Charfty rogl$tratlon number 268131 Company reglstration numb•r 01179826 {England and Wal•$} GREYGARTH ASSOCIATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
GREYGARTH ASSOCIATION LEGAL AND ADMINISTRATIVE INFORMATION Trustèes X Bosch A Taor J Valero AJ Walk6r Secretsry P Hatchman Charlty number 268131 Company numb•r 01179826 Reglstered offl¢• 1 Lower Par* Road Marh8ste[ M145RS Auditor DJH Mitten Clathe Audit Limited Bfbdge House Ashley Road Hale Altrincham WA14 2UT
GREYGARTH ASSOCIATION CONTENTS Pag• Truste&s' report Slatemenl of trustees. responslbllibes IndeperKlenl aud((orfs report statement of finanrAal actiwlies Balance sheet Notes to the financial slalerr*nts 10-18
GREYGARTH ASSOCIATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2023 The Iruslees present their annual report and financial slalements for the year ended 30 September 2023. The finanual slalemenls have been prepared in 8ccordance wilh the accounting policies set out in note 1 to the financial slatemgnts and (x)mply with th8 charitys wverning document. th8 Companies Act 2006 and Accounting and Reporting by Charities.. Statement of Recommended Praciice applicable to charities Ppang their accounts in accordance wth the Financial Repming Standard apFAicable in the UK and RepuNi¢ of Ireland IFRS 1021. leffecllv8 1 January 20191. Oblèetivos and actlvltlè$ Greygarth Association is an educational ch8rrty. Its princip81 objects are the advanMent of edLJcation and leaming in accordance with Christian prinGiples and a]s. The a¢livities of thè Association are carried out primarily through Greygarth Hall. an int8rcollegiat8 hall of iesldence based in Man()ester. Th8 trustees have paid due regard lo guidan issued by the Charity Commission in deciding whal activities the charity should un(J?rtake. The DlreGIDrs regularly review the objects and adiwties of the Charity, lo ensure that the two remain ¢losely linked. FollowNJ the guidance from the Charity Commission regarding Public Benefit. the Dirèctors are of the opinion that thèy have complied with the duly in section 4 of the Charille$ Act 2006 to have due regar(1 lo publlc ben9fit guidancè published by the Charily Commission. Greygarth Hall first opened in 1962 and offers sludenl accommodation for students. 11 is th8 main centre of activity ol the Charily, continuing the work stsrtgd in 1959 in 8 much smaller site in Didsbury. In 2010 thg cenlre in Didsbury was l0¢ated lo Victoria Park. Thè facAlilie5 al Gyg3rth Hall 8re available to residents and non-residents alike, and nonf8siderbts are ericourdged lo partscApalg in Ihe different activities organised in or by thè Hall. In this way, the Hall has a much wider outreach than its relativ8ly small a¢¢ommodalion capacity woukl suggesL IrKfegd, Greygarth Hall ha$ always seen its mission as provlding a seNl¢è not onty to its residents but also to the whole university and local community. The Hall 1$ thèrefore more Ihan just a provider of accomnKxl8tion. 11 tn.es to help many. not just rosid8nts. in many ways. not just provision of accommodation. The Hall wants to offer 8n environment where re4dents arKI friends can flourish as individuals, for their benefit and the benefit of others. It 1$ fair io say that, especially since its refurbishment in 2011. the Hall provides excellenl accommodalSon faiililies: most ol the rooms are en-suite. and the kitchen staff show Iheir professionalism by offering a well-cwked, varied menu - which is invariably commente(I favourably uw) by new students and visitors alike - premise5 which are cleaned daily. elc. We are proud of the fact that the Hall offers excellent study facilities (we have thrèe libraries), a chap81. a music room and meeting rM5. All of these things help as evidence that Greygarth is.more fhan sludenl accommodation" as our marketing liler8ture wnls out. In retum. the residents are expectetl lo show resptrct and consideration for the people with whom Ihey live, abidg by the slandards of tha Hall, and contribulG to maintaining it in W ord&r. These f8cililies are used not just by IhoKr residents bul their friends an¢J colleagtjes, and not only Christian sludenis but any student regardless of his beliels. Thk8 is reflected in the make-up of the Hall's residents and is very much in line with the Christian principles upon whTrch the elhos of the Charity is founded. The Charity, though stritY non4enominatTronal. tskes its valuos and mission from Ihe Christian messag8. From its n¢eption, the Hall's main aiwn has been to prwde a fiist-dass university educational expetien¢e whi¢h should include good pastoral support The Hall is one of the last remaining halls with a resldenl èxècutive warden. holding managerial 8s well as pastoral r8sponsitNlilies. This en8bles the Hall lo preserve its éislindive ethos and offer a unique atmosphère where academic work. family life aJKI community activity are deeply rooled in ils day-lo-day life. The resident warden is assisted by a deputy warden and a se¢r8lary. For Ihos8 WFK) wsh lo avail themselves of it, Ihg Hall also offers Ihe services of a re$ent Catholic Chaplain.
