Company ragistration number N1053673 (Northern Ireland) Charity registration number NIC103204 (Northarn lrnlandl SKAINOS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
SKAINOS LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Tru5tses Rev B B Anderson Mr N A Blair Mr B Maxwell Ms B Mcconnell DrT D Dobbin CBE Mr M Mullan Mr PT McEvoy Ms F K KiTkpatri¢k Mr M J Doherty MrRWJBell MrAR Haley Ms N Connery Mr J Ireland (Appointed 17 February 20261 {Appoinled 11 November 20251 {Appointed 9 September 20251 {Appointed 11 November 20251 {Appointed 17 June 20251 (Appointed 17 June 20251 Country of incorporatlon United Kingdom (Northern Ireland) N1053673 Charity r¢gi$tration Northern Ireland NIC103204 Reglstered office 239 Newto¥Nnards Road Belfast BT4 1AF Auditor Miscarnpbell & C¢ 6 Annadale Avenue Belfast BT7 3JH Bankers Ulster Bank Ar¢hes Retail Park Bellasl BTS 4AF Solicitors Maccorkell Legal & Commercial Gajvey Studios 8-10 Lon9slone Street LisbuTn BT28 1TP
SKAINOS LIMITED CONTENTS Page Trustees report statement of trustees responsibilities Independent audilorfs report Statement of financlal activllles 10 Balance sheet Statement of cash flows 12 Notes to the financial statements
SKAINOS LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees present their annual report and financial stslements for the year ended 31 December 2025. The financial stalernenls have been prepared in accordance wi(h Ihe accounting policies sel out in note 1 to the financial slalements and comply with the company's governing document, the Companies Act 2006. FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP A£counllng and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" Objectives and activities The objects of the company include.. Skainos provides facilities, resources and shared space lo charities. agencies, social enterprises and communty groups for social, economic and physical regeneration and community renewal for the people of East Belfastl. being an area of severe so¢ial and economic deprivation. The benefits provided to the local community include.. lil the the relief of poverty in such ways as may be thought fit., 111) the piovlslon of accommodation for the homeless and those seeking affordable social housing.. lili} the relief of unemployment in such way$ as may be thought fit, including as51Stance lo find employment., livl the advancement of education, training or retraining. particularly among unemployed people, and providing unemployed people with work experience and help.. lil in setting up their own business, or lill obtaning employment in existing businesses.. Iv) the provision of affordable chlldcare and nursery services., Ivil the provision of counselling services relating lo mental health, housing, managing household and personal debt. alcohol and substance abuseladdiction.. Iviil providing a meeting place and a calalysl for communty activity including hosting those involved in peace building and cross community activities and seeking to come up with local initi'atives lo cement peace in Inner East Belfast. Public benefif The trustees have paid due regard to guldance issued by the Charity Commission in deciding what aclivilles the ompany should undertake.
SKAINOS LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Achiovgm•nts and performanc8 Signilicant aclivities and achievements against objectives Occupancy level and activities taking place in the Skainos Centre continued to grow during 2025 and together with actlons belng taken lo manage Costs helped deliver a small surplus before depreciation despite the impact of inflation and higher costs. Frazer Kidd have continued in their role as Managing Agents to the Skainos Centre on behalf of Skainos and its lenanls. During the year with their support, the Trustees have continued to maintain and improve the infraslruclure and fa¢ililies in the Skainos Centre for the benefit of existing and future tenants and lo encourage its use resulting in increased occupancy and room hire activity for community events. A¢tions tsken during the year included refurbishing the heating system, commencing a programme of roof repairs and setbng up an Outreach and Engagement Committee to grow activity levels in the Centre and the services provided lo the local community. We have also started to investigate how lo restorelreplace the 'Ll7n9 wall which died due to lack of specialist support as a result of the restriction5 during the Covid pandemic. We continue to work closely in support of those charities. enterprises and agencies who have chosen te operate in Skainos Square. Thanks. are therefore due to East Belfast Mission Including Hosford Homeless Hostd and the Turas Irish Language s¢htsol, Cairde Turas, Choice Housing, BHSCT, Book Trust, Age Nl, Tear Fund, Clear Day Nursery, Specialisterne, Volunteer