REGISTERED COMPANY NUMBER: N1053950 (Northern Ireland) REGISTERED CHARITY NUMBER: 101838 or f the Trustees and Fin ial Statements for Year Ended 31 arch 2025 for Belfast South Communi Resources Acom an Limited b Guarantee Lynn. Drake & Co Ltd Chartered Accountants 1st Floor 34 B-D Main Street Moira Co. Annagh BT67 OLE
Belfast South Communi Resources Contents of the Financial Stat ments for the Year Ended 31 March 2025 Page Reference and Administrative Details Report of the Trustees Independent Examiner's Report 12 to 13 Statement of Financial Activitie5 14 Statement of Financial Position 15 to 16 Notes to the Financial Statements 17 to 30 Detailed Statement of Financial Activities 31 to 32
Belfast South Communi Resources Reference and Administrative Detsils for the Year Ended 31 March 2025 TRUSTEES William Robinson Desmond Graham Malcolm Lavery Stephen Wilson Danielle Burrows Kim Cooper Myrtle Stewart REGISTERED OFFICE 127-145 Sandy Row Belfast Co. Antrim BT12 SET REGISTERED COMPANY NUMBER N1053950 (Northern Ireland) REGISTERED CHARITY NUMBER 101838 INDEPENDENT EXAMINER Lynn, Drake & Co Ltd Chartered A¢counLints I st Floor 34 B-D Main Street Moira Co. Armagh BT67 OLE CHIEF EXEC OFFICER Garnet Busby ADVISERS Ulster Bank Limited 140 - 142 Great Victoria Street Belfast BT2 7BU Santander 2-6 Bradbury Place Belf&st Bf7 IRX
Belfast South Communi Resources ort of the Trustees for the Year Ended 31 March 2025 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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 l January 2019). OWECTIVES AND ACTIVITIES Strategy Objectives The objects of the company shall be to promote the benefit of the inhabitants of South Belfast. Strategy Objective Develop working partnerships and relationships to create a safer environment and improved conditions for those who live, work and visit the area. Target and engage with young people at risk through anti-social behaviour, substance misuse & criminal activity. Build the confidence and capacity of parents and children to develop healthy and happy relationships with each other and others in their lives. Utilise the Cominunity Safety project, including its volunteers to increase individual and community Safety and confidenc¢ in the area.Tackle economic and physical decline and general dereliction in the area. Tackle Educational underachievement in the area. Strategy Objective Contribute to the implementation of physical and social renewal in the area at a strategic and operational level. Secure funding and support for an accessible fit for purpose learning hub in Sandy Row. Provide a community led response to the development of the Gilpins site. Promote and create opportunities to develop social economy entsrprises and entrepr¢neurial skills to enhance sustainability. Contribute to community environmental action that enhances the arca Reduce isolation of individuals and the area
Belfast South Communi ources ort of the Trustees for the Year Ended 31 March 2025 Strategy Objeetive Create, maintain and develop opportunities that support and deliver social, economic, environmental and cultural d¢vclopment activities. Maintain a shared space and inforniation 'hub' where individuals and groups can be signposted to the services they need. Deliver projects and activities that build intra and cross community relations in an integrated way that contributes to joint working and a shared future. Develop opportunities to acknowledge the legacy of the conflict and its impact upon the lives of individuals and communities, particularly in Sandy Row. Facilitate leaming and other opportunities to promote Sandy Row's cultural identity and contribute to social and econoinic sustainability.
Belfast South Communi Resources Re ort of the Tru5tee5 for the Year Ended 31 March 2025 ORJECTIVES AND ACTIVITIES Significant activities 2024-2025 Key Highlights 100 families supported ihrough food voucher schemes. 144 tutoring sessions delivered through our Study Support Club. 88 GCSE students achieved Grade C or higher. 700 children and 300 parents supported through educational transition programmes. 500+ participants engaged annually in our Digital Hub's STEM programmes. Arts and Digital Hub construction underway, with completion due in June 2025. 424 individuals engaged in community bonding projects-870/0 reported a more inclusive environment. Programme Highlights Education & Youth Support Moving Up I STEP Transitions Programme Led by Aimee Miller and Jamie-Lee, our early intervention programm¢ supports children and families through key educational transitions: Big Step (ages 3-5) - Helps children move from nursery to primary school. 7Up (age l O- I l ) - Prepares children for the move from prirnary to post-primary school. Impact in 2024: 700 children and 300 parents supported across I I schools. 86 /0 of children reported reduced anxiety. Parents gained tools to better support their children'5 emotional wellbeing. Stepup Mentoring Programme Supporting young people aged 16-24 not in education or employment (NEET), Stepup provided one-to-one rnentoring focused on confidence buildin& career planning, and life skills. 5 young peoplc m¢ntored in 2024. New, expanded programme launching in 2025 with National Lottery funding. Study Support Club & GCSE Programme Tutoring sessions delivered to 159 students in collaboration with Queen's University Belfast. 144 students supported with GCSE English and Maths preparation.
