Charity Registration No. 1101116 Company Registration No. 04566140 (England and Wales)
GIA England
Annual Report and Financial Statements
For the year ended 31 December 2024
GIA England
Annual Report and Financial Statements 2024
| Annual Report and Financial Statements 2024 | |
|---|---|
| Contents | Page |
| Legal and administration information | 1 |
| Trustees’ report | 2 |
| Trustees’ responsibilities statement | 7 |
| Independent auditor’s report | 8 |
| Statement of financial activities - incorporating income & expenditure | 12 |
| Balance sheet | 13 |
| Cash flow statement | 14 |
| Notes to the financial statements | 15 |
GIA England
Annual Report and Financial Statements 2024
Legal and administration information
Governing Document
Memorandum and Articles of Association
Trustees
S Jacques T M Moses D Tearle P Patel
Campus Director
Mehdi Saadian
Secretary
TMF Group
Charity number
1101116
Company number
04566140
Registered office
C/O TMF Group 13[th] Floor, One Angel Court London, EC2R 7HJ
Bankers
HSBC 1st Floor, 60 Queen Victoria St London EC4N 4TR
Auditor
Deloitte LLP 1 New Street Square London EC4A 3HQ United Kingdom
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GIA England Annual Report and Financial statements 2024
Trustees’ report Year ended 31 December 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024. GIA England has taken advantage of the small companies' exemption from preparing the strategic report in accordance with the Section 414B of the Companies Act 2006.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 in the accounts and comply with the Charity’s memorandum and articles of association, the Companies Act 2006 and the Statement of Recommended Practice, “Accounting and Reporting by Charities”, issued in January 2019.
Structure, governance and management
GIA England (the “Charity” or the “Company”) is a company limited by guarantee and was incorporated on 17 October 2002 in England and Wales with Charity number 110116 and Company number 04566140. The principle place of business is 104 Great Russell Street London WC1B 3LA United Kingdom and its registered office Churchill House, Churchill Way Cardiff, Wales CF10 2HH. The Charity is governed by the Articles of Association.
The trustees, who are also the directors for the purpose of company law, who served during the year and up to the date of this report (except where noted), were:
D Tearle T M Moses S Jacques P Patel
The trustees are recruited, appointed (or reappointed) based on the experience needed to fulfil their duties. Each of the trustees have many years of experience in the fields of education, research and provision of service to the gem and jewellery industry. The trustees receive regular legal counselling on areas such as employment law, health & safety regulations, and immigration and visas to stay abreast of the current policies and have an overview of the possible future changes. Additionally, they receive regular training on current issues including local and global financial regulations and compliance, cyber security, and privacy.
None of the trustees have any beneficial interest in the company. None have received any remuneration or expenses in this financial year 2024 or in the prior year 2023. All of the trustees are members of the Company and guarantee to contribute up to £10 in the event of winding up.
The Board of Trustees is responsible for the management of the risks faced by the Charity. They are satisfied, through the various systems in place that potential risks are identified and adequately managed. It is recognized that systems can only provide reasonable, not absolute assurance that major risks have been adequately managed.
GIA England is affiliated with Gemological Institute of America, Inc. (“GIA US”) headquartered in Carlsbad, California, USA. Transactions with related parties are disclosed in the note 17 to the financial statements.
The trustees have granted executive control over operations and day to day decision making to Mehdi Saadian, Campus Director. This includes financial planning, education quality, training, and student management. In addition to Mr. Saadian, Francesca Lawley Hughes, Senior Manager of Instruction and Accreditation, and Kelsey Pringle, Senior Manager of Admissions and Administration Manager, complete the management structure.
Pay and remuneration of key management and personnel is determined by the pay scale for each role based on the level of experience of the staff member. In addition to this, a performance appraisal system is being used to monitor employee development and achievement towards the Charity’s objectives.
Objectives and activities
The Charity’s objectives are the advancement of education and training in the science and practice of gemmology and related subjects for the benefit of the public by such means as are charitable in law to include, without prejudice to the generality of the foregoing, the provision of a training centre and research facilities. GIA England's main objectives for the year, strategies for achieving them and significant activities are all included in the Achievements and Performance section of this report.
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GIA England Annual Report and Financial statements 2024
Trustees’ report Year ended 31 December 2024
Objectives and activities (continued)
The success of the Charity’s mission to advance education and training in the science and practice of gemmology is measured by the number of student enrolments as noted in the achievements and performance section below.
GIA’s London alumni chapter hosted two events in 2024. The first on March 13th held at the London Diamond bourse consisting of a talk from industry professionals on “Current Industry Trends of Diamonds and Gemstones”, followed by a networking event in Hatton Garden. The second event was an organised preview viewing of jewellery auction items at Christies auction house in May 2024. These events help support GIA’s students through developing their knowledge further and expanding their network to help forward their careers in the industry.
