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 finan￿al 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 ac￿rdanCe 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 re￿ipl or othenvise rf the charity has been notified of an impending distribution. the amount is known. and re￿ipt 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 be￿een 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 re￿gnised 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 balan￿s, 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