Charity registration number NIC100182 Company registration number N1020367 (Northern Ireland) FARSET ENTERPRISE PARK LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FARSET ENTERPRISE PARK LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustses Dr C McGimpsey Mr F Prortor Mr H Donaghy Mr D Hagan Mr S Andrews Mr J Quinliven Ms V Pollock Secretary Ms l Grace Charity number NIC100182 Company number N1020367 Registered office 638 Springfield Road Belfast BT12 7DY Auditor Miscampbell & Co 6 Annadale Avenue 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 audito¢s report Statement of financial activities Balance sheet Notes to the financial statements 9-16
FARSET ENTERPRISE PARK LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Injstees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitls Igoverning documentl, the Companies Acl 2006 and "Accounting and Reporting by Charities.. Statement of Recommended practi applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objectives and activlties The company's objective is the promotion, for the public benefit, of urban regeneralion in the area of social and economic deprivation in North West Belfast. Strategies for achieving objectives To achieve this the company provides business units for start up and small business, at flexible and favourable rates wilh on site help and advice, to encourage the creation of job opportunities for unemployed people in the area. Public benefrf The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. AGtivities Maln activities undertaken to further the Company's purposes for the public benefit One of the main activities of the company is the provision of advice and guidance to anyone wishitvJ to slart up a business venture or to become self-employed. The company have given regard to The Charity Commission for Northern Ireland's guidance on public benefit. Achievements and performance Significant activities and achievements against objectives Review of activitles The activities of the eA)mpany 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 Northem Ireland (specifically in the deprived area of Northwest Belfast). During the year the company didn't attract any new businesses into the park. Several of the companies within the pat1( are still struggling to keep afloat due to the knock-on effed of Ihe Pandemic and the recession. Some of our tenant's have also given up units in order lo cul their overheads. Enquired for smaller units have been on the increase as companies look lo downsize their businesse5 and cut their cosls. There has been no demand for larger units. Factors relevant to achieve objectives The generation of sufficient rental income to cover running cosls enabled the provision of services to employment reation. Flnancial review Prlnclpal funding The company was originally supported by LEDU and assisted by International Fund for Ireland. No current funding applies and company is self financing.
FARSET ENTERPRISE PARK LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Going concem Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existen for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further delails regarding the adoption of the going concern basis can be found in the accounting policies. Reserves policy Reserves policy It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to beeen three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the evenl of a significant drop in funding, they will be able to continue the charity's current activities while consideralion is given to ways in which additional funds may be raised. This level of reserves 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 lo 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 regislered charity number NIC100182. The trustees, who are also the directors for Ihe purpose of company law, and who served during the year and up to the date of signature of the financ4al statements were: Dr C McGimpsey Mr F Proctor Mr H Donaghy Mr D Hagan Mr S Andrews Mr J Quinliven Ms V Pollock R8cniitment and appointment of trustees The management of the Company is the responsibility of the Trustees who are elected and co-opted 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. seIng Trustees have the power to appoinl any person as an additional Truslee-, 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 re-appointed. The Trustees shall be entitled to such remuneration as the company may by ordinary resolution determine,. any remuneration shall be deerred to accrue from day lo day. The Trustees are also entitled to reimbursement of any travel expenses incurred by them in attending meetings on in connection with any olher business of the company. Ooanisational stnjcture Organlsational structure and decislon-making policies The Gompany has one member of staff, manager who makes day to day decisions and reports directly to the Trustees. All major deasions 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 2024 Statement of trustees responsibillties The trustees, who are also the directors of Farset Enterprise Park Limited for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi). Company Law requires the trustees to prepare financial statements for each financial year which gwe 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 statements, the trustees are required to.. seleGt suitable accounting policies and then apply ihem consistently., observe the methods and principles in the Charilies SORP., make judgements and estimates that are reasonablè and prudent; and prepare the financial statements on the going conr£m basis unless it is inappropriale to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies 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. Auditor In accordance with the company's artides. 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 Trustees. Dr C McGimpsey Trustse 20 November 2024