Now, Housing Rights, Alcoholics Anonymous, and lo new tenants Corrymeela. CD Fairfield Capital, The Painl Shop @ Skainos and Threshold. Two further new tenants have taken up units in the first quarter of 2026 House and Aelheria Tech. Financial review The defi¢it for the year ended 31 December 2025 was £256.904 after depreciation of £314.272 12024 - deficit of £284,498 after depreciation of £315,400). Despite the impact of inflation. Skainos continued lo generate a cash surplus In 2025 before Intest and depreciation IEBITDAI of circa £35k helped by better management of costs, improved oc¢upan¢y and inueased room hire income. Loan repayments of circa £15k were made in the year with the outstanding debt at the year-end of £44.6k. The board has continued with ils transformation programme aimed al improving the Charity's outcomes and its short and long-temi financial strength. Nel reseNe$ after allowing for outstandin9 debt at the end ol December 2025 were £53.3k. Going concem The Company made a small surplus at EBITDA level in 2025 and increased its cash reserves wlh futher improved financial performance being delivered in the first quarter of 2026. After reviewing ils performance and forward financial projections, the directors have a reasonable expectalien that the company has adequate resources lo continue In operational existence for the foreseeable future. For this reason, they continue lo adopt the going Concern basis in preparing the financial statements. After reviewing its performance and forward financial proje¢tlons. 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 statement$. Further details regarding the adoption of the going concem basis can be found in note 1. Resewes polKy 11 is the policy of the company that unreslri¢led funds which have not been designated for a specffic use should be maintsined al a level equivalent to betseen three and six month's expenditure. The trustees consider that reserves al this level will ensure that, in the event ol a significant drop in funding, they will be able to continue the company's Current activities while consideration is given lo ways in which additional funds may be raised. This level of reserves has been mainlalned throughout the year.
SKAINOS LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Unrostrl¢tgd reserves Unrestricted reserves I'free reserves'l are those SerVeS 1¢h Skaino$ can expend at the discretion of the directors to promote the objects of the charity. Thè company needs to maintain a level of unrestricted reserves in order to.. Ensure that il continues lo operate on a going concern basis and remains viable to be able to adapt its activities from tirne lo time to cope ¢hanging circumstances, which cannot always be reliably foreseen and anticipated., Provide for working capilal or regular fluctuations in income and expenditu. Given the nature of the company's multiple funding streams, incomings and oulgoings do not always coincide exactly resulting in peaks and troughs which need lo be provided for to ensure continuity of Service provisiori,. and Provide fvnding lo 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, the directors have est8blished a policy whlch is reviewed annually, whereby the unreslricled funds held by the charity should be a target of at least three months of average expenditure which currently is around £80k v current net reserves of £54k. Unrestrictsd designatod r&$or¥0$ Unrestricted designated reserves comprise unrestri¢ted funds designated for a patticular purpose by the director5. These are typically reserves sel aside for maintenance projects. R•strictsd resorves Re$lri¢ted reserves a those reserves which have specific conditions attached lo them as to how they are spent. This has arisen due to the receipt of ¢apilal 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 fijnding agreement. there is a requirement for Skainos to facilitate the perfom)8nce of certain community related activities for a number of years. The board has continued with its transformation programme airned at improving the Charity's outcomes and ils short and long-term financial strength. Net reserves after allowing for oulslanding debt al the end of December 2025 were £53.3k. The continued financial perfomiance in 2025 and in the first quarter of 2026 in sustsining a cash surplus and building reserves together with financial projections provides the Board ¥th necessary assurance that the Company can continue to be considered a going concern. Major risks The board assesses the major risks to which the charity is exposed on an ongoing basis. The Risk regisleT IS monitored during the year highlighting current risks related lo the operations and finances of the company and the board is satisfied that actions are being taken to mitigate our exposure to the major risks.
