Règlstsrod numbor: N1053673 Charlty number: NIC103204 SKAINOS LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020
SKAINOS LIMITED {A Company LlmSted by Guaranteo) CONTENTS Page Roferonce and Admlnlstratlvo Details of the Companyj its Trustees and Advistrs Trustèes. Report Independent Audltors. Report on th8 Flnanclal Statements statemant of Flnan¢ial Actlvltle$ Balance Shégt 10- 11 Statemènt of Cash Flows 12 Notes to the Flnanclal Statèments 13-25
SKAINOS LIMITED {A Company Limited by Guarantsé) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 DECEMBER 2020 Trustees Rev B Anderson J And8rson N A Blair M Grey L J Hopley B Mcconnell M McElhinnèy T H hAillar MBE J O'Donnell N M T SherÈdan Irèsign8d 31 0Éc8mber 20201 C Ervine lappoinled 19 January 20211 A O'Kane {appointed 19 January 20211 G McDaid lappDinled 25 March 2021) Company regl$tered number N1053673 Charlty registerèd number NIC103204 R&glstered offl¢e 239 Newlownards Road Belfast BT4 1AF Indepandent audltors Miscampbell & Co 6 Ann8dale Avenue Belfast BT7 3JH Bankers Ulster Branch Limited Arches R¢lall Pa Belfast BT5 4AF Sollcltors Cherfth Crymble Sollcilor Ma¢Corkell Legal & Commerclal Garvey Studios 8-10 Longstone Street Lisbum BT28 1TP Pago 1
SKAINOS LIMITED IA Company Llmited by Guarant89) TRUSTEES. REPORT FOR THE PERIOD ENDED 31 DECEMBER 2020 The Iy)8rd have pleasure In pre8enling Ihelr roport for the 9 months ended 31st December 2020. This report is prepared In a¢dan with the Memorandum of Association and th8 Statement of Recommended Practlca "Accounting and RerK>rting by Charities (Revised 20151° Structure, Govarance and Management a. Constitution The company is incorporated as Skainos Limited and reglstered in Northern Ireland as a company limited by guaranteo and not having a Sham capital. lis company number is N1053673. Tha company is governed by Its Memorandum and Articles of Association. Th6 company h8s baan grBnted charitable status by the Inland Ravenue and accordingly Is exempt from income tax, COTporation lax and Capital gains t8x. Its charY reference number is NIC103204 b. Pollcles Adopted for tho Inductlon and Tralnlng of Board M&mbers New board members rec8tve an Inductlon process and the Irain1ng needs of the board are assessed further on a regular basis. Ongoing Iralning has bean provided lo existing directors. A conllicls of1nl&rest poll¢y has been Implemented. c. Rlsk Management The board assesses the major risks lo which the charity Is exposed on an ongolng basls. In partilar the Corporat8 Risk plan was monitored during the year highlighting current rlsks related to thè operaticS and finances of the company and the board are satisfied that systems are in place lo mitiga16 our exposure to Ihe major risks. The principal iisk fa¢lng Skalrs relates lo the fundlng environment in which the company operates. Oblectlves and Activiti08 a. Oble¢tlves & Activltles The obj8¢ts of the company include: The promotlon for the publlo benefit of urban regener8llon In Ea81 Belfast (tho 'aroa of benefit.). being an area of soclal and economlc deprivatlon, by all or any of the following means= lil the r81ief of poverty in such ways as may be thought rrt., lill the relief of unemployment In such ways as may be thoL¢ghl fit, induding assistance lo find empEoymenl', lili) the advancement of education, training or retraining, particularly among Unemploy people, and providing unernployed people with work experience., livl the provision of financial assistancè, technical assislance or consultancy in order to provKle traInI and employment opportunllles for unemployed people in cases of financial or other charttsble need through help.. (il in sgllin9 up Ihelr own business, or lill to existing busin88ses,' (vl the creation of training and employment opportunities by the provlsion of workspa, buildings andlor land for use on favourable terms. Pag8 2
