Belfast South Network Company Statement of Financial Aetivities for the Year Ended 31 December 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Endowmeut funds Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities 180 76,635 180 76,635 Total income Expenditure on: Charitable activities 73.195 42,446 115,641 Toi&l expenditure Net incomc/(expcnditure) Net movement in funds 73,195 42.446 115,641 42,446 38,826 3,620 (42,446) (38,826) Recollclllatlon of fundi Total funds brought forward Total funds carried forward 71,077 1.428.000 1,499,077 17 74.697 1.385,554 1,460.251 Unregtrlcted funds Endowment funds Total 2022 Note Income Endowmenty from: Donations and legacies Charit&ble aclivitiC8 8.698 54,921 8,698 54,921 Total income 63,619 63,619 Expendlture on: Charitable aLtivilies 88,600 131046 Total expenditure Net expenditure 42,446 131,046 24,981 42,446 67,427 Net movement in funds (24,981) (42.446) (67,427) ReeonclllAtlon of funds Total fund5 brought forward Total funds carried forward 96,058 1,470,446 1,566,504 17 71,077 1,428,000 1,499,077 All of the charity's activities deriv¢ from continuing operations during the above two periods. The note3 on pages 14 to 24 forni an integral part of these fanCIal statements. Page 12
Belfast South Network Company (Registration number: N1603341) Balance Sheet as at 31 December 2023 2023 2022 Note Flxed assets Tangible assets 12 1,746,340 1,774,317 Current Asset5 Debiors Cash at bank and in hand 13 14 43,154 12,958 37,846 43,134 50,804 Credltors: Amoullts f4111ng due wlthln one year Net current Ilabllltle$ 15 326,044 286,089 275,240 Lyet Assets 1,460 251 1,499,077 Fuods ofthe ehArlty: Endowment 1,383,554 1.428,000 Ullrestrlcted Income funds UnreJtri¢led 74,697 71.077 TotAI fund5 17 1460,251 1,499,077 For the financial year endin8 31 December 2023 the charity was entitled to ¢x¢mption from audit under Section 477 of the Companies Act 2006 rclotin8 to Small companies. Directors, re5ponsibilitie8: The rnember5 have not r¢quired thc charity lo obtain an audlt of its accounts for the year in question in accordan¢¢ with section 476. The directors acknowledgc th¢ir rcsponsibilitieg for complyin8 with th¢ requirements of the Act with respect to accounting records and the preparation of acLounts. Th¢J¢ financi Statements have been prepared in accordance with the special provisions relatin8 to comp1¢3 subj¢rt to the sm&ll CompleS reglm¢ within Part IS of the Companies Act 2006, The financial statemcnts on pages 12 to 24 were approved by the tru3t¢¢5. and authorised for issue on 26 September 2024 and signed on their behalf by: Reverend E Hylan Chairp¢rson and Trustee The notes on pages 14 to 24 fonn an integral part of these financial ytst¢ments. Page 13
Belfast South Network Company Notes to the Financial Ststements for the Year Ended 31 December 2023 I Cbarity status The charity is limited by guarantee, incorporated in Northern Ireland, and ¢on5equently does not have shar¢ capital. E&¢h of the trustees is liable lo contribute an amount not exceeding £1 towards the assets of the Charity in thc event of liquidation. The address of its registered office is,, 236.2661,isburn Road Belfast BI'9 6GF These financial statements were &uthorised for issu¢ by the tNstees on 26 September 2024. 2 Aecoulltlng poll¢leJ SummAry of slgnlfleAnt 4ccountlng polleleg And key #tcountlng es¢lmHtes Thc principal accounting policies f¢ppIiLd in the preparation of thcsc financial statements are set out below. These poli¢ie5 have been consistently applied to &ll the years presented, unless otherwise Stated. Stotement of compllAllce The finun¢ial Statements have been prepared in accordance ivith Accounting and Rcpurting by Charities: Statement of Recommended PraLtic¢ applicable to charities prep&rin8 their acLounts in aLLordance with the Financial Reporting Sl&ndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) (Charities SORI) (FRS 102)), Ihc financilll Reporting Standard uppli¢able in the UK and Republic of Ireland {liRS 102). They also comply with the CoMp<ieS Act 2006 and Chari¢ie8 Act (Northern Ireland) 2008. Bayls of pr¢pArAtlon Belfast South Network Company meets the definition of a public benefit ¢ntity under FRS 102. Assets and liabilities are initially recognised 8t h15toric&l cost or transa¢tion VE41ue unless Othenvise ststed in the relevant accounting policy notcs. Goln£ eoncern The finan¢ial statements have been prepared on a 80in8 concern ba515. The trustees assess whether the use of going concern is appropriate i,e. whether thcre are any material unccrtainties related to events or conditions that may cast signif5cant doubt on the abilily of the Charity to continue as a going concern. The trustees make this asse53menl in respert of a period of one year from the date of approval ot the financial statements. Ineome and endowmellts All income is recognised once the charity has entitlement to the income, it is probable thf4t the income will be received and the amount of the income receivable can be measured rcliably. Pa8e 14