SKAINOS LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Plans for future perfods The board has carried out a strategic review process designed to refresh ils operatlng model for Skainos lo ensure ils long-term sustainability and that its facilities and activities continue to be relevant for the emerging local social need. Having implemented the recommendations of an expert review of its healing system during 2025. a condition survey has now been carried out on the Cenlre's variou5 roots and a rernedial programme of work being prepared lo ad[1$$ the identified work programmes which will be largely delivered during 2026 and 2027. The board's focus continues lo be on maintaining an excellent facility and developing our activities so a5 to meet the evolving needs of the local community and improve their well-being. Particular emphasis is on providing more activities for young people and promoting the arts and we plan to host several events in the 2026 Eastside Arts Festival. Skain05 has also continued lo evolve in response to the new ways of working and living that have evolved post the pandemic and with the changing make up of those living in East Belfast. We will continue lo work in partnership wth East Belfast Mission, Choice Housing and other tenants and local partners to optimise overall outcomes for the community we support. Structure. governance and manag•m8nt The company is incorporated as Skainos Limited and registered in Northern Ireland as a company limited by guarantee and not having a share capital. Ils MpanY number is N1053673. The company is governed by ils Memorandum and Articles of Association. The company has been granted charitable status by the Inland Revenue and accordingly is exempt from income lax. corporation lax and ¢apilal gains tax. Ils charity reference number is NIC103204. The trustees. who are also the directors for the purpose of company law, and who served during the year and up lo the date of signature of the financial statements were.. Rev B B Ander50n 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 DrT D Dobbin CBE Mr M Mullan Mr P T McEvoy MrMwGY Ms F K Kirkpatrick Mr M J Doherty MrRWJBell MrA R Haley Ms N Connery Mr J Ireland (Reslgned 18 February 20261 (Resigned 18 February 20251 (Resigned 18 February 2026) (Resigned 18 February 2026} IResigned 25 April 20251 IAppointed 17 February 20261 IAppointed 11 November 20251 IAppoinled 9 September 20251 (Appointed 11 November 20251 (Appointed 17 June 2025) (Appointed 17 June 2025)
SKAINOS LIMITED TRUSTEES REPORT {INCLUDING DIRECTORS, REPORT> (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Recruilment and appointment ofiwstees The management of the cornpany is the responsibility of Ihe Trustees who 8re elected and co-OPted under the terms of thè Memorandum of Association. Serving directors havg the power to appoint any person as an additional director. The number of directors Serving at any tim8 should not exceed fourteen. At each yearfy AGM. a 1rd ol the d1CtorS aro requlred to retire of a rotational basis, and the can be re-appointed. Charity trustees musl comply vAth the rule5 set out in their charily'5 goveming document, including rule5 regarding who can ba a charity trustee. when and how charity trust6ès ar& appointed and how long appointments Can lasl. None of the tFUStees has any beneficlal Inte$t In the company. All ol the trustees are members of the company and guarantee to contribute £1 in the event ol a winding up. The company's current policy concerning the payment ol trade cieditors is to.. settle the terms of payment with suppliets when agreeing the terms of each Iransaction., ensure that suppliers are made aware ol the terms of paymenl by inclusion of the relevant terms in contracis- and pay in accordance with the company's conlraclual and other legal obligations. lftduction and Iraining of tmstees New board members receive all induction pro$5. and the training needs ol the board are assessed brther on a regular basis. A corficts of interest pdicy has been irneMented. Funds held as custodian trustee No funds are held as custodian on behalf of others. Auditor In accordance with the wrnpanls artides, a resolution proposing that Miscampbell & Co be reappoinlgd as auditor ol the company will be put at 8 General Meeting. Disclosure of infomiation to auditor Each of the truslees has confirmed that there is no inlomalion ol which they are aware which is relevant to the audit, but of which the auditor is unawa. They have further confimed that they have taken appropriate steps to identlfy such relèvant infomiallon and to establlsh that the audltor is aware of such inforrnation. Thtr tr report was approved by the Board of Trustees. Dr T D Dobbin CBE Trustee 18 June 2026
SKAINOS LIMITED STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025 The Iruslees. who are also the dlreclors of Skalnos Limtted for the purpose of company law. are ponSIble for preparing the Trustees Report and the financial slalements in accordance with applicable law and United Kingdtrm Accounting Standards {Uniled Kingdom Generally Accepted Accounting Practi). Company law requlres the Iruslees lo prepare financial ststements for each financial year which give a true and fair view of the stale of affaits of the company and of the Incoming resources and application of resources. including the income and expenditure. of the charitable company for that year. In preparing these financial statements, the Iruslees are required lo.. select suitsble accounting policies and then apply them consislenlly.. observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., and prepare the financial slalemen15 on the going con¢em basis unless it is inappropriate to presume that the company continue In operation. The Iruslees are responsible for keeping adequate accounting records that disclose wth reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply wlh the Companies Act 2006. They are a150 responsible for safeguardin9 the assets of the company and hence for tak¢'ng reasonable steps for the prevention and detection of fraud and other irregularities.
