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 B￿8]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 co￿panY 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 Cll￿ent 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 Ente￿riseS Ltd celebrated 38 years of operation. The ll￿1￿ 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 reCO￿lsed 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 expendI￿re,
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 Ph￿e8 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, RESPONsIBIL￿IEs
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 f￿anCIal 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 pn￿ent.
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 der￿ed 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 I￿EmBERs 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 prep￿ation 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 Stand￿dS 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 fill￿claI 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 1￿mBERs 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 e￿or 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.
I￿egUlarlties. 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 l￿egULarltie$, 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 ll￿y 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 tr￿sactionS 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
irregul￿ltIeS 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 sta￿tOry 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 Nu1￿BER. N1018278)
BALANCE SHEET
31 IVIARCH 2023
313.23
31.3.22
Notes
FIXED ASSETS
T￿gible 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 st￿dard 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 fi￿dS 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 use￿1
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 n￿Y 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 Initi￿lY 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 fi￿d8 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 arnoL￿t after allowing for my trade
discounts due.
Golng concern
The accounts have been PTepared on a goLDg concern b￿15. 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 J￿dgementS 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 STATEl￿rENTs - continued
FOR THE YEAR ENDED 31 1￿CH 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 MANAGEmE￿r 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 sTATEl￿ENTs - 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 FI￿ANCIAL 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 f￿ancial 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 fi￿dS..
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 fi￿d5 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