Charlty registratlon number NIC100182 Company registratlon number N1020367 (Northern Ireland) FARSET ENTERPRISE PARK LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FARSET ENTERPRISE PARK LIMITED LEGALAND ADMINISTRATIVE INFORMATION Trustees Dr C McGimps8y Mr F Proctor Mr H Donaghy Mr D Hagan Mr S Andrews Mr J Quinliven Ms V Pollock (Appointed 23 June 2022) (Appointed 23 June 2022) (Appointed 23 June 2022) (Appointed 8 November 2022) Secretary Ms l Grace Charlty number NIC100182 Company number N1020367 Registered office 638 Springfield Road Belfast BT12 7DY Audltor Miscampbell & Co 6 AnnadaleAvenue Belfast BT7 3JH Bankers Danske Bank Donegall Square West Belfast BT16JS Solicitors Mills Selig 21 Arthur Street Belfast BT14GA
FARSET ENTERPRISE PARK LIMITED CONTENTS Page Trustees report Independent auditor's report Statement of financial activities Balance sheet Not&s to the financial statements 9-17
FARSET ENTERPRISE PARK LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The trustees present thelr annual report and financial statements for the y8ar ended 31 March 2023. The financial statements have been prepared in accordanc8 Wlth the accounting pollcles set out in not8 1 to the financial statements and comply wlth the charity's Igoverning document]. the Companies Act 2006 and 'Accounting and Reporting by Charities: Statement of Recommend8d Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). ObJe¢tlves and activitles The company's objective is the promotion, for the public benefit, of urban regeneration in the area of social and economic deprivation in North West Belfast. Strategles for achlevlng objectlves To achieve this the company provides business units for start up and small buslness, at flexible and favourable rates with on site help and advice, to encourage the creation ofjob opportunities for unemployed people in the area. The trustees have paid due regard to guidance issued by the Charity Commisslon in deciding what actlvities the charity should underlake. Maln actlvlties undertaken to further the Company's purposes for the public benefjt One of the main activities of the Company is the provision of advic8 and guidance to anyone wishirg to start up a business venture or to become self-employed. Th8 company have given regard to The Charity Commission for Northem Ireland's guidance on public benefit. Achievements and performance Revlew of activities The activities of the company continue to involve the creation and stimulation of job opportunities through support for the creation of new enterprises and support for existing small businesses within Northern Ireland (specifically in the deprived area of Northwest Belfast). During the year the company only attracted 1 new business into the park. DMG Flooring. Unfortunately. NAC, one of our longest tenant companies. must downsize their business and have given up one of their units and an office due to the lack of excavation work. ATS have expanded, having successfully procured a HE contracts taking on a second office and increasing staff numbers and Assure and Secure have also taken on an extra office to train their security staff. Enquiries for units have been much slower than usual throughout the year and most of these enquiries have been for small units which are mostly occupied or have been un.suitable for the proposed business type. Demand for larger units has been much lower. Factors relevant to achieve objectives The generation of sufficient rental income to cover running costs enabled the provision of services to employment creation. Financial revlew Principal fundlng The company was originally supported by LEDU and as51Sted by Intemational Fund for Ireland, No current funding applies and company is selffinancing.
