## **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