PKFI Fpm YEAAS fv￿sS *4wA ANNIVERSARY Charity Registration No. NIC102754 Company Registration No. N1611278 (Northem Ireland) . 111111 -'r'¢..PA:'4IES HOUSE .iELFAST •JAYfiQZSY' JNI COMPANIES H￿jsE FAR ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021 ww.pkffpm.(om inlo@pkffpm.com wr¢JyF•L4ty7 ¢Qil&iJ HAATERED A¢¢c￿T￿￿4TS IELAI40 VATP•J.G8 18F41W4gIIE328WI FH 3019 FARSET LABS LEGAL AND ADMINISTRATIVE INFORMATION Trustets Mr D Woie Mr A Bdsier Mr O Kane Mr Artemiy Knipe Mr Colin Mitchell Charity number NIC1027S4 Compary number N1611278 Registered office Unit 1 Weaver5 Court Linfield Road 8elfast Co. Antrim Northem Ireland BTI 2 SGH Independent examiner Lowry Grant FCCA PKF.FPM Acc Beneficiariesof ourcharityare primarity people livin9 in cKvisiting BelfasL Northern Ireland. Public benefits are eviL4en¢ed by a sustained community of merYTbers. long term participants in our educational programmes and frequent usage of our facilities by communitygroups. Ongoing collaboration of Ouf membership and community groups on projects. peer-to-peer learning and teaching. and other engagements 5vch a5 formation ol social clubs confirms the ￿SItive impart of our commtjnity development investmen Over the years. our facilities have served as a propagation ground for the founding of several community groups by our members thai have grown to ddiver a positive impaci in advancement of education and community development in Northem Irdand. Cases ol benefit to entrepreneurship and employabilty have been demonstrated through creation of new cornpanies by our members. and by employment of participants in our edUCat￿nal pro9ramme5 and Mem￿¥s. Emergence of v¢Yunieers from our membership base for Charital￿e acti￿￿eS within rxjr or9anisation and externally affirm5 success of our volunteer dÉwelopmerst acbvities. Impact of our activities is validated by feedb¥k from Ihe people whose INes were p051tively impacted by using our facilities, participation in evenis and membership in the community. Significant bodies such as NESTA STEMNET. Northem Ireland Scien(e Park C￿een,$ Vnivetsity 8elfast, Ulster Vniverstty, Tibu5 ConT)ect and Intel Ireland have also shfWI recoynbtion of the irnpatl of OUTof9anisation. Acti¥ilies. Objectives and Achievements Far5et Labs runs a hackerspacè." a community-operated workspace Whe￿ people with common interests, primarily In STEAM, can meet socialise and collaborate. It seryes as our base of operations for charitable activitie5 and delivery of the ofgani5ation's objective> Our objectives support each other in a syrnbiotic relalionship to advance education. art, and science as well as investing In communitydevelopment. FARSET LABS TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 28 FEBRUARY2021 Our tsbjecti¥e5 are.. To provide an acceSsi￿e workspace lor promotion of STEAM acts"￿ties of Indi￿dUalS, community groups aTrJ organisations. 2. Toeducatechildren. youthand adults in STEAM subjects bycoaching self-edLJcation. peer-to-peer learning and teachin9. and project-based leaming. 3. To cultivate a diverse comrnunity of enthusiast5 in our membership with vawn9 experience Ilwels, individual perspectivesand awiderangeolskills across STEAM disciplines. Education of Children. Y¢￿th and Adults Education for the gerneral public in STEAM is key to sustainable. long tem benefits foT our beneficiaries, where we concentrate on coaching sdf-educaiion. peer-to-peer learning and teachin9, and project-based learning. New resources We￿ sei up by Farset Labs io make engaging pro9rnmmes online possible, includin9 chaL live streaming and a physical base of operations wth technic￿ Capa￿.11￿"e5. Programmes Education programme5are events and en9a9ements or9anised bythecharity and are operated by volunteers. Our programmes aim to educate PeO￿e ihrough hands-on projects with real world outcomes. and to connect people with shared irbterests. In thi5 reporting pefiod, Farset Labs ran 3 educational programme5 With 11 individual engè9ements. all of ich were delNered by volunteers- Hack Nigh[ Password Night and Global Game Jam. An estimated total of 106 people took part in our pro9ramrnes this year. Children and Youth Our primary programme for children and yO￿h is Farset Doio." a regular coding and electronics club for under 18s, which is typically attended by a diverse cohort of chIld￿n and youth from the local community. F•rset Dojo and other piogrammes aimed at thildren and youth were put on pause for the safety of ttendees In line wbth government guidance. Adults . Global Game Jam at Farset Labs 15 cor15idered by many to be a Jewel in the crown of the Nl Technology & Design (alendar. Our chaiity organises a siie for Belfast as part ol a global hackathon which biings thousands ol developers. designers artists and makers across hund￿dS of sites acfoss the world io build game5. In I¢Kkdown we mobilised to run it online brirHJing together 56 jammers to create 10 games within 2 days. FARSET LABS TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 28 FE8RUARY2027 HackNlghtthemes rangedfrom building anelectronic locking systemthat inte9rèieswith our membership database to celebrating pritle month by decorating our charity's website, where participants learned by doin9. An estimate of 40 attendees took part over the course of8 events. Password Night aimed to educate people on online privacy and security. with attendees walking away being more secure by the end of the night. c￿er the course of this programme 10 people took part and improved their online privacy & security. Addilionally. instructions foranyone in the world to rtsn their own Password Nightwas creaied and are available for free online. Acce55ible Workspace for STEAM Activities Community accessibleworkspaces to facilitate STEAM ouifeach and education in Northern Ireland is one of oUrc0￿ contributions to public benefi.t. Farset Labs is locally unique in providin9 24n136S xt*ss to an event space, communal workspace, technical library. modern high-tech workshop and other faciltties for our beneficiarie Our ability ro provide this benefii was significanfly Testrained by the global pandemic given thar we provide access pnmarily to physital faolities. In line wilh government guidance. we closed ourfaciliiies fora major partoftheyear, and reopened acce55Witha 5-step plan. Community Groups Commvnity groups use our tacilitie5 free of charge provided they are using thern for activitie5 that align with our charitable purposes and don'i charge peO￿e f¢y participation. Farset Labs supported 2 communities or9anised by local Volunteers to fun 3 engagement5 for advancement of education. arts. culture and science. all of which were open to ihe general public free of charge. Supported events were attended prirnarily by adults. dirertly reaching an estimate of 30 totsl attendees from the general public with indirect wideT impau. Individuals Indiwdua15 Use our lacilities by coming to free events. buying o visitor pass. or subscribing ltsr a monthly membership. Howe¥er. anyone under 18 must be accompanied by an adult and can't subscribe for a monthly membership. Fwset Labs provided an estimate of 50-75 memberswith acce55 lo our communal facilities for projeci-ba5ed learning. collaboration and general use at the individual's discretion_ Visitors were not able to use the physical faci14ties until 7th of September2020. but engaged on our onlinÈ forums. FARSET LABS TRUSTEES. REPORT (CONTINUED}{INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 28 FEBRUAR Y 2021 On a typical week, the space 15 useil on all 7 days during the day and ni9ht a5 people come in when it 5UIts their needs. often workiThJ around their job schedules. In a typical year, our 1￿*11t1eS are used almost 365 days a year. However, this year we have seen significantly lower use of thefacilities. Importantly, our members are the core Volunteers in our charitsble activities, core source of sustainable income for the charity. and c￿e Contributo￿ io maintenance and operation of thefacilities. Our facilities enable individua15 to take on otherwise inaccessible projects. Getting equipment for manufacturing or obtaining electronics forexplofing a technology is predicaied with a financial investment thatcan stopanidea initstracks. 8y pooling finances we Significant￿ improve the a¢ce5sibility to these resources and open the door5 to wide range of new opponunities in projeci-based learning for our beneficiaries. Suppothn9 CollabOrat￿n Sharing resources and engaging in projea-based learning are ihe backbone of collaboration between our befteficiar*e5. Learning to work with the same equipment a5 tP105e around yov encourages people to exthange knowledge and tde35. f05terFn9 a culture ol peer-ttrpeer teachiTTrg and learning. Cdlatorations between visitors. members and our charity have Trsvlted in new proietts. skill exchanges and a sense ofcommunity. Our charity is operated by volunteers induding the day to day of management of our building. It is made Possible by visitors and members that spend their time in the space. sha￿d responsibility is assumed by people in ouriommunityand each memberis empowered to enact change by our philosophy of do-¢xra(y. Govemance of the charity is tied to the needs of the members who collectivew finance the charity. A monthly community Yown Hall- is held Whe￿ members can raise issues, propose changes and make requests including votln9 on candidates that wish lo become Twstees. Governan¢* Farset Labs is a company limited ty guaraniee. govemed by its Articles of Association (last updated 13th May 20161. and it is a re9lStered charity with the Charity Commission. FARSET LABS TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 28 FE8RUARY2021 Organ•sational Strncture The core operations of Farset Labs are administered by the board of Trustee5, currently numbered at 4. The board normally meets quarterly, and also coiresponds digltally between meetings to collaborate