Charity Registratlon No. NIC 101097 Company Registration No. N1041642 (Northern Ireland) GOLDEN THREAD GALLERY LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 harbinson mulholland
GOLDEN THREAD GALLERY LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustees Paul Brolly John Fitzgerald George Hill Joe Mcvey Catherine McLaughlin Amanda Croft Naomi Sheehan Andrew Drylie Shan McAnena Secretary Joe Mcvey Charity number NIC 101097 Company number N1041642 Independent examlner Harbinson Mulholland Centrepoint 24 Ormeau Avenue Belfast Co. Antrirn Northem Ireland BT2 8HS Bankèrs First Trust 31135 High Street Belfast Northem Ireland BT12AL
GOLDEN THREAD GALLERY LTD CONTENTS Page Truslees, report Independent examinerfs report Statement of financial activities Slatement of financial positson Statement of cash flows Notes to the financial ststements
GOLDEN THREAD GALLERY LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial statements for the year ended 31 March 2024. The accounls have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's Articles of Association. the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)" Objectives and activities Purpose The purpose of the Golden Thread Gallery is to promote the benefit of the inhabitants of North Belfast and surrounding area without distinction of sex, sexual orientation, race or of political, religious or other opinions, by associating together the said inhabitants and the local authorities. voluntary and other organisations in a common effort to advance education. and to provide facilities for the housing of an Art Gallery and lo promote visual art exhibitions featuring artists work on a local, national and international level. to preseNe the environment and heritage of the area of benefit. The benefits which Ilow from Ihe purpose of Go5den Thread Gallery include offering the residents of and visitors to Belfast access lo view high quality contemporary visual art and the opportunity lo participate in arts activities. The gallery is a neutral Spa that aspires to be accessible to any member of the public that wishes to experience its programme. Visiting the temporary exhibitions at the gallery is free of charge. These benefits are eVIdend by the attendance of residents and vistlors to Belfasl at the Golden Thread Gallery Lld.'s annual programme of temporary exhibitions. and associated educational and participatory acttvities. such as artist talks and workshops. The benefiGiaries of this purpose are the residents of and visitors to Belfast. There 15 no foreseen harm flowing from this purpose. There is no foreseen private benefit flowing from this purpose. Our main activities lo further our purposes for the public benefit Golden Thread Gallery IGTG) provides an inclusive, welcoming space for the public to engage with art of our lime. GTG aims to: Offer the public a contextual experience of visual art of our b'me Present quality and innovative artistic programmes that embra the diversity of contemporary arts practice and which engage. educate. challenge and inspire. Build and engage the widest possible audience for contemporary arts. extending the reach of the arts. and nurturing a deep understanding and enjoymenl of current visual art practice within the broader community. Develop, support and promote the work of contefflporary Northern Irish artists and contemporary arts practice.
GOLDEN THREAD GALLERY LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfomiance 2023-2024 has been an exciting year for the gallery. In September 2023, Golden Thread Gallery said farewell to its premises on Great Patrick Street and moved into temporary accommodation at Weavers Court. while the former Craftworld (former Corporation Gas Showroom) building on Queen Street is renovated to be our new home. The Gallery is due to reopen to the public on August 10th 2024. Despite not being physicalty open to the public for 7 months of the 2023-2024 year. the gallery has remained committed to delivering its mission of making art acSsible to as many people as possible. This has included partnering with the Naughton Gallery and Queens University Beltast to provide us with venues to deliver: TWI monthly family workshops. Monthly teens and adults, workshops Weekly community workshops We have also been able to deliver workshops offsite for schools and FE colleges including: Fane Street Primary School (working both with children and with refugee families) Beast Met Learning Support Unit In addition, we have worked with the Education Authority and Mears Housing to deliver workshops for r8fugee families temporarity housed in hol81s. We have worked with Translink and Arts & Business Nl to commission and deliver an iconic large public athork for Translink's new ststion al York Street. Kevin Killen was appointed and his largescale metal and light sculpture Journeylines was unveiled in April 2024. Working with Kevin Killen, Lesley Chery and the gallery's in-house team, the gallery delivered a programme of creative community engagement as part of the project. working wilh local community groups such as the Belfast Hub Veterans club, Seaview Ladies Group, the Serenity Club, and Sailortown Regeneration Forum. Community input and ideas will be featured in further artworks to be unveiled in Phase 2 of the station, including a smaller sculptural piece and designs