Draft Flnanclal Ststements at 30 September 2025 at 14:40..48 Charlty Reglstratlon No. NIC 101097 Company Reglstratlon No, N1041642 {North•rn Ireland) GOLDEN THREAD GALLERY LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 harbinson Inulhollaiid Draft Financlal Statement$ at 30 September 2025 at 14'.40:48 GOLDEN THREAD GALLERY LTD LEGALAND ADMINISTRATIVE INFORMATION TrustO85 Paul Brolly John Fitzgerald George Hill Joe Mcvey Gatherlne McLaughlin Amanda Croft Andrew Drylie Shan McAnena Molly Rainey (Appointed 22 May 2025} Secrotary Joe Mcvey Charlty numbèr NIC 101097 Company number N1041642 Independent examlner HM Chartered Accountants 6th Floor East Tower Lanyon Plaza 8 Lanyon Place Belfast Co. Antrim BT13LP 8ankers First Trust 31135 High Street Belfast Northern Ireland BT12AL Draft Flnanclal Statements at 30 September 2025 at 14..40:48 GOLDEN THREAD GALLERY LTD CONTENTS Pago Trustees, report Independent examinerfs report statement of financial activities 10 statement of financial position 11 Statement of cash flows 12-20 Notes to the financial ststements Draft Flnanclal Statements at 30 September 2025 at 14:40:48 GOLDEN THREAD GALLERY LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The TNstees present thelr annual report and financial statements for th8 y8ar ended 31 March 2025. The accounts hav@ b88n prepared in accordance with the accounting policies set out ir¢ note 1 to the accounts and comply with the Charity's Articles of Association, the Companiès Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice appllcable to ¢hariti8s preparlng thelr accounts In accordance wlth the Financial Reporting Stand8rd applicable in the UK and Republic of Ireland (FRS 102}" Objectlvas and actlvltles Purpose The purpose of tha Golden Thread Gallery is to promote the benefit ol the inhabitants of North Belfast and surroundlng area without dlslinction of sex, sexual orlentatlon. race or of political. religlous or other oplnions, by assoclating together th8 said inh8bitanls and the local authorities, voluntary and other organisations in a common effort to advance education, and to provide facilities for the housin9 of an Art Gallery and to promote vlsual art exhibitions featuring artlsts work on a local, national and Intgrn8tional level, to preserye the environmenl and heritage of the area of banefit Public Beneflt The benefils which flow from the purpose of Golden Thread Gallery include offoring the r85idents of and visitors lo Belfast access to view high qu81ity contemporary visual art and the opportunity to participate in art5 aGllvilies. The gallery is a neutral space that aspires lo be accessible lo any member of the public thal wishes to experience its programme. Visltlng the temporary exhlbiilons al the gallery is free of charge. These benefils are evidenced by the attendance of residents and vlsitors to Belfast at the Golden Thread Gallery Ltd.'s annual programme of temporary 8xhlbltlon5, and asso¢lated educational and partlclpatory actlvltles, such as artist talks and workshops. The beneflcl8rfes of Ihls purpose are th8 residents of and visitors to B&lfa8t. There is no foreseen harm flowing from this purpose. There 18 no for8se8n private bonefit flowing from this purpoge, Our maln a¢tlvitles to fvrthor our purposes for the publlc benefit Golden Thread Gallery IGTG) provldes an inclusive. w8lcoming space lor thè public to engag6 with art of our tim8. GTG alm$ to.. Offer the public 8 contextual experience of visual art of our lime PTegent quality and innovative artistic programmes that embrace the diversity of contemporary art5 PfaCtl¢e and whiGh engage, educate, challenge and inspire. Build and engage the widest possible audience for contemporary arts, exlending Ihe reach of the arts. and nurturlng a deep undorstandlng and enjoyment of current vlsual art practice wlthln the broader Community. Develop, support and promote the work of contemporary Northern Irish art15ts and contemporary arts practice. Draft Flnan¢lal Statements at 30 September 2025 at 14:40:48 GOLDEN THREAD