FARSET DEVELOPMENT LIMITED STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrictod Unrestrictsd funds funds 2024 2023 Notes Income from: Donations and legacies Charitable activitie5 Olher trading actiifjties 1.844 6,479 724,826 8.193 591,573 Tolal income 733,149 599,766 Expendlture on: Raising funds Charitable activities 18.995 663.830 15.254 640.284 Total expendlture 682.825 655,538 Net incomellexpendlture) and movement In funds 50,324 (55,772) Reconclllatlon of funds: Fund balances at 1 April 2023 1.559.149 1,614,921 Fund balances at 31 March 2024 1,609.473 1,559,149 Th8 statement of financial activtties includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 10-
FARSET DEVELOPMENT LIMITED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assets Investments 13 14 1.622.421 250 1,676,644 250 1.622.671 1,676,894 Current assets Oebtors Cash at bank and in hand 15 7.206 108.061 19,751 42,744 115,267 62.495 Creditors: amounts falling due within one year 17 (115.124) (156.898) Net current assetsllllabllltios) 143 (94,403) Total assets less current liabilities 1.622,814 1,582,491 Croditors: amounts falling dufr aftor more than one year (13.341) (23.342) Net assets excludlng penslon Ilablllty 1.609,473 1.559,149 Net assots 1.609.473 1.559,149 The funds of the charlty Unrestricted funds 1.609.473 1.559,149 1,609.473 1,559,149 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companie5 AGt 2006, for the year ended 31 MarGh 2024, atthough an audit has been carried out under section 144 of the Chariiies Act2011. The directors acknovthedge their responsibilrtres ft)r complying wilh the requirements of the Companles Acl 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements under the requlrements of the Companies Act 2006, for the year in question in accordance wth section 476. These financial statement5 have been prepared In arKor(lance wtth the provlsions appllcable to cornpanies subject to the $mall companies regime. 11
FARSET DEVELOPMENT LIMITED BALANCE SHEET {CONTINUED) AS AT 31 MARCH 2024 The financial statements there approved by the trustees on 10 September 2024 40 Mr RA Jones Trustee Mr G D Sollnas Trustse Company registration number N1035254 (Northem Ireland) 12-
FARSET DEVELOPMENT LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operatlng actlvltios Cash generated from operations 23 112.751 61.015 Invostlng activities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets (37.433) (39,864) 592 Net ¢a5h used In Invesllng actlvlties (37.433) (39,272) Financing activities Repayment of bank loans {10.001) (9,614) Net cash used In financing actlvities (10.001) {9,614) Net increase in cash and sh equivalents 65.317 12,129 Cash and cash equivalents at beginning of year 42.744 30,615 Cash and cash equivalents at end of year 108.061 42,744 13-
FARSET DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critlcal accounting estlmates and judgoments In the applicalion of the charRy's accounting policies, the trustees are required to make judgements, estimates and assumptions about Ihe carrying amount of assets and liabilities that a not readily appant from other sources. The estimates and associated assumptions are based on hislorirAI experience and olher faCtS that are considered to be relevant. Actual results may differ from these eth"mates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are cOgnised in the period in which the estimate is revised where the revision affects cfflly that period. or in the period of the rewsion and futu periods %%there the revision affects both current and future periods. Income from donatlons and legacles Unrestrfcted funds 2024 Unrestrlcted funds 2023 Oonations and grfts Other grants receivable 1.249 595 3.904 4,289 8.193 Grants rnceSvablo for core actlvitSes Other grants 595 4,289 595 4.289 Ineomo from charitsble actlviti•$ Unrestrlctod funds 2024 Unrestrlcted funds 2023 other income 6.479 17-
FARSET DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from other tradlng actlvlties Unrestrlcted Unrestrlcted funds funds 2024 2023 Accommodation Room hire Bistro Laundry 711.473 8,487 2,992 1,874 573.166 11.855 4,569 1,983 Other trading activities 724.826 591,573 Expendituro on raising funds Unrèstrfcted Unrestrlcted funds funds 2024 2023 Trading costs Purchases 18,995 15.254 Expendlture on charltsble acltvltlès 2024 2023 Dlrect costs Share of support and govemance costs (see nots 8) Support Govemance 655.310 8.520 631.611 8,673 663,830 640,284 Analysis by fund Unrestricted fvnds 663,830 640.284 18-
FARSET DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Govomanco Costs costs 2024 Support Govornance costs 2023 Staff costs Depreciation Heat, light & power Printing, postage & stationery Telephone & inlemet costs Computer costs Repalrs & maintenance Insurance Advertising Hotel & travel expenses Professional fees General expenses Recruitment costs Water rates Motor expenses Equipment hire Subscriptions Staff trainlng 289.047 91.656 87.104 289.047 91.656 87,104 319.883 85.128 85,839 319.883 85,128 85,839 2.025 2,025 2,064 3,461 7,507 122,811 10.483 3.133 45 15,964 567 65 1.182 5,373 12,846 1.025 1,016 3.461 7,507 122.811 10.483 3.133 45 15.964 567 65 1,182 5.373 12.846 1.025 1.016 3,035 6,966 71,067 8,759 .731 445 21.840 1,071 262 1.039 2,897 8,538 787 3.260 3,035 6,966 71.067 8,759 8.731 445 21,840 1,071 262 1,039 2,897 8,538 787 3.260 Audrt fees Loan interest & similar tharges Loss on dlsposal of fixed assets 6.350 6,350 4,340 2.170 2.170 3,741 3,741 592 592 655.310 8.520 663,830 631.611 8.673 640,284 Analysed between Charitable aclivities 655,310 8,520 663.830 631.611 8.673 640,284 Net movement In funds 2024 2023 The net movement in funds is stated after chargingl(crediting)'. Fees payable for the audit of the chanty's financial ststements Depreciation of owned tangible fixed assets 6,350 91,656 4,340 85,128 10 Trustees None of the trustees (or any persons connected ryth them) received any remuneration or benefits from the charity during the year. 19-