FARSET ENTERPRISE PARK LIMITED . TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Going concern After maklng appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue In operational existence for the foreseeabl8 future. For this reason. they continue to adopt the going concern basis in preparing the financial stat8ments. Further details regarding the adoptlon of the going concern basis can be found in the accounling policies. Reserves pollcy It is the policy of the charity that unrestrrcted funds which have not been designated for a sp8cifi¢ use should be maintained at a level equivalent to baeen three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of r8serves has been maintained throughout the year. The Trustees will continue to review the level of reserves that is prudent for the charity to hold in relation to known future development, liabilities and uncertainties. Structure, governance and management The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 7th April 1987 and is a registered charity number NIC100182. The trustees, who are also the directors for the purpose of company law, and who Served during the year and up to the date of signature of the financial statements were.. Dr C McGimpsey Mr F Proctor Mr H Donaghy Mr D Hagan Mr S Andrews Mr J Quinliven Ms V Pollock (Appointed 23 June 2022) (Appointed 23 June 2022) (Appointed 23 June 2022) (Appointed 8 November 2022) The management of the Company is the responsibility of the Trustees who are elected and c(Fopled under the terms of the Articles of Association. The company secretary is responsible for keeping the books and records of the company, and is assisted by one other member of staff. Serving Trustees have the power to appoint any person as an additional Trustee: the number of Trustees shall not be subject to any maximum but shall not be less than three. Each year at the AGM a third of the Trustess are required to retire on a rotational basis, and they can be r&appointed. The Twstees shall be entitled to such remuneration as the company may by ordinary resolution determine,, any remuneration shall be deenEd to accrue from day to day. The Trustees are also entitled to reimbursement of any travel expenses incurred by them in attending meetings on in connection wilh any other business of the company. Organlsational structure and decision-making policies The company has one member of staff, manager who makes day to day decisions and reports directly to the Trustees. All major decisions require sanctioning by the Financial Director and the Trustees. Funds held as custodlan trustee No funds are held as custodian on behalf of others.
FARSET ENTERPRISE PARK LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Statement of trustees responsibllltles The trustees, who are also the directors of Farset Enterprise Park Limited for the purpose of company law, are responsibl8 for preparing the Trustees Report and the financial stat8m8nts in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that year. In preparing these financial ststements, the trustees are required to: select suitable accounting policies and then apply them consistenlly: observe the methods and principles in the Charities SORP; . make judgements and estimates that are reasonable and prudent,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose wlth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companles Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Audltor In accordance with the company's articles, a resolution proposing that Miscampbell & Co be reappointed as auditor of the company will be put at a General Meeting. The trustees report was approved by the Board of Twstees. Dr C McGimpsey Trustee 29 November 2023
FARSET ENTERPRISE PARK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FARSET ENTERPRISE PARK LIMITED Oplnion We have audited the financial statements of Farset Enterprise Park Limited (the 'charfty') for the year ended 31 March 2023 which comprise the statemant of financial activities, the balance sheet and notes to th8 financial ststements, including significant accounting policie5. The fiRancial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 rhe Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom GenerallyAccepted Accounting Practi). In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its Incoming resources and application of resources, for the year then ended; have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practi. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs r8sponsibilities for the audit ol the financial statements section of our report. We are independent of the charity 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 oth8r 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. Concluslons relatlng to golng con¢em In auditing the financial statements, we have concluded that the trustees 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 charity's ability to continue as a going concern for a period of at least e1ve months froTn when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other inforniatlon The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any fomi 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 thi5 gives rise to a materkgl 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 infomiation, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exception We have nothing to report in respect of th8 followlng matfers in relation to which the Charitie5 (Accounts and Reports) Regulations 2008 require u5 to report to you if. in our opinion: the information given in the financial statements is inconsistent in any material respect with the trustees report; or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records: or we have not received all the information and explanations we require for our audit.
FARSET ENTERPRISE PARK LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FARSET ENTERPRISE PARK LIMITED Responsibilitles of trustees As explained more fully in the statement of trustees responsibllltles, the trustees, who are also the dlrectors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfi6d that they give a true and fair view, and for such internal control as Ihe trustees 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 trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concem and using Ihe going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi5Statement. whether due to fraud or error, and to issue an auditorfs 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 financial statements. The extent to which our procedures are capable of detecting irregularities. including fraud. is detailed below. Irregularities. including fraud, are instances of non-complianoe 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.. • obtained an understanding of the legal and regulatory frameworks that are applicable to the Charitable Company and determined that the most significant are those that relate to the reporting framewo (FRS 102 and the CompaniesAct 2006) and the relevant tax compliance regulation in the United Kingdom., understood how the Charitable Company is complying with those frameworks by making enquiries of management to understand how the Charitable Company maintains and Communicates its policies and procedures in these areas. assessed the vulnerability of the Charilable Company's financial statements to material misststement, including how fraud might occur by consldering the risk of management override and by assuming revenue recognition to be a fraud risk: and based on this understanding our audit procedures wer8 designed to identify norfrcomplianc8 With such laws and regulations. A further description of our responsibilities Is available on the Financial Reporting Council's websit8 at: http5:11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the company's members. as a body. in accordance with section 391 of the Companies Act 2014. 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 auditorfs 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 wehave formed.
