Charity registration number {NIC101231} (Northern Ireland)
Company registration number NI035254 (Northern Ireland)
FARSET DEVELOPMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
FARSET DEVELOPMENT LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Alderman W Agnew
Dr C McGimpsey
Mr R A Jones
Ms D R Petticrew
Mr S Andrews
Mr D Hagan
Secretary
Alderman W Agnew
Charity number
NIC101231
Company number
NI035254
Registered office
466 Springfield Road
Belfast
BT12 7DW
Auditor
Miscampbell & Co
6 Annadale Avenue
Belfast
BT7 3JH
FARSET DEVELOPMENT LIMITED
CONTENTS
Page
Trustees' report
1 - 6
Statement of trustees' responsibilities
7
Independent auditor's report
8 - 10
Statement of financial activities
11
Balance sheet
12 - 13
Statement of cash flows
14
Notes to the financial statements
15 - 24
FARSET DEVELOPMENT LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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 (FRS 102)" (effective 1 January 2019).

Objectives and activities

The main objectives of the charity are to promote the benefit of the inhabitants of primarily North and West Belfast but does not rule out other inhabitants elsewhere. Also, to provide relief for those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage by the provision and management of residential accommodation, information, advice and other facilities, services, and support in the area of benefit.

Strategies for achieving objectives

To prevent and relieve poverty by providing necessary items such as bedding, clothing, food or fuel to those who cannot afford them.

Also, to advance education and to develop individual capabilities, competences, skills and understanding by maintaining, managing and supporting vocational employment designed to assist the Homeless, unemployed and people with learning disabilities.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Activities

Activities undertaken to achieve objectives

To promote and improve the efficiency and effectiveness of charities, voluntary organisations, community groups and not for profit organisations by the provision and management of conference and training facilities.

FARSET DEVELOPMENT LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

Main activities undertaken to further the company's purposes for the public benefit

Farset Development Limited provides residential accommodation, restaurant and banqueting, training and conference facilities and other support services (fuel, food, bedding, housing support, clothing bank, support work, community navigation, furniture etc.) to achieve its objective, the results of the main ones are listed below in the Review of Activities section.

The benefits which flow from these purposes include increased preservation of the local community and social inclusion; promotion of family life by provision of safe accommodation for vulnerable, those in poverty, and homeless members of the community including those facing financial hardship or discrimination leading to less anti-social behaviour; reduced levels of stress, anxiety and feelings of alienation and possible hardship for future generations; promotion of employment opportunities to develop individual capabilities, competences, skills and understanding; and the effective use of charitable resources. Benefits are evidenced through feedback from service users, the community and evaluation from funders.

This purpose does not give rise to any harm. The beneficiaries of this purpose are people living in primarily North and West Belfast and elsewhere.

A private benefit to trustees may arise from our programme of ongoing training in good governance, finance etc. through this training trustees gain skills and experience which are transferable to other settings. These skills are incidental and necessary to ensure the benefit is provided to the beneficiaries.

Grant making policy

The Board of trustees has ultimate collective responsibility for all grant-making decisions in line with the FDL charitable purposes and any restrictions agreed with donors and funding partners. Trustees reserve the right to apply conditions to any grant. Trustees also reserve the right not to approve any recommendation or nomination if they (or those acting with their delegated authority) determine that the resulting grant would not be charitable or would conflict with the FDL stated policies or damage its reputation.

Volunteers

FDL seeks to create an enabling and facilitating environment for volunteering within the organisation in order to improve the quality of volunteering. Volunteer policy development is an opportunity for FDL to reaffirm their vision for volunteer support, improve their practice and work in partnership with colleagues to extend this approach across the organisation. It also outlines the principles on which the relationship between a volunteer and FDL is based.