Due to global budgetary constraints, there was no GIA London Career Fair or open day for the campus in 2024. However, GIA London did exhibit at the Retail Jeweller Festival in March and the Jewellery Show in September 2024 at Kensington Olympia, London, increasing our outreach to potential students from the trade and public. GIA London also organised the following exhibits/talks and shows for our students to attend: the Retail Jeweller Festival show in March, whole campus visit to the Treasure House Fair in June, visit to A.E. Wards gemstone wholesalers in July, an organised event with Martin Prinsloo jewellery in July, the Jewellery Show in September and lastly an organised talk on campus by GIA’s field gemologist manager for Thailand Wim Vertriest about Practical Field Gemology in November 2024.
We are focused on improving education and skills. Two new gemology instructors joined the team in April and May 2024 respectively. Senior management designed and provided a professional development week, where all members of the faculty team attended workshops in diamond cutting, appraisal, hallmarking, jewellery workshop manufacturing, gem dealing and officially recognized ADHD training for all the faculty and admin team. Two team members completed their level 5 Teaching and training diplomas to enhance their teaching practices. Another team member updated his emergency first aid skills. For the admin team in 2024, one member of our admin team attended a Home Office webinar on “Document Verification”, two members attended a British Accreditation Council (BAC) “UK Standard Visitor Visa update” webinar, and the Senior Manager of Admissions & Records attended online training by UK Council for International Student Affairs (UKCISA) on “Navigating the Office of the Immigration Services Commissioner (OISC) requirements”. GIA England is committed to training our staff in areas like Special Educational Needs and Disabilities (SEND) and visa processes. These efforts ensure we provide the best support for our students and keep up with the standards for accredited institutions.
Going Concern
The Charity's revenues are largely derived from student enrolment fees which are paid prior to commencement of courses. Demand for courses was steady in 2024, with waitlists for some courses being created. Alongside this we had three Corporate 1-week classes for AJPi. The Charity will continue to work on increasing enrolments and subsequently revenue which will allow repayment of the loans and replenishment of the reserves. The Charity will also continue to coordinate with GIA US on the loan repayment and financial support as needed. Additionally, the Charity has obtained a letter of intent of financial support from the Gemological Institute of America, Inc., that indicates it is prepared to provide further financial support to GIA England necessary for the Charity to continue to operate its business in a proper and lawful manner and has no intention to call upon the Charity to repay any amount due to GIA US including the loan and related interest for at least 12 months from signing of this report. The trustees believe that the Charity is well placed to manage its financial risks successfully despite the current economic climate and as such, the annual accounts continue to be prepared on the going concern basis.
Achievements and performance
The Charity focused on its objectives of advancing education and training in gemmology. GIA US is an affiliated company with a global mission of ensuring the public trust in gems and jewellery. GIA England furthers this mission through offering education to the trade and public in the UK. 2024 was GIA England’s 22[nd] full year of operation as a Registered Charity and the 18[th] full operating year in its 104 Great Russell Street location.
GIA England continues to fulfil its obligations for institutional accreditation by both the British Accreditation Council (BAC) and the Independent Schools Inspectorate (ISI). No inspections took place in 2024 due to achieving exceeding
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GIA England Annual Report and Financial statements 2024
Trustees’ report Year ended 31 December 2024
Achievements and performance (continued)
expectations outcomes for both accrediting bodies in 2023. We expect full inspections to take place in first half of 2025.
GIA England remains a ‘Student Sponsor’ as licenced by the Visa and Immigration (UKVI) department of the UK Home Office, which allows it to admit students from UK visa national countries as full-time students. GIA England offers members of the public, and the jewellery trade, opportunities to learn and benefit from the skills and training that GIA education courses provide.
GIA England offered short practical lab classes throughout the year, in order to support members of the public, trade and current students to complete the practical components of their GIA distance education programmes. Enrolments for the main core gemmology lab classes were steady, reflecting continuing demand for GIA education. GIA England will continue to monitor the level of need for its lab classes and on-campus programmes and explore more ways to offer its courses, possibly adding more corporate classes in 2025.
GIA England received a total of 289 (2023: 315) student enrolments for the longer on-campus programmes and shorter practical lab classes in 2024.
The Comprehensive CAD/CAM programme remained in demand where total 25 students successfully completed the course in 2024 (2023: 21). GIA England continues to stay current with technology for both gemmology and jewellery design and technology classes to maximise the students’ learning experience.
Two on-campus Graduate Gemologist (GG) programme were completed in 2024, graduating at the end of August and October having started in February and April. Another two GG programmes began in September and October 2024, that are scheduled to graduate in April and May 2025. Two Jewelry Design, and three Comprehensive CAD/CAM classes, graduated in 2024 with a total of 45 students graduating overall.
A total of 124 (2023: 133) students took on-campus programmes at GIA England in 2024 and 165 students took lab classes (2023: 182). A total of 25 students took corporate classes.
Public Benefit
The Charity’s trustees have paid due regard to the public benefit guidance published by the Charity Commission. Providing public access to learn about GIA England’s activities and research, as well as gemstones and gemmology, continues to be an important part of GIA England’s charitable objectives.