SKAINOS LIMITED (A Company Limlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 31 DECEMBER 2020 Achlevernents and Performance a. ActSvlties Durlng the 9 Months Ended 31 December 2020 There is no doubl that Covid.19 has Impa(led the Skainos business Bctsvitses. In line with government regulations and a Risk Assessment carried out by an indèpèndent consullanl. there were limlted exlemal events held al Skainos this year. We are delighted to port that the Skainos Centre was ab18 to adhore lo strict Health and Safety Regulations and continue lo operate as a shared space by resident, tenants, and key users of the building. We remain grateful for those agen¢Ses that have chosen to operate in Skainos Squere. Thanks, therafore due lo East Belfast Missn, Ag& Nl, Fighting Words, Cl8ar Day Nursery, Cairde Turas. Specialislerne, Volunteer Now, Houslng Rights and Terra Nova. Wycllffe Blbl8 translators, Str881 Soccèr, Th8 Book Trust, Tearfund, and Intematlonal Justlce Mission. b. Financlal Revlew The deficit for the perfod ended 31 December 2020 was £98,864 after Qepreuation of £234.560 (year erKl8d 31 March 2020- defi(xl of £320,064 after depreclatlon of £312,749). 11 should be nol8d that during Ihe period Skainos has benefited from grants from tho Covid-19 Soctal Enterprise Fund, The Halifax Foundation and the Awards for Atl Ftjnding. These grants have ensured that desplle the lack of income from room bwkings and from Servlce Charge during the period, the Company will Continué to ba considered a Going Concem. Tha grant th8t was reiVed compensated Skainos for the drop in income that was 8 result of Covld. The money 11 prode some assurancg around the sustainabillty of th6 Company. c. Unrestrictsd ReseYv68 Unrestricted reserves I'fr8è resetves"18rè thos8 raserv8s which Skainos can expend at the dlscretton of the dlractors to promote Ihe objects of the charity. The directors do not believ8 that the company needs excessive amounts of unresldcled resaNas. Skainos derives most of Ils Income from landlord seNlces. Al preserbt expenditure and Income ar8 largely balancéd before depreciation and ther8 is still som8 Scope for Increased oocupancy and further room bookings. However the )mpanY nead8 to malntain a level of unrestricted reseNes In order lo:_ Ensur8 that il continues to operate on a going concem basis and remains viable to be able lo adapt ils acliviligs from time lo lime lo cope wth changirtg circumslanc6s, which cannot always be reliably foreseen and anticipated,. Protect against a decline or inlerruplion of current sources of income - for examtA6 should room hiro be disrupted by civil commotlon- and Provide for wort(ing capital (w regular fluclualions in income and expenditure. Given the nature of the company's multiple tunding streams, incomings and oulgoings do not always ¢oinade exactly resulting in peaks and troughs which n6ed to be provided for lo ensure conllnuily of se¥vic8 provision. Given the above the directors have e8labllshed a pollcy whlth is reviewed annuallyi whereby the unreslrlcted funds held by the charity should be a larg81 of al least three monlhs of average expenditure. Page 3
SKAINOS LIMITED IA Company Limited by Guarantaal TRUSTEES. REPORT ICONTINUEOI FOR THE PERIOD ENDED 31 DECEMBER 2020 d. Unrostrlcted Deslgnated Reservos Unreslricled deslgnaled reserves comprise tjnreslricled funds doslgnaled for a particular purry)s8 by the directors. These are typically reserves set aslde f( maintenance projects. e. Restricted Rèserves Reslricled $885 are those res6Nes thich have specific conditions a118ched lo them as lo how they are spent. This has arisen due lo the re¢eipl of capital funding from East Belfast Mission. the Department for Social Development, the Intèrnational Fund for Ireland and the Special Programmes Body whereby under the lemis of the funding agreomenl, thera is a requirerllenl for Skalnos lo facilitate the performance of certain communlty rel&led activities for a rbumber of years. Plan8 for th8 Futuré a. Futur• Dèvelopmènts Thg board is engag8d In a strategic mapplng pr(Ke88 d@sign to chart the futur8 of the ¢ompany now that lh8 construction is complole. As well as continuing to malnlaln an excellent faclllly and dev8loping relalionshlps belwtren tenants and residents. Skalnos also has a responsibility to host events whlch extend the commitment lo shared space. The Skainos team wlll conllnue lo work in lialson wllh East Belfast Mission and olh8r major tenants and the new residents lo ensure a Smooth transition into tha development. b. Golng Concarn After making appropriate enquiries, the directors have a reasonable expe¢tation that the company h8s adequ8te reSoUS to contlnue In operational existence for Ihe for8seeable future. Far this reason they continue lo adopt the going conrn basis in preparing the flnanclal 8181aments. Further detsi18 regarding the adoption of the going concern basis can be found In note 2. Dlrectors The directors who 88rv8d the company durlng the year were as Ilsled on page 1. The board would Ilk6 to thank thos@ who reslgned durlng the year for Ihelr conlribulion during the period on which they served on the board. Pago 4
