Farset Labs Charity No. 102754 Company No. N1611278 Trustee's Report and Unaudited Accounts 28 February 2025 AEWFAIN 1710212026 COMPANIES HOUSE A08
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Farset Labs Contents Pages Trustee's Annual Report Statement of Financial Activitie5 Summary Income and Expenditure Account alance Sheet Statement of Cash flows Note5 to the Accounts Detailed Statement of Financial Activities 1.4 11) I Paop 1
Farset Labs Trustees Annual Report The trLtstee, who is a Iso a director of the charity for the purposes of the Compa nie5 Aci 20Q6, presents their report with the unaudited financial Siatements of the charity for the year ended 28 February 202S. REFERENCE AND ADMINISTRATIVE DETAILS Company No. N1611278 Charlty No. 102754 Registered Office Unit I Weavers Court Linf ield Road Belfast BT12 5GH Dlrector and Trustee The Director of the charitable compa ny are its Trustee for the purposes of charity law. The followin8 Director and Trustee served durin8 the year.. R. Paul Accountant5 OBoyle Accountin8 & Tax Ltd 4 Bingham Street Ban8or 8T20 SDW The Trustee is responsible for keeping proper accounting records that disclose wilh re.asonable rirf.Liracy al any time the financial position of the. charity and to enable I',hem to pnsijre th<l I the finanrial sta Ipnipnr.s comply with the Companies Act 2006. The Trustee is also responsible for safeEuarding the assels of Ihe charity and hence taking reasonable steps for the prevention and detection of fraud and oihor irregijla rilies. The above report has been prepared in accordance with the prc)visions applica blp to compa nips subjp.cl to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with Ihe Charities SORP IFRS 1021. Signed on behalf of the board R. Pdul Trustee 28 February 2025 Paop ?
Farset Labs Statement of Financial Activities for the year ended 28 February 2025 Unrestricted funds Total funds Total funds 2025 2025 2024 Notes Income and endowments from: Donations and legacies Charitable activities Other trad ing activities Other 38,936 31..730 Total 62,977 62,977 67,342 Expenditure on.. Raising funds Charitable activities Other 2,343 1,026 53,806 2,343 1,026 S3,806 278 io 6r),357 Total 57,175 Net 8ains on investments Net income/(expenditure) Transfers between funds ij. -5,802 12,84Ql Net Income/lexpenditure) before other gains/llosses) S,A02 12,84C)I Other 8ains and losses Net movement in funds 5,802 12,840 Reconci15atlon of funds: Tot31 funds brought forward 113,5041 11.3,5041 110,6641 Total funds carried forward 17,7021 17.7021 I l3,-50I1 Pxpp .4
Farset Labs Summary Income and Expenditure Account for the year ended 28 February 2025 2025 2024 Income 62,977 Gross income for the year Expenditure 54,748 68,J.86 Depreciation and charges for impairment of fixed assets 2,427 1,996 Total expenditure for the year Net incomellexpenditure} before tax for the year 57,175 5,802 12,8401 Net Income /(expendlture )for the year 12,8401 Pavp 4
Farset Labs Balance Sheet at 28 February 2025 Company No. N1611278 Notes 2025 2024 Fixed assets Tangible assets 91[) -3,337 Current assets Stocks Debtors Cash at bank and in hand 1.4 4,14J. 2,267 10,797 119,409 18,6121 Creditors: Amount falling due within one year Net Current liabilitles 16 13.),9CJII 116,84J.I 11.3.5041 lJ3,4041 11.3,£Q4j Total assets less current liabilities 17,7Q21 {7.7021 Net liabilities excluding pension asset or liability Total net liabilities 17,7021 The funds ol the charitv Restricted funds Unrestricted funds General funds 17 17,7021 11.3,5041 17,7021 113.SQ41 Reserves 17 Total funds 17,7021 IJ..3,.5041 These accounts have been prepared in accorda nce with the special provisions of l)ari IS of I he Companips Act 2006 relating to small companies For the year ended 28 February 2025 the company was entilled ro exemption undpr secl.ic)n 477 of the Companies Acl 2006 relating to small companie.£. The members have not required Ihe company to oblain an audil in accordrinr.p wilh section 476 ()[ ihp Companies Act 2006. The directors acknowledge their responsibilities for complying with the req uirpments of the Companips Act 2006 with respect to accounting records and the preparation of ac.counts. Approved by the board on 28 February 2025 And signe s b half by.. R. Paul Trustee 28 February 2025 Paop