In 2024, GIA England took great pride in independently funding public access to our educational offerings through our scholarship programme. This year, we offered 14 scholarships totalling £72,529 (2023: £40,692). We continued to provide opportunities for students to engage in our on-campus gemmology, jewellery design programmes, and lab classes. We accepted applications in two phases: the first from September 1[st] to September 30[th] and the second from March 1[st] to March 31[st] 2024. GIA England supported two students in the Jewelry Design programme, four students in the Comprehensive CAD/CAM programme, one student in Graduate Colored Stones, three students in Graduate Gemologies as well as four students in various lab classes.
Financial Review
In 2024, the Trustees report income of £1,631,980 which is a 5% decrease from £1,713,642 in 2023, primarily due to slightly lower enrollments and more scholarships provided in 2024 compared to 2023. Overall, there was a net deficit for the year of £350,642 (2023: deficit of £8,450). This is primarily due to increase in operating and financing costs. The principal funding sources of; tuition fees, and the loans from GIA US have supported the key objectives of the Charity. In 2024 GIA England received an unsecured twelve-month loan from GIA US in total amount of £1,487,379, which had an annual interest rate of 8.00%. The loan was primarily used to repay the outstanding prior year loans. In 2023 GIA England received an unsecured twelve-month loans from GIA US in total amount of £1,492,256 which had an annual interst rate of 8.50%. The balance due to Gemological Institute of America, Inc., at the year-end was £1,528,391 (2023: £1,521,394) of which £1,515,526 (2023: £1,492,256) was for the principal on the loans, £4,983 (2023: £6,273) was for interest on loans. The year end 2024 cash balance was £154,485 which is a 45% decrease from £281,853 at year end 2023.
4
GIA England Annual Report and Financial statements 2024
Trustees’ report Year ended 31 December 2024
Financial Review (continued)
The financial position of the Charity will be affected by ongoing operational expenses and fluctuations in student demand for courses. To mitigate these effects, the Charity will strive to decrease costs and increase course demand.
Restricted funds are to be used for provision of scholarships and awards for those individuals meeting the relevant criteria.
Liquidity Risk:
The Charity’s risk to liquidity is a result of the funds available to cover future commitments. The Charity manages liquidity risk through ongoing review of future commitments and credit facilities. Cash flow forecasts are prepared and adequately monitored.
Interest Rate Risk;
The Charity has no significant interest-bearing assets, and the interest-bearing liabilities are at fixed interest rates as such the Charity’s income and operating cash flows are substantially independent of changes in the market interest rates.
Foreign Exchange Risk:
The Charity does not hedge foreign exchange fluctuations.
Reserves
The Charity had a deficit on undistributed unrestricted reserves of £1,541,193 at 31 December 2024 (2023: £1,190,551), although this is below the Charity’s policy level of having two months’ unrestricted reserves (based on charitable activities costs), the Charity has received intent for financial support from GIA US, to ensure continued operation of business.
Plans for future periods
Advancing opportunities to study and learn about gemmology is GIA England’s focus for 2025. Making GIA England’s charitable activities more accessible while maintaining our strong reputation and constantly improving the quality of education will direct the Charity’s operations. Emphasising the improved career opportunities that GIA education creates will attract students from outside the jewellery industry. GIA England remains committed to offer its annual Career Fair event in the UK in 2025 and to organise events where career advising and training are available to GIA graduates as well as members of the public.
Disclosure of information to auditor
Each of the trustees has confirmed that there is no information of which they are aware that is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information, in accordance with section 418 of the Companies Act 2006.
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GIA England Annual Report and Financial statements 2024 Trustees, report Year ended 31 December 2024 Auditor A resolution proposing thai Deloitte LLP be rcapFx)inted as auditor of the c£Knpanv will pui to the Anftua] Gera1 Meetin& Approved by the IK)ard of trte<S and signcd on behalf of the IKwd by D Tearle Trustee MA . day of........,2025
GIA England Annual Report and Financial Statements 2024
Trustees’ responsibilities statement Year ended 31 December 2024
The trustees (who are also directors of GIA England for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS102 “The Financial Reporting Standard applicable in the UK and Ireland”.
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities Statement of Recommended Practice (SORP);
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make judgments and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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GIA England Year ended 31 December 2024
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF GIA ENGLAND
Report on the audit of the financial statements
Opinion
In our opinion the financial statements of GIA England (the ‘charitable company’):
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give a true and fair view of the state of the charitable company’s affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
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have been prepared in accordance with the requirements of the Charities (SORP 2019) and Companies Act 2006.
We have audited the financial statements which comprise:
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the statement of financial activities – incorporating income and expenditure;
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the balance sheet;
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the cash flow statement; and
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the related notes 1 to 20.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (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 obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or
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GIA England Year ended 31 December 2024
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF GIA ENGLAND (continued)
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial
statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purpose of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We considered the nature of the charitable company’s industry and its control environment, and reviewed the charitable company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the Trustees about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
We obtained an understanding of the legal and regulatory framework that the charitable company operates in, and identified the key laws and regulations that:
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had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Charities Act and UK Companies Act;
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do not have a direct effect on the financial statements but compliance with which may be fundamental to the charitable company’s ability to operate or to avoid a material penalty. These included the Charity Commission for England and Wales (Charity Commission) regulations, GDPR regulations and Health and Safety regulations.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for fraud in the following area, and our procedures performed to address it are described below:
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GIA England Year ended 31 December 2024
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF GIA ENGLAND (continued)
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Cut-off of Revenue Income and Deferred revenue:
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We selected a sample of student deposits and agreed each sample to the relevant enrollment form to confirm the start date and the course price; and
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We recalculated amounts earned in the financial year and amounts deferred/deposits received; and
o We traced payments to bank statements to confirm that the amounts had been received before year-end. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
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reading minutes of meetings of those charged with governance.
