Colin Glen Trust Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds Totsl funds 2023 Unrestricted funds Note Income and endowments Donations and legleS Charitable activities Other trading activities Other income 110.531 3,860 420,431 4.650 110.531 37.360 420,431 4.650 80,398 14.746 532.614 33.500 Total income 539,472 33.500 572.972 627.758 Expgnditure Expenditure on raising funds.. Costs of other trading activities Expenditure on charitable aclivities Total expenditure 57,199 671.986 57.199 735.965 44.864 915,658 10,11 63.979 729,185 63,979 793.164 960,522 Net expenditure and net movement in funds (189.713) (30.4791 (220.192) (332,7641 Reconciliation of funds Total funds brought foNard Total funds carried forward 324.291 1.026.296 1,350,587 1,683,351 134,578 995,817 1.130.395 1,350,587 The statement of financial activities includes all gains and losses recognised in the year. All income and expendtture derive from continuing adivities. The note5 on pages IS to 30 fomi part of these financlal slatements. 12
Colin Glen Trust Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Flxed assets Intangible assets Tangible fixed assets Investments 16 29,475 17 1,070227 18 1.101,577 1,099,704 1,101,579 Current assets Stocks Debtors Cash at bank and In hand 20 21 5.927 196,929 33.801 7,415 210.128 230.155 236.657 447.698 Creditors: amounts falling due wlthin one year Net current assets 23 179.291 152.015 57.366 295,683 Total assets less current Ilabilitles 1.157.070 1,397,262 Creditors: amounts falling due after mre than one year Net a55ets 24 26.675 46.675 1.130,395 1.350,587 Funds of the charity Restricted funds Unrestricted funds 995.817 134.578 1.026,296 324,291 Total charity funds 27 1.130,395 1,350,587 Th8S8 financial 5tatsments have been prepared in acCdance with the provision5 apFAicable to companies subject to the small companies. regime. These financial statements were approved by the board of trustees and authori5ed for issue 3 December 2024. and are sigred on behalf of the b)ard by. Ms S Cavanagh Trustee The notes on pages 15 to 30 fom) part of these financial ststem¢Dts. 13
Colin Glen Trust Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Note Cash flows from operating activities Net expenditure (220.192) 1332.764) Adjustments for. Depreciation of tangible fixed assets Accrued (incomeyexpenses 40.772 (2.729) 106.803 61.669 Changes in.. StoGks Trade and other debtors Trade and othw credttors 1,488 5.773 36.202 14,305) 9.932 19,283) (138.686) (167,948) (138,686) (167,948) Cash generated from operations Net cash used in operating activities Cash flows from investing actfvities Purchase of tangible assets Purchase of intsngible assets Net cash used in investing activities (9.422) (29,475) (38,897) Cash flows from financing activities Proceeds from borrowings Net cash used in financing activities (18,771) (18,771) (20,000) (20,000) Net decrease in cash and cash equivalents Cash and cash equivalenls at beginning of year Cash and cash equivalents at end of year (196.354) {187,948) 230.155 418,103 230.155 33,801 The notes on pages 15 to 30 fomi part of these financial statements. 14
Colin Glen Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General inforntIon The charty is a public benefft entty and a private company limited by guarantee. registered in Northern Ireland and a registered charty in Northern Ireland. The address of the registered office is 163 Stewartstown Road, Belfast. Co. kntrim. BT17 OHW. ststement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting StaThJard applicable in the UK and the ReputAic of Ireland,, the Statement of Recommended Practi applicable to chaTities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Charities SORP (FRS 102)). fhe Charities Act (Northem Ireland) 2008 and the Companies Act 2006. Cdin Glen Trust meets the definition of a putAic benefrt entity under FRS 102. Accounting policies Basis of preparallon The financial statements have been pyepared 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 pPared in sterlirvJ, which ts the functional cjjrrency of the entty. Going concern There are no material uncertainlies ab(Krt the charty's abilty to continue. Judgements and key sources of estimation uncertainty The preparation of the financial staternents requires management to make judgements, estimates and assumptions that affect Ihe amounts reported. These estimates and judgements are continually reviewed and are based on experien and other factors, including expectations of future events that are believed to be asOnable under the ctrcumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designatsd funds a unrestricted funds eamiarked by the trustees for partTrcular future prciect or commitment. Restricted fund5 are subjected to restrictiorts on their expenditure declared by the donor or through the temis of an appeal, and fall into one of two sub-classes: restricted ino)me funds or endowment fvnds. 15