GREYGARTH ASSOCIATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Achl•vemènts and perfomMnc• As in previous years. the Hall has been enriched by a good variety of poslgradLJate and graduate students as w911 as a good mix af home and foreign students. An induction day 81 Thomycroft Hall at the start of the year provided the residents wilh the opwrtunity to gel lo know 8ach other. sel the tone for the year and kick-slart various resident- led activities through varltws sessions focusing on wh#t woukl lik8 frown us. and ways in which they thought Ih8y could ¢ontrfbute to the stKial and ltural offer. Our persal development programm8 induded Icojyng on Stud8. lture. sports. solldarity and a m8nlorlng programme in which every resident was assigned an in-h¢)use mentor to meet with weekly. This programme was mostly coordinated by our social manager, wth the help of Iwo residents. Regarding cultural 8clivilies, we continued our Mond8y guest speaker tradition, with speakers such as Javier Garcla OINa (Dean of the School of Law at the University of Mancheslerl.. Edu Mauri (doctor al Manchesler City) oi Prof Mark Fox (Professtx of Physics al the University of Sheffield) among others. With a certabn regularity. a re&dBnt would present on a topic of his own personal or professional interest. which included short psentationS on economics, sports. their countries. culture, et. Monthly interviews an(1 debates were popular amoThJ residents. Two successfvjl aCtivie5 were a philosophy group and a reading group. In Ihe first, 8 grJJp of residents mel monthly lo dlscuss an introduction to a philosophy l)ook. In the second another group also met monthly lo discuss osen books including a book about the While Rose MovemenL a group of students in Germany during tho S8cond World War who resisted Nazism. and thèn Viklor Frankl's Man's Sèarch for Meaning. and C. S. Lewis. The Al11110 ol Alan. This led to lively discusslon about evil. morality and other important issues. A5 in previou5 years, football dominated Ihe sports scene. vrith weekly matches bng org8nized by the residents. For the second year running, a fijndra1slr footb811 loumamenl was organized involving over 60 unNersity sludonts and young professionals, the proceedings of which were sent to various s¢)clal projects. Solidarwty activities continued with visitlng th8 homele55 in Manchester évery fortnwJht. with 10-15 residents splittlng into groups lo tske hot drinks to the homeless arbd spend some lime wilh them. Other acliwties that seek lo promote friendship among residents, and croate opportunilles for soGialising include slart and end of year dlnners. Chrislm8s paty. birthday celebrations. et Splritual actiwties al Grgygarth Hall are enlrusled Opus Del, 8 personal Pr8lalure of th¢ Catholic Church. Mass is celebrated dally in the chapel. A weeken¢J retal for students was held al Thornycroft Hall, noar Macclesfield, Cheshire. Flnan¢lal revlew The Charity a(*ieved a suru$ on income for thè y8ar of £80.808 {2022 - £61.%9) whlth was Iransf8rred lo the Accumulated Fund brought forward of £3,147,256. 11 is the policy of the charity thal unrestrtcted funds which have nol been d&signaled for a specific use should be maintained al 8 18vel equivalenl lo between three and nM)nlh's expendilure. Thé truslees Consider that resgrves al this level wlll ensure that. in the event of a significant drop in funding. they will be able lo continue the charity's Current activities while ¢onstderalion Is given lo ways in whh additional fun(ls may be raised. This level of reserves has beèn maintained throughtxrt the year. The Dir8Ctors r8gulady review the risk to which th8 Charity 1$ exposed, operational and financial, and how this should affect its reseryes policy. They believe they have procedures In place lo manage and reduce rfsks.. lo human life an(J welfare by the adoption of health & safety poliues and training., to young or vulnerable people by havin9 in place Suitab policies and procedures,. to irbcoming resources from fee income by suiiable insurance.. lo operational and invest tangible assets by appropriate Maintenan and Insuranco: ID charity resources by appropriale contrd procedures. Thus, Ihe Directors believe they are addressing Ihe main risks lo the continuation of Greygarth Association 8nd ils activities and taking measures consistent with the nature of thè Charity and its rèsources.
