Company registration numbpw N1645319 CSLI (BELFAST) LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 CSLI (BELFAST) LTD LEGAL AND ADMINISTRATIVE INFORMATION Dlrg¢tor5 Dr Maureèn B8nn8tt Mr Jeremy Eves Mr Trevor Reaney Mr Joel Woodruff Mis Linda Barr Mr William Carson Mrs Karena Gluney Mr Aaron Wllllamson Dr Olwfrn K8rr IAppolnted 7 December 20231 (Appoint￿ 22 Apdl 20241 Charlty numb•r N100826 Company number N1645319 Reglstered offlce 6th Floor East Tower Lanyon PLaza 8 Lanyon Place Belfast BT13LP Independent examlner Hlrbinson Mulholland 6th Floor East Tower Lanyon PLgza 8 Lanyon Place B8llasl Co. Anlrim BT1 3LP Bank•r• Danske Bank Donogall Square West B¢llast Co. Antrim Northern Ireland BT1 &JS CSLI (BELFAST) LTD CONTENTS Page DiieGtor5 report Ind8p8ndent exatnlner's report Stslemenl of financial activlties Statement ol financial position Slalemenl of ¢8sh flws Notes to the financial statements 8.15 CSLI (BELFAST) LTD DIRECTORS REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 JUNE 2024 Th8 Dir8clors have pleasure in presenting their r8port and the financial 5tat8rn8nis lor Ihe charitabl8 Cotnpany lor the year ended 30 June 2024. The linanei81 stslemtrnis hav8 been prepared in accordance with th8 aecountirYJ policies sel out in note 1 to the financial slatem&nts and comply with the Charity's goveming document, the Companies Act 2006 and "Accounting and Reportin9 by Charilies., Statement of Recommended practi￿ applicable to Charities preparing their accounts in aocordance with the Financi81 Repoming Standard 8pplicablg in the UK and Republic ol Ireland IFRS 1021. (effective 1 January 20191. Oblo¢tlv•$ and a¢tlvltlè$ Tha C.S. Lswis Inslilutè was èsiablishad in B*Wast in 2016, incorporalad as CSLI (Ballast) Ltd on 20th April 2017 and sèèks men and women to be part of the discipleship movement in the homeland ol Lewis The C.S. Lewis Inslrtute in Bellasl 18 devated to developing disciples who can articulate, defend. share and live out faith in Christ in public and personal life., we are associatgd with the C.S. L8wi8 In81ilule in Ivashinglon D.C.. which b9gan in 1976 and stresses disGip19ship ol he8M and mind. The C.S. Lewis Institute works in partnership viilh local churches and ministries to help believers glority God by becoming mature disaples of Jesus Christ who irnpacl the spheres of influence to which God has called them. The Felluws prograrntn8 follows a ￿rrIculUr￿ d8veloped over s8v8ral years by our collgagueg in Washington. 1118 rggularfy reviewgd and vie, like other CSLI Citi￿5 are invited to offer any amendments. Thg dirgclors havg considered the Charity cornmi5sion'¥ guidance on publiG benefit, including the guidance'public bengfil.. running a charity {PB21. Achl8Vgmonts and ￿rforManc9 On bgh$lf ol Ihg CSLI IB¢lloStl Boord of Dlre¢lors. I have tho prlvllggg of Inlrodu¢lng th9 2023-24 Dlrg¢lor$ Rgport. We were delighted to welcome the following appointments (all lorrner Fellowsl as Oireclor5 during the year.. Aaron Joal Wllliamson on 7th Decarnbar 2023., and Dr 0￿en Grrtfilh Kerr on 22nd April 2024. The Board mel 7 Ilrnes durlng the poriod, includlng 8 half-day strategy 8es8ion, lo pray and plan for the work ol CSLI Belfast. Th8 8th year ol the CSLI Bolfast Follows Programrn8 in 2023124 has once agaln b88n 8venrful and bl8ss8d. 1. Th• C.S. L•wl8 In8tltut• F•llow8 Programm•. Fellow8 Recruitrnent As always, Ive prayed for the Lord to help us gather those He was calling to deeper discipleship with Him. We continued our policy ol not charging any fees for our Fellows Progr3mrne, as we believe that finances should never be a barrier for anyone seeking deeper discipleship wrth Christ. We simply asked that Fellows contribute to the cosl DI the Retreal. pay