GLENWOOD ENTERPRISES LIMITED REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 REGISTERED NUMBER: N1018278 CHARITY COMMISSION for NORTHERN tRILAND RECISTRATION NUMBER: 104583
GLENWOOD ENTERPRISES LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Poge Legal and Administrative Informatlon Report of Ihe Directors Report of the Independent Alldltor Statement of Fln2nc121 Aetivitie$ Balance Sheet io Statement of cbanges In funds Notes to the Flnan¢lAI Statements 12 to 21
GLENWOOD ENTERPRISES LIMITED LEGAL AND ADMIf41STRATIVE INFORMATION FOR THE YEAJi ENDED 3 1 MARCH 2023 DIRECTORS: Mr P Shevlin Mr J Bailie Mr G Cullen SECRETARY: Mr P Shevlin REGISTERED OFFICE: Glenwood B8]ne$s Centre 57-60 Springbank Place Dunmury Belfast BT17 OYU RF.GTSTRAR OF COMPANIES NUMIJLR: N1018278 CTIARTTY COiVIMISSION NORTHERN IRILAND NUMBER: 104583 AUDITORS: Baker Tilly Mooney Moore Chartered Certified Accountants Statstory Auditors 17 Clarendon Road ClaTendon Dock Belfast BTI 33G SOLICITORS: Napiers & Sons Solicitors 1-9 Castle Arcade High Street Belfast BTI 5DF BANKERS: Ulster Bank Unit G. Westwood Centre Kennedy W&y Belfast BTII 9BQ Bank of Ireland 202 Andersonstown Road Belfast BTI19EB Page I
GLENWOOD ENTERPRISES LI[TED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2023 The directors present their report with the financial statements of the copanY for the year cnded 31 March 2023. REFERENCE AND ADMINISTRATIVE DETAILS Glenwood Enteryrises Limited is a registered Charity (CCNI No, 104583) and a company limited by guarantee (N1018278). Following aooeptance by the Charity ConTh)is5ion for Northem ITeland on 9tb Febrll 2016 Glenwood Enteryrises Limited was placed on the Northern Ireland Charity register. The registered office of the company is at 57-60 Springbank Place, Dunmury, Belfast, BT17 OYU. The directors of the company Are it8 ITUSt¢es for the purpose of Charity law &Thd throughout thi5 report are colle¢tiveEy referred to as the directors. The present directors and any past directOTS who served during tbe year are given on page 4. The external advisors are set out on page l. STRUCTURE, GOVERNANCE AND MANAGEMENT Glenwood Entsrprises Limited is governed by its Memorandum and Articles of AssociatiDn adoptsd on 20 March 1985, as amended 14 September 2004 and further amended on 23 June 2021 to reflect Cllent governance arrangements. In the event of the company being wound up rn¢rnbeTS are required to contribute an Amount not exceeding £1. The Board 15 responsible for the overall governance of the Company. DirectOTS are elected or co-opted and the total number of directors shall not be subject to any m&Kimum but shall not be less than three. The Manager. Garry Cullen, who is also 8 director is responsible for the day-to-day rnanagement of the cornpany's affair8 and for implementing the policies agreed by the Board of Directors, OBJECTIVES, ACTIVITIES, AND PUBLIC BENEFIT The principal activity of the company in the year under review was that of a local enterprise agency. The objectives of the charity are the PTomotion for the public benefit of UTbaTh regeneration in West Belfast being an area of 50cial and economic deprivation, by all or any of the follL)wing means.. The relief of povety in such ways as may be thDught fit. The relief of unemployment in su¢h ways a6 may be thought fit, iThcludin8 8SSlStan¢e to find employment. The advancement of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experience; The provision of fmancial &ssi5tance, te¢lJnical assistance or business advice or consultancy in Order to provide training and employtnent opportunitie3 for unemployed people in cases of finaThcial or other charltable need through help, (i) in setting up their own business, or (li) to existing businesses. The crep4tion of training and ernploym¢nt opportunities by the PTOViSiOll of workspace, buildings and IOT land for use on fHvDurable terms. Develop the capacity and skklls of the members Df the Socially and economically disadvantaged conllnunities within the area of benefit in su¢h a way that they are better able to identify, and help meet their needs and to participate moTe fully in society, The directors confirn] tbat they have had due Tegard for the guidance produced on Public Benefit by the Charity Conllnission for Northern Ireland. ACHIEVEMENTS AND PERFORMANC During this fmancial year Glenwood EnteriseS Ltd celebrated 38 years of operation. The ll1 arev4S of charitable activity aTe to provide industrial workspace for use on favourable terms. and the provision of fmancial, te¢}l¢al and business as8iStaDce for individua15 from the socially and economically deprived MmunitieS of West Belfast. who are considering setting up their business, or are in an existing business. Page 2
