GEMS NORTHERN IRELAND LTD Company Llmlted by Guarante• Flnanclal Statemonts Year Ended 31 March 2024 Company No: N1059280 Charity Nl No: 101125 GEMS NORThERN IRELAND LTD Company Limited by Guarantee Table of Contents Year Ended 31 March 2024 Page Company Information Report of the Trustea8 4-17 Report of the Independent Audltors 18-21 Statement of Flnanclal Activitle8 Balanc8 Shaet Ca8h Flow Statement 24 Notes to the Flnancial Statements 25-34 GEMS NORTHERN IRELAND LTD Company Llmited by Guarantee Company Information Trustees Mr D Colllns Ms L Boyd Mr K Knox MrA Hamilton Mr L McNeill Ms J Murray Dr N Wh61an Mr C Nugent Dr l Bailey (Chairperson) (Vice-chair) IT￿asUrer) (Secretary) Address for Correspondenco 34 Shaftesbury Square Belfast BT2 7DB Rag18ter•d Offlco Ascot House 34 Shaftesbury Squar8 Belfast BT2 7DB Audltors AAB Group Accountants Limited 1-3 Arthur Street Belfast 8T14GA Bankors Ulster Bank Limited 91-93 Univ8rsity Road Belfast BT7 1NG Sollcltors Edw8rds & Co. Solicitors 28 Hlll Street 88lfast BT12L4 Regl8tered Charlty No. NIC101125 Reglstered Company No. N1059280 Key Management Mrs S Russam MBE. Chief Executiv8 GEMS NORTHERN IRELAND LTD Report of the Tru8tegs Year Ended 31 March 2024 Report of tho Truste95 for the Ye•r EndinA 31. March 2024 The Trustees are pleased lo present their Annual Trustees, Report together with the Financial Statements of the Charity for the Year Ending 31st March 2024,. whlch arè also prepared to meet the requirements for a Directors Report and Accounts for Compani88 Act purposes. Chairpgrson's Rèport Welcome lo our annual r8port lor 202312024. We work to help unernployod and economlcally inactlva paople to belleve In themselves and recognise thelr own potential. Our knowledgeablè. professional, eommilled and compassionate tB8m work together to support. eneourage and enable each person we work with to believe in themselves and their ability lo secure sustainable employment and if required, transfer Iheif skills to new opportunitie5 in the ever-Ghanging world of work. We are committed to continuous Improvement and development and always challenge oursalves to provlde high qu81ity, impartlal. on8-lo-one careers Informatlon, advice and guldanGe Ihot helps build 8 person's 8elfr oplnlon Wa conducted our audit in accordance wlth Internatlonal Standards on Auditing (UK) {ISAs (UK)) and appllcable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of Ihe accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are r818vant to our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical resp)nsibllilies in accordance with these requlrements. We believe that the audit evidence we have obtsined is suffldent and approprlate to provide a basis for our opinion. Concluslons relating to golng concam In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financlal statements Is appropi8te. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions thal, individually or collectively. may cast significant doubt on th8 charity's ability to continue as a going concem for a perlod of al least twelve months from when the flnancial statements are aLrthorised for issue. Our responsibilllles and the responsibllitles of the trustees with respect lo going concem are descrlbed in the relevant secllons of this report. 18 Report of the Independent Auditors (continued) to the members of Gems Northern Ireland Ltd (a company Ilmlted by guarantee) Year Ended 31 March 2024 Other information The other information comprises the infomialion included in the annual report, other than the accounts and our auditorfs report Ihereon. The Trustees are responsible for the other information. Our opinion on the account5 does not cover the other information and. except lo the extent otherwise expllcllly stated in our ￿POrt, we do not express any fomi of as8urance conclusion thereon. In connection with our audit of the accounts, our responsibility is to read the other Infomiation and, in doing so, consider whether the other infomiation is materially Inconslstent with the accounts or our knowledge obtained in the audit or otherwise appears to be malerially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are requI￿d to determin8 whether there Is a material mlsslalemenl in the accounts or a material misstatement of the other information. If, based on the work we have performed. we conclude that there 18 8 material misstalament of this other informatlon, we are requlr8d to report that fact. We have nolhlng to report In this regard. Oplnlons on oth•r mattor8 pr08crlbod by Ihg Compan1•8 A¢t 2006 In our oplnion, based on the work undertakgn in th8 cours8 of our audit- the inform8tion given irthe Trustees Report for the financial year for which the accounts are pr&pared is consistent with th8 accounts,. and - the Trustees Report has been prepared in accordance with applicable legal requirements. Matters on whlch wfr ar¢ requlred to r•port by excèptlon In the light of the kno￿edge and undarstanding of the Trustees and its 8nvironment obtained in the course of th8 audlt, we have not idenlifled malarlal mlsstatements In th6 Trusto&s Report. We have nothlng to report In respect of the following matters Sn relallon to whlch the Companle8 Act 2006 requires us to ￿port to you if. in our opinion.. - adequate accounting records have not been kept, or retums adequate ftjr our audit have not been rac&ived from branches not V15ited by us; or th8 accounts are not In agreement with the 8ccounting records and returns; or certaln disclosures of trustees. remuneration specified by law are not made; or we have not received 811 the infomialion and explanations we require for our audit. R08pon81bllltle8 of Trustaes As explained more fully in the Statement of Trustees ResFonsibililies, th6 Trustees are r8sponsible for the preparatson of the accounts and for being satisfied that they give a true and fair view. and for such internal wntrol as the directors determine is necessary lo enable the preparallon of accounts that are free from material misstatement, whether due to fraud or error. 