GALLERY LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achiovements and performance 2024-2025 has been a momentous year for the gallery, Our new venue opened to the public on the 1 Olh ol August 2024 at 23-29 Queen Street, in the fomer Cra￿0￿d {and previous Corporation Gas Showroom) bulldin9. This move was the result of ten year's planning and fulfilled the gallery's aim to locat8 Golden Thread Gallery right in the heart of Ihe city. Golden Thread Gallery plays a uniqve and vital role in the visual arts ecosystem for the city. We offer a programme comparable to our nation21 competitors, but we also act as 8 learning hub, working with artists and arts professionals here to develop opportunlties and Gareers and help put Belfast on the map. Traditionally. Belfast has been a city of artist-wn ga118ries, but Golden Thread Gallery is very much audlence-led, with a co(8) and Ic) of the Incorne and Corporation Taxes Act 1988, Golden Thread G811ery Llmlted Is entitled to charity tax exemption.11 is accepled 8s having charitable status by the inland revenue under REFERENCE XR54731. structure, governance and managemgnt Golden Thread Gallèry wa5 founded in 1998 and r8conslitut8d in 2001 as a company Ilmited by guarantee with memorandum and artlcles of associatlon, Golden Thread Gallery was acc8pted a8 a reglstered charity wlth the Ch8rlty Commission of Northern Ireland in March 2015. Draft Flnancial Ststements at 30 September 2025 at 14:40:48 GOLDEN THREAD GALLERY LTD TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees. who a￿ also the dir8Ctors for the purpose of company law. and who sérvgd durin9 the year and up to the dale of signature of the financial statements were.. Paul Brolly John Fitzgerald George Hill Joe Mcvey Catherine McLaughlin Amanda Croft Naomi Sheehan Andrew Dryllo Shan McAngna Molly Rainey (Resigned 30 Septembar 2024) (Appointed 22 May 20251 None of the Trustees has any beneflcial inler6st in the company. All of the Twslees are members of the company 8nd guarantee to contrlbule £1 In the event of a wlndlng up. Statemènt of tru8tee8' rospon81bllltle8 Th8 Trusl88s, who are 8180 Diréctors of the charity for the purpose of company law. are responsibl6 for preparing th8 Trustees, R8POrt and the financial ststemenls in accordance with applicablo law and r8gulalions. Company law requlrès the Trusl88s lo prepare financial statements for each financial year. Under that law the dir8clors have elected lo prepare the financlal statements In aGGordance wlth the Unlled Klngdom Generally Awpled Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law th& dir8clors must not approve the financial slalemenls unless Ih8y are satisfied that they give 8 true and lair view of the slate of affalrs of the company and of the profll or loss of the company for that perlod. In preparing these fln8ncial sl8tements, the directors ar8 rèquired lo.. select sullabl6 accountlng pollcles and then apply them ¢on$islently; make judgements and estimates that are reasonable and prudènt., pr@par8 the flnancial slalèmenls on the going conc8m basis unless It18 in8pproprlalg to pr88ume thal the comp8ny will continue In busin8SS. The Trustees are responslble for k88plng adeqL¢ale accountlng records that are sufflcienl to $hDW and explaln the company's transactions and disclose with reasonable accuracy 81 any lime the financial posilion of the company and enablè them lo ensure thal the financial statements comply with the Companies Act 2006. The Trust8OS are also responslble for satsguardlng the assets of the company and hence for laklng reasonable st8ps for th8 prevention and detection of fraud and other irregulanties. Thls report has been prepared in 8ccord8ncè with the provision8 applicablè to companies suble¢t to the small Compani89 regime within Part 15 of the Companiès Act 2006. The Trusta&s' report was approved by the Board of Trusl8e5. Mcvoy Trustee Dated.. ..a . Draft Flnanclal Statements at 30 September 2025 at 14:40:48 GOLDEN THREAD GALLERY LTD INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GOLDEN