GREYGARTH ASSOCIATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 structure, gov•rnance and rnanagoment The charity is a company limited by guarantee without share (pilal. It is 9ovemed by ils article5 of association. ThB trustees. who ar8 also the directors for the purpose of company law. and who served during the year and up to the dale of signature of the financial stslemenls were: X Bosch A Taylor J Valero AJ Walker Trustees are apwinted from arTh)ng the f(Mer residents and volunteers of Greyg8rth and a appointed by the other INslees. Trustees are 8PPLXnted fw indefinite peri(yJs, though. in accordants with th8 articl8s th8y can be removed by ordlnary resdution of members. or at the Tequesl of 213 of trustees. None of the trustees has 8ny beneficial interest In lh8 company. All of the trustees are memb8rs of the company and guarantee lo Contrule £1 in the event of a winding up. The company's eurrènt pdicy conceming the payment of trade crtoIS 1$ to folk)w the CBI'S Prompt Payers Code (copies are available from the CBI, Centre Point. 103 New Oxford Strè8t, London WC1A 1DUI. Th8 companvs current policy concerning the payment of trade edItorS is lo: settle the temis of paymènt with suppliers when agreeing the temis of each transaction- ensure that suppliers are made aware of the lemis ol payment by inclusion of the relevant terms in contracts: and pay in accoréance wilh the compans contraclual arKI other legal obligations. Trade creditors of Ihe c(*npany al the year end was £5.592. No changes w8r8 made lo th8 management committee.. Dr Andy Taylor and Mr Patriryo S&rra, remained as warden deputy warden of Greygarth Hall respecttvety. Fr Joseph Evans remained as ch8plaln until mid September when he was replaced by FrAfvaro Tinl(xe. Auditor In accordance with the cOmpanS artides. a resolution proposrng that DJH Mitten Clarke Audit Limil8d be reapp(Hnled as auditor of the company wll be put at a General Meeting. Dlsclosure of Information to auditor Each of the truslees has confirmed that there is no information of which they are aware which is relevant lo Ihg 8udil, bul of which the auditor is unaware. They have fvrlher confirmed that Ihey have taken appropriate steps lo identify such relevant infomialion and to establish Ihat Ihe auditor is aware of such information. The Iruslegs, r8rKJrt was approved by the Board of Truslees. ch Trustfrg Dale: ...-...16.4.2024.
GREYGARTH ASSOCIATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023 The trustees. who are also the directors of Greygarth A$Slat)n for the purpose of ¢ompany law. are responsible for preparing the Trustees. Report and th8 financial statements in accordance with applicable law and United Kingdom Accountlng Standards (United Kingdom Gen8rally Accepted Accounting Practice). Company Law requires the trustees lo prepare finanaal ststemenls for each financial year which give a trufy and fair view of the stale of affairs of the tharity and of the incomirwJ resources and application of SoUrces, induding the income and expendilure, of the ¢haritable tA)mpany for that year. In preparing these finanual slalements. the trustees are required to.. - S91ect suilablo ac¢ounting poli8$ and then appty them consisten1. - observe the methods and pdn¢lFdes in the Charities SORP: - make judg8menls and estimates that are rgasonable and wud[ and prepare the financial stalernents on the going concem basi5 unless it is inappropriate to presum8 that the charity will continue in operation. Th8 Iruslees 8re responsible for keepiThJ adequale aco)unbng recANds that disclose r8asonable accuracy al any time the financial posltion of the charity and enable them to ensure that the financial slalements comply with the Companbes Act 2006. They are also responsi8 for safeguarding the assets of the charity and hence for taking raasonable sttrps for the prevention and detection olfraud and other irregularitl8S.
GREYGARTH ASSOCIATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GREYGARTHASSOCIATION Oplnlon Wg have audited the financial slalem8nts of Greygarth Associat (the 'charitll for Ihg y8ar ended 30 Septemb9r 2023 which compriso the slalement of financial activities. the balance sheet and notes to Ihe financial statemants. including significanl accounting policies. The finanual reporting framework that has baen applied in their preparation is applicable law arHI United Kingdom Acc(KJnting Standards. induding Financial Reporting Standard 102 Th8 Financial Reporting Slandard ?ppliGable in Ihe UK and Repuljhc ol Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion, tho financial slalements.. giv8 a true and fair view of the st8t8 of th8 charitable mpan5 affairs as at 30 September 2023 and of ils incoming resources and application of resources. the year Ihen ended.. have been properly syepared in accordance with United Kingdom Generalty Accepted Accounting Practs¢e". and have been prepared in accordance with the requirements of Ihe Companies Act 20ffi. Basls for oplnlon We ndUcted our audit in accordance with IntematKJnal Standards on Auditing IUK} (ISAS (UKI} and applicable law. Our respongibililies under those slandards arg further descllbed in the Audilorfs responsibuifrios for the audit of thB financial slalefftgnls sedion of tr reporL We are ndependent of the charity in accordan with the èthical requirements that are relevant to our audit of the financial slalèmènts in thè UK, including the FRC'S Elhical Standard, and we have fulfilled our 0th8r ethical responsibilths in accor¢Jance with these requirements. We believe that the audit evidence we have obtsined is suific4enl and appropriate to w)vide a basis for our opinion. Conclu5i0ns relallng to going concern In auditing the financial Staterrts. we have conduded Ihal the trustees. use of the going COrern basis of accounting in th? preparation of thè financial statements is appropriate. Based on the work we have performed, we have N)t ldentffjd any material uncertainties relating to events or ondilions that. individually or collectively. may cast Signl¢ant doubl on the charity's ability to continue as a 90ing eoncém for a period of al least Ve1ve