FARSET DEVELOPMENT LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Achievements and performance
Significant activities and achievements against objectives

a. Main achievements of the company

The accommodation is used for those need e.g. families who live outside Belfast who need somewhere to stay to visit loved ones in hospital, local people who have received threats and cannot return home. In addition to this it provides residential accommodation, restaurant and banqueting, training and conference facilities and other support services (fuel, food, bedding, housing support, clothing bank, support work, community navigation, furniture etc.) There is a commercial side to the hostel which is deemed an important and necessary function to enable FDL to provide economic or free use of the premises. The hostel works directly with numerous local authorities including NIHE, Social Services, PSNI, local community reps & probation. We are recognised as a shared space by the community and organisations that use us.

b. Key performance indicators

The General Manager is out on long term sick. The FDL Board had not formalised any KPI’s for the ensuing year however KPI’s were being worked to and whilst not exhaustive some of the key KPI’s were as follows;

- Continue on the plan to Stabilise the business model and smooth out the erratic fluctuations

- To formulate and deliver on the 5 year plan for FDL

- NIHE

- To get ratification of the NIHE contract for 25/26/27

- Continue to develop the business relationship between NIHE/FDL

- To develop the relationship between Extern/FDL

- To structurally review the operating model and continue to make it make fit for purpose and relevant to the business model

- To Review all business systems

- Review and implement an efficient cost effective business system fit for purpose

- To Review operating procedures. To review all policies. Where needed to produce new, Systems, operating procedures and policies.

- Review and implement a new web site

- Work to the budget P&L and Management accounts for 25/26

- To instigate a business model that is operated with the existing team

- Identify areas of the business that require people resource and implement that

- Carry out a full Accounts and business controls review with recommendations to be implemented. To be carried out in conjunction with the company auditor’s

- Continue to implement the re-brand of FDL

- Creation of a support services team to operate in support the resident population of FDL and in tandem with our partners in NIHE with Sustaining tenancies

- Housing Support

- Sustaining tenancies – Food

- Sustaining tenancies – Household goods

- On site restaurant

- Volunteers

- Continue with the programme of refurbishment and redecoration throughout the building. This is to include refurbishment of 25% of rooms.

- Implement the proposal for Business Development opportunities to include but not be limited to increases in occupancy potential.

FARSET DEVELOPMENT LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

Review of activities

The charity has a number of activities running, the results of the major ones are listed below:

Provides residential accommodation, restaurant and banqueting, training and conference facilities and other support services (fuel, food, bedding, housing support, clothing bank, support work, community navigation, furniture etc.) The accommodation is used for those need e.g. families who live outside Belfast who need somewhere to stay to visit loved ones in hospital, local people who have received threats and cannot return home. There is a commercial side to the hostel which is deemed an important and necessary function to enable FDL to provide economic or free use of the premises. The hostel works directly with numerous local authorities incl. NIHE, Social Services, PSNI, local community reps & probation. We are recognised as a shared space by the for community and organisation that use us.

All income is used to serve and develop the charitable work. E.g. in the last year bookings included:

1, NIHE - a new Service Level Agreement has been signed for providing accommodation for the homeless population.

2, RESPECT - Re-Engaging and Supporting People to Enable Community Transformation - Free rooms and safe space for groups to work with Transient youth, Suicide programs and engaging young adults’ programs as well as interface meeting and ongoing meetings/discussions with the PSNI.

3, Statutory bodies and Cross community safe space for community groups to come together as well as police, social care agencies, and housing. Free or discounted lunches for senior citizens groups this encourages them to leave their homes and socialise with the local community or senior citizens from different areas.

The restaurant and banqueting facility is called The Foundry and is mainly used for breakfast (for hostel). Some banqueting takes place e.g. sandwiches and soup for larger groups (conferencing). The facility also provides free meals for the homeless or those in poverty and struggling in the current economic climate

It employs a range of skill sets including receptionists, general grounds staff, housekeepers and night porters.

Financial review

The main source of income is from accommodation and room hire of the Hostel, and grant funding received in the year. In the year Fundraising activities were mostly limited to the main funding organisations.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern can be found in the accounting policies.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The company is in deficit this year, any discount will be needs assessed by the General Manger and approved by a director. The company has increased room rates and conferencing facility rates.

Investment policy

Investment policy and performance

£250 of Ulster Community Investment Trust (UCIT) shares were purchased, this is a membership fee to UCIT now called Community Finance Ireland (CFI). These shares have no returns on this investment.

FARSET DEVELOPMENT LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Major risks

Financial risk management objectives and policies

Managing financial risk for both individuals and corporations starts by working through a four-stage process that includes the following steps: Identifying potential financial risks; Analysing and quantifying the severity of these risks; Deciding on a strategy to manage these risks; and Monitoring the success of the strategy.