THREAD GALLERY LTD We report to the Trustees on our examination of the accounts of Golden Thraad Gallery Ltd (the Charilyl for the year ended 31 March 2025 which comprise the statement of financial aclivilies, the balance sheet and the rela18d not8s. These financial ststements have b8en prepared under th8 hlslodcal oosl conventlon. Responslblllties and bas1$ of report As the charlty Trustees (and also the directors of the company for the purposes of company law) you are responsibl8 for the prepafallon of the nnanclal statements in accordanc8 wllh th8 requlr8rnents of the Companies Act 2006. Hevlng satlsfied mysèlf that the flnanclal statements ol the Charlty are not r8quSred lo b8 audSt8d under Part 16 of the Companies Act 2006 and are eligible for indep6ndenl examinalion, il is my responsibility lo.. examine the flnancial stslemenls und8r section 65 of the Charities Act (Northern Ireland) 2008., follow the procedure$ lald down in the general Dlrecllons gfven by the Commisslon under seclloD 6519llbl of the Charities Act (Northern Ire18ndl 2008., and slate whether particular matters have come to my attention. Indapèndént examlner's statement We have èxamln8d your charlty accounts as requlrèd under S8cllon 65 of the Charltl85 Act and our 8xaminalion was carrfed out Sn accordance with the general Directions given by the Charity Commission for Northern Ireland under section 6519llb) of the Charili&s Act. The 6xamin81ion included a review of the accounting records k8pi by the charity and a comparison of the accounts presented with those records. 11 also included conslderalion of any unusual items or disclosures in the accounts. and seeking oxplanations from you as charity trustees conc&ming any Such matters. Our role Is lo slate whether any material mallers have come to our attention giving me C8us8 lo believe.. accountlng records wer8 not k6Pt In respect of the Charity as required by section 386 of the Gompanles Act 2006. That tho accounts do not accord with these records., or That the accounts do not comply with the accounting requirements of section 396 of the Companles Act 2006 and wlth the methods and prlnclples of the Chadlies Slalement of Recommended Precllce applicable lo charities prèparin9 their accounts in accordanco with Ihe Financial Reporting Slandafd applicable in the UK and Republic of Ireland. That ther8 is further Information needed for a proper under8tandlng of the accounts lo be reaGhed, Wè have completed our examlnatlon and have no conc6rns in respect of the matters 11 } 10 {4} listed above and, In connection wllh following the Dlre¢llons of the Charity Commlssion for Northem Ireland, we have found no matters that requlre drawlng lo your attention. HM Chartered Accountants Chartered AGcountants 6th Floor East Tower Lanyon Plaz8 8 Lanyon Place Belfagt Co. Antrfm BT13LP Draft Flnanclal Statements at 30 September 2025 at 14.'40:48 GOLDEN THREAD GALLERY LTD STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted R8$trlcted funds funds 2025 2025 Tolal Unrestrlct8d R8strlcted funds funds 2024 2024 Totsl 2025 2024 Notes In¢omo from: Donations and legacies Charitable activities Other trading aclivitios 55,270 247 16,812 55.270 327,510 16.812 60,270 1.000 59.887 60.270 377,224 59,887 327.263 376.224 Total income 72.329 327,263 399,592 121,157 376,224 497,381 Expendlture on: Charitable aclivities 24,935 411,542 436,477 68,735 326,785 395,520 Total oxp•ndltur 24,935 411,542 436,477 68.735 326,785 395,520 Not incomellexpenditure) and movemgnt In funds 47,394 (84,2791 136,885} 52.422 49,439 101,861 Reconclllation of funds: Fund balances at 1 April 2024 105,613 104,279 209,892 53,191 54,840 106,031 Fund balance5 at 31 Mar¢h 2025 153,007 20,000 173.007 105,613 104,279 209,892 The statement of financial activities includes all gains and losses r8cognlsed in the year. All Income and expendilure derive from continuing activities. Draft Flnanclal Statements at 30 September 2025 at 14:40:48 GOLDEN THREAD GALLERY LTD STATEMENT OF FINANCIAL POSITION ASAT 