and track development, outreach, education, finance, operations and facilities on an ad hoc basis. The wider operaiion of the organisation is mana9ed in collaboration with a tezrn of Non-Execvtive ManagerslNEMsltowhom theTrustees havedelegated verticalty integrated interests in several spetific fields ol operalion. These rol￿ are governed under a separate document termed the Operations Manual. De¥elopments In the reporting period. we formalised the strutture ol our Board of Trustees and assigned specilic Chair, Secretary and TreaSu￿r position5. Currently. we a￿ iterating on the ￿spOnSIbl11t1eS of each role In an ongoing discussion to ensure we meet 9eneral and 5pecifK needs of our charity. Twstee Appo•Trtment Policy From the governing document, the appointment of Directors to Farset Labs is legally provisioned under clause 17 111 a wheTetry additional direaors are appointed assent of the cuirÈnl qUOTUrn of diTectOf5, however. in a practical sense this appointment is predicated on an open nomination/election in the community las an extraordinary meeting). t￿herebY any mwnber ol thè community can self-norninate for an open run-off Èlection where by at least of the current membership must participate. and within valid candidates the￿ must be a clear majority of stjpport foT a 9iven candidate. for the directors to"accept Ihe election a5 a valid expression of support. New trustees undergo several orientation se5510n5 Wlth the current trustee& and are instTUCted in the review of relevani legal obligations and statutes relevant to company law. the charities iommission guidance on public benefiL and clarify. if necessary. the conienis and spirit of the Articles of Association". thp management ané decision-makin9 processes wiihin the or9anisation. any non-public operational plan5. and recent linancial performance of the charity. Trustees are encouraged to attend appropriate external training eventswherethesewill facilitatetheundertaking oftheirrole. Remuneration Policy for Related Partres and Oryanisations None of ourtrustees receive rernuneration orother Incidental benefitfromtheirwork with the charity. Any connection between a trustee or Senior manager of the charity to a donorfvendorlsponsor or other collaborating agency must be disclosed to both the board of trustees as part of the trustee nomination policy, and to the wider community as part of their self-nominaiion. Any changes in theiT respective professional circumstances must be reported to the full board of trustees at their earliest convenience. FARSET LABS TRUSTEES. REPORT (CONTINUED)(INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 28 FEBRUARY2021 In the turrent year, no such related party transactions were reported. Remuneration Policy for Mana9ement rhe dirKtors consider the board of director% who are the charity's trustees, and the non-executive management team to comprise the key management personnel IKMP) of the charity in char9e of ￿1￿cting. controlling. rtjnning and operating Farset Labs on a day-to-daybasi5. In this capacity. no key management personnel of the charity are femunerated. and all give of their time freely. Outside of this management capacity li.e. in the case of a KMP having specific relevant skills related to a funded programmel, no KMWS were remunerated duriThJ the ceporbng period. Pricing Policy Our pricing policy refleas ourstrètegyof enabling all within our community, whatever their means.totake partinouractiwtiesandhaveaccesstoourresourcesin anequitable mannerto anyone else. There are three primary mode5 of phy%ial occe55 for the community to tske advants9e of the resources and cofflmunityinihelabs,. Membership.Day-P3sses,and EventAttendance. We have not adjusted our baseline -membership- policy in 6 years. with £15pm for students. £25pm -Enthusiast" membership, and £35pm "Freelancer- membership. There are no real differentiators between theselevelsand representa stvuciured-paywhatyou cart" opwoach. Day-passes at £5 per day grant Users acces5 to the non-workshop facilities (unless they go through specific instrtACtion in theuseofthatresourcel. Event attendees are suggested to donate £3 to un-spons¢yed or member-run events to cover the baseline costs ofthe space. In the non-physical reèlm. we mainiain and active. freeto join. community on the Slack plarform that both connects our 70+ direct 'members', but also Includes some 180 additional 'a5SOClates'; people who have been inVo￿ed In vdunteering. aitending events, or jusl come to han9 Out with likefflir)ded individua15 where theycan't use the physical spacethatmuth. The 'Friend of Farset, pro9ramme." a no-entidemeni recurring donation system for people who wish to support the organisation but do not have the opportunity to regularly use the physical Space, introduced in the previous year, has been a valuable secondary revenue and donation scheme foT the charity. We are currently investigating the 5Ultability of this donation model to be extended