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Registered number: 04063012
Glass and Glazing Federation
(A Company Limited by Guarantee)
Annual Report and Financial Statements
For the year ended 31 December 2024
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Company Information
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Statutory Auditor & Chartered Accountants
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168 Shoreditch High Street
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Contents
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Independent Auditor's Report
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Consolidated Statement of Comprehensive Income
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Consolidated Balance Sheet
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Notes to the Financial Statements
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Group Strategic Report
For the year ended 31 December 2024
2024 was a defining year for the Glass and Glazing Federation Group. As a Board, we committed to delivering Phase 1 of our long-term strategy: Stabilisation & Optimisation. That work has brought greater clarity, discipline, and resilience across the Group. We strengthened governance through refreshed subsidiary boards, re-established the role of Managing Director for the Federation, and created a new Chief Operating Officer position to sharpen operational focus. We also invested in talent, systems, and services to ensure the organisation can deliver effectively for its members and stakeholders.
At the same time, we navigated ongoing market headwinds and industry change. Despite these challenges, Group performance remained robust, underpinned by the strength of our leading brands such as FENSA, RISA and Installsure. We continued to invest in technical expertise, advocacy, and training, reinforcing our role as the trusted voice of the industry.
As we close this chapter, the Group is more stable, more resilient, and better placed to embrace the next phase of our strategy.
Business review and principal challenges
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The budgeting process for 2024 was premised on the basis that the core replacement window market would continue to contract further, and a prudent view was taken on this. The budgeting process also included startup of the BFRC Test Lab in Telford that is a strategic investment for the Group with UKAS accreditations in testing and certification along with respective Approved Body status the objective. As a Group operational performance was strong against budget being driven by FENSA and RISA primarily.
During the year, the position of GGF Managing Director for the Trade Federation was re-established as part of a reorganisation at senior executive level that also created the new post of Chief Operating Officer (COO) to provide more focus and support on operational activities at subsidiary level and central service functions in the group. Recruitment of the COO took place in Q4, and they took up their post at the start of January 2025. The Executive Management Group was further strengthened during the year with the post of Chief Finance Officer and Director of People & Culture created.
Following the ending of all external contracts in 2024 Borough IT will cease to exist as a trading entity going forward as focus is upon delivery of strategically important IT development projects internally in the Group.
Towards the end of the year the Group agreed on three areas of Strategic focus that included Competency, Net Zero and Revenue Growth. Revenue Growth is an area that is common to all parts of the Group and will be a key focus in 2025. Strategic investment in GGF Training continues with the investment in a new online training platform alongside the investment and support for members on the Skilled Pathways Scheme.
Work on Approved Document L for new build continued throughout the year as the GGF along with members engaged with government on all the technical aspects being considered. Engaging with government across the nations, before the consultation documents are published, is the space that GGF can and is delivering most value for membership.
2024 was the second and final year of the President and Chair of the Board Natalie Little’s tenure. Natalie has led the governance review within Group over the past two years and the GGF Board have placed on record their thanks and appreciation for all her work on this matter. As we ended 2024 Independent Non- Executive Directors were being recruited for subsidiary businesses with formal appointments made at the start of the year. In tandem to this Articles for the subsidiaries are being reviewed and updated.
Two legacy projects were still work in progress during the year being the GGF Employee Benefits Plan and the GGF Fund. In January 2024, a full buy out of the Employee Benefits Plan was secured with AVIVA and whilst winding up of the Plan had not completed in 2024 will be completed in 2025. The GGF Fund had its Court hearing in September to provide answers to assist with the closure of the Fund. Due to circumstances outside the control of the Fund no ruling was provided by the Court by the end of the year which has been very disappointing. The Court is obliged to provide a ruling within a reasonable time, and we are well past this. At the time of writing this commentary, the judgement was handed down in July 2025.
Page 1
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Group Strategic Report (continued)
For the year ended 31 December 2024
2024 saw considerable investment in our organisational and governance structure as we continue to implement our long-term strategic goals. Notably, the restructuring of subsidiary boards and the senior leadership team, investment in staff training and development, and expenditure on technology systems and technical expertise as we strive to improve operational efficiency.
Other notable changes in expenditure include an increase in travel costs as we continue to deepen our relationship with members and stakeholders and investment in an on-line training platform.
Progress in winding up the GGF Pension scheme continued, and this will be completed in 2025 meaning the financial liability will then end.
The GGF investments performed well, seeing a 7.7% growth, well above the median inflation rate for 2024. The investment strategy remains consistent with previous years; mixed risk with the portfolio being geared toward safe and ethical investments.
Turnover remained broadly constant year on year despite ongoing economic challenges.
Vision and strategy for 2025
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While there are still some outstanding areas to complete in Phase 1 of the Group strategy, 2025 marks the beginning of Phase 2 of our strategy, building on the firm foundations established during the stabilisation and optimisation period. The year ahead is about moving decisively into growth, relevance, and influence, with three clear strategic goals guiding our work:
Make Our Voice Count on Sustainability
We will step up as a voice that matters, helping government, regulators, and industry partners shape, not just follow, the path to sustainability. By bringing the expertise and experience of our members into national debate, we will ensure practical, effective solutions that work in the real world.