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified any material misstatements in the director’s report included within the trustees’ report.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies’ exemption in preparing the trustees’ report and from the requirement to prepare a strategic report.
We have nothing to report in respect of these matters.
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GIA England Year ended 31 December 2024
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Helen Perkins CA (Senior statutory auditor) For and on behalf of Deloitte LLP Statutory Auditor Reading, United Kingdom 9 May 2025
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GIA England Year ended 31 December 2024
Statement of Financial Activities (incorporating income and expenditure account)
| Unrestricted funds Notes £ Income Income from charitable activities: Operation of classes and distant education 2 1,480,925 Other Income 3 151,055 Total income 1,631,980 Expenditure Expenditure on charitable activities: Operation of classes and distant education 4 1,982,622 Total expenditure 1,982,622 Net expenditure and net movement in funds for the year (350,642) Reconciliation of Funds Total Funds brought forward (1,190,551) Total Funds carried forward 15 (1,541,193) |
Restricted Total Funds funds 2024 £ £ - 1,480,925 - 151,055 - 1,631,980 - 1,982,622 - 1,982,622 - (350,642) - (1,190,551) - (1,541,193) |
Total 2023 £ 1,583,435 130,207 1,713,642 1,722,092 1,722,092 (8,450) (1,182,101) (1,190,551) |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure are derived from continuing operations.
See note 18 for comparative Statement of Financial Activities analysed by funds.
The notes on pages 15 to 27 form part of these financial statements.
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GIA England Balance Sheet At 31 Deeember 2024 2024 2023 Nott Fixed assets Tmoiblu asS¢ts 432.019 443.10) Current assets Invtnior Debtors Cash at bank and in hand 6.776 5 j.?61 li4.48) 30.186 iO.868 281.8)3 12 ?16,5?? i62.907 Creditor5- kunounts talling due ii"ithin one )'ear 13 (674.208) (1.996.561) Creditors.. amounts I"alling due past one ear 13 (l.) l i.)261 Nec liabilities (1.973.212) (1.633,6i4) Total &ss¢ts less liabilities bein£ net liabilities {l.i41.193) (1.190.551) Income fLinds Rescricted tunds Unrestricted tiinds (l.i41.193) (1,190.iill Total ti]nds {1.541.193) 11.190.5ill Thcsc accounts arc prepared in accordare i%ith Part l i of th¢ ComFollies Act relating to small companies and con5titLrte thc annual &ccount5 rcquired by thc Companics Aci 2(K)6 and lor circulation io mcmbcrs os-thc companN'. The nol¢s on pages 15 10 ?6 form part of thcse flnancial slatunenfs. The financial statcmenis of GIA England. re2iStLn'd nUnir 04i66140. ii"¢r¥ approl'ed and authorii.id lor ISSUL h" lh¥ Board ofTrusieL* on ?0? j. Signed b). D Tearle Trustee 13
GIA England
Cash Flow Statement
For the year ended 31 December 2024
| Cash Flow Statement For the year ended 31 December 2024 |
||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Notes | ||||
| Cash flows from operating activities: | ||||
| Net cash used in operating activities | (141,786) | (281,390) | ||
| Cash flows from investing activities: 11 |
||||
| Purchase of leasehold improvements, equipment, and | (8,852) | (50,254) | ||
| education stones | ||||
| Net cash used in investing activities | (8,852) | (50,254) | ||
| Cash flows from financing activities: 13 |
||||
| Receipt of related party loan | 1,515,526 | 1,492,256 | ||
| Repayment of related party loans | (1,492,256) | (1,218,534) | ||
| Net cash from financing activities | 23,270 | 273,722 | ||
| Change in cash and cash equivalents in the year | (127,368) | (57,922) | ||
| Cash and cash equivalents at the beginning of the year | 281,853 | 339,775 | ||
| Cash and cash equivalents at the end of the year | 154,485 | 281,853 | ||
| Reconciliation of net (expenditure) to net cash flow from operating activities | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Net expenditure for the year (as per the statement of | ||||
financial activities) |
(350,642) | (8,450) | ||
| Adjustments for: | ||||
| Depreciation charges 11 |
19,936 | 18,637 | ||
| Decrease/(Increase) in inventory | 23,410 | (15,473) | ||
| (Increase)in debtors 12 |
(4,393) | (11,231) | ||
| Increase/(Decrease) in creditors 13 |
169,903 | (264,873) | ||
| Net cash used in operating activities | (141,786) | (281,390) | ||
| Analysis of cash and cash equivalents | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Cash in hand | 154,485 | 281,853 | ||
| Total cash and cash equivalents | 154,485 | 281,853 | ||
No cash equivalents for year ended December 31, 2024 (2023: none)
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GIA England
Notes to the Financial Statements For the year ended 31 December 2024
1. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities (SORP 2019)” applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective 1 January 2019; and the Companies Act 2006; and the Charities Act (2011).