Colin Glen Trust Company Limited by Guarantee Notes to the Financial Statements (conlinued) Year ended 31 March 2024 Accounting policies (conunuedj In¢oming 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 benefrts assouated wtth the transaction will flow to the charity and the amounl can be reliably Measu1. The follt)wing specific policies are applied to particular categorbes of income: income from donations or grants is recognised when there is evidence of 8ntidement to the gift. recebpt is probable and its amount be measured reliably. legacy income is recognised when receipt 15 probable and entitlement is established. income from donated g(x)ds is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilitie5 and services are recognised in the accounts when received rf the value can be reliably measured. No arrM)unts are included for the contribution of general volunteers. income from contracts for the supply of serViS is rnISed with the delivery of the contracted servi. This is dassffied as unrestricted funds unless there is a contractLSal requirement for it to be spent on a particular purpose and retumed if unspent. in which case it May be regarded as restricted. Resources expended Expenditure 15 recognised on an accruals basis as a liability is incurred. Expenditure indudes any VAT which cannot be fully recovered, and is dassified under headings of the statement of financial activities to which it relates.. expenditure on raising funds irKludes the wsts of all fundraisirvJ activities. events. non- charitable trading actiwties, and Ihe sale of donated goods. expenditure on Gharitable activities includes all costs incurred by a charity In undertaking activities that further its charitable aims for the benefrt of its beneficiaries. including those support costs and costs relating to the govemance of the charty apportioned to charitsble activities. other expenditu includes all expenditu Ihal is neither related to raising fvnds forthe charity nor part of its expenditure on charitable activiti&s. All costs are allocated to expendilure categories reflecting the use of the resource. Direct costs attributable to a single activty are allocated direcly to that activty. Shared costs are apportioned beeen the activities they Gontribuie to on a reasonable. justifiable and consistent basis. 16
Colin Glen Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (¢ontlnued) Intangible assets Intsngible assets are inrbally recorded at cost, and are subsequently stated at C05t less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts. are recorded at the fair value at the date of revaluation, as determined by reference to an active market. less any subsequent accumulated amLYtisation and subsequent accumulated impaimient losses. Intangible assets acquired as part of a business combination a only recognised separately from goodwll when they arise frorn contraclual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably. Tangible assets Tangible assets are initially recorded at cost, and subsequentty stated at cost less any accumulated depreciation and impaiment losses. Any tangible assets carried at revalued amounts are rerded at the fair value at the date of revaluation less any subsequent ac()Jmulated 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 recconised gains and losses. unless tt reverses a charge for impairment that ha5 previously been reccJnised as expenditure wtlhin the ststement of finanoal activities. A decrease in the carrying arnount of an asset as a resutt of revaluation, is recojnised 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 actiwties. Colin glen trusvs depreclatlon policy changed from reducing balance fflethod to straight line method from 1st April 2019. Depreciation is calculated so as to wrrie off the cost or valuation of an asset. less its residual value. over the usefvl economic life of th asset as fdlows: Freehold propety Plant and equipment Fixtures and ffttings Motor vehicles Computer equipment 1%12% straight fine 2/0 reducing balance120% straight line from 2019120 straight line 250A straight line 25% straight line Investments Unlisted equity investrnenls are initrally recor(led al cost, and subsequently measured at fair value. If fair value cannot be reliably measured. assets are measured at cost less impaimient. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. 17
Colin Glen Trust Company Limited by Guarantee Notes to the Flnanclal Statements (contrIu) Year ended 31 March 2024 Accounting policies fconeinu•d) Investments In associates Investments in associates accounted for in aco)rdance with the cost m¢JJel are recorded at cost less any accumulaled impaimient losses. Investments in associates accounted for in accordance wf(h the fair value model are initially recorded at the transaction price. At each rewrting date. the investments are measured at fair value, wth changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort. the cost model will be adopted. Dividends and other distrtbutions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. Investments in joint venlures Investments in joinly controlled entities accounted for in accordance with the cost Mce1 are recorded at cost less any accurnulated impaimient losses. Investments in jointly controlled entities accounted for in accordan the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value. with changes in fairvalue taken through income or expenditure. Where it is impr&ticable to measure fair value reliably without undue cost or efforL the cost model will be adopted. Dividends and other distributions received frorn the investmenl are rec•ognised as income wthoul regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition. Impairment of fixed assets A review for indicators of irnpairment is carried OLrt at each reporting date, with the recoverable amount being estimated where such indicators exisL Where the carying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impairments are also reviewed for FK)ssible reversal at each reporbng date. For the purwses of impaimient tesb'ng. Wh it is not possible to estimate the recoverable amounl of an individual asset. an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating untt is the smallest identifiable group of assets that includes the asset and generates cash infiows Ihat largely independent of the cash inflows from other assets or groups of assets. For impaimient lesting of goothvill. the goo(Iwill acquired in a business combination is, from the acquisition date. allocated to each of the cash-generating units that are expected to nerrt from the synergies of the combination. irrespective of whether other assets or liabilities of the charity are assigned to those units. 18
Colin Glen Trust Company Limited by Guarantee Notes to the Financial Statements (¢ontinuedJ Year ended 31 March 2024 Accounting policies (continu•dJ 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 ox)nversK)n an(J other costs incurred in bringing the stcck to tts present location and condf(ion. Financial instruments A financial asset or a finanaal liability is recognised only when the charity becornes a party to the contractual provisions of the instrument. Basic finanrial instruments are initialty recognised at the amount receivable or payable including any related transaction costs. Current assets and Cuent liabilities are subsequently measured at the cash orother consideration expected to be paid or receNed and not discounted. Debt instruments are subsequenty measured at amortised cost. Where investments in shares are publicly traled 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. 