months from knn the financial stalements are authofised issu8. Our responsibilitses and the responsibilities of Ihe tfustees wilh respect lo going cortcem 8re describe(J in th relevant section5 of Ihis reporL Othor Inlormation The other information comprises the informabon induded in the annual report other than the financial statements and our auditorfs rewrt thereon. The Iruslees are responsible for the other information conlained within the annual report. Our opinion on the financial statements does not cover the other infmatIon and we do not expre55 any form of assurance conclusion Ihereon. thr responsibility is to read the other information and. in doing so, consider whether th? other infom)ation is materialty inwnsislent wlh the financial statemertls or our knowledge obltyined in tha course of the audit. or olherwise appears to be materialty misstated. If y identify such material inconsi51encie$ or apparent materi81 misstatements, we are required to determine whether this gives rise to a material misstatem8nl In the financial gtat8mènls themselves. If. based on the work wè hav8 performed. we conclude that Ihare is a material misstatemenl of this other inlormalion. we are required lo repori that facL We have nothing to report in Ihls regard. M8tters on whlch we ar• requlred to roport by •xc•ptlon We have nothing lo rept)rt in respect of th8 followng matters in relation to whKh the Charities {Accounts and Reports) Regulations 2008 require us lo report lo you if. in our oynion.. thè information given in Ihe finanoal statements is incmsislent in any material respect with the Iruslees. report., or sufficient accounting records have not been kept,. or the financial slalemenls are not in agreement wlh th$ accounting records- or we have not received 811 the information and explanaik)ns we require for our audit.
GREYGARTH ASSOCIATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GREYGARTH ASSOCIATION Re5p¢n$lblliti¢s of trusto8s A5 explained rnor8 fully in the statemenl of Inrst8es' responsibilities. th8 trusteos, who are also the directors of the charity for the purpose of Company law. arè responsible for the preparatlon of the financial stslements and lor being satisfied Ih8t they give a true and fair view. and for such intemal control as ihe trustees dèlemiine is necessary to enable the preparation of financial stateménts Ihat 3r9 free from matarial misststemenl, whether (Ju8 lo fraud or error. In preparing th8 financjal statements. the tw$tees are responsible for assessing the charlty's ablllty lo continu8 as a wng concem. disclosin9. as appIe. rnatters related to going concern and using the goin9 concern basls of accounting unless the tru51ees eilher intend to liquidate Ihe Charitable company or to cease operations. or have no realislic alternative but to do so. Auditor's r•sponsibllitl•$ for th• audit of the fin•nclal $tatemonts We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordanc8 with th8 Act and rdevanl regulatlons made or h8ving effect thereurKler. Our objeGtwes are lo obtain reasonable assurance aboui %thether Ihe financial statements as a whole arp free from malgrial misslalement. whether due to fraud or error. and lo issue an auditorfs rpport that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conduGled in accordance with ISAS IVK) will always delect a malerial misslalement when it exists. Mlsslalements can 8rise from fraud or error and are considered material if, individualty or In th8 aggregate. they could rèasDnably be expected to inllutsn¢ the economic decisions of users tsken on the bask8 of thesè financial statements. The oxtenl lo which our procedures aro ¢apable of d818cting irregularities. induding fraud. is delallgd below. We gained an understanding of the legal and regulatory framework appllcable lo the company and the Industy in which il operates, and considered Ihe risk of ads by th8 company that were contrary to applicable Lqws and regulations, including fraud. We designed audit pre(lureS to respond lo risk, rècognising that the risk of not datècting a maleTial misstatement due to fraud is hvJher than the risk of not detecting on8 resulting from error, as fraud may involve deliberate concealment by. for example. forgery or intentional misreprvsentations, or through collusion. We focused on laws and regulations whith couhl give rise lo a material misst818mènl in the financlal slalements. Including. but not limited to, the Companies Act 2006 and UK tsx kgislalion. Our tests included agreelng the financial statement disclosures to underlying supwting documentation. enquiries with management and enquiries of legal counsel. There are Inherent limilatK)ns in the audit proce(lures described above and, the fvrthei removed non-compliance with laws 8nd regulations Is from the events and tr8nsactions reflecled in the financial stalements. the less likely we would become aware of il. We did not idenbfy any key audit mallers relaling lo Irregularill8S, including fraud. As in all our audits, we 81s0 addressed the risk of management overiide of internal controls. including lesling journals and èvaluating whether ther8 was evwjence of bias by the directors that repr8s&nled a risk of material mlsstatemenl due trj fraud. Thi5 may include.. - Enquiry of management. those charged with govemance arourKI actual 8nd potential litigation and claims. Enquiry of enlity staff in tax and compliance functions to idèntify any inslances of rton-¢ompliancè with laws and gulations. - Reviewing minutes ol meetings of Ihose charged ffiih govemance. Rgviewing financial statement d1sd0suS and testing to supwbng documentstion to assess compliance with applicable laws and regulations. Auditing th8 risk of management override of controls, including through t8sting joumal entries and other adjustments for appropriateness. and evaluatir¥J the business ralionale of signifThnt transactK)ns outslde the nomial Course of business A further d8scription of our reSFX)nsibilities is available ¢)n the Finanual Reporting Council's website al.. hllps'.11 w.frc.org.uklaudilorsrosponsibilities. This description forms part of our audilorfs report.
