GLENWOOD ENTERPRISES LIMITED REPORT OF THE DIRECTORS AIYD FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 MARCH 2025 REGISTERED NUMBER: N1018278 CHARITY COMMISSION for NORTHERN IRELAND REGISTRATION NUMBER: 104583
GLENWOOD ENTERPRISES LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Legal and Administrative Information Report of the Directors Report of the Independent Auditors Statement of Financial Activities Balance Sheet 10 Statement of Changes in Funds Noles to the Financial Statements 12 to 19
GLENWOOD ENTERPIUSES LIMITED LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2025 DIRECTORS: Mr P Shevlin Mr J Bailie Mr G Cullen SECRETARY: Mr P Shevlin REGISTERED OFFICE- Glenw(KTrd Busine55 Centre 57-60 Springbank Place Dunmu Belfast BT170YU REGISTRAR OF COMPANIES NUMBER: NIOI 8278 CHARITY COMMISSION NORTHERN IRELAND NUMBER: 104583 AUDITORS: Baker Till), Moone>' Moore Chartered Certified Accountants Statutory Audilors 17 Clarendon Road Clarendon Dock Belfast BTI 3BG SOLICITORS: Napiers & Son5 Solicitors 1-9 Castle Arcade High Street Belfast BTI 5DF BANKERS: Ulster Bank Unit G, Westwood Centre Kennedy Way Belfast BTI19BQ Bank of Ireland 202 Andersonstown Road Belfast BTII 9EB Page I
GLENWOOD ENTERPIUSES LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2025 The director5 present their report with the financial Statements of the company lor the year ended 31 March 2025. REFERENCE AND ADMINISTRATIVE DETAILS Glenwood Enterprises Limited is a registered charity (CCNI No. 104583) and a company limited by guarantee (NIOI 8278). Following accepthnce b! the Charity Commission for Northern Ireland on 9, 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, Dunmuny, Belf&st. BTI 7 OYU. 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 l. 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 £ l. The Board is responsible for the overall govemance of the company. Director5 are elected or co-opted and the total number of directors shall not be Subject to any maximum but shall not be le5S than three. The Manager, Garry Cullen, who 15 a150 a director is responsible for the day-to-day management of the company's affairs and for implementing the policie5 agreed by the Board of Directors. OBJECTIVES, ACTIVITIES, AND PUBLIC BENEFIT The principal activity of the company in the vear under review was that ola 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 fil. including assistance to find eiMployment; The advancement of education: training OT retrainin& particularly among unemployed people, and providing unemployed people with work experience- The provision of fmanclal assistance: lechnical 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 (li) to exisiing businesses- The creation of training and emplo)'meni opportunities by the provision of workspace, buildings and lor land for use on favourable tern)s; 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 full}, in society. The directors confinn 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 2025 ACHIEVEMEIYfS AND PERFORMANCE During this financial year Glenwood Enterprises Ltd celebrated 39 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 unemploymenL 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 tenns, and empower disadvantaged communities to identify and address their needs, enhancing their ability to engage in society. Core Activities Economic Activity & Reduction of Unemploi'ment Glenwood Enterprises provides work.space at Glenwood Business Centre in the Colin NeigJ]bourhood area of West Belfast, recognised as an area of deprivation. Average occupancy reached 940/0. with 43 small businesses occupying units by year-end. Letting and facilities management, overseen by Northern Property, continue to run efficiently. Relief of Poverty Key contributions during the year included: £300 monthly sponsorship olthree shelves at the Social Supermarket at Footprints Women's Centre. 3. Advancing EducatlOD Supported the upkeep of a therapy dog at Holy Evangelists Primary School in Twinbrook. Addressing Needs of Disadvantaged Communities The Board agreed to continue 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 2025= The company incurred a deficit of £28,874 (2024: £30,985). 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 Tecognised as a charity lor tax PUTP05e5 by HM Revenue & Customs from 14 September 2004. Page 3
GLENWOOD ENTERPRISES LIMITED REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 RESERVES POLICY Glenwood Enterprises has a reserves policy to maintain unrestricted funds equivalent to 12 months of charitable expenditure. As of 31 March 2025, unrestricted reserves stood at £1,252,430 significantly exceeding the target of £204,564. 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 awarenesslprevention and education initiatives, with all donation applications assessed individually by the Board. PLANS FOR FUTURE PERIODS Economic Activity & Reduction of Unemplo)'rnent Continue offering affordable workspace and resources to tenants. Relief of Poverty Maintain existing initiatives and in¢aSe funding for local food banks Advancing Edu¢alion Collaborate 1th local schools to support educational initiatives. including breakfast and after-school clubs. 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 l April 2024 to the date of this report - Mr P Shevlin Mr J Bailie Mr G Cullen Page 4
