2024-03-31-accounts

GLENWOOD ENTERPRISES LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

REGISTERED NUMBER: NI018278

CHARITY COMMISSION for NORTHERN IRELAND REGISTRATION NUMBER: 104583

GLENWOOD ENTERPRISES LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

	Page
Legal and Administrative Information	1
Report of the Directors	2 to 5
Report of the Independent Auditors	6 to 8
Statement of Financial Activities	9
Balance Sheet	10
Statement of Changes in Funds	11
Notes to the Financial Statements	12 to 19

GLENWOOD ENTERPRISES LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2024

DIRECTORS: Mr P Shevlin Mr J Bailie Mr G Cullen SECRETARY: Mr P Shevlin REGISTERED OFFICE: Glenwood Business Centre 57-60 Springbank Place Dunmurry Belfast BT17 0YU REGISTRAR OF COMPANIES NUMBER: NI018278 CHARITY COMMISSION NORTHERN IRELAND NUMBER: 104583 AUDITORS: Baker Tilly Mooney Moore Chartered Certified Accountants Statutory Auditors 17 Clarendon Road Clarendon Dock Belfast BT1 3BG SOLICITORS: Napiers & Sons Solicitors 1-9 Castle Arcade High Street Belfast BT1 5DF BANKERS: Ulster Bank Unit G, Westwood Centre Kennedy Way Belfast BT11 9BQ Bank of Ireland 202 Andersonstown Road Belfast BT11 9EB

Page 1

GLENWOOD ENTERPRISES LIMITED

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Glenwood Enterprises Limited is a registered charity (CCNI No. 104583) and a company limited by guarantee (NI018278). Following acceptance by the Charity Commission for Northern Ireland on 9[th] February 2016 Glenwood Enterprises Limited was placed on the Northern Ireland Charity register.

The registered office of the company is at 57-60 Springbank Place, Dunmurry, Belfast, BT17 0YU.

The directors of the company are its trustees for the purpose of charity law and throughout this report are collectively referred to as the directors. The present directors and any past directors who served during the year are given on page 4. The external advisors are set out on page 1.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Glenwood Enterprises Limited is governed by its Memorandum and Articles of Association adopted on 20 March 1985, as amended 14 September 2004 and further amended on 23 June 2021 to reflect current governance arrangements. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

The Board is responsible for the overall governance of the company. Directors are elected or co-opted and the total number of directors shall not be subject to any maximum but shall not be less than three.

The Manager, Garry Cullen, who is also a director is responsible for the day-to-day management of the company’s affairs 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 promotion for the public benefit of urban regeneration in West Belfast being an area of social and economic deprivation, by all or any of the following means:

• The relief of poverty in such ways as may be thought fit;

• The relief of unemployment in such ways as may be thought fit, including assistance to find employment;

• The advancement of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experience;

• The provision of financial assistance, technical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or other charitable need through help; (i) in setting up their own business, or (ii) to existing businesses;

• The creation of training and employment opportunities by the provision of workspace, buildings and /or land for use on favourable terms;

• Develop the capacity and skills of the members of the socially and economically disadvantaged communities within the area of benefit in such a way that they are better able to identify, and help meet their needs and to participate more fully in society.

The directors confirm that they have had due regard for the guidance produced on Public Benefit by the Charity Commission for Northern Ireland.

Page 2

GLENWOOD ENTERPRISES LIMITED

REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31 MARCH 2024

ACHIEVEMENTS AND PERFORMANCE

During this financial year Glenwood Enterprises Ltd celebrated 38 years of operation.

The charity's primary aim is to promote urban regeneration in West Belfast, addressing social and economic deprivation through various means. These include alleviating poverty, reducing unemployment, advancing education. It also seeks to offer financial, technical, and business support to help individuals set up or sustain businesses, by offering workspace and resources on favourable terms, and empower disadvantaged communities to identify and address their needs, enhancing their ability to engage in society.