io include Gift-Aid. FARSET LABS TRUSTEES, REPORT ICONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 28 FEBRUAR Y 2021 however there are no curlent eXam￿eS of managed swwices towovide this autornatically. With regards to the letting of èvent space for external events/ proiert& for"example, our primary event spacè 15 let at a rate of £25/hr with a 2-k0￿boOking minimum. but èt the discretion of the events Trustees or Managers, this can bed*scoLtnted for bulkeventsli.e. 12 or 24 houi'hackathons. would noi be sustainable under this direct model.) Addilionally, room booking concessions are available for voluntarylcommunity groups and charitable organisations there their activities align with theobjects of the charity as a whole. Reserv¢s Policy In the interest of Farset tsbs continuing on a muhi-annual basis. the Board has agreed io establish and maintsin an operational reserye to ensure lon9-term Stability of operation8 and potentially providin9 bridges for unexpected upstream costs. These approximations VMII be reassessed annually 05 Part of the Tiustee5 Annval Report to the Charity Commission for Northern Ireland, due on the 28ih of December12 months before the Financial Year Entl., 28th of FebTuaryl. General Rts•r¥ès The organisation running costs IRenVSeNice Charge/ElectricitylHeating etcl to provide resilience 09ainst revenue or upstream cost variations. should retain at leasi months core As of September 2020, Ihese are approximated to be £8.￿0 based on 3 years of amortised baseline costs. Increasing based ¢)n the ONS CPI rate12% at the time of writing}. The board of trustees reseNes the right to rr￿lIfy this ￿SeThe in the event of any supplier notificatir￿ of change of prices. Desi9nated Funds The organisation shrAJld retain at least £3.(XJO for unexpected iepatrs, like-for-like replacements and consumable £05ts for maintainin9 capitsl inveslments {coie inlrastrucivie, security. and woikshop equipment in particularl. This valuation is based on the current asset base of appfo¥imaiely £6,WO. and assurnin9 that no more than half olihe assetswll require replacementwiihin one reporting periijd. FARSET LABS TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDEL? 28 FEBRUAR Y2021 Monitoring of Reserves A multi-annval financial summary will be available to twstees at all tnjstees, meetings. All trustees are responsible for monitofing for breaches. or iisks of breaches to, this re5erve5 policy, nd should both take measures to rernediate this b￿a{h, and to record the obseryation and ￿sp￿se. and any further action/rnonitoring to bp completed. Risks Management Polity The trustees have a risk management straie9y which compn Establishment and regular review of principal risks and uncertainties ihat the charitymayface Regular reviews of policies, systems and pr¢xesses in place to track and mitigate those ri5k5 identified above or on an ad-hoc basis Implementation of best-praclice procedures to minimise any potential impact on the charity should those risks materialise. Yinancial Risk This work has ideniified that increastng privaretyopeiated for-pfofit'competiiion, in the co-working space as a potential T15k, but ovei the reFM)rtin9 peTiod we have not seen any 5MJnificani downward change in the use or operation of the space.. this vindicates the trustees, belief that the corè charitable opeiations of the space are more relevant and motivating than the avaIla￿'llty of acceSsil￿eWorklng space ak)ne. However, the trustees are keenly aware that the expansion of the space incurs non-negligible risk with respect to this market sensitivity. Addilionally. the disruption invofved in departing the building for renovations will impact our ability to maintain cwr day-to-day operations and -rnind5hare- within the community. A5suchwe have updated our reserves policy lorthe 2019-2020 period to accommodate funds to be set aside both fof secondary renovation cost5. and to support re-establishing the cornmunity in the space and -kickslarting" new programmes towards the end of 2019 and eady 202Q. This expansion ol our space will inevitabty incur increased operating costs such as increased heating and lectrical c05t5. in addition to ri5in9 rents across both existing 'Unit I. facility. and ¢)ur new 'Unit 1A, lacility. To attempt to ameliorate these costs, we hwe agreed a fNe year lease on Unit I lour horne of ftearly l O years) and are in 'meanwhile' use of Unit 1A until stsch time as a revenue generating breakeven point is established to the use of the area ol the facility. Related to this. we recognise ihai we a￿ at increased sensitrvity to markei changes in the heating and electricty markets, as the more-than-douwing of our we will gready increase these costs as a proportion ol the space. FARSET LABS TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 28 FEBRUARY2021 Aswith any mixed-use space. two othernon-financial risk faaofsarise regulady, that ol health and Safety of users of the space. and child