Skilled Nl Company Llmlted by Guarantee Statement of Flnanclal Actlvities (Including Income and expendlture account) Year ended 31 March 2024 2024 Restricted funds Total funds Total fijnds 2023 Unrestricted funds Note Income and endowments Charitable activities Investment income 725,333 33,281 39.400 764.733 33,281 734.507 26.443 Totsl Income 758.614 39,400 798,014 760,950 Expendlture Expenditure on ralslng funds: Investment management costs Expendlture on charitabl8 actlvltles Total expondlture 7,307 784,259 791,586 7,307 823,804 831,111 7,833 862,975 870.808 39,545 39,545 Net galnsl{losse$) on Investments 11 101,883 101,883 (82,471) Net Incomel(expendlturg) and net movement in funds 68,931 (145) 68,786 (192,329) Reconclllatlon of funds Totsl funds brought forward Total funds carrled forward 1,351,965 16.396 1.368.361 1,560,690 1.420,896 16,251 1,437,147 1,368.361 Th8 Statement of financlal activities includes all galns and losses recognlsed In the year. All income and expenditure derive from continuing actlvitles. The notes on po908 21 to 32 fomi part of these financlal statemenls. 18
Skilled Nl Company Limlted by Guarantee statement of Financial Position 31 March 2024 2024 2023 Note Flxed assets Tangible fixed assets Investments 17 13.656 18 1,298.808 1,312,464 11.263 1.221.052 1.232.315 Current assets Debtors Cash at bank and in hand 19 45.268 96.920 49,209 105.889 142.188 155,098 Credltors: amounts falling duo wlthln one year Net current assets 20 17.505 19.052 124,683 136,046 1.368,361 Total assets less current Ilabilltles 1,437,147 Net assets 1,437.147 1.368,361 Funds of the charity Restricted funds Unrestricted fund5.' Called up share caprtal Other unrestricted income funds 16.251 16,396 10 1.420.886 10 1.351,955 Total unrestrictod funds 1,420,896 1,351.965 Total charity fvnds 23 1,437,147 1,368,381 These fln8ncial statements were approved by the b08rd of trustees and authorlsed for Sjsue on 26 November 2024. and are signed on behalf oflhe board by.. P Donaghy i a U Trustee R Gilgunn Trust88 941, JLI,,/ The not&s on paggs 21 10 32 form part of Ihese fSnan¢lal statement 19
Skilled Nl Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operatlng actlvities Net Incomel(expenditure) 68,786 (192.329) Adjustments for Depreciation of tangible fixed assets Net gainsl{losses) on investments Dividends. interest and renls from investments Other interest receivable and similar income Accrued expensesl(income) 6,485 (101,883) (33.178) {103) 756 9,975 82,471 (26.078) {365) (4.935) Changes in." Trade and other debtors Trade and other creditors 3.941 37,989 (2,303) (47,278) (57,499) {140.550) Cash generated from operations Interest received 103 365 Net cash used in operatlng actlvlties (57,396) (140.185) Cash flows from Investlng actlvltles Dividends. interest and rents from investment5 Purchase of tangible assets Purchases of other investments Proceeds from sale of other investments other inveskn'ng cash flow adjustment Net cash frorn investing activities 33,178 26,078 (8,878) (9,458) (364,071) (681,229) 338,198 662,984 50,000 100.000 48,427 98,375 Net decrease In cash and cash equSvalents Cash and cash oqulvalents at beglnnlng of year Cash ond cash oqulvalents at end of year (8.969) 105.889 (41.810) 147.699 96,920 105,889 The noles on pag88 21 to 32 form part of these flnanclal 81atement8. 20
Skilled Nl Company Llmlted by Guarantee Notes to the Flnanclal Statements Year ended 31 March 2024 General inforniation The charity is a public benefit entity and a registered society limited by shares, registered in Northem Ireland with FCA Mutuals Register and a registered charity in Northem Ireland. The address of the registered office is 981102 Donegall Street, Belfast, BT12GW. Statement of compllance These financlal statements have been prepared in compliance with FRS 102. The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the CTroperative and Communlty Benefit Societies Act (Northem Ireland) 1969. Accountlng pollclo4 Basls of preparatlon The financlal ststements have been prepared on the hlstorlcal cost basls. as modlfied by the revaluation of certain