1 other such investments are subsequently measured at cost less impainnent. Other financial instruments. including derivatives. are initially recognised at fair value. unless payment for an asset is defeffed beyond nomial business terms or finand 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 financhal instruments are Subsequent measured at fair value. with any changes recognised in the statement of financial actsvities. with the eXptIon of hedging instruments in a designated hedgiro relationship. Financial asset5 thal 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 ststement of financial acb'vitie5 in which the inilial gain was recognised. For all equity instruments regardless of signrficance. and other financial assets that are individually significant. these are assessed indwidually for impaiment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impaimient are reci)Jnised immediately. to the extent that the reversal does not sult in a carying amount of the financial asset that eXed9 what the carrying amount would have been had the impaiment not previously been recognised. 19
Colin Glen Trust Company Limited by Guarantee Notes to the Financial Statements (continu•d) Year ended 31 March 2024 Accounting policies (contsnued) Deflned contrlbution plans Contributions to defined contrrtmjtion plans are recognised as an expense in the period in which the related service is prowded. 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 setlled wholly within 12 rnCths 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. Llmlted by guarantee Colin Glen Trust is a company limited by guarantee arKI accordingly dc*s not have a share capital. Every member of the company urKlertskes to contribute such amount as may be required not exceeding £1 to the assets ofthe charitable company in the event of its being wound up while he or she is a member. or wtthin one year after he or she aSe$ to be a member. Donatlons and legacies Unrestricted Total Funds Unreslricted Total Funds Funds 2024 Funds 2023 Donations Donations Covenanted Donation 183 110.348 183 110,348 611 79,787 611 79,787 110,531 110,531 80,398 80,398 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2024 Gruffalo Merchandi58 TNI Marketing Grant Belfast City Council - Every Body Active Dormant Accounts 3,860 3.860 33.500 33,500 3.860 33,500 37,360 20
Colin Glen Trust Company Limited by Guarantee Notes to the Financial Statements (wilinvedj Year ended 31 March 2024 Charitable actlvities {¢OntIn) Unrestricted Funds Restricted Total Funds Funds 2023 Gruffalo Merchandise TNI Marketing Grant Belfast City Council - Every Body N£tive Dormant Accounts 3,924 3,924 10.405 417 10,405 417 3,924 10,822 14.746 Othér tradlng adivities Unreslricted Total Funds Unreslricted Totsl Funds Funds 2024 Funds 2023 Shop income Hall and office rental Cafe Rental Enlrance fees Skytrek Archery Calering Santa sales Laser tag Gym 10 Swoky Glen Vouchers Vending machine sales Mountain Adventu Package River Adventure Package Thrill Seekers Alpine Coaster {BBR) Zip Line IFFO) Team games 17,054 4,242 2.411 20.000 46.791 6.841 3.036 5,753 15.414 17,054 4,242 2,411 20.000 46.791 6,841 3.036 5,753 15.414 20,451 4,333 2.411 43.254 61.011 7,696 5,183 10,434 18.690 120 20,451 4.333 2,411 43,254 61.011 7.696 5,183 10,434 18.6 120 33 33 167 5,191 74,917 2,350 11,582 148.850 111,724 4,250 167 5.191 74,917 2,350 11,582 148,850 111,724 4,250 4.777 61,450 2,075 7.373 143.778 78.361 1,042 4,777 61.450 2.075 7,373 143.778 78,361 1,042 420.431 420,431 532.614 532,614 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gain on disposal of tangible fixed assets held for charity's own use 4,650 4.650 21
Colin Glen Trust Company Limited by Guarantee Notes to the Financial Statements Icontinuedj Year ended 31 March 2024 Costs of other tradlng actlvities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Costs of other trading activities- Sh costs 57.199 57.199 44,864 44,864 10. Expendituro on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Provision of recreational & educational activities Support costs 526,322 145,664 63,979 590,301 145,664 735,965 671,986 63,979 Unrestricted Funds Restricted Total Funds Funds 2023 Provision of recreational & educatiwbal activities Support costs 729,287 152,025 34,346 763,633 152,025 881,312 34,346 915,658 11. Expendlture on charitable acllvities by activity type Activitie5 undertaken directly Support costs Total fvnds 2024 Total fund 2023 Provision of recr8ational & educational activities Govemance costs 590.301 113,451 32.213 703,752 32.213 894,369 21.289 590.301 145.664 735,965 915,658 12. Analysis of support costs Analysis of support costs Total 2024 Total 2023 Staff costs General office Govemance costs 89.210 24,241 32.213 89,210 24.241 32.213 109,626 21,110 21.289 145.664 145.664 152,025 22