19 Report of the Independent Auditors (continued) to th• members of Gems Northern Ireland Ltd (a company limited by guarantee) Year Ended 31 March 2024 In preparing Ihe accounts, the Trustees are responsible for assessing the charity's ability to continue as a going Concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the Trust88s either intend to liquidate th8 company or to Gease operations, or have no realistic alternative but to do so. Audltorfs responsibllitios for the audit of tho financlal statèments Our objective5 are to obtain reasonable assurance about whether the accounts as a whole are free from material misstat8m8nt, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) wlll always delecl a malerial misstatement when it exists. Mlsslatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably b8 8xpect8d to influence the economic decisions of users taken on the basis of these accounts. Irregularities, including fraud, are Instances of non4omplSance wlth laws and regulatlons. W8 design procedures In Ilne with our r8sponsibilities, outlined above, to detect material mlsslatem8nts in respect of Irregularities, including fraud. The extent to which our procedures are capable of detecting Irregularit18s, including fraud,18 detailed below. We obtained an understanding of the legal and regulatory framework appllcable to the company through enquiry of man8gement, industry research and the application of cumulative audit knowledge. We identified the following prlncipal laws and regulations relevant to the company- Companies Act 2006 and the Financial Rèporting Standard applicab18 in the UK and Republic of Ireland {FRS 1021. We developéd an understanding of the key fraud risks to the entity (including how fraud might curl, the controls In place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may b8 SUSC8ptible to management blas. Our und8rslanding was obtained through revlew of the financial statements for significant accounting 8Stimales. analysi8 of journal entries, walklhrough of the key controls cycles in place and enquiry of managemenl. Our procedures to respond to Ihose risks identified included, but were not limited lo.. Enquiry of management, and the entity's sollcitors around actual and potential Iltigatlon and claims. Enquiry of management to identify any instances of nonrycompliance with laws and regulalions. Reviewing minutes of meetings of those charged with governance. RevIe￿ng financial statement disclosures and testing to supporting documentation to assess compliance wth applicable laws and regulations. Auditing the risk of rnanagement override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluallng the business rationale of significant transaclions outside the nomal course of business. transactions outside the normal course of business. A further description of our responsibilities for the audit of Ihe accounts is located on the Financial Reporting Council's website al.. http.'Ilwww.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. 20 Report of the Independ6nt Auditors (continued) to the members of Gems Northarn Ireland Ltd (a company limited by guarantee) Year Ended 31 March 2024 This report is made solely to the charltable companys members, as a body, in accordance with Chapter 3 of Part 16 of the Compani85 Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might ststs to the charitable companys members those matters we are requlred to stat8 lo them in an auditors. report and for no other purpose. To the fullest extsnt pemitted by law, we do not 8ccept or assume responsibility to anyone other than th8 charitab18 company and its members as a body. for our audit work, for this report, or for the opinions we have fomied. Teresa Campball {S&nlor Statutory Audltor) forand on bfrhalf of AAB Group Accountants Llmlt8d Chart8rgd Accountant5 & Slatutory Audltor 1.3 Arthur Street, Belfast, BT14GA Date 21 GEMS NORTHERN IRELAND LTD Statement of Financlal Activities (incorporating an income and expenditure account) for the year ended 31 March 2024 Total Funds 2024 Total Funds 2023 Unrestrfcted Restrfcted Notos Income and endowments from: Charitable Activities 32,701 1,294,249 1,326,950 1,261.687 Other incom8 638,048 638,048 Other tradlng activities 58,069 58,069 Total Income and andowments 728,818 1,294,249 2,023,067 1,261.687 Exp•ndtture on: Charitab18 Acllvltl88 1165,413) (1,263,858) 11,429,271) (1,180,697) Total Expendlture {165,4131 (1,263,858) (1,429,271) (1.180,6971 Net Incomq l (expendlture) for the year before transfers 563,405 30,391 593,796 80,990 Transfers be￿en funds N•t movèment In funds 563,405 30,391 593,796 80,990 Reconclllatlon of funds Fund balances brought forward 183,162 2,247 185,409 104,419 Fund balan￿8 carried forward 14115 746,567 32,638 779,205 185,409 All income derives from continulng actlvitles, therefore no statement of recognised gains or losses is giv8n. The notes on pages 25 to 34 form part of these financial statements. 