GIA England (the “Charity” or “Company”) meets the definition of a public benefit entity under FRS 102, and is incorporated in the UK and registered in England and Wales with company number 04566140. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The functional and presentational currency is Sterling.
All of the trustees are members of the Company and guarantee to contribute up to £10 in the event of winding up.
Going concern
The Charity has cash reserves equivalent to one month of normal operational expenditure. The Charity's revenues are largely derived from student enrolment fees which are paid prior to commencement of courses. The Charity has been able to obtain financial support in the form of loans from the Gemological Institute of America, Inc., (GIA US), sole member of the Charity. Additionally, the Charity has obtained a letter of financial support from the Gemological Institute of America, Inc., that indicates it is prepared to provide further financial support to GIA England necessary for the Charity to continue to operate its business in a proper and lawful manner and has no intention to call upon the Charity to repay any amount due to GIA US including the loan and related interest for at least 12 months from signing of this report. The Charity is continuously working on increasing enrolments and subsequently revenue which will allow repayment of the loans and replenishment of the reserves, however the Charity will continue to coordinate with GIA US on the loan repayment and financial support as needed. As a consequence, the trustees believe that the Charity is well placed to manage its financial risks successfully despite the current economic climate and as such, the annual accounts continue to be prepared on the going concern basis.
Income
Income is recognised when there is entitlement, measurement and receipt is probable.
Deferred income
Student fees are payable in respect of courses run over different periods and are credited over the period to which they relate. The balance of this income that falls into the following year at the year-end is shown as deferred income under creditors (see note 14).
Expenditure
All expenses are accounted for on an accruals basis. Expenditure includes attributable value-added tax (VAT) which cannot be recovered.
Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Trusts programmes and activities.
These costs have been allocated between cost of raising funds and expenditure on charitable activities on a basis consistent with the use of resources.
Governance costs are those associated with constitutional and statutory requirements, and are allocated within support costs.
15
GIA England
Notes to the Financial Statements For the year ended 31 December 2024
1. Accounting policies (continued)
Funds structure
The Charity maintains two types of funds as follows:
Restricted fund - It includes donations received to operate a scholarship scheme which are subject to the expressed wishes of the donor.
Unrestricted funds - These are expendable at the discretion of the Trustees in the furtherance of the objects of the Charity. Such funds may be held in order to finance both working capital and capital investment.
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation.
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Physical leasehold property 5 years’ straight line basis
Electronic leasehold property 3 years’ straight line basis Stones and metals No depreciation as residual value expected to be equal to cost. An annual review is carried out to establish if there has been impairment.
Fixtures, fittings & equipment 3 years’ straight line basis
Capitalisation of equipment
All single purchases of less than £1,000 (incl. VAT) are expensed in the year of purchase unless forming part of a more comprehensive scheme where the total is £1,000 (incl. VAT) or more.
Inventory
Inventory is composed primarily of books and course materials and is valued at the lower of cost or net realisable value. Cost is determined using the first-in, first-out method.
Debtors
Prepayments or other costs that relate to future activity are recognized as an asset when it is probable that those costs will be recovered and measured at fair value.
Operation leases
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the terms of the leases.
Taxation
GIA England as a registered charity is exempt from Corporation Tax under Chapter 3 of Part 11 to the Corporation Tax Act 2010 or section 256 of the Taxation for Chargeable Gains Act 1992, to the extent surpluses are applied to its charitable purposes.
Foreign currency translation
Monetary assets and liabilities dominated in foreign currencies are translated into pound sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities.
Financial assets and liabilities
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument and measured at fair value.
Financial assets are derecognised when and only when (a) the contractual right to the cash flows from the financial asset expire or are settled, (b) the Company transfers to another party substantially all of the risks and
16
GIA England
Notes to the Financial Statements For the year ended 31 December 2024
1. Accounting policies (continued)
rewards of ownership of the financial assets, or (c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the assets to another party.
Financial liabilities are classified according to the substance of the contractual arrangements entered into. All financial assets and liabilities are initially measured at transaction price (including transaction costs) unless the arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Defined contribution pension scheme
Costs relating to the defined contribution scheme are considered unrestricted and recognised in the Statement of Financial Activities when payable.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Charity’s accounting policies, which are described in this note, the Trustees are required to make judgements, estimates, and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on the historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There are no key sources of estimation uncertainty at the reporting date. In terms of critical accounting judgements, we do not depreciate diamond stones due to the extraordinarily long useful lives of these assets.