Belfasl South Communi Resources ort of the Trustees for the Year Ended 31 March 2025 ORJECTIVES AND ACTIVITIES 88 students achieved Grade C or higher. Easter School and after-school sessions provided additional support. Programme delivered city-wide with partners including Eastside Partnership and West Belf&st Partnership Board. Homework Club Historic initiative now delivered in a scaled-back forn] due to funding cuts. Still provides critical after-school academic support through BSCR staff. Digitsl Innovation BSCR Digital Hub Delivered innovative STEM and digital education to participants from 14 schools. Programmes included "Give it a Go,, "STEM 4 Wee Uns, and "Eco-Engineers." Over 500 participants annually. New funding from the National Lottery secured in December 2024. Recognised by Urban Villages and shortlisted for Belfast Telegraph ICT Awards. Digital Infrastructure Development Construction undenvay on the Arts and Digital Hub at 149-151 Sandy Row. Exam and Learning Centre will serve as a sustainable social enterprise. Cultural café and affordable housing included in development. Community Safety and Inclusion 3041 people received crime prev¢ntion inforniation. 449 young people participated in diversionary youth programmes. 262 engaged in community safety projects. 12 victims of crirne receivcd direct support. Initiatives coordinated by Carla Dickson and Darren, with new young men's advisory group established. Economic and Physical Regeneration Social Enterprise and Sustainability
Belfast South Communi Resources ort of the Trustees for the Year Ended 31 March 2025 ORJECTIVES AND ACTIVITIES Online Exam Centre continues to generate income, delivering professional tests for 5 international certification bodies. Social enterprise model part of BSCR'S long-tern] financial strategy. Goal.. Reduce dependency on grant funding and sustain core programmes. Key Projects Arts & Digital Hub: On track for June 2025 completion. includes artist-in-residence and digitsl learning centre. Cultural Café at former Enas site: Planning and tendering complete. contractor appointed. Crcative Space: Enhanced with security Systems and anti-pollution planting. BMX Track, Memorial Garden, Public Art.. Collaborations underway with BCC, Translink. and Flax Arts Collective.
Belfast South Communi Resources rt of the Trustees for the Year Ended 31 March 2025 ORJECTIVES AND ACTIVITIES Public Benefit Summary Economic Renewal 13 local jobs sustained. 16 people helped into employment. 64 peopl¢ attained qualifications. 32 individuals received careers advice. 35 parents engaged in 9 parenting projects. Education and Youth 1059 children and 135 parents participated in educationallwellbeing projects. 100 parents supported in specialist maths programmes, 144 students received GCSE tutoring. Community Confidence 424 people involved in community bonding projects. Increased inclusivity reported by 870/0 of participants. Public Benefit The public benefjts that flow from the purposes of advancing education, employment and training? relieving poverty, improving social welfare and addressing economic and physical dereliction are: (a) enhanced educational attainment, transferable skills, capabilities and capacities and improved potential to secure employment. (b) in¢re&8ed self-awareness, confidence and resilience and the development of social and cornmunication skills and abilities and an enhanced sense of purpose and fulfilment (c) reduction in unemployment. hardship and poverty, leading to a better quality of life for the beneficiaries and consequent improvements in their health and well-being. (d) enhanced knowledge about setting up social enterprises, r¢sulting in increased levels of employment and better prospects of sustainable development. (e) improved environmental conditions, leading to a reduction in stress and anxiety and in people's well-being. improvements The public benefits that flow from the purpose of preserving and protecting health are:.
