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 char￿Y 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 parti￿lar the
Corporat8 Risk plan was monitored during the year highlighting current rlsks related to thè operatic￿S 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 Skalr￿s 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 Miss￿n, 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 re￿iVed compensated Skainos for the drop in income that was 8 result of Covld. The money
11 pro￿de 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 ￿$8￿85 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
reSoU￿S to contlnue In operational existence for Ihe for8seeable future. Far this reason they continue lo adopt
the going con￿rn 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 d1￿ctorS 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 re￿rdS 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(u￿d 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
1￿c￿ded 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 P8￿cUlar
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 3108￿mber 2020
442,945
442,945
LIn￿￿trActed
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
B￿Jn¢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 be￿aon 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{doC￿aSe) in creditors
234.560
34.962
116,0881
312,T49
21,299
30,067
Net cash provided by operating aCti￿tIeS
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$S￿l8t70n owed £13,578 {31 March 2020= £13,578)
and Mapb and May owed £0131 March 2020.. £6.4991.
Page 25