for their own book5 and consider giving to the work of CSLI 88Ka5t, a5 par. ol their chariiabl8 giving. We were blessed wllh a group of what would 8V8nlually become 22 Fellows. Pralse the Lordl Our Fellow5 Progr8rnme followed our usual pattern and we We￿ ble55ed by ex￿lIent 5peaker5 from ￿th NcKthern Ireland and th8 USA. Our18ctures are open to all guests. Zoom Prayer We continued to gather hvice monthly lor prayer via Zoom most rmnths throughout the year, as we believe prayer lo be an essential p8rt c)f our ministry. Not only did the many from the CSLI 8ellast comrnunity gather for prayer bul we were also joined by many triends and Speakers from Ihe USA. CSLI (BELFAST) LTD DIRECTORS REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 2. The C.S. L•w15 Insotuts Inkllng9 Programrng and Apologe￿¢5 and Dlsclplgshlp Somlnars. Instruction and 8ncoura9em•nl from various Christian authors and sp8ak&rs provid&d cha118ng8 and ancoura98m8nt lo participating Inklings aboul important aspects of life in the Kingdom ol God. Inklings are Fellows and Menlors who h8ve participated in the Fellows prograrnme in previous yeats together with th8ir guests or others who ar& interested. Inklings evenings in 2023124 induderl.. 4th September 2023- Dr Art Lindsley- Apologetics - the Argument frorn Agape,. 13th O¢ttsber 2Q23- Dr Paul Coulter- Apologetics- The Value of Human Life & Dignity,. • Ioth & 11 th November 2023- Professor Jerry Root- Discipleship in the Lil8 of C.S. Lewis.. 23rd February 2024 Gareth Black of SOLAS, speaking on 'FDrgiveness in an Age ol Outra9e', 22nd March 2024, Pelar Lyna8, UK Director ol Evangellcal Alllance and aulhor of '&elng Human.. A New Lons for our Cultural Convergalions.., 12th April 2024 Apologetics Event.. Speaking the Truth in Love, Witnessing to Family & Friènds with Nick Roland of Fellowshbp Blblo Church NW Ark8nsa$, USA,. • 10th May 2024. Anything but Christianity" How sceplics become seek8rs, with Jana Harmon, Ph.D, a Teaching Fellow lor C.S. Lewis Institute Allanta, USA and AdjLJnel Prolessor ol Cultural ApolD9eti¢s al 8iola University., and 8th Junè 2024 'Btlng a Disclpl8mak8r'. Th6 Ma81erplan for DS8¢ipl88hlp" wbth Di Sam Hannon, from NW Arkansas Fellowship Bible Church, USA. Other S8minars and Public evènts in 2023124 included.. 1011) Novetnb¥r 2023 w8 lield a sp¥¢i815ei'vi¢& belebraliiig th* Life, Faill) & L*sy8¢y of C.S. Lewi6 81 liis cli11d￿10Od d)ur¢h Sl Mark's Dundela, Easi B8lla$t wth Professor Jerry Root & Prolessoi John Gilléspié. November 202J was Ih 125th anniversary ol the birth ol C.S. Lewis and the 60th Anniversary ol his death., 13th November 2023 we enjoyed a very special day al our C.S. Lewis Symposium. This beg8n 81 Unily) Theological College 8elfasl where we were joined by academics froffl across Ihg island of Ireland lo share in¢i18ful and intriguing talkB on variou8 asp8Ct8 ol tha writings ol Lewis. Prof8Bsor Jerry Root Iwhaalon College, USA) and Rev Dr Malcclm Guile IGirton College, Cambridge, England) oave opening and closing addresses, adding their ¢ommenlary lo Ihe proc88dings. Visitors joined in frorn as far as Oregon on the Wesl coa510l the USA as wtll as our friends Irorn University ol Ulster; On th8 8venlng 0113th November 2023 al Slranmlllls Unlverslly College 8elfasl, Professor Jgrry Root and R&v Dr Malcolm Guile were in conversation on the Lilerwy influences on C.S. Lewis and the Literary influences of C.S. Lewi8'. and 2181 June 2023 we w8re joined by Joe A. Kohm, Jr. who works al the C.S. Lewls Inslilule In Sprlngfield, VSrglnS8 USA and B also the City Director lor the C.S. Lewis Institute Virginia Beach lo explor8 and reflect on'the Prayers of C.S. Lewis. at Riddell Hall, Stranrnillis, Bellast. 