Belfast South Communi Resources rt of the Trustees for the Year Ended 31 March 2025 ORIECTIVES AND ACTIVITIES (a) improved mental, physical and emotional well-being, leading to reduced hardship, stress and anxiety. (b) improved self-care and self-help strategies. (c) increased skills, knowledge and capacity to make healthier lifestyle choices. (d) positive behavioural change among young people: (e) greater access to advice and inforniation relating to health issues. The public benefits that floiv from the purpose of providing and assisting in the provision of facilities in the interests of community development are (a) increased opportunities to engage in new activities that bring people together, leading to greater social cohesion, improvements in health and fitness, well-being and fulfilment. (b) enhanced activity, engagement and participation in social activities by the beneficiaries, leading to irnprovement in their well-being, quality of life and greater social cohesion. (c) enhanced accessibility to free or affordable facilities and amenities. The public benefits that flow from the purpose of promoting all or any objects for the benefit of the inhabitants are:. (a) incre&sed efficiency and effectiveness of the community and voluntsry organisations that (b) raised awareness and understanding of, and empathy with, people from ethnic minorities or other religions, cultures and beliefs, leading to grcatcr social cohesion, reduction in tension and conflict. (c) reduction in crime and anti-social behaviour and greater feelings of safety within the community. The beneficiaries are the general public - Th¢se benefits can be evidenced through.. monitoring records kept by BSCR and other agencies of the numbers of those who have successfully completed training courses. independent evaluations of the activities and impact of BSCR and of other local community and voluntary organisations. the findings of community surveys; and feedback from the beneficiarics. No hann or private benefit arises frorn these purposes. The trustees are fully aware of the guidelines from the Charity Commission for Northern Ireland to comply with the Charities Act(Nl) 2008, and believe they are operating entirely within those guidelines.
Belfast South Communi Resources )ort of the Trustees for the Year Ended 31 March 2025 FINANCIAL REVIEW The company had net outgoing resources for the year of £17,578 (2024: net incoming resources of £980), which reflected the completion of a number of projects carried out during the year. Unrestricted funds increased £30,531 whilst Restricted funds d¢¢re&sed by £48,109. The year 2024 has been another challenging yet transforniative period for Sandy Row, as we Continue to grapple with the enduring effects of economic hardship, rising costs of living, and an evolving job market that presents new challenges for our young people. The pressure on families, particularly those in lower-income brackets, remains high, with job losses, reduced wages, and limited access lo affordable housing compounding the strain on everyday life. The cost of living crisis persists, but so too does the spirit of resilience that defines our community. At BSCR, our commitment to the people of Sandy Row is unwavering. In response to these challenges. we have worked relentlessly to provide both immediate relief and long-term solutions. From supporting over 100 families through food vouchers and social superniarket schemes to expanding our educational programs aimed at helping young people navigate an increasingly complex world, we have ensured that no one is left behind. This year, we have made significant strides in our mission to foster community growth and developrnent. Our projects have spanned across education, economic and physical regeneration, employment and training, and improving community Confidence and safety. We have been privileged to work alongside a diverse network of local leaders, businesses, statutory bodies, and public agencies to create a lasting, positive impact. Together, we are working to create sustainable change that empowers individuals, uplifts families, and strengthens the very fabric of our community. Our progress is reflected not only in the success of our programs but also in the ongoing development of key initiatives like the Arts and Digital Hub at 149-151 Sandy Row, which will soon become a cornerstone for cultural and technological innovation in the area. These projects, which represent our vision for the future, are the result of tireless collaboration and are a testament to what we can achieve when we work together. While our work is ongoing, we are proud of the tangible results we have seen over the past year. The achievements outlined in this report are a reflection of the dedication, passion, and professionalism of our staff, board members, partners, and funders. In particular, we are deeply grateful to our core funders, DFC, and BCC, whose continued support enables us to deliver these critical programs and services. I would also like to introduce you to our latest fund¢r the National Lottery (Empowering Young People) who have made a substantial commitment to BSCR over the next 4 year5. As we look to the year ahead. we are mindful of the challenge5 Still to come. But we are also filled with optimism and confidence. knowing that we are part of a community that is strong, resilient, and united in its determination to move forward. l invite you to read through this report, visit our website, and engage with us to learn more about th¢ work we are doing and how you can get involved. Together, we can continue to make Sandy Row a better. more vibrant place for all. Reserves Policy Th¢ charity's policy is to retain a level of free reserves, which matches the n¢¢ds of the organization. both at the current time and in the foreseeable future. The reserves required should be sufficient to meet committed grant expenditure and the running costs for a period equivalent to twelve months annual expenditure. The charity will continue to monitor compliance with this policy on a regular basis and the Board will rcview the appropriateness of this policy annually.
