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 f￿anCIal 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 comp￿1¢3
subj¢rt to the sm&ll Comp￿leS 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 C￿nOt 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 In￿Me 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.
C*sh 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 r￿ed 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