**Charity registration number 268131**
**Company registration number 01179826 (England and Wales)**
## **GREYGARTH ASSOCIATION**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022**
## **GREYGARTH ASSOCIATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** X Bosch A Taylor J Valero A J Walker **Secretary** P Hatchman **Charity number** 268131 **Company number** 01179826 **Registered office** 1 Lower Park Road Manchester M14 5RS **Auditor** Haines Watts Bridge House Ashley Road Hale Altrincham WA14 2UT
## **GREYGARTH ASSOCIATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 4|
|Statement of trustees' responsibilities|5|
|Independent auditor's report|6 - 8|
|Statement of financial activities|9|
|Balance sheet|10|
|Notes to the financial statements|11 - 18|
## **GREYGARTH ASSOCIATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2022**_
The trustees present their annual report and financial statements for the year ended 30 September 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "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**
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.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
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.
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 the 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, and the kitchen staff shows their professionalism by offering a well-cooked, varied menu – which is invariably commented favourably 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 its 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.
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## **GREYGARTH ASSOCIATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2022**_
## **Achievements and performance**
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, adding up to 22 residents for the year. The quality of student-led activities continued and was aided by an induction day at a country house in Cheshire, which included an introduction 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 offer. With 22 residents from 9 different countries, the cultural offer was outstanding, with each resident managing to contribute in some way.
Our personal development program included focusing on studies, culture, sports, solidarity, and a mentoring program in which every resident was assigned an in-house mentor to meet with weekly. This program was mostly coordinated by our residents’ committee, formed by Matthew C, Franco H, Clinton J, and Matthew J. Regarding cultural activities, we continued our guest speaker series, with speakers such as Sapto Handoyo (IFC, a member of the World Bank Group, chief of the UN’s environment and economy’s branch) or Prof Mark Fox (Physics professor at the University of Sheffield). With a certain regularity, a resident would present on a topic of his own personal or professional interest, which included short presentations on economics, sports, their countries’ culture, etc and monthly interviews and debates were popular among residents.
As in the previous year, two successful activities were a philosophy group and a reading group. In the first, a group of residents met monthly to discuss an introduction to a philosophy book. In the second another group also met monthly to discuss chosen books including a book about the White Rose Movement, a group of students in Germany during the Second World War who resisted Nazism, and then Viktor Frankl’s _Man’s Search for Meaning_ , and C. S. Lewis’ _The Abolition of Man_ . This led to a lively discussion about evil, morality, and other important issues.
Football dominated the sports scene, with residents organizing weekly matches. For the third 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.
Two family events were held. On the 5[th] of November, about 60 people joined us for a bonfire and a firework display. In early June, we had a second family day for the parents and siblings of our residents. Our close links with Citywise continued this year, with some residents contributing to the activities of this charity, mainly by volunteers. Additionally, the warden and chaplain took on part-time positions at Citywise, further strengthening the connection between the charities. Other solidarity activities continued with visiting 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 that seek to promote friendship among residents, and create opportunities for socialising included start and end-of-year dinners, Christmas parties, birthday celebrations, etc.
Spiritual activities at Greygarth Hall are entrusted to Opus Dei, a personal Prelature of the Catholic Church. Mass is celebrated daily in the chapel. A weekend retreat for students was held at Thornycroft Hall, near Macclesfield, Cheshire. Other spiritual activities included doctrine talks and monthly recollections, which were able to go ahead and streamed during the lockdown.
## **Financial review**
The Company achieved a surplus on income for the year of £61,969 (2021 - £25,509) which was transferred to the Accumulated Fund brought forward of £3,085,560.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
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## **GREYGARTH ASSOCIATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2022**_
The Directors regularly review the risk to which the Charity is exposed, both operational and financial, and how this should affect its reserves policy. They believe they have procedures in place to manage and reduce risks:
- to human life and welfare by the adoption of health & safety policies and training;
- to young or vulnerable people by having in place suitable policies and procedures;
- to incoming resources from fee income by suitable insurance;
- to operational and invest tangible assets by appropriate maintenance and insurance;
- to charity resources by appropriate control procedures.