Raise the Bar for Everyone in the Industry
We want every installer, surveyor, fabricator, and frontline team member to feel confident, skilled, and proud of their craft. By investing in competency, training, and standards, we will lift the industry, not just to meet regulatory requirements, but to build respect, trust, and professionalism.
Build a Business That Lasts - and Works for All of Us
We will evolve how we work and grow, ensuring the Group remains strong, resilient, and relevant. This means testing new approaches, innovating beyond traditional models, and making sure our services reflect what members, consumers, and the wider industry truly need.
Taken together, these goals reflect our ambition: to be both the guardian and the pioneer of our sector. We are here not only to safeguard today’s industry but to shape tomorrow’s - responsibly, inclusively, and sustainably.
This report was approved by the board and signed on its behalf.
Page 2
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Directors' Report
For the year ended 31 December 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
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The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £83,557 (2023 - £1,249,132).
The Directors who served during the year were:
W J Agnew (resigned 15 September 2025)
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D J Broxton (resigned 24 April 2025)
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M Butterick (resigned 14 May 2025)
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N J Little (resigned 14 May 2025)
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A P Hyde (resigned 14 May 2025)
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B Wallace (appointed 26 September 2024, resigned 14 May 2025)
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Page 3
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Directors' Report (continued)
For the year ended 31 December 2024
The Federation will continue to develop its membership base within the confines of the strict entry criteria to ensure it represents the best in the industry. Continued development of the subsidiary companies will ensure that the federation remains a leading trade organisation fully able to meet the requirements of its membership by delivering high levels of service and multiple exclusive benefits.
Further information regarding the group's vision and strategy for 2025 is given in the Strategic Report.
The group has exposure to three main areas of risk – liquidity risk, customer credit exposure risk and price risk. The company has established a risk and financial management framework whose primary objective is to mitigate the group’s exposure to risk in order to protect the company from events that may hinder its performance.
Liquidity risk
Liquidity risk is the risk that the group will encounter difficulty in meeting its financial obligations as they fall due. The group's objective in managing liquidity risk is to ensure that this does not arise. Having assessed future cash flow requirements the group expects to be able to meet its financial obligations through the cash flows that are generated from its operating activities. The group is in a position to meet its commitments and obligations as they fall due.
Customer credit exposure risk
The group offers credit terms to its customers which allow for payment of the debt after delivery of the goods or services. The group is at risk to the extent that a customer may be unable to pay the debt within those terms. This risk is mitigated by the strong on-going customer relationships and by only granting credit to customers who are able to demonstrate an appropriate payment history and satisfy credit worthiness procedures. Details of the group’s trade debtors are shown in note 19.
Price risk
Price risk arises on financial instruments due to fluctuations in commodity prices or equity prices. Listed investments with a fair value of £7,327,756 (2023 - £6,715,740) at the year end are exposed to price risk, which is mitigated by the active management of the group's investment portfolio with the assistance of external financial advisers.
Disclosure of information to auditor
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Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the group since the year end.
Page 4
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Directors' Report (continued)
For the year ended 31 December 2024
Under section 487(2) of the Companies Act 2006, Kreston Reeves LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
Page 5
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Independent Auditor's Report to the Members of Glass and Glazing Federation
We have audited the financial statements of Glass and Glazing Federation (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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
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In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.
Page 6
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Independent Auditor's Report to the Members of Glass and Glazing Federation (continued)
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent Company 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.
Responsibilities of directors
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As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
Page 7
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Independent Auditor's Report to the Members of Glass and Glazing Federation (continued)
Auditor's responsibilities for the audit of the financial statements
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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 an Auditor's Report 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 Group 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:
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company, group and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to FCA rules, health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to: posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of investment properties. Audit procedures performed by the group engagement team included:
∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management; and
∙Assessment of identified fraud risk factors; and
∙Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
∙Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
∙Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax authorities; and
∙Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
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.
Page 8
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Independent Auditor's Report to the Members of Glass and Glazing Federation (continued)
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.
∙Conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 an Auditor's Report 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.
Allan Pinner FCCA (Senior Statutory Auditor)
for and on behalf of
Kreston Reeves LLP
Statutory Auditor
Chartered Accountants
London
26 September 2025
Page 9
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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Actuarial losses on defined benefit pension scheme
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Unrealised surplus on revaluation of tangible fixed assets
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Other comprehensive income for the year
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Total comprehensive income for the year
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There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.
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The notes on pages 16 to 44 form part of these financial statements.
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Page 10
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Registered number: 04063012
Consolidated Balance Sheet
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Net assets excluding pension liability/asset
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 44 form part of these financial statements.
Page 11
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Registered number: 04063012
Company Balance Sheet
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Net assets excluding pension liability/asset
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Profit and loss account brought forward
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Other changes in the profit and loss account
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Profit and loss account carried forward
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 44 form part of these financial statements.
Page 12
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Consolidated Statement of Changes in Equity
For the year ended 31 December 2024
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At 1 January 2023 (as restated)
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Profit for the year (as restated)
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Actuarial losses on pension scheme
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At 1 January 2024 (as restated)
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Surplus on revaluation of leasehold property
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The notes on pages 16 to 44 form part of these financial statements.