protection of ys)unger members of the community who attend oui 0￿reach and educaiion ￿ents. Health and Safety R•s* . With ￿sPeCt to Healih and Safety. we maintain engagement vrith our insurance company to ensure that our coverage matche5 the use and risk profile of the ¥Jace. Also. in the" reporting period we have undertaken an onboarding and induciion irainirwj regime for new members wishing to use the workshop. requiring sign-off byone olthe KMPasto their competency. There have.been no accidents reporte(I during the reportin9 peri(#J. Child Pfotection Risk Wilh fespeu to child proiection. we regularty review our chilLI protection procedures to keep them ¢n line wtth best practices and hdd regular awaTer￿S trainin9 for volunteer5 workiThJ wiih children andlor vulnerable adults. There have been no safeguarding-incidents reported duriNJ the reporting period. Restrictions on Public Benefits and Concessions Individuals. Community Groups and Organisations Access ro the workspace for Individuals, community groups and organisations for hirable lacilities such as the event spac£ requires paying f￿the facility or a mernbership. Concessions are made to inrlrviduals. community groups and organi5ations to achievegoals that alignwith our haritablepurpose, includin9 providin9 thefacilityfreeofcharge_ Ind•viduals Access to the workspace lor Indiwduals outside of educational programmes and events requires paying for a ws¢tor pass. or a membership. COn￿deratIOnS have been implemented to ensure ihat these benefils are available io beneficiaries who are poor_ Events antl participation in educational programmes ddwered. by ihe chartty are free, with suggested donations. Visitor pass fees are £5, allowin9 access for a single day for an individual. allowing cheaper, though limited, accessthan memberships. FARSET LABS TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR EJVDED 28 FEBRUAR Y 2021 Membership fees spread across £15. £2S. £35 and £75 and all members have equivaleni access regardle55 of which price ss paid by the individual, allowing adjustments to accornmodale individual circumstances. Selected prices align with ability and desi￿ to support the charity. Concessions are made to granl acce5S to individuals who are not able lo pay to Kce55 the facilities. allowing them to payata larerdateor forego payment altogether. Private Beneffts A private benefit to trustees is the normal use of the re%yJrce5 and space provided to all beneficiaries. and this is incidental and necessaryt0ensu￿the benefit isprovided and maintained for all beneficiaries. Trustees that parricipate and represent the charity ai educational, promotional or outreach events gain experience that can aid their future ernployment prospects. These benelits are incidenial and necessary to ￿S￿le the benelits of the or9anisation are provided to ou¥ beneficiaries. In some cases. these same people ￿11 iecerye rea50natAe finarKial compensation for expenses related to such aciiviltes where these artivities are excluyvely in line with the purposes of the or9ani5ation. This benefi.t 15 incidental and necessary to ensure the benefit is provided to our beneficiaries. Statements of TNstees The trustees are pleased to present their annual directors. report iogether with the consolidated financial statefflents ofthecharityfortheyearending 28th February 2020. whKh are also prepared to meet the requirements for a directors. report and accounts for Companies Act purposes. as well as a dirett, public, transparent annual report toour memljershipand communityasawhole. f•nancial Slalements The financial statements comply with the Charities Act (Norrhem Ireland) 200& The Charities (Accounts and Reports) Regulations (Northern Ireland) 201S. The Charities IAnnual Retuml Regulaiior¢S (Northern I￿land) 2015, The Companies Act 2006. the Article5 of As5LKiation. and Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportln9 Stsndard for Smaller Entities. The charity tTusiees (who are also the director5 of Far5et Labs for the purposes of company lawl are ponsible for preparing a trustees. annual report and financial ststements in accordance with applicable law and United Kingdom Accounting Stsndards Iunited KingdomGenerallyAcceptedAccounting Practice). 