Thus, the Directors believe they are addressing the main risks to the continuation of Greygarth Association and its activities and taking measures consistent with the nature of the Charity and its resources.
## **Structure, governance and management**
The charity is a company limited by guarantee without share capital. It is governed by its articles of association.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
X Bosch
A Taylor
J Valero
A J Walker
Trustees are appointed from among the former residents and volunteers of Greygarth and are appointed by the other trustees. Trustees are appointed for indefinite periods, though, in accordance with the articles they can be removed by ordinary resolution of members, or at the request of 2/3 of trustees.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
- settle the terms of payment with suppliers when agreeing the terms of each transaction;
- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
- pay in accordance with the company's contractual and other legal obligations.
There were no trade creditors at the date of the financial statements.
No changes were made to the management committee. Dr Andy Taylor and Mr Patricio Serra, remained as warden and deputy warden of Greygarth Hall respectively, with Fr Joseph Evans as chaplain.
## **Auditor**
In accordance with the company's articles, a resolution proposing that Haines Watts be reappointed as auditor of the company will be put at a General Meeting.
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## **GREYGARTH ASSOCIATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2022**_
The trustees' report was approved by the Board of Trustees.
.............................. X Bosch **Trustee** 29th June 2023 Date: .............................................
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## **GREYGARTH ASSOCIATION**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2022**_
The trustees, who are also the directors of Greygarth Association for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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## **GREYGARTH ASSOCIATION**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GREYGARTH ASSOCIATION**
## **Opinion**
We have audited the financial statements of Greygarth Association (the ‘charity’) for the year ended 30 September 2022 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework 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 charitable company's affairs as at 30 September 2022 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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 the charity 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 ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **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 trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
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## **GREYGARTH ASSOCIATION**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GREYGARTH ASSOCIATION**
## **Responsibilities of trustees**
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes 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. Misstatements 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 these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
## This may include:
- Enquiry of management, those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Other matters**
The prior year financial statements were not audited.
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## **GREYGARTH ASSOCIATION**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GREYGARTH ASSOCIATION**
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
**Candice Beynon FCCA (Senior Statutory Auditor) for and on behalf of Haines Watts Chartered Accountants Statutory Auditor**
.........................
Bridge House Ashley Road Hale Altrincham WA14 2UT
Haines Watts is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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## **GREYGARTH ASSOCIATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2022**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
150,670
25,682
Other trading activities
**4**
164,709
-
Investments
**5**
27,813
-
**Total income**
343,192
25,682
**Expenditure on:**
Charitable activities
**6**
282,831
24,347
**Net income for the year/**
**Net movement in funds**
60,361
1,335
Fund balances at 1 October 2021
3,085,560
-
**Fund balances at 30 September 2022**
3,145,921
1,335|**Total Unrestricted**
**funds**
**2022**
**2021**
**£**
**£**
176,352
77,840
164,709
208,488
27,813
20,919
368,874
307,247
307,178
281,738
61,696
25,509
3,085,560
3,060,051
3,147,256
3,085,560|**Total Unrestricted**
**funds**
**2022**
**2021**
**£**
**£**
176,352
77,840
164,709
208,488
27,813
20,919
368,874
307,247
307,178
281,738
61,696
25,509
3,085,560
3,060,051
3,147,256
3,085,560|
|---|---|---|
|||307,247|
|||281,738|
|||25,509
3,060,051|
|||3,085,560|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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## **GREYGARTH ASSOCIATION**
## **BALANCE SHEET**
## _**AS AT 30 SEPTEMBER 2022**_
|**Notes**
**Fixed assets**
Tangible assets
**12**
**Current assets**
Debtors
**13**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**15**
Net current liabilities
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**16**
**Net assets**
**Income funds**
Restricted funds
Unrestricted funds|**2022**
**£**
**£**
4,341,959
111,028
127,843
238,871
(241,434)
(2,563)
4,339,396
(1,192,140)
3,147,256
1,335
3,145,921
3,147,256|**2021**
**£**
**£**
4,383,103
180,878
75,311
256,189
(292,843)
(36,654)
4,346,449
(1,260,889)
3,085,560
-
3,085,560
3,085,560|
|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2022, although an audit has been carried out under section 144 of the Charities Act 2011.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on .......29/6/23..................