Core Activities

1. Economic Activity & Reduction of Unemployment

Glenwood Enterprises provides workspace at Glenwood Business Centre in the Colin Neighbourhood area of West Belfast, recognised as an area of deprivation.

• Average occupancy reached 94%, with 42 small businesses occupying units by year-end.

• Letting and facilities management, overseen by Northern Property, continue to run efficiently.

2. Relief of Poverty

Key contributions during the year included:

• £300 monthly sponsorship of three shelves at the Social Supermarket at Footprints Women’s Centre.

• Workspace provided to the local Men’s Shed and the social economy business Envirocare.

• A £1,500 donation of Christmas meat-parcel vouchers to Colin Neighbourhood Partnership.

3. Advancing Education

• Supported the upkeep of a therapy dog at Holy Evangelists Primary School in Twinbrook.

4. Addressing Needs of Disadvantaged Communities

• In the year the Board agreed to increase donations to West Wellbeing to £2000 pm to the Children’s Art Therapy Program and £2000 pm to the Outreach and Befriending service.

REVIEW OF BUSINESS

For the year ending 31 March 2024:

• The company incurred a deficit of £30,985 (2023: £384).

• Incoming resources increased to £284,326, mainly due to higher tenancy levels.

• The sole business activity remains the provision of industrial workspace on favourable terms.

Over the past five years, significant investments were made to address property dilapidations, ensuring compliance and maintaining high occupancy levels.

The full results for the year and financial position of the charitable company are as shown in the financial statements.

TAX STATUS

The company is limited by guarantee and has been recognised as a charity for tax purposes by HM Revenue & Customs from 14 September 2004.

Page 3

GLENWOOD ENTERPRISES LIMITED

REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31 MARCH 2024

RESERVES POLICY

Glenwood Enterprises has a reserves policy to maintain unrestricted funds equivalent to 12 months of charitable expenditure.

• As of 31 March 2024, unrestricted reserves stood at £1,281,304, significantly exceeding the target of £238,844.

• The charity plans to retain higher reserves to ensure ongoing public benefit while exploring ways to distribute excess funds to other charitable organizations in the Colin area.

The charity remains committed to supporting suicide awareness/prevention and education initiatives, with all donation applications assessed individually by the Board.

PLANS FOR FUTURE PERIODS

1. Economic Activity & Reduction of Unemployment

• Continue offering affordable workspace and resources to tenants.

2. Relief of Poverty

• Maintain existing initiatives and increase funding for local food banks

• Continue providing workspace for the Men’s Shed and Envirocare

• Sustain the £1,500 Christmas voucher donations for Colin Neighbourhood Partnership

3. Advancing Education

• Collaborate with local schools to support educational initiatives, including breakfast and after-school clubs.

4. Addressing Needs of Disadvantaged Communities

• Continue funding West Wellbeing and part-fund counselling services for its addictions program.

DIRECTORS AND THEIR INTERESTS

The directors shown below have held office during the whole period from 1 April 2023 to the date of this report - Mr P Shevlin

Mr J Bailie

Mr G Cullen

Page 4

GLENWOOD ENTERPRISES LIMITED

REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required 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 preparing those financial statements, the directors are required to

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company’s auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

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 relating to small companies.

ON BEHALF OF THE BOARD:

Garry Cullen

Garry Cullen (Dec 10, 2024 13:12 GMT)

........................................................