Belfast South Communi Resources rt of the Trustees for the Year Ended 31 March 2025 LOOKING AHEAD In 2025, we aim to: Launch the Arts & Digital Hub's community programming. Expand youth mentorship and education initiatives. Strengthen partnerships and community responses to housing and regeneration. Incre&se social enterISe income to protect core services. We remain driven by our vision for a confident, inclusive. and forward-thinking Sandy Row. Join us in making it happen. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trusL and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Recruitment ond appointment of new trustees The Charity follows an appraisal process to identify the skills required for the Trustee Board and to identify any skills gap on the Board. Members of the Trustee Board receive a full induction programme on joining the Trustee Board and thereafter receive ongoing training and briefing sessions.The board completes an annual evaluation of its effectiveness. Actions arising from this process are integrated into the corporate workplan. The Truste¢ Board uses open recruitment and strives to ensure that there is adequate local representation on the Trustee Board. The trustees delegate the day to day running of BSCR to that of Gamet Busby - Manager. Staff and Governance BSCR continues to be led by a dedicated, locally rooted team. Many staff have come through BSCR'S own programmes-an embodim¢nt of our commitmenl to local capacity-building. Key roles include: Garnet Busby, General Manager (26+ years of service) Nikki Johnston, Operations Manager (25+years of service) Nicki Sproule, Education & Mentoring Lead Jonny Simms, Digital lead Aimee Mill¢r, Step lead Jim Watt, IT lead Jamie-Lee, Chloe. Carl4 Darren, Savannah and Dessie and others d¢liv¢ring programmes across youth, digital, safety, and admin 10
Belfast South Communi Resource5 orrt of the Trustees for the Year Ended 31 March 2025 EVENTS SINCE THE END OFTHE YEAR Infomiation relating to events since the end of the year is given in the notes to the financial statements. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Belfast South Community Resources for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Ac¢ounting Practice) including Financial Reporting Stsndard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incorning resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustecs are required to select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the &ssets of the charitsble company and hence for taking re&80nable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the special provisions of Part IS of the Companies Act 2006 relating to small companics, Approved by order of the board of trustees on 12 May 2025 and signed on its behalf by: Stephen Wilson - Trustee
Inde endent Examiner's Re ort to th Trustees of Belfast South Communi Resources I report on the accounts of the company for the year ended 31 March 2025. which are set out on pages fourteen to thirty. Respective responsibilities of charity trustees and examiner As the charity's trustees (and also the directors for the pUoseS of cornpany law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to,. examine the accounts under Section 65 of the Charities Act follow the procedures laid down in the general Directions given by the Charity Commission for Northern I land under Section 65(9)(b) of the Charities Act state whether particular matters have come to my attention. Basis of the independent exgminer's report I have examined your charity accounts as required under Section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Charities Act. The examination included a review of the accountiiig records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any mat¢rial matters have come to my attention giving me Cause to believe: That accounting records were not kept in accordance with Section 386 of the Companies Act 2006 That the accounts do not accord with those accounting records That the accounts do not comply with the accounting requirements of Section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in aordanCe with the Financial Reporting Standard applicable in the UK and Republic of Sreland That there is further infonnation needed for a proper understanding of the accounts to be reached. Independent examiner's Statement Since your charity's gross income exceeded £250.000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartcrcd Accountants in Ireland which is one of the listed bodies. I have completed my examination and have no concerns in respect of the matters (l ) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that requir¢ drawing to your attention. 12
Inde endent Examiner's Re ort to the Trustees of Belfast South Communi Resources Alistair Wells The Institute of Chartered Accountants in Ireland Lynn, Drake & Co Ltd Chartered Accountants 1st Floor 34 B-D Main Street Moira Co. Amagh BT67 OLE 12 May 2025 13
Belfast South Communi Resources Statement of Financial Activities Incor oratin an Income and Ex for the Year Ended 31 March 2025 endilure Account 31.3.25 Total funds 31.3.24 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2,445 2,445 Charitable activities Grants Receivable 4,866 427,045 431,911 431,971 Other trading activities Investment income 29,392 32,626 29,392 32,626 45,218 35,936 Total 69,329 427,045 496,374 513,125 EXPENDITURE ON Charitable activities Direct Charitable Expenditure Governance 31,258 4,882 477,804 509,062 4,890 507,081 5,064 Total 36,140 477,812 513,952 512,145 IYET INCOMEI(EXPEIYDITURE) Transfers between funds 33,189 (2,658) (50,767) 2.658 (17,578) 980 16 Net movement in funds 30.531 (48,109) (17,578) 980 RECONCILIATION OF FUNDS Total funds brought forward 457,848 673.591 ,131,439 1,130,459 TOTAL FUNDS CARRIED FORWARD 488,379 625.482 1,113,861 1,131,439 The notes fonn part of these financial statements 14
Belfast South Communi Resources Statement of Financial Position l March 2025 31.3.25 31.3.24 Notes FIXED ASSETS Tangible assets 12 638,229 686.892 CURREIYT ASSETS Debtors Cash at bank 13 36,620 446,742 54,570 400,800 483.362 455,370 CREDITORS Amounts falling due within one year 14 (7,730) (10,823) NET CURRENT ASSETS 475,632 444,547 TOTAL ASSETS LESS CURRENT LIABILITIES 1,113,861 1.131,439 NET ASSETS 1,113,861 1,131,439 FUNDS Unrestricted funds Restricted funds 16 488,379 625,482 457,848 673,591 TOTAL FUNDS 1,113,861 1,131,439 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that ¢ornply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise cornply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements 15 continued...