10- FARSET LABS TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 28 FEBRUAR Y 2021 Company law requires the charity trustees to prepare financial statements for each year which give a true and fail view of the state ol affairs of the charitable company and on the incorning resources and application of resources including the income and expendilure of thetharityfor that period. In preparin9 the financial statements, thettusteesare required to.. Selea sUitalAe accounting policies and applythem conystently Observelhe methodsand principles in thecharities SORP Make Judgements and estimates thoi are reasonable and prudent Slate whether applicable UK accounting S￿ndardS have beer¢ followed, subject to any rnaterial departuies disd05ed and explainetl in the financial 5tètement5 Prepare the financial statements on the goin9 concern basis unless It is Inappropriate tts presume that the ch3rily will continue in t*Jsiness. The trustees areresponsiblefor keeping proper accounting recordsthatdisclose wTth reasonableaccuracy at any time the firbancial p051tion of the charity and to enable them to ensure that financial statements comply with the Companies Act 2006. They are also responsible for safegtsarding the assets of the charity and hence tsking reasonable steps forthe prevention and detection of fraud and oiherirregularities. The trusiees are re5F￿nsIble lor the maintenance.and integrity of the corporate and financial inlormaiion included on the charitable compan￿5 website. Public Benefit In setting Ouf objectives and planning our actiwties for the year the irustees have 9iven careful consideration to the Chanty Commission for Northem Ireland's guidance on public benefit to en5￿￿ that the activities have helped toachieve the charity's purposes and pr¢)videa benefittothebeneficiarie5. Disclosure of infomiation to independent exam•ner Each of the trusiees has confirmed that there is no inforrnation ol whtch they are awa￿ which is relevant to the independent examination, but ol which the independent examiner is unaware. They have further conlifmed thai they have tsken appropriate lleps io iderffy such ￿levant infomiation and to estsblish that the tndependent examiner is aware ol such bnlormation. FARSET LABS TRUSTEES, REPORT {CONTINUED)(INCLUDI NG DIRECTORS. REPORTI FOR THE YEAR ENDED 28 FEBRUAR Y 2021 Small Company Prov•sions This ￿port has been p￿pa￿d in accordance %*th the provis￿n5 app1Kab￿ to companies entitled io the small companies exemptyon_ The tru5tees' report was approved by the Board of Tnjstee Signed by nip@ Chaii of the Board 24 February 2022 12- FARSET LABS srATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 28 FEBRUAR Y2021 The trustees. who a￿ also the diretto￿ of Fèrset Labs for the pU￿se of company law, are responsible for preparing the Trustees. Report and ihe financial statements in accordance wth applicable law and United "ngdom Accounting Stsndards Iunited Kingdom Generally Accepred Accounting Practice). Company Law requires the trvstees to prepare financk41 statements lor each financial year which give a true and fair view of the Stale of affairs of the Ihartty and of the Incomi￿ resources and application of resources, including ihe income and expenditvre ol the charitable company for that year. In preparing these financial statements. the tnjstees ale required to". select sulta￿e accouniiny policies and then apply them consistently. observe the methods and principles in the Charit*s SORP. make judgements and estimate5 that are re359nable and prudent state whether applicable VK Accounting Siandards have been folk)wed. subject to any material departures disclosed and explained in the financial 5tatefflents," 3ThJ prepare ihe financia statements on the going concem basis Un￿ it is inappropriate to p￿sume thai the charity will continue In operation. The trustees a￿ responsible for keepin9 adequate accounting fecords that disclose with reasonable accuracy at any time the h"nancial position of the charity and enable ihem io ensure thai the financial statements comply with the Companies Act 2fA)6. They are also ￿sponSible for safeguardin9 the assets of the charity and hence lor taknng reasonable steps for the prevention and dètection of fraud and other irregularities. 13- PKFI Fpm YEAR5 &*-fvstwss ANNIVERSARY FARSET LABS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FARSET LABS I report to the trustees on my examination of the finarKval statements of Farset Labs (the tharityl for the year ended 28 February 2021. Responsibilities ab)d basis of report As the trustees of the charity land also its directors fo¥ the purposes of company lawl you are responsible lor ihe preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Havin9 Satisfied myself that the financial statements of the charity are nol required to be audiied under Part 16 of the 2006 kt and are digible for independeTrt examinatiory I ieport in respect of my examinatb)n of the charity's financial statements carried out under section 65 of the Cha¥tties Act 2(X)8 (Northern Irelandl (the 2008 Act). In canyn9 Out my examination I have followed èll the applicable Directions gNen. by thè Charity Commission undef sertion 6519llbl of the 2008 Act. Independent examiner's statemefit I have completed my examinalion. I confirm that no matters have corne to my attention in connectio) with ihe examination giving me cause to believe that In any material respect.. ccounting record5 were not kept in respect of the charity a5 required by section 386 of the 2LK16 Art or the financial statements do not accord with those re(ord& or the financial statements do not comply with ihe accounirThJ fequirerrtents of section 396 01 the 2L¥)6 