FARSET DEVELOPMENT LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrbcted Unrestrbcted funds funds 2025 2024 Notss Income from: Donations and legacies Charitable activities Other trading aclivities 1.470 1,844 6.479 724,826 664.362 Total income 665,832 733,149 Expenditure on: Raising funds Charitable activities 10,421 556.338 18,995 663.830 Totsl expenditure 566,759 682.825 Net income and movement in funds 99,073 50.324 Reconciliation of funds: Fund balances at 1 April 2024 1,609.473 1.559,149 Fund balances al 31 March 2025 1.708,546 1,609,473 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 11
FARSET DEVELOPMENT LIMITED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets Investments 13 14 1,544.493 250 1.622,421 250 1,544.743 1.622,671 Current assets Debtors Cash al bank and in hand 15 1,202 305.141 7,206 108.061 306,343 115.267 Creditors: amounts falling due within one year 17 (139.251) (115,124) Net current assets 167.092 143 Total assets less current liabilities 1.711,835 1,622.814 Creditors: amounts falling due after more than one year {3.289) <13,341) Net assets 1.708.546 1.609,473 The funds of the charity Unreslricted funds 21 1,708,546 1,609,473 1.708.546 1,609,473 The company is entitled to the exemption from the audit requirement contained in sedion 477 of the Companies Act 2006. for the year ended 31 March 2025. The directors acknowledge their responsibilities for comptying with the requirements of the Companies Ad 2006 with respect to accounting reoords and the preparation of finanaal statements. The members have not required the company to obtain an audit of its finanal statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. These financial statements have been prepared in acrdanCe with the provisions applicable to companies subject to the small companies regime. 12-
FARSET DEVELOPMENT LIMITED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The financial statemenls were approved by the trustees on 16 October 2025 Mr R A Jones Trustee Company regislration number N1035254 {Northem Ireland) 13-
FARSET DEVELOPMENT LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating activities Cash generated from operalions 23 223.011 112,751 Investing activities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assels (17.079) {37,433) 1,200 Net cash used in investing actlvities (15.879) (37.433) Financing activities Repayment of bank loans {10.052) (10,001) Net cash used in financing actlvities {10.052) (10,001) Net increase in cash and cash equivalents 197,080 65,317 Cash and cash equivalents at beginning of year 108.061 42,744 Cash and cash equivalents at end of year 305,141 108.061 14-
FARSET DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policles Charity infom)ation Farset Development Limited is a private company limited by guarantee incorporated in Northern Ireland. The regislered office is 466 Springfield Road. Belfasl, BT12 7DW. The principal activity of the company continues to be promoting the benefit of the inhabitanls of primarity North and West Belfast and elsewhere. In particular, to provide relief for those in need by reason of youth, age, ilkhealth, disability, financial hardship or other disadvantage, by the provision and management of residential accommodation. informalion. advice and other facilities, services and support in the area of benefit. 1.1 A¢¢ounting convention The financial statements have been prepared in accordance with the charrvs goveming document, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland" and the Charities SORP 'AcGounting and Reporting by Charities: Slalement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling. which is Ihe fijnctional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial slatemenls have been prepared under the hislorical cost convention. Imodified to include the revaluation of freehold properties and to indude inveslment properties and certain financial instrumenls at fair valuel. The principal accounting policies adopted are set out below. 1.2 Goin9 ¢on¢•rn At the time of approving the financial statements. the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existen for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitsble funds Unrestricted funds are available for use at the discretion of the trustees in fvrtherance of their charitable objedives. Restricted funds are subject to spectfiG condtlions by donors or grantors as to how they may be used. The purposes and uses of the restrbcted funds are set out in the notes to the financial statemenls. 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 legalty entitled to it after any performance conditions have been met, the amounts can be measured Teliabty. and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation. unless Derforniance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Grfl Aid or deeds of covenant is COgniSed at the time of the donation. Legacies are recognised on reipl or othenvise rf the charity has been notified of an impending distribution. the amount is known. and reipt is expected. If the amount is not known. the legacy is treated as a conlingent asset. 15-
