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: +4410128 9032 3466
F: +4410128 9043 8827
accountants@bakertillymm.co.uk
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.
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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