Belfast South Network Company
Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 17 Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 17 |
Unrestricted funds £ 930 53,812 54,742 (62,764) (62,764) (8,022) (8,022) 74,697 66,675 Unrestricted funds £ 180 76,635 76,815 (73,195) (73,195) 3,620 3,620 71,077 74,697 |
Endowment funds £ - - - (42,446) (42,446) (42,446) (42,446) 1,385,554 1,343,108 Endowment funds £ - - - (42,446) (42,446) (42,446) (42,446) 1,428,000 1,385,554 |
Total 2024 £ 930 53,812 |
|---|---|---|---|
| 54,742 | |||
| (105,210) | |||
| (105,210) | |||
| (50,468) | |||
| (50,468) 1,460,251 |
|||
| 1,409,783 | |||
| Total 2023 £ 180 76,635 |
|||
| 76,815 | |||
| (115,641) | |||
| (115,641) | |||
| (38,826) | |||
| (38,826) 1,499,077 |
|||
| 1,460,251 |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 14 to 23 form an integral part of these financial statements. Page 12
Belfast South Network Company (Registration number: N1603341) Balance Sheet gds at 31 December 2024 2024 2023 Note Flxed Assets Tangible assets 12 1,700,669 1,746,340 Current assets Debtors Cash at bank and in hand 13 14 18,488 20,063 38,551 43.154 43,154 Credltors: Amounts falllng due wlthln one year Net current IIAbllltle5 15 329,437 329,243 290.886) (286,089 Net assets 1,409,783 1,460,251 Funds of the charlty: Endowment 1.343,108 1,385,554 Unrestrleted Income funds Unrestricted 66,675 74,697 TotAI ndS 17 1,409,783 1460,251 For the financial year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies, Directors, responsibilities., The member5 have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and The directors acknowledge their responsibilities for complying wilh the requiremenls of the Act wilh respect to accounting re¢ord$ and the preparation of accounts. The$¢ fin&n¢ial slatements have been prepared in a¢¢ordance with the Special provisions relatin8 to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The financial statements on pages 12 to 23 were approved by the trustees, and authorised for issue on 30 Sept¢mb¢r 2025 and signed on their behalf by., Reverend E Hy Chairperson and Trustee The notes on pages 14 to 23 forn] an integral part of these financial statements. Page 13
Belfast South Network Company
Notes to the Financial Statements for the Year Ended 31 December 2024
1 Charity status
The charity is limited by guarantee, incorporated in Northern Ireland, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: 236-266 Lisburn Road Belfast BT9 6GF
These financial statements were authorised for issue by the trustees on 30 September 2025.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act (Northern Ireland) 2008.
Basis of preparation
Belfast South Network Company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Page 14
Belfast South Network Company
Notes to the Financial Statements for the Year Ended 31 December 2024
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
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.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
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 are 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 Freehold property Fixtures and fittings
Depreciation method and rate 2% straight line 10% straight line
Page 15
Belfast South Network Company
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
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
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 charity 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.
Trade creditors 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. Interest-bearing 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 funds are subjected to restrictions on their expenditure imposed by the donor.
Endowment funds are funds which the company intends to keep and use for the charity’s purposes. The endowment fund in the accounts comprises the company’s equity in its freehold property.
Page 16
Belfast South Network Company
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
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.
Financial assets and liabilities are only offset in the statement of financial position when, and only when 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.
3 Income from donations and legacies
| Unrestricted funds General £ Donations and legacies; Donations from individuals 930 930 4 Income from charitable activities Unrestricted funds General £ Provision of community facilities 53,812 |
Endowment funds Permanent £ - - Endowment funds Permanent £ - |
Total 2024 £ 930 930 Total 2024 £ 53,812 |
Total 2023 £ 180 |
|---|---|---|---|
| 180 | |||
| Total 2023 £ 76,635 |
Page 17
Belfast South Network Company
Notes to the Financial Statements for the Year Ended 31 December 2024
5 Expenditure on charitable activities
| Note Provision of community facilities Depreciation, amortisation and other similar costs Grant funding of activities Staff costs Governance costs 6 |
Unrestricted funds General £ 42,663 4,433 5,000 9,193 1,475 62,764 |
Endowment funds Permanent £ - 42,446 - - - 42,446 |
Total 2024 £ 42,663 46,879 5,000 9,193 1,475 105,210 |
Total 2023 £ 47,899 57,681 - 8,386 1,675 |
|---|---|---|---|---|
| 115,641 |
6 Analysis of governance and support costs
Governance costs
| Independent examiner fees Examination of the financial statements |
Unrestricted General £ 1,475 1,475 |
Endowment Permanent £ - - |
Total 2024 £ 1,475 1,475 |
Total 2023 £ 1,675 |
|---|---|---|---|---|
| 1,675 |
Page 18
Belfast South Network Company
Notes to the Financial Statements for the Year Ended 31 December 2024
7 Net incoming/outgoing resources
Net outgoing resources for the year include:
| Depreciation of fixed assets | 2024 £ 46,879 |
2023 £ 57,681 |
|---|---|---|
8 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
9 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries |
2024 £ 9,193 |
2023 £ 8,386 |
|---|---|---|
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
| Administrative staff No employee received emoluments of more than £60,000 during the year. 10 Independent examiner's remuneration Examination of the financial statements |
2024 No 1 2024 £ 1,475 |
2023 No 1 |
|---|---|---|
| 2023 £ 1,675 |
11 Taxation
The charity is a registered charity and is therefore exempt from taxation.