2. Income from charitable activities
| 2. Income from charitable activities |
2. Income from charitable activities |
2. Income from charitable activities |
|---|---|---|
| Unrestricted funds 2024 £ Unrestricted funds 2023 £ |
||
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| On campus courses | 1,253,886 | 1,378,700 |
| Corporate courses | 40,000 | - |
| Lab classes | 187,039 | 204,735 |
| Total income from charitable activities | 1,480,925 | 1,583,435 |
17
GIA England
Notes to the Financial Statements For the year ended 31 December 2024
3. Other Income
| Unrestricted Funds 2024 £ Unrestricted Funds 2023 £ |
Unrestricted Funds 2024 £ Unrestricted Funds 2023 £ |
Unrestricted Funds 2024 £ Unrestricted Funds 2023 £ |
|---|---|---|
| Funds | Funds | |
| 2024 | 2023 | |
| £ | £ | |
| Income from career fair | - | 1,350 |
| Income from related party service fee | 151,044 | 128,849 |
| Interest | 11 | 8 |
| 151,055 | 130,207 | |
On January 1 2021 GIA England entered into agreement with the Gemological Institute of America, Inc. to provide certain administrative functions (see note 17).
4. Analysis of expenditure on charitable activities
| 4. Analysis of expenditure on charitable activities |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Charitable expenditure comprise: | ||
| Wages and salaries (see note 10) | 983,985 | 942,284 |
| Operating lease rentals (premises) | 294,013 | 294,914 |
| Study materials | 169,200 | 125,209 |
| Depreciation | 19,936 | 18,637 |
| Support costs (see note 5) | 377,892 | 230,967 |
| Governance costs (see note 5) | 65,067 | 69,389 |
| Student awards (Unrestricted funds) | 72,529 | 40,692 |
| 1,982,622 | 1,722,092 | |
Governance costs comprise legal and professional fees (see note 5) and an allocation of support costs.
Expenditure on charitable activities was £1,982,622 (2023: £1,722,092) of which £1,982,622 was unrestricted (2023: £1,722,092) and none was restricted (2023: £nil).
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GIA England
Notes to the Financial Statements For the year ended 31 December 2024
5. Analysis of support costs
The Trust initially identifies the costs of its support functions. It then identifies those costs which relates to the governance function. Having identified the governance costs, the remaining support costs are apportioned on the basis of the percentage of total governance costs to charitable activities expenditure.
| 2024 Allocated to costs of | |||
| General | Total £ |
||
| support | Governance | ||
£ |
£ | ||
| Accounting | - | 10,585 | 10,585 |
Audit fees |
- | 31,400 | 31,400 |
| Legal fees | - | 3,446 | 3,446 |
Payroll & other services |
- | 6,457 | 6,457 |
Administration: printing, stationery, etc. |
171,543 | 5,983 | 177,526 |
Travel and entertaining |
6,687 | 233 | 6,920 |
Interest Expense |
122,171 | 4,261 | 126,432 |
| Currency loss | 45,604 | 1,590 | 47,194 |
Other administration and management costs |
31,887 |
1,112 | 32,999 |
| 377,892 | 65,067 | 442,959 | |
| 2023 Allocated to costs of | |||
| General | Total £ |
||
| support | Governance | ||
£ |
£ | ||
| Accounting | - | 9,700 | 9,700 |
Audit fees |
- | 26,000 | 26,000 |
| Legal | - | 14,220 | 14,220 |
Payroll & other services |
- | 9,411 | 9,411 |
Administration: printing, stationery, etc. |
181,455 | 7,902 | 189,357 |
Travel and entertaining |
13,388 | 583 | 13,971 |
Interest Expense |
49,416 | 2,152 | 51,568 |
| Currency (profit) | (60,461) | (2,633) | (63,094) |
Other administration and management costs |
47,169 |
2,054 | 49,223 |
| 230,967 | 69,389 | 300,356 | |
19
GIA England
Notes to the Financial Statements For the year ended 31 December 2024
6. Net (Expenditure) for the Year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Net (expenditure) is stated after charging: | ||
Finance cost |
(126,432) | (51,568) |
| (Loss)/Gain on exchange rate net | (47,194) | 63,094 |
| Total | (173,626) | 11,526 |
7. Legal and professional fees
| 7. Legal and professional fees |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Auditor remuneration | ||
| Fees payable to the Charity's auditor for the audit of | ||
the annual accounts |
31,400 | 26,000 |
| Total charges by the Auditor |
31,400 | 26,000 |
| Legal and professional fees of solicitors, consultants | ||
and other advisors |
20,488 | 33,331 |
| Total legal and professional fees | 51,888 | 59,331 |
No non audit services provided by the Auditor during the year ended December 31, 2024 (2023: none).
8. Restricted funds
Capital and income generated from assets held in the restricted fund for the operation of the scholarship scheme are subject to the expressed wishes of the donor. There were no restricted funds remaining at the end of 2024 or 2023.
9. Trustees
None of the trustees (or any persons connected with them) received any remuneration, benefits or reimbursement of expenses from the Charity during the year 2024 (2023: none).
20
GIA England
Notes to the Financial Statements For the year ended 31 December 2024
10. Employees
Number of employees
The average monthly number of employees during the year was:
| 10. Employees Number of employees The average monthly number of employees during the year was: |
||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| No. | No. | |||
| Instructors | 7 | 8 | ||
| Support Staff | 5 | 5 | ||
| Total | 12 | 13 | ||
| Employment costs | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Wages and salaries | 716,829 | 759,267 | ||
Health/Life assurance |
29,905 | 24,259 | ||
| Social security costs | 78,490 | 84,324 | ||
Other pension costs |
55,761 | 74,434 | ||
| Other employment costs | 103,000 | - | ||
| 983,985 | 942,284 | |||
Pension contributions outstanding at the year-end amounted to £6,778 (2023: £7,838).