FARSET DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employeos The average monthly number of employees during the yeaT was: 2024 Number 2023 Number Stsff & trustees 24 32 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 275.584 10.649 2,814 301,584 14,913 3,386 289,047 319.883 There Yre no employees vAKJse annual remuneration was more than £60.000. 12 Taxatlon The charity Is exempt from taxation on its activities because all its income is applied for charitable purposes. 13 Tanglble fixèd assots Fr•ehold land and bulldlngs Plant and Flxtur•s and Compute equlF*Twnt Ilttlngs Motor vehlclgs Total Cost At 1 April 2023 Additions 2,566.341 624,962 24,986 103.296 10.276 9,059 2,500 3.3Q6,158 2,171 37,433 At 31 March 2024 2,566.341 649.948 113.572 9,059 4.671 3.343,591 Dopre¢latlon and Impairment Al 1 Aprll 2023 Depreciation charged in the year 956.688 621,943 42.627 7,356 900 1,629.514 53.322 7,645 28.393 1,496 800 91,656 At 31 March 2024 1,010.010 629.588 71.020 8,852 1,700 1.721,170 Carrying amount At 31 March 2024 1.556,331 20.360 42.552 207 2,971 1,622.421 At 31 March 2023 1.609,653 3.019 60.669 1,703 1.600 1,676.644
FARSET DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Flxed asset Investments Unlisted Investments Cost or valuatlon At 1 April 2023 & 31 March 2024 250 Carrylng amount At 31 March 2024 250 At 31 March 2023 250 15 Debtors 2024 2023 Amounts falllng due wlthin ono year: Trade debtors Prepayments and accrued income 6,154 1.052 18.732 1,019 7.206 19,751 16 Loans and ovordrafts 2024 2023 Bank loans 23.989 33,990 Payable within one year Payable after one year 10,648 13.341 10,648 23,342 17 Credltors: amounts falllng due within one year 2024 2023 Notes Bank loans (Xher taxation and soclal security Deferred Income Trade creditors Other cr•ditors Accruals and deferred income 16 10,648 31,615 10,648 31.814 40.417 6.075 60.070 7.874 19 13,132 47.464 12,265 115,124 156,898 21
FARSET DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Creditors: amounts falling duo after more than one year 2024 2023 Notes Bank loans 16 13.341 23,342 Farset Enterprise Park Limrted hold a charge over Ihe premises at 466 Springfield Road. Belfast. 19 Defgrred Income 2024 2023 Other deferred income 40,417 2024 2023 Deferred income is included withln: Current liabilities 40.417 Movements in the year: Deferred income at 1 April 2023 Released from previous periods Resources deferred in the year 40,417 (40.417) 40,417 Deferred income at 31 March 2024 40.417 20 Rotirgment b9nofit s¢heme8 2024 2023 Defined contrlbuilon schom Charge to profft or loss in respect of defined contribution schernes 2.814 3,386 The charity operates a defined contribulion pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an indeperKlentty administered fund. 21 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants whlch are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds whiGh have been set aside out of unrestricted fvnds by the trustees for specific purposes. At 1 Aprll 2023 Incoming resources Resources At 31 March expended 2024 General funds 1.559,149 733.149 (682.825) 1,609,473
FARSET DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Unrestrlctsd funds {Contlnuedl Prevlous year: At 1 April 2022 Incoming Resources At 31 March resourcos expendod 2023 General funds 1.614.921 599,766 (655,538) 1.559,149 22 Related party transactions A number of trustees in the company Farset Development Limited (FDL) a also tJustees in Far5et Youth & Community Development Limited (FYCDL). Included in other creditors is a loan of £37,459 (2023.. £39.959 ) due to FYCDL. During the current year, FYCDL invoiced FDL for management charges totalling £24,000 {2023.' £24.000). One of the trustees in the company (FDLI are also a trustee in Farset Enterprise Park Limited (FEPL). Included in other creditors is a loan of £10,005 (2023.. £20.111) due to FEPL. FDL holds shares wrthin Ulster Communtty Investrnent Trust Limited (UCIT). At the year end . FDL 04ved UCIT £NIL (2023= £NIL). 23 Cash genorated from operations 2024 2023 Surplusl(deficit) for the year 50.324 (55,772) Adjustments for.. DepClatiOn and impainnent of langible fixed assets 91.656 85,128 Movements In working capital.. Decreasel(increasel in debtors (Decrease) in creditors {Decrease)fin¢rease in deferred income 12.545 {1,357) (40,417) (1.960) (6,798) 40,417 Cash generatsd from oporatlons 112,751 61.015 24 Analysis of changes In not funds At 1 Aprll 2023 8sh floAt 31 hlarch 2024 Cash at bank and in hand 42,744 65,317 108.061 Loans falling due within one year Loans falling due after more than one year {10,648} (23,342} (10.648) (13.341) 10,001 8.754 75,318 B4.072 -23-