GLEIYWOOD ENTERPIUSES LIMITED REPORT OF THE DIRECTORS (Continued) FOR 'I'HE YEAR ENDED 31 MARCH 2023 Workspace The work5pa¢e units provided are located &t Glenwood Business Centre, Springbank Industrial Estate, Poleglass. within the Colin Neighbourhood area of West Belfast. This area is recognised by the Departjnent of SoGial Development as being within the top l O % of areas of deprivation in Nortbern Irelanl measured against multiple indicators of deprivation. Northern PToperties, a local letting agency, continue their role as letting agents and facilities rllanagernent. This ¢ontinues to work well. In the year the aver&ge tsThant occupancy sat at 940/0 Wlth a totsl number of 42 small busine8ses occupying the workspace by the end of this peTiOd. New Build - Phase 5 and Phase 6 Of the I l Units in the Phases only three remained unsold at the end of the period. REVIEW OF BUSINESS DuTing the year to 31 March 2023, the company incurred a deficit on its fmancial activities of £384 (2022.. £51,684). In¢oming resources of £238,460 showed an increase Df £26,990 when compaTed with 2022, with the main contnl)uting factor to the increase in income relating to increased tenancy levels during the year. The provision of industrial workspace on favour&ble tems. and Telated recbarges, remained the sole business activity during the year. The fjjll results for the year and financial position of the charitable company aT¢ as shown in the financiRI 8tstemerLts. TAX STATUS The company is limited by guarantee and has been reCOlsed as a charity for tax purposes by HM Revenue & Customs from 14 September 2004. RESERVES POLICY Glenwood Enteryrises Limited has examined the chaTity's requirements for reserves in light of the main risks to the organi5ation. It has established a policy wheKby the unrestricted fimds not ¢ommitted or invested in tangible fixed assets held by the charity should be approximately twelve montbs unrestricted charitable expendIre, The unrestricted reserves at 31 Marcb 2023 were £1,312,289, The unrestricted reserves are in excess of the target figure of £238,844. It has been deemed prudent for the Charity to hold a bigher level of reserves to ensure it is in a position to continue to provide public benefit going forward. As noted in further detsil below, in the future the directOTS may look into Possible ways to distribute excess funds to other charitable organisations Withm the Colin area. PLANS FOR FtTfuRE PERIODS The ¢ornpany makes charitable fllHncial donation8 to community groups, within the Colin area, particularly suicide awarcnc5.4lprevention organisations. This has beGome more Tealiytic as we are now in receipt of proceeds from the Sale of Units in Phe8 5&6 in recent years. Education and more specifically suicide and self-harni awareness has been and will continue to be the company's main Charitable fo¢us. The company will always accept applications for donations and a55ess them as a Board on their own tnerit. P&ge 3
GLEIWIOOD ENTERPRISES LIMITED REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31 MARCH 2023 DIRECTORS AND TIIEIR INTERESTS The directors shown below have held office during the whole period from l April 2022 to the date of this report - MT P Shevlin MT J Bailie Mr G Cullen Page 4