Plans for future periods

The plans for moving into next year are largely set out within the 5 Year Strategy with tactical considerations as hey present. In the Strategy it sets out the main KPI’s. The single most significant plan will be to take the strategy off paper and to implement it in a sustainable manner. Other plans will include the further completion of refurbishing all other rooms within the building and to improve the overall infrastructure as well as cosmetic fabric of the building. Focus to remain on HR related matters. Providing stability to the overall operating model and matching job roles and structure to the model.

Structure, governance and management

The charity is a company limited by guarantee and was set up by a Memorandum of Association. The company was incorporated on 25 November 1998, company registration number NI035254. In March 2015, the company was registered with the Charities Commission for Northern Ireland, charity registration number NIC101231.

The principal address and registered office of the charitable company is 466 Springfield Road, Belfast, BT12 7DW.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Alderman W Agnew
Dr C McGimpsey
Mr R A Jones
Ms D R Petticrew
Mr G D Solinas
(Resigned 12 August 2025)
Mr S Andrews
Mr D Hagan
Recruitment and appointment of trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. Serving directors have the power to appoint any person as an additional director. The number of directors serving at any time should not exceed fourteen. At each yearly AGM, a third of the directors are required to retire of a rotational basis, and the can be re-appointed.

Charity trustees must comply with the rules set out in their charity's governing document, including rules regarding who can be a charity trustee, when and how charity trustees are appointed and how long appointments can last.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Funds held as custodian trustee

No funds are held as custodian on behalf of others.

Auditor

In accordance with the company's articles, a resolution proposing that Miscampbell & Co be reappointed as auditor of the company will be put at a General Meeting.

FARSET DEVELOPMENT LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -

The trustees' r eport was approved by the Board of Trustees.

Mr R A Jones
Trustee
16 October 2025
FARSET DEVELOPMENT LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -

The trustees, who are also the directors of Farset Development Limited 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 resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume 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 also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FARSET DEVELOPMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF FARSET DEVELOPMENT LIMITED
- 8 -

Opinion

We have audited the financial statements of Farset Development Limited (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts and Reports Regulations (Northern Ireland) 2015 requires us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

-

sufficient accounting records have not been kept; or

-

the financial statements are not in agreement with the accounting records; or

-

we have not received all the information and explanations we require for our audit.

FARSET DEVELOPMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF FARSET DEVELOPMENT LIMITED
- 9 -
Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 65(2) of the Charities Act (Northern Ireland) 2008 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Company and management. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulation in the United Kingdom;

- understood how the Company is complying with those frameworks by making enquiries of management to understand how the Company maintains and communicates its policies and procedures in these areas;

- assessed the vulnerability of the Company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override and by assuming revenue recognition to be a fraud risk; and

- based on this understanding our audit procedures were designed to identify non-compliance with such laws and regulations.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

- Identification of related parties;

- Making enquiries of management regarding where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- Considering the internal controls in place within the company to mitigate the risk of fraud and non-compliance with laws and regulations;

To address the risk of fraud, override of controls and non-compliance with laws and regulations, we performed analytical procedures to identify any unusual or unexpected related party relationships, tested journal entries to identity unusual transactions, investigated any significant or unusual transactions and assessed whether judgements and assumptions made in determining the accounting estimates were suggestive of potential bias.

FARSET DEVELOPMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF FARSET DEVELOPMENT LIMITED
- 10 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities Accounts and Reports Regulations (Northern Ireland) 2015. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Patrick Miscampbell (Senior Statutory Auditor)
For and on behalf of Miscampbell & Co, Statutory Auditor
Chartered Accountants
6 Annadale Avenue
Belfast
BT7 3JH
16 October 2025

Miscampbell & Co is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

FARSET DEVELOPMENT LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Unrestricted
Unrestricted
funds
funds
2025
2024
Notes
£
£
Income from:
Donations and legacies
3
1,470
1,844
Charitable activities
4
-
6,479
Other trading activities
5
664,362
724,826
Total income
665,832
733,149
Expenditure on:
Raising funds
6
10,421
18,995
Charitable activities
7
556,338
663,830
Total expenditure
566,759
682,825
Net income and movement in funds
99,073
50,324
Reconciliation of funds:
Fund balances at 1 April 2024
1,609,473
1,559,149
Fund balances at 31 March 2025
1,708,546
1,609,473