in the perforated panelling which will surround the finished building. We are a member of the prestigious Plus Tate netsvork of visual arts organisations across the UK that exchange ideas, knowledge, skills and resources and collaborate on joint programmes. Through our relationship with Art Fund the Gallery is also part of the national Art Pass nefv40rk. Diversity in the Arts GTG has ahmays had the principle 'Nothing about us. without us. at the heart of our outreach and community work. We believe that visibilty and representalion are crucial for creating a feeling of welcome and ownership in cultural venues, and the arts sector as a whole. Our focussed work over the past few years to make the arts in Northem Ireland more diverse and inclusive of people of colour and minority communities is now embedded in all that we do. Minority communities in Northern Ireland, especially refugee woman and chiklren, face distinct challenges integrating into this traditionally insular, while. sectarian population. With many living in hotelslhoslels in areas of high social deprivation, opportunities lo make connections, learn English and improve wellbeing are limited. Inslead of devising a programme for communities, we give agency to participants. letting them choose the activities and skills they want to learn. Our collaborative. co-creation approach was recognised last year. when we were runner-up in the Calouste Gulbenkian Foundation award for Civic Arts Organisation of the year. We've continued our projecls funded by Art Fund to engage new. diverse audiences with the arts. As well as offsite and online workshops. a new edition of our 'Welcome to Belfast, art packs for children, with colouring books of landmarks, art materials and a magazine about life. history. Cultu and food in Northern Ireland. will be launched in the autumn, available in Arabic, Farsi. English and now Tigrinya also. They will be distributed to families across Belfast, including young asylurn seekers. Climate Change Golden Thread Gallery is committed, as far as pradically is possible, to protect the environment and exemplify sustainable business praCtiS in the course of carying out our operations and programme of activities.
GOLDEN THREAD GALLERY LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Gallery is aware of the crtkncal Importan of protecting our environment for future generations and ensuring the gallery is resilient in the face of climate change. and we will work alongside our funders and stskeholders lo do this. We will communicate our commitment to the environment clearly, and explore how creatlvlty and culture can play vital role in this. We'll work collectively with other organisalions in the sector whenever possible to improve practices, reduce waste. think long-temi sustainability and make our commitment to protecting our planet visible and effective. Our Environmental Policy ha5 been expanded and updated and is now published on the GTG website. In our outreach activities, we work hard to reduce waste. use sustainable materials and recycle where possible. Visual Arts Programme Despite moving location, our 202&24 Visual Arts Programme continued to deliver on themes of nalure. identlty. our place in Ihe world, how we got here and what our future looks like whilst also supporting our artists. We started the programme wilh Niamh O'malley in our main space after the hugely successful Gather Ireland at Venice 2022. Galher was the national representation of Ireland at the 59th International Art Exhibition of La Biennale di Venezia. The exhibition in the GTG was informed by her work for Gather in Venice. and explored the breadth of O'malley's current practice. The final exhibition in the main Spa at Gal Patrick Street was by acclaimed Irish filmmaker trilogy Clare Langan, titled The New Dawn Fades. We screened three works,. Flight from the city; And in the Silence Came and Heart of a Tree. This was her first ever exhibilion in Belfast. In the Project Space we continued with Dorothy Hunterfs solo exhibition. Charys Wilson was the recipient of the GTG Mentoring & Exhibition Award 2023 and received a solo exhibition in June. The award is presented lo a University of Ulster School of Art Graduate based on their MFA work and final show. In May we hosted a one-day experimental film screening by Zhenia Mahdi-Nau. Our final Project Space exhibition was by ceramicist Anne Butler, and it featured as part ofAugust Craft Month with Craft Nl. From our temporary accommodation in Weaverfs Court. we launched our How We Got To... touring exhibition, featuring a selection of artists responding to their past encounters wtth GTG. The artists are.. Gail Prentice, Brendan Jamison, Shiro Masuyama, Edy Fung, Elvira Sanlamaria Torrés. Martn Boyle, Jack Pakenham, Robin Price. Lorraine Burrell, Susan Macwilliam. Clement McAleer. Megan Doherty, John Carson and Gery Gleason. How We Got To... opened al Threshold Gallery, Flax Sludios in February. then loured to Shankill Library in March. 11 will next be hosted at Belfast Central Library. Engagement and Outreach We offer free family workshops. teens & aduits. workshops and communty workshops each month. Family workshops cater to children ages 3 - 12 and are facilitsled by our Gallery Assistant or other trained outreach artists. Creative workshops for teens and adults cater to participants age 13+ All workshops explore fun, creative activities designed to spark the imagination and intrLNluce participants to new artistic mediums. Themes and activities complement and take inspiration from the exhibition programme and seasonal holidays. Workshops inspired by the GTG exhibition programrne have included: Paint Your Own Clay file inspired by Anne Butler Notan Art inspired by Clare Langan Collage inspired by Niamh O'malley Rock painting inspired by Dorothy Hunter Cyanotype inspired by Charys Wilson Charcoal landscapes inspired by Clare Langan Seasonal workshops have included= Under the sea collage inspired by World Ocean Day Halloween handprints Chinese New Year dragons Toilet roll tube butterflies Festive handprint paper wreaths