GREYGARTH ASSOCIATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GREYGARTH ASSOCIATION Use ofour roport This report is made solèly to the charitS trustees. as a body. in a¢cordan¢* with part 4 of the Charities {Aunts and Reports) Regulatitsns 2008. Our audit work has been undertaken so that we might stalè to the ¢h8riWs Iruslees Ih05e mallers we a required lo Slate lo them in an auditorfs rètM)rt and for other purpose. To the ftjllesl exlenl permilléd by law, we do not accept or assume re$sIbIlitY lo anyone other than the charity and the charity's Irustses as a body. for our audit work, for this repo¢ or for the opinions we have formed. 03P7 th,QL4 (tsj . Candl¢• Bèynon FCCA ISen5or StatutoryAuditorl for and on b•half of DJH Mitten Clarkg Audit Limit¢d ..Jts.l.Ik.l.Zo..14 Chartorod Accountants Statutory Audltor Bridge Hou$8 Ashley Road Hale Allrincham WA14 2UT DJH Millen Clarke Audit Limited is eligible for appointrnent as audilor of the charity by virtue of its eligibility for appoinlmant as aLMJitor of a company under slI0n 1212 of the Cornpani85 Act 2006.
GREYGARTH ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Unr•$trict•d R05tri¢tod fund$ lunds 2023 2023 Total Unr•$trlcled Re$trl¢t¢d funds funds 2022 2022 Total 2023 2022 Notss Donations and legarAes Other tradlng activities Investmtsnts 175.262 175.262 150,670 25.682 176,352 200,798 29.599 2.798 29.599 164,709 27.813 164,709 27,813 Total Income 405.659 405.659 343,192 25,682 368.874 Ex •nditure on: Charitsble activities 323.516 1.335 324.851 282,831 24,347 307.178 Net Incomellexpenditur¢) for the y¢arl N&t movement In funds 82.143 {1.335) 80,808 60.361 1,335 61.696 Fund balances at 1 Odober 2022 3.145.921 1,335 3.147.256 3.085.560 3,085,560 Fund balances ai 30 Septèmber 2023 3.228,064 3.228.064 3.145,921 1,335 3.147,256 The s18lemenl of fin8naal actiwties includès all gains and l¢)sses cOgnised In the year. l income and expenditLFre derive from continuing activities. The statement of financlal activities a150 complies ¥th Ihe requirements for an income and expenditure account under the Companies Act 2006.
GREYGARTH ASSOCIATION BALANCE SHEET AS AT 30 SEPTEMBER 2023 2023 2022 Notes Flx£d assets Tangible assets 12 4,312.936 4,341.959 Current assets Debtors Cash at bank and in hand 13 166,486 94.446 111.028 127.843 260.932 238.871 Croditor$: amounts falling due within one yoar 15 (392,0451 {241,4341 Net current liabilities (131.113) (2,5631 Total assats less curr•nt liabilitse$ 4,181.823 4,339,396 Crgdltors: amounts falllng due after more than ono year 16 1953.7591 11,192,140) Net assèts 3.228.064 3,147,256 Income fund$ Rèstrictèd funds Unrestricted funds 1,335 3.145.921 3.228.064 3.228.064 3,147,256 The company Is onlilled to the exemption from the audit requirement contained in section 477 of the Companies Act 20(, for the year ended 30 Sgptember 2023. although an audit has been carried out under seclion 144 of ihe Charities AGI 2011. The directors acknowledge their responsiiNlitie8 for ccmnplying wth the requirements of the Companies Act 2006 wilh respect lo accounting record5 and Ihg prepara( offinancial slalements. Th8 members have not required Ihe company to obtain an audit of ils financial slatements under th8 requlremenls ol the Companies Act 2006. lor the y8ar in queslion in ac¢ordan( 7Mth seCtn 476. Th8se financial statements have been prePad in a¢Qd0n wlh the provisions applicable to companiÈs su'ecl lo the small companies regime. Thefi ncial stalomenls were approved by the Trustees on 16.4.2024 XBO Trustee Company r•gl$tr¥tlon numbèr 01179820
GREYGARTH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting polic1•$ Charlty Information Grgygarth Asso¢ialion is a private company limit8d by guaranteg Incorporated in England and Wales. The ragislered office is 1 Lower Park Road. Manclwler. M14 5RS. 1.1 Accountlng convention The financial stalements have been prepared in acccKdance the charivs goveming document. the Companies Act 2006. FRS 102 'The Finanual Rewybng Standard applicable in the UK and Rgpublic of Irèland I'FRS 102"18nd Ihe Charities SORP "A(*ounllng and Reporting by Charities.. Stslement of RecommerKled Practice applicable lo charities prepariny thèir )unts in accordance wth the Financial Rgporting Stsndard appllcable in the UK and Republic of Irdand IFRS 1021" leffectiY& 1 January 20fj91- The charity is a Public Benefil Entity as defined by FRS 102. The charity has taken advantsge of the Pfowsions in the SORP for charities not to prepare a Statement of Cash Flows. The financial slalefflents are prepared in sterliThJ. which is Ihe fijnctional rJJrrency of the charity. Monetary amounts In those finan(¥al stalements arè rounded to the nearesl £. Tho finandal statements have been prepared under the h[stori cost convention, The prlnapal a¢Unting policie5 adopted are sel oul below. 