SKAINOS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SKAINOS LIMITED Opinion We have audlled the financial statements of Skainos Limited (the 'company'l for the year ènded 31 December 2025 whi¢h Comprise the slalemenl of financial activities, the balance sheet. the slalemenl of cash flows and notes lo the finan¢ial statements, including significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standard5. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and RepublK of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial slatemenls: give a true and fair view of the stste of the charitable companls affairs as at 31 December 2025 and of its incoming resources and appli110n of resources, including ils income and expenditure, for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practi.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basi5 for opinion We conducted our audit in accordance with Intemational Standards on Auditing IUKI {ISA8 IUK}l and applicable law. Our responsibilities under those standards are further described in the Audilorfs r8spoftsibilits for th& audil ol the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant lo 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 obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements, we have concluded that the trustees use of the going concem basis of accounting in the preparation of the finala1 $lalemenls is appropriate. Based on the work we have performed. we have not identified any malerbal uncertainties relating to events or condillons that, individually or collectively. may cast significant doubl on the company's ability to continue as a going ¢oncem for a period of at least 1ve months from when the financial stslements are authorised for issue. Our responsibilrties and the responsibilities of the trustees with respect lo going concem are des¢ribed in the relevant sections of this report. Oth¢r information The other Informaon comprises the infomation included in the annual report other than the financial statements and our auditor's report Ihereon. The truslees are responsible for the other information contained within the annual Teport. Our opinion the financial statements does not cover the other information and, except to the extent otherwise explicitly slated in oijr report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial ststements or our knO¥edge obtained in the course of the audit, or tslhetwise appears lo be materially misstated. If we identify such material inconsistencie5 or apparent material misstatements, we are required lo determine wholher this gives rise to a material misslalement in the financial stslemenls themselves. If, based on the work we have performed. we conclude that there 13 a malerbal misstslement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Opinions on other matters pr&$¢rlb¢d by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit= the information given in the Iruslees report for the financial year for which the financial statements are prepared, which includes the directors, report prepared for the purposes of company law, is consistent with the finan¢ial slalements.. and the direclors, ieport 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 are required to report by exception In the light of the knowledge and understanding of the company and ils environment obtained in the course of the audit, we have not identified malerfal mlsslatemenls in the directors, report included wthin the trustees report. We have nothing lo report in respect of the following matters in relation to which the Companies A¢1 2006 qUireS us lo report lo you if, in our opinion.. adequate accounting records have not been kept, or relums adoquatg for our audit have not been received from branches not visited by us., or the financlal statements are not in agreement wth the accounting records and returns., oi certain disclosures of trustees. remuneration specified by law are not made., or we have not received all the infomation and explanations we require for our audit.. or the IrLJStees were not entitled lo 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. Responslbilltles of trustso$ As explained more fully in the slalemenl of trustees responsibilities, the Iruslees. whe are also the dire¢lors of the company for the purpose of company law. are responsSble for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view. and for such intemal control as the trustees determine is necessary lo enable the preparation of financial statements that are fe from material misstatement, whether due to fraud or error. In preparing the financial stsl@ments, the trustees are responsible for assessing the company's ability tts ¢onlinue as a going ¢oncern, disclosing, as applicable, matters related to going concern and using the going ¢oncein basis of accounting ijnless the trustees either intend to liquidate the charitable company or lo cease operations, or have no realisti¢ alternative bul lo do so. Auditorfs responsibilities for tho audit of the financial statsmonts Our objectives are to obtsin reasonable assurance about whether the financial statements as a Who are free from material misstatement, whether due lo fraud or error, and lo issue an auditor's report that includes tsUT opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalement when it exists. Misslalemenls ¢an arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expeded to influence the economic decisions of users taken Csn the basis of these financial slal&ments. Irregularities, including fraud. are instan5 of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, lo delecl material misstslements 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 detectir19 iegUlar1ties, including fraud ig detsiled below". obtained an understanding of the legal and regulatory frameworks that are applicable lo the Company and determined that the most significant are those that relate lo the reporting framework {FRS 102 and the Companies Act 20061 and the relevant tax compliance regulation in the United Kingdom." • understood how the Company is comptying with those frameworks by making enquiries of management lo understand how the Company maintains and communicates ils policies and procedures in these area5,' assessed the vulnerabilty of the Company's financjal staternen15 to material misstatement, in¢lurling how fraud might occur by considering the risk of management override and by assuming revenue recognition lo be a fraud risk; and based on this understanding our audit procedures were designed to identify n0cOmpliance with such laws and regulations.