Mr G Cullen - Director

Date …………………………….. 12/10/2024

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GLENWOOD ENTERPRISES LIMITED

Opinion

We have audited the financial statements of Glenwood Enterprises Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Changes in Funds and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

• In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2024 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 Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further 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 requirements 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 responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Report of the Directors has been prepared in accordance with applicable legal requirements.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GLENWOOD ENTERPRISES LIMITED (Continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of 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 our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements 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 information and explanations we require for our audit; or

• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

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 satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws 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 procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Charity law and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GLENWOOD ENTERPRISES LIMITED (Continued)

Auditors' responsibilities for the audit of the financial statements - continued

Our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• enquiring of management and external legal counsel concerning actual and potential litigation and claims;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

• reading minutes of meetings of those charged with governance;

• obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Eimear Brown

Eimear Brown (Dec 11, 2024 11:12 GMT)

Eimear Brown (Senior Statutory Auditor) for and on behalf of Baker Tilly Mooney Moore Statutory Auditors 17 Clarendon Road Clarendon Dock Belfast Co. Antrim BT1 3BG

12/11/2024 Date: .............................................

Page 8

GLENWOOD ENTERPRISES LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNTS) FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted Notes £ Income from: Charitable activities 2 284,326 Total Income 284,326 Expenditure on: Governance and support 3 74,865 Charitable Activities 3 240,446 Total Expenditure 315,311 Net deficit (30,985) Transfer between funds 13 - Net movement in funds (30,985) Balances brought forward 1 April 1,312,289 Balances carried forward 31 March 1,281,304	Restricted - - - - - - - - 1,528,321 1,528,321		2024 Total £ 284,326 284,326 74,865 240,446 315,311 (30,985) - (30,985) 2,840,610 2,809,625	2023 Total £ 238,460 238,460 67,873 170,971 238,844 (384) - (384) 2,840,994 2,840,610	2023 Total £ 238,460 238,460 67,873 170,971 238,844 (384) - (384) 2,840,994 2,840,610
					238,844
					(384) - (384) 2,840,994 2,840,610

Page 9

GLENWOOD ENTERPRISES LIMITED (REGISTERED NUMBER: NI018278)

BALANCE SHEET 31 MARCH 2024

Notes FIXED ASSETS Tangible assets 7 CURRENT ASSETS Debtors 8 Cash at bank and in hand CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS: Restricted Funds 12 Unrestricted Funds 12 Total charity funds	31.3.24 £ £ 2,481,004 56,285 291,263 347,548 18,927 328,621 2,809,625 2,809,625 1,528,321 1,281,304 2,809,625	31.3.23 £ £ 2,483,391 22,557 350,785 373,342 16,123 357,219 2,840,610 2,840,610 1,528,321 1,312,289 2,840,610

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

12/10/2024

The financial statements were authorised for issue by the Board of Directors on ............................................. and were signed on its behalf by:

Garry Cullen Garry Cullen (Dec 10, 2024 13:12 GMT) ........................................................................ Mr G Cullen - Director

Page 10

GLENWOOD ENTERPRISES LIMITED

STATEMENT OF CHANGES IN FUNDS AS AT 31 MARCH 2024

Balance at 1 April 2022 Deficit from financial activities Balance at 31 March 2023 Deficit from financial activities Balance at 31 March 2024	Restricted funds 1,528,321 - 1,528,321 - 1,528,321	Unrestricted funds 1,312,673 (384) 1,312,289 (30,985) 1,281,304	Total funds 2,840,994 (384)
			2,840,610 (30,985)
			2,809,625

Page 11

GLENWOOD ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of this public benefit entity have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (Charities SORP (FRS 102) - 2019), the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and the Companies Act 2006.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

• the requirements of Section 7 Statement of Cash Flows.

Company Status

The charity is a company limited by guarantee. The members of the company are the trustees named on page 1.

Incoming resources

Income comprises of amounts received and receivable during the year, excluding value added tax. Trading income arises from rental income from let of units on the industrial park, and other office charges that arise from housing these units.

All incoming resources have been included in the Statement of Financial Activities and have been recognised when there is entitlement to the income, certainty of receipt and it can be measured reliably.

