Southcity Resource and Development Centre Statement of Financial Activities for the Year Ended 31 March 2025
| Note Income and Endowments from: Donations and legacies Charitable activities Other income Total income Expenditure on: Charitable activities Total expenditure Net income Gross transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 15 |
Unrestricted funds £ 1,000 63,835 23,748 88,583 (51,872) (51,872) 36,711 (9,748) 26,963 128,921 155,884 |
Restricted funds £ 14,685 327,314 - 341,999 (338,714) (338,714) 3,285 9,748 13,033 21,949 34,982 |
Total 2025 £ 15,685 391,149 23,748 430,582 (390,586) (390,586) 39,996 - 39,996 150,870 190,866 |
Total 2024 £ 250 340,594 13,258 354,102 (340,866) (340,866) 13,236 - 13,236 137,634 150,870 |
|---|---|---|---|---|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 15.
The notes on pages 13 to 21 form an integral part of these financial statements. Page 1
Southcity Resource and Development Centre
(Registration number: ) Balance Sheet as at 31 March 2025
| Note Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand 12 Creditors: Amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 14 Net assets Funds of the charity: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 15 |
2025 £ 29,192 - 164,422 164,422 (2,748) 161,674 190,866 - 190,866 34,982 155,884 190,866 |
2024 £ 34,707 7,566 142,553 150,119 (22,133) 127,986 162,693 (11,823) 150,870 21,949 128,921 150,870 |
|---|---|---|
The07finOacnt c2i0a2l 5statements on pages 11 to 21 were approved by the trustees, and authorised for issue on ........................ and signed on their behalf by:
James Dillon
......................................... Jim Dillon Trustee
The notes on pages 13 to 21 form an integral part of these financial statements. Page 2
Southcity Resource and Development Centre
Notes to the Financial Statements for the Year Ended 31 March 2025
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Southcity Resource and Development Centre meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The financial statements are presented in £1 sterling and rounded to the nearest £
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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Southcity Resource and Development Centre
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
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.
income from contracts for the supply of services is recognised with the delivery of the contracted service.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Freehold Property 4% Straight-Line Motor Vehicles 20% Straight-Line Fixtures & Fittings 20% Straight-Line
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
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Southcity Resource and Development Centre
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interestbearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
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Southcity Resource and Development Centre
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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Southcity Resource and Development Centre
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
2 Income from donations and legacies
| Donations and legacies Grants |
Unrestricted funds General £ 1,000 - 1,000 |
Restricted funds £ 2,863 11,822 14,685 |
Total 2025 £ 3,863 11,822 15,685 |
Total 2024 £ 250 - |
|---|---|---|---|---|
| 250 |
3 Income from charitable activities
| Belfast City Council - Social Supermarket Fund Belfast City Council - Capacity Building NIH&SSEB Early Years Department for Communities Advice Consortium Advice NI Advice NI - Salaries Advice NI - Debt Advice Project 4 Other income Minibus Donations Room Hire Other income |
Unrestricted funds General £ - 63,835 - - - - - - - 63,835 Unrestricted Funds £ 9,059 12,704 1,985 23,748 |
Restricted funds £ 56,544 - 6,601 2,702 156,564 65,784 4,000 - 35,119 327,314 Restricted Funds £ - - - - |
Total 2025 £ 56,544 63,835 6,601 2,702 156,564 65,784 4,000 - 35,119 391,149 Total Funds 2025 £ 9,059 12,704 1,985 23,748 |
Total 2024 £ 22,078 55,631 6,159 958 150,285 63,012 7,113 35,357 - |
|---|---|---|---|---|
| 340,593 Total Funds 2024 £ 8,847 4,411 - |
||||
| 13,258 |
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Southcity Resource and Development Centre
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
5 Expenditure on charitable activities
| Note Staff costs Allocated support costs |
Unrestricted funds General £ - 51,872 51,872 |
Restricted funds £ 265,159 73,555 338,714 |
Total 2025 £ 265,159 125,427 390,586 |
Total 2024 £ 233,255 107,611 |
|---|---|---|---|---|
| 340,866 |
6 Trustees remuneration and expenses
No trustees received remuneration or other benefits through employment with the charity (2024: £nil).
