GROW THE GLENS COMMUNITY INTEREST COMPANY

Company limited by guarantee

Company Registration Number:
NI667029 (Northern Ireland)

Unaudited statutory accounts for the year ended 31 January 2024

Period of accounts

Start date: 1 February 2023

End date: 31 January 2024

GROW THE GLENS COMMUNITY INTEREST COMPANY

Contents of the Financial Statements

for the Period Ended 31 January 2024

Directors report
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

GROW THE GLENS COMMUNITY INTEREST COMPANY

Directors' report period ended 31 January 2024

The directors present their report with the financial statements of the company for the period ended 31 January 2024

Principal activities of the company

The principal activity of the company continued to be that of a community interest company.



Directors

The directors shown below have held office during the whole of the period from
1 February 2023 to 31 January 2024

Paul McAlister
Eddie McGoldrick
Paddy McLaughlin
Neil McManus
Liam O'Hagan


The directors shown below have held office during the period of
1 July 2023 to 31 January 2024

Mary McAllister
Andrew McAlister


Secretary Paul McAlister

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
15 October 2024

And signed on behalf of the board by:
Name: Liam O'Hagan
Status: Director

GROW THE GLENS COMMUNITY INTEREST COMPANY

Balance sheet

As at 31 January 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets: 3 2,135 0
Tangible assets: 4 609,358 132,558
Total fixed assets: 611,493 132,558
Current assets
Debtors: 5 1,396 12,581
Cash at bank and in hand: 78,321 418
Total current assets: 79,717 12,999
Creditors: amounts falling due within one year: 6 ( 62,502 ) ( 46,076 )
Net current assets (liabilities): 17,215 (33,077)
Total assets less current liabilities: 628,708 99,481
Creditors: amounts falling due after more than one year: 7 ( 350 ) ( 350 )
Accruals and deferred income: ( 617,961 ) ( 100,988 )
Total net assets (liabilities): 10,397 (1,857)
Members' funds
Profit and loss account: 10,397 ( 1,857)
Total members' funds: 10,397 (1,857)

The notes form part of these financial statements

GROW THE GLENS COMMUNITY INTEREST COMPANY

Balance sheet statements

For the year ending 31 January 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 15 October 2024
and signed on behalf of the board by:

Name: Liam O'Hagan
Status: Director

The notes form part of these financial statements

GROW THE GLENS COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Tangible fixed assets depreciation policy

    Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land and buildings 5% straight line Computers 25% straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

    Intangible fixed assets amortisation policy

    Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Website development costs 25% Straight Line

    Other accounting policies

    Accounting policies Company information Grow the Glens Community Interest Company is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 17 Coast Road, Cushendall, Ballymena, Co. Antrim, Northern Ireland, BT44 0RU. Accounting convention These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. Income and expenditure Income and expenses are included in the financial statements as they become receivable or due. Expenses include VAT where applicable as the company cannot reclaim it. Research and development expenditure Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Financial instruments The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Leases Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term. Government grants Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. On 29 January 2022, Grow the Glens CIC entered into a community ownership funding agreement with the Department for Levelling Up, Housing & Communities. A capital grant of £100,306 was received for the renovation and refurbishment of office space, creating a Glens Digital Hub. Judgements and key sources of estimation uncertainty In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

GROW THE GLENS COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

GROW THE GLENS COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 January 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 February 2023 0 0
Additions 2,500 2,500
Disposals
Revaluations
Transfers
At 31 January 2024 2,500 2,500
Amortisation
At 1 February 2023 0 0
Charge for year 365 365
On disposals
Other adjustments
At 31 January 2024 365 365
Net book value
At 31 January 2024 2,135 2,135
At 31 January 2023 0 0

GROW THE GLENS COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 January 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 February 2023 130,913 2,767 133,680
Additions 472,312 14,996 487,308
Disposals
Revaluations
Transfers
At 31 January 2024 603,225 17,763 620,988
Depreciation
At 1 February 2023 0 1,122 1,122
Charge for year 7,579 2,929 10,508
On disposals
Other adjustments
At 31 January 2024 7,579 4,051 11,630
Net book value
At 31 January 2024 595,646 13,712 609,358
At 31 January 2023 130,913 1,645 132,558

GROW THE GLENS COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 January 2024

5. Debtors

2024 2023
£ £
Other debtors 1,396 12,581
Total 1,396 12,581

GROW THE GLENS COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 January 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Other creditors 62,502 46,076
Total 62,502 46,076