Belfast South Network Company Notes to the FinAncial StPdtements for the Year Ended 31 December 2023 Donailons und legacies Donations are recognised wh¢n the charity has been notified in MTiting of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of perforniance by the charity before the charity is entitled to thc nds, the incom¢ is def¢rred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within th¢ control of the chwity and it 15 probable that these conditions will be fulfilled in the reporting period. L¢8a¢y gifts arc recogniscd on a ¢ase by case basis following the grant of probate when the administrator/execulor for the estate has communic&led in WTiting both the amount and settlcment dat¢. In th¢ ¢vent that the gift iy in the form of an assei other than Lash or a financial asset tradcd on R recognised ytock exchan8c, recognition is subject to the value of the gift being reliably measur&ble with a degree of reasonable accuracy and the title to the asset having be¢n transferrcd to the Charity. Granls recelvable Grants orc reco8ni¥¢d whcn thc chority has an cntitlemenl to the fund5 and any condition5 linked to the grants have been met. Whcre perforniance conditions are attached to the grant and Are yet to be met, the income is re¢o8nised as a liability and included on the balance shcet as deferred ineomc to bc releas¥d. Expendlture All expcndilurc is recogni3ed once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can bc measured reliably. All costs are P411ocaled lo the applicable expenditure heading that aggrcgRte similar costs to that Lategory. Whcre costs CnOt be directly altributed to particular headingy they have been allocated on a basis consistent with the use of resource5, With central staff c05ts allocated on the basi8 of time spint, and dLpreciation charges allo¢ated on the portion of the Ussel's use. Other support coyts ure allo¢a¢¢d based on the spread of Staff costs. Charliable ocllvliles Charituble ¢xpenditur¢ comprises those costs incurred by thc charity in thc delivery of its &Ltivities and service5 for its bcneficiaries. 11 include8 both costs tha¢ can be allocated directly Co such tIvitieS those costs of an indirect n&lure necessary lo support them. Grantprovtslons Provisions for grants are made whcn the intention to make & 8rant ha5 b¢en communirated to th¢ recipient but there is uncertainty about eithcr the timin8 of the grant or the amount of 8rat]t payablc. CoverDAllce costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, includin8 audit, strate8ic mana8ement And trustees meetings and reimbursed expenses. Government grants Government grants are recognised based on the accruAI model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are reco8nised in income over the period in which the related costs are recognised. Grant5 relating to assets are r¢¢ognised over the expccted useful life of the ass¢t. Where part of a grant relatin8 to an asset 13 deferred, it is recognised as deferred income. Page 15
Belfast South Network Company Notes to the Financial Statements for the Year Ended 31 December 2023 Taxatlon The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets thc definition of a ch8Jilable company for UK corporation tax purposes. Accordingly. the charity IS Potentially exempt from taxation in respect of InMe or capilal gains received within ¢atcgorie5 covered by Chapter 3 Part I I of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Ath 1992, to the ¢xtent that such income or gains are applied exclusively to charitable purposes. T&nglble flxed As8et$ Individual fixed assets are initially recorded at ¢0St, less any subscquent accumulated depreciAtion and subsequent accumulated impaiment losses. DepreclAtlon And 4mortl$Atio Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated regidu&l value, over their expected useful economic lite as follows., Ajset clAss Frcchold property Fixtures and fillings Depretlhtlon method And r4te 20/0 Straight lin¢ 10 /D straight line TrAde debtors Trlldc debtors ar¢ amounts due from stOMerS for m¢r¢handise sold or servic¢$ perfornied in the ordinary course of business. Trade debtors are recognised initi&lly at the transaction pri¢e. They