GLENWOOD ENTERPRISES LIMITED REPORT OF THE DIRICTORS {Continued) FOR THE YEAR ENDED 31 MARCH 2023 STATEMENT OF DIRECTORS, RESPONsIBILIEs The dire¢tOTs are responsible for PTeparing the Annual Report and the fmancial statements in accordance with applicable law and regulations. Company law require5 the directors to PTepare rjnancial ststements for ea¢h fanCIal ye&T. Under that law the directors have elected to prepare the financial statetnents in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are requiTed by law to give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparimg those f]nancial statements, the directors are required to select suitable &ccounting policies and then apply them consistently. make judgernents and estimates that are reasonable &lld pnent. PTepare the financial Statements on the going con¢¢m basis unless it 18 inappropriate to presum¢ tbat the company 11 continue in busines8. The directors are r¢sponsible for keeping proper accounting records whicb disclose with Teasonable accuracy at any time the rmancial position of the company and to enable them to ensure that tbe financial statements comply with the Companies Act 2006. They are alBo responsible for safeguarding the assets of the company and hence for taking reasonable steps for the Prevention and d¢tection of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF tNFORMATION TO AUDITORS So tar thc directors are aware, there is no relevant audit infornation (as dered by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and cach director has takcn all the steps that he ougbt to have taken as a director in order to make himself aware of any relevant audit infonnation and to establish that the cornpany's auditors are aware of that infornlation. AUDITORS The auditors, Baker Tilly Mooney Moore, will be proposed for re-appointment at the forthcoming Annual General Meeting. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 T¢lating to Small Companies, ON BEHALF OF THE BOARD: Garycull (Dec 21, 2023 11-.22 GMT} Mr G Cullen - Director Date Page 5
REPORT OF THE INDEPENDENT AUDITORS TO TItE IEmBERs OF GLENWOOD ENTERPRISES LIMtTED Opinion We have audited the fin8m¢i statetnents of Glenwood Ellteryrises Lirnited (the 'cornpany') for the yeaT ended 31 March 2023 which comprise the Stste¢nt of Financial A¢tivities, Balance Sheet, Statement of Changes ill Equity and Notes ttTr the Financial Statements, including a sununary of significant a¢¢oullting poliGies. The finallcial reporting framework that has been applied in their prepation is applicable law aud United Killgdon] Accounting Standards, including Financi&l Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of ITeland' (United Kjngdom Generally Accepted Accounting Practice). In our opinion the financial ststements.. give a kne and fair view of the state of the company's affairs as at 31 March 2023 and of its deficit for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Cornpanies Act 2006, Basls for opfiDSon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those StanddS are firther described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirernents that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical re8pon8ibilities in accordance with these requirements. We believe that the audit evidLnce we hFgVL ()btaincd 1.% sufficicnt &U]d iappropriatc to prnvidc a b£LSi8 for our opinion. Conclusions relaling lo going concern We bavc nothing to report in respeLt of the following matters in relation to which the ISAS (UK) require )Js to report to you wheie,, the directors, use of the going concern basis of a¢Gounting in the preparation of the financial statements is not appropiiate. or the dilectors have not disclos¢d in the financial staternents any identified rnaterial uncertainties that rnay cast significant doubt about the company's ability to continue to adopt the going concern basis of accouThtiThg for a period of at least twelve months from the date when the financial statements are authorised for issue. Other Inform8llon The other information comprises the inforniatiott included in the annu&l report, including the tThstees' report, otheT than the financial ststements and our auditor's report thereon. The directors are responsible foT the other information. The other infornjation comprises the inforniation in the Report of the Directors, but does not include the financial 5tatemeftts and our Report of the Auditors thereon. Our opinion on the fillclaI ststements does not cover the other information and we do not express any forni of assurance conclusion thereon. In connection with our audit of the finuncial statements, our responsibility is to read the other information an¢ in doing so, consider whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtsined in the audit or otherwise appears to be mateiially misstatgd. If, based on the work we have perforned, we conclude that there is a material rnisstatement of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Opinion on other mrdtters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the inforn]ation given in tbe Report of the Directors for the fmancial year for wbich the frLan¢ip41 ststements are prepared is consistent with the fll]ancial statements. and the Report of the Directors b&s been prepared in ac¢ord&n¢e with applicable legal requirements. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE 1mBERs OF GLKNWOOD ENTERPRISES LIMITED (Continued) Matters which Ive are requlred to report by exception Tn the light of the l(nowledge and understsnding of the company and its environment obtained in the course of the audiL we have not identified material misstatements in the Report Df the Directors. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in Dur opiiiion.. adequate accounting records have not been kept, or returns adequate for our audit have not been Teceived frDm branches not visited by us. or the fmancial st&ternents are not in agreement with the accounting records and returns. or certain disclosures of directors, remuneration specified by law are not made. or we have not received all the infornjation and explanations we require for our audit. or the dire¢tors were not entitled to prepare the financial statenients in a¢¢ordancc with the small companies regime and take advaTJtage of the small companies, exemption from the requirement to prepare a Strategic Report or in prepaying the Report of the Directors. Responslbllldes of dlrectors As explained more fully in the Statement of Directors, Responsibilities Set out on page five, the directors are responsible for the preparation of the financial statements and for being salisfied that they give a trne and fair view, and for such internal control as the dllectors determine necessary to enable the preparation of finanGial statements that are free from materiaI misstatement, whether due to fraud or error. In preparing tbe financi&l statements. the directors are respoThsible for assessing the company's ability to continue as a going concern, disclosinE. as applicable, matters related to going concern and using the going concern basis of accountin£ unless tbe directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Audltors, responslbfilltffies for the alldit or tbe financjal statements Our objectives are to obtain reasonable assurance about whetber the financial statements as a whole aTe free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assuraThce is a higb level of assurance, but is not a guaraThicc that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or eor and are considered material 1£ individually or in the aggregate, tbey could Teasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. IegUlarlties. including fraud, are instance5 of non-compliance with law$ and regulations. We design procedures in line with our responsibilities, outlined above, to detect Material misstatements in respect of irregularities, including fraud. The extent to which our procedwes are capable of detecting legULarltie$, including fraud is detailed below: We considered the opportunities and incentives that rnay exist within the organi5ation for fraud and identified the greatest potential for fraud in relation to revenue Tecognition. In common with all audits under ISAS (UK), we are also required to perfonn specific procedures to Tespond to the risk of management override. We also obtained all understanding of the legal and regulatory frameworks that the Company operates in, fo¢using on provisions of those law5 and regulations that had a direct effect on the determination of rnateiial aTrouThts and disclosures in the financial statements. The key laws and regulations we Considered in this context in¢luded the UK Conpanies Act, CbaTity law and local tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the fmancial statement5 but ¢ompli&nce with which lly be fundamental to the Companys ability to operate OT to avoid a mafrrial penalty. