGARTH ASSOCIATION
(LIMITED BY GUARANTEE)
Notes to the Financial Statements - continued for the Year Ended 30 September 2020
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.10.18 £ Unrestricted funds General fund 2,984,044 TOTAL FUNDS 2,984,044 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 369,438 TOTAL FUNDS 369,438 |
Net movement in funds £ 49,624 49,624 Resources expended £ (319,814) (319,814) |
At 30.9.19 £ 3,033,668 |
At 30.9.19 £ 3,033,668 |
|
|---|---|---|---|---|
| 3,033,668 | ||||
| Movement in funds £ 49,624 49,624 |
||||
| 49,624 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.10.18 £ 2,984,044 2,984,044 |
Net movement in funds £ 76,007 76,007 |
At 30.9.20 £ 3,060,051 |
|---|---|---|---|
| 3,060,051 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 647,792 647,792 |
Resources Movement expended in funds £ £ (571,785) 76,007 (571,785) 76,007 |
Resources Movement expended in funds £ £ (571,785) 76,007 (571,785) 76,007 |
|---|---|---|---|
| 76,007 |
continued...
Page 13
GREYGARTH ASSOCIATION (LIMITED BY GUARANTEE)
Notes to the Financial Statements - continued for the Year Ended 30 September 2020
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2020.
Page 14
GREYGARTH ASSOCIATION (LIMITED BY GUARANTEE)
Detailed Statement of Financial Activities
for the Year Ended 30 September 2020
| 30.9.20 | 30.9.19 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 103,044 | 193,136 |
| Gift aid | 48,778 | 9,763 |
| 151,822 | 202,899 | |
| Other trading activities | ||
| Regular fees | 99,273 | 145,573 |
| Investment income | ||
| Rents received | 26,284 | 20,966 |
| Other income | ||
| Furlough grants | 975 | - |
| Total incoming resources | 278,354 | 369,438 |
| EXPENDITURE | ||
| Charitable activities | ||
| Rates and water | 6,012 | 7,041 |
| Insurance | 14,268 | 12,721 |
| Light and heat | 23,283 | 27,060 |
| Telephone | 1,069 | 1,650 |
| Postage and stationery | 93 | 3,387 |
| Sundries | 5,791 | 4,594 |
| Computer software | 132 | 41,003 |
| Repairs & renewals | 18,730 | 24,407 |
| Premises expenses | 287 | 900 |
| Training | 1,536 | 1,013 |
| 71,201 | 123,776 | |
| Investment management costs | ||
| Food | 34,845 | 30,952 |
| Staff maintenance & general | - | 67 |
| Catering | 66,443 | 88,013 |
| Advertising | 616 | 713 |
| Oratory | 324 | 1,319 |
| Travel | 4,884 | 3,579 |
| Loan interest | 16,670 | 17,523 |
| Bank charges | 147 | 285 |
| Professional fees | 4,520 | 3,750 |
| 128,449 | 146,201 |
This page does not form part of the statutory financial statements
Page 15
GREYGARTH ASSOCIATION (LIMITED BY GUARANTEE)
Detailed Statement of Financial Activities
for the Year Ended 30 September 2020
| 30.9.20 | 30.9.19 | |
|---|---|---|
| £ | £ | |
| Support costs | ||
| Finance | ||
| Freehold property | 43,420 | 43,418 |
| Fixtures and fittings | 5,556 | 3,074 |
| Motor vehicles | 3,345 | 3,345 |
| 52,321 | 49,837 | |
| Total resources expended | 251,971 | 319,814 |
| Net income | 26,383 | 49,624 |
This page does not form part of the statutory financial statements
Page 16