financial assels and liabilities and investment propertles measured at falr value through income or expenditure. The financial statements are prepared In sterling, which is the functional Currency of the entty. Golng concem There are no materlal uncertalnties about th8 charity's ability to contlnue. Judgements and key sources of e8llmatlon uncortalnty The preparation of the financlal statements requlres management to make Judgements, estlmates and assumptions that affect the amounts reported. These estimates and judgements are contlnually reviewed and are based on experience and other factors. Includlng expectations of futur8 events that are believed to be reasonable under the Gircum8tance8. Fund accountlng Unrestricted funds are available ft)r use at the dlscretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted fijnds ar8 subjected to restrictions on th8ir 8xp8nditure declared by the donor or through the terms of an appeal. and fall into one of two sub-classes.. restricted income funds or endowment funds. 21
Skilled Nl Company Limlted by Guarantee Notes to the Flnanclal Statements (¢onUnu•d) Year ended 31 March 2024 Accounting polici08 (¢onllnuJ Incomlng resources All incoming resources are Included in the statemenl of financial activities when entillement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the arnount can be reliably measured. The following specrfic policies are applied to particular categories of income: Income from donatlons or grants is recognlsed when there Ss evidence of entitlement to the gift. receipt is probable and its amount can be measured rellably. legacy Income Is recognlsed when rec81Pt Is probable and entitlement Ss 8Stablished. Incoma from donated goods Is m8asur8d at the falr valua of th8 goods unless thls Is impractlcal to measure rellably, In whlch c8S9 the value Is derlved from th8 Cost to the donor or the estimated resale value. Donated facililies and seN[S are recognised in the accounts when received if th6 value can be reliably measured. No amounts are included for the contrlbutlon of general volunteers. income from contracts for the supply of servlces Is recognised with the dellvery of the contracted service. This is classified as unrestrlcted funds unless there is a contractual requirement for it lo be spent on a particular purpose and returned rf unspent, in which case it rnay be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a IlabS11ty is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the ststement of financial activities to which It relates: expenditure on ralslng fvnds includes the costs of all fundraising activities, events, nonwcharitable trading actlvltles. and the sale of donated goods. expendlture on ch8rltsble actlvltles Includes all costs Incurred by a charlty In undertaklng actlvitles that further its charltable alms for the beneflt of Its beneficlaries. including those supporl costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expendlture that is neither related to ralsing funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct ¢osts attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they Contribute to on a reasonable, justifiable and consistent basis. Tanglble assets Tangible assets are inilially recorded at cost. and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated Smpairrnent losses. 22
Skilled Nl Company Limited by Guarantee Notes to the Flnanclal Statements (conelnued) Year ended 31 March 2024 Accountlng pollcles (¢ontlnufjd) Tangible assets (contlnue An Increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the Carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreclatlon Depreclation Is calculated 80 as to writ8 off th8 Cost or valuatlon of an asset, less its resldual value, over the useful economlc lif8 of that asset as follows: Short18asehold property Plant and machinery Flxtures and fittings Equipment 200/0 Stralght line 120/0 Straight line 120/0 Straight line 33Yo Straight line Investments Unlisted equty investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at costless impairmenL Listed investments ara measured at falr