COMPANY REGISTRATION NUMBER: N1026146 CHARITh REGISTRATION NUMBER: NIC103436 Colin Glen Trust Company Limited by Guarantee Financial Statements 31 March 2024 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Colin Glen Trust Company Limited by Guarantee Flnancial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the directorfs report) Independent auditorfs report to the members Statement of financial activities (including income and expenditure account) 12 Statement of financial position 13 Statement of cash flows 14 Notes to the financial statements 15
Colin Glen Trust Company Limited by Guarantee Tru5tees' Annual Report (Incorporatlng the Directorfs Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2024. Reference and administrative detalls Registered charty name CcAin Glen Trust Charlty registralion number NIC103436 Company registration number N1026146 Prlnclpal office and registered 163 Stewartstown Road office Belfast Co. Antrim BT17 OHW The trustees Ms S Cavanagh Dr J Bradley Mr P Cunningham Mr M McDemiott Mr P Raymond Mr P Walls Mr M Magil Mr T O'Hara Mr K Swall (Appointed 27 April 2023) (Appointed 27 April 2023) (Appointed 4 June 2024) Audltor Finegan Gibson Ltd Chartered a¢c¢)untsnts & statutory auditr Causeway Tower 9 James Street South Belfast BT2 8DN Structure. govemance and management Governing document Colin Glen Trust is a company limited by Guarantee aThY not hawng share capital, governed by tts Memorandum and Articles of Association dated October 1989. It is a registered Charty with the Charity Cornmission. Colin Glen have committed to reviewing their corporate govemance. Having recently engaged Carson McDowell as the Trusvs solicitors. one of the priortty tasks will be for their team of experienced charity lawyers to review the governan structures for the Trust, providing advice and assistance to the Trust in its aim of improving the Charity's g0veman.
Colin Glen Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (wnnl Year ended 31 March 2024 Structure, governance and management {rnnlinu•d) Appointment of tmstees Colin Glen cornpleted a skills analysis for tha board of Colin Glen Trust and Colin Glen Lersure and following a recruitment campaign we appointed an additional seven Directors. This recruitment drive followed a review of the Memorandum and Articles of Association which were presenled at the 33rd AGM. Carson McDowell. who undertook this work have now begun a review of the trading subsidiary. Colin Glen Leisure, focussing on tts constitution and in particular its relationship with the charity. Trustee inducuon and training Having now strengthened the board and with the assistance of Carson McDowell. we will be implementing a programme of induction and trairung for the board members. Organisation The Board of Trustees administers the charty and aim to meet quarterly. A Chief Executive is apwinted by the trustees to rnanage the day-tothday operation of the charity. Colin Glen Trust operates two subsidiary companies. namely Colin Glen Landscapes and Colin Glen Leisure Ltd. It is a rec¢)Jnised, award winning social enterprise and is dedicated to improving the local area by improving the social capital. Cdin Glen Trust works dosely with neighbouring community & statutory organisations such as Belfast City cou11. Colin Neighbouthood Partnership, Lenadoon Neighbourhood Partnership as well as govemment departments such as DAERA and Dept of Comrnunities and their arms-length agencies such as Sport Nl and NIEA Trustees for the charity also operate as directors for the subsidiary companies. Related parties and co-operation with ofher organisations Trustees do nol receive remuneration or other benefit from their work with Ihe Gharity. connedion between trustees of the charity With a supplier must be disclosed. In the current year no such related party transaclions were reported. Pay pollcy for senior staff I directors give of Iheir time freety and no directcw received remuneration in the year. Details of directors, expenses and related party transactions are disdosed as a note to the accounls.