are subsequently measured at Lunortised cost using thc effective intcrcst mclhod, less provision for impaim)ent. A provision for the impaimient of trade debtors is cstabli5hed whcn ther¢ is objcctive evidcnce Ihat the charity will not be able to colli¢ all amounts aGcordin8 to the orisinal tenns of the re¢eivable5. Csh cAsh equlvalents C&gh c85h equivalents compri.8e cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a knowTh amount of cash and are subjcct to an insignificant risk of change in v&lue. Trade credltors I'rllde Creditors arc obligations to pay for 8ood8 or scrvices that have been a¢quired in the ordiny course of business from suppliers. Accounts payable Are classified as current liabilities if th¢ charity docs not have an unconditional right, at the end of the reporting period, to defer 3etllcmcnt of the ¢reditor for P4t least twelve months Mfter the r¢portin8 date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they ar¢ presented as non-current liabilities, Trade ¢reditors are recognised initially at the transaction price and subsequently measured at 8mortised cost using the effective interest method. Page 16
Belfast South Network Company Notes to the Financial Statements for the Year Ended 31 December 2023 Borrowlngs Interest-bearing borrowings arc initi8lly recorded at fair value, net of tran$tion cL)sls. Interest-b¢aring borrowings are subsequcntly carried at amortised cost, with the difference between the procecds, net of transaction costs, and the &mount due on redemption being recognised as a charge to the Statement of b inancial Activities over the period of thc relevant borrowing. Interest ¢xp¢n5¢ is recognised on th¢ basis of the effective intcrest method and is included in int¢rest payable and similar charges. Borrowin85 are classified Ms current liabilities unles$ thc charity has an unconditional right to defer Settlement of the liability for at least twelve Months after the reporting date. Fund structure Unrestricted incomc funds are general funds that ar¢ Available for use at the trustees discretion in furtherAnce of the objeclives of the charily, Re3tricted funds arL subjected to r¢5trirtion8 on their expenditure imposed by the donor. Endowment fiinds are fund8 which the company intends to keep And use for thc charity's purposes. The endowment fund in the llccounts comprises the compllny's equity in its freehold property. FlnAnclal Instruments Cldsslfleailon Financial assets and financiAI liabilities are recognised when the charity becomes a party ts) the contractual prov18ions of thc instrument. Financilll li&bililie8 &nd equity instruments are classifiLd according to the sub3tanc¢ of the contractual arrangements entcred into. An equity instrument is uny contract thal evidences a residual intcr¢yt in the assCt3 of th¢ charity after deducting all of its liabilities. Page 17
Belfast South Network Company Notes to the Financial Statements for the Year Ended 31 December 2023 Recognltlon andmeasurement All financial assets and lillbilities are initially measured at transaction price (including transaction costs), except for those financial assets classified &8 at fair value through profit or loss, which are initially measured at fair value (which is nomially the tranyaction price excluding transaction costs), unless th¢ arrang¢ment ¢onstitutes a financing transaction. If an amingemenl constitutes a financing transaction, the financilll asset or financial liability is measured at the present value of the future paymcnts discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offs¢t in the statcment of financial position when, and only when therc exist8 a Icgally enforceable right to s¢t off the recognis¢d amounts th¢ charity intends either lo settle on a net basis, or to realise the asset and settlc the liability simultaneously. Financial Elssets are d¢reco8nised when and only when A) the contractuul rights to the cash flow$ from the finanLial assct expire or Are settled. b) the Charity transfers to another party substantially all of thc risks and rewards of ownership of the financial assct, or c) the charity. despite having retained some, but not all, significant risks And rewards ofowTrershipi has transferred control of the Se1 to another PAty. Financial liAbililies are derecognis¢d only whcn the obligation specified in the contract is discharged, cancelled or expires. 3 lll¢ome from donatlons 4Dd le£A¢l¢s Unre$trlcted fundj Elldowment funds TolMI 2023 TotAI 2022 CenerAI PermAntnt Donations ond legacies; l)onation8 from individuals Legacivs Grants, including capitAI 8rants' Govcmment 8r8nts 180 180 60 8,211 427 180 180 4 Income from chArltAble #etlvltles Unrestrlcted fund5 General Elldowmellt fund5 Permanent Total 2023 Totsl 2022 Provision of community facilities 76,635 76,635 54,921 Pa8e 18