Expenditure

• All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

• Costs of raising funds 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 beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Together 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 resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. floor areas or per capita, staff costs by the time spent and other costs by their estimated usage.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - not provided Fixtures and fittings - 15% on reducing balance Computer equipment - 33% on reducing balance

Page 12

GLENWOOD ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES - continued

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Where zero depreciation of freehold buildings is appropriate

Freehold buildings are depreciated to write down the cost less estimated residual value over their remaining useful life by equal annual instalments. Where buildings are maintained to such a standard that their residual value is not less than their cost or valuation, no depreciation is charged.

Taxation

There is no liability to taxation due to the charitable status.

Fund accounting

The company has various types of funds for which it is responsible and which require separate disclosure. These are as follows:

• (i) Restricted Funds

• Business Development income received is designated by the funding body for specific purposes. Such purposes are within the overall aim of the organisation.

• (ii) Unrestricted Funds

• Funds which are expendable at the discretion of the company in furtherance of the objects of the charity.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial Instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. These are initially recognised at transaction value and subsequently measured at their settlement value.

Bank and Cash

Cash and cash equivalents comprise cash at bank, short-term deposit accounts and cash in hand.

Debtors

Trade debtors are recognised at the settlement amount due after any trade discount offered. Other debtors include prepayments which are valued at the amount prepaid net of any trade discounts due.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 13

GLENWOOD ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

1 . ACCOUNTING POLICIES - continued

Going concern

The accounts have been prepared on a going concern basis. The statement of financial activity shows the company incurred a deficit this year of £30,985 (2023: £384). However, the company continues to meet its liabilities as they fall due and has strong cash and reserves balances. Having assessed the factors above, the directors 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.

Significant judgements and estimates

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 significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year:

(i) Depreciation methods used and asset useful lives

• (ii) Valuation of property

(iii) Impairment of assets

The estimates and assumptions are reviewed on an ongoing basis considering the current and future market conditions.

• 2 . INCOMING RESOURCES

Unrestricted Funds £ Charitable activities: Rent and service charges 238,420 Water rates 45,906 284,326 Investment income: Bank interest - Total income 284,326	Restricted Funds £ - - - - -	Total Funds 2024 Total Funds 2023 £ £ 238,420 199,345 45,906 39,115 284,326 238,460 - - 284,326 238,460	Total Funds 2024 Total Funds 2023 £ £ 238,420 199,345 45,906 39,115 284,326 238,460 - - 284,326 238,460
			238,460 -
			238,460

Page 14

GLENWOOD ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

3. RESOURCES EXPENSED - UNRESTRICTED FUNDS

Rates and water Insurance Heat & Light Wages, Salaries and Pension Telephone Advertising Travelling Repairs and Renewals Service Charge Cleaning Bad debt Sundry Expenses Legal and professional fees Auditors’ Remuneration Auditors’ Remuneration – non audit services Donations Bank Charges Depreciation

Governance and support Charitable activities Total Total 2024 2023 £ £ £ £ 9,770 41,806 51,576 31,803 2,977 6,947 9,924 8,927 4,743 11,065 15,808 11,967 38,935 2,485 41,420 40,827 973 2,271 3,244 3,090 1,468 2,727 4,195 300 26 - 26 23 - 82,767 82,767 68,062 - 38,826 38,826 25,533 1,244 2,902 4,146 4,633 3,132 - 3,132 - 3,250 - 3,250 2,944 127 - 127 810 4,750 - 4,750 4,750 3,470 - 3,470 3,893 - 45,980 45,980 28,179 - 283 283 286 - 2,387 2,387 2,817

74,865 240,446 315,311 238,844

Page 15

GLENWOOD ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

4. OPERATING DEFICIT

The operating deficit is stated after charging: Depreciation of fixed assets Audit fees Auditors remuneration – non audit services Pension costs INFORMATION ON DIRECTORS AND EMPLOYEES Staff costs Wages and Salaries Social security costs Other pension costs	2024 £ 2,387 4,750 3,470 1,013 2024 £ 37,398 3,009 1,013 41,420	2023 £ 2,817 4,750 3,893 994 2023 £ 36,688 3,145 994 40,827

5. INFORMATION ON DIRECTORS AND EMPLOYEES

The average number of employees during the year was 2 (2023: 2).

