FARSET DEVELOPMENT LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPOR FOR THE YEAR ENDED 31 MARCH 2023 The trustees present their annual report and financia5 statements for the year ended 31 March 2023. The financial statements have been prepared in acLordance with the accounting policies set out in note 1 to the financial slatements and compty with the charity's tgoveming document], the CompanEs Act 2006 and "Accounting and Reportlng by Charities.. Ststement of Recommended Practice appluble to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepubliG of Ireland (FRS 102)" (effective 1 January 2019). Objoctlves and actlvltlos The main objectives of the chanty are to promote the benefit of the inhabrtants of primarity North and West Belfast 1 and elsewhere and in particular: Also. to provide rellef for those in need by reason of youth, age, ill- health, dlsabillty, financlal hardshlp or other disadvantage by the provision and management of residential accommodation, information. advice and other tacllltles. servlces. and support in the area of benefft. Strdteglos for achlovlng objoctivos To prevent and relleve poverty by providing necessary items such as bedding. clothing. food or fuel to those who cannot afford them. Also, lo advance education and to develop individual capabilities. competences. skills and understsnding by maintaining, managing and supporting vocational employment designed to assist the Homele$$. unemployed and people with learning disabilities. The trustees have paid due regard to guidance issued by the Charty Commission in deciding what activities the charity should undertake. Actlvltles undertaken to achleve obioctlves To promote and Improve the effidency and effectfvenes$ of charities. voluntary organisations. communlty groups and not for profrt organisations by the provision and management of conference and training fracilities. Maln actlvltles undertaken to further the company's purposes for the publlc bgnefft Farset Development Limited provides residential accommodats'on. restaurant and banqueting, trainlng and conference facilities and other support services {fuel. food, bedding. housing support, clothing bark, support work, community navigation. fumiture etc.) to achieve its oty"e¢kn've. the results of the main ones are listed below in the Review of Activities sedion. The benefits which fflow from these purposes indude increased preservation of the local Communty and social inclusion,. promotlon of family life by prowsion of safe accommodation for vulnerable, those in poverty. and homeless members of the communty including those facing financial hardship or discrimination leading to less anti- social behaviour- reduced levels of stress. anxiety and feelings of alienation and possible hardshlp for future generations,. promotion of employment opportuntties to develop individual capabiltties. competences. skills and understanding.. and the effective use of charitable resources. Beneffts are evidenced through feedback from seNice users, the community and evaluation from fvnders. This purpose does not give rise to any hami. The benefficiaries of thls purpose are people living n primarily North and West BelFa$t and elsewhere. A private benefit to trustees may arise from our programme of ongoing training in good governance. finance etc. through this training trustees gain skills and experience which are transferable to other settings. These skills are incidental and necessary to ensure the benefit Is provided to the beneficiaries.
FARSET DEVELOPMENT LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The Board of twstees has ultimate collective responsibilty for all grant-making decisions in line with the FDL charitable purposes and any restrictions agreed with donors and funding partners. Twstees reserve the rlght to apply conditions to any grant. Trustees also reserye the right not to approve any recommendation or nomlnation if they (or those acting with their delegated authority) detemiine that the resulting grant would not be tharitable or would conflict with the FDL slated policies or damage its reputatton. FDL seeks to Greate an enabling and facilitating environrnent for volunteering within the organisation In order to improve the quality of volunteering. Volunteer policy development is an opportunity for FDL to reaffirm their vision for volunteer support. improve their practice and work in partnership wilh colleagues to extend this apFfoach across the organisats'on. It also outlines the principles on which the relationship bewn a volunteer and FDL is based.
