Company registration number 05711222 (England and Wales)
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company is the operation of day nurseries.
Any surpluses made are donated to Greyfriars Church (see Accounting Policies).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S M Smith
F Joy
Mr D H Jeffries
Miss H Turner
(Resigned 30 April 2021)
Mr N C Tinker
(Appointed 22 March 2021)
Auditor
In accordance with the company's articles, a resolution proposing that Bruton Charles be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr D H Jeffries
Director
10 June 2022
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,134
18,369
Current assets
Debtors
4
6,160
4,869
Cash at bank and in hand
65,389
61,516
71,549
66,385
Creditors: amounts falling due within one year
5
(58,062)
(53,678)
Net current assets
13,487
12,707
Total assets less current liabilities
21,621
31,076
Creditors: amounts falling due after more than one year
6
(58,535)
(43,935)
Provisions for liabilities
11,435
6,865
Net liabilities
(25,479)
(5,994)
Reserves
Called up share capital
8
Income and expenditure account
(25,479)
(5,994)
Members' funds
(25,479)
(5,994)
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 June 2022 and are signed on its behalf by:
Mr D H Jeffries
Director
Company Registration No. 05711222
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Greyfriars Ministries Limited is a
private
company
limited by guarantee
incorporated in
England and Wales
.
The registered office is
64 Friar Street, Reading, Berkshire, RG1 1EH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The principal accounting policies adopted are set out below.
1.2
Going concern
The balance sheet is showing net liabilities of £25,479 as at the year end. The company is therefore reliant on continued support from Greyfriars Church to continue trading. Greyfriars Church has no intention of withdrawing this support in the foreseeable future.
true
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.4
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:
Plant and machinery
25% straight line
Fixtures, fittings & nursery equipment
25% straight line
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 credited or charged to surplus or deficit
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
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). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
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.
1.7
Financial instruments
The company 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 company's balance sheet when the company 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
Donation Policy
It is the policy of Greyfriars Ministries Ltd to donate its taxable
surplus
to Greyfriars Church each year. As the amount donated is the
surplus
adjusted for corporation tax purposes there will be no corporation tax liability nor any tax loss to carry forward
(in a surplus making year)
. Any tax shown in the
income and expenditure
account relates to a deferred tax charge or release of prior charge, not an actual tax charge.
Because of the way corporation tax is calculated based on the adjusted
surplus
rather than those shown in the accounts the amount to be donated will be such that the company shows a small
surplus
or
deficit
each year; that
surplus
or
deficit
is effectively the difference between the accounting
surplus
and the adjusted
surplus
for tax, normally this will be the difference between the charge for depreciation in the accounts and the capital allowances calculated according to corporation tax rules.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
31
38
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
119,757
Disposals
(32,147)
At 31 December 2021
87,610
Depreciation and impairment
At 1 January 2021
101,388
Depreciation charged in the year
10,235
Eliminated in respect of disposals
(32,147)
At 31 December 2021
79,476
Carrying amount
At 31 December 2021
8,134
At 31 December 2020
18,369
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Service charges due
1,160
513
Other debtors
5,000
4,356
6,160
4,869
Trade debtors disclosed above are measured at amortised cost.
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
7,311
8,953
Taxation and social security
6,246
2,299
Other creditors
44,505
42,426
58,062
53,678
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
58,535
43,935
7
Deferred income
2021
2020
£
£
Brought forward grant funding
43,935
87,586
Amounts received during the year
295,988
292,018
Amount released to the P&L against expenditure
(282,439)
(335,669)
57,484
43,935
8
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Jonathan Lawrence-Archer and the auditor was Bruton Charles.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
55,696
130,694
2021-12-31
2021-01-01
false
10 June 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
This audit opinion is unqualified
S M Smith
F Joy
Mr D H Jeffries
S M Smith
Mr N C Tinker
05711222
2021-01-01
2021-12-31
05711222
bus:Director4
2021-01-01
2021-12-31
05711222
bus:Director8
2021-01-01
2021-12-31
05711222
bus:Director10
2021-01-01
2021-12-31
05711222
bus:Director11
2021-01-01
2021-12-31
05711222
bus:Director12
2021-01-01
2021-12-31
05711222
bus:Director1
2021-01-01
2021-12-31
05711222
bus:Director2
2021-01-01
2021-12-31
05711222
bus:Director3
2021-01-01
2021-12-31
05711222
bus:Director5
2021-01-01
2021-12-31
05711222
2021-12-31
05711222
2020-12-31
05711222
core:OtherPropertyPlantEquipment
2021-12-31
05711222
core:OtherPropertyPlantEquipment
2020-12-31
05711222
core:CurrentFinancialInstruments
core:WithinOneYear
2021-12-31
05711222
core:CurrentFinancialInstruments
core:WithinOneYear
2020-12-31
05711222
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-12-31
05711222
core:Non-currentFinancialInstruments
core:AfterOneYear
2020-12-31
05711222
core:CurrentFinancialInstruments
2021-12-31
05711222
core:CurrentFinancialInstruments
2020-12-31
05711222
core:ShareCapital
2021-12-31
05711222
core:ShareCapital
2020-12-31
05711222
core:RetainedEarningsAccumulatedLosses
2021-12-31
05711222
core:RetainedEarningsAccumulatedLosses
2020-12-31
05711222
core:PlantMachinery
2021-01-01
2021-12-31
05711222
core:FurnitureFittings
2021-01-01
2021-12-31
05711222
2020-01-01
2020-12-31
05711222
core:OtherPropertyPlantEquipment
2020-12-31
05711222
core:OtherPropertyPlantEquipment
2021-01-01
2021-12-31
05711222
core:WithinOneYear
2021-12-31
05711222
core:WithinOneYear
2020-12-31
05711222
core:Non-currentFinancialInstruments
2021-12-31
05711222
core:Non-currentFinancialInstruments
2020-12-31
05711222
bus:CompanyLimitedByGuarantee
2021-01-01
2021-12-31
05711222
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
05711222
bus:FRS102
2021-01-01
2021-12-31
05711222
bus:Audited
2021-01-01
2021-12-31
05711222
bus:FullAccounts
2021-01-01
2021-12-31
xbrli:pure
xbrli:shares
iso4217:GBP