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 2024
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 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

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:

Mr S M Smith
Mrs F Joy
Mr D H Jeffries
Mrs R E Munns
(Appointed 18 March 2024)
Mr S Stokes
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
30 June 2025
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,154
4,072
Current assets
Debtors
4
3,332
5,006
Cash at bank and in hand
222,879
219,785
226,211
224,791
Creditors: amounts falling due within one year
5
(93,235)
(132,442)
Net current assets
132,976
92,349
Total assets less current liabilities
150,130
96,421
Creditors: amounts falling due after more than one year
6
(185,739)
(104,141)
Deferred taxation asset/ (liability)
16,001
8,267
Net (liabilities)/assets
(19,608)
547
Reserves
Income and expenditure account
(19,608)
547
Members' funds
(19,608)
547

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 30 June 2025 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 2024
- 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 amounts 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 £19,608 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:

Leasehold improvements
Plant and machinery
25% straight line
Fixtures, fittings & nursery equipment
25% straight line
Computer equipment
33% 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 2024
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 payments 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 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Government grants

Government grants are recognised at the fair value of the asset received 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 employed by the company during the year was:

2024
2023
Number
Number
Total
34
31

The above employee numbers excludes directors, that would normally be included in this note. The directors of Greyfriars Ministries Limited were not employed by the company, during 2024, and acted on a voluntary basis.

GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & nursery equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
-
0
28,921
36,843
25,917
91,681
Additions
13,939
-
0
-
0
3,290
17,229
At 31 December 2024
13,939
28,921
36,843
29,207
108,910
Depreciation and impairment
At 1 January 2024
-
0
27,219
36,843
23,547
87,609
Depreciation charged in the year
697
1,431
-
0
2,019
4,147
At 31 December 2024
697
28,650
36,843
25,566
91,756
Carrying amount
At 31 December 2024
13,242
271
-
0
3,641
17,154
At 31 December 2023
-
0
1,702
-
0
2,370
4,072
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Service charges due
199
3,250
Other debtors
3,133
1,756
3,332
5,006
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
35,191
36,282
Taxation and social security
8,134
9,594
Other creditors
49,910
86,566
93,235
132,442
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
185,739
104,141
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Deferred income
2024
2023
£
£
Brought forward grant funding
104,141
74,667
Amounts received during the year
568,940
440,906
Amount released to the P&L against expenditure
(487,342)
(411,432)
185,739
104,141
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.

Senior Statutory Auditor:
Neil Major
Statutory Auditor:
Bruton Charles
Date of audit report:
30 June 2025
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:

2024
2023
£
£
-
0
-
0
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