3. Infomial gath•rlng8, wh•r• th• Important18au•s of th• day and of ￿rsOnal Ilh can b• •xplor•d from th• per$pg¢llv* of 8lbll¢o1 orthodoxy. Friday 1 5th March 2023 - virtual C.S. Lewis Ins￿'tute evenl with Dr Arny Orr-Ewing-'Is Jesus the only way7 FlnanGlal rpvlew The results for the year are set out in detail in these account5. The company relumed net incorne for the period of year ended 30 June 2024 01 £1,359 all of which is unreslricled. Golng concgrn Thege fint)ncial alaternents Are prepgred on the going eoneern basis. The directors congidgr it prudent that unrestricted reserves should be icient to ertsure that, in the event ol a drop in income, they will be able to continue the charitys current activi1Se8 for the next 12 months whlle conglderallon is glv&n lo ways Sn which 8ddllional funds may btt raised. CSLI (BELFAST) LTD DIRECTORS REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Structure. 9ovemanc• and management The company is govtrrned by its Memorandum and Afli¢l&s of Association. The company ts not-for-proltt and is limited by guarant88. Reference and Admlnlstratlve Informatlon Name of Charily CSLI (Bellastl Limited For the year ended 30 June 2024 CSLI IB8lfasll Limlt¢d Charity regi51ralion nurnber N100826 Company registrallon number N1645319 Registered Offic8 Addr8ss.. 6th Floor, East Tower, Lanyon Plaza, 8 Lanyon Plac8, 88lfast, BT13LP Tha diiactors of tha charilabls cornpany are ils trustèés lor th8 purpos8 ol charity law. Thé trustees and officors $8rving during the year and yince the year end were as follows.. Dr Maureen Bennett Mr Jeremy Ev&$ Ir Trevor R8anoy Nlr Joel Woodruff Irs Linda Barr Nlr William Carson Irs Karena Cluney Ir Aaion Williarngon Dr Olwen Kerr (Appointed 7 Dg¢gmbgr 20231 (Appointed 22 April 20241 Independent examiners Harbinson Mulholland & Co Chartered Accountants 6th Floor Eest Tower Lanyon Plaza, 8 L8nyon Pla¢g, Bolfasl, Northern I￿10nd. 8T1 3LP Bankers Danske Bank PO Box 182 Doneg811 SFu8re Wesl Belfast BT1 6JS The Dlre¢lof8 report was approved by the Board ol Oir&eior$. Ir Jeremy Evès 31 Mar¢h 2025 CSLI (BELFAST) LTD INDEPENDENT EXAMINER'S REPORT TO THE DIRECTORS OF CSLI {BELFAST) LTD I report on the financial 51at8rnent5 of the Charity lor the y8ar end8d 30 Jun8 2024, which are 581 oul on pag85 5 to 15. Ro$P•¢tIvo ro$pon$lbllltS9$ of ¢harlty DIr&￿Or$ and oxamlngr As Ihe Directors ol the Charity land also ils dir6clors for tho purposos of company lawl you ar6 resp￿sible lor the preparation ol lh8 lina￿al slal8m8n15 and you hav8 considered th8 audit requirernenl of Sectson 65131 ol the Chari1185 Acl INII 2008 (the A¢tl. Haying satisfied ourselves that the Charity is not subject to audit under company law, and is eligible for indep8nd8nl 8xamlnatlon, 11 Is our r8sponslbllity to.. exarnlne the flnan¢S8l st8l&mon1s under Secllon 65 01 the Charflles Act INorthem Irelandl 200e', follow the procedures laid down in the general Dir8clions giv8n by th8 Commission under section 6519llbl of the Charities Act (Northern Ireland) 2008.. and $181tr whtr¢h$r partl¢ular m8ttgrs havg ¢omtr lo my altgnlion. Basls of Ind•p•nd•nt •x&mln•r'9 r•port We have examined your charity financial statements as r8quired under 58ctlon 65 of th8 Charities Act (Northem Ir8landl 2008 and my examinalion was carried cul in accordanc8 with Ihe general Direciions given by Charity Commission lor North8m Ireland under section 6519llbl of thè Charities Act. The examination included a review ol the accounliig records kèpl by the charity and a cornparison ol th8 Iinanclal statèm8nts pr8sent8d with th058 records. It a150 Indud8d consld8ralion ol any unusual Itèms or dlsclosur•s in th@ financial stal8m8nts, and S￿kIng 8xplanations from you as chaniy tnJst8as conc8rnlng any