SKAINOS LIMITED IA Company Llmlted by Guarantèè) TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 31 DECEMBER 2020 Statement of frustaes, rfjsponslbllltla8 The Trustees (who are also the d1ctorS of the Company for the purposes of company lawl are respon$lbl8 for preparlng the Trustees, Report and the financlal statements il'accordance wlth appllcable law and United Kingdom Accounting Standards (Unlted Kingdom Generally Acceptad Accounting practi). Company law requlres the Trustees lo prepare flnanclal slalements for &ach financlal period. Under c¢m)pany law, Ihe Trustees must not approve the financlal statements unless Ihey are satisfied that they glve 8 true and falr view of the state of affalfs of the Company and of ils incomlng r&sources and applicati of resources, Includlng Ils incomo and 8xpenditurè, for that period. In preparlng these financial ¢tal8menls, tha Trustees 8ra rèquired to.. S816cI sullabla accounting pollcles and than apply them conslstentty., observe th8 tnelhods and princlples of the Charities SORP {FRS 1021- make judgments and accounting esllmales that are r@880nable and prudent., slate whethér appllcable UK Accounting Standards IFRS 102) have been follow, subject to any material departurtss dl$c1088d and explained in the financial statements,. prepare the nancIal statements on the going ¢onrern b8sSs unless It Is inappropriats to pre8um8 that tho Company wlll conllnue in busin8SS. Tho Trustees are responslbl8 for keeplng adequate accounting rerdS that ar& sufflcl8nt to show and explaln th8 Companls Iransacttons and dlsdose wlth reasonable accuracy at any tlme the finandal position of the Company and 8nabla them to ensure that the financial statements comply ¥th th8 Companies A¢t 2006. They are also responslble for safeguardlng the assets of th& Company and hen for taking reasonable steps for the prevention and delectlon of fraud and other irregularldes. Dlsclosure of Inforniation to audltor$ So far as each person who wa8 a dlrector Bt iha dale of approving thls rep)rt Is aware, there is no relevant audit Informatlon, bfjlng Infomation rkeeded by the auditor In conn6cllon with pieparlng ils report, of whlch the auditor is unaware. Having made ellquiries of fellow directors and Ihts ¢ompanls audltor, each director has tak8n all the steps that helshe is obliged to lake as a trustee in order lo make himselflherself aware of any relevant audit Information and to astsblish that the audllor Is aware of that information. Small Company Ex&mplions This report has baon prepared In accordance wilh the special provisions for small companles under Part 15 of the Companlas Act 2006. Audltors A resolution to reappolnl Mlscampb811 & Co as the companls auditors will be put to the membws of the mpany al the Arbnual General )Aeeting. r)rovod by order of the eMberS of the board of Trustees and slgned on thelr behalf b. Chaliman 25 May2021
SKAINOS LIMITED {A Company Llmlt8d by Guarant8e) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SKAINOS LIMITED {CONTINUEDI Responstbllltles of trustees As explained more fully in the Trustees, Responslbllllies Slatemelst, the Trustees (who are also tha directors of the charitable company for the purposes of tt)mpany law) are responslble for (he preparabon of the financlal stalemants and for Ing sa118fied that they give a true and falr view, and for such in18rnal control as Ihe Trustees determine is necessary to enable the prepardllon of financial statements that ar6 free from material mls8tatem8nl, whether due to fraud or èrror. In preparlng the ffnanclal statemanls. the Tru8tees are responslble for assesslng Ihe charitable compan5ls ablllty lo contlnue as a going Concern, discloslng, as appllcab18, matlers related lo golng concern and usinu tha golng concem