.............................. X Bosch **Trustee**
**Company registration number 01179826**
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## **GREYGARTH ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 SEPTEMBER 2022**_
## **1 Accounting policies**
## **Charity information**
Greygarth Association is a private company limited by guarantee incorporated in England and Wales. The registered office is 1 Lower Park Road, Manchester, M14 5RS.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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## **GREYGARTH ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2022**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 1% reducing balance Fixtures and fittings 20% reducing balance Motor vehicles 50% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.9 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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## **GREYGARTH ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2022**_
## **1 Accounting policies**
**(Continued)**
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.10 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.11 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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## **GREYGARTH ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2022**_
## **3 Donations and legacies**
|||**Unrestricted**|**Restricted**|**Total **|**Unrestricted**|
|---|---|---|---|---|---|
|||**funds**|**funds**||**funds**|
|||**2022**|**2022**|**2022**|**2021**|
|||**£**|**£**|**£**|**£**|
||Donations and gifts|150,670|25,682|176,352|77,840|
|**4**|**Other trading activities**|||||
|||||**Unrestricted **|**Unrestricted**|
|||||**funds**|**funds**|
|||||**2022**|**2021**|
|||||**£**|**£**|
||Regular fees|||164,709|208,488|
|**5**|**Investments**|||||
|||||**Unrestricted **|**Unrestricted**|
|||||**funds**|**funds**|
|||||**2022**|**2021**|
|||||**£**|**£**|
||Rental income|||27,813|20,919|
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## **GREYGARTH ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2022**_
## **6 Charitable activities**
|**2022**
**£**
Rents and Water
5,954
Insurance
16,089
Light and Heat
20,314
Subcontractor Costs
85,584
Repairs and Renewals
19,299
Food, Catering and Oratory
38,602
Telecommunications
1,494
Computer Software
3,205
Sundry Expenses
5,117
195,658
Grant funding of activities (see note 7)
24,347
Share of support costs (see note 8)
82,223
Share of governance costs (see note 8)
4,950
307,178
**Analysis by fund**
Unrestricted funds
282,831
Restricted funds
24,347
307,178
**7**
**Grants payable**
**2022**
**£**
Grants to institutions (7 grants):
St Bede's Foundation
24,347|**2021**
**£**
4,957
14,072
23,152
83,101
22,088
38,103
1,255
3,248
6,521|
|---|---|
||196,497
-
85,241
-|
||281,738|
||281,738
-|
||281,738|
||**2021**
**£**
-|
-
- 15 -
## **GREYGARTH ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2022**_
## **8 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Staff Costs
17,258
-
Depreciation
44,034
-
Bank Charges and
Interest
14,227
-
Legal and Professional
Fees
4,613
4,950
Travel Expenses
6,330
-
Bad debts
(4,239)
-
82,223
4,950
Analysed between
Charitable activities
82,223
4,950|**2022**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
**£**
17,258
14,720
-
44,034
51,610
-
14,227
7,462
-
9,563
6,760
-
6,330
4,689
-
(4,239)
-
-
87,173
85,241
-
87,173
85,241
-|**2021**
**£**
14,720
51,610
7,462
6,760
4,689
-|
|---|---|---|
|||85,241|
|||85,241|
Governance costs includes payments to the auditors of £4,950 (2021- £nil) for audit fees.