FARSET DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligalion to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be required in seltlemenl, and the amount of the obligalion can be measured reliably. Expenditure is classified by adNrty. The costs of each adivty are made up of the total of direct costs and shared costs. including support costs involved in undertaking each aclivty- Direct costs attributable to a single activity are allocated directly to thal activty. Shared costs which contribute lo more Ihan one activity and support costs which are not attributable to a single aclivity are apportioned betsveen those activities on a basis consistent with the use of resources. Central staff costs are all¢xated 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 subsequentty measured at cost or valuation, net of depreciation and any impaimient 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 Computers Motor vehides Straight Line over 50 years Straight Line over 4 years Straight Line over 3 years Straight Linve over 3 years 200A Reducing Balance The gain or loss arising on the disposal of an asset is deterniined as the difference beeen the sale proceeds and the carrying value of the assel, and is recognised in the statement of ffinancial activities. 1.7 Flxed asset investments Fixed asset investments are initialty measured at transaction price excluding transadion costs. and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transadion costs are expensed as incurred. 1.8 Impaimient of fixed assets At each reporting end date. the charty reviews Ihe carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists. the recoverable amount of the asset is estimated in order to detemiine the extent of the impairment loss (if any). 1.9 Cash and cash equivalents Cash and cash equivalenls indude cash in hand. deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current Siabilits'es. 16-
FARSET DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies (Continued) 1.10 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instrumenls Issues, of FRS 102 to all of its financial instrumenls. Financial instruments are recognised in the tharity's balance sheet when the charity becomes paty to the contractual provisions of the inslrumenL 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 regnised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liabilty simultaneously. Basic financlal assets Basic financial assets, which indude debtors and cash and bank balans, are initially measured at transaction price including transaction costs and are subsequentty carried at amortised cost using the effective interest melhod unless the arrangement constitutes a financing transaction, where the transadion is measured at Ihe present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including rJedilors and bank loans are initialty recognised at transaction price unless the arrangemenl constitutes 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<urrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognifion of financial liabillties Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or canlled. 1.11 Employee benefits The cost of any unused holiday entitlement is re¢ognised in the peri¢)d in which the employee's services are received. Terminalion benefits are recognised immediately as an expense when the chaiity is demonstrably committed to terminale the employmenl of an employee or to provide temiinats'on benefils. 1.12 Retirement benefits Payments to defined contribLrtion retirement benefit schemes are charged as an expense as they fall due. 17-
FARSET DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimatss and Audgements In the application of the charity's accounting policies, the trustees are required lo make judgements. estimates and assumptions about Ihe carrying amount of assets and liabilities Ihat 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 resulls may differ from these estimates. The estimates and underlying assumptions are revbewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where Ihe revision affects only that period. or in the period of the revision and future periods where the revision affects both Gurrenl and future periods. Income from donations and legacies Unrestricted Unrestricted funds funds 2025 2024 Donations and gifts Grants 1,270 200 1,249 595 1,470 Grants Other grants 200 595 200 595 Income from charitable activities Unrestrictèd funds 2025 Unrèstricted funds 2024 Other income 6,479 18-
FARSET DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from other trading activities Unrestricted Unrestricted funds funds 2025 2024 Non-charitable trading actiwties Membership subscriptions and sponsorships Fundraising events Shop income 652,438 9,487 1.021 1,416 711,473 8.487 2,992 1.874 Other trading activities 664,362 724,826 Expenditure on raising fvnds Unrestricted Unrestricted funds funds 2025 2024 Trading ¢osts other trading activities 10,421 18,995 Expenditure on charitable activities 2025 2024 Direct costs Share of support and govemance costs Isee note 8 Support Governance 549,307 7,031 655,310 8.520 556,338 663,830 Analysis by fund Unrestricted fvnds 556,338 663.830 19-
