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2023-03-31-accounts

Colin Glen Trust

Company Limited by Guarantee

Consolidated Statement of Financial Activities (including consolidated income and expenditure account)

31 March 2023

2023 2022
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 5 80,398 80,398 194,878
Charitable activities 6 3,924 10,822 14,746 289,678
Other trading activities 7 1,100,280 1,100,280 1,264,260
Other income 8 -
Total income 1,184,602 10,822 1,195,424 1,748,816
Expenditure
Expenditure on raising funds:
Costs of other trading activities 9 632,232 632,232 650,306
Expenditure on charitable activities 10/11 881,312 34,346 915,658 917,910
Total expenditure 1,513,544 34,346 1,547,890 1,568,216
Net income/(expenditure) and net (328,942) (23,524) (352,466) 180,600
movement in funds
Transfer -
Reconciliation of funds
Total funds brought forward 623,932 1,049,820 1,673,752 1,493,152
Total funds carried forward 294,990 1,026,296 1,321,286 1,673,752

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 14 to 30 form part of these financial statements.

14

Colin Glen Trust

Company Limited by Guarantee

Consolidated Statement of Financial Position

31 March 2023

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Group|Group|Charity|Charity| |2023|2022|2023|2022| |Note|£|£|£|£| |Fixed assets| |Tangible fixed assets|16|2,070,467|2,198,111|1,101,577|1,208,380| |Investments|17|2|2| |-------------------------|------------------------|-------------------------|-------------------------| |Total fixed assets|2,070,467|2,198,111|1,101,579|1,208,382| |Current assets| |Stocks|14,673|3,990|7,415|3,110| |Debtors|18|110,630|159,907|210,128|271,516| |Cash at bank and in hand|246,846|428,420|230,155|418,103| |-------------------------|-----------------------|-------------------------|-------------------------| |Total current assets|372,149|592,317|447,698|692,729| |Creditors: amounts falling due| |within one year|19|241,295|272,126|152,015|217,760| |----------------------|--------------------|------------------------|-----------------------| |Net current assets|130,854|320,191|295,683|474,969| |----------------------|--------------------|-----------------------|-----------------------| |Total assets less current liabilities|2,201,321|2,518,302|1,397,262|1,683,351| |Creditors: amounts falling due after| |more than one year|20|880,035|844,550|46,675|-| |----------------------|-----------------------|-----------------------|-------------------------| |Net assets|1,321,286|1,673,752|1,350,587|1,683,351| |===============|================|=============== =================| |Funds of the charity| |Restricted funds|1,026,296|1,049,820|1,026,296|1,049,820| |Unrestricted funds|294,990|623,932|324,291|633,531| |-------------------------|-------------------------|-----------------------|------------------------| |22|1,321,286|1,673,752|1,350,587|1,683,351| |=================|================ =================|================|

----- End of picture text -----

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 19 December 2023, and are signed on behalf of the board by:

Ms S Cavanagh Trustee

The notes on pages 14 to 30 form part of these financial statements.

15

Colin Glen Trust

Company Limited by Guarantee

Consolidated Statement of Cash Flows

Year ended 31 March 2023

2023 2022
£ £
Cash flows from operating activities
Net income/(expenditure) (352,466) 180,606
Adjustments for:
Depreciation of tangible fixed assets 129,089 109,175
Loss on disposal of tangible fixed assets -
Capital Grant Release -
Accrued Income 61,669 (19,591)
Changes in:
Stocks (10,683) (2.928)
Trade and other debtors 2,847 (71,333)
Trade and other creditors 9,415 105,724
Cash generated from operations (160,129) 301,653
Net cash used in operating activities (160,129) 301,653
Cash flows from investing activities
Purchase of tangible assets (1,445) (182,311)
Proceeds from sale of other investments - 3,030
Net cash from investing activities (1,445) (179,281)
Cash flows from financing activities
Proceeds from borrowings (20,000) (163,333)
Net cash from financing activities (20,000) (163,333)
Net (decrease)/increase in cash and cash equivalents (181,574) (40,961)
Cash and cash equivalents at beginning of year 428,420 469,381
Cash and cash equivalents at end of year 246,846 428,420

16

Colin Glen Trust

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 163 Stewartstown Road, Belfast, Co. Antrim, BT17 0HW.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)), the Charities Act (Northern Ireland) 2008 and the Companies Act 2006.