The number of key management personnel whose annual emoluments were £50,000 or more were:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| £50,000 - £59,999 | - | 1 |
| £60,000 - £69,999 | 1 | - |
| £70,000 - £79,999 | 1 | |
| £80,000 - £199,999 | 1 | |
| £120,000 above | 1 | 1 |
Contributions totalling £9,852 (2023: £22,331) were made to personal pension schemes on behalf of key management personnel whose emoluments exceed £50,000.
The key management personnel of the Charity are considered to be Campus Director, Sr. Manager of Instruction Accreditation and Sr. Manager of Admissions and Administration. Remuneration of these employees in aggregate in the year was £276,479 (2023: £252,507).
21
GIA England
Notes to the Financial Statements For the year ended 31 December 2024
11. Tangible fixed assets
| 11. Tangible fixed assets |
11. Tangible fixed assets |
11. Tangible fixed assets |
11. Tangible fixed assets |
|
|---|---|---|---|---|
| Leasehold improvements Stones and metals Fixtures fittings & equipment |
||||
| metals equipment |
Total | |||
£ |
£ |
£ |
£ | |
| Cost | ||||
| At 1 January 2024 | 260,461 | 376,984 | 336,998 | 974,443 |
Additions |
- |
- | 8,852 | 8,852 |
| Disposals | - |
- | (6,104) | (6,104) |
| At 31 December 2024 | 260,461 | 376,984 | 339,746 | 977,191 |
| Depreciation | ||||
| At 1 January 2024 | 260,461 | - | 270,879 | 531,340 |
Disposals |
- | - | (6,104) | (6,104) |
| Charge for the year | - | - | 19,936 | 19,936 |
| At 31 December 2024 | 260,461 | - | 284,711 | 545,172 |
| Net book value | ||||
| At 31 December 2024 | - | 376,984 | 55,035 | 432,019 |
| At 31 December 2023 | - | 376,984 | 66,119 | 443,103 |
12. Debtors: amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Prepayments | 25,711 | 19,617 |
Employee receivable |
2,843 | 4,431 |
Accrued receivable from related party (Note 17) |
26,707 | 26,820 |
| Balance at 31 December | 55,261 | 50,868 |
Accrued receivable from related party are disclosed in note 17.
22
GIA England
Notes to the Financial Statements For the year ended 31 December 2024
13. Creditors: amounts falling due:
Creditors: amounts falling due within one year
| 13. Creditors: amounts falling due: Creditors: amounts falling due within one year |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Taxes and social security costs | 24,795 | 23,420 |
Other creditors |
50,504 | 40,304 |
| Amount due to related party (interest free and | ||
repayable on demand) |
7,882 | 22,865 |
| Loans due to related party (Note 17) | - | 1,492,256 |
Interest on loans due to related party (Note 17) |
4,983 | 6,273 |
Accruals |
106,782 | 7,838 |
| Deferred income (Note 14) | 479,262 | 403,605 |
| 674,208 | 1,996,561 | |
| Creditors: amounts falling due past one year | ||
| 2024 | 2023 | |
| £ | £ | |
| Loans due to related party (Note 17) | 1,515,526 | - |
| 1,515,526 | - |
December 2024 loan due to related party is unsecured 36 month loan subject to 8.00% annual interest from the Gemological Institute of America, Inc., in amount of £1,515,526, comparatively November 2023 unsecured 12 month loan subject to 8.50% in amount of £1,492,256.
14. Deferred income
| 14. Deferred income |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Balance at 1 January | 403,605 | 539,363 |
Fees received |
1,556,582 | 1,447,677 |
| Credited to income | (1,480,925) | (1,583,435) |
| Balance at 31 December | 479,262 | 403,605 |
23
GIA England
Notes to the Financial Statements For the year ended 31 December 2024
15. Analysis of net assets between funds
Fund balances at 31 December 2024 are represented by:
| Unrestricted funds |
Unrestricted funds |
Restricted | |
|---|---|---|---|
| funds | funds | Total | |
| £ | £ | £ | |
| Tangible fixed assets | 432,019 | - | 432,019 |
Current assets |
216,522 | - | 216,522 |
| Creditors: amounts falling due within one year | (674,208) | - | (674,208) |
Creditors: amounts falling due past one year |
(1,515,526) | (1,515,526) | |
| (1,541,193) | - | (1,541,193) | |
Fund balances at 31 December 2023 are represented by:
| Unrestricted funds |
Unrestricted funds |
Restricted | Restricted |
|---|---|---|---|
| funds | funds Total |
||
| £ | £ £ |
||
| Tangible fixed assets | 443,103 | - 443,103 |
|
Current assets |
362,907 | - 362,907 |
|
| Creditors: amounts falling due within one year | (1,996,561) | - (1,1996,561) |
|
| (1,190,551) | - | (1,190,551) | |
16. Commitments under operating leases
The Company had total commitments under non-cancellable operating leases as follows:
| Land and buildings | Land and buildings | |
|---|---|---|
2024 |
2023 |
|
| £ | £ | |
| Leases which expire: | ||
| Within one year | 302,011 | 292,584 |
Between two and five years |
205,200 | 507,211 |
The Company lease renewed August 2023 for three years.
