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 eVIden￿d 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 ac￿Ssible 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)
Be￿ast 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 praCti￿S 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 G￿al 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 Ba￿le 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 GOn￿mS 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 balan￿S 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 cU￿encY 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 reSoUr￿S 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
In￿me 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 re￿ived.
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 be￿een 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 ServI￿S 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 be￿een
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 re￿iVed 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-