GROW THE GLENS COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 January 2024

7. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Other creditors 350 350
Total 350 350

COMMUNITY INTEREST ANNUAL REPORT

GROW THE GLENS COMMUNITY INTEREST COMPANY

Company Number: NI667029 (Northern Ireland)

Year Ending: 31 January 2024

Company activities and impact

Summary Overview of Glens Digital Hub Grow the Glens (GtG) was formed in February 2016 to focus specifically on the development of employability and employment initiatives in the Glens of Antrim in Northern Ireland. Its aim is to make the Glens of Antrim a better place to live in, to visit and to do business in. In January 2020, the group was formally constituted as a Community Interest Company (CIC) Limited. GtG members are experienced individuals (Former school inspector, Director of a major M+E company, Director of a Catering Company, Director of an Energy supply company, an accountant, former EU funds manager and a project manager) GtG aims to drive economic initiatives in the Glens of Antrim. The group is locally based with a strong community focus. Grow the Glens (GtG) identified the need for this specific project in 2018. The decision to abandon the Police Station in 2016 meant that the site was now derelict and offered the potential to be used as a community asset. The initial challenge, which turned out to be probably the most difficult, was to acquire the site. This took over 2 years and was achieved after numerous meetings, garnering of political support and help from the Community Ownership Fund (COF). Funding was sought and awarded from COF (£300k), the NI Department for Communities (£300k), the Derelict Buildings programme supported by Causeway Coast and Glens Borough Council (£50k), a loan from Community Finance Ireland (£60k) as well as other private and local sources. Work commenced February 2023 and was complete end of August 2023. The building came in on budget and we maximised and used the full extent of our grant aid. There was further ongoing interior work and whilst we had some activities and clients up to December 2023, the centre was fully operational at the start of 2024. We have clients using the centre for a range of other activities such as: - Interview venue - Board meetings - Workshops-especially from private sector clients - PR events - Community events - Training venue We are actively putting together a programme of business-based events/workshops and mentoring to reach out to our local community as well as benefiting the internal clients. We are already ahead of our year 1 occupancy target of 35%. Q4 2023 saw us in full possession of a complete Centre - the task now was to build the systems, establish the volunteer support network that would staff the centre and, test our capability and effectiveness with a small, but diverse, number of users. This soft launch approach allowed us to refine our practices and amend our offering. In January 2024 we started promoting our facilities more fully to the local community through signage, online media, social engagement and walk-in open days each Thursday/Friday. In the first quarter of this year, we have quadrupled our social reach and trebled our online users. We have developed a network of support with Invest NI, Catalyst, Women in Business and Northern Regional College - all of whom have committed to a series of events and training in 2024/25. Our research and community engagement have led us to initially focus on encouraging female participation in skills development, empowering a return to the workplace, and developing female entrepreneurship. We have facilitated women-only courses, training and mentorship to create a safe and vibrant space for peer-led learning and development. The Cushendall Innovation Centre is much more than a place to base your business. It has become a focal point for skills development, for learning, for networking and for facilitating collaborative growth - of both people and businesses. All of our major local employers have utilised the space in the building for workshops, teleconferencing, interviewing and training. Local community groups have used our meeting and training rooms - as some of the only fully accessible meeting/ working space on the coastline - to enhance community engagement and participation. We have people from a diverse range of businesses and organisations using the building regularly as a place to work - the majority of them women. Currently, workers from financial services, tourism, fintech, medical tech, marketing, charitable, environmental and banking sectors are using the Centre. Our facility includes 4 own door offices, 1 seven-seat hotdesking/ training room and 2 meeting rooms - one of which can be repurposed as a consultation/treatment room. Our hot desking facility has a run rate of 30%, which we hope to improve by introducing an online booking and direct entry service. Also, our meeting facilities have growing usage with a weekly average occupancy of 2 days per week. Since we have rededicated one of our meeting rooms as a consultation space we now have weekly usage from a psychiatrist and a speech and language therapist. We hope to further develop our health and wellbeing portfolio in the coming months.

Consultation with stakeholders

Our Directors have participated in three community surveys, four community consultations, and multiple Council interactions since January 2024. We have also had three open day/evening sessions for the general public supported by Northern Regional College, Go Succeed, local council and Catalyst Belfast.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
15 October 2024

And signed on behalf of the board by:
Name: Liam O'Hagan
Status: Director