Charity registration number NIC103204
Company registration number N1053673 (Northern Ireland)
SKAINOS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

SKAINOS LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Rev B B Anderson
Mr J D Anderson
Mr N A Blair
Mr G C Capper
Mrs C Ervine
Mr B Maxwell
Ms B Mcconnell
Ms A O'Kane
Dr T D Dobbin CBE
Chartty number
NIC103204
Company number
N1053673
Registered office
239 Newtownards Road
Belfast
BT4 1AF
Auditor
Miscampbell & Co
6 Annadale Avenue
Belfast
BT7 3JH
Bankers
Ulster Bank
Arches Retail Park
Belfast
BT5 4AF
Solicitors
Maccorkell Legal & Commercial
Garvey Studios
8-10 Longstone Street
Lisburn
BT28 1TP

SKAINOS LIMITED
CONTENTS
Page
Trustees report
Independent auditorfs report
Statement of financial a¢tivities
Balance sheet
Statement of cash flows
10
Notes to the financial statements

SKAINOS LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their annual report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the
financial statements and comply with the company's Igoverning documentl, the Companies Act 2006 and
"Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
102)" (effective 1 January 2019).
Objectives and activities
The objects of the company include..
Skainos provides fa¢ilities, resources and shared space to charities, agencies, social enterprises and community
groups for social, economic and physical regeneration and community renewal for the people of East Belfast), being
an area of severe social and economic deprivation. The benefits provided to the local community include..
(i) the the relief of poverty in such ways as may be thought fit-
(li) the provision of accommodation for the homeless and those seeking affordable social housing-
(iii) the relief of unemployment in such ways as may be thought fit, including assistance to find employment.,
(iv) the advancement of education, training or retraining, particularly among unemployed people, and providing
unemployed people with work experience and help= {]) in setting up their own business. or (li) obtaning employment
in existing businesses.,
{v) the provision of affordable childcare and nursery services;
(vil the provision of counselling services relating to mental health, housing, managing household and personal debt,
alcohol and substance abuseladdiction.,
(vii) providing a meeting place and a catalyst for community activity including hosting those involved in peace
building and ¢ross community activities and seeking to come up with local initiatives to cement peace in Inner East
Belfast.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the
company should undertake.
Achievements and performance
Significant activities and achievements against objectives
A5 the economic and social activity has recovered from the years of the pandemic the Skainos Centre continued to
adhere to strict Health and Safety Regulations and continued to operate as a shared space by resident, tenants.
and key users of the building.
During the year Frazer Kidd were appointed as Managing Agents to the Skainos Centre on behalf of Skainos and its
tenants. This has helped optimise the stakeholder benefits from the Skainos Centre and regularise the provision of
building maintenance and the community heating scheme.
Through the year the Board of Trustees initiated various actions to encourage the use of Centre and reduce its
running costs and overheads to help offset the impa¢t of the Cost of Living Crisis and higher energy costs. The
benefits for these actions will especially benefit the immediate future years.
We remain grateful for those charities and agencies who have chosen to operate in Skainos Square. Thanks, are
therefore due to East Belfast Mission, Age Nl, Clear Day Nursery, Cairde Turas, Specialisterne, Volunteer Now,
Housing Rights and Terra Nova, Wycliffe Bible translators, Street Soccer, The Book Trust, International Justice
Mission, BHSCT, Book Trust and Tear Fund.

