SKAINOS LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Charitable activities Investments 27,638 551,496 1,252 27,638 551,496 1,252 5,776 501,269 280 9,500 15,276 501,269 280 Total income 580,386 580,386 507,325 9,500 516,825 Expenditure on: Charitable activities 844,884 844,884 822,464 822,464 Total expenditure 844,884 844,884 822,464 822,464 Net expenditure and movement in funds (264,498) {264,498) (315,139) 9,500 <305.639) Reconciliation of funds: Fund balances at 1 January 2024 {6,078,498) 14,927,494 8,848,996 (5,763,359) 14,917,994 9.154,635 Fund balances at 31 December 2024 (6,342,996) 14,927,494 8,584,498 (6,078,498) 14,927,494 8,848,996 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 2024 2024 2023 Notes Fixed assets Tangible assets 11 8,597,320 8,912,641 Current assets Debtors Cash at bank and in hand 12 144,103 69,178 136,983 78,252 213,281 215,235 Creditors: affiounts falling due witliin one year 14 {184,095} (224,8771 Net current assetsl{liabilities) 29,186 {9,642) Totsl assets less current Ilabilities 8,626,506 8,902,999 Credltors: amounts falling due after more than one year 15 (42,008) (54,003) Net assets 8,584,498 8,848,996 The funds of the Company Restricted income funds Unrestricted funds 16 17 14,927,494 (6,342,996) 14,927,494 {6,078,498) 8,584,498 8,848,996 ial statements were approved by the trustees on 17 July 2025 Dr T D Dobbin CBE Trustee Company registration number N1053673 (Northern Ireland) 10-
SKAINOS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notss Cash flows from operating activities Cash generated from operations 20 1.748 13,313 Investing activities Purchase of tangible fixed assets Investment income received (79) 1,252 280 Net cash generated from investing aGtivities 1,173 280 Financing activities Repayment of bank loans {11,995) (11,8221 Net cash used in financing activities (11,995) (11,822) Net (decrease)fJncrease in cash and Gash equivalents (9,074) 1,771 Cash and cash equivalents at beginning of year 78,252 76,481 Cash and cash equivalents at end of year 69,178 78.252 11
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity information 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 accordance 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 currency 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 stalements, the trustees have a reasonable expectation that the company has adequate resources to Gontinue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern 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 In¢ome Income is recognised when the company is legally entitled to it 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 conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid 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 expeded. If the amount is not known, the legacy is treated as a contingent asset. 12-
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued} 1.5 Expenditure 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 dir&t costs and shared costs, in¢luding support costs involved in undertaking each aclivity. 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 attrFbutable to a single activity are apportioned between 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 Tanglble flxed 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 20/0 Straight line method 250/9 Straight line method The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the statement 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 su¢h 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 Flnancial Instruments The company has elected to apply the provisions of Section 11 'Basi¢ 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 financing 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 are not amortised. 13-
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting poli¢ie$ {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 inslrument 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 effective 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 liabilities Financial liabilities are derecognised when the company's ContraUal obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which 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 termination 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 are 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 re¢ognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donations and legacies Unrestricted funds Unrestricted Restricted funds funds Total 2024 2023 2023 2023 Donations Grants 23,138 4,500 3,276 2,500 3,276 12,000 9,500 27,638 5,776 9,500 15,276 14-
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activities Unresticted Unresticted funds funds 2024 2023 Charity Incoming Resources 551,496 501,269 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 1,252 280 Charitable activities Unrestricted Unrestricted funds funds 2024 2023 Depreciation and impairment Establishment Costs Facility Management Governance Costs 315.400 480,214 44.020 5.250 313,481 389,779 112.453 6,751 844,884 822.464 844,884 822,464 Not movoment in funds 2024 2023 The net movement in funds is ststed after chargingl{crediting)- Fees payable for the audit of the ¢harity's financial statements Depreciation of owned tsngible fixed assets 5,250 315,400 5,250 313,481 15-
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Auditor's remuneration Fees payable to the charity's auditor and associates.. 2024 2023 For audit services Audit of the financial statements of the charity 5,250 5,250 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 activities because all its income is applied for charitable purposes. 11 Tangible fixed assets Freehold land and buildings Office equipment Total Cost At 1 January 2024 Additions 15,569,966 30,357 15,600,323 79 79 At 31 December 2024 15,569,966 30,436 15,600,402 Depreciation and impairment At 1 January 2024 Depreciation charged in the year 6,676.545 311,399 11,137 6,687,682 4,001 315,400 At 31 December 2024 6,987,944 15,138 7,003.082 Carrying amount At 31 December 2024 8,582,022 15,298 8,597,320 At 31 December 2023 8,893,421 19,220 8,912,641 12 Debtors 2024 2023 Amounts falling due within one year: Trade debtors other debtors Prepayments and accrued income 95,136 21,923 27,044 132.137 2.550 2,296 144,103 136,983 16-
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Loans and overdrafts 2024 2023 Bank loans 57,138 69,133 Payable within one year Payable after one year 15,130 42,008 15,130 54,003 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 20kn. or 50/0. Interest ac¢rues 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 2.5 %. 14 Creditors: amounts falling due within one year 2024 2023 Notes Bank loans Other taxation and social se¢urity Trade creditors Amounts owed to associate undertakings other creditors Accruals and deferred in¢ome 13 15,130 9,484 88,166 23.783 15,143 32,389 15,130 6,463 86,127 23,783 47,752 45.622 184,095 224,877 15 Creditors: amounts falling due after more than one year 2024 2023 Notes Bank loans 13 42,008 54,003 17-
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 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 2024 Incoming resources At31 December 2024 Restricted funds 14.927,494 14,927,494 Previous year: At 1 January 2023 Incoming resources At31 December 2023 Restricted funds 14,917,994 9,500 14,927,494 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 grantor5 as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specifi¢ purposes. At 1 January 2024 Incoming resources Resources expended At31 December 2024 General funds (6,078,498) 580,386 (844,884) (6,342,996) Prevlous year: At 1 January 2023 Incoming resources Resources expended At31 December 2023 General funds (5,763,359) 507,325 (822,464) (6,078,498) 18-
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 December 2024: Tangible assets Current assetsl{liabilities) Long term liabilities {6,361,493) 14,958,813 35,400 (6,2141 {16,903) (25,105) 8,597.320 29.186 (42,008) (6,342,996) 14,927,494 8,584,498 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) (6,078.4981 14,927,494 8,848,996 19 Related paty transactions East Belfast Mission {"EBM"l is regarded as a related party by vitue of common directors on both bjards. 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 2024, £23,783 {2023: £23,783) was owed to East Belfast Mission. The ¢ompany 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 2024, Choice Housing Association owed £9,170 (2023.. £5,394) and Maple and May owed £5,708 (2023.. due back £166). 19-
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Cash generated from operations 2024 2023 Deficit for the year (264,498) (305,639) Adjustments for: Investment in¢ome re¢ognised in statement of financial activities Depreciation and impairment of tangible fixed assets {1,252) 315,400 (280) 313,481 Movements in working capital: (Increase) in debtors (Decrease)lincrease in creditors (7,120) (40,782) {93,962) 99,713 Cash generated from operations 1,748 13,313 21 Analysis of changes In net funds At 1 January 2024 Cash flo*s At 310ecember 2024 Cash at bank and in hand 78,252 (9.074) 69,178 Loans falling due within one year Loans falling due after more than one year (15,130) (54,003) (15,130) (42,008) 11.995 9,119 2,921 12,040 -20-