1.2 Golng Concern At Ihe time of approving the financial slaleTnents. Ihe Iruslees havg a aSOnable expg¢tatk)n that the charity has adequate resou5 to continue in operational existence for the foreseeable future. Thus the Iruslees continue to a¢Jopt the going concern basis of accountiNJ in preparing the financial ststements. 1.3 Charftsblèfund$ Unrestricleé fUS are available for use al the discret ol the trustees in furfherance of their charitable objectives. Reslricled funds are svbject to specffic conditions by donors as to how Ihey may be used. The purposes 8nd uses of the restricted funds are sel out in the rleS to the financial statements. Endowment fund5 are subject to speoffic condiiions by donors that the xIa1 must be malnlained by the charity. 1.4 Income Income is recognised when Ihe charity is legally enthued to il after any perfomiance conditions have been m8L the amounts can be measured rtliably. and il is probatAe Ihal IrMe wll be received. Cash donations are recognised on receipl. Oiher dOnaon5 am recognised once the charity has been nolified of the donatK>n, unless perfomance conditions require d8f8rral ol the amount. Incom8 tax recoverable in relalion lo donations received unéer Giftmd or deeds of covenant is recognised al the time of the donallon. Legacies arg recognised on rèceipt or otherwise if thg charily has been nDlified of an impending dislribulion. the amount is known. and recelpl is expecled. If the amount is nol known. the legacy is Iated as a contingent asset. 10-
GREYGARTH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 A¢¢ountlng poli¢10$ (Contlnued) 1.$ Expendltur• Expenditure is re¢ognlsèd once there 15 8 legal or construcliva obligation lo transf8r economic benèfit to a third party. il is probable Ihal a transfer of economic benefits will be r8quired in settlement, and the amount of the obligation can be measured reliabty. Expenditur8 is da5siffied by activity. The costs of each activity are made up of the loial of éired ttisls and shad cosis. induding $UPPOrt costs involved in undertaking each activity. Direct Costs attributable lo a single aclivily are allocated directly lo that activity. Share(I wsts which contribute to fTK)re than one aclivity and support costs which are nol attributable to a single 8Ctivity are apportioned beNveen tIK)5e aGlivilies on a basis consistent with the usa of rescHJrces. Central staff costs are allocated on the basis of time spent. arml depreciation chargès are allocated on the portion of the asset's us&. 1.6 Tanglble flxfjd assets Tangible fixed assets ar8 initially measured at cost and subsequendy measured al (x)sl or valuation. net of d8precialion and any irnpairment10gses. Depreciation is recognised so as lo write off the tY)st or valuation of assets18ss their resKlual values over theif useful lives on Ihg following bases.. Freeholdland and buildings Fixlures and fillings Motor vehlcles 1% reducing balan reducÉng balance 50% reduung b818n¢o The gain or Ioss arising on the disposal of an assel is determined as th8 difference between the sale procgeds and the carrylng value of the asseL and is iecognis8d in the ststement of financial activitsgs. 1.7 Impairmènt of fIX ass•ts At each rèporting end dale. the charity wews the carrying amounts of its langibla assets lo determine whether there is any ile8110n that those assets have suffered an impairment loss. If any such indication exists, the recoverable amwnl of the asset is eslimaled in order to delomiin8 Ihe extent of the impairment loss lif any). 1.8 Cash and Cash equlvalents Cash and cash $quivalents include cash in hand, deposils Ild at call wth banks. othgr short-lemi liquid inveglments with Original malurilies of three mnths or less. 8nd bank overdi8fts. Bank overdrafts are shown within borrowings in current liabili1. 1.9 Flnancial instruments Thè charlty has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and SectTon 12 'Olher Financial Inslruments Issues. of FRS 102 to all ol its finanoal instruments. Financial inslrumenls are recognised in tho charlS balance sheet when the charSty bewmes paty to the contractual provisions ol the instrument. Financial assets and liabilities are offset. the nel amounts presented in th& financial stoternents, when there is a legally enforceable right lo set off the recognised amounls and there is an int8ntion to settle on a nel basis ¢y to realise the asset and setue the liabilty 5imultaneou$ly. 11
