FARSET LABS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 28 FEBRUAR Y 2024 Farset Labs Annual Report 1st March 2023 - 28th February 2024 PUBLIC BENEFIT REPORT STATEMENT OF DUE REGARD TO THE PUBLIC BENEFIT REQUIREMENT EDUCATION OF THE PUBLIC MAKER NIGHT CODER DOJO GLOBAL GAME JAM COMMUNITY ACCESSIBLE WORKSPACES RESTRICTIONS ON WHO CAN BENEFIT PRIVATE 8ENEFITS FINANCE FINANCIAL DEFICITS FINANCIAL RESERVES POLICY GENERAL RESERVES DESIGNATED FUNDS MONITORING OF RESERVES GOVERNANCE STRUCTURE, GOVERNANCE AND MANAGEMENT ORGANISATIONAL STRUCTURE TRUSTEE APPOINTMENT MITIGATION OF HARM HEALTH AND SAFETY IN THE WORKSHOP CHILD SAFEGUARDING STATEMENT5 OF THE TRUSTEES DUE REGARD TO THE PUBLIC BENEFIT REQUIREMENT DISCLOSURE OF INFORMATION TO INDEPENDENT EXAMINER SIGNATURES
FARSET LABS TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 28 FEBRUAR Y 2024 The Board of Trustees (who are also Director5 for company law purpose51 present their report with the financial statement5 of the charity for the year ended 28 February 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. Public Benefit Report The objects of Farset Labs are the education of the publlc In STEAM (Science, Technology, Engineering, Arts and Matherllaticsl and the provision of communlty accessible workspace5 to facilitate STEAM outreach and education in Northern Ireland, primarily focused in the 8elfast area, Objective and Activities The organisation's beneficiaries are people within and around the Greater Belfast Area who can access the organisation's facilities, who have an Inte$t In STEAM topics but May not have access to the required resource5 or space to 9row their knowledge and experience. These include but are not restricted to children, young people, students, researchers, professionals, underemployed and entrepreneurs. The promotional purpose is primarily but not exclusively aimed at children arKI young people, as well as indirectly bene ting their families, teachers and schools through increased relationship5 and sharing of best practices for making STEAM engaging and exciting for the beneficiaries. Statement of due regard to the Public Benefit Requlrement In setting our objectives and planning our activities for the year the trustees have given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the activitie5 have helped to achieve the charitys purposes and provide a benefit to the beneficiaries. Achievements and Performance EDUCATION OF THE PUBLIC 41 498 EVEh15 ENGAGEMENT5 p.IRrIcIpANTS Farset Labs organised and facilitated 41 engagements promoting STEAM, with key programmes being Maker Night Coder Dojo and Global Game Jam. We estimate a total of 498 participants signed up to take part across these engagernents.