Colin Glen Trust meets the definition of a public benefit entity under FRS 102.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There were no material uncertainties about the ability to continue as a going concern. However, Colin Glen Leisure Limited included an Emphasis of Matter paragraph due to a material uncertainty which may cast significant doubt about concern, due to net liabilities of £17,690. Colin Glen Landscapes also included an Emphasis of Matter paragraph due to a material uncertainty which may cast significant doubt about the

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes: restricted income funds or endowment funds.

17

Colin Glen Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Basis of accounting

The financial statements have been prepared in accordance with 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 2015) (Charities SORP (FRS 102)) and the Companies Act 2006.

Basis of consolidation

The consolidated financial statements comprise the Charity and its subsidiaries, Colin Glen Leisure Limited and Colin Glen Landscapes Limited. The results of the subsidiaries have been consolidated into the Statement of Financial Activities on the basis of net profit after transfers to the Charity.

18

Colin Glen Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Colin glen Trust's depreciation policy changed from reducing balance method to straight line method from 1st April 2019.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property - 1%/2% straight line
Plant and equipment - 20% reducing balance/20% straight line from 2019/20
Fixtures and fittings - 20% straight line
Motor vehicles - 25% straight line
Computer equipment - 25% straight line

19

Colin Glen Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

20

Colin Glen Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Financial instruments (continued)

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Limited by guarantee

Colin Glen Trust is a company limited by guarantee and accordingly does not have a share capital.

Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.

21

Colin Glen Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

5. Donations and legacies

Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Donations
Donations 611 611 2,519 2,519
Covenanted Donation 79,787 79,787 118,680 118,680
Grants
JRS
reclaim re Covid 19		 - - 73,679 73,679
80,398 80,398 194,878 194,878

6. Charitable activities

Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Gruffalo Merchandise 3,924 3,924
NI Charity Fund
Ulster Community Fund 10,405 10,405
UCIT Covid Funding
TNI Marketing Grant
Rural Tourism Capital Grant 417 417
NIEA Grant
Belfast City Council - Every Body Active
Belfast City Council
Community Fund Wellbeing & Mindfulness Trail
Safe Return Fund
-------------------------------- -------------------------------- --------------------------------
3,924 10,822 14,746
================================ ================================ ================================

22

Colin Glen Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

6. Charitable activities (continued)

Unrestricted Restricted Total Funds
Funds Funds 2022
2 £ £ £
Gruffalo Merchandise
NI Charity Fund
Ulster Community Fund
UCIT Covid Funding 35,606 35,606
TNI Marketing Grant 24,924 24,924
Rural Tourism Capital Grant 25,701 25,701
NIEA Grant 150,000 150,000
Belfast City Council - Every Body Active
Belfast City Council 7,563 7,563
33,886 33,886
Community Fund Wellbeng & Mindfulness Trail 10,000 10,000
Safe Return Fund 1,998 1,998
35,606 254,072 289,678