31 MARCH 2025 2025 2024 Notos Flxed assets Tangib16 assets 11 12,398 2.993 Current as8et8 Debtors Cash at bank and in hand 12 21,040 142,315 13,599 196,580 163.355 210,179 Crodltors: amount• falllng due wlthln ono yoar 13 {2,7461 13,280) Not eurronl a8801• 160,609 206,899 Total •i•ets losi eurr•nt IlabilltiO• 173,007 209,892 The funds of the Charlty Restricted income funds Unrestricted funds 14 20,000 153,007 104,279 105,613 173.007 209,892 The company Ss enlilled to the exemption from the audit requirement ¢ontained in section 477 of th8 Companies Act 2006. for the year ended 31 March 2025. No member of the company ha8 dep0811ed a notlce, pursuant to sectlon 476. requiring an audit of these financial stalemenls. The director acknow16dgès his rgsponsibililies for complying with the requirements of the CompanSes Act 2006 wilh respect to accounllng records and th6 preparation of financlal statements, The members have not requlred the company lo obtain an audll of its financlal statements for the year In question In aGGordance with Section 476. These fln8n¢ial ststements have been prepared In accordance wllh the provlslons appllcable to companles subject to thé sm811 comp8nies regirn8. The financial slalements were approved by the Trustees on Mcvey Trustoe Company registration numb8r N1041642 (Northern Ireland) 10- Draft Flnanclal Ststements at 30 September 2025 at 14:40:48 GOLDEN THREAD GALLERY LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operatlng actlvltla8 Cash {absorbed byygeneraled from operations 17 139,272) 66.094 Investlng a¢tlvltle8 Pui¢hase of tangible fixod assets 112,503) Not ea8h u88d In Invostlng a¢tlvltl•8 112,5031 Not cash used In flnanclng a¢tlvStlo• Net Idecreaso)Ilncro•$è In ¢a$h and cash equlvalonts (51.7751 66,094 Cash and rash equivalents 8t bèginnlng of y8ar 196,580 130,615 Cash and cash oqulvalont8 at ond of yoar 142,315 196,580 CASH FLOW OUT OF BALANCE B Y., 2,490 129 Draft Flnanclal Ststements at 30 September 2025 at 14:40:48 GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Charity informatlon Golden Thread Gallery Ltd is a private company limiled by guarantee in¢orporated in Northern Irèland. Tha registered office is . 1.1 Accountlng convantlon The accounts hav& been prepared in accordance with the the Companles Act 2008 and 'Accountlng and Reporting by Chariti8s'. Statement of Recommended Pracllce appllcable lo charllles pr&parlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021" (as amended for accounting periods commen¢ing from 1 January 20161. The Chafity Is a Public Benefit Entity as dgfined by FRS 102. The financlal slalements are prepared in Slerting, which is the functlonal currency of th8 Charfty. Monetary amount$ in these financial slatfrmenls are rounded to Ihg ngar&sl £, Th8 financlal stat&m6nls have bean pr8pared under the hlstorlcal cost ¢onventlon. The prlnclpal accounllng polici6s adopt8d 8r8 sel out below. 1.2 Golng concern Al the lime of approvlng the financial statement5, the Trustees have a reasonable 8xpeclallon that the Charity has adequate resources lo continue in operational exislenco for the foreseoable lulure. Thus the Trustees continue to adopt the going concem basis of accounting in preparing tha financial slatèmenls. 1.3 Charttable funds UnreslfScled funds are avall8bl8 for use al the dlscrellon of th8 Trustees In furtherance of thelr ¢hadt8ble objectives. Reslrlcléd funds ar8 sublecl lo speclfic condlllons by donors or gr8nlors as lo how they may be used. The purposes and usès of the reslrlclod funds ar8 Set out In the notes to the flnancl81 statoments. Endowment fund8 are subl9¢1 lo specific conditions by donors that th8 capitsl musl be maintained by the Charlty. 