FARSET LABS TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 28 FEBRUAR Y2024 The direct benefits of the promotion of STEAM education, entrepreneurship, and experimentation include introducing beneficiaries to STEAM elds with immersive and exciting outreach and education programmes driven by practitioners in their respective elds. These programmes lead to a higher level of interest in STEAM, increasing overall quality of life, and understanding of the modern world, whether beneficiaries continue in a STEAM eld or not. The impact of STEAM promotion and outreach is well established, but its impacts are long term; increased uptake in STEAM subjects at higher education, increase in employment and activity in the knowledge sector, leadin9 to higher overall prodvctivity and quality of life, again supported by work done. Maker Night Maker Nlght is a monthly event introducing anyone with an interest to the joy land technicalities) of making. Each month up to 20 people are introduced to our high-tech community workshop equipped with a range of 3D printers, CNC machines, electronics, and much more geared for prototypin9 and learnlng. Participant5 leave the evening with foundational knowledge to begin the jaurney of self-diTected learning and prototyping. Often, participants become member5 and continue using the workshop throughoul the year. Some people even go on to teach other5 in future Maker Night evenings. Coder Dojo Coder Dojo 15 a global volunteer-led movement of free, open coding clubs for young people aged 7 to 17. Each month, we invite up to 10 young people to come along and learn through making garnes, trying projects, and having fun with technology. We link in some of the high-tech machinery in our workshop that many families wouldn't be able to acce55, even through school. Participants do technical hand5-on projects that they enjoy land trick them into a bit of self-driven learning). Sometimes, bringing their friends and family to do it together. Yaung people from our Coder Dojo do all 50rt5 of things later in life, not always technology related. However, some are now volunteering in similar programmes such as the Northern Ireland Raspberry Jam, teaching future generations. Global Game Jam Global Game Jam is the world's largest garne creating event taking place around the globe. boasting tens of thousand5 of participants. Anyone interested in making a game can sign up, and join a team at the jam. The goal is to make a game from scratch in one weekend. Often, with o group of Strangers who become teammates. Thi5 year, we continued to partner with NIGDN, the local game developers network, to rnake it happen. Our site in Belfast ha5 been running for over a decade. Usually it is the only site in Northern Ireland open to anyone, without restriction on who can take part. Participants of the jam at Farset Labs have gone on to create hundreds of garnes over the years. After the jam, some have continued to form friendships, and even taken their prototypes all the way to releasing the game5, made in Northern Ireland.
FARSET LABS TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 28 FEBRUAR Y2024 COMMUNITY ACCESSIBLE WORKSPACES 87 +19 ME.IIBERS GRowfH l.li This year Farset Labs grew to 87 members, with a continuing re-growth af membership since the signing cant downsize during the global pandernic. The need for accessible facilities has grown with the increased cost of living, and people are seeking like minded communitie5 after being isolated. This was true last year, and continues to be the case. Farset Labs is a cornmunity funded and volunteer operated space, opened in 2012 as a place for creativity and technological tinkering. Similar spaces around the worfd function as centres for peer-to- peer learning and knowledge sharing, offering a chance to learn and sociali5e side by side. They are open communities for people to come together, share resources, share knowledge and make things together. This approach of building a community around leaming, making and sharing with 2417 access to resources create5 Opportunities uncommon in Northern Ireland. The facilities are operated by members themselves, which creates a sense of ownership, community and belonging. Often, members run self-driven initiatives that support the aims of the charity, and improve the space. The space is accessible 2417, which allows people who can't take part in typical educational programmes, stjch as those designed for students or professionals, to be port of something, too. This results in frequent use of the facilities during irregular hours by people pursuing their interests in STEAM outside of formal education ènd careers. Our key goal is to give people accessible facilities to get together and pursue their interests in STEAM. This has contributed ta the founding of STEAM focused non-pro t5 by members of the hackerspace such as Northern Ireland Raspberry Jam and NIDC. The cluster of enthusiastic people creates an environment where barriers to create communities of practice are low, and the support for them to succeed is high. This year. we directly supported 7 group5 including Belfast Ruby, PyBelfast, Infosec Nl, and provKled many others with the facilities through membership.
FARSET LABS TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 28 FEBRUAR Y2024 Restrictlons on who can benefit Farset Lab5 runs a range of events and programmes open to all members of the public, including children, young people and adults. However, only those 18+ can become members and gain independent 24[7 access to the facilities. Private Benefits Trustees that represent the charty gain experience that can aid their future employment prospects In some cases, they receive reasonable financial compensation for expenses related to activities exclusively in line with the purpose5 of the organisation. These benefits are incidental and necessary to ensure the benefits of the organisation are provided to our beneficiaries.