## **9 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **10 Employees**
The average monthly number of employees during the year was:
||**2022**|**2021**|
|---|---|---|
||**Number**|**Number**|
||2|1|
|**Employment costs**|**2022**|**2021**|
||**£**|**£**|
|Wages and salaries|16,295|14,107|
|Other pension costs|963|613|
||17,258|14,720|
There were no employees whose annual remuneration was more than £60,000.
## **11 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
- 16 -
## **GREYGARTH ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2022**_
|**12**
**Tangible fixed assets**
**Freehold land**
**and buildings**
**Fixtures and**
**fittings**
**Motor vehicles**
**£**
**£**
**£**
**Cost**
At 1 October 2021
4,966,667
60,375
18,925
Additions
-
-
6,775
Disposals
-
-
(10,950)
At 30 September 2022
4,966,667
60,375
14,750
**Depreciation and impairment**
At 1 October 2021
597,658
46,281
18,925
Depreciation charged in the year
43,690
2,818
1,411
Eliminated in respect of disposals
-
-
(10,950)
At 30 September 2022
641,348
49,099
9,386
**Carrying amount**
At 30 September 2022
4,325,319
11,276
5,364
At 30 September 2021
4,369,009
14,094
-
**13**
**Debtors**
**2022**
**Amounts falling due within one year:**
**£**
Trade debtors
33,595
Other debtors
77,433
111,028
**14**
**Loans and overdrafts**
**2022**
**£**
Other loans
1,377,315
Payable within one year
185,175
Payable after one year
1,192,140|**Total**
**£**
5,045,967
6,775
(10,950)
5,041,792
662,864
47,919
(10,950)
699,833
4,341,959
4,383,103
**2021**
**£**
75,656
105,222
180,878
**2021**
**£**
1,446,064
185,175
1,260,889|
|---|---|
The long-term loans are not secured by fixed charges.
Included within other loans is a loan of £1,348,675 from Fondation Belmont. The loan is provided at 1% interest rate. Bi-yearly payments are made against the loan and is expected to be fully repaid on September 2030.
- 17 -
## **GREYGARTH ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2022**_
## **15 Creditors: amounts falling due within one year**
|Borrowings
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
**Creditors: amounts falling due after more than one year**
Borrowings
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2022**
**2022**
**£**
**£**
Fund balances at 30 September 2022 are
represented by:
Tangible assets
4,341,959
-
Current assets/(liabilities)
(3,898)
1,335
Long term liabilities
(1,192,140)
-
3,145,921
1,335|**2022**
**2021**
**£**
**£**
185,175
185,175
14,129
2,748
-
1,556
32,554
95,144
9,576
8,220
241,434
292,843
**2022**
**2021**
**£**
**£**
1,192,140
1,260,889
**Total Unrestricted**
**funds**
**2022**
**2021**
**£**
**£**
4,341,959
4,383,103
(2,563)
(36,654)
(1,192,140)
(1,260,889)
3,147,256
3,085,560|
|---|---|
## **16 Creditors: amounts falling due after more than one year**
## **17 Analysis of net assets between funds**
## **18 Related party transactions**
J Valero and X Bosch, who are trustees of Greygarth Association, are also trustees of Netherhall Educational Association. Included within other debtors is a loan of £69,133 (2021: £105,222) due from Netherhall Educational Association. Repayments in the year amounted to £36,089. This loan is interest-free and repayable on demand.
X Bosch, is also a trustee of St Bede's Foundation. During the year Greygarth invoiced St Bede's Foundation £213 (2021: £nil) in relation to accommodation charges. At the end of the year, Greygarth Association was owed £nil (2021: £nil).
A Taylor, a trustee, is also a director of Citywise Mentoring Ltd. During the year, Greygarth invoiced Citywise Mentoring Ltd £2,650 (2021: £1,800) in relation to rental income. At the end of the year, Greygarth Association was owed £nil (2021: £nil).
- 18 -