FARSET ENTERPRISE PARK LIMITED . INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FARSET ENTERPRISE PARK LIMITED Patrick Miscampbell (Senior Slatutory Audltor) for and on behalf of Mlscampbell & Co 29 November 2023 Chartered Accountants Statutory Auditor 6 AnnadaleAvenue Belfast BT7 3JH Miscampbell & Co is eligible for appointm8nt as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
FARSET ENTERPRISE PARK LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted Unrestricted funds funds 2023 2022 Notes come nden Rental income Investments Other income wmen 99,703 5,026 1.750 100,335 653 Total Income 106.479 100,988 Charitable activities 105,289 55,518 Net income for the yearl Net movement in funds 1,190 45,470 Fund balances at 1 April 2022 1,789,297 1,743,827 Fund balances at 31 March 2023 1,790,487 1,789.297 The statement of financial activities includes all gains and los$es recognised In the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. The notes on pages 9 to 17 form part of these financial statements.
FARSET ENTERPRISE PARK LIMITED. BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Notes Fixed assets Tangible assets 12 1,304,685 1,300,907 Current assets Debtors Cash at bank and in hand 13 63,164 454.728 98,326 419,089 517,892 517,415 Creditors: amounts falllng due within one year 14 (32,090) (29,025) Net current assets 485,802 488.390 Total assets less current Ilabllltles 1,790,487 1,789,297 Income funds Unrestri General unrestricted funds Revaluation reserve 1,468,487 322,000 1,467,297 322,000 1,790,487 1,789,297 1,790,487 1,789,297 The notes on pages 9 to 17 form part of these financlal statements. The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023, although an audit has been carried out under section 144 of the Charities Act2011. The d1ctorS acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. These financial statements have been prepared in accordance wlth the provisions applicable to companles subject to the small companies regime, The financial statements were approved by the Trustees on 29 November 2023 Dr C McGimpsey Trustee Company registration number N1020367
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles The prtncipal actlvity of th8 company continu8d to be the provision of rental unlts at favourable rates for start- up busine5S. Charity Informatlon Farset Enterprise Park Llmlted is a private company limited by guarantee incorporated in Northem Ireland. The registered office is 638 Springfield Road, Belfast, BT12 7DY. 1.1 Accounting convention The financial statements have been prepared In accordance wlth the charivs [governlng document], the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. ("FRS 102") and the Charities SORP "Accounting and Reporting by Charities- Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has laken advantage of the provisions in the SORP for charities not to prepare a Statent of Cash Flows. The financial stalements are prepared in sterfing, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial ststements have been prepared under the historical cost convention. The principal accounting policies adopted are set oul below. 1.2 Going concern At the time of approving the financial statements. the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trnteeS continue to adopt Ihe going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for us8 at the dlscretion of the trustees in furth8rance of thelr charltable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognlsed once the charity has been notif18d of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in r81ation to donations received under GiftAid or deeds of covenant is recognised at the tlme of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an Impending distribution. the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policies {Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity- The costs of each activity are made up of the total of dIrt costs and shared costs. including support costs involved in undertaking each activity. Direct costs attrtbutable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a ba51S consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges are allocated on the portion of the asset's use. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreclation is recognised so as to write off the cost or valuation of assets188S their resldual values over their useful lives on the following bases: Freehold land and buildings Plant and equipment Fixtures and fittings 20 % straight line 200/0 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 15 recognised in the statement of financial activiti&s. 1.7 Impairnient of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the Impairment loss (if any). 1.8 Cash and cash equivalents Cash and cash equivalents 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 overdraft5. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The charity 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 charivs balan sheet when the charity 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 simultsn8ousIy, 10-
