2024-03-31-annual-report

t bakertilly MOONEY MOORE EB/SP/G4757 17 Clarendon Road Clarendon Dock Belfast BTI 3BG Northern Ireland 10 December 2024 The Directors Glenwood Enterprises Limited Springbank Industrial Estate Poleglass Belfast BT17 OQL T: [phone] F: [phone] [e-mail] www.bakertillymooneymoore.co.uk Dear Sirs We are pleased to present our report in connection with the audit of the financial statements for the year ended 315t March 2024. As auditors. we are not required to design audit procedures for the spectfic purpose of identifying matters of govemance interest. In consequence, audit matters of govemance interest include only those matters that have come to our attention as a result of our normal audit Pro￿dures. We have complied with the FRC'S Ethical Standard and any threats to our independence, have been properly addressed through appropriate safeguards. No a¢JCJitional facts or matters have arisen dunng the course of the audit that we wish to draw to your attention and we confinn that we are independent and able to express an objective opinion on the financial statements. This report has been prepared for the sole use of the directors of Glenwood Enterprises Limited and must not be shown to third parties without our prior consent. No responsibilities are accepted by Baker Tilly Mooney Moore towards any party acting or refraining from action as a result of this report. Introduction Professional auditing standards require auditors to report certain matters arising from the audit of the financial statements to 'those charged with governan￿.. ISA (UK) 260 specifically requires us to communicate the following matters to those charged with governan￿.. views about the qualitative aspects of the entity's accounting praCtI￿S and financial reporting- final draft of the representation letter, that the auditor is requesting management and those charged with g0Veman￿ to sign" uncorrected misstatements; expected modifications to the auditorfs report-, Partners.. J Sm811 SM¢Connell D L3vmo 8owm8n M Brdnnrff Registered as 8uditors and regulaied lor è rarye ofinvestmentlwsirESS in the United by 1heAsXr￿tIoll ofchartered tetufth Accwntsnts. DaT￿n Bowman Is awhorised 108Ct as an InsolveryPraCuii￿er(per$(Xl iTrsoKtncyl In Greai 8riiainar¥J NC¥them Irdand bythe Insdvency PractitI￿￿A$sC￿dts0n. Usa Lappin is authwsed ID aci as an Insoivency Practrtionerin Great 8ril8in and Northetn Irdand by trt Ksswarw. kerTilty Ktoonty Moores privaryst8iement Is available atvé%*w bakwtiltymron￿.Cts.l￿O[o￿reqUest. B3kerTIlty bhI￿￿4(￿p.1s￿fr￿[ttrOf￿ gk)bal rEtwnrkofBakerTil International Ltd., the members of wh￿h are5￿3[a￿and Indwdeniiegèlentities.

summary of significant audit findings matertal weaknesses in internal control identified during the audit,. matters specifically required by other ISA'S (UK) to be communicated to those charged with governan￿. and any other audrt matters of govemance interest. We have set out below the matters arising from our audit of the financial statements for the year ended 31 March 2024. Qualitative aspects of the entity's accounting practices and financial reporting There are no matters which we wish to bring to your attention. Final draft of the representation letter This has been issued under separate cover, which we have enclosed. Uncorrected misstatements There are no uncorrected material misstatements, a summary of the immaterial unadjusted errors has been attached the representation letter. Expected modifications to the auditorfs report We do not anticipate any modifications to the audit report. Summary of significant audit findings Significant risk area identified at planning Findings and recommendations We documented the intemal control processes for income recognition in the Charity. We considered the accounting policies adopted by the Charrty and subjected income to an appropriate level of testing to identify any material misstatement. We completed a 8iJh.qtantive an21ytical procedure where we compared the expected rental income based on the number of tenants and rent per tenant to the actual rental income per the financial statements. We also vouched rental income charge to sample of tenant's agreements. We are satisfied that revenue recognition is appropriate and fairl recorded in the financial statements. We documented and reviewed internal control processes and prO￿dureS as part of our planning.

Significant risk area identified at planning Findings and recommendations We reviewed in detail areas such as provisions, accruals, accounting estimates and unusual transactions for eviden￿ of management bias. We reviewed the minutes for the year for eviden￿ of unrecorded transactions. We also checked a selection of journal entries throughout the year to ensure the accounting treatment was appropriate. We also perfomied unpredictable prO￿dureS to provide r¥asoii¢ablg ¢lbbuianGe that the accounts are free from material misstatement. Our work has not highlighted any issues to be brought to our attention. We have perforned the following: Understood and evaluated the procedures and controls relating to this risk. Considered the accounting policies adopted by the Chartty and subject related party transactions to the appropriate level of testing to ensure classified & disclosed accordingly. Reviewed board meeting minutes, bank statements and aGGountiiig Igwrdii for unusual & material transactions. Where material related parties have been identified, onfirmed or disGussed specific aspects of the transactions with intermediaries such as banks. law firms, guarantors, or agents, where practicable and not prohibited by law, regulation or ethical rules. V¥lhere material related parties have been identified, confirmed the purposes, specific temis or amounts of the transactions with the related parties. Where applicable, read the financial statements or other relevant financial information, if available, of the related parties for eviden￿ of the accounting of the transactions in the related parties. accounting records. Obtained written confirmation from TCWG related party transactions have been disclosed. Our work has not highlighted any issues to be brought to your attention.

Material weaknesses in internal control Our audit noted the following material weakness in your systems of accounting and financial control which we consider should be reported to you.. Control weakness identified Potential implications and recommendations Weakness Insuran￿ coverage for 24 months rent is underinsured. BTMM noted that the Charity is underinsured in property damage insurance in relation to the rental income. The insured value for 24 months of rent is £275,000 compared to c. £480,000 based on the current year's annual income. Effect Potential lack of funds in case of unforeseen events that the Charity will have to rely on the insurance claim. Recommendation We recommend that the Insuran￿ cover should at least at the level of the actual rental income. Management's response We can increase the loss of rent figure. We will let the insurers know and get advised of any differen￿ in remium. Matters specifically required by other ISA'S (UK) to be communicated to those charged with governance There are no such matters which we are required to bring to your attention. Any other relevant matters relating to the audit There are no other matters that we wish to bring to your attention. Yours faithfully 6elLe/ li'/1 14oon4