GLEINWOOD ENTERPRISES LIMITED REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 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 laiw 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 M'ith 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 vieNTr' of the state of affairs of (he company and of the surplus or deficit of the company for that period. In preparing those financial slatements, the directors are required to select suitable accounting policies and then apply them consistently- make judgements and estimates that are reasonable and prndenl: 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 ,hICh disclose with reasonable accurac}, at any time the financial position of the company and to enable them to ensure that the financial statements cornply with the Companies Act ?006. 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 (a5 defined by Section 418 of the Companies Act 2006) of which the company's auditor5 are unaware, and each director ha5 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 inforn]ation. 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: Gakk Garrycullen Nov ?8, ?0?5 09.'?4."44 GMT) Mr G Cullen- Director Date 1112812025 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 ?025 which comprise the Statemenl of Financial Aclivities. Balance Sheet, Statement of Changes in Funds and Notes to the Financial Statements. including a summary of significant accounting policies. The finaiicial 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 20?5 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 Companie5 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 standard5 are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the cotnpany 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 oiher ethical responsibililies 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 ¢on¢ern 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 an)1 identified material uncertainties that may cast significant doubt about the companv'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 flnancial statements are authorised for issue. Other information The other inforniation comprises the infonnation included in the annual reporL including the trustees, report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other infonnation. The other information comprises the information in the RetK)rt olthe 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 forn] of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforniation and, in doing so, consider whether the other inforniation 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 inforniaiion, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters pr¢s¢ribed by the Companies A¢1 2006 In our opinion, based on the work undertaken in the course of the audit: the infomlation given in the Report of the Directors for the financial year for which the financial slatements 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 matiers 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 nol in agreement with the accountlng records and returns" or certain disclosures of directors, remunerdtion specified by law are not made: or we have not received all the infonnation and explanations we require for our audit- or the directors 'ere not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemplion from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. Responsibilities of directors As explained more full! 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 deterniine necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or e0[. In preparing the financial statements, the director5 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 concem 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. Auditor5, responsibilities for the audit of the financial statements Our objectives are lo 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 alwavs detect a maierial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individuall>' 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 laivs and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misstalements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecling irregularlties. including fraud is detailed below.. We considered the opportunilies and incentives that may exist '1th1n 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 deterniination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies ACL 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 tesling 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 extemal 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 undersland the basis of recognition or non-recognition of tax provisions- and in addressing the risk of fraud through management oveIde 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 signifjcant transactions that are unusual or outside the nonnal course of business. We also communicated relevant identified law5 and regulations and potential fraud risks to all engagement team member5 and remained alert to any indications of fraud or noncompliance with laws and regulations throUoUt the audit. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularlties, 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 reoulaiion is removed from the events and transactions reflected in the financial statements, a5 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 forn)s 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 slate 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 pemitted by law, we do not accept or assume responsibility to anvone other than the company and the eoinpany's members as a body, for our audit work, for this report, or for the opinions we have fonned. Ein)ear Browii (Mov 28, 2025 14.37-.31 GMT,, Eimear Brown (Senior Statutorv Auditor) for and on behalf of Baker Tilly Mooney Moore Statutory Auditors 17 Clarendon Road Clarendon Dock Belfast Co. Antrim BTI 3BG Date: ..111.28]2025 Page 8