KEY MANAGEMENT PERSONNEL COMPENSATION

Compensation paid to key management personnel in the year to 31 March 2024 was £33,784 (2023: £34,045).

6. PENSION SCHEME

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account.

Page 16

GLENWOOD ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

7. TANGIBLE FIXED ASSETS Cost At 1 April 2023 Additions Disposals At 31 March 2024 Depreciation: At 1 April 2023 Charge for period At 31 March 2024 Impairment: At 1 April 2023 Disposals At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31March 2023 8. DEBTORS Trade debtors Other debtors	Freehold Property £ 2,730,634 - - 2,730,634 - - - 262,966 - 262,966 2,467,668 2,467,668	Fixtures & Fittings £ 263,559 - - 263,559 248,408 2,273 250,681 - - - 12,878 15,151	Computer equipment £ 2,168 - - 2,168 1,596 114 1,710 - - - 458 572 2024 £ 54,587 1,698 56,285		Totals £ 2,996,361 - -
					2,996,361
					250,004 2,387
					252,391
					262,966 -
					262,966
					2,481,004
					2,483,391 2023 £ 21,380 1,177 22,557

Page 17

GLENWOOD ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

9. CREDITORS: amounts falling due within one year

CREDITORS: amounts falling due within one year
Trade creditors Taxation and social security Accruals	2024 £ 6,463 4,504 7,960 18,927	2023 £ 2,230 5,978 7,915
		16,123

10. RELATED PARTY DISCLOSURES

During the year, Garry Cullen, a director of the company received remuneration of £33,784 (2023: £34,045). Remuneration paid in respect of services provided beyond the role as Trustee.

No expenses were paid in respect of any director during the year (2023: £nil).

11. INCOME AND EXPENDITURE SUMMARY

Gross Income Resources Expenditure Charitable activities Governance and support costs Deficit for the year	2024 £ 284,326 240,446 74,865 315,311 (30,985)	2023 £ 238,460
		170,971 67,873
		238,844
		(384)

The above reflects the Income and Expenditure account as required by the Companies Act 2006 as opposed to that required under the Statement of Recommended Practice as detailed on page 9.

Total income comprises £nil for restricted funds and £284,326 for unrestricted funds. A detailed analysis of income is provided in note 2.

The Income and Expenditure Summary is derived from the Statement of Financial Activities on page 9 which together with the notes to the accounts on pages 12 – 19 provides full information on the movements during the year on all funds of the charity.

Page 18

GLENWOOD ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Restricted funds: Unrestricted funds: Total funds:	Tangible Assets 1,528,321 952,683 **2,481,004 **	Net Current Assets Current Liabilities - - 347,548 (18,927) 347,548 (18,927)	At 31 March 2024 At 31 March 2023 1,528,321 1,528,321 1,281,304 1,312,289 2,809,625 2,840,610	At 31 March 2024 At 31 March 2023 1,528,321 1,528,321 1,281,304 1,312,289 2,809,625 2,840,610
				2,840,610

13. TRANSFER BETWEEN FUNDS

There were no transfers between restricted and unrestricted funds in the current year.

14. COMPANY LIMITED BY GUARANTEE

Glenwood Enterprises Limited is a company limited by guarantee and accordingly does not have a share capital.

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

Page 19

BAKER TILLY MOONEY MOORE Chartered Certified Accountants: Registered Auditors 17 Clarendon Road Clarendon Dock BELFAST BT1 3BG

Dear Sirs

This representation letter is provided in connection with your audit of the financial statements of Glenwood Enterprises Limited (the “charity”) for the year ended 31 March 2024 for the purpose of expressing an opinion as to whether the financial statements give a true and fair view of the results and financial position in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP), including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and have been prepared in accordance with the Companies Act 2006.