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policies (Continued) Baslc 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 Ihe 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, Baslc financial liabilltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction pri 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 ra-te of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the eff8ctive interest rate method. Trade credltors are obligatlons to pay for goods or services that have b68n acqulred In the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presentad as non-current liabilities. Trade creditors are recognisod initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of flnanclal Ilabllities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to temiinate the employmenl of an employee or to provide termination benefits. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements. estimate5 and assumption5 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 cfflly that period. or in the period of the revision and future periods where the revision affects both current and future periods. Income Unrestrlcted Unrestrlcted funds funds 2023 2022 Rental income 99,703 100,335 11
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (QONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Investments Unrestrlcted Unrestrlcted funds funds 2023 2022 Interest recelvable 5,026 653 other Income Unrestrlcted funds Total 2023 2022 other income 1,750 Charltable actlvltie5 Support costs 2023 Support costs 2022 staff costs Depreciation and impairment General rates Bank charges Llght & heat Repairs & maintenance Insurance Water rates Bad debts Telephone Stationery & postage staff entertainment Consumables General expenses Computer costs 25.073 1,910 5,923 92 9,790 3,057 7,903 870 41.231 942 210 25,114 816 4.237 93 3,593 4,338 7,270 741 820 72 31 201 320 257 378 365 97,956 47,693 Share of governance costs (see note 7) 7.333 7,825 105,289 55,518 12-
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Support costs Governance costs 2023 2022 Audlt fees Legal and professional 3,600 3,733 3,600 3.733 3,450 4,375 7,333 7.333 7.825 Analysed between Charitable activities 7.333 7,333 7,825 Governance costs Includes payments to the auditors of £3,600 (2022- £3,450) for audit fees. Audltorfs remuneratlon Fees payable to the charity's audltor and assoclates: 2023 2022 Audit of th@ charity's annual accounts 3.600 3,450 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 10 Employee5 The average monthly number of employees during the year was: 2023 Number 2022 Number Employment costs 2023 2022 Wages and salaries other pension costs 24.524 549 24,565 549 25,073 25,114 There were no employees whose annual remuneration was more than £60,000. 13-
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 11 Taxatlon The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or sectlon 252 of the Taxationof Chargeable Galns Act 1992 to the extent that thes8 are applied to its charitabl8 objects. 12 Tanglble fixed assets Freehold land and buildlng$ Plant and Flxtures and equlpment fittlngG Total Cost At 1 April 2022 Additions Disposals 1,300,000 11,716 89.231 5,688 1.400,947 5.688 (50) (50) At 31 March 2023 1.300,000 11,666 94.919 1.406,585 Depreciatlon and Impalmient At 1 April 2022 Depreciation charged in the year Eliminated in respect of disposals 10,809 772 (50) 89,231 1,138 100,040 1.910 (50) At 31 March 2023 11.531 90,369 101.900 Carrying amount At 31 March 2023 1,300.000 135 4,550 1,304,685 At 31 March 2022 1,300.000 907 1,300,907 13 Debtors 2023 2022 Amounts falling due wlthin one year: Trade debtors Prepayments and accrued income 40,145 23.019 66,163 32,163 63,164 98,326 14 Creditors: amounts falling due within one year 2023 2022 other taxatlon and soclal security Trade creditors Accruals and deferred income 26,323 47 5,720 24,157 524 4.344 32,090 29,025 14-
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 15 Retlrement benefit schemes The charity operates a d8fined contribution pension scheme for all qualifying employees. The assets of th8 scheme are held separately from those of tha charity in an independently adminlstered fund. The penson cost charge represents contribulions payable by the company to the fund and amounted to £549 {2022'. £549). Contributions totalling £116 (2022: £104) were payable to the fund at the balance sheet date and are included In creditors. 15-
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FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 17 Analysls of net assets between funds Unrestrlcted Unrestrlcted funds funds 2023 2022 Fund balances at 31 March 2023 are represented by.. Tangible assets Current assetsl(Ilabiliti&s) 1,304,685 485,802 1,300,907 488,390 1,790,487 1.789,297 18 Related party transactlons Transactlons wlth related partles During the year the charity entered into th8 followlng transactions with related partles: One of the trustees in the company (FEPL) are also trustees in Farset Development Limited (FDL). Included in Other Debtors is a loan of £20.111 (2022: £30,218) due from FDL. 17-