Act other than any requirément that the account5 gNe a truè and fair Vie￿ which is not a mattel considered as part of an independent examination." or the financial statements have not been prepared in accordancè with the methods and principles of the Statement of RKommended Pracrice lor accounling and ceponin9 by charities applicable to charities preparing their accounts in accoidènce with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) 14- www.pkffpm.com fo@pkrfpm.com PKFlttzi YEARS. &*fvsLq&SS ANNIVERSAR Y FARSET LABS INDEPENDENT EXAMINER'S REPORT (CONTINUED) TO THE TRUSTEES OF FARSET LABS I have no concems and have come across Th) other matter5 in connertion wth the examination to which attention should be drawn In this reKX)rt in oidef to enable a proper understanding of the financial statements to be reached. Ji4fnJJ Lowry Grant FCCA PKF-FPM Accountants Limited 1-3 Arthur Streel Belfast Co. Antrim BTI 4GA Dated.. 24 Febrvary 2022 15- wwW.pkffpm.C￿rn irblwpm.cc FARSET LABS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 28 FE8RUAR Y2021 Unrtstricted Rèstrirted nds fvnds 2021 2021 Total Vnrestrirted RestfKted funds nds 2020 2020 Total 2021 2020 Not*s Income and endowments from: Donations and legacies Charitsble activities Other trading activitiès Investments Other Income 5,562 S.562 7.5LIJ 9.500 32.284 16.478 15 16.476 32.284 520 520 Total income 26,055 26.055 37.459 7.500 44.959 endltyre on: Raising lunds 704 704. 1323 2.323 Charitable activities 26.073 2&073 41.334 41,334 Total resources expended 26,777 26.777 43.657 43.657 Ntt lexpenditure)[Income for the yearl Net m<)vem*nt in funds (7221 (7221 (&1981 7,50) 1,302 Fund balances at 29 February 2020 110.9841 7.5C (3.4841 (4,7861 14.7861 Fund balances at 28 February 2021 111,7061 7.500 14,2061 110,9841 7,500 13.4841 The ststement of financial activities includes all gains and losses recogni5ed in the yeai. l income and expenditure delive from continuirKJ"actiwties. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2L 16- FARSET LABS BALANCE SHEET AS A T 28 FEBRUARY2021 2021 2020 Notes Fixed assets Tangible assets Current asset5 Debtors Cash èt bank and in harKI 13 4,118 1,140 14 2,035 11.622 5,384 16,030 13,657 21,414 Creditors: amounts fallin9 due within one year 16 12.1291 16,1861 Net current assets 1 1.528 15,228 Total assets les5 clirrent liabilities 15,646 1&368 cred•tO￿ amounts fallin9 due after ffl0￿ than one year 17 119.8521 119.8521 Net liabililie5 14,2L%I 13,4841 Income funds Restricted funds Unrestricted lunds 18 7,500 110,9841 {11,7L%I 14.2061 13.4841 FARSET LABS BALANCE SHEET (CONTINUED) ASA T28 FEBRUARY2021 The company 15 entytled to the exemption from the audil requiremeni contained in section 477 of the Companies A(t 2￿6. tor ihe year ended 28 February 2021. The directors a(kr￿￿ledge their reswnsibilities for ensuring that the charity keeps accountin9 records which comply with sertion 386 01 the Act and for preparing financial statements which give a true and fair view of the state ol affairs ol the company as at the end ol the financial year and ol its incoming resources and pplication of resources, including its income and experKliture. for the financial year In accordance with the requirements of sections 394 and 395 and which otherwise iofflpty with the requirements of the Companies Art 2006 relating io financial statements so far as applicable to the company. The members have nol required the company to obtain an audit of r(s financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordan￿ the provision5 applicable to cornpanie5 subject to the small companies regime. The financial statements were appioved by the Trustees on 24 February 2022 Mr D Wylie Trustee Company Re9istration No. N1611278 18- FARSET LABS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUAR Y2021 Accounting policies Charity information Farset Labs is a prNate Cofnpany limited by guarantee incorporated in Northern Ireland. The registered oflice Is Unit 1 Weavers Court ￿￿rIdd Road. Belfa5L Co. Antriffl. BT12 5GH. Northern Ireland. 1.1 Accounting t known, the legacy is Ireated as'a contingent a55et. Tumover is measured at the fair value of the consideration ￿eNed or recewable and represents amounts receivable for 9oods and seNce5 provided in the normal course of business, net ol discounts. 1.5 Expenditure E¥penéiture is ￿(0901$ed once there is a legal or constructNe obligation to make a payment to a third party. it 15 probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the foll¢Mng activity he￿lIng5'. Expenditure on charitable actmties includes the advancement of education and artivities unoertaken to hJnher the purposes of the charity and their associated support costs,. Othef expenditure represents ihose items not falling inio any other he￿11￿9. 