We confirm that the following representations are made on the basis of enquiries of management and staff of the charity with relevant knowledge and experience and, where appropriate, of inspection of supporting documentation sufficient to satisfy ourselves that we can properly make each of the following representations to you.

We confirm, for all directors at the time the directors’ report is approved, to the best of our knowledge and belief, and having made the appropriate enquiries, the following representations:

Financial Statements

• We have fulfilled our responsibilities as directors, as set out in the terms of the audit engagement, for the preparation of the financial statements in accordance with UK GAAP and the Companies Act 2006; in particular that the financial statements give a true and fair view in accordance therewith.

• Significant assumptions used by us in making accounting estimates, including those surrounding measurement at fair value, are reasonable.

• We have disclosed all known actual or possible litigation and claims whose effects should be considered when preparing the financial statements and these have been disclosed in accordance with the requirements of accounting standards.

• Related party relationships and transactions have been appropriately accounted for and disclosed in accordance with the requirements of accounting standards.

• All events since the balance sheet date which require disclosure or which would materially affect the amounts in the financial statements have been adjusted or disclosed in the financial statements.

• We confirm that we have been fully informed, and are in agreement with all the adjusting and non-adjusting audit items to the financial statements for the year ended 31 March 2024 (a schedule of adjusting and non-adjusting journals are attached to this letter).

• We confirm that the financial statements are free from material misstatements, including omissions. We believe that those uncorrected misstatements identified during the audit are immaterial both individually and in aggregate to the financial statements as a whole.

• We have complied with the taxation requirements of all countries within which we operate and have brought to account all liabilities for taxation due to the relevant tax authorities whether in respect of corporation or other direct tax or any indirect taxes. We are not aware of any non-compliance that would give rise to additional liabilities by way of penalty or interest and we have made full disclosure regarding any Revenue Authority queries or investigations that we are aware of or that are ongoing.

• All grants, donations and other income have been notified to you and where the receipt is subject to specific terms or conditions, we confirm that they have been recorded in restricted funds. There have been no breaches of terms or conditions during the period in the application of such income.

• We confirm that the split of the application of the restricted funds across expenditure headings within the financial statements is appropriate.

• We confirm that the split of expenditure between governance and support costs and charitable activities is appropriate.

• We confirm that the going concern assumption is appropriate for a period of at least 12 months from the expected date of signature of the financial statements on the basis that there are sufficient income sources in place (including government contracts and grant income) to sustain operations for this period.

• We confirm that bad debt provision amounted to £1,151 as at 31 March 2024 and is adequate at year end.

• We confirm that the carrying value of the property of £2,467,668 at the year-end is appropriate and that the directors have satisfied themselves that there are no indicators of impairment. We confirm that the title deeds for all of the properties are securely held by Napier & Sons Solicitors. And that all properties held by the company in fixed assets are fully owned by the company.

• We confirm that when a property is sold that there are no restrictions in place over the amount received.

• We confirm that all costs included within Repairs and Renewals, totalling £82,767, relate to repairs and renewal expenses and that no capital expenditure is included within this balance.

• We confirm that the charity has sufficient insurance cover in place as at 31 March 2024.

• We confirm that expenditure included in the financial statements incurred via Northern Property is genuine expenditure of Glenwood Enterprises Limited.

• We confirm that Northern Property is responsible for holding and repaying the rental deposits.

• We confirm that donations made to Charities during the financial year totalling £45,980 are consistent with the Charitable Objectives of the company and allowed by the Memorandum and Articles that was in place at the time (being the amended version as at 14 September 2004).

• We confirm electric charges of £15,808 are accurately stated in the accounts and are fully relating to expenditure of the company.

Information Provided

• All accounting records and relevant information have been made available to you for the purpose of your audit. We have provided you with:

• Additional information that you have requested from us for the purpose of the audit; and

• o Unrestricted access to persons within the charity from whom you determined it necessary to obtain audit evidence.