Belfast South Communi Resources Statement of Financial Position- continued 31 March 2025 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 12 May 2025 and were signed on its behalf by.. William Robinson- Trustee Stephen Wilson - Trustee The notes form part of th¢ financial statements 16
Belfast South Communi Resources Notes to the Financial Statements for the Year Ended 31 March 2025 ACCOUNTING POLICIES Basis of preparing the financial statements (a} General information and basis of preparation Belfast South Community Resources is constituted as a company limited by guarantee incorporated in Northem Ireland (N1053950). In the event of the charity being would up, the liability in respect of the guarantee is limited to £1 per member of the charity. The charity constitutes a public benefit entity as defined by FRS 102. 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 Republi¢ of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2013, the Companies Act 2006 and UK Generally Accepted Practice &8 it applies from l January 2015. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. (b) Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestrictcd funds that have been set &side by the trustees for particular purposes. The aim and us¢ of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been rai5cd by the charity for particular purposes. The cost of raising and administering such ndS are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. (c) Income recognition All incoming resources are included in the Stat¢ment of Financial Activities (SOFA) when the charity Is legally entitled to the income after any performance condition5 have been meL the arnount can be measured reliably and it is probable that the income will be received. 17 continued...
Belfast South Communi Resources Note5 to the Financial Statements- Continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES- continued Basi5 of preparing the finaneial statements For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of perforn)ance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those condition5 is within the control of the charity and il is probable that they will be fulfilled.Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities (SOFA) when receivable. Income received from collections is recognised when received. Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is detem)ined on the basis of thc value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees, Annual Report. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this poinl incoinc is recogni5ed. On occasion Icgaci¢s will be notified to the charity however it is not Possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. The charity receives government grants which are detailed within the notes to these financial statements. Income from government and other grants are recognised at fair value when the charity has entitlement after any perfonnance condition5 have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. (d) Expenditure recognition All expenditure is accounted for on an accruals basis, inclusive of VAT which cannot be recovered and h&$ been classified under headings that aggregate all costs related to the category. Expenditure is recognised where ther¢ is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of th¢ obligation can be rneasured reliably. It is categorised under the following headings.. Costs of raising funds includes the costs &8sociated with attracting voluntary incomes. Expenditure on charitable activities includes 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 indirecl nature necessary to support them. and Other expenditure represents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. 18 Continued...
Belfast South Communi Resources Notes to the Financial Statements- continued for the Year Ended 31 Mar¢h 2025 ACCOUNTIIYG POLICIES- continued Basis of preparing the financial statements Grants payable to third parties are within the charttable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to perforniance then the grant is only accrued when any unfulfilled condition5 are outside of the control of the charity. (e} Support costs allocation Support Costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cosl of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises overheads have been allocated on an insert detsil basis and other overheads have been allocated on a b&sis consistent with the use of resourc¢s. Fund-raising costs are those incurred in seeking volunlary contributions and do not include the costs of disseminating infornlation in support of the charitable activities. (D Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairn)ent losses. Cost includes costs directly attributable to making the asset capable of operating as intended, Depreciation is provided on all tangible fixed assets, dt rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: Buildings Fixtures & Fittings 40/0 Straight Line I 00/0 Straight Line (g) Financial Instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provision of th¢ instrument. Basic financial instruments are initially recognised at the amounts receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or relived and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly tradcd or their fair value can othenvise be measured reliably. th¢ investment is subsequently measured at fair value with changes in fair value recogni5ed in income and expenditure. All other such investments are subsequently me&sured at cost less impainnent. 19 continued...