SKAINOS LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SKAINOS LIMITED We assessed thè susceptibility of the company's financ*al statements lo rn81grial misstatèmgnt. including obtsining an understanding of how fraud might occur, by", Identification of related parties.. Making enquiries of rn8nagement regarding where they consided there was susceptibility to frdud, thdr knowledge gf 8clu81. su5peded and alleged fraud.. Considering the inlemal control8 in aCe within the company lo mitigate the risk of fraud and non- compliance with laws and regulations.. To 8¢Ydrtr$s the risk of fraud, override of controls and non-compliance with laws and regulations. we performed analytical procedures to identify any unusual or unexpected related party relationships, tested journal entries to identity Ljnusual Iransactions, investigated any significant or unusu81 transactions and assessed whether ludg8m8nts and assumptKJns made in d8t8rmining the accounting e5timate5 were suggestive of potential bias. A furthèr dèscription of our Tesponsibilitle5 is available on the Financial Reporting Council's websiie al.. hllps.'Il www.frc.org.uklauditor5responsibilitie5. This description fomis part of our auditorfs report. Use of our report This report is made solely lo the cornpany's members, as a body, in accordanc8 with Chapter 3 01 Part 16 of the Comp3nies Act 2006. Our audit work ha5 been undertaken so that we mvJht stale to the company's members those matters we ale required to state to them in an auditorfs report and for no other purpose. To the fullest extent pemiited by law. w8 do not 8CC8Pt or assume sPOnsIbl11ty to anyone other than the company and the company's members as a body, for our audit work, for this report. or for th8 opinions we have fomed. ZMP Jonathan R Bethel Isanior Ststutory Auditor) For and on behalf ol Miscampbell & Co, SiatutoryAuditor Chartered Accountsnts 6 Annadalè Avenue Belfast BT7 3JH 18 June 2026
SKAINOS LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITUREACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestrlcted RtrIcted funds funds 2025 2025 Total Unrestricted Restricted funds fund$ 2024 2024 Total 2025 2024 Notey Income from: Donations and legacies Charitable activities Investmen15 29,709 598.179 514 29.709 598.179 514 27,838 551.496 1.252 27,638 551,496 1,252 Total incoma 628,402 628,402 580,386 580,386 Expèndlture on: Charitable activities 885,306 885,306 844,884 844,884 Totsl axpandlture 885,306 885,306 844,884 844,884 Net expenditure and movement In funds {256,904) {256,9041 {264,4981 1264.4981 Reconciliation of funds: Fund balances al 1 January 2025 {6,342.996} 14.927,494 8,584,498 {6,078,4981 14,927,494 8,848,996 Fund balan¢es at 31 De¢Èmbèr 2025 16.599,9001 14.927.494 8.327.594 {6,342.9961 14,927,494 8,584.498 The ststement of financial activities include5 all gains and losses recognised in the year. Atl income and expenditure derive from continuing aelivities. 10-
SKAINOS LIMITED BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Notes Fixed a5set5 Tangible assets 11 8,283.664 8,597.320 Current assets Debtors Cash al bank and in h8nd 12 103.988 136.924 144,103 69,178 240.912 213,281 Creditors: amounts falling due within one year 14 1167.7671 1184,0951 Net current assets 73,145 29.186 Total assets less cUrnt liabilities 8.356,809 8,626.506 Creditors= amounts falling due after more than one year 15 129,2151 I42.8) Net assets 8,327,594 8.584,498 The funds of th• Company Restricted income funds Unrestricted funds 16 17 14,927,494 16,599,900) 14.927,494 16,342,996} 8,327.594 8,584,498 he financial statements were approved by the trustees on 18 June 2026 Or T D Dobbin CBE Trusteè
SKAINOS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Notes Cash from operating activltlos Cash generated from operations 20 80,841 1.748 Investing a¢tlvltle5 Purchase ol tangible fixed assets Investment income reiVed {6161 514 1791 1,252 Net cash {used Inygenerated from investing activities 11021 1.173 Financing actlvities Repayment ol bank loans 112,793) {11.995} Net cash used in financing activities 112,7931 111,9951 Net Increasel{decrease) in ca$h and cash &qulvalgnts 67,746 19,0741 Cash and cash equivalents at beginning of year 69,178 78,252 Cash and cash equlvalents at end of year 136,924 69.178 12-