basls of a¢nting unloss the Trusl68s ellher intend to Ilquidate the charitsN8 cornpany or to cease operations, or have no realistic allemative bul lo do 80. Audltor8' re8ponslbllitle$ ft)r the audit of tho financlal Statements Our ot4eGliv&s are lo obtsln reasonable Assurance aLx)Ut whelhar the flt)an¢ial statements as a whole are fr&e from material misstatemonl, whether dlte lo fraud or error, and to Issue an Auditors, Report that in¢ludes our opinion. Reasonabl& assurance Is a high level of assuranc8, bul is not a guarantee that an audit conducted in accordance with ISA8 (UK} will always delecl a material mlsstalemenl when il exlsts. Misst81emenÉs can arise from fraud or error and are co[ldered m8terlal if, indivldually or in tho aggregat6, they could reasonably be expected to influonce the economic dedslons of users taken on the basts ofthese financial stabments. A fur(h8r descriptlon of our responsibililles for the audll of tho financial sto18mants 1$ locatod on the Finan¢lal Reportlng Councll's wabslte al: v4ww.frc.or .uklaudlt¢Jrsre Audllors, Rwrt. n$lbllllles. Thls description fonns part of our Use of our r6POrt Thls roport is made solely lo the charitable companls momb8rs, as a ksody, In accordance wtth Chapter 3 of Part 16 of th6 Companies Act 2008. Our audit work has been undertaken so that we might slate lo the charllable company's members thos8 matters we are requlred to slate lo them in an Auditors, Report and for no other purpose. To the fullast &xlenl permltted by law, we do not accept or assum8 responsibility lo anyone other than the charitsb18 company and its members, as a body, fc>r our audit work, for this r8POrt, or for the opinlons we have formed. Mr Jonathan R Bethel FCA Charter¢d Accountants 25 May2021 Mlscampbell & Co are allglble to act as audltr)rs In temis of sectlon 1212 of the Companles Act 2006. Page 8
SKAINOS LIMITED A Company Limitad by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE PERIOD ENDED 31 DECEMBER 2020 Restrlcted Unrestrlcted Total funds funds funds ro181 31 Do¢ember 31 De¢emb&r 31 December funds 2020 2020 2020 31 M8rch 2020 Note Income from: Donations 2,030 251.277 90,774 2,030 2S1277 90,774 3,414 433,003 21.943 Charitable Aclivites other Income Total Income Expendlture on: Charitable Activlties 344,081 344.081 458,360 442,945 442.945 778.424 Total expèndltura 442.945 442,945 778,424 Not movement In funds Reconclllation of funds: Total funds brought forward Net movement in funds {98,864) 198,8641 (320,064) 14,864.754 14,851,784} 198,864} 10.012,970 198,864) 10,333,034 (320,064) Total fund5 carrled forward 14.864,754 14.950,648) 9.914,106 70.012,9TO Th8 Statement of Flnanclal Activities indudes all gains and losses recognised in thè period. Th6 notss on pages 13 10 25 fom) part of these financial ststemenls. Pag& g
SKAINOS LIMITED {A Company Llmlted by Guarantee) REGISTERED NUMBER., N1053673 BALANCE SHEET AS AT 31 DECEMBER 2020 31 D8cemb•r 2020 31 March 2020 Note Flx6d assets T8ngible assets 9.830,651 10,065,211 9,830,651 10.065,211 CuThent assets Debtors Cash at bank and in hand 10 25,875 202.459 60,837 50,286 228.334 iii,t23 Creditor8.' aTnounls falling due within one year 11 157.2141 (117,077) Nat currant assets I Ilabllltos 171,120 (5,954) Total assèt8 less current Ilabllltlos 10,001,771 10,059,257 Credilo¥s.' amounts falling due aft#r mora Ihan one year 12 {87.6651 (46,287) Net a68ets ex¢ludlng penslon asset 9,914,106 10.012.970 Totsl net assets 9.914.106 10,012.970 Charlty funds R8slrtcled funds UnraslrScled funds 14 14,864,754 4,950,648} 14,864,754 14.851,784J 14 Total funds 9.914.106 tO,012,970 The Trustees acknowledge their responsibllities for comptylng wth th8 requlr8m8nls of the Act wlth respect lo accounllng records and preparation of flnancial ststements. The financial statements have been prepared In accordance with the provisions appllcable to gnlilles subject lo the small compani8s regime. Th@ flnan¢ial statements were approv8d and authorised for issue by the Trustee8 on 25 May 2021 and signed on their behalf by.. Pag8 10
SKAINOS LIMITED IA Company Limited by Guarantee} REGISTERED NUMBER.. N1053673 BALANCE SHEET ICONTINUEDI AS AT 31 DECEMBER 2020 T H Mlllar MBE .. Tha notès on pages 1310 25 form part of Ihase financial statements.