Colin Glen Trust Company Limited by Guarantee Notes to the Financial Statements (tinued) Year ended 31 March 2024 12. Analysis of support costs (¢ontlnu¢d) The basis of allocation of support costs to activities is as follows.. - Staff costs.. Staff time - General Offi.. Transactions - Governan. Transactions - Finance costs: Transactions 13. Net expenditure Net expenditure is stated after chargin{Cred((ing). 2024 2023 Depreciation of tangible fixed assets Gains on disposal of tangible fixed assets Fees payable the audit of the financial statements 40.772 {4,650) 6,452 106,803 5.164 14. Staff costs The total stsff costs and employee beneffts for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 436.810 24,458 12,371 507,207 26,428 12,403 473,639 546,038 The average head count of employees during the year was 11 (2023-. 9). The number of employees whose remuneration for the year fell within the following bands, were: 2024 2023 No. £80,000 to £89,999 £90,000 to £99.999 Key Managemerrt Personnel Key management personnel include all persons that have authority and responsibility for planning. directing and controlling the aCtivitS of the charity. The trjtal compensation paid to key management personn81 for servic8s provided to the charity was £96.345 {2023:£87.441). 23
Colin Glen Trust Company Limited by Guarantee Notes to the Financial Statements (cortin Year ended 31 March 2024 15. Trustee remuneration and expenses No remuneration or other ben8ffts from eMploymt with the charity or a related entity were received by the trustees. 16. Intangible assets Webslte Cost Website 29,475 At 31 March 2024 29,475 Amortlsallon At 1 April 2023 and 31 March 2024 Carying amount At 31 March 2024 29,475 At 31 March 2023 17. Tangible fixed assets Freehokj Plant and Fixtu$ and propety machinery fittings Motor vehides Equipment Total Cost At 1 Apr 2023 Additions DisFosals At 31 Mar 2024 1.314.496 40.848 272,583 6.309 45.250 68.074 1.741.251 3,113 9,422 (5,250) 71,187 1,745.423 15,250) 40.000 1,314.496 40.848 278.892 Depreciation At 1 Apr 2023 Charge for the year Disposals At 31 Mar 2024 264,432 39,829 223.457 43.882 68.074 639.674 18.936 1,019 18.469 1.368 (5,250) 40,000 980 40.772 (5,250) 675.196 283,368 40,848 241,926 69,054 Carrying amount At 31 Mar 2024 1,031,128 1,050,064 36.966 2,133 1,070.227 At 31 Mar 2023 1.019 49.126 1.368 1.101.577
Colin Glen Trust Company Limited by Guarantee Notes to the Financial Statements (wilinuedj Year ended 31 March 2024 18. Invostments Other investments Cost or valuation At 1 April 2023 Additions At 31 March 2024 Impainnent At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 At 31 March 2023 All investm8nts shown above are held at valuation. 19. Investment entllles Subsidiaries and other investments Percentage of Class of share shares hekl Subsidiary undertakings Colin Glen Leisure. 163 Stewartstown Road. Belfas( BT17 OHW Colin Glen Landscapes. 163 Stewartstown Road. Belfast, BT17 OHW 1C(I 1C(I 20. Stocks 2024 2023 Raw materials and consumables 5,927 7.415 21. Debtors 2024 2023 Trade debtors Arnounts owed by group undertakings Prepayments and accrued income 3,555 126,289 67.085 4.761 132,310 73,057 210,128 196,929 25
Colin Glen Trust Company Limited by Guarantee Notes to the Financial Statements (eontiftu Year ended 31 March 2024 22. Cash and cash equivalents Cash and cash equivalents comprise the following: 2024 2023 Cash at bank and in hand Bank overdrafts 33.801 {1.229) 32.572 230,155 230,155 23. Credltors: amounts falling due wlthln one year 2024 2023 Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes Other creditors 21.221 118.083 12.830 9.533 17.624 19,992 88,596 26,735 14,287 2.405 179.291 152.015 24. Creditors: amounts falllng due after more than one year 2024 2023 Bank loans and overdrafts 26.675 46.675 25. Deferred income 2024 2023 At 1 April 2023 Amount released to income Amount defeed in year At 31 March 2024 (3.750) 3.750 9.270 {9,270) 3,750 3,750 26. Pensions and other post retirement benefits Deflned contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £12,371 (2023: £12,403). 26