SKAINOS LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Financial review
The deficit for the year ended 31 December 2023 was £305,639 after depreciation of £313,481 (2022 - deficit of
£363,014 after depreciation of £314,393).
Going concern
The Company made a small surplus at EBITDA level in 2023 and is showing improved financial perfomiance in the
first half of 2024.
After making appropriate enquiries, the directors have a reasonable expectation that the company has adequate
resources to Continue in operational existence for the foreseeable future. For this reason, they continue to adopt the
going concern basis in preparing the financial statements. Further details regarding the adoption of the going
concern basis can be found in note 1.
Reserves policy
It is the policy of the company that unrestricted funds which have not been designated for a specific use should be
maintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves
at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the company's
current activities while consideration is given to ways in which additional funds may be raised. This level of reserves
has been maintained throughout the year.
Unrestricted reserves
Unrestricted reserves {'free reserves.) are those reserves which Skainos can expend at the dis¢reb'on of the
directors to promote the objects of the charity.
The company needs to maintain a level of unrestri¢ted reserves in order to:
Ensure that it continues to operate on a going concern basis and remains viable to be able to adapt its activities
from time to time to cope with changing circumstances, which cannot always be reliably foreseen and anticipated.
Provide for working capital or regular fluctuations in income and expenditure. Given the nature of the company's
multiple funding streams, incomings and outgoings do not always ¢oin¢ide exactly resulting in peaks and troughs
which need to be provided for to ensure continuity of service provision,. and
Provide funding to implement a improvements for the benefit of tenants and the local community using the
services provided at the Skainos Centre.
The directors do not believe that the company needs excessive amounts of unrestricted reserves. However given
the above the directors have established a policy which is reviewed annually, whereby the unrestricted funds held
by the charity should be a target of at least three months of average expenditure.
Unrestricted designated reserves
Unrestricted designated reserves ¢omprise unrestricted funds designated for a particular purpose by the directors.
These are typically reserves set aside for maintenance projects.
Restricted ￿SerVeS
Restricted reserves are those reserves which have specific conditions attached to them as to how they are spent.
This has arisen due to the receipt of capital funding from East Belfast Mission, the Department for Social
Development, the International Fund for Ireland and the Special EU Programmes Body which under the terms of the
funding agreement, there is a requirement for Skainos to facilitate the perfomiance of certain community related
activities for a number of years.

SKAINOS LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Despite the impact of inflation and higher energy costs. Skainos has embarked upon a process of transformation
that will improve its short and long term financial strength, laying the foundation in 2024 for improvement and reform
of the operating model. These plans provide the Board comfort that the Company will continue to be considered
Going Concem.
Structure, governanGe and management
The company is incorporated as Skainos Limited and registered in Northern Ireland as a company limited by
guarantee and not having a share capital. Its company number is N1053673.
The company is governed by its Memorandum and Articles of Association. The company has been granted
charitable status by the Inland Revenue and accordingly is exempt from income tax, corporation tax and capital
gains tax. Its Charity reference number is NIC103204.
The trustees, who are also the directors for the purpose of company law, and who served during theyear and up to
the date of signature of the financial statements were..
Rev B B Anderson
Mr J D Anderson
Mr N A Blair
Mr G C Capper
Mrs C Ervine
Mr B Maxwell
Ms B Mcconnell
Mr G McDaid
Mr J O'Donnell
Ms A O'Kane
Dr T D Dobbin CBE
(Resigned 30 September 2023)
(Resigned 26 June 2023)
Recniitment and appointment of trustees
The management of the company is the responsibility of the Trustees who are elected and Co-opted under the temis
of the Memorandum of Association. Serving directors have the power to appoint any person as an additional
director. The number of directors serving at any time should not exceed fourteen. At each yearly AGM. a third of
the directors are required to retire of a rotational basis, and the can be re-appointed.
Charity trustees must comply with the rules set out in their charity's governing document, including rules regarding
who can be a charity trustee, when and how charity trustees are appointed and how long appointments can last.
None of the twstees has any beneficial interest in the company. All of the trustees are members of the company and
guarantee to contribute £1 in the event of a winding up.
The company's Current policy concerning the payment of trade Creditors is lo..
settle the terms of payment with suppliers when agreeing the terms of each transaction.
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in ¢ontra¢ts',
and
pay in accordance with the company's contractual and other legal obligations.
Funds held as custodian trustee
No funds are held as custodian on behalf of others.