SKAINOS LIMITED IA Company Llmltsd by Gu8rantao1 STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2020 2020 2020 Cash flows from operating actlvltlés Net Cash used in operating activities 154,570 44,051 Cash flows frorn investlng activitiès Purchase of lar)gible fixed assets Loan Intaresl (5.385) 3, t25 2,061 Net cash provided by1(ud Inl Investlng actlvltles 2.061 {2,2601 Cash flow8 from flnancing actlvitios Repayments of LoBns {4.4581 (8,916) Net cash us&d In finanGlng actlvltles 14,4S81 18.916) Change In cash and cash equlvalents In the parlod Cash and cash equlvalents at the beginning of the period 152.173 32,875 17,411 50,286 Cash and cash equivalènts at the ond of the period 202,459 50,286 Thè notes on pages 13 10 25 form part of these financAal ststamonts Paga 12
SKAINOS LIMITED IA Company Limiled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 Goneral Informatlon Sk8inos Limited Is a private Ilmfted company by guarantee wilhoul share capital. The company is incorporated in Northem Ireland and has the Company Number N1053673 Charkty Number 103204. The regl8tered office and principal pL3C8 of bustness Is 239 Newtownard8 Road. Belfast, BT4 1AF. Accounllng pollcles 2.1 Basls ol preparatlon ol flnancl81 statemènts The financlal stBtemenls have been prepared In accordance with the Charities SORP IFRS 1021 Accounllng 8né Reporting hy Charllies= Statement of Recommanded Pract1 appllcable lo ¢ha¥ilies preparing thelr accounts in accordance wlth thè Flnanaal Reportlng SlandaTd appllcable In thè UK and Républic of Iroland {FRS 102) leffeclive 1 January 2015}, the Finandal Reporting Standard appllcable in the UK and Republlc of Ireland IFRS 1021 and the Companigs Act 2006. Skainos Llmlled meets th8 definition of a public benefit entlty under FRS 102. Assets and liabilities are initially recognised al hlslorical cost or transaction value unlass otherwise slated in the relevant accountlng policy. 2.2 Going conc¢m The Iruslees have acknowledged the global pandemic from the COVID-19 outbreak, and hav6 baen revlewing the irllpact on the Charity. This has involved updated budgets and cashflow foracasting, bul they do not feel that it will have a material impact on thé going concern of the Charity. 2.3 Income All Income is recognls8d once the Company has enliU8menl to the in¢ome, il is prob8bEe that Éhe incomè will be received and the amount of income recelvable can be mèasured reliably. Other income b recognised in the period Sn which11 is recelvablè and to the extent the goods have bean provid8d or on completion (Jf th6 service. 2A Expendlturè Expendilijre Is Tecognlsed onc8 Ihere is a legal or conslructiV8 obligation lo transfer gconomlc benefit lo a thlrd party. il is probable that a transfer of economlc beneflls will be required in selllement and the amount of the obligallon can be measured reliably. Expenditure is classified by acllvily. The costs of each activity are made of the lolal of diroct costs and shared costs, including support costs involved in undertaklng each a¢livily. Direct costs altribulable lo a single activity are allocated directly lo that aclivity. Shared costs which conlribute lo more than one activity and support costs which are not altdbulable to a single activity are apportloned between those activities on a basls wnsislent wi the use of resources. C8nlral staff costs are allocAted on the basis of time spent, and depreciation arges allocated on the porlion of the asset's use. Expenditure on charllable aclivllles 18 incurred on dire¢lly undertaking the activitie8 which further th& Comp8nVs objeolDies, as well as any associated support costs. Page 13
