Company registration number N1020367 FARSET ENTERPRISE PARK LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
FARSET ENTERPRISE PARK LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Dr C McGimpsey Mr F Proctor Mr H Donaghy Mr D Hagan Mr S Andrews Ms V Pollock Secretary Ms l Grace 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 auditor's report Statement of financial activities Balance sheet Notes to the financial statements 10-17
FARSET ENTERPRISE PARK LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the a¢counting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "kcounting and Reporting by Charities.. Ststement of 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)" 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 ftexible and favourable rates with on site help and advice, to encourage the creation of job 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 wishirwJ 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 performance Significant activities and achievements against objectives Review of activities The activities of the company continue to involve the creation and stimulation of job opportunities Ihrough support for the creation of new enterprises and support for existing small businesses, within Northem Ireland (specially in the deprived area of North and West Belfast). During the year, the company attracted three new businesses into the park, two of which were new start businesses. Susan Foster TIA, Sistine's. a company which sells antique. retro and vintage goods. Jude Savage TIA, J&S Construction Ltd, a local builder, and the third company, Nl Technology Ltd, which has an office locally bL5t needed additional space for a workroomlwarehouse. Several of the companies within the park are still struggling to keep afloat after the knock-on effect of the Pandemic and the rising costs of utilities. Enquires for units have been steady throughout the year but are mostly for smaller units and there has been no demand for larger units which businesses tying to lower their overheads. Factors relevant to achieve objectives The generation of sufficient rental income to cover running costs enabled the provision of seNi¢es to employment creation.
FARSET ENTERPRISE PARK LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Financial review Principal funding The company was originally supported by LEDU and assisted by International Fund for Ireland. No Current funding applies and company is self financing. Going concem Going concern After making appropriate enquiries, the 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 concem basis in preparing the financial statements. Further details regarding the adoption of the going Concern basis can be found in the accounting policies. ReseeS 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 expendilure. 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. Structurey 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 (Resigned 7 May 2025) Recruitment 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 ofAssociation. The company secretary is responsible for keeping the books and records of the company, and is assisted by one other member of stsff. 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 rfrappointed. The Trustees shall be entitled to such remuneration as the company may by ordinary resolution determine- any remuneration shall be deed 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.
FARSET ENTERPRISE PARK LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Organisational structure Organisational 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 custodian trustee No funds are held as custodian on behalf of others. Statement of trustees responsibilities The trustees, who are also the directors of Farset Enlerprise 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 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 Gharily 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-. select suitable accounting policies 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 statemenls on the going concern basis unless it is inappropriate to presume that the charity will continue in operalion. The trustees are responsible for keeping adequate accounting records that disclose with reasonable a¢¢uraGy at any time the financial position of the Chartty 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 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 26 November 2025
FARSET ENTERPRISE PARK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FARSET ENTERPRISE PARK LIMITED Opinion We have audited the financial statements of Farset Enterprise Park Limited (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including 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 A¢¢ounting Practice). 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 2025 and of its incoming resources and application of resources, for the year then ended; have been properly 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 opinion 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 Auditoffs responsibilities 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 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 In audiling 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 ¢ontinue 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 trustees with respect to going concern are described in the relevant sections of this report. other information The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other information and 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 misststement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on vthich we are requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Charities Accounts and Reports Regulations (Northern Ireland) 2015 requires us 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 explanation5 we require for our audit.
