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2025-09-30-accounts

Company registration number 01179826 (England and Wales) Charity registration number 268131 (England and Wales)

Greygarth Association

Annual report and financial statements For the year ended 30 September 2025

Greygarth Association

Legal and administrative information

Trustees X Bosch
J Valero
A J Walker
P Serra (Appointed 2 January 2025)
Secretary X Bosch
Country of incorporation United Kingdom 01179826
(England and Wales)
Charity registration England and Wales 268131
Registered office 1 Lower Park Road
Manchester
M14 5RS
Auditor DJH Audit Limited
St George's House
56 Peter Street
Manchester
M2 3NQ

Greygarth Association

Contents

Page
Trustees' report 1 - 4
Statement of trustees' responsibilities 5
Independent auditor's report 6 - 9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12 - 20

GREYGARTH ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2025

The trustees present their annual report and financial statements for the year ended 30 September 2025.

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 trustees 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 trustees 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 provision of accommodation. The Hall wants to offer an environment where residents and friends can flourish as individuals, for their 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 show 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, 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.

GREYGARTH ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025

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.

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. An induction day at the Hall at the start of the year provided the residents with the opportunity to get to know each other, set the tone for the year and kick-start various resident-led activities through 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.

Our personal development programme included focusing on studies, culture, sports, solidarity and a mentoring programme in which every resident was assigned an in-house mentor to meet with weekly. This programme was mostly coordinated by our social manager, with the help of two residents. Regarding cultural activities, we continued our Tuesday guest speaker tradition, with speakers such as Edward O'Loughlin, entrepreneur, Mr Ferran Soriano (Manchester City FC CEO), Dr Eduardo Mauri (Manchester City FC doctor) and Prof Mark Fox (Professor of Physics at the University of Sheffield) among others. 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. Monthly interviews and informal debates were popular among residents.

Two successful activities were a wine tasting session and a cinema group. In the first, some residents gathered to have a session on the manufacturing process of wine followed by a practical session of tasting

3 different types of wine. In the second, a group of residents met monthly to watch a classic film and then discuss main themes of the film. This led to lively discussion about friendships, evil, morality, beauty and other important issues.

As in previous years, football dominated the sports scene, with weekly matches being organized by the residents of a 5 a side football matches where residents also invited their friends.

Solidarity activities continued with visiting the homeless in Manchester every fortnight, with around 10 residents splitting into groups to take hot drinks to the homeless and spend some time with them.

A hiking trip to the Lake District was one of the highlights of the year when all the students took advantage of the end of exams to socialize and relax with a day out in the Lakes.

Other activities that seek to promote friendship among residents, and create opportunities for socialising include start and end of year dinners, Christmas party, 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.

Financial review

The charity achieved a surplus on income for the year of £30,127 (2024 - £887,472) which was transferred to the Accumulated Fund brought forward of £4,115,536. The surplus figure in the year includes net gains on investments of £nil (2024: £786,924).

GREYGARTH ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025

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 approximately three month's expenditure. This self imposed objective was not being met at the end of this financial year, so the trustees have embarked on a fund raising campaign and a cost management plan to ensure there are enough resources to meet foreseen liabilities over a rolling period of three months.

The trustees 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:

Thus, the trustees 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.

The trustees 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:

Thus, the trustees 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 (Resigned 5 February 2025)
J Valero
A J Walker
P Serra (Appointed 2 January 2025)
G E Ruiz (Appointed 5 February 2025 and resigned 8 April 2025)

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.

GREYGARTH ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025

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:

Trade creditors of the company at the year end was £3,914.

Dr Patricio Serra, remained as warden of Greygarth Hall. Fr Alvaro Tintore remained as chaplain.

Auditor

In accordance with the company's articles, a resolution proposing that DJH Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

.............................. X Bosch

Trustee

Date: 23.6.26

Greygarth Association

Statement of trustees' reponsibilities

For the year ended 30 September 2025

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:

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.

Greygarth Association

Independent auditor's report

To the members of Greygarth Association

Opinion

We have audited the financial statements of Greygarth Association (the ‘charity’) for the year ended 30 September 2025 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:

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, except to the extent otherwise explicitly stated in our report, 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.

