FARSET ENTERPRISE PARK LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees 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 charity's [governing documentl, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in a¢¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 2019). Objectives and activities 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. Strategies for achieving objectives To achieve this the company provides business units for start up and small business, at flexible and favourable rates with on site help and advice, to encourage the creation ofjob opportunities for unemployed people in the area. Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Actwities Main 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 wishirg to start 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 performan¢e Significant activities and achievements against objectives Review 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 didn't attract any new businesses into the park. Several of the companies within the park are still struggling to keep afloat due to the knock-on effect of the Pandemic and the recession. Some of our tenant's have also given up units in order to cut their overheads. EnquId for smaller units have been on the increase as companies look to downsize their businesse5 and cut their costs. There has been no demand for larger units. Factors relevant to achieve objoctives The generation of sufficient rental income to cover running costs enabled the provision of services to employment Creation. Financial review Principal funding The company was originally supported by LEDU and assisted by Intemational 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 concern Going concern After making appropriate enquiries, Ihe Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details 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 between 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 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 to known future development, liabilities and uncertainties. Structur8, 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 statemenls were- Dr C McGimpsey Mr F Proctor Mr H Donaghy Mr D Hagan Mr S Andrews Mr J Quinliven Ms V Pollock ReGruitment 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 Associalion. 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 Tnjstee,. 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 deemed 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 with any other business of the company. Organisational structure Organisational structure and declsion-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 san¢tioning by the Financial Director and the Trustees. Funds held as custodian 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 trust8es responsibilities 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 a¢¢ordance with applicable law and United Kingdom A¢¢ounting Standards (United Kingdom Generally A¢¢epted 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 reSoUrs, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to: select suitable accounting poli¢ies and then apply them consistently. 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 ¢oncern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees a 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 accordan 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 Trustees. Dr C McGimpsey Trustee 20 November 2024