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.
EnquI￿d 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 reSoUr￿s, 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