Southcity Resource and Development Centre
Statement of Financial Activities
Year ended 31 March 2024
| Year ended 31 March 2024 | |||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Charitable activities | 4 | 55,631 | 284,962 | 340,593 | 430,223 |
| Other income | 5 | 13,258 | 250 | 13,508 | 9,625 |
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||
| Total income | 68,889 | 285,212 | 354,101 | 439,848 | |
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||
| Expenditure | |||||
| Expenditure on charitable activities | 6,7 | 28,010 | 312,857 | 340,867 | 441,662 |
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||
| Total expenditure | 28,010 | 312,857 | 340,867 | 441,662 | |
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||
──────── |
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||
| Net income/(expenditure) and net | |||||
| movement in funds | 40,879 | (27,645) | 13,234 | (1,814) | |
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||
| Reconciliation of funds | |||||
| Total funds brought forward | 245,853 | (108,219) | 137,634 | 139,448 | |
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||
| Total funds carried forward | 286,732 | (135,864) | 150,868 | 137,634 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 10 to 18 form part of these financial statements.
Page 9
Southcity Resource and Development Centre
Statement of Financial Position
31 March 2024
| 31 March 2024 | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 12 | 34,707 | 38,719 | |
| Current assets | ||||
| Debtors | 13 | 7,564 | 13,538 | |
| Cash at bank and in hand | 142,553 | 119,865 | ||
───────── |
───────── |
|||
| 150,117 | 133,403 | |||
| Creditors: amounts falling due within one year | 14 | 22,134 | 19,786 | |
───────── |
───────── |
|||
| Net current assets | 127,983 | 113,617 | ||
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───────── |
|||
| Total assets less current liabilities | 162,690 | 152,336 | ||
| Creditors: amounts falling due after more than | ||||
| one year | 15 | 11,822 | 14,702 | |
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───────── |
|||
| Net assets | 150,868 | 137,634 | ||
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═════════ |
|||
| Funds of the charity | ||||
| Restricted funds | (135,864) | (108,219) | ||
| Unrestricted funds | 286,732 | 245,853 | ||
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|||
| Total charity funds | 19 | 150,868═════════ |
137,634═════════ |
These financial statements were approved by the board of trustees and authorised for issue on 1 August 2024, and are signed on behalf of the board by:
Trevor Greer Trustee
The notes on pages 10 to 18 form part of these financial statements.
Page 10
Southcity Resource and Development Centre
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is Newburn Hall, 2 Maldon Street, Belfast, BT12 6HE.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act (Northern Ireland) 2008.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or
commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Page 11
Southcity Resource and Development Centre
Notes to the Financial Statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
All fixed assets are initially recorded at cost.
Page 12
Southcity Resource and Development Centre
Notes to the Financial Statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 4% straight line Motor vehicles - 20% straight line Equipment - 20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Page 13
Southcity Resource and Development Centre
Notes to the Financial Statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
Financial instruments (continued)
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
Page 14
Southcity Resource and Development Centre
Notes to the Financial Statements (continued)
Year ended 31 March 2024
4. Charitable activities
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Belfast City Council - Social Supermarket Fund | – | 22,078 | 22,078 |
| Belfast City Council - Capacity Building | 55,631 | – | 55,631 |
| St. Simons | – | – | – |
| Belfast City Council - Voucher Scheme | – | – | – |
| NIH&SSEB | – | 6,159 | 6,159 |
| Early Years | – | 958 | 958 |
| Department for Communities | – | 150,285 | 150,285 |
| Advice Consortium | – | 63,012 | 63,012 |
| Advice NI | – | 7,113 | 7,113 |
| Advice NI - Salaries | – | 35,357 | 35,357 |
──────── |
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───────── |
|
| 55,631 | 284,962 | 340,593 | |
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|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Belfast City Council - Social Supermarket Fund | – | 7,746 | 7,746 |
| Belfast City Council - Capacity Building | 45,670 | – | 45,670 |
| St. Simons | – | 18,000 | 18,000 |
| Belfast City Council - Voucher Scheme | – | 88,423 | 88,423 |
| NIH&SSEB | – | 6,450 | 6,450 |
| Early Years | – | 3,367 | 3,367 |
| Department for Communities | – | 167,183 | 167,183 |
| Advice Consortium | – | 62,062 | 62,062 |