Page 19
Belfast South Network Company
Notes to the Financial Statements for the Year Ended 31 December 2024
12 Tangible fixed assets
| Cost At 1 January 2024 Additions At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 13 Debtors Trade debtors VAT recoverable 14 Cash and cash equivalents Cash at bank Bank overdrafts Cash and cash equivalents in statement of cash flows |
Land and buildings £ 2,130,901 - |
Furniture and equipment £ 182,037 1,208 183,245 142,338 4,433 146,771 36,474 39,699 2024 £ 18,488 - 18,488 2024 £ 20,063 - 20,063 |
Furniture and equipment £ 182,037 1,208 183,245 142,338 4,433 146,771 36,474 39,699 2024 £ 18,488 - 18,488 2024 £ 20,063 - 20,063 |
Total £ 2,312,938 1,208 2,314,146 566,598 46,879 613,477 1,700,669 1,746,340 2023 £ 41,960 1,194 |
|
|---|---|---|---|---|---|
| 2,130,901 | 183,245 | ||||
| 424,260 42,446 |
142,338 4,433 |
||||
| 466,706 | 146,771 | ||||
| 1,664,195 | 36,474 | ||||
| 1,706,641 | 39,699 | ||||
| 2024 £ 18,488 - 18,488 2024 £ 20,063 - 20,063 |
|||||
| 43,154 | |||||
| 2023 £ - (3,341) |
|||||
| (3,341) |
Page 20
Belfast South Network Company
Notes to the Financial Statements for the Year Ended 31 December 2024
15 Creditors: amounts falling due within one year
| 15 Creditors: amounts falling due within one year | ||
|---|---|---|
| Bank overdrafts Trade creditors Other loans VAT payable |
2024 £ - 6,589 321,087 1,761 329,437 |
2023 £ 3,341 4,815 321,087 - |
| 329,243 |
16 Analysis of net funds
| Cash at bank and in hand Bank overdraft Net debt Cash at bank and in hand Bank overdraft Net debt |
At 1 January 2024 £ - (3,341) (3,341) (3,341) At 1 January 2023 £ 37,846 - 37,846 37,846 |
Financing cash flows £ 37,598 3,341 40,939 40,939 Financing cash flows £ (37,846) (3,341) (41,187) (41,187) |
At 31 December 2024 £ 37,598 - 37,598 37,598 At 31 December 2023 £ - (3,341) (3,341) (3,341) |
|---|---|---|---|
Page 21
Belfast South Network Company
Notes to the Financial Statements for the Year Ended 31 December 2024
| 17 Funds Unrestricted General Endowment Permanent Total funds Unrestricted General Endowment Permanent Total funds |
Balance at 1 January 2024 £ 74,697 1,385,554 1,460,251 Balance at 1 January 2023 £ 71,077 1,428,000 1,499,077 |
Incoming resources £ 54,742 - 54,742 Incoming resources £ 76,815 - 76,815 |
Resources expended £ (62,764) (42,446) (105,210) Resources expended £ (73,195) (42,446) (115,641) |
Balance at 31 December 2024 £ 66,675 1,343,108 |
|---|---|---|---|---|
| 1,409,783 | ||||
| Balance at 31 December 2023 £ 74,697 1,385,554 |
||||
| 1,460,251 |
Page 22
Belfast South Network Company
Notes to the Financial Statements for the Year Ended 31 December 2024
18 Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 36,474 38,551 (8,350) 66,675 Unrestricted funds General £ 39,699 43,154 (8,156) 74,697 |
Endowment funds Permanent £ 1,664,195 - (321,087) 1,343,108 Endowment funds Permanent £ 1,706,641 - (321,087) 1,385,554 |
Total funds at 31 December 2024 £ 1,700,669 38,551 (329,437) |
|---|---|---|---|
| 1,409,783 | |||
| Total funds at 31 December 2023 £ 1,746,340 43,154 (329,243) |
|||
| 1,460,251 |
19 Related party transactions
There were no related party transactions in the year.
Page 23