such matters. Our rol8 is to stala wh•th8f any material mattérs havè com8 to my attention giving rn• caus8 to b8li8vg ¢hal.' Accounting records were not kept in accordancg with 58clion 386 01 the Companio5 Act 2006,. or The financial statements do not ac¢ord with those a￿o￿ntIng re¢c)rds', or The financial slalemgni$ do not wtnply wilh the ac¢ounling rFquiiemgnl¥ of 9gclion 396 of the Compani£s Act 2006 and with the meth(YJs and principles of the Ch8rilie5 Slalemenl of Recommended Practice 3pplicable lo charities preparing their f nancial ststernenls in accordance with the Financial Reporkn'ng Standard applicable in the UK and Rapubllc ol Iraland IFRS 1021,, or There is fvrther information needed loi a proper understanding ol Ihe financAal stalernenls to be reached. Indgpgndent gxamlnor'$ $tatemont We have completed my examination and have no concerns in respect ol the matters111 to141 listed above and, in connection viith followng the Dir¢¢tions ol the Chority Cornmission for Northern Irelond, we have found no matlers Ihot require drawing to your aitenuon. Harbin8on Mulholland 6th Floor East Tower Lanycn Plaza e Lanyon Place Belfast Co. Antrim B T13LP 31 March 2025 CSLI (BELFAST) LTD STATEMENT OF FINANCIAL ACTtVlTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Unrestri¢1od Unr•$tri¢ted lunds lundg 2024 2023 Notgs In¢omo from: Danations and legacies Charitable aclivibe5 Investrnent5 48.074 40,212 2.407 64.383 38,497 316 Total in¢om• 90,693 103.196 Ex endlture on: Charil¥bl8 ￿tiv￿.99 89,334 70,344 N•1 in¢om• for th• yo&rl Net movempnl in lund¥ 1,359 32.&51 Fund balances al 1 July 2023 86,455 53.e03 Fund balances at 30 Jun• 2024 87,814 88.455 Th8 Stat8m•nt of financial activlli85 includ85 all galns and loss8s r8cogni88d In th8 yaar. All Incom• 8xp8nditur8 d8dv8 from conllnuing activllles. The slalement ol financial 8¢ts'vilies also wmplies wilh the requirements lor an income and expendlture account under the Companibs Act 2006. CSLI (BELFAST) LTD STATEMENT OF FINANCIAL POSITION AS A T 30 JUNE 2024 2024 2023 Notes Flx•d ass•ls Tangible as￿(5 12 192 Currènt assèts Debtors C8sh al bank and in hand 13 3,373 87,962 804 89,636 91.335 90,500 Creditor8: amounts hlling duo within ono y•ar 14 13,7141 14,3831 Net current assets 87,621 86,117 Total assets less current IlabllltleB 87,813 86.455 Incom• funds Unresiricled funds 87,814 86,455 87,814 86.455 The company is entitled lo the exemption from the audit requirement contained in section 477 of the Companies A¢1 2006, lor tha yaar ended 30 June 2024, The directors acknowledge their responsibilities lor ensuring that tre charity ke2p5 accounting records which comply with seclion 386 01 the Act and lor preparing linan-ial statements which 9ive a true and lair view ol the state of affairs ol the company as al Ihg en¢J ol Ihg financial ye¥r and ol ils inwtning re￿￿r¢￿$ and oppli¢alion ol resourcss, In¢luding 11$ incomg nd expenditure. for the financial year in 8ccordance with the requirernenls of sections 394 and 395 and which olherwise comply wl¢h th¥ requlremonts of Ihg Gomponlgs Aci 2006 r91atlng to Ilnanclol slatgm¢nis, so far $s appllcoble 10 th ompany. The members have not required the cornpBny lo obtain on aLJdil of ils financial ststements for the year in question in ac¢ord8nc8 wilh section 476. These financial s18lernen15 have LEen prepared in accordan￿ with the provisions applicable lo cornpanies subject lo the small cornpanies regirrE. The financial slatemgnls wgrg approvg(I by the Dirgctorg on 31 Marth 2025 hlr Jeremy Eves Trustee Company ￿gIStratIOn number Nl645319 CSLI (BELFAST) LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Notss Cash flows from operatlng actlvltl•s Cash (abso￿￿d byyg8n8raled from operation 