**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: 1. 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 3. 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 4. 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