FARSET ENTERPRISE PARK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FARSET ENTERPRISE PARK LIMITED Opinion We have audited the financial slalemenls of Farset Enterprise Park Limited (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities. the balance sheet and notes to the financial statements, induding 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 standa applicable in the UK and Republic of Ireland {Uniled Kingdom Generally Accepted Accounting Practice). In our opinion, the finanaal statements.. give a true and fair view of the state of the charitable companYs affairs as al 31 March 2024 and of its incoming resour$ and application of resources. for the year then ended., have been property prepared in accordance 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 International Standards on Auditing {UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditorfs sponsIbl11teS for the audit ol the financi81 slatements section of our report. We are independent of the tharity in accordance with the ethical requirements that are relevanl to our audit of the financial statements in the UK. including the FRC'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 appropriale lo provide a basis for our opinion. Concluslons relatlng to going ¢on¢ern In auditing the financial statemenls, we have conduded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriale. 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 Gonlinue as a going cOnM for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Infomiation The other information wmprises the information included in the annual report other than the finarKial statements and our auditols report thereon. The trustees are responsible for the other infomialion contained within the annual report. Our opinion on the financial slalements does not Gover the other information and we do not express any form of assurance conclusion thereon. Our responsibilty is to read the other information and, in doing so, consider whether the other infomialion is materialty inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otheiSe appears to be materially misstaled. If we identify such material inconsistencies or apparent material misstatements, we are required to delermine whether this gives rise to a materi91 misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are requlred to report by exception We have nothing to report in respect of the following matters in relalion to which the Charrties (Accounts and Reports) Regulations 28 require us lo report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect wilh the trustees report- or sufficient accounting records have not been kept.. or the finanaal 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 Responsibilltiès of trustees As explained more fully in the statement of trustees responsibilities, the tnjstees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a Irue and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements Ihat 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 concem. disclosing. as applicable, matters related to going concern and using the going concem 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 rosponsibllities for the audlt of the financial statements We have been appointed as auditor under section 144 of the Charities AGt 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misslalement 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstalements in respect of irregularities, including fraud. The extent to which our produreS are capable of detecting irregularities, including fraud is detailed below.. obtained an understanding of the legal and regulatory frameworks that are applicable lo the Charitable Company and determined that the most significant are those that relate to the reporting framework IFRS 102 and the Companies Act 2006) and the relevant tax compliance regulation in the United Kingdom,. understood how the Chafitable Company is complying with those framewort(s by making enquiries of management to understand how the Charitable Company mainlains and communicates its policies and prOdureS in these areas., assessed the vulnerability of the Charitable Company's financial statements lo material misstatement, including how fraud might occur by considering the risk of management override and by assuming revenue recognition to be a fraud risk,- and based on this understanding our audit procedures were designed to idenlify noTrcompliance wrth such laws and regulations. We assessed the sUsptibIlity of the company's financial statements to material misstalement, induding obtaining an understanding of how fraud might occur. by., identification of related parties.. making enquiries of management regarding where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud- considering the internal controls in place within the o)mpany to mitigate the risk of fraud and non- compliance with laws and regulations., To address the risk of fraud, override of controls and non-complian wilh laws and regulations, we performed analytical procedures to identify any unusual or unexpected related party relationships, tested joumal entries lo identity unusual transactions, investigated any significant or unusual transactions and assessed whether judgements and assumptions made in delemiining the accounting estimates were suggestive of potential bias. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https.'Il www.frc.org.ukjauditorsresponsibilities. This description fomis part of our auditorfs report.
FARSET ENTERPRISE PARK LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FARSET ENTERPRISE PARK LIMITED Use of our report This report is made solely to the company's members, as a body, in accordan with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might stale to Ihe company's members those matters we are required to state to them in an audilorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibilrty 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. Patrlck Miscampbell (Senior Statutory Audltor) for and on behalf of Mis¢ampbell & Co 20 November 2024 Chartered Accountants ststutory Auditor 6Annadale Avenue Belfast BT7 3JH Miscampbell & Co is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 ofthe Companies Act 2006.
FARSET ENTERPRISE PARK LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Unrestricted funds funds 2024 2023 Notes Rental income Investments Other income 96,395 13,679 99,703 5,026 1,750 Total Incom8 110,074 106.479 Charitable activities 84,295 105,289 Net income for the yearl Net movement in funds 25,779 1,190 Fund balanS at 1 April 2023 1,790,487 1,789,297 Fund balances at 31 March 2024 1.816,266 1,790,487 The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses 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 16 form part of these financial ststemenls.