23

Colin Glen Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

7. Other trading activities

Unrestricted Total Unrestricted Total
Funds Funds Funds Funds
2023 2022
£ £ £ £
Shop income 20,451 20,451 26,425 26,425
Hall and office rental 4,333 4,333 4,300 4,300
Café Rental 2,411 2,411 2,701 2,701
EBA 23 23
Entrance fees 43,254 43,254 31,750 31,750
Skytrek 61,011 61,011 106,196 106,196
Archery 7,696 7,696 18,135 18,138
Catering 5,183 5,183 6,235 6,235
Santa sales 10,434 10,434 5,502 5,502
Laser tag 18,690 18,690 22,099 22,099
Transport (3,681) (3,681)
Gym 10 120 120 1,849 1,849
Vouchers 167 167 75 75
Transport 438 438
Party Catering Income 1,920 1,920
Vending machine sales 5,191 5,191 6,215 6,215
Mountain Adventure Package 74,917 74,917 71,745 71,745
River Adventure Package 2,350 2,350 2,200 2,200
Thrill Seekers 11,582 11,582 3,533 3,533
Alpine Coaster (BBR) 148,850 148,850 238,468 238,468
Zip Line (FFO) 111,724 111,724 88,810 88,810
Team games 4,250 4,250 4,700 4,700
Income from Trading Subsidiaries 567,666 567,666 624,622 624,622
1,100,280 1,100,280 1,264,260 1,264,260

8. Other income

Unrestricted Total Unrestricted Total
Funds Funds Funds Funds
2023 2022
£ £ £ £
Insurance Claim

24

Colin Glen Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

9. Costs of other trading activities

Unrestricted Total Unrestricted Total
Funds Funds Funds Funds
2023 2022
£ £ £ £
Costs of other trading activities 44,864 44,864 63,326 63,326
- Shop costs
Costs of trading subsidiaries 587,368 587,368 586,980 586,980
632,232 632,232 650,306 650,306

10. Expenditure on charitable activities by fund type

Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Provision of recreational & educational activities 729,287 34,346 763,633
Support costs 152,025 - 152,025
881,312 34,346 915,658
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Provision of recreational & educational activities 527,227 241,055 768,282
Support costs 115,699 33,929 149,628
642,926 274,984 917,910

11. Expenditure on charitable activities by activity type

Activities
undertaken Total funds Total fund
directly Support costs 2023 2022
£ £ £ £
Provision of recreational & educational
activities 763,633 130,736 894,369 898,604
Governance costs 21,289 21,289 19,306
763,633 152,025 915,658 917,910

25

Colin Glen Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

12. Analysis of support costs

Analysis of
support costs Total 2023 Total 2022
£ £ £
Staff costs 109,626 109,626 114,490
General office 21,110 21,110 15,832
Governance costs 21,289 21,289 19,306
152,025 152,025 149,628

The basis of allocation of support costs to activities is as follows:

13. Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

Net income/(expenditure) is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible fixed assets 129,089 109,175
Fees payable for the audit of the financial statements 11,858 8,323

26

Colin Glen Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

14. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

2023 2022
£ £
Wages and salaries 724,193 699,246
Social security costs 38,153 51,035
Employer contributions to pension plans 13,077 15,304
775,423 765,585

The average head count of employees during the year was 17 (2022: 28).

The number of employees whose remuneration for the year fell within the following bands, were:

2023 2022
No. No.
£60,000 to £69,999 1
£80,000 to £89,999 1

Key Management Personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £87,441 (2022: £109,810).

15. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

16. Tangible fixed assets - Group

Freehold Plant and Fixtures & Motor Equipment Total
property Machinery Fittings vehicles
£ £ £ £ £ £
Cost
At 1 April 2022 2,511,693 104,282 327,380 45,250 68,075 3,056,680
Additions 1,445 1,445
Disposals
At 31 March 2023 2,511,693 104,282 328,825 45,250 68,075 3,058,125
Depreciation
At 1 April 2022 481,647 90,751 199,396 32,569 54,206 858,569
Charge for the year 31,627 13,428 58,854 11,312 13,868 129,089
Disposals
At 31 March 2023 513,274 104,179 258,250 43,881 68,074 987,658
Carrying amount
At 31 March 2023 1,998,419 103 70,575 1,369 1 2,070,467
At 31 March 2022 2,030,046 13,531 127,984 12,681 13,869 2,198,111