SKAINOS LIMITED IA C¢mpany Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 Accountlng policio$ {¢ontinuedl 2.$ Tanglble fixed assets and dèpreclatlon Tangiblg fixe(J assets costlng £1,000 or more are capllalised and rewnised when future 8conomlG ben8flts arè pmbabk and the cosl or value of Ihe asset can ba mèasured reliably. Tangible fixed assets are Initialty recognlsèd at cost. After reoognition, under the cost model. langlbla fixed 8ss8ls are measur6d al cost less accumulated depre¢Salion and any accumulated Impairment losses. All co8ls incurred to brSng a ¢anglble fixed asset into Its Intended working condition should be 1cded in the measurement of cost. Depreciation is charged so as lo allocate the cost of langible fixed assets le8s Ihelr residual value over their esiimated Ltseful liv8s, Depreciation18 provided on the following b8sIs'. Land & Buildlngs Fixturés & Fittings Office Equipment 2% Slraighl Line Method 10% Slraighl Linè Method 25% Slrdighl Line Method 2.6 Debtors Trade and other debtors are reeognis8d al the setllemant amount after any trade dlscounl off8rod. Prepaymants ar8 valued al the amount prepaid net of any trade dlscounts due. 2.7 Cash at bank and In hand Cash al bank and in hand Indudes cash and short-term hlghly liquld Investments with a short maturity of IhT8e months or less from the dal8 of a¢qulsilion or opening of the dep081t or similar account. 2.8 Llabllities and provisions LiabS1ilies aro re¢ognise¢ when there is an obligallon al the Balance Sheet date as a resull of a past event, it is probable that a transfer of economlc benefit will be requlred in selllemenl, and the amount of the selllemenl can be eslimated reliably. Liabilllies are recognised at the amount that the Company anlicip8tes il will pay to settle th& debt or the amount 51 has received as advancéd payments for the goods or sorvices il musl provide. Provislons are meas¥Jred at thè best estimate of the amounts required to settle tha obligation. Wher8 the offecl of the lirne value of money is material, the provision is based on the present value of Ihose amounts, dlscounled al Ihg pre-tax discount rate that reflects tho rlsks specific to thè liability. The uwnding of the discount is recogni58d In the Slatement of Finan¢l81 Actiwtles as a finance cost. 2.9 Flnanclal Instruments The Company only has financial assets and financial liabilllles of a klnd that quallfy as basic financlal instruments. Bas1¢ flnancial instruments are initially recognised at Iransacllon value and subsequently measured al their $8tllament value wllh the tsx¢epUon of bank loans which aro subsequentty measur8d al amort18ed c08t uslng the effective InleT881 malhod. Page 14
SKAINOS LIMITED IA Company Llrnitad by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 310ECEMBER 2020 Accountlng pollcies Icontinuèdl 2.10 Fund accountlng G8neral funds are unrestrictsed funds whl¢h are availabl8 for use at thè dlscrelion of the Trustees in furtherance of the general objectives of th8 Company and 1¢h have not been designated for oihar purw>s8s. Deslgnated funds compdse unre8trlcted funds that have b88n sel aside by the Trustees for P8cUlar purposes. The aim and use of ea¢h designated fund Is sel out in the notès to the flnanclal statements. Restrict8d fund8 arg funds which arè to be used in accordance with 8P8dfic restrictions imposed by donors or which have b8en raised by the Company for partlcular purposes. The costs of ralsing and administèring such funds are charged agalnsl the specific fund. The aim and us& of each restricted furKJ is set out in the notes to the financial slalemanls. Voluntary In¢oma Unrestrlctsd funds 31 Decembar 2020 Total funds 31 Dècembèr 2020 Donauons 2,030 2,030 Unr8s1ricled funds 31 M8rch 2020 Total funds 31 March 2020 Donations 3,414 3.414 PBg8 15
SKAINOS LIMITED IA Company Limlted by Guaranta8) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 Incomlng Rasource$ from Charltsblè Activitl8S Unrastricled funds 31 Decembèr 2020 Total funds 31 Dacember 2020 Charity Incomlng Re80ur¢8S 251,277 251,277 Unreslrlct8d funds 31 March 2020 Tot81 funds 31 March 2020 Charlty Incoming Rosources 433,003 433,003 other incomTng resources Unrestricted funds 31 December 2020 Total funds 31 Docgmber 2020 Other Income 90,774 90,774 Unreslricl8d funds 31 March 2020 Total funds 31 March 2020 other Income 21,943 21,943 Pag8 16