GOLDEN THREAD GALLERY LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 From October 2023 to June 2024. we partnered with the Naughton Gallery at Queen's University Belfast to continue providing our outreach programme. This provided us with new venues for our workshops, which brought new audiences. including students and staff at Queens. In tum, the Naughton Gallery benefitted from having an outreach programme for the first time. Wo included workshops linked to their exhibitions. i.e.. 'FULL OF WONDER OR FULL OF PLASTIC? VOU DECIDE., by Ingrid Hess, Heart relief printmaking inspired by 'Clearl' and Bale Poster Collage inspired by '1 am wearing Cartyle Feuera,. The capacity of space created by the parlnership with Naughton Gallery allowed us to offer a brand-new workshop, a drop-in community art workshop. This workshop caters to participants of all ages. all abilities and all English language levels. Two workshops were linked with festivals. Northem Ireland scien Festival and Northem Ireland Mentsl Health Festival. Within the workshop programme, we work hard to use sustainable materials and recycle where possible. Over the last year, we have increased our outreach audience. Workshops are very popular and frequentiy fully booked, as a result we have had to implement a free online tid(eting system through Art Fund. Financial review The Trustees are pleased to present the results for the year. Income for the year was £494.382. We ended the year with reserves of £209,893, £105,613 of which is attributable to unrestricted reserves and £104,280 to restricted reserves. Reserves Policy The Board of Trustees have specified that the level of financial reseNes needed is three months, operating expenses. The Board of Trustees will aim to build up the reserves to the agreed level and maintain these reserves within this range through monitoring and examination of the charitys monthly rnanagement accounts. The Board of Trustees will montlor and review this policy statement and the level of reserves required annually. Restricted reseryes refer to money wyth an allocated purpose from funding that states it may only be spent under certain headings. These reserves are Most from grant funding. The restrictions apply from the specific conditions of offer for each grant. Unrestricted reserves may be spent freely in accordance with the companrfs charitable purpose. These reserves have no restrictions and are mostly made up of eamed income. Tax status Under Section 5051illal and (cl of the Income and Corporalion Taxes Act 1988, Golden Thread Gallery Limited is entitled to charity lax exemption. It is accepted as having charitsble status by the inland revenue under REFERENCE XR54731. Structure, governance and management Golden Thread Gallery was founded in 1998 and reconstituted in 2001 as a company limited by guarantee with a memorandum and articles of association. Golden Thread Gallery was accepted as a registered charity with the Charity Commission of Northem Ireland in March 2015.
GOLDEN THREAD GALLERY LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also the diredors for the purpose of company law, and who seNed during the year and up to the date of signalure of the financial statements were-. Paul Brolly John Fitzgerald Georgè Hill Joe Mcvey Catherine McLaughlin Amanda Croft Naomi Sheehan Andrew Drylie Shan McAnena None of the Trustees has any beneficial interest in the company. All of the Trustee5 are members of the company and guarantee to contribule £1 in the event of a winding up. Stalement of trustees. responsibilities The Trustees, who are also Directors of the charity for the purpose of company law. are responsible for preparing the Trustees. Report and the financial ststements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of Ihe profit or loss of the company for that period. In preparing these financial statements. the directors are required to: select suitable accounting policies and then apply them consistently: make judgements and estimates that are reasonable and prudent" prepare the financial slalements on the going concem basis unless it is inappropriate to presume that the company will continue in business. The Trustees are responsible for keeping adequate accounting recA)rds that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure thal the financial statefflents comply with the Companies Act 2006. The Trustees are also responsible for safegLAarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 ofthe CompaniesAct 2006. The Trustees, report was approved by the Board of Trustees. Pa l Brolly Twslee Dated..
