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 (¢onllnu￿J
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 (cont1n￿d)
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 [¢¢￿11￿u0dJ
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