19 14,0811 34,￿0 Inve8tlng aetSvltles Inveslrnent incomg received 2,407 316 N¢t cash g•n¢rat*d from inv$$ting a¢tiviti08 2,407 316 N•t c•$h usèd In flnanclng a¢tlvltlo4 N•t Id•cr•a8•lllncr•ai• In cash and cash •qulval•nt8 11,6T41 34,546 Cash and cash equivalents at beginning of year 89,636 55,(Y30 Cash and cash equlvalenlB at end of year 87,962 89.636 CSLI (BELFAST) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Ac¢ountSng pollcle8 Ch8rity infowmation CSLI (Belfasll Ltd is a prlval8 company lirnlt8d by guarant88 incorporatèd Sn Northern Iraland. The r•gist@r•d office Is 6th Floor East Tower, Lanyon Plaza, 8 Lanyon Plac8, 8811asl BT1 3LP. 1.1 Accounting conventlon Th& financial stalemènts hav8 b88n pr8parèd in aceordanc& ivith th8 Compani&s Act 2008 and 'Aecounling and Reporting by Charities.. Statement of Recomrnended Practice applicable to char￿.eS preparing their a￿oUntS in accordance with th8 Financkil Reporting SlanLlard applicable in the UK and Republr ol Ireland IFRS 1021 leff8Ctiv8 1 January 20191" Thè Charlty Is a Public B8nèlit Enllty as dèlln8d by FRS 102. The financial stalements are prepared in 51erfing, which is the functional currency ol the Charity, Monetsry 8muunls in these ffi'nan¢ial statements we rounded to the neorest £. Th8 linancial stalemenls hav8 b88n pr8par8d und8r ihe hislorfcal cost convenllon, modified lo Includ8 th8 ravaluation ol freehold propertie$ and io include inveslrnent propertlès and certaln Iln8nclal Instruments al lalr value. The prin¢lpal accounllng poll¢l6s adopted are 801 out below. 1.2 Golng ¢on¢¢m Al the lirne of approving Ihe financial slaltrmonls, the Dirèctors havè a reasonable èxpectation that the Charity has adequate resources lo continue in operational existence lor the foreseeable lulure. Thus the Directors continue to adopt the going concern basis ol aocounling in p￿pering Ihe lin8nry81 $1oternents. 1.3 Ch4rllablg fund$ Unrestricled ftjnds are av8i18ble for use 81 the discretion of the Dire¢lors in furtherance of their ch8ritoble obje¢lives. Restricted fund5 are subject lo specrfic conditions by donors or grantors as lo how they rnay be used, The purposes and uses ol the restricted fund$ gre Set out in the notes to the linonaal $taternent$. Endoivment funds are subject to specific conditions by donors that the rAPital must be maintained by the Charity. 1.4 Incornlng r•sOu￿$ Incorne 18 recognised when the Charily is legally entitled lo il after any performance conditions have been mel, the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recogni5ed on receipt. Olher donations a￿ recognised once the Charity hgs been notified ol the donation, unlgss performenco conditions require d8lerral of the amount, Income lax rg¢ovgrable in relation lo donations received under Gift Aid or deeds ol covenant is recognised al the lime of the donati(￿. Legacies are recognised on receipt or othetwise il the Charity has been notified of an impending distribution, the arnount Is known. and re¢elpt 15 expe¢t2d. 11 the arnount Is nc* knDwn, the legaryls treaied as a conllngent asset. Expenditure 18 r￿ognised once there is a legal orcon8lruclive obligation lo iransfer economic benelrt to a third pariy, it is probable that a transfer ol economic beneffi'ls will be required in seluement, and the arnount of the obligation can be measured rellably. Expenditure Is classified by aclivily. The costs of eath activity are rnade up ol the tot81 of direct costs and shared costs. in¢luding support costs involvod in undertaking each 8clivity. Dir8¢1 costs allribulable lo a single a¢livily arg allocated directly lo that activity. Shared cosis which colllribule to rnore than one activity support costs which are not allribiitable to a single