Farset Labs Statement of Cash flows for the year ended 28 February 2025 2025 2024 Cash flows from operating activities Net incorne/(expenditurel per Statement of Financial Activities 5.8Q2 12,84101 Adjustments for: Depreciation of property, plant and equipment Decreasell Increase) in stocks Increase in trade and other receivables IDecrease)/lncrease in trade and other payables 2,427 124 13.2481 (16,4921 11.,2fi51 14,1411 Net cash lused in)/provided by operating activities 111.-3871 Net cash f rom investing activities Net cash from flnancing activities Net (decrease}lincrease in cash and cash equivalents 111...1871 Cash and cash equivalents at the beglnning of the year Cash and cash equlvalents at the end of the year 2,267 Components of cash and cash equivalents Cash and bank balances 2,267 J..3.654 2.267
Farset Labs Notes to the Accounts for the year ended 28 February 2025 l Accounting policies Basis of preparation The financial statements have been prepared in accordance with Accoijni inB and ReporiinR by Charilip.s'. Statement of Recommended Practice applicable to charities preparinE their accounts in arcord<)ncp with the Financial Reporting Standard applicable in the UK ¢*nd Republic of Ireland IfRS 1021 leffcctive I January 20151 Icharities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Change in basis of accounting or to previous accounts There has been no change to the accounting policies (valuation rules and method of accountin81 since last year and no changes have been made to accounts for previous years. Fund accounting Unrestricted funds These are available fcjr use at the discrelion of the trustees in furiherance of the. Beneral objects of the charity. These are unreslTlCted funds earmarked by Ihp. Irustee4 lor p.articular puri)oses, These are unrestricted funds which includo a revalLtation reserve representinE th restatement of investment assets at l.heir market valijes, These are availa ble for use subject to restricti(Ins imposed by the donor or through terms of an appeal, Designated funds Revaluation f unds Restricted funds Income Recognition of income Income is included in the Statement of Financial Activities1SoFAI when ihp charity becomes entitled to, and virtually certain to receive, Ihe income and thp amount ol the income can be measured with suff icient reliability. Income with related Where income has related expenditure the income and re.lated expenditure is expenditure reported gross in the SOFA. Oonations and legacies Voluntary income. received by way of 8ranls, donalions and Eifis is includpd iii I l)e the SOFA whpn receivable and only when the Charity has unccindili()nal entitlemeni to the income. Tax reclaim5 on Income from tax reclaims is included in ihe SofA at Ihe same time as Ihe donations and gifts 8ift/donation to wh ich it relates. Donated services These are only included in income Iwith an equivalenl amount in expenditure) and facilities where the benefit to the Charity is feasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounls. Investment income This is included in the accounts when receiv3 ble. Gains/llossesl on Th 15 includes any gain or1055 resulting from revaluing investmenis til market value. revaluation of fixed at the end of the year. assets Gainslllossesl on investment assets This includes any sain or loss on the. salo. nf invpslmentS. Pxpp 7
Farset Labs Notes to the Accounts Expenditure Recognition of expenditure Expenditure is recognised i)n an accrurils basis. Ixpoiiditure includos aiiy VAI" wliic.h cannot be fully recovered, and is reported as part of the expeiidilure 10 which il relates. Expenditure on These comprise the costs associaled wilh atiracting voluntary income, fundraising raising f unds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of ils activities and charitable activities services in the f urtherance of its objects, including the making of Branl s a nd governance costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by. the trLJStees at the end of the year but not ypt paid. These include those costs associated with meeting Ihp consiitutiontil and staiulory requirements of the Charity, includine any audit/independeni examination fees, costs linked to the strateEic mdnaoement nf the Charify, toBpther wilh a sli¢ire of other administration costs. Grants payable Governance