| Advice NI | – | 3,000 | 3,000 |
| Advice NI - Salaries | – | 28,322 | 28,322 |
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|
| 45,670 | 384,553 | 430,223 | |
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5. Other income
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Minibus donations | 8,847 | – | 8,847 |
| Room Hire | 4,411 | – | 4,411 |
| Donations | – | 250 | 250 |
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──── |
──────── |
|
| 13,258 | 250 | 13,508 | |
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════ |
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|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Minibus donations | 7,470 | – | 7,470 |
| Room Hire | 1,955 | – | 1,955 |
| Donations | 200 | – | 200 |
─────── |
──── |
─────── |
|
| 9,625 | – | 9,625 | |
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Page 15
Southcity Resource and Development Centre
Notes to the Financial Statements (continued)
Year ended 31 March 2024
6. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Charitable activities | 28,010 | 312,857 | 340,867 | |
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||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2023 | ||
| £ | £ | £ | ||
| Charitable activities | 27,894 | 413,768 | 441,662 | |
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||
| 7. | Expenditure on charitable activities by activity type | |||
| Activities | ||||
| undertaken | Total funds | Total fund | ||
| directly | 2024 | 2023 | ||
| £ | £ | £ | ||
| Charitable activities | 340,867 | 340,867 | 441,662 | |
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||
| 8. | Net income/(expenditure) | |||
| Net income/(expenditure) is stated after charging/(crediting): | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | 4,012 | 4,012 | ||
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|||
| 9. | Independent examination fees | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 5,600 | 3,674 | ||
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|||
| 10. | Staff costs |
| The total staff costs and employee benefits for the reporting period are analysed as | The total staff costs and employee benefits for the reporting period are analysed as | follows: |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Wages and salaries | 227,149 | 254,469 |
| Social security costs | 6,106 | 6,612 |
| Employer contributions to pension plans | 15,934 | 13,643 |
───────── |
───────── |
|
249,189═════════ |
274,724═════════ |
The average head count of employees during the year was 10 (2023: 11).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
Page 16
Southcity Resource and Development Centre
Notes to the Financial Statements (continued)
Year ended 31 March 2024
11. Trustee remuneration and expenses
No trustees received remuneration or other benefits through employment with the charity.
12. Tangible fixed assets
| Land and | Motor | ||||
|---|---|---|---|---|---|
| buildings | vehicles | Equipment | Total | ||
| £ | £ | £ | £ | ||
| Cost | |||||
| At 1 April 2023 and 31 March 2024 | 127,065 | 28,402 | 23,284 | 178,751 | |
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||
| Depreciation | |||||
| At 1 April 2023 | 89,190 | 28,402 | 22,440 | 140,032 | |
| Charge for the year | 3,600 | – | 412 | 4,012 | |
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||
| At 31 March 2024 | 92,790 | 28,402 | 22,852 | 144,044 | |
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||
| Carrying amount | |||||
| At 31 March 2024 | 34,275 | – | 432 | 34,707 | |
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||
| At 31 March 2023 | 37,875 | – | 844 | 38,719 | |
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||
| 13. | Debtors | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Grant debtors | 3,113 | 10,610 | |||
| Other debtors | 4,451 | 2,928 | |||
─────── |
──────── |
||||
| 7,564 | 13,538 | ||||
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||||
| 14. | Creditors: amounts falling due within one year | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Accruals and deferred income | 19,439 | 17,091 | |||
| Social security and other taxes | 182 | 182 | |||
| Other creditors | 2,513 | 2,513 | |||
──────── |
──────── |
||||
| 22,134 | 19,786 | ||||
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||||
| 15. | Creditors: amounts falling due after more than one | year | |||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Accruals and deferred income | 11,822 | 14,702 | |||
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Page 17
Southcity Resource and Development Centre
Notes to the Financial Statements (continued)
Year ended 31 March 2024
16. Deferred income
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| At 1 April 2023 | 14,702 | 17,582 |
| Amount released to income | (2,880) | (2,880) |
──────── |
──────── |
|
| At 31 March 2024 | 11,822════════ |
14,702════════ |
17. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £15,934 (2023: £13,643).