SKAINOS LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
statement of trustees responslbilitles
The trustees. who are also the directors of Skainos Limited for the purpose of company law. are responsible for
preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Acccunting Praclicel.
Company Law requires the trustees to prepare financial statements for each financial year whlch give a true and fair
vlew of the state of affairs of the ¢ompany and of the incomlng resources and application of resources, including the
Income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
select suitable accounting policies and Ihen apply them Consistently.,
observe the methods and principles in the Charities SORP:
make judgements and estimates that are reasonable and prudenl., and
prepare the financial statements on the golng concern basis unless it is Inappropriate to presume that the
company will contlnue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at
any time the financial position of the company and enable them to ensure that the financial ststemerts comply with
the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for
tsking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
In accordance with the company's articles, a resolution proposing that Miscampbell & Co be reappointed as audltor
of the company will be put at a General Meetin9.
Dlsclosure of infomiation to auditor
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the
audit, but of which the auditor is unaware. They have further confimied that they have taken appropriate steps to
identify such relevant infomation and to estsblish that the auditor is aware of suGh information.
The trustees report was approved by the Board of Trustees.
Dr T D Dobbln CBE
Trustee
10 September 2024

SKAINOS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SKAINOS LIMITED
Opinion
We have audited the financial statements of Skainos Limited (the 'company') for the year ended 31 December 2023
which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the
financial statements, including significant accounting policies. The financial reporting framework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial
Reporting Standard 102 The Financial Reporting Standany applicable in the UK and Republic of Ireland (United
Kingdom Generally A¢¢epted Accounting Practice).
In our opinion, the financial statements:
give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its
incoming resources and application of resources, including its income and expenditure, for the year then
ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting practi￿.,
and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable
law Our responsibilities under those standards are further described in the Auditorts responsibilities for the audit ol
the financial statements section of our report. We are independent of the company in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements. we have Concluded that the trustees use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that. individually or ¢olle¢tively, may cast significant doubt on the company's ability to continue as a going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the resporssibilities of the trustees with respect to going concem are described in the
relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements
and our auditor's report thereon. The trustees are responsible for the other information contained within the annual
report. Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our
responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othemise appears
to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are
required to determine whether this gives rise to a material misstatement in the financial statements themselves. If,
based on the work we have performed, we conclude that there is a material misstatement of this other infomiation,
we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion. based on the work undertaken in the course of our audit..
the information given in the trustees report for the financial year for which the financial statements are
prepared, which includes the diredors, report prepared for the purposes of company law, is consistent with the
financial statements., and
the directors, report included within the trustees report has been prepared in accordance with applicable legal
requirements.

SKAINOS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SKAINOS LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the
audit, we have not identified material misstatements in the directors, report included within the trustees report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires
us to report to you if, in our opinion..
adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us., or
the financial statements are not in agreement with the accounting records and returns- or
certain disclosures of trustees, remuneration specified by law are not made- or
we have not received all the information and explanations we require for our audit., or
the trustees were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies, exemptions in preparing the trustees report and from the
requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the statement of trustees responsibilities, the trustees, who are also the directors of the
company for the purpose of company law, are responsible for the preparation of the financial statements and for
being satisfied that they give a true and fair view, and for such internal control as the trustees determine is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due
to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the company's
ability to continue as a going COn￿rn, disclosing, as applicable. matters related to going concern and using the
going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease
operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate. they could reasonably be expected to influen¢e
the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibililies, outlined above, to detect material misstatements in respect of irregularities, including
fraud. However, the primary responsibility for the prevention and detection of fraud rests with both those charged
with governance of the Company and management. The extent to which our procedures are capable of detecting
I￿egular1tie$, including fraud is detailed below:
obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and
detemined that the most significant are those that relate to the reporting framework (FRS 102 and the
Companies Act 2006) and the relevant tax compliance regulation in the United Kingdom.,
understood how the Company is complying with those frameworks by making enquiries of management to
understand how the Company maintains and communicates its policies and procedures in these areas.,
assessed the vulnerability of the Company's financial statements to material misstatement, including how
fraud might occur by considering the risk of management override and by assuming revenue recognition to
be a fraud risk- and
based on this understanding our audit procedures were designed to identify norF¢ompliance with such laws
and regulations.