FARSET ENTERPRISE PARK LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FARSET ENTERPRISE PARK LIMITED Responsibilities of trustees As explained more fully in the statement of trustees responsibilities, the trustees, 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 true and fair view, and for such internal control as the 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 conlinue as a going concern, disclosing, as applicable, matters related to going concern and using the 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 financial statements We have been appointed as auditor under section 65(2) of the Charities Act {Northern Ireland) 2008 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 misstatement. 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 expe¢ted 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, 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 framework (FRS 102 and the Companies Act 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 communi¢ates its policies and procedures in these areas-, assessed the vulnerability of the Charitable Company's financial statements to material misstatement, including how fraud might occur by considering the risk of management override and by assuming revenue cognition to be a fraud risk., and based on this understanding our audit procedures were designed to identify norfrcompliance with such laws and regulations. We assessed the susceptibility of the company's financial statements to material misstatement, 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 company to mitigate the risk of fraud and non- compliance with laws and regulations-, To address the risk of fraud, override of controls and non-compliance with laws and regulations, we performed analytical procedures to identify any unusual or unexpected related party relationships. tested joumal entries to identity unusual transactions, investigated any signifiGant or unusual transactions and assessed whether judgements and assumptions made in determining 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:11 W.fr¢.0rg.UkIaudlt0rsresponSlbllitles. This description forms part of our auditor's 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 Charity's trustees, as a body, in accordance with Part 4 of the Charities Accounts and Reports Regulations (Northern Ireland) 2015. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Patrick Mi ampbell ( enior Statutory Auditor) For and on behalf of Mis¢ampbell & Co, Statutory Auditor Chartered Accountants 6 Annadale Avenue Belfast BT7 3JH 26 November 2025 Miscampbell & Co is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a ¢ompany under section 1212 of the Companies Act 2006.
FARSET ENTERPRISE PARK LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Unrestricted funds funds 2025 2024 Notes Income Rental income Investments 94,735 16,475 96,395 13,679 Total income 111,210 110,074 enditure on. Charitable activities 81,466 84,295 Net income for the yearl Net movement in funds 29,744 25,779 Fund balances at 1 April 2024 1,816,266 1,790,487 Fund balances at 31 March 2026 1,846,010 1,816,266 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 10 to 17 form part of these financial statements.
FARSET ENTERPRISE PARK LIMITED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets 12 1,309,045 1,312,439 Current assets Debtors Cash at bank and in hand 13 65,209 504,246 75,231 467,366 569,455 542,597 Creditors: amounts falling due within one year 14 {32,490) (38,770) Net current assets 536,965 503,827 Total assets less current liabtlities 1,846,010 1,816,266 The funds of the charity Unrestricted funds 16 1,846,010 1,816,266 1,846,010 1,816,266 The notes on pages 10 to 17 form part of these financial 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 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
FARSET ENTERPRISE PARK LIMITED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The members have not required the company to obtain an audit of its financial statement5 under the requirements of the Companies Act 2006, for the year in question in a¢¢ordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime. The financial statements were approved by the trustees on 26 November 2025 Dr C McGimpsey Trustee Company registration number N1020367 (Northern Ireland)
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies The principal activity of the company continued to be the provision of rental units at favourable rates for start- up business. Charity information 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 convention 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 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 financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out 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 trLEtees continue to adopt the going Goncern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance 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 ol 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 CognIsed once the charity has been notified of the donation. unless performance conditions require deferral of the amount. Income tsx recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the time 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 contingent asset. 10-
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 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 costs of each activity are made up of the total of dIrt cosls and shared costs, including support costs involved in undertaking each activity. Direct costs attributable 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 beeen those activities on a basis 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. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Plant and equipment Fixtures and fittings 0/0 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 Ihe asset, and is recognised in the statement of financial activities. 1.7 Impairment 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 equlvalents 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 overdrafts. 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 charity's balance 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 re¢ognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 11