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Page 13
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Company Statement of Changes in Equity
For the year ended 31 December 2024
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Actuarial losses on pension scheme
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Surplus on revaluation of leasehold property
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The notes on pages 16 to 44 form part of these financial statements.
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Page 14
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Consolidated Statement of Cash Flows
For the year ended 31 December 2024
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Interest received and investment income
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(Increase)/decrease in debtors
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Increase/(decrease) in creditors
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Increase/(decrease) in provisions
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Defined benefit pension scheme contributions
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Purchase of listed investments
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Sale of listed investments
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Net cash from investing activities
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Cash flows from financing activities
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Net cash used in financing activities
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Net (decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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Page 15
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2024
Glass and Glazing Federation is a private company limited by guarantee and is incorporated in England with the registration number 04063012. The address of the registered office is 40 Rushworth Street, London, England, SE1 0RB.
The principal activity of the group is that of operating as an employers' trade federation for the glass and glazing industry.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in Pound Sterling and are rounded to the nearest Pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Page 16
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Turnover within the group companies comprise:
∙revenue from subscriptions to the employers' trade federation for the glass and glazing industry;
∙revenue from the Fenestration Self-Assessment Scheme service;
∙revenue due from the rating of Energy Efficient Windows;
∙revenue from the provision of training services, recognised on the completion of these services;
∙revenue from insurance premiums on the installation of windows and conservatories, recognised upon either acceptance of an offer of insurance by the customer or recording of an installation by a registered installer; and
∙revenue from software development, systems implementation and operations services.
Dividends receivable are recognised when they become payable by the subsidiary undertaking. Interim equity dividends are recognised when received. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
The current economic conditions continue to create uncertainty within the group and company's operating environment. The group and company’s forecasts and projections, taking into account possible changes in trading performance arising from this uncertainty, show that the group and company should be able to operate within the level of its current resources and facilities. After making enquiries, the directors have a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future. The group and company therefore continues to adopt the going concern basis in preparing its financial statements.
Page 17
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Operating leases: the Group as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
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Operating leases: the Group as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Page 18
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
Defined benefit pension plan
The Group operates a defined benefit plan for certain employees. At the reporting date, the plan was in the process of winding up and all benefits had been secured with an insurance company.
A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Group's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
a) the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.
Interest income is recognised in profit or loss using the effective interest method.
Page 19
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Page 20
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
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Long term leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Page 21
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.
Financial instruments are recognised in the Group's Balance Sheet when the Group 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
Page 22
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Financial instruments (continued)
|
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 23
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
Investment properties
The group holds investment property with fair value of £5,408,256 (2023 - £1,205,982) at the year end (see note 18). In order to determine the fair value of investment property the directors have used a valuation technique based on comparable market data. The determined fair value of the investment property is most sensitive to fluctuations in the property market.
Taxation
Provision has been made in the financial statements for deferred tax amounting to £400,362 (2023 - £150,358) at the reporting date (see note 24). This provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time together with an assessment of the impact of future tax planning strategies.
Provisions and contingent liabilities - insurance backed guarantee policies ('IBG')
Provision is made for the group's future outgoings in relation to its commitment to cover the cost of remedial work, where an IBG has not been put in place for a FENSA Limited consumer. Additionally, provision is made for the the committed cost of administration of active policies. See notes 25 and 26.
This provision requires management’s best estimate of the costs that will be incurred based on legislative and contractual requirements. The amount is subject to estimates in the number of claims expected to be made and the value of potential claims. A change in the value of either estimate would result in a directly proportional adjustment to the value of the provision.
Page 24
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2024
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An analysis of turnover by class of business is as follows:
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Employers' trade federation for the glass and glazing industry
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Insurance premiums on the installation of windows and conservatories
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Fenestration Self-Assessment Scheme
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Software development, systems implementation and operations services
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Thermal efficiency of windows, doors and other products
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All turnover arose within the United Kingdom and the Republic of Ireland.
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Service charge receivable
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The operating (loss)/profit is stated after charging:
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Other operating lease rentals
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Fees payable to the group's auditor for the audit of the group's financial statements
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Page 25
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2024
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Staff costs, including Directors' remuneration, were as follows:
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Cost of defined benefit scheme
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Cost of defined contribution scheme
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The average monthly number of employees, including the Directors, during the year was as follows:
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Management and administration
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Group contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 1 Director (2023 - 1) in respect of defined contribution pension schemes.
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Income from fixed asset investments
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Income on fixed asset investments
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Page 26
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2024
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Interest payable and similar expenses
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Unwinding of discounted provisions
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Interest income on pension scheme assets
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Net interest on net defined benefit liability
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Page 27
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2024
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
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Expenses not deductible for tax purposes
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Capital allowances for year against depreciation
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Adjustments to tax charge in respect of prior periods
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Other differences leading to an increase/(decrease) in the tax charge
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
Page 28
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Glass and Glazing Federation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 December 2024
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Charge for the year on owned assets
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Page 29
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