FARSET DEVELOPMENT LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2023 Achlevemonts and porfomiancg a. Maln achlevements of the company The accornmodatlon is used for those need e.g. families who INe outside Belfast who need somewhere to stay to visit loved ones in hospital. local people who have received threats and cannot tuM home. In addtion to this it prolfjdes residential accommodation. restaurant and banqueting. training and conference facilities and other support services (fuel. food. bedding. housing support, clothing bank, support work, Gommunity navigation. fumiture etc.) There is a commercial side to the hostel which is deemed an important and necessary function to enalje FDL to provide economic or free use of the premises. The hostel works direcuy wth numerous local authorities including NIHE. Social Services, PSNI. local community reps & probation. We are recognised as a shared space by the community and organisations that use us. b. Key perfomiance Indlcators The General Manager assumed appointment on 11 April 2021. The FDL Board had not fomialised any KPI'S for the ensulng year hOver KPI'S were being worked to and whilst not exhaustive some of the key KPI'S were as follows: Continue on the plan to Stabilise the business model and smooth out the erratic Iluciuations To formulate and delNer on the 5 year plan for FDL To evaluate the relationship with the People's Kitchen Belfast for the ensuing year and to make recommendations to the board prior to the end of the contract term for extension or temiination. NIHE To get ratsficalion of the NIHE contract for 22r23 To seek an increase in the room rate charge per person per night from NIHE Continue lo develop the business relationship befvveen NIHEffiDL To develop the relationship between ExtemlFDL To stwcturally review the operating model and continue to make tt make fft for purpose arKI relevant to the bus5ness model To Review all business systems Review and implement an efficient cost effective business system fft for purpose To Review operating procedures. To review all policies. whe needed to produce new. Systems. operating procedures and policies. Review and implement a new vb site Work to the budget P&L and Management accounts for 22f23 To instigate a business model that is operated with the existing team Identify areas of the business that require people resource and implement that Carry out a full Ac¢ounts and bu$ines$ controls review V*ith recommendations to be Implemented. To be carried out in conjunction the company auditor's Continue to implement the re-brand of FDL Creation of a support serlices team to operate in support the resident population of FDL and in deM th our partners in NIHE with Sustaining tenancJe3 Housing Support Sustalnlng tenancies- Food Sustaining tenancies- Household goods On site restaurant Volunteers Continue with the programme of refurbishment and redecoration throughout the buildin9. This Is to include refurbishment of 25% of rooms. Implement Ihe proposal for Business Development opportunities to indude but not be limited to increa8e8 in OGGupancy potential.
FARSET DEVELOPMENT LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 Review of actlvltles The Charity has a number of activities running. the results of the major ones are listed below. Provides residential accommodation. restaurant and banquetin9. training and conference faCllieS and other support services (fuel. ftjod, bedding. housing support, clothing bank, support YrK, community navigation. fumiture etc.) The accommodation is used for those need e.g. families vtho live outside Belfast who need somewhere b stay to visit loved ones in hospital, local people who have received Ihreats and cannot retum home. There is a commercial side to the hostel which 1$ deemed an lrnportant and necessary fvnction to enable FDL to provide ecorDmic or free use of the premises. The hostel works directly numerous local authorities ind. NIHE, Social Services. PSNI, local communty reps & probatlon. We are recognised as a shared space by the for communty and organisation that use us. All income is used to ser¥e and develop the charitable wowk. E.g. in the last year booklngs included: new Ser¥lce Level Agreement has been signed for provldlng accommodation for the homele5S 1, NIHE population. 2, RESPECT - Re-En9aging and Supportlng People to Enable Community Transfonnation - Free rooms and safe space for groups to work with Transient youth, Suicide programs and engaging young adults. programs as well as Interface meeting and ongoln9 meetingsldiscussions with the PSNI. 3, Ststutory bodies and Cross cornmunity Safe space frjr community groups to me tO9ether as well as police, social care agencles, and housing. Free or discounted lunches for senior citizens groups this encourages them to leave their homes and socialise with the local community or senior Citizens from different areas. The restaurant and banqueting facilty is called The Foundry and is mainly used for breakfast (for hostel). Some banqueting takes place e.g. sandwiches and soup for larger groups (conferencing)- The facillty also provides free meals for the homeless or those in poverty and struggllng in the current economic climate It employs a rang8 of skill sets induding receptionists. general grounds staff. housekeepers, night porters, driver and c¢)oks. Financlal review The main source of In¢t)me is from accommodatlon and roorn hlre of the Hostel. and grant fulIng receNed In the year. In the year Fundraising activities were mostly limited to the main funding organisations. There was success In securing fvnding for to deliver training programmes as V11 as obtain some small capital equipment. This amounted in total to a further £3k. Going Goncem After making appropriate enquiries. the Tte& have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable futu. For this reason. they continue to adopt the going concern basis in preparing the financial statements. Further details warding the adoption of the going concern ¢an be found in the accounting policies. ReseThos Policy It is the policy of the charlty that unrestricted funds vthich have not been designated frjr a speclfic use should be maintslned at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level wll ensure that, in the event of a significant drop in funding, they wll be able to continue the charity's current a¢tlv6tleg while consldèratlon is given to ways in which additional fvnd8 may be raised. Thia level of reseNeg has been mainlalned throughout the year. The company Is in deficit this year. any discount wll be needs assessed by the General Manger and approved by a director. The company has increased room rates and conferencing tacilty rates. Investment pollcy and perforniance £250 of Ulster Communty Investrnent Trust (UCIT) shares were purchased, this is a membership fee to UCIT now called Community Finance Ireland (CFI). These shares have no retums on this investrnent.