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting polieie$ Charity infomiation Skainos Limited is 8 private company limited by guarantee incorporated in Northern Ireland. The registered office is 239 Newtownards Road, Belfast, BT4 1AF. 1.1 8a$lg of preparation The financial 51alements have been prepared in accordance wth the Companies Act 2006. FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102,1 and the Charities SORP "Accounting and Reporting by Gharities". Stslemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffective 1 January 20191- Thfr company is a Public Benefit Enlily as defined by FRS 102. The financial statement3 are prepared In sterfing, which is the ftjnctional currency of the company. Monetary amounts in these financial 5tstemenls are rounded to the nearest £. The financial statements have been prepared under the historical Cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial slalements, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the Iruslees continue lo adopt the going ¢on¢ern basis of accounb'ng in preparing the financial slalemenls. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted fund$ a subject lo $pecific conditions by donors or grantors as lo how they may be used. The purposes and uses of the reslricled fiJnds are set out in the notes to the fin8n¢i81 ststements. 1.4 Income Income is recognised when the company is legally entitled lo il after any performance condS1ions have been met. the amounts can be measured reliably, and il is probable that income will be received. Cash donations are recognised on receipt. Other donations are recogni$ed once the company has been notified of the donation. unless performance condrtions require deferral of the amount. Income tax recoverable in relation lo donations received under Gift Aid or deedg 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 CeIpt is expected. If the amount is not known, the legacy is treated as a contsngenl asset. 13-
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting polici0S {Continued) 1.5 Expènditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo 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 aclivlly. The costs of each activty are made up of the total of dir&1 costs and shared costs, includlng support costs Involved in undertaking each activity. Direct costs attribu18ble to a single activity are allocated directly lo that activity- Shared costs which contribute to more than one activity and support costs whi¢h a not attributsble lo a single activity are apportioned between those activit$ on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tanglble flxed assets Tangible fixed assets are initially rneasud al cost and subsequently measured al cost or valu8tlon, net of depre¢iation and any impairment losses. Depreciation is re¢ognised so as lo 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 2% Slraighl line method 25% Straight line method The gain or loss arising on the disposal of an asset is deleTmined as the difference between the sale proceeds and the carrying value of the a$set, and is recognised in the stslemenl of financial aclivilies. 1.7 Impalrmgnt of fixed assets At each reporting end date, the company reviews the carrying amounts of its tsngible assets lo detemiine whether there is any indication that those assets have suffered an impairment loss. If any such indication exis15, the re¢ovorablo amount of the asset is estimated in order lo determine the exlenl of the impairment loss lif any). 1.8 Cash and Cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-temi liquid investments with original malurilies 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 Inslrumenls. and Sedion 12 'other Financial Instruments Issues. of FRS 102 to all of ils financial instruments. Financlal instruments are recognised in the company's balance sheet when Ihe company bewmes party to the contractual provisions of the instrument. Financia5 assets and liabilities are offset. with the net amounts prosgnt¢d in the financial slatemenls. when there is a legally enforceable ri9hl lo set off the rectsgnised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liability simultsneously. Basic financial assets B891¢ financial assets. which include debtors and cash and bank balances, are initially measured at ITans8¢tion price including transaction c051s and ale subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the Iransaclitsn is measured at the present value of the future receipts discounted at a market rale of interest. Financial assets ¢18s9ified as receivable wthin one year are ntst amortised. 14-