All other records and related information, including minutes of all management and shareholders' meetings, have been made available to you.

• All transactions undertaken by the charity have been recorded in the accounting records and are reflected in the financial statements.

• We acknowledge our responsibility for the design, implementation and maintenance of controls to prevent and detect fraud. We have disclosed to you the results of our assessment of the risk that the financial statements may be materially misstated as a result of fraud.

• We confirm we are not aware of any fraud or suspected fraud that affects the charity and involves:

• Management;

• Employees who have significant roles in internal control; or

• Others where the fraud could have a material effect on the financial statements.

• We confirm we are not aware of any allegations of fraud, or suspected fraud, affecting the charity’s financial statements communicated by employees, former employees, analysts, regulators or others.

• We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations whose effects should be considered when preparing financial statements. The charity has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of non-compliance.

• We confirm that we have disclosed to you the identity of the charity’s related parties and all related party relationships and transactions of which we are aware.

• There are no liabilities, contingent liabilities or guarantees to third parties other than those disclosed in the financial statements.

• The charity has at no time during the year entered into any arrangement, transaction or agreement to provide credit facilities (including loans, quasi-loans or credit transactions) for directors (or persons connected with them), nor had to guarantee or provide security for such matters, except as disclosed in the financial statements.

We confirm that to the best of our knowledge and belief that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and experience and, where appropriate, of inspection of supporting documentation sufficient to satisfy ourselves that we can properly make each of the above representations to you.

We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that so far as we are aware, there is no relevant audit information needed by you in connection with preparing your audit report of which you are unaware. Each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that you are aware of that information.

Yours faithfully,

Signed on behalf of the Board by:

Garry Cullen Garry Cullen (Dec 10, 2024 13:12 GMT)

......................................................................

Gary Cullen

Title - Director

12/10/2024 Approved by the Board on .............................................

Registered Office: Glenwood Business Centre, 57-60 Springbank Place, Dunmurry, Belfast, BT17 0YU Registered Number: NI018278 GLENWOOD ENTERPRISES LIMITED

Appendix 1

List of uncorrected misstatements:

----- Start of picture text -----
Glenwood Enterprises Limited 2024
Year End: 31 March 2024
Uncorrected misstatements
Refno Description Assets Liabilities Equity Income Expenses
1 Being understatement in insurance 350.84 0.00 0.00 0.00 -350.84
2 Being understatement of audit 0.00 -3,900.00 0.00 0.00 3,900.00
350.84 -3,900.00 0.00 0.00 3,549.16
Understated/(Overstated) 350.84 -3,900.00 0.00 0.00 3,549.16
----- End of picture text -----

binder

Final Audit Report

2024-12-11

Created: 2024-12-10 By: BAKER TILLY MOONEY MOORE ([e-mail]) Status: Signed Transaction ID: CBJCHBCAABAAertCcXDMQ8uaPBBc0R0j6nQMYa4A6OEl

"binder" History

Document created by BAKER TILLY MOONEY MOORE ([e-mail]) 2024-12-10 - 11:29:16 GMT

Document emailed to Garry Cullen ([e-mail]) for signature 2024-12-10 - 11:29:22 GMT

Email viewed by Garry Cullen ([e-mail]) 2024-12-10 - 13:05:59 GMT

Document e-signed by Garry Cullen ([e-mail]) Signature Date: 2024-12-10 - 13:12:00 GMT - Time Source: server

Document emailed to Eimear Brown ([e-mail]) for signature 2024-12-10 - 13:12:02 GMT

Email viewed by Eimear Brown ([e-mail]) 2024-12-11 - 11:11:36 GMT

Document e-signed by Eimear Brown ([e-mail]) Signature Date: 2024-12-11 - 11:12:50 GMT - Time Source: server

Agreement completed.

2024-12-11 - 11:12:50 GMT