Greygarth Association

Independent auditor's report (continued) To the members of Greygarth Association

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

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.

Irregularities, including fraud, are instances of non-compliance. We design procedures in line with our responsibilities, outlined above, to detect material misstatement in respect of irregularities.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Greygarth Association

Independent auditor's report (continued)

To the members of Greygarth Association

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Greygarth Association

Independent auditor's report (continued) To the members of Greygarth Association

Christopher Abbott FCA (Senior Statutory Auditor)

For and on behalf of DJH Audit Limited, Statutory Auditor Accountants

St George's House 56 Peter Street Manchester M2 3NQ Date: .........................

Greygarth Association

Statement of financial activities Including income and expenditure account

For the year ended 30 September 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Donations and legacies 3 166,105 223,953
Charitable income 4 191,830 185,236
Investments 5 69,669 49,289
Total income 427,604 458,478
Expenditure on:
Charitable activities 6 397,477 357,930
Total expenditure 397,477 357,930
Net gains/(losses) on investments 11 - 786,924
Net income and movement in funds 30,127 887,472
Reconciliation of funds:
Fund balances at 1 October 2024 4,115,536 3,228,064
Fund balances at 30 September 2025 4,145,663 4,115,536

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.

Greygarth Association

Balance sheet

As at 30 September 2025

Notes
Fixed assets
Tangible assets
13
Investment property
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due
within one year
17
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
18
Net assets
The funds of the charity
Unrestricted funds		 2025
£
£
4,185,261
810,000
4,995,261
167,660
49,895
217,555
(391,572)
(174,017)
4,821,244
(675,581)
4,145,663
4,145,663
4,145,663		 2024
£
£
4,234,125
810,000
5,044,125
188,857
97,050
285,907
(381,374)
(95,467)
4,948,658
(833,122)
4,115,536
4,115,536
4,115,536

The financial statements were approved by the trustees on 23.6.26

.............................. X Bosch Trustee

Greygarth Association

Notes to the financial statements For the year ended 30 September 2025

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 Basis of preparation

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

The association has prepared financial forecasts for the next 12 months which include a worst-case scenario analysis. While certain months within this scenario indicate a cashflow deficit, the overall forecast projects a cashflow surplus for the period. The trustees and management have embarked on a fund raising campaign and a cost management plan to ensure there are enough resources to meet foreseen liabilities over a rolling period of three months, thereby mitigating any potential cashflow shortfalls identified in the forecast. Based on the overall cashflow surplus in the forecast and the proactive measures being taken, the trustees believe that the association will have sufficient resources to meet its financial obligations 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 or grantors 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.

Greygarth Association

Notes to the financial statements (continued) For the year ended 30 September 2025

1 Accounting policies

(Continued)

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.

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 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 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).

1.9 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.

Greygarth Association

Notes to the financial statements (continued) For the year ended 30 September 2025

1 Accounting policies

(Continued)

1.10 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.

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.

1.11 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.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Greygarth Association

Notes to the financial statements (continued) For the year ended 30 September 2025

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.

Key sources of estimation uncertainty

Investment property

The charitable company measures investment property at fair value, with changes recognised in the statement of financial activities. The valuation is based on market conditions at the reporting date and incorporates assumptions including rental yields, occupancy rates and comparable market transactions. A change in the assumptions may result in material adjustment to the carrying value.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 166,105 223,953
Charitable income
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Accommodation fees 191,830 185,236

4 Charitable income

Greygarth Association

Notes to the financial statements (continued) For the year ended 30 September 2025

5 Investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Rental income 69,084 48,287
Interest receivable 585 1,002
69,669 49,289

6 Charitable activities

Rents and Water
Insurance
Light and Heat
Subcontractor Costs
Repairs and Renewals
Food, Catering and Oratory
Telecommunications
Computer Software
Sundry Expenses
Grant funding of activities (see note 7)
Share of support costs (see note 8)
Share of governance costs (see note 8)		 2025
£
13,251
26,625
32,892
110,400
47,792
42,440
454
4,854
6,189
284,897
12,544
92,586
7,450
397,477		 2024
£
5,886
18,473
29,419
100,900
32,700
54,968
1,833
3,553
4,459
252,191
-
99,974
5,765
357,930