FARSET ENTERPRISE PARK LIMITED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Flxed assèts Tangible assets 13 1,312,439 1,304,885 Current assets Debtors Cash at bank and in hand 14 75,231 467,366 63,164 454,728 542,597 517,892 Cr8ditOTS: amounts falllng duè wlthln one year 15 (38,270) (32,090) Net curront assets 504,327 485,802 Totsl asgets less currant Ilabllltlos 1,816,766 1.790,487 Net assets excluding pension liability 1.816.766 1.790,487 Tha funds of tho charfty Unrestricted funds 1,816,766 1,790,487 1,816,766 1,790.487 The notes on pages 9 to 16 form part of these financial statements. The company Is entitled to the exemption from the audit requIrnent contsined in section 477 of the Companies Act 2006, for the year ended 31 March 2024, although an audll has been carried out under secllon 144 of the CharitÈès Act2011. The dire¢tors acknowledge their responsibilitles for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The member8 have not required the company to obtain an audit of its financial statements under the requirernents of the Companles Act 2006. for the year In question in accordance with section 476. These financial statements have been prepared In accordance with the provlsions applicable to companles subject to the small companies regime. The finanGial statements were approved by the trustees on 20 November 2024 Dr C McGimpsey Trustee Company registration number N1020367 (Northem Ireland)
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies The principal activity of the company continued to be the provision of rental units at favourable rates for start- up business. Charity Infomiation Farset Enterprise Park Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 638 Springfield Road, Belfast. BT12 7DY. 1.1 Accounting conventlon The financial statements have been prepared in accordance with 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 of Recommended Praclice 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 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Going concern At the time of approving the financAal statements, the trustees have a reasonable expectation that the charily has adequate resouros lo continue in operational existence for the ft)reseeable future. Thus Ihe trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted fvnds are available for use at the discretion of the trustees in furtheran¢e of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors 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 musl 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 reived. Cash donations are recognised on reipt. Other donations are recognised onGe the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is reGognised at the time of the donation. Legacies are recognised on receipt or otheise if the charity has been notified of an impending distribution, the amount is known, and receipt is expeded. If the amount is not known, the legacy is treated as ontingent asset.
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Contlnued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to 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 cosls of each activity are made up of the lolal of dir1 cosls and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocaled directly to thal 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 basis consislenl 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 flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at ¢osl or valuation, net of depreciation and any impaiment losses. Depreciation is recognised so as to write off the cost or valuation of assets less Iheir residual values over their useful lives on the following bases: Freehold land and buildings Plant and equipment Fixtures and fittings 20 % straight line 20 % straight line The gain or loss arising on the disposal of an assel is determined as the differen between the sale prOedS and the rArrying value of the assel, and is recognised in the statement of financial adivilies. 1.7 Impalrment 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 indrAlion exists, Ihe recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call wilh banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial Instruments The Gharity 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 charity's balan sheet when the charity becomes party to the contrartual provisions of the instrument. Financial assels and liabililies are offset, with the net amounts presented in the financial statements, when there is a legally enforable 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 simultaneousty. 10-