GOLDEN THREAD GALLERY LTD INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GOLDEN THREAD GALLERY LTD We report to the Trustees on our examination of the accounts of Golden Thread Gallery Ltd (the Charity) for the year ended 31 March 2024 which comprise the ststement of financial activities, the balance sheet and the related notes. These financial statements have been prepared under the historical cost nventiOn. Responsibilities and basis of report As the Trustees of the Charity land also its directors for the purposes of company law) you are responsible for the preparation of the financial statements and you have considered the audil requirement of Section 65(3) of the Charities Act (NII 2008 (the Act). Having satisfied ourselves that the charity is not subject to audit under company law, and is eli9ible for independent examination, il is our responsibility to: examine the accounts under seclion 65 of the Charities Act (Northem Ireland) 2008.. follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65{9)(b) of the Charities Act., slate whether particular matters have come to our attention. Independent examinerfs statement We have examined your charity accounts as required under Section 65 of the Charities Act and our examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 6519)Ibl of the Charities Act. The examination included a review of the acGounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees conceming any such matters. Our role is to state whether any material matters have come to OLbr attention giving me cause to believe: That accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Acl., or That the accounts do not accord with these records; or That the accounts do not comply with Ihe accounting quIrernents of section 396 of the Companies Act 2006 and with the methods and principles of the Charilies Statement of Recommended Practice applicable to charities preparing their acGounls in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland. That there is further informats'on needed for a proper understanding of the accounts to be reached. We have completed our examination and have no GOnmS in respect of the matters (11 to {4) listed above and. in connection with following the Directions of the Charity Commission for Northem Ireland. we have found no matters that require drawing to your attention. Harbinson Mulholland Chartered Accountsnts Cenlrepoint 24 Ormeau Avenue Belfast Co. Antrim BT2 8HS Northern Ireland
GOLDEN THREAD GALLERY LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricled Restricted funds funds Total 2024 Total 2023 Notes Income from: Donations and legacies Charitable activities Other trading activities 60,270 1,000 59.887 60.270 377.225 59,887 80,270 247,080 5,938 376,225 Total Income 121.157 376,225 497.382 333.288 Ex enditure on: Charitable activities 68,735 326,785 395.520 327.328 Gross transfers between funds Net income for the yearl Net movement in funds 52,422 49.440 101,862 5.961 Fund balanS at 1 April 2023 53.191 54.839 108,030 102,069 Fund balances at 31 March 2024 105.613 104,280 209,893 108,031 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The stslement of financial aclivities also complies with the requirements for an income and expenditure account under the CompaniesAct 2006. The notes on pages 8 to 16 fonn part ofthese accounts
GOLDEN THREAD GALLERY LTD STATEMENT OF FINANCIAL POSITION AS AT31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 11 2,993 5.524 Current assets Debtors Cash at bank and in hand 12 13.600 196.580 3,635 130,615 210,180 134,250 Creditors: amounts falling due within one year 13 (3,280) {31.7431 Net current assets 206.900 102,507 Total assets less current liabllities 209,893 108,031 Income funds Reslricted funds Unrestricted funds Designated funds General unrestricted funds 14 104.280 54,840 15 55.000 50.613 53.191 105.613 53.191 209,893 108.031 The company is entitled to the exemption from the audit requirement contsined in section 477 of the Companies Act 2006, for the year ended 31 March 2024. No member of the company has deposited a noti, pursuant to section 476, requiring an audit of these financial statements. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable lo companies subject to the small companies regime. The financial statements were approved by the Trustees on .. ... Plul Broll Trustee Company reglstration number N1041642
GOLDEN THREAD GALLERY LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows frorn operating activities Cash generated from operations 18 65,965 43,458 Net cash used in Investing activities Net cash used in flnancing activities Net increase in cash and cash equivalents 65,965 43.458 Cash and cash equivalents at beginning of year 130.615 87,157 Cash and cash equivalents at end of year 196,580 130,615
GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Golden Thread Gallery Ltd is a privats company limited by guarantee incorporated in Northem Ireland. The registered office is 1.1 Accounting convention The accounts have been prepared in accordance with the the Companies Act 2006 and "Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" las amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional cUencY of the Charity. Monetsry amounts in these financial slatements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounling policies adopted are sel out below. 1.2 Going concern At the time of approving the financial statements. the Trustees have a reasonable expectation that the Charity has adequate reSoUrS to continue in operational existence for the foreseeable future. Thus the Trusiees continue to adopl the going concem basis of accounting in preparing the financial ststements. 1.3 Charitable funds Unrestricted fijnds are available for use at the discretion of the Trustees in furtherance of their charitsble objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial ststements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity. 1.4 Income Inme is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be reived. Cash donations are recognised on receipt. Other donations are recognised On the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tsx recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or olhepNise rf the Charity has been notified of an impending distribution. the amount is known. and receipt is expected. If the amount is not known, the legacy is treated as contingent asset. Turnover 15 measured at the fair value of the consideration received or receivable and r8presents amounts receivable for goods and servi$ provided in the nomial course of business, net of discounts, VAT and other sales related taxes. 10-
GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (Continued) 1.5 Expenditure Expenditure is recognised On there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement. and the amount of the obligation can be measured reliabty- Expenditure is classified by activity- The costs of each activity are made up of the totsl of direct costs and shared costs, including support costs involved in undertaking each activity. Oirect costs attributable to a single activity are allocated directly to that activity. Shared costs whith contribute to more than one activity and support costs which are not attributable to a single aclivity are apportioned between those activities on a basis consislent with the use of resources. Central stsff costs are allocaled on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregale all osl related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grdnts offered subject lo conditions which have not been met at the year*nd date are noted as a commitment but not accrued as expenditure. 1.6 Tangible fixed assels Tangible fixed assets are initially measured at cost and subsequently measured at cosl or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual value5 over their useful lives on the following bases= Fixtures and fittings 20% on cost The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets At each reporting end date. the Charity reviews the carying amounts of its tangible assets lo determine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif anyl- 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The Charity has elected lo apply the provisions of Section 11 '8asic Financial Instruments. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in Ihe financial statements, when Ihere is a legally enforceable right to sel off the recognised amounts and there is an intention lo settle on a nel basis or lo realise the asset and settle the liabilty simultaneously. 11
GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Basic financial assets Basic financial assels. which include debtors and cash and bank balances. are inilially measured at transaction price including transaction costs and are subsequentty carried at amortised cost using the effective interest method unless the arrangement constitutes a financing Iransaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities. including creditors and bank loans a initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilitie5 classified as payable wilhin one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate methLNJ. Trade creditors are obligations to pay for goods or ServIS that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction pri and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are CogniSed immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Critical accounting estimates and judgements In the application of the Charity's accounting policies, the Truslees are required to make judgernenls. estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual resutts 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 estimale is revised where the revision affects only that period, or in the period of the revision and future periods Whe the revision affects both currenl and future periods. Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of fadors. In reassessing asset lives factors such as maintenance programmes are taken into account. Residual value assessments consider issues such as the remaining live of the asset and the estimated value in use. 12-
GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations and legacies Unrestricted Unrestrlcted funds funds 2024 2023 Donations and gifts 60.270 80,270 Donations and gifts Belfasl City Council Foyle Foundation Arts & Business - Translink Halifax Foundation Civic Award Arts & Business- Blueprint Other 30.270 28,270 20,000 31,500 500 20,000 27,000 (17,000) 60.270 80,270 Charltable activities Restricted Restricted 2024 2023 ACNI Dormant Accounts Jobstart Future Screens VSB Foundation 185,210 29,300 6,851 25,719 247,080 10,000 247,080 247,080 Analysis by fund Unrestricted funds Restricted funds 1,000 376,225 247,080 377,225 247,080 13-
GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other trading activities Unrestricted Unrestricted funds funds 2024 2023 Service provision 59,887 5,938 Charitable aclivities 2024 2023 Staff costs Depreciation and impairment Travel and accommodation Catering and hospitality Publicity and marketing Lighl and heat Rent and service charge Telephone and internel Equipment and materials Maintenance and security Artistic cost Membership and subscriptions Insurance Research and evaluation 171,570 2,530 15,804 4,366 3.410 5,490 58,019 7,147 35,382 9,001 61.985 173.723 2,659 7.907 5,478 3,797 10,487 41.575 5,730 22,257 4.135 37,794 877 5,577 6,030 2,160 382,894 321,996 Share of support costs (see note 7) Share of govemance costs (see note 7) 3,746 8.880 3,831 1,500 395,520 327,327 Analysls by fund Unrestricted funds Restricted funds 68,735 326,785 395,520 For the year ended 31 March 2023 Unrestricted funds Restricted funds 103,260 224.067 327,327 14-
GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance osts costs 2024 Support Governance costs costs 2023 Training and staff development Printing, postage and stationery Bank charges AccountanGy 86 86 868 868 452 723 2,485 452 723 2,485 479 479 2,484 Legal and professional Accountancy 7.380 1,500 7,380 1,500 1,500 1,500 3.746 8,880 12.626 3,831 1,500 5,331 Analysed beeen Charilable activities 3.746 8,880 12.626 3,831 1,500 5,331 Trustees None of the Trustees {or any persons connectsd with them} received any remuneration or benefits from the Charity during the year. Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Admin Trustees Tolal 15 14 Employment costs 2024 2023 Wages and salaries 171,570 173,723 Remuneration of key management personnel The remuneration of key management personnel is as follows 2023 2022 Aggregate compensation 90,586 89,940 15-
GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees {Continued) Key management include the Gallery Director and Deputy Director. 10 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Acl 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the exlent that these are applied to its charitable objects. 11 Tanglble fixed assets Flxtures and fittings Cost At 1 April 2023 26,914 At 31 March 2024 26,914 Depreciation and impairment At 1 April 2023 Depreciation charged in the year 21,392 2,530 At 31 March 2024 23,922 Carrying amount Al 31 March 2024 2,993 At 31 March 2023 5,524 12 Debtors 2024 2023 Amounts falllng due within one year. Prepayments and accrued income 13,600 3,634 13 Creditors: amounts falling due within one year 2024 2023 Other creditors Accruals and deferred income 3,280 3,626 28,117 3.280 31,743 16-
GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.. Movement in funds Incoming Resources Balance at resources •xpended 31 March 2024 Balance at 1 April 2023 ACNI Annual Funding Programme ACNI Arts and Older People Programme ACNI Equipment Programme ACNI Lot Fund ACNI Stability & RenevMI Dormant Accounts Art Fund Ampersand VS8 Foundation Jobstart Future Screens Ireland Fund CivicArts 213,045 3.962 (213.045) 16,3171 (2.7611 4,567 2.761 2,212 10,000 10,000 2,601 27,858 2,601 21.259 30,219 48,600 19,126 (23,620) (48,600) 15,589) (948) 12.981) (17,9181 (5,0001 6,140 1,257 2,981 13.271 19,674 309 21,273 5,000 25,000 16,626 25.000 54,839 376.225 1326,785) 104,280 Grants from the Arts Council of Northem Ireland (ACNI) are received for annual core and programme funding. as shown. The ACNI Equipment Programme and ACNI Stsbility and Renewal fvnds represent the net book value of tangible fixed assets purchased with the restricted funds. The Other fund represents small restn.cted grants reiVed from vanous funders. 15 Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.. Balan¢è at 1 Aprll 2023 TTan$f¢rs Balance at 31 March 2024 Calousle Gulbenkian Engagement Hub Relocation costs Salaries 25,000 10,000 20,000 25,000 10,000 20,000 55,000 55,000 17-
GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Anatysis of net assets between funds Unrestricted Restricted 2024 2024 Total 2024 Total 2023 Fund balances at 31 March 2024 are represented by: Tangible assets Current asselsllliabilitiesl 111 105,502 2,882 101.398 2,993 206.900 5.524 102,507 105.613 104,280 209,893 108,031 17 Related party transactions There were no disclosable related party transaclions during the year (2023 - none). 18 Cash generated from operations 2024 2023 Surplus for the year 101,862 5,961 Adjustments for.. Depreciation and impairment of tangible fixed assets 42 42 Movements in working capital= (Increase)Idecrease in debtors {Decreaseyincrease in creditors 19.9651 (28.463) 12,217 22,620 Cash generated from operations 63,476 40,840 18-