7 Grants payable

2025
£
Grants to institutions:
Other 12,544

Greygarth Association

Notes to the financial statements (continued)

For the year ended 30 September 2025

7 Grants payable

(Continued)

8 Support costs

Support
costs
Governance
costs
£
£
Staff Costs
17,611
-
Depreciation
48,864
-
Bank Charges and
Interest
9,411
-
Legal and Professional
Fees
15,838
7,450
Travel Expenses
862
-
92,586
7,450
Analysed between
Charitable activities
92,586
7,450		 2025
Support
costs
Governance
costs
£
£
£
17,611
17,944
-
48,864
55,735
-
9,411
11,147
-
23,288
14,545
5,765
862
603
-
100,036
99,974
5,765
100,036
99,974
5,765		 2024
£
17,944
55,735
11,147
20,310
603
105,739
105,739

Governance costs includes payments to the auditors of £7,450 (2024- £5,765) 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:

2025 2024
Number Number
1 1
Employment costs 2025 2024
£ £
Wages and salaries 16,500 16,500
Other pension costs 1,111 1,444
17,611 17,944

There were no employees whose annual remuneration was more than £60,000.

Greygarth Association

Notes to the financial statements (continued)

For the year ended 30 September 2025

10 Employees

(Continued)

11 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investment properties - 786,924

12 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 Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13 Tangible fixed assets

Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 October 2024
4,911,668
60,375
At 30 September 2025
4,911,668
60,375
Depreciation and impairment
At 1 October 2024
695,268
53,158
Depreciation charged in the year
42,168
1,440
At 30 September 2025
737,436
54,598
Carrying amount
At 30 September 2025
4,174,232
5,777
At 30 September 2024
4,216,401
7,217		 Motor
vehicles
£
34,750
34,750
24,242
5,256
29,498
5,252
10,507		 Total
£
5,006,793
5,006,793
772,668
48,864
821,532
4,185,261
4,234,125

14 Investment property

Investment property
2025
£
Fair value
At 1 October 2024 and 30 September 2025 810,000

Greygarth Association

Notes to the financial statements (continued) For the year ended 30 September 2025

14 Investment property

(Continued)

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 18 January 2024 by Purplebricks Estate Agents, who are not connected with the charity. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The trustees have not obtained a formal revaluation of the investment property as at year end. The trustees have assessed the property and considered available market information, including local property market trends and the condition and use of the property. The trustees believe that there have been no significant changes in the property's fair value since the last valuation and that the carrying value remains a reasonable approximation of the fair value at the reporting date.

15 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments		 2025
£
142,139
25,488
33
167,660		 2024
£
136,291
50,133
2,433
188,857

16 Loans and overdrafts

Loans and overdrafts
Other loans
Payable within one year
Payable after one year		 2025
£
833,017
157,436
675,581		 2024
£
990,995
157,873
833,122

The long-term loans are not secured by fixed charges.

Included within other loans is a loan of £803,017 (2025: £958,955) 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 by 30 September 2030.

17 Creditors: amounts falling due within one year

Borrowings
Other taxation and social security
Trade creditors
Other creditors
Accruals		 2025
£
157,436
36,886
3,914
185,886
7,450
391,572		 2024
£
157,873
33,913
508
181,630
7,450
381,374

Greygarth Association

Notes to the financial statements (continued) For the year ended 30 September 2025

18 Creditors: amounts falling due after more than one year

year
2025 2024
£ £
Borrowings 675,581 833,122

19 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 £16,988 (2024: £43,613) due from Netherhall Educational Association. Repayments in the year amounted to £26,625. This loan is interest-free and repayable on demand.

During the year, X Bosch received advance payments to meet expenditure to be incurred on behalf of the charity. At year end, £1,500 (2024: £Nil) was unspent and included in other debtors.