costs Other expenditure These are support costs noi d Ilorated to a particular aclivitv. Taxation The charity is exempt f rom corporation lax on its charilable activities, Freehold investment property Investment propertie5 are measured initially at cost and subsequently at fa ir value at each balance shpe. I date a nd a re not depreciated. All gains or losses are taken to the Statement of Fina ncia l Activities as Ihey Stocks Stock is included at the lower of cost or net realisable value. Dona led iiems r)f stock are. rpcoxnised 31 fair value which is the amount the charity would have been willing 1() pay for the itcms on Ihe open mcirkei. Trade and other debtors Trade and other debtors are recognised al the settlement amounl due clfter any trade discnunt offerfrd. Prepayments are valued at the amount prepaid net of any Irade discounts due. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand dcposit.s witli b¥4Tiks and other 5hort-term highly liquid investments with original maturities of three months or less and bank c)verdrafls. In the statement ot tinancial position, bank overdrafts are shown within borrowinE5 or cu rrent liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts Ih<if are repayable on demand and form an integral part of the company's cash mana8oment. Trade and other creditors Short term creditors are measured at the transaction prir.e, Othe. r c.rpdil'nrs and provisions <irp recoRnised where the charity has a present obligation re5ultinB from a pasl evenl thdl will probahly rp.8uli li) Ihe transfer of funds to a third party and the amount due io settlp Ihe obliRalion can be measurpd nr estimated reliably. Creditors and provisions are normally recognised at the. ir settlement a moLJnl aftpr allowing for any trade discounts due. Papp A
Farset Labs Notes to the Accounts Research and development Expenditure on resea rch and dpvelopment is written off iii Ilie year in wh ich il is incijrred. Foreign currencies Monetary assets and liabilities denominated in currencies other than t.he functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the f unctional currency of the charity are recorded d I the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving al nel incomelexpend ifure. Leased assets Where the charity enters into a lease which enlails ta king subsiantially all the risks and reward.s ()f ownership of an asset. the lease is treated as a finance lease. Leases which do not transfer substantially all rhe risks a nd rewa rds ol ownprship li) chd rily are cldssifiod as operating leases. Assets held under financejgases are initially reco8nised as assets of the charilv at their fair value at ihp. inception of the lease or, if lower, at the present value of the minim um lease payments. The corresponding liability to the lessor is included in the balance sheet da le as a finJnce lease r)bligation. Lease payments are apportioned between finance. expenses and reduction of the lease obli8O1ion so as 10 achieve 3 constant rate of interest on the remaining balance of the liabilil'y. Finanre expenses are recognised immedialely, unless they are directly atiributable to qualifying assets. in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recoEnised as an expense on a siraight.line basis ovei Ihe lease term. In the event that lease incentives are received to enter inin operalinE leases, such inceniivo. s are recognised as a liability, The aggregate benefii of incentive4 1% recor nised a8 a rpducl inn of rpnlal expense on a 5l'rai8ht-line baJi5. Pension costs The charity operates a def ined contribution plan for its pmplnyeps. A dpfinpd rnntributi<)n pldn is a pension plan under which the company pays fixed contribution% into a separale. eniily Once the contributions have been paid the company has no further payments obligalions. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accrija Is in the balance sheet. The assets of the plan are held separately from the company in independently administerpd funds. Receipt of donated Eoods, facilities and services All donated goods, facilities and services received are reco8nised within incominF, resources and expenditure at an estimate of Ihe value to the charity. 2 Cornpany status The company is a private company limited by gu3ranlee and ronsequcnlly does noi have share capilAI.