27

Colin Glen Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

16. Tangible fixed assets Parent Charity

Freehold Plant and
Fixtures and		 Motor
property machinery fittings vehicles Equipment Total
£ £ £ £ £ £
Cost
At 1 Apr 2022 1,314,496 40,847 272,583 45,250 68,075 1,741,251
Additions
Disposals
At 31 Mar 2023 1,314,496 40,847 272,583 45,250 68,075 1,741,251
Depreciation
At 1 Apr 2022 245,495 31,659 168,942 32,569 54,206 532,871
Charge for the
year 18,937 8,170 54,516 11,312 13,868 106,803
Disposals
At 31 Mar 2023 264,432 39,829 223,458 43,881 68,074 639,674
Carrying amount
At 31 Mar 2023 1,050,064 1,018 49,125 1,369 1 1,101,577
At 31 Mar 2022 1,069,001 9,188 103,641 12,681 13,869 1,208,380

17. Investments - Charity

Investments Investments
in Trading
Subsidiaries
£
Cost or valuation
At 1 April 2022 2
Additions
At 31 March 2023 2
Impairment
At 1 April 2022 and 31 March 2023
Carrying amount
At 31 March 2023 2
At 31 March 2022 2

All investments shown above are held at valuation.

28

Colin Glen Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

17. Investments - Parent Charity

The company is the sole member of Colin Glen Leisure Limited and Colin Glen Landscapes Limited. All companies are incorporated in Northern Ireland and are limited by guarantee. They are all considered to be subsidiary undertakings of Colin Glen Trust by virtue of the fact that the company is the owns 100% of the share capital of each subsidiary undertaking.

The additional information required in respect of the subsidiary undertakings of the company is given below:

Name Colin Glen Leisure Limited Colin Glen Landscapes Limited Country of Northern Ireland Northern Ireland Incorporation Shares in issue: Limited by Shares Limited by Guarantee Company number: NI028995 NI047806 Principal activity: Leisure Activities Grounds Maintenance Status: Trading Company Trading Company Charity number: N/A N/A Aggregate reserves at £256 (£29,557) 31 March 2023 Surplus/(deficit) for the (£19,702) £nil year ended 31 March 2023

29

Colin Glen Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

18. Debtors

Trade debtors
Amounts owed by group undertakings
Prepayments and accrued income
Other debtors		 Group
2023
£
21,453
73,057
16,120
110,630		 Group
2022
Charity
2023
Charity
2022
£
£
£
25,180
4,761
19,008
132,310
118,680
73,057
73,057
124,513
10,214
-
9,315
159,907
210,128
271,516		 Group
2022
Charity
2023
Charity
2022
£
£
£
25,180
4,761
19,008
132,310
118,680
73,057
73,057
124,513
10,214
-
9,315
159,907
210,128
271,516
271,516

19. Creditors: amounts falling due within one year

Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Bank loans and overdrafts 19,992 86,667 19,992 19,992
Trade creditors 136,271 141,239 88,596 105,087
Accruals and deferred income 26,735 16,522 26,735 16,522
Social security and other taxes 31,155 19,724 14,287 8,843
Other creditors 27,142 7,974 2,405 641
241,295 272,126 152,015 151,085

20. Creditors: amounts falling due after more than one year

Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Bank loans and overdrafts 880,035 844,550 46,675 66,675

21. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £13,077 (2022: £15,304).

30

Colin Glen Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

22. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
1
Unrestricted funds
Trading subsidiary funds
Unrestricted funds
1
Unrestricted funds
Trading subsidiary funds
Unrestricted funds		 At
April 2022
Income
Expenditure
Transfers
At
31 March 2023
£
£
£
£
£
633,531
616,936
(926,176)
-
324,291
(9,599)
567,666
(587,368)
(29.301)
623,932
1,184,602
(1,513,544)
-
294,990
At
April 2021
Income
Expenditure
Transfers
At
31 March 2022
£
£
£
£
£
467,949
870,122
(706,252)
1,712
633,531
(47,241)
624,622
(586,980)
(9,599)
420,708
1,494,744
(1,293,232)
1,712
623,932
623,932