18. Government grants
The amounts recognised in the financial statements for government grants are as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Recognised in creditors: | ||
| Deferred government grants due after more than one year | 11,822 | 14,702 |
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════════ |
19. Analysis of charitable funds
Unrestricted funds
| At | At | ||||
|---|---|---|---|---|---|
| 1 | April 2023 | Income | Expenditure | 31 Mar 2024 | |
| £ | £ | £ | £ | ||
| Unrestricted Funds | 245,853 | 68,889 | (28,010) | 286,732 | |
═════════ |
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════════ |
═════════ |
||
| At | At | ||||
| 1 | April 2022 | Income | Expenditure | 31 Mar 2023 | |
| £ | £ | £ | £ | ||
| Unrestricted Funds | 218,452 | 55,295 | (27,894) | 245,853 | |
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Page 18
Southcity Resource and Development Centre
Notes to the Financial Statements (continued)
Year ended 31 March 2024
19. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 | April 2023 | Income | Expenditure | 31 Mar 2024 | |
| £ | £ | £ | £ | ||
| Restricted Funds | (108,219) | 285,212 | (312,857) | (135,864) | |
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═════════ |
═════════ |
||
| At | At | ||||
| 1 | April 2022 | Income | Expenditure | 31 Mar 2023 | |
| £ | £ | £ | £ | ||
| Restricted Funds | (79,004) | 384,553 | (413,768) | (108,219) | |
════════ |
═════════ |
═════════ |
═════════ |
20. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Tangible fixed assets | 34,707 | – | 34,707 |
| Current assets | 150,117 | – | 150,117 |
| Creditors less than 1 year | (22,134) | - | (22,133) |
| Creditors greater than 1 year | – | (11,822) | (11,822) |
───────── |
──────── |
───────── |
|
| Net assets | 162,690 | (11,822) | 150,868 |
═════════ |
════════ |
═════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Tangible fixed assets | 38,719 | – | 38,719 |
| Current assets | 133,403 | – | 133,403 |
| Creditors less than 1 year | (19,786) | – | (19,786) |
| Creditors greater than 1 year | – | (14,702) | (14,702) |
───────── |
──────── |
───────── |
|
| Net assets | 152,336 | (14,702) | 137,634 |
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Page 19
Southcity Resource and Development Centre
Management Information
Year ended 31 March 2024
The following pages do not form part of the financial statements.