Colin Glen Trust Company Limited by Guarantee Notes to the Financial Statements (conlinueo) Year ended 31 March 2024 27. Analysis of charitablo funds Unrestricted funds At 1 April 2023 At 31 March 2024 Income Expenditure Transfers Unrestricted funds Capital fund 324,291 539,472 (729.185) 134.578 324.291 539.472 {729.185} 134.578 At 1 April 2022 At 31 March 2023 Income ExpeThJiture Transfers Unrestricted furmjs Capital fvnd 618.812 14.719 616,936 {926.176} 14.719 (14,719) 324,291 633.531 616.936 (926,176) 324,291 Restricted funds At 1 April 2023 At 31 March 2024 IncLxne ExpeThJiture Transfers Belfast City Council Princes. Trust Capital Funds Mountain Bike Trail Tourism Nl Dormant Accounts Fund 4.221 2,742 712,814 287.813 18.706 4.221 2,742 684.301 284,935 18.706 912 (28.513) (2,878) 33.500 (32,588) (63,979} 1.026,296 33.500 995.817 At 1 April 2022 At 31 March 2023 Income Expenditure Transfers Belfast Cty Council Princes. Trust Capital Funds Mountain Bike Trail Tourism Nl Dormant Accounts Fund 4.221 2.742 743.806 290.750 8.301 417 (417) 4.221 2.742 712.814 287.813 18,706 (30.992) (2.937) 10,405 1,049.820 10.822 (34,346) 1.026,296 27
Colin Glen Trust Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 27. Analysis of charitable funds feofttinu•d) Transfers The transfers between funds relate to the removal of the restriction over capf(al 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 a number of projects that had been fulty spent. Restricted funds notes Colin Glen is based on an interface in West Bdfast in an area of social deprivatK)n. tt has a charitable status and operates as a social enterprise which makes il ideally placed to provide outreach work on behatf of departments and stalutory agencie5. 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 transfomiation of the facilities at Colin Glen., creating jobs, improved sociat capital and inward economic investment. BCC (Everybody Activej This is to encourage targeted groups SLKh as females. ethnic minorities and older people, into sporl for a prolonged program of 12 weeks or more. Urban Willages-You¢h Pmgramme Aimed at providing a safe place and activities for young people ensuring that they are diverted away from Fxjssibty eTrJaging in hnti-social Behaviour. Mountain Bike Trail Funded by DAERA and Spcrt Nl to provide exc*llent facilities for the participation in sport in a rural setting. BCC- Get Into Golf To encourage people to play Golf, wthich was experiencing a dedine in nUrnrs acxoss the island. Capital Funds The capital fund is for 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. 28
Colin Glen Trust Company Limited by Guarantee Notes to the Financlal Statements (cortinued) Year ended 31 March 2024 28. Analysis of net assets ljetween funds Unrestricted Funds Restricted Total Funds FurKJs 2024 Sntangible assets Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 29.475 39,099 29,475 1.070.227 1.031,128 213.080 (121,109) (25.969) 134,578 23,577 236,657 (58,182) (179,2911 (706) (26,6751 995,817 1,130.395 Unrestricted Funds Restricted Totsl Funds Funds 2023 Intangible assets Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 51.513 1.050,064 1.101,577 329,273 {89,609) (46,675> 244.504 38.638 367,911 (62.406) (152.015) 146,675) 1,270,800 1,026.296 29. Corporation taxation The Company is a registered chartty, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary obj'ectives. 30. Ethical standards In common with many olher businesses of our size and nature we use our auditors lo prepare and submit retums to the tax aLthoritses and assist wtth the preparation of the financial statements. 29
Colin Glen Trust Company Limited by Guarantee Notes to the Financial Statements (witinuedj Year ended 31 March 2024 31. Anatysis of changes in not debt At At 1 Apr 2023 Cash flcyNs 31 Mar 2024 Cash at bank and in hand Bank overdrafts Debt due within one year Debt due after one year 230,155 (196.354) (1.229) 33,801 {1,229) (19,992) 126,675) (14,095) (19.992) {46.675) 163.488 20.000 {177.583) 32. Contingencies A contingent liability exists to repay grants r1Ved should rtain conditions not be fulfilled by the charity. In the opinion of the Trustees. the terms of the letters of offer have been, or will be, complied with and no liability is expected. 33. Related parties There were no related party transactions during the year. 30