Belfast South Communi Resources Note5 to the Financial Statements- continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES- continued Basis of preparing the financial statements Other financial instruments, including derivatives, are initially recognised at fair value. unless payment for an &%set is deferred beyond nomial business lerms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value with any changes recogni5ed in the statement of financial activities, with the exception of hedging instruments in a designed hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impaiment at the end of each reporting date. if there is objective evidence of impairment an impaimient loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain is recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these ar¢ &ssessed individually for impaim]ent. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial &8set that exceeds what the carrying amount would have been had the impairment not previously been recognised. (h) Impairment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the &8set, or the asset's c&sh generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairrnent loss is recognised in profil or loss unle55 th¢ asset is carried at a revalued amount where the impairment loss is a revaluation decr¢a5e. (i) Provisions Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be requircd in settletnent and the amount can be reliably estimated. ti) Leases Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease terni and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations. net of future finance charges. are included in creditors. Rentals payable and receivable under operating lease5 are charged to the SOFA on a straight line basis over the period of the le&s¢. (k) Tax No provision is required for taxation as the company is defined as a charity for taxation purposes. 20 continued...
Belfast South Communi Resources Notes to the Financial Statements- continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES- continued Basis of preparing the financial statements The charity is a registered charity and so such is entitled to certain tax ex¢mptions on income and profits from investments and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes. (l) Going concern The financial statements have been prepared on a going concem basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. (m) Judgements estimates The following judgements including those involving estimates that havc been made in the process of applying the above accounting policies that have had the most significant effect on the amounts recognised in the financial statements and that have a significant risk of causing a material adjustment to the carying amounts of assets and liabilities within the next financial year., (i) depreciation method and asset useful lives The estimates and assumptions are reviewed on an ongoing basis considering the current and future market conditions. Taxation The charity is a registered charity and so such is entitled to certain tax exemptions on income and profits from investments and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes. Fund accounting The company has various types of funds for which it is responsible and which require separate disclosure. A definition of the various types of funds is as follows: Restricted funds Funds rec¢iv¢d which are earmarked by the donor for specific purposes. Such purposes are within the overall aims of the company. Unrestricted funds Funds which are expendable at the discretion of the directors whicli have been designated for specific purposes in furtherance of the objects of the charity 21 continued...
Belfast South Communi Resources Notes to the Financial Statements- continued for the Year Ended 31 March 2025 DONATIONS AND LEGACIES 31.3.25 31.3.24 Donations 2,445 OTHER TRADING ACTIVITIES 31.3.25 31.3.24 Room Hire Test Centre Fee income Facilitation 1.100 27,367 925 11,659 33,559 29,392 45.218 INVESTMENT INCOME 31.3.25 31.3.24 Rents received Deposit account interest 29,357 3,269 34,629 1.307 32,626 35,936 INCOME FROM CHARITABLE ACTIVITIES 31.3.25 Grants Receivable 31.3.24 Totsl activities Grants 431,911 431,971 Grants received, included in the above, are as follows.. 31.3.25 31.3.24 Department for Communities - DFC Cooperation Ireland Children in Need Public Health Agency Belfast City CouncillNIHE - Good Relations small grants Coment Belfast City Council - Revenue Grant Belfast City Council - Summer Scheme Urban Villages Belfast City Council - Diversionary Project Transitions West Belfast Partnership Board - GCSE 191,991 148,778 800 19.008 5,457 4,225 8,198 6.500 23.412 2,376 (2,658) 8,352 94,212 8,104 3,155 21,000 3.000 126.135 5,528 82,505 Carried fonvard 344,712 415,366 22 continued...
Belfast South Communi Resources Notes to the Financial Statements- continued for the Year Ended 31 March 2025 INCOME FROM CHARITABLE ACTIVITIES- continued 31.3.25 31.3.24 Brought fonvard Belfast City Council - Voucher Scheme South City Ulster University The ACT Initiative Babcock Land Defence Ltd Belfast City Council - Community Actlvlty Medium Grant Belfast City Council - Grey to Green Nl Trade Union Education Authority Open College Network Nl Armed Forces Champion Lottery Empowering Young People 3 344,712 12,625 415.366 5,705 3,500 2,500 900 4,000 1,546 10,406 705 2.380 1,500 56,922 431,911 431,971 CHARITABLE AIVITIEs COSTS Direct Costs (see note 7) Support Costs (see note 8) Tota5s Direct Charitable Expenditure Governance 509,062 509.062 4,890 4,890 509,062 4,890 513,952 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.3.25 31.3.24 Staff costs Rent & rates Insurance Light and heat Telephone Printing, postage & stationery Tutor Costs Office Sundries Travelling & Meeting expenses Repairs & maintenance Exam Fees IT Costs Programme Support & Materials Cleaning 321,803 1.996 3,537 8,821 4.045 1,515 4,489 1,613 154 6,814 5,855 21 1,250 1,235 302,460 6,696 3.455 7,297 4,221 3.044 4.168 60 88 5,618 5.422 451 353 1,200 CwTied fonvard 363,148 344,533 23 continued...