Page 20
Southcity Resource and Development Centre
Detailed Statement of Financial Activities
Year ended 31 March 2024
| Year ended 31 March 2024 | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Income and endowments | ||
| Charitable activities | ||
| Belfast City Council - Social Supermarket Fund | 22,078 | 7,746 |
| Belfast City Council - Capacity Building | 55,631 | 45,670 |
| St. Simons | – | 18,000 |
| Belfast City Council - Voucher Scheme | – | 88,423 |
| NIH&SSEB | 6,159 | 6,450 |
| Early Years | 958 | 3,367 |
| Department for Communities | 150,285 | 167,183 |
| Advice Consortium | 63,012 | 62,062 |
| Advice NI | 7,113 | 3,000 |
| Advice NI - Salaries | 35,357 | 28,322 |
───────── |
───────── |
|
| 340,593 | 430,223 | |
───────── |
───────── |
|
| Other income | ||
| Minibus donations | 8,847 | 7,470 |
| Room Hire | 4,411 | 1,955 |
| Donations | 250 | 200 |
──────── |
─────── |
|
| 13,508 | 9,625 | |
──────── |
─────── |
|
───────── |
───────── |
|
| Total income | 354,101 | 439,848 |
═════════ |
═════════ |
Page 21
Southcity Resource and Development Centre
Detailed Statement of Financial Activities (continued)
Year ended 31 March 2024
| Year ended 31 March 2024 | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Expenditure | ||
| Expenditure on charitable activities | ||
| Wages and salaries | 227,149 | 254,469 |
| Employer's NIC | 6,106 | 6,612 |
| Pension costs | 15,934 | 13,643 |
| Rent | 22,500 | 17,492 |
| Repairs and maintenance | 2,870 | 7,195 |
| Insurance | 3,729 | 3,582 |
| Other establishment | – | 9,637 |
| Motor vehicle expenses | 400 | 650 |
| Other motor/travel costs | 5,976 | 6,979 |
| Legal and professional fees | 2,106 | 2,227 |
| Telephone | 6,500 | 7,050 |
| Other office costs | 1,557 | 2,750 |
| Amortisation | (2,880) | (2,880) |
| Depreciation | 4,012 | 4,012 |
| Interest on bank loans and overdrafts | 935 | 537 |
| Training courses / tutor costs | – | 3,922 |
| Support costs | 2,843 | 2,163 |
| Resources, materials and excursions | – | 4,092 |
| General expenses | 647 | 103 |
| Accountancy fees | 6,840 | 3,674 |
| Christmas Festival | 4,145 | 2,532 |
| Support Costs | 4,774 | 991 |
| Belfast City Council Voucher Support | 24,036 | 89,624 |
| Services | 688 | 606 |
───────── |
───────── |
|
| 340,867 | 441,662 | |
───────── |
───────── |
|
───────── |
───────── |
|
| Total expenditure | 340,867 | 441,662 |
═════════ |
═════════ |
|
───────── |
───────── |
|
| Net income/(expenditure) | 13,234 | (1,814) |
═════════ |
═════════ |
Page 22
Southcity Resource and Development Centre
Notes to the Detailed Statement of Financial Activities
Year ended 31 March 2024
| Year ended 31 March 2024 | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Expenditure on charitable activities | ||
| Charitable activities | ||
| Activities undertaken directly | ||
| Wages and salaries | 227,149 | 254,469 |
| Employer's NIC | 6,106 | 6,612 |
| Pension costs | 15,934 | 13,643 |
| Premises costs | 22,500 | 17,492 |
| Repairs & maintenance | 2,870 | 7,195 |
| Insurance | 3,729 | 3,582 |
| Covid-19 | – | 9,637 |
| Direct charitable activity 1 - motor vehicle expenses | 400 | 650 |
| Travel and transport | 5,976 | 6,979 |
| Legal and professional fees | 2,106 | 2,227 |
| Telephone and internet | 6,500 | 7,050 |
| Office costs | 1,557 | 2,750 |
| Capital grant release | (2,880) | (2,880) |
| Depreciation | 4,012 | 4,012 |
| Bank interest and charges | 935 | 537 |
| Training courses / tutor costs | – | 3,922 |
| Support costs | 2,843 | 2,163 |
| Resources, materials and excursions | – | 4,092 |
| General expenses | 647 | 103 |
| Accountancy fees | 6,840 | 3,674 |
| Christmas Festival | 4,145 | 2,532 |
| Support Costs | 4,774 | 991 |
| Belfast City Council Voucher Support | 24,036 | 89,624 |
| Services | 688 | 606 |
───────── |
───────── |
|
| 340,867 | 441,662 | |
───────── |
───────── |
|
───────── |
───────── |
|
| Expenditure on charitable activities | 340,867 | 441,662 |
═════════ |
═════════ |