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Basic flnancial assets Basic financial assels, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequenuy carried at amortised cosl using the effedive interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets dassified as receivable within one year are not amortised. Bas1¢ financlal liabilities Basic financial liabilities, induding creditors and bank loans are initially recognised at transaction price unless Ihe aThangement constitutes a financing transaction, where the debl instrument is measured at the present value of the future paymenls discounled al a markel rate of inlerest. Financial liabilities classified as payable wilhin one year are not amortised. Debl instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If nol, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest melhod. Derecognition of financlal liabilitles 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 teInate the employment of an employee or to provide termination benefits. Critical accounting estimates and judgements In the application of the charity's accounting policies, Ihe trustees are required to make judgements, estimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimales 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 assumption5 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 cffily that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income Unrestricted Unrestricted funds funds general general 2024 2023 Rental income 96,395 99,703 11
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from Investments Unrestrictsd Unrestrictsd funds funds 2024 2023 Interest receivable 13,679 5,026 Other income Unrestricted Unrestricted funds funds 2024 2023 Other income 1,750 Charitsble actlvltlos Support costs Support costs 2023 2024 Staff costs Deprectation and impairment General rates Bank charges 28.783 3,529 5,041 97 25,073 1,910 5,923 92 F il Light & heat Repairs & maintenance Insurance Water rates Bad debts Telephone Stationery & postage Consumables General expenses Computer costs 11,327 6,939 9,336 9,790 3,057 7,903 870 41,231 942 210 320 257 378 7,537 1,026 228 405 869 419 76,420 97,956 Share of governance costs {see nole T) 7,875 7,333 84,295 105,289 12-
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Govemance costs 2024 2023 Audit fees Legal and professional 4,300 3,575 4,300 3,575 3.600 3,733 7,875 7,875 7,333 Analysed beeen Charitable activities 7.875 7,875 7,333 Governance costs includes payments to the auditors of £3,800 (202> £3,600) for audit fees. Net movement In funds 2024 2023 The net movement in funds is stated after chargingl{crediting)'. Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assels 4,300 3,529 3,600 1,910 Audltorfs remuneration Fees payable to the charity's auditor and associates.. 2024 2023 For audlt services Audil of the financial slatements of Ihe charity 4,300 3.600 10 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 11 Employee8 The average monthly number of employees during the year was.. 2024 Number 2023 Number 13-
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employees Icontlnued) Employment costs 2024 2023 Wages and salaries Other pension costs 28,127 656 24,524 549 28,783 25,073 There were no employees whose annual remuneration was more than £60,000. 12 Taxation The charity is exempt from taxation on its activities because all its income is applied for charttable purposes. 13 Tangible fixed assets Fro•hold land *nd bulldlngs Plant and Flxtur•s and equlpmont ttln Total Cost At 1 April 2023 Additions 1,300,000 11,666 100 94,919 1.406,585 11,183 11.283 At 31 March 2024 1,300,000 11,766 106,102 1,417,868 Depreciation and irnpairnient At 1 April 2023 Depreciation charged in the year 11,531 155 90,369 3,374 101.9¢JO 3.529 At 31 March 2024 11,686 93,743 105,429 Carrying amount At 31 March 2024 1,300.0 80 12,359 1,312.439 At 31 March 2023 1,300,000 135 4,550 1,304,685 14 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Prepayments and accrued income 62,319 12,912 40,145 23,019 75.231 63,164 14-
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Creditors: amounts falling due within one year 2024 2023 Other taxation and soaal security Trade creditors Accruals and deferred income 30,091 2,429 6,250 26,323 47 5.720 38,770 32,090 16 Retiremènt beneflt schemes Defined contrlbutlon schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension Cost charge represents contributions payable by the company to the fund and amounted to £657 (2023.. £549). Contributions totalling £145 (2023-. £116) were payable to the fund at the balan sheet date and are included in Greditors. 17 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subjed to speafic conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside OLrt of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incoming resources Resources At 31 March oxpended 2024 Unrestricted reserves Revaluation reserves General funds 1,468,487 322,000 110,074 183,795) 1.494,786 322,000 (500) (500) 1,790,487 110,074 (84,295) 1,816,266 Previous year: At 1 Aprll 2022 Incoming resources Resources At 31 March expended 2023 Unrestricted reserves Revaluation reserves 1,467,297 322,000 106,479 (105,289) 1.468,487 322.01) 1,789.297 106,479 (105,289) 1,790,487 15
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Analysis of not assets betweèn funds Unrestricted funds 2024 At 31 March 2024: Tangible assets Current assetsl(liabilities) 1,312,439 503,827 1.816,266 Unrestricted funds 2023 At 31 March 2023: Tangible assets Current assetsl{liabilitiesl 1,304,685 485,802 1,790,487 19 Related party transacttons Transactions with related partles During the year the charity entered into the following transactions with related parties.. One of the trustees in the company {FEPL) are also trustees in Farsel Development Mited (FDL). Included in Other Debtors is a loan of £10,005 (2023.. £20,111) due from FDL. 16-