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

FARSET DEVELOPMENT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,544,493
1,622,421
Investments
14
250
250
1,544,743
1,622,671
Current assets
Debtors
15
1,202
7,206
Cash at bank and in hand
305,141
108,061
306,343
115,267
Creditors: amounts falling due within one year
17
(139,251)
(115,124)
Net current assets
167,092
143
Total assets less current liabilities
1,711,835
1,622,814
Creditors: amounts falling due after more than one year
18
(3,289)
(13,341)
Net assets
1,708,546
1,609,473
The funds of the charity
Unrestricted funds
21
1,708,546
1,609,473
1,708,546
1,609,473

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

FARSET DEVELOPMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 13 -
The financial statements were approved by the trustees on 16 October 2025
Mr R A Jones
Trustee
Company registration number NI035254 (Northern Ireland)
FARSET DEVELOPMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
223,011
112,751
Investing activities
Purchase of tangible fixed assets
(17,079)
(37,433)
Proceeds from disposal of tangible fixed assets
1,200
-
Net cash used in investing activities
(15,879)
(37,433)
Financing activities
Repayment of bank loans
(10,052)
(10,001)
Net cash used in financing activities
(10,052)
(10,001)
Net increase in cash and cash equivalents
197,080
65,317
Cash and cash equivalents at beginning of year
108,061
42,744
Cash and cash equivalents at end of year
305,141
108,061
FARSET DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
1
Accounting policies
Charity information

Farset Development Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 466 Springfield Road, Belfast, BT12 7DW. The principal activity of the company continues to be promoting the benefit of the inhabitants of primarily North and West Belfast and elsewhere. In particular, to provide relief for those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage, by the provision and management of residential accommodation, information, advice and other facilities, services and support in the area of benefit.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
FARSET DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Straight Line over 50 years
Plant and equipment
Straight Line over 4 years
Fixtures and fittings
Straight Line over 3 years
Computers
Straight Linve over 3 years
Motor vehicles
20% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FARSET DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.10
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

FARSET DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Donations and gifts
1,270
1,249
Grants
200
595
1,470
1,844
Grants
Other grants
200
595
200
595
4
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Other income
-
6,479
FARSET DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
5
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Accommodation
652,438
711,473
Conference room hire
9,487
8,487
Bistro
1,021
2,992
Laundry income
1,416
1,874
Other trading activities
664,362
724,826
6
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Trading costs
Other trading activities
10,421
18,995
7
Expenditure on charitable activities
2025
2024
£
£
Direct costs
Share of support and governance costs (see note 8)
Support
549,307
655,310
Governance
7,031
8,520
556,338
663,830
Analysis by fund
Unrestricted funds
556,338
663,830
FARSET DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
8
Support costs
Support costs
Governance costs
2025
Support costs
Governance costs
2024
£
£
£
£
£
£
Staff costs
269,633
-
269,633
289,047
-
289,047
Depreciation
93,807
-
93,807
91,656
-
91,656

Heat, light & power

67,895
-
67,895
87,104
-
87,104

Printing, postage & stationery

674
-
674
2,025
-
2,025

Telephone & internet costs

3,818
-
3,818
3,461
-
3,461

Computer costs

8,330
-
8,330
7,507
-
7,507

Repairs & maintenance

65,866
-
65,866
122,811
-
122,811

Insurance

12,344
-
12,344
10,483
-
10,483

Advertising

1,833
-
1,833
3,133
-
3,133

Hotel & travel expenses

-
-
-
45
-
45

Professional fees

18,451
-
18,451
15,964
-
15,964
General expenses
567
-
567
1,071
-
1,071
Recruitment costs
65
-
65
262
-
262
Water rates
1,182
-
1,182
1,039
-
1,039
Motor expenses
5,373
-
5,373
2,897
-
2,897
Equipment hire
12,846
-
12,846
8,538
-
8,538
Subscriptions
1,025
-
1,025
787
-
787
Staff training
1,016
-
1,016
3,260
-
3,260
Audit fees
-
5,900
5,900
-
6,350
6,350

Loan interest & similar charges

-
1,597
1,597
-
2,170
2,170

Loss on disposal of fixed assets

-
(466)
(466)
-
-
-
549,307
7,031
556,338
655,310
8,520
663,830
Analysed between
Charitable activities
549,307
7,031
556,338
655,310
8,520
663,830
9
Net movement in funds
2025
2024
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
5,900
6,350
Depreciation of owned tangible fixed assets
93,807
91,656
10
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
FARSET DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
11
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Staff & trustees
23
24
Employment costs
2025
2024
£
£
Wages and salaries
257,407
275,584
Social security costs
10,154
10,649
Other pension costs
2,072
2,814
269,633
289,047
There were no employees whose annual remuneration was more than £60,000.
12
Taxation

The charity is exempt from tax ation on its activities because all its income is applied for charitable purposes.