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE METrtBERS OF GLENWOOD ENTERPRISES LIMITED (Colltinued) Audltors, re5ponslbllilfies for the audlt of the financlal statements - eontfinued Our procedures to respond to risks identified included the following.. reviewing the fmancial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect Dn the financial statements. - enquiring of management and external legal counsel concerning actual and potential litlBatiDn and claims. perforniing analytt'cal PTocedures to identify any unusual OT unexpected relationships that may indicate risks of material misst84tement due to fraud,. - reading minutes of meetings of those charged with governance: - obtained on understanding of provisions and held discussions with rndnagement to understand the basis of Tecognition or non-recogtjition of tax provisions. end - in addressing the risk of fraud through managernent override of eontrols, testing the appropriateness of journal entrie8 and oih¢T adjustmcnts. asscb¥ing whcther thc judgcmcnts made in n]aking accounting e%tt'Tnate.8 are indicative of a potential bias" and evaluating the business Tationale of any significant trsactionS that are unusual or outside the normal course of business, We also comrnuni¢ated relevant identified laws and regulations and potential fraud risks to all engagernent team members and remained alert to any indications of fraud or non¢omplian¢e with laws and regulations throughout the audit. Because of the ittherent limitations of an audit, there is a risk that we will not detect alI irregularities, including those eading to & material misstatement in the financial statements or non-compliance with regulation. This risk in¢r¢ases the more that compliance with a law or regulation is removed from the events and transactions reflecled in the finarA¢ial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregulltIeS occuning due to fraud rather than error, as fraud involves intentional CODcealment, forgery, collusion, omission or misrepresentotion. A further description of our responsibilities for the audit of the fmancial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. Tl]is description fornis part of our Report of the Auditors. Use ofour report This report is made solely to the company's Members, as a body, in &ccordance witb Chapter 3 of Part 16 of the Companies Act 2006. Our audit work hp4S been undertthken so that we might state to the company's members those mattery we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent perniitted by law, we do not accept or assurne responsibility to anyone other than the Gompany and the company's rnember5 as a body* for our audit work. for this report, or for the opinions we have fornied. Eimear Brown (Senior statOry Auditor) for and on behalf of Baker Tilly Mooney Moore Statutory Auditors 17 Clarendon Road Clarendon Dock Belfast Co. AntTim BTI 3BG Date: .. Page 8
GLEIYWOOD ENTERPRtSES LIMITED STA TFMFNT OF FINANCLIL ACTtVlTIES ONCLUDING INCO11 AND EXTrENDlTURI ACCOUNTS) FOR THE YEAR ENDED 31 NL4RCH 2023 Unrestricted Restrlcted 2023 Total 2022 Total Notes Ineome from: ChaTitable activities 238,460 238,460 211,470 Total Income 238,460 238 460 211470 Expendlture on: Governance and support 67,873 67,873 81,952 Charitabl¢ Activities 170,971 170,971 181,202 Totil Expenditure 238,844 263,154 Net deficlt (384) (384) (51,684) Transfer between funds 13 Net movement In funds (384) (384) (51,684) Balances brought forward l Aprll 1,312,673 1,528,321 2,840,994 2,892,678 BAlaDte$ ¢arried forward 31 March 1312 289 1528 321 2 840 610 2,840,994 Page 9
GLENWOOD ENTERPRISES LIMITED (RKGISTERED Nu1BER. N1018278) BALANCE SHEET 31 IVIARCH 2023 313.23 31.3.22 Notes FIXED ASSETS Tgible assets CURRENT ASSETS Debtors C&8h at bank and in hand 2,483,391 2,486,208 22,557 350 785 8,785 400,368 373,342 409,153 CREDITORS Amounts falling due within one year NET CURRINT ASSETS 357 219 354 786 TOTAL ASSETS LESS CURRENT LIABILITIES 2,840,610 2,840,994 NET ASSETS 2 840 610 2 840 994 FUNDS: Restricted FurAd5 Unrestricted Funds 12 12 1,528,321 1,312.289 1,528,32 I 1312673 Total cbsrlty funds 2 840 610 2 840 994 The financial statements have been prepared in Accordance with the provisions of Part I S of the Companies Act 2006 relating to small ¢ompanie5. 20112123 The financial statements were authorised for issue by the Board of Directors on signed on its behalf by.. . and were Ckille Gary Cull (Dec 21, 2023 11-22 GMT) Mr G Cullen - Director Page 10