GLENWOOD ENTERPRISES LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNTS) FOR THE YEAR ENDED 31 MARCH 2025 Unreslricted Restricted 2025 Total 2024 Total Notes Income from: Charitable activities 272.833 272,833 284,326 Total Income 272,833 272,833 284,326 Expendilure on: Governance and support 97,143 97,143 74,865 Charitable Activities 204,564 204,564 240,446 Total Expenditure 301,707 301,707 315,311 Net deficit (28,874) (28,874) (30,985) Transfer between funds 13 Net movement in funds (28.874) (28.874) (30,985) Balances brought forward l April 1281J04 .528J21 2,809,625 2,840,610 Balances carried forward 31 March 1252,430 1,528,321 2,780,751 2,809,625 Page 9
GLENWOOD ENTERPRISES LIMITED (REGISTERED NUMBER: N1018278) BALANCE SHEET 31 MARCH 2025 31.3.25 31.3.24 Notes FIXED ASSETS Tangible assets 2,479217 2,481,004 CURREIYT ASSETS Debtors Cash at bank and in hand 69,061 281,930 56,285 291,263 350,991 347,548 CREDITORS Amounts falling due within one year 49,457 18,927 NET CURRENT ASSETS 301,534 328,621 TOTAL ASSETS LESS CURRENT LIABILITIES 2.780,751 2,809,625 NET ASSETS 2,780,751 2,809,625 FUNDS: Restricted Funds Unrestricted Funds 12 12 ,528.)21 1 ?5?.430 1,528,321 1281,304 Total charity funds 2,780,751 2,809,625 The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. The financial statements were authorised for issue by the Board of Directors on signed on its behalf by= 1112812025 . and were fiar.r'i.fiuU£ N0x2&.2Q2xfj94'44.fjmll................ Mr G Cullen- Director Page 10
GLENWOOD ENTERPRISES LIMITED STATEMENT OF CHANGES IN FUNDS AS AT 31 MARCH 2025 Restricted funds Unrestrieted funds Totsl funds Balance at l April 2023 .528.321 1,312.289 2.840.610 Deficit from financial activities (30,985) (30.985) Balance at 31 March 2024 .528.321 1281.304 2,809.625 Deficit from financial activitie5 (28,874) (28,874) Balance at 31 March 2025 1,528J21 1252,430 2,780,751 Pagell
GLENWOOD EINTERPIUSES LIMITED NOTES TO THE FINANCIAL STATEMElYfS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basis of preparing the financial slatem¢nts The financial staiements of this public benefit entity have been prepared in accordance with the Accounting and Reporting bv 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) - ?019), the Financial Reporting SLqndard applicable in the UK aiid the Republic of Ireland (FRS 102) and the Companies Act 2006. Financial reporting stsndard 102 - reduced disclosure eiemptions The company has taL-en advantage of the following disclosure eiemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Siandard 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 l. Incoming resources Income comprises of amounts received and receivable during the year, excluding value added tax. Trading income arises from rental income from let olunits 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 Activitie5 and have been recognised when there is entitlement to the income, certainty olreceipt 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 voluntsry income, and those incurred in trading activities that raise funds. Charitable expendilure 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 necessaTh' to support them. Togetlier with the costs associated with the govemance arrangements of the charlty and are primarily associated with constitutional ]d statutory requirements. All costs are allocated between the eipenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directl}', 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 Fixtures and fittings Computer equipment not provided 15 /0 on reducing balance 33 /0 on reducing balance Page 12
GLENWOOD EINTERPIUSES LIMITED NOTES TO THE FINANCIAL STATEMEIYfS- continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES- continued Impairment Assets not measured at fair value are reviewed for any indication thal the asset ma}, be impaired at each balance sheet date. If such indication exists. the recovernble amount of the asset is estimated and compared to the carrying amount. Where the carrying amounl exceeds its recoverable amount, an impairnient loss is recognised in profit or loss unless the asset is carrled at a revalued amount where the impairn]ent loss is a revaluation decrease. Where zero depreciatioll of freehold buildings is appropriate Freehold buildings are deprecialed io write down the cost less estimated residual value over their remaining useful life by equal annual inslalments. Where buildings are mainlained to such a standard that their residual value is not less than their cost or valualion. no depreciatlon is charged. Taxation There is no liability to taxation due to the charitable status. Fund accounting The company has various types ol funds lor which it is responsible and which require separate disclosure. These are as follows.. (i) Restricted Fund5 Business Development income received is designated by the funding body for specific purposes. Such purposes are within the overall aim of the organisation. Unreslri¢ted Funds Funds which are expendable at the discretion of the company in furtherance of the objects of the charity. Pension cosls and other post-relir¢ment benefits The company operaies 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 onl), has financial assets and financial liabilities of a kind that qualifv as basic financial instruments. These are initially recognised al transaciion value and subsequently measured at their settlement value. Bank and Cash Cash and cash equivalents comprise cash at bank. short-terni deposit accounts and cash in hand. Debtors Trade debtors are recognised at the settlement amount due after an), 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 normallv recogni5ed at their settlement amount after allom'ing for any trade discounts due. Page 13