FARSET DEVELOPMENT LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Financlal rlsk management objecllves and policies Managing financial risk for both individuals and Gorporations starts by womng through a four-stage process that includes the following steps- Identifying polential financial risks- Anatysing and quantsfying the severity of these risks., Deciding on a $trate9y to manage these risks: and Monitoring the success of the strategy. Plans for future parlods The plans for moving into next year are largely set OLrt within the S Year Strategy with tactical considerats'ons as hey present. In the Strategy It sets out the main KPI'S The single most significant plan will be to take the strategy off paper and to implement it in a Sustainable manner. Other plans will include ihe further completion d lUrb[ShIng all other rooms within the building and to improve the overall infrastructure as well as cosmetic fabric of the building. Focus to remain on HR related matters. Providlng stabilty to the overall OpeRn9 Model and matching job roles and structure to the model. Structurn. governance and managèment The charity is a company limited by guarantee and was set up by a Memorandum of Association. The company vms incorporated on 25 November 1998. company registration number N1035254. In March 2015. the company vras registered with the Chartties Commission for Northem Ireland, chanty registration number NIC101231. The principal address and registered office of the charilable company is 468 Springfield Road, Belfast, BT12 7DW. The trustees. vtho are also the dlrecknrs for the purpose of company law. and who served during the year and up io the date of signature of the financial statements were.. Mr R Mccaughey Aldeman W Agnew Dr C McGimpsey Mr R Butler Mr RAJones Mr T J Hewitt Ms D R Petticrew Mr G D Solinas Mr S Andw$ Mr T P Mairs Mr O Hagan (Resigned 19 October 2022) (Resigned 31 March 2023) The management of the company is the responsibility of the Trustees who are elected and COvOPted under the tems of the Memorandum of Association. Serving directors have the power to alappoint any person as an additional director. The number of directors serling at any tlme should nol exceed fourteen. At each yearfy AGM. a thlrd of the diredors are qUIred to retire of a rotstional basis, and the can be re-appointed. Charity trustees must Comply with the rules set out in their charit$ goveming document. Including rules re9arding who can be a charity trustee. wfien and how charity trustees are appointed and how long appointments can last. None of the trustees has any beneflcial Interest in the company. Al of the trustees are members of the company and guarantee to conthbute £1 in the event of a winding up. Funds hèld as custodlan trustee No funds are held as custodian on behalf of others.
FARSET DEVELOPMENT LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 ststement of trustees, rgspon$ibi11tio$ The trustees. who are also the directors of Farset Development Llmited for the purpose of company law. are responsible for preparing the Trustees, Report and the financial statements in a¢¢ordance thryth applrAble law and United Kingdom Accounting Standards (United Klngdom Generally Accepted Ac(xJunting 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 Ihe charty 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 sLitsments. the trustees are required to". - select suitable accounting policies and then appty them consistently: - observe the methods and winciples in the char8$ SORP: - make judgements and estimates that are reasonable and prudent: and prepare the financial ststements on the golng concem basis unless li is inappropriate to wesunx that the charity 11 continue in operation. The trustees are responsible for keeping adequate accounting records that disdose 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 tsking reasonable steps for the prevention and detection of fraud and other irregularities. Audltor In accordance wtth the company's arttcles. a resolution proposing that Miscampbell & Co be reappointed as auditor of the company will be put at a General Meet(ng. The trustees, report was approved by the 808rd ofTnths. Mr R A Jones Trustse Mr G D Sollnas Trusteo 6 November 2023