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) Basic 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 the arrangement constitutes a financing transaction, where the Iransaction is measured at the present value of the future receipts dis¢ounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement ¢onstitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt 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 not, 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 method. Derecognition of financial liabilities 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 terminate the employment of an employee or to provide termination benefits. Critical accounting estimates and judgements In the application of the charity's a¢Gounting policies, the trustees are required to make judgements, estimates and assumptions 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 Ihese 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 only that period, or in the period of the revision and future periods where the revision affects both Current and future periods. Income Unrestrlcted Unrestricted funds funds general general 2025 2024 Rental income 94,735 96,395 12-
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from investments Unrestricted Unrestricted funds funds 2025 2024 Interest receivable 16,475 13,679 Charitable activities Support costs 2025 Support costs 2024 Staff costs Depreciation and impairment General rates Bank charges 30.227 3,394 9,781 85 28,783 3,529 5,041 97 F li Light & heat Repairs & maintenance Insurance Water rates Bad debts Telephone Stationery & postsge Consumables General expenses Computer costs 5,591 11,902 10,125 932 (1,5271 799 173 345 304 141 11,327 6,939 9,336 884 7,537 1.026 228 405 869 419 72,272 76,420 Share of goveman¢e costs (see note 6) 9,194 7,875 81,466 84,295 13-
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs Governance costs 2025 2024 Audit fees Legal and professional 4,200 4,994 4,200 4,994 4,300 3,575 9,194 9,194 7,875 Analysed between Charitable activities 9,194 9,194 7.875 Governance costs includes payments to the auditors of £4,200 (2024- £4,300) for audit fees. Net movement in funds 2025 2024 The net movement in funds is ststed after chargingl{crediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 4,200 3,394 4,300 3,529 Auditor's remuneration Fees payable to the charity's auditor and assoGiates- 2025 2024 For audit services Audit of the financial statements of the charity 4,200 4,300 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 10 Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number 14-
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Employees (Continued) Employment costs 2025 2024 Wages and salaries Other pension costs 29,528 699 28,127 656 30,227 28,783 There were no employees whose annual remuneration was more than £60,000. 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 12 Tangible fixed assets Freehold land and buildings Plant and Fixtures and equipment rittings Total Cost At 1 April 2024 1,300.000 11,766 106,102 1,417,868 At 31 March 2025 1,300,000 11,766 106,102 1,417,868 Depreciation and impairment At 1 April 2024 Depreciation charged in the year 11,686 20 93,743 3,374 105,429 3,394 At 31 March 2025 11,706 97,117 108,823 Carrying amount At 31 March 2025 1,300,000 60 8,985 1,309,045 At 31 March 2024 1,300,000 80 12,359 1,312,439 13 Debtors 2025 2024 Amounts falling due within one year: Trade debtors Prepayments and accrued income 62,302 2,907 62,319 12,912 65,209 75,231 15-
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Creditors: amounts falling due within one year 2025 2024 Other taxation and social security Trade creditors Accruals and deferred income 26,023 30,091 2,429 6,250 6,467 32,490 38,770 15 Retirement benefit schemes Defined contribution 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 penOn cost charge represents contributions payable by the company to the fund and amounted to £699 (2024- £657). Contributions totalling £145 (2024.. £145) were payable to the fund at the balance sheet date and are included in creditors. 16 Unrestricted funds The unrestricted funds ofthe charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by Ihe trustees for specific purposes. At 1 Aprll 2024 Incoming resources Resources At 31 March expended 2025 Unrestricted reserves Revaluation reserve 1.494,266 322.000 111,210 (81,466) 1,524,010 322,000 1,816,266 111,210 (81,466) 1,846,010 Previous year: At 1 April 2023 Incoming resources Resources At 31 March expended 2024 Unrestricted reserves Revaluation reserves 1,468,487 322,000 110.074 (84,295) 1,494,266 322,000 1,790,487 110,074 (84,295) 1,816,266 16-
FARSET ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Analysis of net assets between funds Unrestricted funds 2025 At 31 March 2025: Tangible assets Current assetsl(liabilities) 1,309,045 536,965 1,846,010 Unrestrl¢ted funds 2024 At 31 March 2024: Tangible assets Current assetsl(liabilities) 1,312,439 503,827 1,816,266 18 Related party transactions Transactions with related parties During the year the charity entered into the following transactions with related parties.. One of the trustees in the ¢ompany (FEPL) are also trustees in Farset Development Limited (FDL). Included in Other Debtors is a loan of £Nil (2024.. £10,005) due from FDL. 17-