Farset Labs Notes to the Accounts 3 Statement of Financial Activities - prior year Unrestricted funds Total funds 2024 2024 Income and endowments from: Donations and legacies Charitable activities Other trading activities Other 5,886 5,886 31,7.30 23,870 23.870 Total Expenditure on; Raising funds Charitable activities 278 278 Other. 65.3Jf7 65,357 Total Net Income 12.8401 12,84CiI Net Income before other 8ainsl{losses) Other gains and losses.. 12,8401 12,84Ql Net rnovement in funds 12,81101 j2,8dnl Reconciliation of funds: Total funds brought forward Total funds carried forward I In,66111 113,J04j 17.Q,6641 jj.3,fi041 4 Income from donations and legacies Unrestricted Total Tota I 2025 2024 Donations 3,296 3,296 3,296 3,296 5 Income from charitable activities Unrestricted Total Total 2025 2024 Event5 Income 3,57C) 3.570 Membership Pro8ramme support Income 38,936 38.9.36 3.l.730 Pagp In
Farset Labs Notes to the Accounts 6 Income from other trading activities Unrestrictcd Total Total 2025 2024 Desk Rental & Hire Income 20,430 3.1.5 20,430 17,205 6,665 23.870 Sales 20,745 7 Other income Total Total 2025 2024 Other Revenue 5,856 8 Expenditure on raislnE funds Unrestricted Total Total 2025 2024 Costs of generoting voluntary income Advertlsing & Marketing Fundroi5ing trading costs Direct Expenses Events Expenses Tuck Shop Èxpenses 36 124 472 67]. 671 1,612 2,-343 9 Expenditure on Charitable activities Unrestricted Total Tota I 2025 2024 Expenditure on choritable activities Programme Expenses Governonce costs J.,026 1.026 278 1,026 1.026 278 PAgpll
Farset Labs Notes to the Accounts 10 Other expenditure Unrestricted Total Total 2025 2024 Petty cash write off 1.315 Premises costs 43.008 43,008 53.889 Amortisation, depreciation, impairment, prof it/loss on disposal of fixed assets General administrative costs 2,427 2,42 1 1.996 6.810 6.810 6,278 Legal a nd professional costs S.1.806 S3,806 65.357 11 Net Income/{expenditure) before transfers 202S 2024 This is stated after charging: Depreciation of owned f ixed assets 12 Staff costs No employee received emoluments in excess of 160,000. 2,427 .1.996 13 Tangible f ixed assets Cost or revaluatlon At l March 2024 3,707 At 28 February 2025 Depreclatlon and Smpalrment At l March 2024 6,887 3,229 J.O.J 16 Depreciation charge for the year At 28 February 2025 Net book values 1,949 478 2,427 3,707 At 28 February 202S At 29 February 2024 14 Stocks 2025 2024 Raw materials and consumables 15 Debtors 2025 2024 Trade debtors 7,389 7.389 P3.gp 1?.
Far5et Labs Notes to the Accounts 16 Creditors.. amount5 fallin8 due within one year 2025 2024 Trade creditors Loans from trustees Other creditors J.3,627 27,299 4..4?.0 Accruals 1,267 17 Movement in funds Incoming resources lincludinE other At l March gains/los5es 2024 At28 Resources expended February 2025 Restricted funds.. Unre5trlcted funds: General fund5 11.3,5041 62.977 157,1.751 17,7021 Total funds 18 Analysis of net assets between funds 113,r)041 62,977 157,1751 17.702) Unrestricted funds Total Fixed assets 910 Net current assets 18,6J.21 17,7021 18.61.21 17,7021 19 Reconcillation of net debt At28 Februarv 2025 At l March 2024 Cash flows Cash and cash equivalents 111.3871 jlJ.,387j 2,267 Net debt 13,654 111,3871 2,267 20 Related party disclosures Controlling party The company is limited by guarantee and ha5 no sha re ca pital,. thus no single party controls the companv.