Colin Glen Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) {GontinuedJ Year ended 31 March 2024 Objectives and activities To prornote the Conseation. protection and improvement of the natural environment and to develop and provide practical projects, facilitiès and amenities for recreation and leisure pursuits and to develop environmental educati¢. We aim to improve the use of the forest park by people of all ages and abilities. We utilise volunteers to assist with the maintenance of the park and Ihe delivery of the leisure and educational activities. We work with the local comrnunty, Folice and statutory bodies to ensure the safety of the park. Provision of recreational activities usirrfJ natural and buin resources. Provision of educational courses covering nature,. envsronment- flora & fauna-. local history: culture & folklore. Achievements and perforniance Trust We had previously talked about a more level market followin9 the post lockdown boom. Unfortunately we failed signifantlY to sustsin our 2022-23 income levels and in¢ome dropped from £532k to £420K in Trust. Black Bull Run- reduced £5.OCKI Total zipline income - reduced £33,000 Mounlain Adventure Package - reduced £13.000 SKrek- reduced by £15,0 Events - reduced £23.OChJ With no revenue grant available this was a significant htt which in tum lead an expenditure cutting exercise. We managed to reduce the overall expenditure by £180.000. A significant part of this was the reduction of wages and salaries by £50K. Despite the significant drop in income. the savings which we made meant an overall improvement on the 2022-23 Ioss. Leisure Sales for Leisure increased by £120.000 on the previous year and ahoUgh cost of sales increased, the overall expenditure compared to the previous year was down by £50K. In 2022-23 Leisure finished with a Ioss of £19K but this was transformed into a surplus of £119.673. It would be our intention to gift this amount from Leisure to the Trust. Publi¢ Benefit We have referred to the guidan contained in the Charty Commission's general guidance on public benefft when reviewing our aim and objectives and in planning our future activities. In particular. the trustees consider how planned aGtivities will contribute to the aims and objectives they have set. Financial review The net fund balances at the year ended 31st March 2024 totslled £1,130,395 which cornprised Restricted funds of £995.817 and unrestricled funds of £134,578. Incoming resources for the period of £572,972 were less, than the outgoing resources of £793.164 leaving a deficit of £220.192.
Colin Glen Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (¢ontffnu Year ended 31 March 2024 Financial review (conrfnvod) Reseryes policy and going concem Due to decreasing sales and rising costs we do not have any cash reserves. We will implernent a new strategy to ensure that by March 2025, we are in a better Frf)Sition. We wll also require a larger overdraft facility to make larger payments such as insurance Plans for future periods During the year we developed a very strong relationship with a resort building organisalion called Greenspan. It would be our intention to build an Adventure Golf facility at the golf course by Summer 2025 and also to develop a master plan for the forest park. including looking at a number of attractions which could be phased in over a 5-10 year peric*J. Trustees. responsibilities statement The trustees. who are also directors for the wrposes of company law. are responsible for preparing the Iruslees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingd¢yn Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare finarla1 statements for each year which give a true and fair view of the state of affairs of the charilable company and the incoming resources and application of resour$, including the income and expenditure. for that period. In preparing thes8 financial statements. the trustees ar8 required to: select suitsble aCCnting pM)liues aj then apply them (x)nsistenly. observe the methods and principles in the applicable Chartties SORP: make judgments arbj accounting estimates that are reasonable and prudent: prepare the financial statements on the going concem basis unless it is inappropriate to wesume that the charity will continue in business. The trustees are responsible for keeping adequate accour)ting records Ihat are sufficient to show and explain the charty's transactions and disclose with reasonable accuracy at any time the financ#al position of the charity and enabte 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 deteclion of fraud and other irregularities. Auditor Each of the persons who Is a trustee at the date of approval of this repcrt confimis that: so far as they are aware, there is no relevant audit infomiation of which the charity's auditor is unaware. and Ihey have taken all Steps that they ought to have taken as a trustee to make themselves aware of any relevant audit informatim and to establish that the charitys auditor is aware of that infomiation.
Colin Glen Trust Company Limited by Guarantee Trustees. Annual Report {Incorporating the Dlrectorfs Report) (conlinu8dJ Year ended 31 March 2024 Small company provisions This reFQrt has been prepar&J in accordanGe wilh the prowsions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 3 December 2024 and signed on behalf of the board of trustees by= Ms S Cavanagh Trustee