7 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Social security costs |
2025 £ 252,913 12,246 265,159 |
2024 £ 227,149 6,106 233,255 |
|---|---|---|
The average number of employees in the year was 13 (2024:13)
No employee received emoluments of more than £60,000 during the year
8 Independent examiner's remuneration
Independent examiner fee for the year is £3,500 (2024: £5,600)
9 Taxation
The charity is a registered charity and is therefore exempt from taxation.
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Southcity Resource and Development Centre
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
| 10 Tangible fixed assets Land and buildings £ Cost At 1 April 2024 127,065 At 31 March 2025 127,065 Depreciation At 1 April 2024 92,790 Charge for the year 5,083 At 31 March 2025 97,873 Net book value At 31 March 2025 29,192 At 31 March 2024 34,275 11 Debtors Other debtors 12 Cash and cash equivalents Cash at bank 13 Creditors: amounts falling due within one year Trade creditors Other taxation and social security Other creditors 14 Creditors: amounts falling due after one year Accruals |
Furniture and equipment £ 23,284 23,284 23,284 - 23,284 - - |
Furniture and equipment £ 23,284 23,284 23,284 - 23,284 - - |
Motor vehicles £ 28,402 |
Total £ 178,751 178,751 144,476 5,083 149,559 29,192 34,275 2024 £ 7,566 2024 £ 142,553 2024 £ 19,439 182 2,512 22,133 2024 £ 11,823 |
|
|---|---|---|---|---|---|
23,284 |
28,402 |
||||
23,284 - |
28,402 - |
||||
| 23,284 | 28,402 | ||||
- |
- |
||||
| - | - | ||||
| 2025 £ - 2025 £ 164,422 2025 £ - - 2,748 2,748 2025 £ - |
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Southcity Resource and Development Centre
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
15 Funds
| 15 Funds | ||
|---|---|---|
| Balance at 1 April 2024 £ Unrestricted funds General Unrestricted funds 128,921 Restricted funds Advice Consortium 18,586 Advice NI - Debt Advice Project 3,113 Belfast City Council - Social Supermarket Fund - Volunteer Now - Advice NI - Children in Need - Belfast Health Trust - Summer Scheme Donation - Park Centre 250 Department for Communities - Early Years - Capital Grant - Total restricted funds 21,949 Total funds 150,870 16 Analysis of net assets between funds Tangible fixed assets Current assets Current liabilities Total net assets |
Incoming Resources Balance at 31 March resources £ expended £ Transfers £ 2025 £ 88,583 (51,872) (9,748) 155,884 65,784 (61,744) - 22,626 35,119 (29,575) - 8,657 56,544 (52,895) - 3,649 350 (300) - 50 4,000 (4,000) - - 2,513 (2,513) - - 6,601 (10,551) 3,950 - - (250) - - 156,564 (173,966) 17,402 - 2,702 (2,920) 218 - 11,822 - (11,822) - 341,999 (338,714) 9,748 34,982 430,582 (390,586) - 190,866 Unrestricted funds Restricted Total funds at 31 March General £ funds £ 2025 £ 29,192 - 29,192 129,440 34,982 164,422 (2,748) - (2,748) 155,884 34,982 190,866 |
|
| 190,866 |
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| Southcity Resource and Development Centre Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) Unrestricted funds General £ Restricted funds £ Tangible fixed assets 34,707 - Current assets 128,170 21,949 Current liabilities (22,133) - Creditors over 1 year (11,823) - Total net assets 128,921 21,949 |
Total funds at 31 March 2024 £ 34,707 150,119 (22,133) (11,823) 150,870 |
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