FARSET DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs Support Governance costs Costs 2025 Support Governance costs costs 2024 289,047 91,656 87.104 Staff costs Depreciation Heat, light & power Printing, Postage & stationery Telephone & intemet costs Computer costs Repairs & maintenance Insurance Advertising Hotel & travel expenses Professional fees General expenses Recruitment ¢osts Water rates Motor expenses Equipment hire Subscriptions Staff training 269.633 93,807 67,895 269,633 93.807 67,895 289,047 91,656 87,104 674 674 2,025 2,025 3.461 7,507 122,811 10,483 3,133 45 15.964 1.071 262 1,039 2,897 8,538 787 3.280 3.461 7.507 122,811 10,483 3,133 45 15.964 1.071 262 1.039 2.897 8.538 787 3.260 3.818 8,330 65,866 12,344 1.833 3.818 8,330 65.866 12.344 1,833 18.451 567 65 1.182 5,373 12.846 1,025 1.016 18.451 567 65 1,182 5.373 12.846 1.025 1.016 Audii fees Loan interest & similar charges Loss on disposal of fixed assets 5.900 6,350 6.350 1,597 1.597 2.170 2,170 (466) (466) 549.307 7.031 556.338 655,310 8.520 663.830 Analysed between Charitable activities $49,307 7.031 556.338 655,310 8,520 663.830 Net movement In funds 2025 2024 The nel movement in funds is stated after chargingl(crediting): Fees payable for the audit of the charivs financial statements Depreciation of owned tangible red assets 5,9¢)0 93.807 6.350 91.656 10 Trustees None of Ihe trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. -20-
FARSET DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number staff & trustees 23 24 Employment ¢osts 2025 2024 Wages and salaries Social securty costs Other pension costs 257,407 10,154 2,072 275.584 10.649 2.814 269.633 289.047 There were no employees vthose 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 Tangible fixed assets Fmhold land and bulldSngs Plant and Flxtures and ulpmfrnt ffftings Comput•Ys otor v•hlclos Total Cost At 1 April 2024 Additions Disposals 2,566.341 649.948 13.990 113.572 1,400 9.059 1.689 4,671 3,343.591 17,079 (2,500) (2,500) At 31 March 2025 2.566.341 663.938 114,972 10,748 2,171 3,358,170 Depreciation and Impairment At 1 April 2024 Depreciation charged in the year Eliminated in resped of disposals 1,010,010 629.588 71.020 8,852 1,700 1,721.170 53.322 10,571 28.743 771 400 93,807 (1,300) (1,300) At 31 March 2025 1.063,332 640,159 99,763 9.623 800 1,813.677 Canying amount Al 31 March 2025 1,503.009 23.779 15.209 1.125 1.371 1.544,493 At 31 March 2024 1,556,331 20,360 42.552 207 2,971 1.622,421 21
FARSET DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Flxed asset Inveslments Unlisted investments Cost or valuation At 1 April 2024 & 31 Mah 2025 250 Carrying amount Al 31 March 2025 250 At 31 March 2024 250 15 Debtors 2025 2024 Amounts falling due within one year. Trade debtors Prepayments and accrued inrne 6,154 1,052 1,202 1,202 7,206 16 Loans and overdrafts 2025 2024 Bank loans 13.937 23,989 Payable wilhin one year Payable after one year 10,648 3,289 10.648 13,341 17 Creditors: amounts falling due wlthin one year 2025 2024 Notes Bank loans Other laxation and so¢ial security Deferred income Trade creditors other creditors Accruals 16 10.648 29.387 64.350 1.180 20,459 13.227 10,648 31,615 19 13,132 47,464 12,265 139,251 115,124 -22-
FARSET DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Creditors: amounts falling due after more than one year 2025 2024 Notss Bank loans 16 3,289 13.341 Farset Enterprise Park Limtted hold a charge over the premises at 466 Springfield Road. Belfast. 19 Deferred income 2025 2024 Other deferred income 64,350 2025 2024 Deferred income is induded within= Current liabilities 64,350 Movements in the year.. Deferred income at 1 April 2024 Released from previous periods Resources deferred in the year 40,417 (40,417) 64,350 Deferred income al 31 March 2025 64.350 20 Retirement benefit schemes 2025 2024 Defined contribution schemes Charge to profit or loss in respe of defined contribution schemes 2,072 2.814 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from Ihose of the tharity in an independentty administered fund. 21 Unrestricted funds The unrestricted funds of the charity comprise Ihe unexpended balances of donations and grants which are not *ubjecl to spè¢ifi¢ conditions by donors and grantor5 8$ to how they may be used. These include designated funds which have been sel aside out of unrestricted funds by the trustees for specific purposes. At l April Resources At 31 March 2024 expended 2025 Incoming resources General funds 1,609.473 665,832 (566,759) 1.708.546 -23-
FARSET DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Unrestricted funds (Continued) Prevlous year: At 1 April 2023 InGomlng resources Resources At 31 March expended 2024 General funds 1,559.149 733.149 {682,825J 1,609.473 22 Related party tsansa¢tions A number of Injstees in the company Farset Development Limited {FDL) are also trustees in Farsel Youth & Community Development Limited {FYCDL). Induded in other credrf(ors is a loan of £20,459 (2024: £37,459) due to FYCDL. During the current year. FYCDL invoiced FDL for management charges lotalling £24,000 (2024.. £24,000). One of the trustees in the Company (FDL) are also a trustee in Farset Enlerprise Park Limited (FEPL). Included in other creditors is a loan of £NIL {2024.. £10,005) due to FEPL. FDL holds shares within Ulster Communrty Investmeni Trust Limited (UCID. At the year end , FDL owed UCIT £NIL (2024.. £NIL). 23 Cash generdted from operdtions 2025 2024 Surplus for the year 99.073 50,324 Adjustmènts for: Depreciation and impaiment of tangible fixed assets 93,807 91,656 Movements in working Capital: Decrease in debtors {Decrease) in creditors Increasel(decrease) in deferred income 6,004 (40,223) 64,350 12,545 (1,357) (40.417) Cash generated from operdtions 223.011 112,751 24 Analysis of changes In net funds At 1 Aprll 2024 Cash lloAt 31 March 202S Cash at bank and in hand lo8,1 197,080 305,141 Loans falling due within one year Loans falling due after more than one year {10,648) (13.341) (10,648) (3,2891 10,052 84,072 207.132 291,204 -24-