13
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
2,566,341
649,948
113,572
9,059
4,671
3,343,591
Additions
-
13,990
1,400
1,689
-
17,079
Disposals
-
-
-
-
(2,500)
(2,500)
At 31 March 2025
2,566,341
663,938
114,972
10,748
2,171
3,358,170
Depreciation and impairment
At 1 April 2024
1,010,010
629,588
71,020
8,852
1,700
1,721,170
Depreciation charged in the year
53,322
10,571
28,743
771
400
93,807
Eliminated in respect of disposals
-
-
-
-
(1,300)
(1,300)
At 31 March 2025
1,063,332
640,159
99,763
9,623
800
1,813,677
Carrying amount
At 31 March 2025
1,503,009
23,779
15,209
1,125
1,371
1,544,493
At 31 March 2024
1,556,331
20,360
42,552
207
2,971
1,622,421
FARSET DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
14
Fixed asset investments
Unlisted investments
£
Cost or valuation
At 1 April 2024 & 31 March 2025
250
Carrying amount
At 31 March 2025
250
At 31 March 2024
250
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
-
6,154
Prepayments and accrued income
1,202
1,052
1,202
7,206
16
Loans and overdrafts
2025
2024
£
£
Bank loans
13,937
23,989
Payable within one year
10,648
10,648
Payable after one year
3,289
13,341
17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
16
10,648
10,648
Other taxation and social security
29,387
31,615
Deferred income
19
64,350
-
Trade creditors
1,180
13,132
Other creditors
20,459
47,464
Accruals
13,227
12,265
139,251
115,124
FARSET DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
18
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans
16
3,289
13,341

Farset Enterprise Park Limited hold a charge over the premises at 466 Springfield Road, Belfast.

19
Deferred income
2025
2024
£
£
Other deferred income
64,350
-
2025
2024
£
£
Deferred income is included within:
Current liabilities
64,350
-
Movements in the year:
Deferred income at 1 April 2024
-
40,417
Released from previous periods
-
(40,417)
Resources deferred in the year
64,350
-
Deferred income at 31 March 2025
64,350
-
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,072
2,814

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

21
Unrestricted funds

The unrestricted funds of the charity compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2024
Incoming resources
Resources expended
At 31 March 2025
£
£
£
£
General funds
1,609,473
665,832
(566,759)
1,708,546
FARSET DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
21
Unrestricted funds
(Continued)
- 24 -
Previous year:
At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
1,559,149
733,149
(682,825)
1,609,473
22
Related party transactions

A number of trustees in the company Farset Development Limited (FDL) are also trustees in Farset Youth & Community Development Limited (FYCDL). Included in other creditors is a loan of £20,459 (2024: £37,459) due to FYCDL. During the current year, FYCDL invoiced FDL for management charges totalling £24,000 (2024: £24,000).

One of the trustees in the company (FDL) are also a trustee in Farset Enterprise Park Limited (FEPL). Included in other creditors is a loan of £NIL (2024: £10,005) due to FEPL.

FDL holds shares within Ulster Community Investment Trust Limited (UCIT). At the year end , FDL owed UCIT £NIL (2024: £NIL).

23
Cash generated from operations
2025
2024
£
£
Surplus for the year
99,073
50,324
Adjustments for:
Depreciation and impairment of tangible fixed assets
93,807
91,656
Movements in working capital:
Decrease in debtors
6,004
12,545
(Decrease) in creditors
(40,223)
(1,357)
Increase/(decrease) in deferred income
64,350
(40,417)
Cash generated from operations
223,011
112,751
24
Analysis of changes in net funds
At 1 April 2024
Cash flows
At 31 March 2025
£
£
£
Cash at bank and in hand
108,061
197,080
305,141
Loans falling due within one year
(10,648)
-
(10,648)
Loans falling due after more than one year
(13,341)
10,052
(3,289)
84,072
207,132
291,204
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