1.4 InGome Income is rgcognised when th8 Charity is l69811y entitled lo 11 after any p8rformanc& conditions havo be6n m61, the amounts can be me8sured reliably, and il 1$ Probable th81 income will be r8¢8iv8d. Cash donations are recognised on receipt. Other donation5 are recognised oncè the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable In relallon lo donations re¢elv8d under Glft Aid or deèds of covenant Is recognlsed al th8 tlme of th6 donation, Lega¢18s ar8 recognlsed on recelpt or otherwlse If th8 Charlty has be8n notlfi8d of Bn Impfrndlng dlstributS0n, the amount is known, 8nd receipt 18 expected. If the amount Is not known. the legacy is Irealed 8$ 8 conbng6nl asset. Turnover is measured al the fair value of the consideration recèived or receivable and represents amounts recelvable for goods and servl¢es provlded in the normal Course of buslness, net of dis¢ounts, VAT and olher sales related taxes. 12 Draft Flnanclal Statements at 30 September 2025 at 14'.40:48 GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Ac¢ounting polici&s {Continu•dl 1.5 Expenditure Expenditure is recogni8ed once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expendlture is classified by aGtivlty. The costs of each activity are mad8 up of the total of dlrecl costs and shared costs. including support Costs involved In undertaking each activity. Direct costs attributable to a single 8clivily are allocated directly lo thal activily. Sttared costs which contribute lo more than one activity and support cosls which are not attributable to a single activity are apportioned between those activities on a basi$ consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation chargos are allocated on the portion of the asset's use. Expenditure is accounted for on an accruals basis and has been classified under he3dings that aggregate all cost related to the category. Where c/Jsts cannot be directly attributed to particular headings they have been allocated to actlvities on a basis conslstent with the use of resources. Grants offered sub5ed to conditlons which have not been mel at the year-end dale are noted as a commitment but not accNed as expenditu￿. 1.6 Tangible fixed assets Tangible fixed assets are initsally measured at cost and subsequently measured at C05t or valuation, nel of depreGlallon and any impairment losses. Depreciation Is recognised so a5 to write off the cost or valuation of assets less their residual values over thelr useful lives on the followiThJ bases.. Fixtures and fittings 200A on cost The gain oi Ioss 8rising on the disposal of an asset is determined as the differonce belween the sale proceed$ and the carrying valu8 of the asset, and is recognised in the slalement of financial activities. 1.7 Impairmgnt of fixod assets At each r8POrting end dale, the Charity reviews the carrying amounts of ils tangible assets lo determine whether ther8 is any indication that thos8 assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is astimaled in order to d8tsmine the extent of Ihe impaimient loss lif any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-term liquld investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts ar& shown wilhin borrowings in current liabilities. 1.9 Financial instruments The Charity has eleGled lo apply the provislons of Section 11 'Basic F5nanclal Instruments. and S8cllon 12 'Olher Financial Instruments Issues, of FRS 102 to all of Ils financlal instruments. Financi81 instruments are rgcognised in the Charity's balance sheet when the Charity becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are offsel. with the nel amounts presenled in the financial stalem6nls, when there is a legally enforceable right lo set off the reco9nised amounts and ther8 is an intention to settle on net basis 01 lo realise the asset and settle the liability simultaneously. 