Belfast South Communi Resources Notes to the Financial Statements- continued for the Year Ended 31 March 2025 DIRECT COSTS OF CHARITABLE ACTIVITIES- continued 31.3.25 31.3.24 Brought forward Staff Training Hardship Fund Vouchers Project Cost - Miscellaneous Refunded to DFC Funder Empowering Young People Depreciation 363,148 834 2,948 93,306 99 344,533 540 113,345 48,663 48,663 509,062 507,081 SUPPORT COSTS Governance costs Governance 4,890 NET INCOMEI(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 31.3.25 31.3.24 Audit Fees Depreciation - owned assets I,ioo 48,663 48,663 10. TRUSTEES, REMUNERATION AI¥4D BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. 24 continued...
Belfast South Communi Resources Notes to the Financial Statements- continued for the Year Ended 31 March 2025 11. STAFF COSTS 31.3.25 31.3.24 Wages and salaries Social security costs Other pension costs 299,819 19,769 2,215 282,807 17,502 2,151 321,803 302,460 The average monthly number of employees during the year was &8 follows: 31.3.25 13 31.3.24 14 Management and Administration No employees received emoluments in excess of £60,000. The key management personnel of the charity comprise of the Chief Executive and Senior management team. The salaries paid to key management personnel being the Chief Executive, Programme Manager and Operations Manager, during the year totalled £105,378. (2023: £107,384). 12. TANGIBLE FIXED ASSETS Fixtures and ftttings Land and buildings Totals COST At l April 2024 and 31 March 2025 929,540 114,818 1,044,358 DEPRECIATION At l April 2024 Charge for year 278.884 37,181 78,582 11,482 357.466 48,663 At 31 March 2025 316,065 90.064 406,129 NET BOOKVALUE At 31 March 2025 613,475 24,754 638,229 At 31 March 2024 650,656 36.236 686,892 On 25 November 2016, Belfast South Community R¢sources entered into a Debentwe with The Executive Office in relation to the propety at 127-145 Sandy Row. The nature of the charge is as security for the obligations of the company to repay the financial &ssistance it received from The Social Investment Fund (SIF). 25 continued...
Belfast South Communi Resources Notes to the Financial Ststements- continued for the Year Ended 31 March 2025 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Urban Villages Transitions Prepayments 46,570 8,000 32,959 3,661 36,620 54,570 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Vat Account Accruals and deferred income 1,194 6,536 2,147 8,676 7,730 10.823 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.3.25 Total funds 31.3.24 Total funds Unrestricted Restricted funds funds Fixed &8sets Current assets Current liabilities 12,747 482.504 (6,872) 625.482 858 (858) 638,229 483,362 (7,730) 686,892 455,370 (10,823) 488,379 625,482 1,113,861 ,131,439 16. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 3113125 At 114124 Unrestricted funds General fund 457,848 33,189 (2.658) 488,379 Restricted funds Big Lottery - Awards for All (Capital) SIF-CAPITAL Urban Villages Department for Communities - Capital 4.142 639,244 (1,035) (37,005) (2,658) (10,069) 3,107 602.239 2,658 30,205 20,136 673,591 (50,767) 2.658 625.482 TOTAL FUNDS 1,131,439 (17,578) 1,113,861 26 continued...
Belfast South Communi Resources Notes to the Financial Statements- continued for the Year Ended 31 March 2025 16. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follows: Incoming resources Resource5 expended Movement in funds Unrestricted funds General fund 69,329 (36,140) 33,189 Restricted funds Department for Communities - DFC Big Lottery- Awards for All (Capital) Public Health Agency Belfast City CouncillNIHE- Good Relations small grants SIF -CAPITAL Coment Belfast City Council - Revenue Grant Belfast City Council - Summer Scheme Urban Villages Belfast City Council - Diversionary Project Transitions West Belfast Partnership Board - GCSE Department for Communities - Capital Belfast City Council - Voucher Scheme Belfast City Council - Grey to Green Education Authority Lottery Empowering Young People 3 191,991 (191,991) (1,035) (4,225) (1,035) 4,225 8,198 (8,198) (37,005) (6,500) (23,412) (2,376) (37,005) 6,500 23,412 2,376 (2.658) (2.658) 8,352 94,212 (8,352) (94.212) 8,104 (8,104) (10,069) (10.069) 12,625 10,406 2,380 56,922 (12,625) (10,406) (2,380) (56,922) 427,045 (477,812) (50,767) TOTAL FUNDS 496,374 (513,952) (17,578) 27 continued..