FARSET LABS TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 28 FEBRUAR Y 2024 Financlal Review The Statement of Financial Activities ISOFAI shows the extent of and movement in, all charitable fiJnds differentiating between re5fricted funds (monies provided for specific purposes) and unrestritted funds (monies that can be applied to any charitable objectives within the organisation's objectives). Totsl Incoming resources for the year were £65,901 12023= £47,139). Total expenditure for the year was £76,36512023-. £58,553). Total funds of the charity for the year ended 28 February 2024 were in deficit by £13,503 {2023.' deficit £10,539). Restricted funds were £nil at year end (2023,. £7,500). Unrestricted funds at the year-end were in deficit and totalled £13.503 {2023.. deficit £18,039). FINANCIAL RESERVES POLICY In the interest of Farset Labs continuing on a multi-annual basis, the Board has agreed to establish and maintain an operational reserve to ensure long-term stability of operation5. and potentially providing bridges for unexpected upstream costs. The Trustees reasse55 their reserves policy annually. GENERAL RESERVES The organisation airns to retain at least 6 months core running costs {Rent15ervice Charge/Electrioty/Heating etc) to provide resilience against revenue or upstream cost variations. This is approximated to be £30,000. During the pandemic, the charity experienced a fall in membership resulting in declining fixed income streams. This led to the Charity's general reserve5 falling into deficit. At 28 February 2024, the charity did not have any free reserves given their deficit position. The Board are managing cash flow and have plans to see the charity rebuild its reserves over a period of 24 months. All trustees are responsible for monitoring for breaches, or risks of breaches to, this reserve5 policy, and take measures to remediate this breach, and to record the observation and response, and any further actionlmonitoring to be completed. Mitigation of Harrn Health and Safety In the Workshop The organisation conducted risk assessments for equipment available in the workshop and implemented an induction requirement. There have been no accidents reported durlng thi5 period. Chlld Safeguarding The organisation regularly reviews the child safeguarding procedures to keep them in line with best practice and ensures events involving children are conducted in line with the organisation's policies. There have been no safeguarding incidents reported during this period.
FARSET LABS TRUSTEES, REPORT (CONTINUED)(INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 28 FEBRUAR Y2024 Going Concern noted within our reseNes policy, the charity has a deficit general reserves position of £13,503 at 28 February 2024. The Trustees are managing cash flow of the charity to ensure that it is able to pay liabilities as they fall due. During 2024125, the charity saw an increase in the level of membership from 87 members to 105 by January 2025, this increase sees a return to pr&Covid levels. It is the Tnjstees expectation that the charity will reach 130 members, an optimum level to support the resenles policy, by 28 February 202& The Trustees are also seeking sponsorship and paid events to help boost incoming resources. At this dat¢ the Trustees are satisfied that they have plans in place to manage cash flow for the foreseeable fijture, and a period of at lease 12 months from the date of approval of these financial statements. Governance Structure. Governance and Management Farset Labs 15 a company limited by guarantee, governed by its Articles of Association (last updated 13th May 20161. It is a registered charity with the Charity Commission. Organisational Structure The trustees meet quarterly, and collaborate digitally between meeting5. The core operations are carried out by a management team made up of members of the hackerspace in a voluntary, non-remunerated capacity, with stewardship by the chairperson. Trustee Appointment The trustees are appointed by a qvorum of existing trustees at a board meeting. In practice, appointment is predicated by an election open to members of the hackerspace. Any member can self-nominate to be a candidate and all member5 can participate in voting.
FARSET LABS STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 28 FEBRUAR Y2024 The trustees, who are also the directors of Farset Labs for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of r&ources, including the incorne and expenditure, of the charitable company for that year. In preparing these financial statement5, the trustees are required to.. select suitable accounting policies and then apply them consistently,. obseNe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., and prepare the financial staternents on the going concern basis unless it is inappropriate to presurre that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are a150 responsible for safeguarding the assets of the charity arKJ hence for taking reasonable steps for the prevention and detection af fraud and other irregularities. SIGNATURES This report was approved by the Board of Trustees on 11 th February 2025. Mr Artemiy Knipe Trustee Mr Robert Paul Trustee 11 February 2025 11 th February 2025