Farset Labs Detailed Statement of Financial Activities for the year ended 28 February 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Income and endowments from: Donations and legacies Donations 3,296 3,296 5,886 3,296 Charitable activities Events Income Membership Programme Support Income 3,570 35,366 3,570 3,46.I 27,744 S25 38,936 38,936 31,730 Other trading aclivities Desk Rental & Hire Income Sales 20.430 .1.7,205 20,745 20,7dS 23,870 Other Other Revenue Total Income and endowments 62,977 62,977 67,-342 Expenditure on: Costs of 8eneratin8 donations and legacies Advertisin8 & Marketin8 36 143 36 Costs of other tradin8 activities Direct Expenses Events E%pen5es Tuck Shop Expenses 124 124 472 671 1.612 4,4n4 2,-307 Tol'31 of expenditure on ralsing funds Charitable activities Programme Expenses 2,343 2,343 1,026 1,026 1,026 1,026 278 278 Total of expenditure on charitable activities 1,026 1,026 278 Other expenditure Petty cash write off 1,-17S Premises costs Pxo• 14
Farset Labs Detailed Statement of Financial Activities Rent 36,867 3,9.30 36,867 48,009 2.7n3 3.052 Light, heat and power Premises cleaning Premises repairs and mainienance 43,008 General iidministrative costs, including depreciation a nd amortisation Depreciation of Bank charges General insurances Postage and couriers Software, IT support and related costs 2,427 813 2.427 813 .I,996 59ti 1,210 2,214 2,454 3,3no Stationery and printing Subscription5 Sundry expenses 24 24 24 24 2,285 15 8,274 Legal and professional costs Auditllndependent examination fees 1,561 J,561 1,561 1,561 Total of expenditure of other costs Total expenditure 53,806 53,806 57,175 57,175 70,1.82 Net gains on investments Net Incomellempenditure) 5,802 12,84Q} Net incomellexpenditurel before other gainslllosses) Other Gains 12,84Ql Net movement In fund5 12,8401 Reconciliation of funds: Total funds brought forward 113,5041 113,J041 110,6641 Total funds carried forward 17,7021 17,7021 IJ3.5041 PAkT4• 1.5
Accounting &Ta Delivering a personal service- because every business is unique Professional. Practlcal & Proactlve with your tax affairs Independent examiner's report to the trustees of Farset Labs I report to the charity trustees on my examination of the financial statements of Farset Labs for the year ended 28 February 2025. Responsibilities and basis of report As the charity's trustees of the company land als() its directors for thp purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the rpquiremenls of Ihp. Companies Act 20061'the 2006 Act). Havin8 satisfied myself that the financial statements of the Charily are n()1 reqiJiro.d l() be dLidilod iindr.r l)arl 16 of the 2006 Act and are eligible for independeni examination, I rp.pocl in respor.l of Iny ex¢llnil)alion nr your charity's financial statements as carried out under section l45 of the Charilies Ari 2Qll I'ihe 2L).11 Ar.I'l In carryin8 Out my examination I have followed thp Direclions given by the Charilv Cnmmission under section 145151 Ib) of the 2011 Act. Independent examiner's statement I have completed my examination. I can confirm that no mate.rial mal:lers havp com(-. to n)v allL'I)lion in connection with the examination givin8 me cause to believe.. accounting records were not kepi in aLcordance with section 386 of the 2006 Act,. or the fina ncia I statements do not accord with thnse records; or the financial statements do not com ply with the ac¢.ountinB requirpment.s ijnder spct.i(In 39fi 01 I he. 2006 Act other than any requirement that rhe financial statements give a 'trup and fair, view whicli is n()i a matter considered as part of an independent examinalion,. or the financial statements hdve p.ot been prep¢ired in dccordaiir.e with the mpiFiods and prinriples of Ihe Statement of Recomme.nded Practice for accoiJnrinB and rr.porlin£ hy cliariliDS dpplirahlo lo clidrities preparing their accounts in accordance with Ihe Financial Re.porting St<inddrd applic.able in thp IJK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connpcti()n with the examination to which attention should be drawn in this report in order to enable fl proper understandinB of ihe financ.ial statements to be reached. Signed: on behalf of O'Boyle Accounting ...... Name and Position Date.. ,11IL,nftohJ'y D /- Ifec ii., Accounting &ToX 0'8oyle Accounting & Taxation Ltd 4 Bingham Street. Bangor. Co-Down. B T2n-fjnw I Phone.'102819146 9054 | E-mail-. info0oboyleliccounting.com Website: www.oboyleaccounting.com i Q @oboyleaccounting PROFESSIONAL AOVISOR Oiiectors.. G. O'Boyle. L. Wrighi, M. O'8oyle. Company registered No. Ni601180 Gerry 0'8oyle ACMA. Over 30 years experience with small busine55. Licenced by CIMA to work in practice. certificare no. th)466