activity are apportioned between those activibos on a basis consistent with thÈ use of resources. Central slaff cosis are allocal8d on thè basis of lime 8ponl. and d8pre¢iation charges are allocated on the ortion of the asset'5 use. CSLI (BELFAST) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 A¢¢ounting policies Icontinutdl 1.5 Tanglblg flxod assots Tangible fixed assets are initially measured at cost and subsequenlly measured al cost or valuation, net ol depreciation and any impairment losses. DepreGialion is r￿g￿l￿ed 30 a3 to write off the Go31 or valuation ol assets 1853 their re3iduol values over Iheir useful lives on 1he following base5'. Computers 20Qkn straight line The ￿1n or loss grising on th¢ disposal of an asset is d¢t¢rmined as the difference bdwoon the sal¢ proceeds and the carrying value ol th6 8$801, and is r&co9nisèd in th8 slslement of financial 3clivilie8. 1.6 Impalrment ol Ilxed assets Al each reporting gnd dale, the Charity reviews the carrying amounts ol its tangibl8 assgls lo dgterrnine whether there is any indication that Ihose fjssets have suffered an irnpairm¢nl1038. If any $LJch indication exisls. th¢ woverable amounl ol the 8ss811s 8silmal8d ord8r lo determin6 the axtenl ol the Impalrm6nl loss Ilf any!. 1.7 Cash and cash frqulvalènts Cash and cash equivalgnls includ9 cash in hand, dgposits hdd al call wth bank$. olh•r short-tgrm liquid inv•sttngnl$ with original ma¢urities ol three months or less, and bank overdrafts. 8ank overdrafts are shown within borrowings in 1.8 Finan¢i41 in8lrument• Thè Charlly has electéd lo apply thè provislon$ of Se¢llon 11 '5a8ic Flnancial Instruménts, and S•clon 12 '0th8r Financial Instrurllents 155u8s' of FRS 102 10 all of its financial Inslrutll8nts. Flnanclal instruments aré rocogn158d Sn th8 Charlly's balanc• sh88t when thé Charfly b8com85 party to the contractual provlsions of th¥ Instrum•nt. Financlal 858ets and liabilllios ar8 offs81. wllh th8 not amounts pr8s8nl8d in the financlal stat8rn8nls, whan Ih8r8 IS 18gally enforceable right to sèl off the recognisèd amounts and there is an Int#nllon Io $8tll& on a nèl basls or lo r#alls thè asset 8nd $8itle the li8blity simull8nÈously, 8aslc flnan¢l41 assets BosiG fi'nanGi&I a33els, whiGh include debtors and ca3h and bank balonGeJ. are initiElly measurecl at tran38Glion priGe induding transaction costs and are subsequently carried at amorlised cost using Ihe eNective interest rnelhod unless th9 8riangtrm$nl ¢onslitulg$ a financin9 Irans8dion, where the Iransaclion is m8asured 81 th8 pr&sgnt value of tho future receipts discounled al a rnarkel rale of interest, Financigl a8sels Glassffied a5 reG8ivable wrthin one year are not amortised. CSLI (BELFAST) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 A¢¢ounting policies Icontinutdl Basie financial lithbiliti&$ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction pri￿ unless the arrangen)enl constitut$s a financing transaction, wh*ro the dobl instrumonl is measurgd al Ihe prèsènt value ol th$ future payments discounted at a market rate ol interest. Financial liat)ilities classified as payable within one year are not amortised. Debt instruments are subsequently rarried al arnortised cost, using the effective interest rate methixj. Trade creditor$ ar8 obligations lo pay for goods or services Ihal have been acquired in the ordinary coursg ol operations from supplier5. Amounts payable are ckssilied as current liabilities if payment iy due within one year or less. 11 not. they aro presented as non-currcnl liabilitios. Trade crcdilofs aro rocognisod initially al transaction price and subsequgnlly rveasured al amortisgd using tbg effgclive inlerest rnelhod. DwKognltlon of IlnanGlal Ilabllltles Financial li