13 Draft Flnanclal Statements at 30 September 2025 at 14..40:48 GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcies Icontlnued) Basic finanGial assets Basic financial assets, which include debtors and cash and bank balances. are initially measured at transaction price including Iransa¢tion costs and are subsequently carried al amortised cost using the affective interest method unless the arrangemont CDnstitules a financlng transaction, where th8 transactlon Is measured at the present value of the future recelpls discounted al a market rate of interest. Financlal assets classified as receivable wilhln one year are not amortised. Baslc flnancial liabllltl8$ Basic financial liabilities, includlng creditors and bank loans are initially recognised al transaction price unless the arrangement conslilules a finanong transaction. where the debt instrument is measured al the present value of the future payrnenls discounted al a market rale of interest. Financial liabilities classified as payable wlthin one y8ar are not aM0￿.Sed. Debt instrumtnls are subsequently carried al amortised cost, using the effective interest ral8 m8thod. Trade creditors are obligations to pay for goods or services that havo b&en acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within on8 year or less. If nol, they are presented as non-current liabilities. Trade creditors are r8¢ognised initially at transaction price and subsequently measured at amortised oosl using the effective interest method. Dorgcognltlon of flnanelal Ilabllltlo$ Financial liabilities are derecognised when the Charity's contractual obllgallons explre or are discharged or cancalled. 1.10 Employee benefits The cost of any unused holiday entitlement Ss recognlsed in the period in which the employee's 5eNices are received. Termination b8nefits are recognisgd immediately as an expense when the Charity is demonstrably commill8d to termlnate thg ernploymenl of an employge or to provide termination benefits. Crltl¢al accounting estimates and Judgements In the application of the Charlty's ac¢ounllng pollcies, the Trustees are required to make ludgements, estimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumplions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimate5. The eslimales and underlying assumptions are revieweé on an ongoing basis. Revisions to accounting estimates are recognis8d in the period in which the estimate is revised where the revision affects only that period, or In the perfod of the revision and future periods where the revlslon affects bolh current and futur8 periods. Tangible fixed ass8ts Tangible fixed assets are depreciated over their useful lives taking into account residual values where approprlate. Th8 actual lives of the assets are assessed annually and may vary d8pending on a number ol factors. 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 eslimaled value in use. 14 Draft Flnanclal Statements at 30 September 2025 at 14.'40:48 GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Incoma frorn donations and legacios Unre$trl¢ted Unrestricted funds funds 2025 2024 Donatsons and gifts 55,270 60,270 Donatlons and glfts Belfast City Council Civic Award Arts & Business- Blueprint 28,270 30,270 3,000 27.000 27,000 55,270 60,270 Incomg from ¢haritablo activitios Unrnstrictod Restrict•d funds funds 2025 2025 Total Unrestricted R&stri¢t8d funds funds 2024 2024 Total 2025 2024 Charitable activltles Performance related grants 247 327,263 327.510 1.000 376.224 377,224 Performance relatod grants analysls Charltable activities 2025 Charltable activities 2024 236,679 227,007 19.126 48,600 30.219 21,273 25,000 ACNI Ampersand Art Fund OormantAccounts Future Screens Civic Arts Award Foyle Foundation Garfield Weston Other 31,146 21,538 15.000 20,000 3,147 5,999 327.510 377,224 15- Draft Flnanclal Statemgnts at 30 September 2025 at 14:40'.48 GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 other trading activltlo5 Unro8tricted Unrestricted funds funds 2025 2024 Service provision 16,812 59.887 Charitsble activilles 2025 2024 Staff Costs Depreciation and impairment Travel and accommodation Catgring and hospitality Publicity and marketing Light and heal Rent and service charge Telephone and intemet Equipment and materials Maintenance and secudty Artistic cost Insurance Research and evaluation 198,487 3.099 23.654 4,810 13,314 2,183 68,311 4,470 26.070 19,888 53,398 8,222 171,570 2,530 15,804 4,366 3,410 5,490 58,019 7,147 35,382 9.001 61,985 6.030 2.160 425,906 382.894 Share of support costslsee note 71 Share of govemance