Restricted funds

1
Belfast City Council
EBA
Princes' Trust
Capital Funds
Urban Villages
Mountain Bike Trail
Tourism NI
BCC - Covid Recovery
Safe return
DAERA
Community Fund
Rural Tourism Capital
Grant		 At
April 2022
Income
Expenditure
Transfers
At 31
March 2023
£
£
£
£
£
4,221
417
(417)
4,221
2,742
2,742
743,806
(30,992)
712,814
290,750
(2,937)
287,813
8,301
10,405
18,706
1,049,820
10,822
(34,346)
1,026,296		 At
April 2022
Income
Expenditure
Transfers
At 31
March 2023
£
£
£
£
£
4,221
417
(417)
4,221
2,742
2,742
743,806
(30,992)
712,814
290,750
(2,937)
287,813
8,301
10,405
18,706
1,049,820
10,822
(34,346)
1,026,296
1,026,296

31

Colin Glen Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

22. Analysis of charitable funds (continued)

1
Belfast City Council
EBA
Princes' Trust
Capital Funds
Urban Villages
Mountain Bike Trail
Tourism NI
BCC - Covid Recovery
Safe return
DAERA
Community Fund
Rural Tourism Capital
Grant		 At
April 2021
Income
Expenditure
Transfers
At
31 March 2022
£
£
£
£
£
4,221
(234)
234
24
33,886
(31,168
2,742
774,798
(30,992)
743,806
(52)
52
293,687
(2,937)
290,750
24,924
(16,623)
8,301
7,563
(7,563)
1,998
(1,998)
150,000
(150,000)
10,000
(10,000)
25,701
(25,701)
1,072,444
254,072
(274,984)
(1,712)
1,049,820

Transfers

The transfers between funds relate to the removal of the restriction over capital assets purchased with restricted funding in the Capital Funds, transfer of restricted depreciation previously held as unrestricted on the Capital Funds and also the transfer of funding on the a number of projects that had been fully spent.

Restricted funds notes

Colin Glen is based on an interface in West Belfast in an area of social deprivation. It has a charitable status and operates as a social enterprise which makes it ideally placed to provide outreach work on behalf of departments and statutory agencies. It is also within the remit of the Trust to provide world class recreational facilities for local people and as such has a mission to deliver a master plan of capital projects which will see the transformation of the facilities at Colin Glen; creating jobs, improved social capital and inward economic investment.

BCC Everybody Active

This is to encourage targeted groups such as females, ethnic minorities and older people, into sport for a prolonged program of 12 weeks or more.

Urban Villages Youth Programme

Aimed at providing a safe place and activities for young people ensuring that they are diverted away from possibly engaging in Anti-Social Behaviour.

Mountain Bike Trail

Funded by DAERA and Sport NI to provide excellent facilities for the participation in sport in a rural setting.

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Notes to the Financial Statements (continued)

Year ended 31 March 2023

BCC Get Into Golf

To encourage people to play Golf, which was experiencing a decline in numbers across the island.

Capital Funds

The capital fund is for the property of Colin Glen which the Sport Council of Northern Ireland hold a charge over. The depreciation is released over the life of the asset.

23. Analysis of net assets between funds

Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Tangible fixed assets 1,020,403 1,050,064 2,070,467
Current assets 333,511 38,638 372,149
Creditors less than 1 year (178,889) (62,406) (241,295)
Creditors greater than 1 year (880,035) - (880,035)
Net assets 294,990 1,026,296 1,321,286
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Tangible fixed assets 1,129,110 1,069,001 2,198,111
Current assets 529,116 63,201 592,317
Creditors less than 1 year (189,744) (82,382) (272,126)
Creditors greater than 1 year (844,550) (844,550)
Net assets 623,932 1,049,820 1,673,752

24. Contingencies

A contingent liability exists to repay grants and Trust monies received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offers have been, or will be, complied with and no liability is expected.

25. Taxation

The parent company is a registered charity, and as such is entitled to tax exemptions on income The trading subsidiaries have brought forward losses and therefore no tax liability has been incurred.

26. Related parties

There were no related party transactions incurred during the year or within the prior year.

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