GLEI¥WOOD ENTERPRISES LIMITED STATEMENT OF CIiANCES IN FUNDS AS AT 31 MARCH 2023 Restricted funds Unrestrlcted funds Total thnds Balance at l April 2021 1,588,321 1,304,357 2,892,678 Deficit from financial activities (51,684) (51,684) Transfers between fijnds (60,000) 60,000 Balance at 31 March 2022 1,528,321 1,3 12,673 2,840,994 Deficit from fmancial activities (384) (384) Balance at 31 March 2023 1528 321 1312 289 2 840 610 Pag¢ 11
GLENWOOD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENIS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Basi5 of preparing the financial statements The financial stalemepAts of this public benefit entity have been prepared in accordance with the Accounting aTAd Reporting by Charities,. Statement of Recollllnended Practice applicable to charities preparing their accounts in accordance with the FinarLcial Reporting StandaTd applicable in the UK and the Republic of Ireland (FRS 102) (ChaTities SORP (FRS 102) - 2019), the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and the Cotnpanies Act 2006. Ffinancial reporting standard 102 - reduced dfisclosure exemption5 The comparly has taken advantage of the following disclosuTr exemption in preparing these fin&ncial stAtement8, as perniitted by FRS 102 The Financial RepDrting stdard applicable in the UK and Republic of ITeland the requirements of Section 7 Statement of Cash Flows, Company Staths The charity is a company limited by guarantee, The members of the company are the trustees named on page l. Incoming resources Income compriqes of amounts received and receivable during the year, excluding value added tax. Trading inLI)me anycs from rental income let of units oll the industrial park, and otber office charges that aris¢ from housing these units. All incoming resources havc been included in the Statement of Financial Activities and have been recognised when there is entitlcment to thc income, certainty of receipt and it can be measured reliably. Eipendfiture All expendittjre is accounted for OD an accru81s basis and has been classified under headings that aggregate all costs related to the category. Costs of raising fidS are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiarie8, It includes both Costs that can be allocated directly to sucb activitie5 and those costs of an indirect nature necessary to support thern. Togetlier with the costs associated with the governance arrangements of the charity and are primarily associated with constitutional and statutory requirements. All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resouT¢e. Cost5 relating to a particular activity are allocated directly) others are apportioned on an appropriate basis c.g. floor areas or per ¢apita, staff costs by the time spent and other costs by their estimated usage. Tangfible fixed assets Depreciation is provided at the following annual ratss in Order to write off each asset over it5 estimated use1 life. Freehold propety Fixtures and fittings Computer equipment not provided 15V/o on reducing balance 33V/o on reducing balance Page 12
GLENWOOD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTtNG POLICIES - continued Impairment Asset5 not measured ai faiT value are reviewed for any indication that th¢ a8set nY be impaired at each balance sheet date. If such indication exists, the recoverable aTnount of th¢ asset Is estimated and cornpared to the catryiThg amount. Where the carrying amount exceeds its recoverable amount, an impairnient loss is Tecognised in PTofit OT108s unless the asset is cazTied at a Tevalued amount where the impairment loss is a Tevaluation decrease. Where zero depreciation of freehold building5 is approprlate FTeehold buildings are depreciated to WTite down the cost less estirnated Tesidual value over their remaining usefijl life by equal annual instalrn¢nts. Where buildings aTe maintained to such a standard that their residu value is not less than their cost or valuation, no depreciation is chaTged. TaTat5on There is no liability to taxatioll due to the clwitable status. FuTrd attounting The company has various types of funds for which it