SKAINOS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SKAINOS LIMITED
We assessed the susceptibility of the company's financial Statements to material misstatement, induding obtaining
an understanding of how fraud might occur, by-,
Identification of related parties.,
Making enquiries of management regarding where they considered there was sus¢eptibility to fraud. their
knowledge of actual, suspeded and alleged fraud.,
Considering the internal controls in place within the company to mitigate the risk of fraud and non-
Compliance with laws and regulations.,
To address the risk of fraud, override of controls and non-compliance with laws and regulations, we performed
analytical procedures to identify any unusual or unexpected related party relationships, tested joumal entries to
identity unusual transactions, investigated any significant or unusual transactions and assessed whether
judgements and assumptions made in determining the accounting estimates were suggestive of potential bias.
A further description of our responsibilities is available on the Financial Reporting Council's website at= https:11
www.frc.org.uklauditorsresponsibilities. This description fonrjs part of our auditor's report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those
matters we are required to State to them in an auditor's report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the company and Ihe company's
members as a body, for our audit work. for this report, or for the opinions we have formed.
Jonathan R Bethel (Senior Statutory Auditor)
for and on behalf of Miscampbell & Co
10 September 2024
Chartered Accountants
Statutory Auditor
6 Annadale Avenue
Belfast
BT7 3JH

SKAINOS LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
un￿strICted Restricted
funds
funds
2023
2023
Total Unrestricted Restricted
funds
funds
2022
2022
Total
2023
2022
Notes
Income from:
Donations and legacies
Charitable activities
Investments
5,776
501,269
280
9,500
15,276
501,269
280
548
531,649
29,929
30,477
531,649
Total income
507,325
9,500
516,825
532,197
29,929
562,126
Expenditure on:
Charitable activities
822,464
822,464
925,140
925,140
Total expenditure
822,464
822,464
925,140
925,140
Net inGomel(expenditure) and
movement in funds
(315,139)
9,500
(305,639)
(392,943)
29,929
(363,014)
Reconciliation of funds:
Fund balances at 1 January
2023
(5,763,359) 14,917,994 9,154,635
(5,370,416) 14,888,065 9,517,649
Fund balances at 31
December 2023
(6,078,498) 14,927,494 8,848,996
(5,763,359) 14,917,994 9,154.635
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure
derive from continuing activities.

SKAINOS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
2023
2022
Notes
Fixed assets
Tanglble assets
11
8,912.641
9,226,122
Current assets
Debtors
Cash at bank and in hand
12
136,983
78,252
43,021
76.481
215,235
119,502
Credltors: amounts falling due within
ong year
14
(224,877)
(125,164)
Net current liabilities
(9,642)
(5,662)
Total ass6ts less current liabilities
8,902,999
9.220,460
Creditors: amounts falling due after
more than one year
15
(54,003)
{65.8251
Net assets excluding pension liability
8,848.996
9,154.635
Net assets
8.848,996
9,154,635
The funds of the company
Restricted income funds
Unrestricted fijnds
16
14,927,494
{6.078,498)
14,917.994
(5,763.359)
8,848,996
9.154,635
The financial statements were approved by the trustees on 10 September 2024
Dr T D Dobbin CBE
Tru5tse
Company registration number N1053673 (Northem Ireland)

SKAINOS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Notss
Cash flows from operating activities
Cash generated froml(absorbed by)
operations
20
13,313
(79,705)
Investing activitles
Purchase of tangible fixed assets
Investment income received
(20,269)
280
Net cash generated froml(used in)
investing activities
280
{20,269)
Financing activities
Repayment of bank loans
(11,822)
(12,5011
Net cash used in financlng activities
(11,822)
{12,501)
Net increasel(deC￿a$e) in Gash and cash
equivalents
1,771
(112,475)
Cash and cash equivalents at beginning of year
76,481
188,956
Cash and cash equivalents at end of year
78,252
76,481
10-

SKAINOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policies
Charity inforniation
Skainos Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered
office is 239 Newtownards Road, Belfast, BT4 1AF.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 °The
Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities
SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities
preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102)" (effective 1 January 2019). The company is a Public Benefit Entity as defined
by FRS 102.
The financial statements are prepared in sterling. which is the functional curren¢y of the company. Monetary
amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting
policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the
company has adequate resources to continue in operational existence for the foreseeable future. Thus the
trustees continue to adopt the going ¢on¢ern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable
objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The
purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
In¢ome is recognised when the company is legally entitled to tt after any performance conditions have been
met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the company has been
notified of the donation, unless performance ¢onditions require deferral of the amount. Income tax recoverable
in relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the company has been notified of an impending
distribution, the amount is known, and receipt is expected. If the amount is not known. the legacy is treated as
a contingent asset.
11

SKAINOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policies
(Continued)
1.5 Expendlture
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a
third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of
the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of dirttt costs and
shared Costs, including support costs involved in undertaking each activity. Direct costs attributable to a single
activity are allocated directly to that activity. Shared costs which contribute to more than one activity and
support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis
Consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and
depreciation charges are allocated on the portion of the asset's use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at Cost or valuation, net of
depreciation and any impaimient losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their
useful lives on the following bases..
Freehold land and buildings
Office equipment
Straight line method
250h Straight line method
The gain or loss arising on the disposal of an asset is determined as the difference be￿een the sale proceeds
and the carrying value of the asset. and is recognised in the ststement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment
loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
1.9 Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12
'other Financial Instruments Issues. of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to
the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net
basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the effective
interest method unless the arrangement constitutes a finanGing transaction, where the transaction is
measured at the present value of the future receipts discounted at a market rate of interest. Financial assets
classified as receivable within one year a￿ not amortised.
12

SKAINOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policies
(Continued)
Basic financial liabilities
Basi¢ financial liabilities, including creditors and bank loans are initially recognised at transaction price unless
the arrangement constitutes a financing transaction, where the debt instrument is measured at the present
value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable
within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effe￿1ve interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one
year or less. If not. they are presented as non-current liabilities. Trade Creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabiliti.es
Financial liabilities are dere¢ognised when the company's contractual obligations expire or are discharged or
¢an¢elled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in whi¢h the employee's services are
received.
Termination benefits are recognised immediately as an expense when the company is demonstrably
committed to terminate the employment of an employee or to provide temiination benefits.
Critical accounting estimates and judgements
In the application of the company's accounting policies. the trustees are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that a￿ not readily apparent
from other sources. The estimates and associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and fvture periods where the revision affects both current and future
periods.
13-

SKAINOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Charitable activities
Unresticted Unresticted
funds
funds
2023
2022
Charity Incoming Resources
501,269
531,649
Income from investments
Unr8Stricted Unrestricted
funds
funds
2023
2022
Interest receivable
280
Charitable activities
Unrestricted Unrestricted
funds
funds
2023
2022
Depreciation and impairment
Establishment Costs
Facility Management
Govemance Costs
313,481
389,779
112,453
6,751
314,393
434,111
173,378
3,258
822,464
925,140
822,464
925,140
Not movement in funds
2023
2022
The net movement in funds is stated after chargingl(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets
5,250
313,481
3,500
314,393
15-

SKAINOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Auditor's remuneration
Fees payable to the Charity's auditor and associates..
2023
2022
For audit services
Audit of the financial statements of the charity
5,250
3,500
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the
company during the year.
10 Taxation
The charity is exempt from taxation on its a¢tivities because all its income is applied for charitable purposes.
11 Tangibl8 fixed assets
Freehold land
and building5
Offlce
equipment
Total
Cost
At 1 January 2023
15,569,966
30,357 15,600,323
At 31 December 2023
15,569,966
30,357 15,600,323
Depreciation and impairment
At 1 January 2023
Depreciation charged in the year
6,365,146
311,399
9,055 6,374,201
2,082
313.481
At 31 December 2023
6,676,545
11,137 6,687.682
Carrylng amount
At 31 December 2023
8,893,421
19.220 8,912,641
At 31 December 2022
9,204,820
21,302 9,226.122
12 Debtors
2023
2022
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
132,137
2,550
2,296
43,021
136,983
43,021
16-

SKAINOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13 Loans and overdrafts
2023
2022
Bank loans
69,133
80,955
Payable within one year
Payable after one year
15,130
54,003
15,130
65,825
On 1 March 2017, the company entered into a ten year loan agreement with Ulster Community Investment
Trust Limited for £70,000 withdrawable within three months. The amount was drawn on 15 August 2017.
Interest is variable, calculated as the greater of the underlying Bank of England base rate plus 20/0, or 50h.
Interest accrues and is payable along with a portion of the principal amount on a monthly basis within a ten
year term. UCIT holds first mortgage over one of the company's assets - Apartment 102, Skainos Square, 241
Newtownards Road, Belfast, BT2 1AF.
On 27 May 2020, £50.000 was drawn from Ulster Bank in relation to the Bounce Back Loan Scheme (BBLS).
The BBLS scheme was created by the UK Government in response to COVID-19. During the year no
repayments were made with repayments commencing on 28 June 2021. The loan is repayable within 6 years
of being received and the interest per year is 2.50￿.
14 Creditors: amounts falling du8 Within one year
2023
2022
Notes
Bank loans
Other taxation and social security
Trade creditors
Amounts owed to associate undertakings
Other creditors
Accruals and deferred income
13
15,130
6,463
86,127
23,783
47,752
45,622
15,130
1,781
28,702
35,778
4.094
39,679
224,877
125,164
15 Creditors: amounts falling due after MO￿ than one year
2023
2022
Notes
Bank loans
13
54,003
65,825
17-

SKAINOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust
subject to specific conditions by donors as to how they may be used.
At 1 January
2023
Incoming
resources
At31
December
2023
Restricted funds
14,917,994
9,500
14,927,494
Previous year:
At 1 January
2022
Incoming
resources
At31
December
2022
Restricted funds
14,888,065
29,929
14,917,994
17 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are
not subject to specific conditions by donors and grantors as to how they may be used. These include
designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
At 1 January
2023
Incoming
resources
Resources
expended
At31
December
2023
General funds
{5,763,359)
507,325
(822.464) {6,078,498)
Previous year:
At 1 January
2022
Incoming
resources
Resources
expended
At31
December
2022
General funds
(5,370,416)
532,197
(925,140) (5,763,359)
18-

SKAINOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18 Analysis of net assets between funds
Unrestricted
funds
2023
Restricted
funds
2023
Total
2023
At 31 December 2023:
Tangible assets
Current assetsl(liabilities)
Long term liabilities
(6,050.853) 14,963,494
{4,094)
(5,548)
{23,551)
(30,452)
8,912,641
{9,642)
{54,003)
(6,078,498) 14,927,494
8,848,996
Unrestricted
funds
2022
Restricted
funds
2022
Total
2022
At 31 December 2022:
Tangible assets
Current assetsl{liabilities)
Long term liabilities
{5,690,301) 14,916,423
(42,901)
37,239
(30,157)
(35,668)
9,226,122
(5,662)
(65,825)
(5,763,359) 14,917,994
9,154,635
19 Related party transactions
East Belfast Mission {"EBM") is regarded as a related party by vitue of common directors on both Ixjards.
During the year the company contracted East Belfast Mission for the provision of facilities management and
also to proivde catering services for room hire and conferences. Skainos has leased the units to East Belfast
Mission under leases in return for rental income and a contribution towards service charges. At 31 December
2023 £23,783 {2022'. £35,778) was owed to East Belfast Mission.
The company is in receipt of service charge income during the year from Choice Housing Association and
Maple and May in respect of apartments and Hosford House. Both Choice and Maple and May are regarded
as a related party by virtue of the fact there are common directors together with Skainos board members who
are members of the senior management team of Choice Housing Association and Maple and May. At 31
December 2023 Choice Housing Association owed £5,394 {2022.' £739) and Maple and May due back £166
(2022.. £Nil).
19-

SKAINOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20 Cash generated from operations
2023
2022
Deficit for the year
(305,639)
(363,014)
Adjustments for..
Investment income recognised in statement of financial activities
Depre¢iation and impairment of tangible fixed assets
(280)
313,481
314,393
Movements in working capital..
(Increase)Idecrease in debtors
Increasel(decrease) in creditors
(93,962)
99,713
7,095
(38,179)
Cash generated froml{absorbed by) operations
13,313
(79,705)
21 Analysis of changes in net fundsl{d8bt)
At 1 January
2023
Cash flows At 31 December
2023
Cash at bank and in hand
76,481
1,771
78,252
Loans falling due within one year
Loans falling due after more than one year
(15,130)
(65,825)
(15,130)
(54,003)
11,822
(4,474)
13,593
9,119
-20-