GREYGARTH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accountlng pollcles IContlnu•dl Bas1¢ flnanclal assets Basic flnancial assets, whlch indude debtors and cash and bank balances, are Initlally measured 81 transaction price including Iransaction costs and are subsequently carried al amorbsod $t using the effective interest method unless the arrangement consb"iutes a finanang transaction, whgre the transa¢lion is measured al the present v8lue of the future receipts (liscounleij al a market rale of Interest. Flnancial assets dassified as rectivable within one year are not amortwd. Bas1¢ flnancial Ilabilitles Basic financial liabilities. ineludlng Creditors and bank loans are initially recognised at tr8nsaclion prtce unless the arrdngement conslilutes a finanang IransactKN). wh8r& the debt instrument is measured at tho present value of the future payments discounted at a mathet rate of interest. Financial liabi5115es classlfied as payable withln one yeor are not amortised. Debt InstTum8nls are subsequenuy carried al amorbsed cost. using the effedNe interest r8 m8lhod. Trade credilors are obligations to pay for gcod5 or services that have been acquired in the ordinary course of operations from suppliers. AnvyJnts payable are classrffftl as current liabilities if paymenl is due within one year or less. If not. ihey are prosenled as non-current liabilities. Trade creditors are recognised initially al transaction prlc8 8nd subsequenuy measured al amorb.sed cost usiNJ the effective interest method. Dere¢ognltlon of Ilnan¢lal Ilablllties Financial liabilities are derecognised when the charity's CQEJtractual )lIgallonS expire or 8r8 dlscharged or cancelled. 1.10 Employee benellts The cost of any unused holiday entiuement Is recognised in the period In which the emOoyee's sgrvlces are re¢eived. Terrnlnation benefts are recognised immediately as an expense when the tharity is demonstrably ctsmmltted to terminate the eInYment of an empk)yee or lo promde 16miinatw)n inefits. 1.11 R¢llr•ment beneflts Paymenls to defined contribution retiremenl benefit schemes are thargad as an 9xpen5e as they fall due. Crltlcal a¢¢ountlng estlmates and judgomènts In the application of lh8 charity'5 a(£ounting policies, the trustgfrs ar8 required to make judgemenls. estimates and assumptions about Ihe carying amount of 8ssels and liabililies that are rTrot adity apparent from other sources. The eslim8tgs and associated assumptions are based orb historical experi8nc8 and olhgr factors Ihal are considered to be relevant. Actual results may dilfer from these estimates. The lIMateS and undertying assumptions a rwowed on an ongoing b8$is. Revisions to accounting estimates are recognised in the period in which the estimale is revised where the revision affects only that period, or in the peri of the revisKtrn and future periods where the revision aff1$ both cUrn1 and future periods. 12-
GREYGARTH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Donations and 10ga¢l*s Unrnstricted Unrg$tricted R¢strlet8d fund$ funds funds Totsl 2023 2022 2022 2022 Donations and gits 175.262 150.670 25,682 175,352 Other trading a¢tlvltl•s Unrestricted Unrestricted lund$ funds 2023 2022 Regular fees 200,798 164.709 Investments Unr6strlcted Unrestri¢ted funds funds 2023 2022 Ron1 income 29.599 27.813 13-
GREYGARTH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Charliabl• activltl•s 2023 2022 Rents and Water Insurance Light and Heat Subconlractor Costs Rgpalrs and Renewals Food, Caledng and Oratory Telecommunications Computer Software Sundry Expenses 6,556 9,446 21,407 82,400 26,089 53.711 1.505 1,500 13,054 5.954 16.089 20,314 85.584 19.299 38,602 1,494 3,205 5.117 215.668 195,658 Grant fundi of activities Isge Th)19 71 1.965 24,347 Share of support costs (see note 8) Share of govemance SIS (see notè 8) 101.7f3 5,445 82,223 4.950 324,851 307.178 Analysls by lund Unreslricled funds Reslricled funds 323.516 1,335 282,831 24.347 324,851 307,178 Grants payabl• 2023 2022 Grants lo inslitulions= St Bede's Found*tion 1,965 24,347 14-