value with changes in fair value being recognised in income or expenditure. Inveslments In assoclates Investments In assoclates accounted for In accordance wlth the cost model are recorded at CO8t less any accumulated Impalrment losses. Investments In assoclates accounted for In accordance wlth the falr value model are Initlally recorded at the transactlon prlce. At each reportlng date, the Investments are measured al falr value, with changes In falr value taken through Income or 8xp&nditure. Where It is impracticable to measure fair value rellably wlthout undue cost or effort. the cost model wlll be adopted. Dividends and other distributlons received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. Inveslments In Jolnt ventures Investments in jointly controlled entitie5 accounted for In accordance with th8 Cost model are recorded at cost less any accumulated impairment losses. 23
Skilled Nl Company Llmited by Guarantee Notes to the Flnanclal Statements (contlnu•d) Year ended 31 March 2024 Accounting policles {¢ontlnugd) Investments In Jolnt ventures (contlnued) Investments in jointly controlled enlities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date. the investments are measured at fair value. with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or efft¥rt. the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of th8 loint venture arislng before or after the date of 8CqUlSition. Impalmi•nt of flxed a888t• A review for indicators of Impalrment Is carrled out at each reportlng date. wlth the recoverable amount being estimated where such Indlcators exist. Wh8r& the carrying value exceeds the recoverable amount, Ihe asset is impaired accordingly. Prlor Impalrments are a180 reviewed for possible reversal at each reporting date. For the purposes of impairrnent testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit Is the smallest Identifiable group of assets that Includes the asset and generates cash Inflows that largely independent of the cash inflows from other ass8ts or groups of assets. For impainnent testing of goodwill, th8 goodwill acquired in a business combinatlon Is. from the acquisition date. allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, Irrespective of whether other assets or liabilities of the charity are assigned to those units. Flnanclal Instruments A financlal asset or a flnanclal Ilablllty Ss recognlsed only when the charlty becomes a party to the contractual provisions of Ihe instrument. Basic financial Snstruments are Inltlally recognlsed at the amount recelvable or payable includlng any related transactlon costs. Current assets and current liabilities are subsequently measured at the cash or other conslderafjon expected to be pald or recelved and not dlscounted. D8bt instruments are subsequently measured at amortised cost. Vlhere investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequentty measured at cost less impairment. 24
Skilled Nl Company Llmlted by Guarantee Notes to the Flnanclal Statements (contlnued) Year ended 31 March 2024 Accounting pollcies (contlnu•dJ Flnanclal Instruments (¢ontlnugd) Other financial instruments, including derivatives, are inltially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate. in which case the asset is measured at tha present value of the fvture payments discounted at a market rate of Interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Flnanclal assets that are measured at cost or amortlsed cost are revlewed for objective 8vid8nce of impairment at the end of each reporting date. If Ihere Is objectlve evidence of impairm8nt, an Impairment loss Is recognised under the approprlat8 heading In the slatement of financlal activities In which the initial galn was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed indivldually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Deflned contrlbutlon plans Contributions to defined contribution plans are recognlsed as an expense in the period in which the related service is provided. Prepald contributions are recognised as an asset to the extent that the prepayment will lead to a reductlon In future payments or a cash refund. When contributlons are not expected to be settled wholly within 12 months of the end of the reportlng date in whlch the employees render the related Se[c8, the IlabllSty Is measured on a discounted present value basls. The unwlndlng of the dlscount18 recognlsed as an expense In the period in which it arises. Llmlted by shares The chaiity is Ilmited by shares, which have nominal value of one pound and cary no right to Interest. dividend or bonus. 25