Gosls {see note 7 3,771 6.800 3,746 8.880 436,477 395,520 Analysis by fund Unrestricted funds Reslricled funds 24.935 411.542 436.477 For tho year ended 31 March 2024 Unrestrfcted funds Reslricled funds 68,735 326,785 395,520 16 Draft Flnanclal Statements at 30 September 2025 at 14:40:48 GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs Support Govornane costs cost¥ 2025 2024 Training and staff dev81opment Printing, postage and stationery Bank charges Accountancy 56 980 35 2.700 56 980 35 4,200 86 452 723 3,960 1,500 Legal and professional 5.300 5,300 7,380 3,771 6,800 9,071 11.126 Analysed belween Charitable activities 3,771 6,800 1 D,571 12,626 Trustees None of the Tnjstees (or any persons connected with them) received any remun8ralion or benefits from Iho Charity during the year. Employees The average monthly number of employèes during the year was.. 2025 Number 2024 Number Admin Trust88S 15 Total Employment costs 2025 2024 Wages and salarfes 198,487 171,570 Remuneratlon of key management personnel The remuneration of key management personnel 15 as follows 2023 2022 Aggregate compensation 90,586 89,940 Key management include the Gallery Dirèctor and Deputy Director. 17 Draft Flnanclal Statsments at 30 September 2025 at 14:40:48 GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Taxation The chsrity is exempt from taxation on ils aclivili8s becaus8 all ils income is applied for charitable purposes. 11 Tanglblo flxod assets Flxture• and fittlngs Cost At 1 April 2024 Additions 26,914 12,503 At 31 March 2025 39.417 Doproclatlon and Impalmiont At 1 Aprll 2024 Depreclatlon ch8rg8d In the year 23,921 3.099 At 31 March 2025 27.020 Carrylng arnount At 31 March 2025 12,398 Al 31 March 2024 2.993 12 Debtorn 2025 2024 Amounts falllng due wlthln one yèar: Prepayments and accrued Income 21,040 13,598 13 Credltors: amount8 falllng due wlthln ono yoar 2025 2024 Other credltors 2,746 3,280 18- Draft Flnanclal Statements at 30 September 2025 at 14:40'.48 GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Restri¢tsd funds The restricted fvnds of the charity comprise th8 unexpended balances of donations and gran15 held on trust subi6Ct lo specific conditions by donors as lo how they may be used. Movement In funds Incomlng Resources Batan¢¢ #t r•souKo¥ •xp•nd•d 31 Morch 2025 Balancg at 1 Aprll 2024 ACNI Annual Funding Programme ACNI Arts and Older People Programme ACNI Other ACNI Lot Fund ACNI Stability & Renewal Dormant Accounts Betfast City Counul Ampèrsand VSB Foundation Foyle Foundation Future Screens Garfield Weston Civic Arts 220.025 3,169 3,485 10,000 {220,0251 15,3811 (3,485) {20,0001 12,601) {59,0041 {2,900) {19,6711 13081 115,0001 138,1641 2,212 10.000 2,601 27,858 31,146 2.900 19,674 308 15.000 21,538 20,000 16,626 20,000 25,000 125,0001 104,278 327,263 1411,5451 20,000 Grants from the Arts Council of Northern Ireland IACNII ar8 received for annual core and programme funding. as shown. The ACNI Equipmonl Programme and ACNI Slability and Renewal funds represent th8 n81 book value of tsngible fix8d assets purchased with the reslricled funds. Th8 Othèr fund repres8nts small restricted grants reGeived from various funders. 15 Analysls of net assets between funds Unrestrlcted Restrlctgd 2025 2025 Total 2025 Total 2024 Fund balances al 31 Ma￿h 2025 are reprasenled by.. Tangible assels Current asselsl{liabilitiesl 12.398 160,609 12,398 160,609 2.993 206.899 173,007 173,007 209,892 16 Related party transactions Ther6 werè no disclosable related paty transactions during the year12024 - none). 19- Draft Flnanclal Ststements at 30 Septembèr 2025 at 14',40.'48 GOLDEN THREAD GALLERY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Cash {absorbgd by)Ig•narated from oporation8 2025 2024 ID8ficitllsu￿Iu8 for the year (36,885) 101,861 Adlustment8 for: Depreciation and impalrment of tangible fixed assets 3,099 42 Movements In working capltal., (In¢r8asel in ¢Y8blors IDecr8asel In ¢r&dllors 17,4411 1534) 19.964) (28,463) Cash (absorbed byVgon•ratod from oporatlons 141,7611 63,478 -20-