SKAINOS LIMITEO {A Company Limitèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 310ECEMBER 2020 Analysls of gxp&ndibJr8 on charltable 4ctlvlfjes Summary by fund type Unrestrlctsd fund5 31 De¢omber 2020 Total funds 31 December 2020 Establlshment Costs FacAlity Man8gemenl Support Costs Govarance Costs 345,143 93,962 390 3,450 345,143 93,962 390 3,450 Total 3108mber 2020 442,945 442,945 LIntrActed funds 31 March 2020 Total funds 31 March 2020 Establishment Cosls Facility hAanagement Support Costs Governanc8 Costs 562,728 212,444 440 562,728 212,444 440 2.812 2,812 Total 31 March 2020 778.424 77B,424 Audltor8' ramunerallon 31 December 2020 31 March 2020 Fees payable to the Comp8nls auditor for the audit of Ihe Companvs annuBI accounts 2,500 2.500 Page17
SKAINOS LIMITED IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 Trustoos. remuneratlon and •xptsnses DurSng the period. no Trustee8 recelved any r8muneralion or other benefits (2020. £NIL)- During the perfod ended 31 Decemb8r 2020, no Truste8 oxpen8es have been incurred (2020- £NIL?. Tanglb10 flxed assets Freehold property Offlce aqulpment Total Cost or valuatlon At 1 April 2020 15,569.966 7.414 15,577,380 At 31 D8cemb8r2020 15,569.966 7,414 1S,577.380 D8preclatlon Al 1 April 2020 Charga for the period 5,508,794 233,550 3.375 1,010 5,512,169 234,560 Al 31 December 2020 5,742,344 4,385 5,746,729 Net book valu• Al 31 December 2020 9,827.622 3,029 9.830.651 Al 31 March 2020 10.06f,172 4,039 10,065,211 Page 18
SKAINOS LIMITED IA Company Limited by Guaranto01 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 10. Debtors 31 Dècembar 2020 3t March 2020 Due wlthln one ygar Trade debtors Bad debt Provislon other debtors Prepayments and accrued Income 25,575 48,421 (10,904) 4.755 18,565 300 25,875 60,837 11. Crèdltors.. Amounts falling due withln one year 31 De¢amber 2020 31 Mgrch 2020 Trade creditors Other creditors Accruals and deferred incoma Other lax8tion and siKial security Amounts owad lo related underlaking Loans 9.373 2.566 23,801 5.258 1.088 15,128 66.512 3,317 16,767 9,830 11.935 8,916 57,214 117,077 Pagg 19
SKAINOS LIMITED IA Company Limltod by Guarantea) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 12. Credltors.. Amounts falllng due aftèr more than one year 31 December 2020 31 March 2020 BJn¢6 Back Loan UCIT Loan 43.788 43,877 46,287 87.665 46,287 On 1 March 2017. the company entered into a len year ban agreement wth Ulster CommunSly Investment Trust Limited lor £70,OIX) wilhdrawable within three months. The amount was drawn on 15 August 2017. Interest is variable, Galcijlaled as the greater of the underlying Bank of England base rale plus 2,, or Soh. Interest accrues and is payable along wllh a portlon of the principal amounl on a monthly basis within a ten year term. UCIT holds first mortgag8 over ono of the cornpanls assats - Apartmanl 102, Skainos Square, 241 Newiownards Road, Be5fasl, BT2 1AF. On 27 May 2020, £50.000 w89 drawn from Ulster Bank in relalion lo the Bounce Back Loan Schom¢ (BBLSI. The BBLS scheme vrds creBled by Ihe UK Governmenl in response lo COVID-19. During the year no repayments wero made wilh repayments commencing on 28 June 2021. The loan is repayab16 within 6 years of belng received and the interest per year is 2.5%. 13. Flnanclal Instruments 31 Decèmb8r 2020 31 M8rch 2020 Financial assets Financial assets measured at fair value through income and 8xpendilure 202,459 50,286 Financi81 assets moasured al falr valu8 through income and expenditure comprlse of the bank and cash In hand. Page 20
SKAINOS LIMITED IA Company Llmlted by Guarante8} NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 14. Statemènt of funds ststoment of funds- current p•rfod Balan¢e at 31 D•cemb6r 2020 Balance at 1 Aprll 2020 InGomè Expendlture Unrestrlcted funds Dèslgnated funds Design8t8d Funds- all funds 12,901 12,901 Genèral funds Gen8ral Funds- all funds {4.864,6851 344,081 {442,9451 {4.963,5491 Total Unrestricted funds 14,851.784) 344,081 {442.945} {4.950,648) Re$trl¢téd funds Reslrict8d Funds- all ftjnds 14884,754 14,864,754 Total of funds 10.012,970 344,081 {442,9451 9,914,106 Pag6 21