Skilled Nl Company Llmlted by Guarantee Notes to the Flnancial Statements (cont1nd) Year ended 31 March 2024 Charitable actlvities Unrestrlcted Funds Restricted Total Funds Funds 2024 Department for the Economy Service income Community Foundation Nl Halifax Foundation PHA SJP Other income 707,655 10,466 707,655 10,466 39,400 39,400 2,812 2,500 1,900 725.333 2,812 2.500 1.900 39,400 764.733 Unrestricted Funds Restricted Total Funds Funds 2023 Department for the Economy Service income Community Foundatlon Nl Halifax Foundation PHA SJP Other income 672,143 16,464 672,143 16.464 39,400 6,500 39,400 6,000 500 689,107 45.400 734,507 Inv081mont Incom• Unrestrlcted Total Funds Unrestrtcted Total Funds Funds 2024 Funds 2023 Income from listed investments Bank interest receivable 33,178 103 33,178 103 28,078 365 26,078 365 33,281 33.281 26,443 28,443 Investment management costs Unrestrlcted Total Funds Unrestricted Totsl Funds Funds 2024 Funds 2023 Portfolio management 7,307 7.307 7.833 7.833 26
Skilled Nl Company Llmlted by Guarantee Notes to the Flnanclal Statements (¢ontlnuodJ Year ended 31 March 2024 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Totsl Funds Funds 2024 Training and education Support costs 761,491 22,768 39.545 801,036 22,768 823,804 784,259 39,545 Unrestrict8d Funds Restricted Total Funds Funds 2023 Tralnlng and educatlon Support costs 814.224 21.293 27,458 841,682 21,293 835,517 27,458 862,975 Exp•ndltur• on charllable actlvltles by actlvlty type ActlvltSes undertaken directly Support costs Total funds 2024 Total fund 2023 Tralnlng and educatlon Govemance costs 801,036 16.732 6,036 817.768 6,036 858,100 4,875 801,036 22.768 823,804 862.975 10. Analysls of support Costs Analysls of 8UPPOrt costs Total 2024 Total 2023 Staff costs Premises Finance costs Governance costs Professional Fees 9,029 4,495 222 6,036 2,986 9,029 4,495 222 6,036 2.986 22.768 9,316 4,805 252 4,875 2,045 21,293 22,768 11. Net gainsl(losses) on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainsl{losses) on listed investments 101,883 101.883 (82,471) (82,471) 27
Skilled Nl Company Limlted by Guarantee Notes to the Flnanclal Statements (¢ontlnued) Year ended 31 March 2024 12. Net Incomel{expenditure) Net incomel(expenditure) is stated after chargingl(crediting): 2024 2023 Depreciation of tangible fixed assets 6,485 9,975 13. Auditors remuneratlon 2024 2023 Fees payable for the audlt of the financlal statements 6.036 4.875 14. Staff costs The total staff costs and employee benefits for the reportlng perlod are analysed as follows: 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 424,640 32,712 29,091 449,981 37,755 32,261 486,443 519,997 The average head count of employees durlng the year was 17 (2023: 19). No employee received employee benefits of more than £60,000 during the year (2023: Nil). Kay Management Personnel Key management personnel include all persons that have authorlty and responslblllty for planning. dlrecling and controlling the 8Ctlvltles of the charity. The total compensatlon pald to key management personnel for servlces provlded to the charlty was £99.526 (2023..£96.896). 15. Trustee remuneratlon and expenses One trustee, John Savage, recelved payments totalllng £920 durlng the perlod of the year In which he served as trustee in relation to services provided to the charity. John was employed by the charity until May 2022, prior to his appointment as a trustee. No trustees were reimbursed for expenses during the year {2023.'Nil) 16. Taxatlon The Company is a registered charity. and as such is entitled to tax exemplions on income and profits in furtherance of the charity's primary objectives. 28