17. Related parties
GIA England is affiliated with Gemological Institute of America, Inc. (“GIA US”) headquartered in Carlsbad, California, USA. GIA England is in possession of certain items of gemological equipment and gemstone samples which are used to teach the courses. These are provided by Gemological Institute of America, Inc. and are on extended loan to GIA England. GIA England is also invoiced by Gemological Institute of America, Inc., for training support and the cost of books and equipment used to teach the classes which totalled £150,708 for the year (2023: £194,790).
On January 1, 2021 GIA England entered into agreement with the Gemological Institute of America, Inc. to provide certain administrative functions. The agreement effective as of January 1, 2021 shall be automatically renewed annually unless either party gives the other party a notice not to renew as per the conditions stated in the agreement. The Gemological Institute of America, Inc., is committed to pay the fee as specified per agreement, in 2024 the fee totalled £151,044 (2023: £128,849).
24
GIA England
Notes to the Financial Statements For the year ended 31 December 2024
17. Related parties (continued)
In December 2024 GIA England received an unsecured thirty-six month loan from Gemological Institute of America, Inc., in total of £1,515,526 which had an annual interest rate of 8.00%. The loan was primarily used to repay outstanding prior year loans. All outstanding loans resulted in interest expense of £126k. The loans were denominated in dollars $1.9m USD for 2024 and translated to sterling, the translation of all outstanding loans resulted in £19k unrealized foreign exchange loss for the year 2024. Comparatively, GIA England received an unsecured twelve-month loans from Gemological Institute of America, Inc., in total of £1,492,256 for the year 2023 which had annual interest rate of 8.5%. All outstanding loans resulted in interest expense of £52k for 2023. The loans were denominated in dollars $1.9m USD for 2023 and translated to sterling, the translation of all outstanding loans resulted in £68k unrealized foreign exchange gain for the year 2023.
The balance due to Gemological Institute of America, Inc., at the year-end was £1,528,391 (2023: £1,521,394) of which £1,515,526 (2023: £1,492,256) was for the principal on the loans, £4,983 (2023: £6,273) was for interest on loans, and £7,882 (2023: £22,865) was for other support costs/purchases. The balance due from Gemological Institute of America, Inc., at the year end was £26,707 (2023: £26,820), related to the service fee.
18. Comparative Statement of Financial Activities
| Unrestricted funds Notes £ Income Income from charitable activities: Operation of classes and distant education 2 1,583,435 Investment Income 3 130,207 Total income 1,713,642 Expenditure Expenditure on charitable activities: Operation of classes and distant education 4 1,722,092 Total expenditure 1,722,092 Net expenditure and net movement in funds for the year (8,450) Reconciliation of Funds Total Funds brought forward (1,182,101) Total Funds carried forward 15 (1,190,551) |
Restricted Total Funds funds 2023 £ £ - 1,583,435 - 130,207 - 1,713,642 - 1,722,092 - 1,722,092 - (8,450) - (1,182,101) - (1,190,551) |
|---|---|
25
GIA England
Notes to the Financial Statements For the year ended 31 December 2024
19. Movement on Funds
| Year ended 31 December 2024 Unrestricted funds: General fund Unrestricted funds total Restricted funds: Donor restricted fund Restricted funds total Total charity funds |
At 1 January 2024 £ (1,190,551) (1,190,551) - - (1,190,551) |
Income £ 1,631,980 1,631,980 - - 1,631,980 |
Expenditure (including taxation) £ (1,982,622) (1,982,622) - - (1,982,622) |
At 31 December 2024 £ (1,541,193) (1,541,193) - - (1,541,193) |
|---|---|---|---|---|
Donor restricted fund is for the purpose of awards related to jewellery design competitions.
| Year ended 31 December 2023 Unrestricted funds: General fund Unrestricted funds total Restricted funds: Donor restricted fund Restricted funds total Total charity funds |
At 1 January 2023 £ (1,182,101) (1,182,101) - - (1,182,101) |
Income £ 1,713,642 1,713,642 - - 1,713,642 |
Expenditure (including taxation) £ (1,722,092) (1,722,092) - - (1,722,092) |
At 31 December 2023 £ (1,190,551) (1,190,551) - - (1,190,551) |
|---|---|---|---|---|
26
GIA England
Notes to the Financial Statements For the year ended 31 December 2024
20. Subsequent Events
In January 2025, GIA England drew down the remaining US $100k translated to £79,730 from the December 2024 loan. Additionally, in February 2025 GIA England received an unsecured thirty-six month loan from Gemological Institute of America, Inc., denominated in dollars for a total of US $400k translated to £306,251 with an interest rate of 7.5%. In March 2025 GIA England drew down US $250k from the loan, translated to £191,407 leaving an available loan balance of US $150k, translated to £114,844.
27