GREYGARTH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Support c¢)st5 Support Governan¢o costs ¢o$ts 2023 Support Gov¢manee ¢o$ts 2022 Staff costs D8precialion Bank Charges and Interest Legal and PrOfessn81 Fees Travel Expenses Bad debls 19.696 49.023 19.696 49,023 17.258 44.034 17,258 44.034 12.380 12,380 14,227 14,227 4.471 1.603 14,600 5.445 9.916 1.603 14.6 4.613 6.330 (4.239) 4.950 9.563 6.330 {4,2391 101,713 5.44S 107.218 82,223 4,9SO 87,173 Analysed betwoen Charitable activities 101.773 5.445 107.218 82.223 4.950 87,173 Governance costs includes payments to the auditors of£5,445 (2022- £4.950) for audtt fees. Trustees None of the trustees (or any persons nnected vMth them) received any remunerat or bènefits from ihe charity durfng the y8ar. 10 Employ•gs The average monthly number of employ8es during Ihe year was: 2023 Numbèr 2022 Murnb•r Employment co$t$ 2023 2022 Wages ar salaries ScKial security Costs Other pension costs 17,765 872 1,059 16,295 19,696 17,258 Thw8 W8r8 no employees whose annual remuneration was more than £60.000. 15-
GREYGARTH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 11 Taxation The charity Is exempl from lax on InMe and gains fallin9 Wthin section 505 of the Taxes Act 1988 or section 252 of the Taxallonol Chargeabl8 Gains Act 1992 to the extent Ihal these are applied lo ils Eharilable objects. 12 Tanglble fixed a$sats Ffeehold land Flxture¥ #nd Motorvehlthl and bulldlng5 flttlffl Totsi Co$t At 1 Octob8r 2022 Additions 4,966,667 60.375 14.750 20.000 5,041.792 20,000 AI 30 September 2023 4.6,667 60,375 34.750 5,061,792 Doprgciation and impalrrnent Al 1 October 2022 Dèprecialon charged In Ihe yèar 641,348 43.253 49.099 2.255 9.386 3.515 699.833 49,023 AI 30 September 2023 684,601 51.354 12,901 748,856 Carrylng amount AI 30 September 2023 4.282.066 9.021 21,849 4,312,936 AI 30 September 2022 4.325.319 11.276 5,364 4,341.959 13 Debtors 2023 2022 Amounts falllng duè wlthln ong year. Trade debtors Olher debtors 106,630 59.856 33,595 77.433 166,486 111,028 14 Loan5 and overdrafts 2023 2022 Other loans 1.130.834 1.377,315 Payable within one year Payable after on8 year 177.075 953.759 185,175 1,192.140 The long-tem) loans are not secured by fixed tharges. 16-
GREYGARTH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 30 SEPTEMBER 2023 14 Loans and overdrafts {Contlnuodl Included within other k)ans is a loan of £1.113.283 from Fondalion Belmont. The 103n is provlded al 1,1. interest rate. 8i-yearfy payments are made against the loan and is expected to be fully repaid by 30 September 203D. 15 Crèdltors: amounts falling due within on• y•ar 2023 2022 8orrowngs Other laxalion and social security Trade creditors Olher creditors Accruals 177,075 34,370 5.592 167.269 7.739 185.175 14.129 32.SS4 9,576 392,045 241,434 16 Crodltors: amounts falling due after more than onè year 2023 2022 Borr¢)wngs 953.759 1,192,140 17 Analy$l$ of nèt ass•ts between fund$ Unroslrlcted Restrf¢ted funds funds 2023 2023 Total UnrÈstrlcted Restrlcted funds funds 2022 2022 Total 2023 2022 Fund balances at 30 S8plamb8r 2023 are represented by-. Tangible assets Current assetsl{liabilittasl Long lerrn liabllities 4.312.936 1131.113) {953.759) 4.312.936 4.341.959 {131.1131 {3,898) (953,7591 11,192,14Q) 4.341.9S9 {2,5631 {1,192,1401 1.335 3,228,Q64 3.228,064 3.145,921 1.335 3,147,256 17-
GREYGARTH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 30 SEPTEMBER 2023 18 Related party transaetlons J Valero and X Bosch, who are trustees of Greygarlh Associ8tKJn. are also truslees of Netherhall Educationa1 Association. Induded within othw debtors is a loan of £59,856 12022.. £69.133) du8 from Netherhall Educational AsslatIon. Repayments In ihe year amounted to £9,277. This loan is inlergsl-free and repayable on demand. X 8osch. is alw a trustee of St B8de's Foundation. During the year Greygarth invoiced St Ba¢J&'s Foundation £nil 12022.. £2131 in relation to a0mM08110rt charges. At the end of the year. Greygarth Assw8lK)n was owed £nil12022.. £nill. A Taylor. a trustee. is also a director of CiWs8 ment1 Lld. During the year. Greygarth Invoiced Cilws Mentoring Ltd £5,400 (2022.. £2.6501 in relation lo rental income. Al the end of the year, Greygarth Association was owed £1.060 12022: £nill. 18-