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policies {Continuedl Basic financial liabilities Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement eonstilules a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rale of interest. Financial liabilities classified as payable within one year are not arnoth"sed. Debt instruments are subsequently carrled al amortised cost. using the effective interest Tate method. Trade creditors are obligations to pay for goods or setvices that have been acquired in the Ordin Course ol operations from suppliers. Amoijnls payable are classified as current liabilitie5 rf payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are re¢ognised initially at transa¢lion price and subsequently measured al amortised cost using the effective interest method. Derecognition of fiTnan¢ial IITabilitiés Financial liabilities are dere¢ognised when the company's eontractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday enlillement is recognised in the period in which the employee'5 services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed lo terminate the employment of an employee or lo provide termination benefits. Critical accountlng estlmates and ludgomgnts In the application of the Company's 8¢counling policies, the trustees are required lo 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 ¢onsidered lo be leVant. Actual results may differ from these esllmales. The estimates and underfying 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 future periods where the revision affects both current and future periods. Donations and legacies Unrestrlcted Unrg$tricted funds funds 202$ 2024 Donations Gran15 19,244 10,465 23,138 4,500 29.709 27,638 15-
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Charltsblo actlvltlgs Unresticted Unresticted funds nds 2025 2024 Charity Incoming Resources 598,179 551.496 Income from investments Unrèstricted Unrestricted funds fund$ 2025 2024 Interest recewable 514 1.252 Charitable activities Unrestrictod Unrestricted funds funds 2025 2024 DepciatiOn and impaimienl Establishment Costs Facility Management Govemance Co$ls 314.272 492.762 72,722 5,550 315.400 480.214 44,020 5.250 885,306 844.884 885,306 844.884 Net movement in funds 2025 2024 The net movement in fijnds is stsled after chargingl(¢redilingl.' Fees payable for the audit of the charity's finan¢ial ststements Depreciation of owned tangible fixed assets 5,550 314,272 5,250 315,400 16-
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Auditorfs ramuneration Fees payable to the charity's auditor and associates.. 2025 2024 For audit servlces Audit of the financial statements of the charity 5,550 5.250 Trustee$ None of the Irustees lor any persons connecte(I with them) received any remuneration or benefits from the company during the year. 10 Taxation The charity Is exempl from taxation on its acllvilleg because all Ils Sncome Is applied for charitable purposes. 11 Tanglblo flxed assets Freehold land and buildings IYfj¢e equiprnent Totsl Cost At 1 January 2025 Additions 15.569.966 30,436 15.600,402 616 616 At 31 December 2025 15,569.966 31.052 15.601,018 Dgprgclatlon and impairmant Al 1 January 2025 Depciall0n charged in the year 6,987,944 311,403 15,138 7,003,082 2,869 314,272 At 31 December 2025 7.299,347 18,007 7,317,354 Carrying amount At 31 December2025 8.270,619 13.045 8,283.664 At 31 December 2024 8,582.022 15,298 8,597,320 12 Dabtors 2025 2024 Amounts falling due within one year. Trade debtors Other debtors Prepayments and accrued income 45.408 35.192 23,388 95,136 21,923 27,044 103,988 144,103 17-