is responsible and which require separate disclosure. These are as follows.. (fi) Restrleted Funds Business Development income received is designated by the fimding body for specific purposes. Such purposes are within the overall aim of the organisation. Unrestrlcted Funds Funds which are expendable at the discretion of the company in fiutherance of the objects of the charity. {Ai) Penslon cosls and olher post-retirement beneflts The Company operates a defined contribution pension scheme. Contributions payable to tbe company's pension scheme are charged to profit or loss in the period to which they relate. FAnancial Instruments The charitable company only has financial assets and financial Ixabilities of a kind that qualify as basic fmancial instruments. These are InitilY recognised at transaction value and subsequently measured at their settlement value. Bank 2nd C25h Cash and cash equivalents COrnPTise cash at bank, short-tern] deposit accoumts and cash in hand. Debt()rs Tradc dcbtDr.i are recogniqed at the qettlement amnunt due after any tTade diseollnt offered. Other debtors include prcpayments which are valued at the amount prepaid net of any trade discounts due. Page 13
GLENWOOD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 ACCOtrNTING POLICIES - ¢ontinued Creditors Creditors are Tecognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of fid8 to a thiTd paty and the amount due to settle the Dbligation can be measured or es1imated Teliably. Creditor8 are noTmally recognised at their settlement arnoLt after allowing for my trade discounts due. Golng concern The accounts have been PTepared on a goLDg concern b15. The statement of financial activity showB the company incutted a deficit this yeaT of £384 (2022.. £51,684}, However, the company continues to rneet its liabilities as they fall due and has strong cash and reserves balances. Having assessed the faotoiq above, the diTectDrs are confident that for at least a period of 12 months from date of sign off of the financial statements, the charity is a viable going concern. SlgTrifieant JdgementS and estlmates The judgements. including those involving estimates, that have been made in the process of applying the above accounting policies that have the most significant effect on the amounts recognised in the financial statements and that have a si8nificallt risk of causing a mateTial adjuslment to the carying amounts of assets and liabilities within the Thcxt financial year.. (i) Depreciation methods used and asset usefvl lives (li) Valuation of property (iiil Impainnent of assets The estimates and assumptions are reviewed on an ongoing basis consid]ng the current and future market conditions. INCOMING RESOURCES Unrestricted Funds Restrlcted Funds Total Funds Total Funds 2023 2022 Chgrltable actlvltles: Rent and seTvice charges Water rates 199,345 39,115 238,460 199,345 189,566 21,904 211,470 238,460 Investment Income; Bank interest Total income 238,460 238 460 211,470 Page 14
GLENWOOD ENTKRPIUSES LIMITED NOTES TO THE FJJ+lANCIAL STATEMFNTS - eontlnued FOR THE ITAR EIYDED 31 MARCH 2023 REsoifRCES EXPENSED - UNRESTRICTED FUM)S Governance And support CharltAble 2CtlvltlÈs Total Total 2023 2022 Subscriptions Rates and water 558 8,386 2,678 3,590 38,377 927 23,417 6,249 8,377 2,450 2,163 31,803 8,927 11,967 23,585 Insurance 7,516 4,730 Heat & Light Wages, Salaries and Pension Telephone Postage and Stationery Advertising Travellxng Repairs and Renewals Service Charge Cleaning Sundry Expenses Bad Debt Provision 40,827 36,854 3,090 2,533 310 105 195 300 444 23 23 68,062 25,533 3,243 68,062 106,026 22,789 3,500 25,533 4,633 2,944 lJ90 2944 3,803 841 Legal and professional fees Auditors, Remuneration 810 810 2,360 4,750 4,750 3,893 4,750 3,893 Auditors, Remuneration - non audit services 5,812 Donations 28,179 286 28,179 286 10,736 Bank Charges Depreciation VAT Surcharges Computer Expense8 237 2,817 2,817 3,324 6,318 16,128 67,873 170,971 238,844 263,154 Page 15
CLENWOOD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 OPERATINC DEFICIT The operating deficit 15 5tsted after charging: 2023 2022 Depreciation of fixed assets Audit fees 2,817 4,750 3,893 3,324 4,750 5.812 Auditors remuneration- non audit services Pension costs 994 750 Page 16