GLENWOOD ENTERPIUSES LIMITED INOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES- continued Going concern The accounts have been prepared on a going concem basis. The statement of financial activity shows the compan), incurred a deficit this year of £28.874 (2024: £30,985). However: the compan>, 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 ai least a period of 12 months from date of sign off of the financial statements, the charity is a viable going concem. Significant judgements and estimales 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 a55et useful lives (li) Valuation of property (iii) Impairnient of a55ets The estimates and assumptions are reviewed on an ongoing basi5 considering the cuent and future market conditions. INCOMING RESOURCES Unrestrieted Funds Restricted Funds Totsl Funds Total Funds 2025 2024 Charitable aetivities= Rent and service charges Water rates 240J96 32,437 272,833 240J96 32,437 272,833 238,420 45,906 284,326 Total income 272,833 272,833 284,326 Page 14
GLENWOOD ENTERPIUSES LIMITED INOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 RESOURCES EXPENSED- UNRESTRICTED FUNDS Governance and support Charitable activities Total Total 2025 2024 Rates and water 8,808 36,949 45,757 12,869 51,576 9,924 Insurance 3,861 9,008 Heat & Light Wages, Salaries and Pension Telephone Advertising Travelling Subscriptions Repairs and Renewals Service Charge Cleaning Bad debt provision Sundry Expenses Legal and professional fees Consultancy fees Auditors, Remunerdtion 2.441 5.694 8,135 14,412 15,808 41,420 13,547 865 1339 2,627 3,244 lJ65 2,534 3,899 4,195 70 70 26 700 700 38,)86 38,586 82,767 49,125 2,949 49,125 4213 38,826 4,146 1264 6,935 6,935 3,143 3,132 3,250 3,143 3,421 3,421 44,0 127 4,125 3J75 4,125 3J75 4,750 3,470 Auditors, Remuneration- non audit services Donations 54,000 54,000 45,980 Bank Charges Depreciation 250 250 283 2,065 2,065 2,387 97,143 204,564 301,707 315,311 Page 15
GLENWOOD ENTERPIUSES LIMITED INOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 OPERATING DEFICIT The operating deficit is stated after charging- 2025 2024 Depreciation of fixed assets Audit fees 2,065 2,387 4,125 4,750 Auditors remuneration- non audit services 3.375 3,470 Pension costs 188 1,013 INFORMATION ON DIRECTORS AND EMPLOYEES 2025 2024 Staff costs Wages and Salaries Social security costs (hher pension costs 14,099 37,398 125 3.009 188 1.013 14,412 41,420 The average number of employees during the year was l (2024: 2). KEY MANAGEMENT PERSONNEL COMPENSATION Compensation paid to key management personnel in the year to 31 March 2025 was £2.575 (2024: £33,784). During the year, Garry Cullen: a5 a consultant for the company received a fee of £44,000 (2024: £Nil). Fee paid in respect of services provided beyond the role as Trustee. 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 2025 TANGIBLE FIXED ASSETS Freehold Property Fixtures & Fitlings Computer equipmenl Totsls Cost At l April 2024 Additions 2.730.634 263.559 2,168 2,996J61 278 278 Disposals At 31 March ?025 2,730,634 263,559 2,446 2,996,639 Depreeialion: At l April 2024 Charge for period At 31 March 2025 250,681 1,932 1,710 133 252J91 2,065 252,613 1,843 254,456 Impairment: At l April 2024 Disposals At 31 March 2025 262,966 262,966 262,966 262,966 NET BOOK VALUE Al 31 March 2025 2,467.668 10,946 603 2,479217 At J l March 2024 2,467.668 12.878 458 2,481,004 DEBTORS 2025 2024 Trade debtors Other debtors 28,095 40,966 54,587 ,698 69,061 56,285 Page 17
GLENWOOD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 31 MARCH 2025 CREDITORS: amounts falling due within one year 2025 2024 Trade creditors Taxation and social security Accruals 758 334 48J65 6,463 4,504 7,960 49,457 18,927 io. RELATED PARTY DISCLOSURES During the year. Gary Cullen, a director of the company received remuneration of £2,575 (2024.. £33,784). Remuneration paid in respect of services provided beyond the role as Trustee. During the year, Garry Cullen. a5 a consultant for the company received a fee of £44,000 (2024.. £Nil}. Fee paid in respect of services provided beyond the role as Trustee. No expenses were paid in respect of any director during the year (2024: £nil). ii. INCOME AIYD EXPENDITURE SUMMARY 2025 2024 Gross Income 272,833 284,326 R¢sour¢es Expenditure Charitable activities Governance and support costs 204,564 97,143 301,707 240,446 74,865 315,311 Deficit for the year (28,874) (30,985) The above reflects the Income and Expenditure account as required by the Companies Act 2006 as opposed to that required under the Stalemenl of Recommended Praclice as detsiled on page 9. Total income comprise5 £nil for restricted funds and £272,833 for unrestricted funds. A detailed analysis of income is provided in note ? 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 inforniation on the movements during the year on all funds of the charity- Page 18
GLEINWOOD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS- eonlinued FOR THE YEAR ENDED 31 MARCH 2025 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible Assets Current Assets Current Liabilities At 31 At31 March March 2025 2024 Restricted funds.. 1,528.321 ,528,321 1,528,321 Unrestricted funds: 950,896 350,991 (49,457) 1252,430 1,281,304 Total funds: 2,479217 350,991 49,457 2,780,751 2,809,625 13. TRANSFER BETWEEN FUNDS There were no transfers between restricted and unrestricted funds in the current year. 14. COMPANY LIMITED BY GUARAKfEE 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 £ I 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