1.6 Tangible fLxed assets Tangible fixed assets are Initially measured at cost and subsequently Measu￿ at cost or valuatiory net of clepreciation and any IMpair￿ent 1055es. Depreciation is recognised so as to wriie off the cost or valuats.on of assets less their residual values over thor useful INes on the followiNJ ba Leasehold impfovements Plant and equipment Fixtures and Fitting5 CcHnPUter Equipment 20% Straight Line 20% Straight knne 20% Straight Line 20% Straight ￿ne The gain or loss arising on the disposal of an asset 15 determined as the difference between the Sale proceeds and the caftwng value of the assel and is recognised irt net income/lexpendilurel for the year. 1.7 Impaimient of fixed assets At each reporting end date, the charity reviews the carrwng amounts of its tangible assets to determine whethe¥ there is any indicatson that those assets have suffered an impairment loss. If any such indication exists. the recoverable amount ol ihe asset is estimated in order to detemiine the extent of the impairmeni loss lif any). FARSET LABS NOTES TO THE FINANCIAL STATÉMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021 Accounting policies (Continued) 1.8 "Cash and cash equivalents Cash and cash equivalents indude cash in hand. deposits held at call with banks, other short-tem liquid investments with original maturities of three months or les5, and bank overdrafts. Bank ovefdrafts are shown within borrowings in current lialy"Iities. 1.9 Financial instruments The charity has elerted to appty the prowsions ol Seaion 11 'Basic Financial Irnsiruments. and Section 12 ,￿her Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charivs balance sheet when the charity becomes party to the contractual provisions ol the instrument. Financial assets and liabiljties are offset. ￿th the nei amounts presented in the finantial statements, when there is a legally enforceable right to set off the reco9nised amounts ar)d there is an Intention to "settle on a net basis or to realise the asset and *ttle the liability simultaneously. Basic financial assets. which include debtors and cash and bank balance& are initially measvred at transaction price includiry transaction costs and are 5ub5equently carried at amortised cost using the effective interest fnethod unless the arrangement constitutes a financing tTan5actiOfL where the t¥ansaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable ¥vithin one yeai ale not amortised. 8asic financial liabilities. includirmj creditors and bank loans are Initially reco9nised at transaction price unless the arrangement constiluies a financing transaction. where the debt instrument Is measvred at the present value tsl the future payments discounted at a market rate of interesi. Financial liabilities classified as payable wthin one year a￿ not amortised_ Debt instruments ale subsequenty camèd at arMrtised cosL using effective inierest rate method. Trade credi10￿ are obligations to pay for goods or semces that have been acquired in the ordinary course of operations from suppliets. Atnounts payable are Classifi￿ as current liabilities if payment is due within one year or less. If nol they are presented as non-current liabilities. Trade treditors are CO9nised initially at transaction ￿ce and subsequently measured at amortised cost ustng the effeityve interest method. Financial liabilit￿ are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 21 FARSET LABS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR YZOZI Critical acc¢)unting estimates and judgements In the a￿lCatIOn of the charity's accounting policies the trustees are required to make judgement5, estimates and assumptions about the carwng amount of assets and liabililie5 that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are con&dered to be relevant. Actual results may differ from these estirnates. The estimates and Underlying assumptions ale reviewed on an ongoing basis. Revisions to accounting estimates are recognised In the period In which the estimate is revised where the revision afferts only that period, or in the period of the wision and futu￿ pellods where the re￿5￿on affects both current and future periods. Donations and legacies Unrestrirted Unrestrirted fund5 fvnds 2021 2020 Donations ar￿ gifts 5,562 2.644 FARSET LABS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021 Charitsble activit￿$ Uft￿trirtedunrestrlrted Restrbrted Funds Funds Fur￿5 2021 2020 2020 Totsl 2020 Performance ￿lated granis 4.LKJO 7.500 9,SOCI Analysi5 by fund Unresiricteé fvnds Restricted funds 2,CX)O 2,(KJO 7,500 7.500 Perfomiance related grants University ol Ulster Queens University ol Belfast Halifax - Community Grants Other 7.500 7,500 2,COO 4,￿0 7,500 9.500 Other trarfing acti¥itles Unrestricttd Un￿striCted fvnds funds 2021 2020 Membership sub￿rIPtIOnS ar￿ sponsor5hip5 which are in substance a payment for goods and swyices Event Charges Shop income 14319 49 110 27,203 4.185 896 Other trading activities 16.478 32,284 -23- FARSET LABS NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2021 In¥•stments Unrestricted Unrestricted fund5 lunds 2021 2020 Interest reCeiVa￿e Other in£om* T