GLENWOOD ENTERPRISES LIMITED NOTES TO THE FINAIYCIAL STATElrENTs - continued FOR THE YEAR ENDED 31 1CH 2023 INFORMATION ON DIRECTORS AND EM?LOYEES 2023 2022 Staff eosts Wages and Salarie5 Social security costs Other pension ¢ost5 36.688 33.874 3,145 994 2,230 750 40,827 36,854 The average number of employees during the year was 2 (2022; 2), KEY MANAGEmEr PERSOIYNEL COMPENSATION Compensation paid to key management personnel in th¢ year to 31 Marcb 2023 was £34,045 (2022: £27,980). PENSION SCHEME The company opcrates a defined contribution pension scherne. The assets of the scheme are beld separately from those of the company in an indcpendcntly administered fund. Contributions payable for the year are charged in the profit and loss account. Page 17
GLENWOOD ENTERPRISES LIIVllTED NOTES TO THE FINANCIAL sTATElENTs - continued FOR THE YEAR ENDED 31 MARCH 2023 TANGIBLE FIXED ASSETS Freehold Property Fixtures & Flttfings Computer equipment Totals Cost At l April 2022 Additions 2,730,634 263,559 2,168 2,996,361 Disposals At 31 March 2023 2,730,634 263,559 2,168 2,996,361 Depreclation: At l April 2022 Charge for period At 31 March 2023 245,734 2,674 1,453 143 247,187 2,817 248,408 1.596 250,004 Impgirment: At l April 2022 Disposals At 31 March 2023 262,966 262,966 262,966 262,966 NET BOOK VALUE At 31 March 2023 2,467,668 15,151 572 2,483,391 At 3 Imarch 2022 2,467,668 17,825 715 2,486,208 DEBTORS 2023 2022 Trade debtors Other debtois 21J80 1,177 7.516 1,269 22,557 8,785 Page 18
GLENWOOD ENTERPRISES LIMITED NOTES TO THE FIANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 CREDITORS: amounts falling due witbin one year 2023 2022 Trade Grethtors Taxation and social security Accruals 2,230 5,978 7,915 3,230 41,122 10,015 16,123 54,367 io. RELATED PARTY DISCLOSURES During tbe year, Garry Cullen, a director of the cornpany received remuneration of £34,045 (2022.. £27,980), Remuneration p&id in respect of services provided beyond the role as Trustee. Garry Cullen, a director of the company duriThg the fancial year, is also a director of a previous teThaTht, Whole8chool Software Ltd, The tenancy ended in September 2021. Rentsl charge8 to Wholescbool Software Ltd duting tbe Ye were £nil (2022.. £2,547), At the year end the balance owed from Wholeschool Software Ltd in ielation to rent was £nil (2022: £834). Whole$¢hool Software Ltd charged the company £nil (2022: £16,128) in respect of computer costs. No expenses were paid in respect of any director during the year (2022., £nil). Page 19
GLENWOOD ENTKRPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCB 2023 ii. INCOME AND EXPENDITURE SUMMARY 2023 2022 Cross Income 238,460 211.470 Resources Expenditure Charilable activities Governance and support costs 170,971 67,873 238,844 181,202 81.952 263,154 Deficlt for the year (384) (51,684) The above reflects the Income and Expenditure account as required by the Companies Act 2006 as opposed to that required under the Staternent of Recommended Practice as detailed on page 9. Totsl income ¢ompri5es £nil for restricted fLmds and £238,460 for unrestricted nds. A detailed analysis of income ig provided in note 2. The Incon]e and Expenditure Summary is derived from the Statement of Financial Activities on page 9 which together with the notes to the accounts on pa8eB 12 - 21 provid¢s full infonnation on the movements during the year on all fjjnds of the charity. 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS TaTrgfible Assets Net Current Assets Current Llabllltle5 At31 At31 March 2023 March 2022 Restricted funds: 1,528,321 1,528,321 1,528,321 Unrestricted fidS.. 955,070 373,342 (16,123) 1,312,289 1,312,673 Total funds: 2 483 391 373,342 16,123 2 840,610 2,840,994 Page 20
GLEIYWOOD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 13. TRANSFER BETWEEN FUNDS There were no transfer between restricted and unrestricted fid5 in the cU¢t year. 14. COMPANY LIMITED BY GUARANTEE Glenwood Enterprises Limited is a Company litnited by guarantee and accordingly does not have a 8haTe ¢apitsl. Every member Df the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable ¢ompany in the event of its being wound up while he or she is a membeT or within one year after he or she ceases to be a member, Page 21