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 be￿een 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 Contra￿Ual 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-