SKAINOS LIMITED IA Company Llmitod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 14. Statement of funds leontlnued) statament of funds - prlor porlod Ba18nc8 al 31 March 2020 Balance 81 l Aprll 2019 Transfers in/out Income Exp8nditure Unrèstrlcted funds Desigr*ate(I funds Designated Funds - all fijnds 12,901 12,901 Ggneral funds General Funds- all funds (4,531,720) 458,360 (778,424J (12,901) (4.864,685) Total Unrestricted fund$ 14.531,7201 458,360 1778,424) (4.851.T84) Rostrlcted funds Reslrlcled Funds- all fvnds 14,864,754 14.864,754 Total of funds 10.333,034 458,360 (778,424) 10.012,970 15. Summary offunds Summary ¢f funds - ¢urrént period Balance at 31 Docamber 2020 Balance at I Aprll 2020 Incomg Expandlture Deslgnaled funds General funds Raslricled funds 12,901 14,864,685) 14,864,754 12,901 (442.945) (4,963,549) 14,864,754 344,081 10,012,970 344.081 1442,945) 9,914,106 Page 22
SKAINOS LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 15. Summary of funds (continuod} Summary of funds- prlor porlod Balance 81 31 M8rch 2020 Bal&nc8 81 l April 2019 Transfers In/oul Incom8 Expandilure Designated funds General f(Jnd8 Rostricled funds 12.S07 12,90Y (12,901) (4.864,685J 14.864,754 (4,531, 720) 14.864, 754 458,360 (778,424) 10,333,034 458,360 (778,424) 10,012,970 16. Analysis of net assèts between funds Analysls of not assets beaon funds- current period Restrictèd Unrestricted funds funds 31 31 Dècembar December 2020 2020 Total funds 31 Decembè 2020 Tangible fixed assets Current assets Creditors vAlhin one year Creditors du8 in mora than one year 14,913,112 {5,082,4611 9,830,651 4,346 223,988 228.334 18,9161 148,298} {57,214) 143,7881 {43,877) {87.6fj51 Total 14,864,754 14,950,648) 9,914,106 Paga 23
SKAINOS LIMITED IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 17. Reconcililtlon of net movgment In ndS to net cash tlow from operatlng activltlgs 31 December 2020 31 Maroh 2020 Not expendlturè for the period las per Slalement of Financlal Acllvlllesl <98,864) (320,064J Adjustments for,. D6predalion charges Decrease in dgblors Increasel{doCaSe) in creditors 234.560 34.962 116,0881 312,T49 21,299 30,067 Net cash provided by operating aCtitIeS 154,570 44,051 18. Analysls of ¢a$h and cash èqulvalents 31 Docémbar 31 March 2020 2020 Cash al bank 8nd In hond 202,459 50,288 Total cash and cash equlvalents 202,459 50,286 19. Analysls of ¢hang&s In not debt At31 D•camber At 1 Apr51 2020 Cash flows 2020 Cash al bank and in hand Debt due within l year Debt due aftar 1 y@ar 50,286 120,8511 146,2871 152,173 141.3781 4,635 202,459 {62,229) (41,652) 116.8521 115.430 98,578 Page 24
SKAINOS LIMITED {A Company Limitèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 310ECEMBER 2020 20. Related party transactlons East Belfast Misslon C'EBM") is rogarded as a r6lat8d party by vltue of mMOn dlrectors on both boards. Dudng the ar the company conlra¢t8d East Belfast Mission for the provision of fa(#lities management and also lo proivde calerlng seN7ces for room hire and conferences. Skainos has leas8d the unlls lo E8St Belfast Misslon under leases return for rental income and a contribution towards servlce charges. Al 31 D8c8mber 2020 £1,088131 hAarch 2020.. £11,935) was owed to East Belfast Mission. The company is in receipt of service charge income during the year fr(Nn Cholce Houslng Association and Maple and May in r8sp8¢1 of apartments and Hosford House. Both Chol¢e and Maplg and May a regarded as a related paty by virtue of th8 fact there are common directors log61her with Skainos board mernbers who are mémbers of the senior management team of Choice Housing Association and Maple and M8y. At 31 December 2020 ChoÈce Housing A$Sl8t70n owed £13,578 {31 March 2020= £13,578) and Mapb and May owed £0131 March 2020.. £6.4991. Page 25