Belfast South Communi Resour es Iyotes to the Financial Statements- continued for the Year Ended 31 March 2025 16. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds At 3113124 At 114123 Unrestricted funds General fund 408.657 49,191 457,848 Restricted funds Big Lottery - Awards for All (Capital) SIF -CAPITAL Belfast City Council - Revenue Grant Radius Housing Department for Communities - Capital 5,177 676,249 37 65 40,274 (1,035) (37,005) (37) (65) (10,069) 4,142 639,244 30.205 721,802 (48,211) 673,591 TOTAL FUNDS 1,130,459 980 1,131,439 28 continued...
Belfast South Communi Resources Notes to the Financial Statements- Continued for the Year Ended 31 March 2025 16. MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 94,559 (45,368) 49,191 Restricted funds Department for Communities - DFC Children in Need Big Lottery - Awards for All (Capital) Public Health Agency SIF-CAPITAL Coment Belfast City Council - Revenue Grant Belfast City Council - Summer Scheme Urban Villages Belf&5t City Council - Diversionary Project Transitions Radius Housing Department for Communities - Capital Belfast City Council - Community Activity M¢dium Grant 148,778 19,008 (148,778) (19,008) (1,035) (5,457) (37,005) (3,155) (21,037) (3.000) (126,135) (1,035) 5,457 (37,005) 3,155 21,000 3,000 126,135 (37) 5,528 82,505 (5,528) (82,505) (65) (10.069) {65) (10,069) 4,000 (4,000) 418,566 (466,777) (48.211) TOTAL FUNDS 513.125 (512,145) 980 17. CONTINGENT LIABILITIES A contingent liability exists to repay grants received should certain conditions not be fulfilled by the charity. 29 continued...
Belfast South Communi Resources Notes to the Financial Statements - continued for the Year Ended 31 March 2025 18. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2025. 19. POST BALANCE SHEET EVENTS There were no Events after the reporting period therefore no material issues need disclosed. 20. WINDINC UP Every member of the Company undertakes to contribute to the assets of the Company, in the event of the same being wound up while it is a member, or within one year after it ceases to be a member, for payment of the debts and liabilities of the Company contracted before it ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributor's among themselves, such amount as may be required not exceeding one pound. 21. SHARE CAPITAL The Company is Limited by Guarantee and has no Share Capital 30
Belfast South Communi Resources Detailed Statement of Financial Activities for the Year Ended 31 March 2025 31.3.25 31.3.24 INCOME AND ENDOWMENTS Donations and legacies Donations 2,445 Other trading activities Room Hire Test Centre Fee income Facilitation 1,100 27.367 925 11,659 33,559 29,392 45,218 Investment income Rents received Deposit account interest 29,357 3,269 34,629 1.307 32,626 35,936 Charitable activities Grants 431,911 431,971 Total incoming resources 496.374 513,125 EXPENDITURE Charitable activities Wages Social security Pensions Rent & rates Insurance Light and heat Telephone Printing, postage & stationery Tutor Costs Office Sundries Travelling & Meeting expenses Repairs & maintenance Exam Fees IT Costs Programme Support & Materials Cleaning cTled forward 299,819 19,769 2,215 1,996 3,537 8,821 4,045 1,515 4,489 1.613 154 6,814 5,855 21 1,250 1,235 363,148 282,807 17,502 2,151 6,696 3,455 7,297 4,221 3,044 4,168 60 88 5,618 5.422 451 353 1,200 344,533 This page does not forni part of the statutory financial statements 31
Belfost South Communi Resources Detailed Statement of Financial Aetivities for the Year Ended 31 March 2025 31.3.25 31.3.24 Charitable activities Brought fonvard Staff Training Hardship Fund Vouchers Project Cost - Miscellaneous Refunded to DFC Funder Empowering Young People Depn of Land & Buildings Depn of Fixtures & Fittings 363,148 834 2,948 93,306 99 64 37,181 11.482 344,533 540 113,345 37.181 11,482 509,062 507,081 Support costs Governance costs Audit Fees Bank Fees Accountancy fees 1,100 504 3,460 510 4,380 4,890 5,064 Totsl resources expended 513,952 512,145 Net (expenditure)/in¢ome (17,578) 980 This page does not fomi part of the statutory financial statements 32