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 13 Loans and overdrafts 2025 2024 Bank loans 44,345 57,138 Payable within one year Payable after one year 15,130 29,215 15,130 42,008 On 1 March 2017. the company entered into a ten year loan agreement wth Ulster Comrnunily Investment Trust Limited for £70,000 wilhdrawable 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 rale plus 2%, or 5%. Interest a¢¢rues and is payable along with a portion of the principal am¢unt on a monthly basis within a ten year lemi. UCIT holds first mortgage over one of the company's assets - Apartment 102, Skainos Square. 241 Newtownards Road, Belfast, B T2 1AF. On 27 May 2020, £50,000 was drawn from Ulster Bank in relation to the Bounce Back Loan Scheme IBBLSI. The BBLS scheme was created by the UK Government in sponse to COVID-19. During the year. repayment of £6,214 was made 12024.. £6,214), leaving a closing balance of £25,851 al the yearend 12024.. £31.3191. The loan is repayable within 6 years of being received and the interest per yeaT is 2.5%. 14 Creditors: amounts falling due wtthin one year 2025 2024 Nots$ Bank loans other taxation and social security Trade creditors Amounts owed lo associate undertakings Other creditors Accru818 and deferred income 13 15,130 15,130 9,484 88,166 23.783 15,143 32.389 67,734 23,783 27,016 34,104 167.767 184,095 15 Croditors: amounts falllng due aftgr morg than on8 yaar 2025 2024 Nots$ Bank loans 13 29,215 42,008 18-
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 16 Restrict8d 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 lo how they may be used. At 1 January 2025 At31 D¢cemb•r 2025 14,927,494 14,927,494 Prevlous year.. At 1 January 2024 At31 Decembèr 2024 Restricted funds 14.927.494 14.927,494 17 Unrestrictad funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject lo speelfic conditions by donors and grantors as lo how they may be used. These include designated funds whlch have been set aside out of unrestricted funds by the trustees for speelfic purposes. At 1 January 2025 Incorning resources Resources expended At31 De¢embèr 2025 General funds 16,342,996) 628.402 1885,306} 18.599,900) Prnvlous year: At 1 January 2024 Incoming resources Rosources oxpendgd At31 Decembor 2024 General fvnfjs {6.078.498} 580,386 1844,8841 16,342,996) 19-
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 18 Analysis of nat assgts between funds Unrestrict8d funds 2025 Rèstricted funds 2025 Total 2025 At 31 Decembgr 2025: Tangible assets Current assetsllliabilrtiesl Long term liabilities {6.675.1491 14,958,813 84,827 111,682} 19.5781 119,637) 8,283.664 73,145 129.2151 16,599,900) 14,927,494 8,327,594 Unrestricted funds 2024 Restricted funds 2024 Totsl 2024 At 31 Decembor 2024.. Tangible assets Current asselsllliabilities) Long lemi liabilities {6,361.493) 14,958,813 35,400 {6,2141 116,903} 125,1051 8.597,320 29,186 142,0081 16,342,996) 14,927,494 8,584,498 19 Related party transactions East Belfast Mission C'EBM") is regarded as a related party by vilue of common directors on both bjards. During the year the company contracted East Belfast Mission for the provision of facilitie5 management and also to proivde catering services for room hire and conferences. Skainos has leased the units lo East Belfast Mission under leases in return for rental income and a contribution towards service charges. Al 31 December 2025, £23,78312024= £23.783} was owed to East Belfast Misslon. 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 2025, Choice HoLJsing Association owed £610 12024.. £9,170) and Maple and May owed £5,708 12024.. £5,708>.
SKAINOS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 20 Cash gonarated from operations 2025 2024 Deficit for the year 1256,9041 1264.4981 Adjustments for.. Investment income recognised in slalement of ffinancial activities Depreciation and Smpairmenl of langlble fixed assets 1514) 314.272 {1,2521 315,400 Movgmgnts in working capital: Decrease/lin¢reasel in debtors {Decrease) in Creditors 40.115 116,328} 17,1201 140,7821 Cash generated from operations 80.641 1,748 21 Analysis of changeg In net funds At l January 2025 ash ffi*) Al 31 December 2025 Cash at bank and in hand 69.178 87,748 136,924 Loans falling due within one year Loans falling due after more than one year 115,1301 142.0081 115,1301 129,2151 12,793 12,040 80,539 92,579 21