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 appa￿nt from other
sources. The estimates and associated assumptions are based on hislorirAI experience and olher faCt￿S 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 Y￿re 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..
Dep￿ClatiOn 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 flo￿At 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-