Farset Labs
Charity No. 102754
Company No. N1611278
Trustee's Report and Unaudited Accounts
28 February 2025
*AEWFAIN*
1710212026
COMPANIES HOUSE
A08
#104

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
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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
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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.
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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.
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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
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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