## **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.
Page 3
## **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.
Page 4
## **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.
Page 5
## **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.
Page 6
## **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|
Page 7
## **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.
Page 8
## **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**
**£**
-|||
|||||||
|||||||
|||||||
|||||||
Page 9
## **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|
Page 10
|**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|
|---|---|
Page 11