Belfast South Network Company Notes to the Financial Statements for the Year Ended 31 December 2023 5 Expellditure on charltable &etivitle$ Unrestrleted fulld5 Endowment funds To¢al 2023 Total 2022 General Perm4nellt Note Provision of community facilities Depreciation, amortisation and other similar costs Grant funding of activities Staff LO81s Governance costs 47,899 47,899 54,384 15,235 42,446 57,681 57,681 10,000 7,531 1,450 8,386 1,675 8,386 1,675 73,195 42,446 115,641 131,046 6 Anolyslj of %overnAnce 4nd Jupport costs Governance ¢oJts Unrestrlct¢d Endowment Totil 2023 Total 2022 Ceneral Permallent Independent examiner fees Examination of the financial Statements 1,675 1,675 1,675 1,675 1,450 Page 19
Belfast Soutb Network Company Notes to the Financial Statements for the Year Ended 31 December 2023 7 Net IneomillgloutgolnE resour¢¢s Net outgoing resources for the year include: 2023 2022 Depreciation of fixed assets 57,681 57.681 8 Trustee5 remunerAtlon alld expellses No trustces, nor any persons connected with them, have received any remuneration from the ¢harity durin8 the y¢ar. No tn]stees have received any reimbursed expense5 or any other benefits fmm the charity during the year, 9 Staff costs The aggregate payroll costs were as follows: 2023 2022 StAff coJ¢J durlng the year Jvere: Wages and salariLS The monthly averuge number of per50n5 (including Senior management I leadership team) employed by the chority durin8 the year expressed as full lime equivalents was as follows: 2023 2022 Administrative staff No employee received emoluments of more than £60,000 during the year. 10 IndependeDt exAmln¢r's remuneratlon 2023 2022 Examination of the financial Statements 1.675 11 TaxAtIo The charity is A registered charity and is therefor¢ exempt from taxation. Page 20
Belfast South Network Company Notes to the Financial Statements for the Year Ended 31 December 2023 12 Tangible red assets Land and buildings Furlll¢ure And equipment Total Cost At l January 2023 Additions 2,130,901 152.333 29,704 2,283,234 29,704 At 31 December 2023 2,130,901 182.037 2,312,938 Depre¢lAtlon At l January 2023 Charge for the year At 31 December 2023 381,814 42,446 127, 103 15,235 508,9 17 57,681 424 260 142,338 566.598 Net book value At 31 December 2023 I,706,641 39,699 1,746,340 Al 31 December 2022 1,749,087 25,230 1774,317 13 Debtors 2023 2022 Trade debtors VAT recoverable 41,960 1,194 43,154 8.999 3,959 12,958 14 Cash And o8$h equlvalent$ 2023 2022 C&5h 4t bank 37,846 Bank overthafts Cash and cash equivalents in statement of cash flows 3,341 37,846 Page21
Belfast South Network Company Notes to the Financial Statements for the Year Ended 31 December 2023 15 Creditors: amounts falling due wlthln one year 2023 2022 Batth overdrafts Trade cr¢ditor5 Other loans 3,341 4,815 32 I,087 329,243 4,957 321,087 326,044 16 AnAly313 of net funds At31 December 2023 At l January Flnanclllg CAsh 2023 flows Cash at bonk And in hand 37,846 41,187 3.341 Net debt 41,187 3,341 At31 December 2022 At l JanuAry 2022 Flnanelng ¢A$h flows Cash at b&nk and in hand 17,846 Net debt Page 22
Belfast South Network Company Notes to the Financial Statements for the Year Ended 31 December 2023 17 Funds Bolance at 31 December BalAne¢ At I JanuAry 2023 llleoDJillg resources Resour¢es expended 2D23 Unrestrl¢ted General 71,077 76,815 (73,195) 74,697 Endoivment Pennanent 1,428,000 1,499 077 42,446 1,385,554 1,460,251 Total fullds 76,815 115,641 Balance 4t 31 December Balfince at I JAnuary 2022 Incomln£ rtsources Resources expended 2022 Unrestrleted General 96,058 63,619 (88,600) 71,077 Endoivment Pernianent ,470,446 42,446 1,428,000 TotHI 1566.504 63.619 131,046 1,499,077 Page 23
Belfast South NetTrvork Company Note5 to the Finallcial StatemeDts for the Year Ended 31 December 2023 18 Au41ysls ofnet Assets between fuDds Unrestrlcted funds General Endowment fullds P¢rmAnent TotAI funds at 31 Detember 2023 Tangible fixed assets Current as3ets Current liabilities 39,699 43,154 8.156 1,706,641 1.746,340 43,154 329.243 321,087 Total net assets 74,697 l.385,554 1,460,251 Unre$trlcted funds General Elldowment funds Permanent Total funds at 31 December 2022 Tangible fixed ass¢ts Current assets Current liabiliti¢s 25,230 50.804 4,957 1,749,087 E,774.317 50,804 326,044 321,087 Total net assets 1428.000 1499,077 19 RelAted p*rty trAnsAetlonJ There wcrc no relat¢d party tran3&c¢ion8 in thc y¢ar. Page 24