Skilled Nl Company Llmlted by Guarantee Notes to the Flnanclal Statements (conUnu8d) Year ended 31 March 2024 17. Tanglblo fix•d assets Short Fixtures, leasehold Plant and fittings and Computer property machinery equipment equipment Total Cost At 1 April 2023 Additions 142,885 53,695 4,854 58,549 51,491 88,416 4,024 92,440 336,487 8,878 345,365 At 31 March 2024 142,885 51,491 Depreclatlon At 1 April 2023 Charge for the year At 31 March 2024 140,518 1,717 53.569 733 45.064 1.094 86.073 2.941 325,224 6,485 331,709 142,235 54,302 46,158 89,014 Carrylng amount At 31 March 2024 650 4,247 126 5,333 6.427 3,426 2.343 13.656 11,263 At 31 March 2023 2,367 18. Inveslments Llsted Investments Cost or valuatlon At 1 April 2023 Additions Disposals Fair value movements Transfers 1.221.052 364.071 (338,200) 101.885 (50,000) 1.298.808 At 31 March 2024 Impalnnent Al l Aprll 2023 and 31 March 2024 Carrylng amount At 31 March 2024 1.298,808 1,221,052 At 31 March 2023 All investments shown above are held at valuatlon. Flnancial assets held at fair value Investments are held at fair value, which is based on valuation by investment managers QuiSter Cheviot. 29
Skilled Nl Company Llmlted by Guarantee Notes to the Flnanclal Statements [¢¢11u0dJ Year ended 31 March 2024 19. Debtors 2024 2023 Prepayments and accrued income Other debtors 13,198 32.070 13,730 35,479 45.268 49,209 20. Credltors: amounts falllng due wlthln one year 2024 2023 Trade creditors Accruals and deferred Income Social securtty and other tsxes 3.944 5.544 8,017 4,758 4,788 9,508 19,052 17,505 21. Deferrnd Incom• 2024 2023 At 1 April 2023 Amount released to income 39,400 (39,400) At 31 March 2024 22. Penslons and other post retlremenl baneflt8 Deflned contrlbutlon plans The amount recognised In Income or expendlture as an expense In relatlon to defined contributlon plans was £29,091 (2023.. £32,261). 30
Skilled Nl Company Limlted by Guarantee Notes to the Flnanclal Statements (¢ontlnu8d) Year ended 31 March 2024 23. Analysls of charitable funds Unrestrlcted funds At 1 Apr 2023 Gains and At losses 31 Mar 2024 Income Expenditure Transfers General funds Revaluation reserve 1.351.955 758,614 {791.566) 101.883 1,420,886 10 10 1,351,965 758,614 (791,566) 101,883 1,420,898 At 1 Apr 2022 Gains and At losses 31 Mar 2023 Incom8 Expendlture Transf8rs General funds R8valuatlon resenie 1,559,533 715,550 1843,350) 2,693 (82,471) 1,351,955 10 10 1.559,543 715,550 (843.350) 2.693 (82.471) 1,351,965 Restrlcted funds At 1 Apr 2023 Gains and At losses 31 Mar 2024 Income Expenditure Transfers Belfast City Council Community Foundation Nl Halifax Foundation 16,396 39,400 (39,545) 16,251 16,398 39,400 (39,545) 16,251 At 1 Apr 2022 Galns and At losses 31 Mar 2023 Incorne Expendlture Transfers Belfast City Council Comrnunity Foundation Nl Halifax Foundation 1,147 (1,147) 39,400 121,458) (1.546) 16.396 6,000 (6.000) (27.458) 1.147 45,400 {2,693) 16,396 31
Skilled Nl Company Llmlted by Guarantee Notes to the Flnanclal Statements {¢ontlnued) Year ended 31 March 2024 24. Analysis of not assets between funds Unrestricled Funds Restricted Total Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 13,656 1,298,808 125,937 (17,505) 1,420,896 13,656 1.298,808 142,188 {17,505) 1,437,147 16.251 16,251 Unrestrlct8d Fund8 Restricted Total Funds Fund8 2023 Tanglble fLxed assets Investments Current assets Creditors less than 1 year Not assgts 11,263 1,221,052 138,309 (18.659) 1,351,965 11.263 1,221.052 155.098 <19,052) 1,368.361 16,789 (393) 16.396 25. Analysls of changes In net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand 105,889 (8,969) 96,920 26. Contlngencles A contlngent liability exlsts to repay grants and Trust moni&s r8Geived should certain conditions not be fulfilled by the charlty. In the oplnlon of the Truste8S, the terms of the Letters of Offers have been. or will b8, complled wSth and no liablllty Is expected. 27. Ethlcal standards In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to th8 tax authorltles and asslst with the preparation of the financial statements. 32