22 GEMS NORTHERN IRELAND LTD Balance Sheet as at 31 March 2024 Note 2024 2023 Flxed Assots Tangible assets 10 635,626 8.184 Current Assets Debtors Cash at bank and in hand 11 138,740 179,649 318,389 246.745 135,845 382,590 Credltors: amounts falling due within one year 12 174,810 197.633 NET CURRENT ASSETS 143,579 184.957 TOTAL AsseTS LESS CURRENT LIABILITIE8 779,205 193,141 Credltors.. amounls falllng due greater than one year 13 7,732 NET ASSErs 779,205 185,409 R8pr8sentéd by.. Unrestrlctod Fund$ 14 746,567 183.162 Rastrl¢l¢d Funds 15 32,638 2,247 779,205 185.409 These financial statements have been prepared In accordance wlth the speclal provlslons of Part 15 of the Companies Act 2006 relatlng to small companies. The financial statern&nts were approved by the Board and signed on its behalf- 6th December 2024 Date Mr D Colllns Director Company No: N1059280 The notes on pages 25 to 34 fomi part of these financial slatements. 23 GEMS NORTHERN IRELAND LTD Cash Flow Statement as at 31 March 2024 Restated 2023 2024 Note Cash Used In Operatlng Activitles 17 55.277 102,605 Investlng activities: Purchase of property plant and equipment {19.605) 15,184) Cash provided by (used In) Investlng actlvltlos 19,605 5.184 Cagh Flow from flnanclng actlvltlo8 Repayment of Borrowing (9.074) 19,006) Cash used In financing actlvities 9.074 9,006 Increase (decrease) in cash and cash equivalents in the year 26,598 88,415 Cash and cash equivalents at the beglnnlng of the year 64.936 23,479 Cash acquired on acquisitions 26,821 Total Cash and Cash Equlvalent8 at the and of thè yaar 118,355 64,936 24 GEMS NORTHERN IRELAND LTD Notes to the Financial Statements for the year ended 31 March 2024 1 ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statèments ar6 as follows.. al Basis of preparation The financial statements have been preparèd in accordance with Accounting and Rèporting by Charlties.. Statement of Recommended Practlce applicable to charities prèparing thair accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019)- (Charities SORP IFRS 102)). thè Financial R8POrting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. The charity meets the definition of a publi¢ benefit entity under FRS 102. Assets and liabilities are intially recognised at historical cost or transacts'on value unless olhorwise stated In the relevant accounting policy note{sl . b) Preperation of the accounts cn a going conoem basis At the date of approving the flnanclal slatemenls, Ihe trustees have a reasonable expedalion Ihat the charity has adequate resources to continue to operational existence for the foreseable future. Thus the trustees continue to adopt the golng concern basis of accountlng In préparing the financial statements. c) Fund Accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees In furtherance of the general obj8Ctlves of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance wlth speclfic restrictlons Imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specrfic fund. The aim and use of restrlcled funds Is set out in the notes to the financial statements. Restricted funds may only b8 transferred to general once the criteri8 for restrictlon have been discharged or no longer apply. d} Income Recognltlon Policies Items of income are recognised and Included In the accounts when all of the following criteria are met: The charity has èntiUement to the funds., any perfomance condltlons attached lo the Stem of income has been mel or are fully within the control of the charity. there is sufficlent certainty that receipt of the Incom8 Is consldered probabl8,' and the amount can be m8asur8d rellably Revenue grants aro credlted to incoming resources on the earller date of when they are recelved or wh8n they are receivable, unless they relate lo a specified future period, in which case they are deferred. el Interest Receivable Interest on funds held on deposlt is Included when receivable and the amount can be measurèd rellably by the Gharity., this is normally upon notification of the interest paid or payable by the Bank n Expenditure and irrecoverable VAT Expénditure is recognisad once thar8 is a legal or constructive obligatlon to make a payment to a third party. it is probab18 that settlement will be r8quired and the amount of the obligation can be measU￿d reliably. Expenditure is clsssified und8r the following activity headings.. ExpendSture on charltabla activities includes the costs of activities undertaken to further the purposes of the charity and their associatsd support Costs 25 GEMS NORTHERN IRELAND LTD Notes to the Financial Statements for the year ended 31 March 2024 I ACCOUNTING POLICIES {contlnu6dl Irrecoverable VAT Is charged as a cost against the activity for which the 8xpenditur8 was incurred. gl Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of thre8 months or less from the dale of acquisition or opening the deposit or similar account. h) Ajlocation of support costs Support cost5 are those functions that assist th8 work of the charity but do not dIre￿lY undertake charitable a¢tivilies. Support costs include back office costs, finance, personnel, payroll and governnace costs which support th8 charivs programm8s and activities. i) Tanglb18 Fixed Assets Tanglble fixed assets are stated al cost less depreciation. Depreciation is provided al rates calculated to write off thè cost or valuation of flxed assets. less their èstimBted residual value, over their expected useful lives on the following basis.. Computer 8qulpm8nl Fixtu￿ & fittings Land & buildings 33.339h Stralght Ilne 150A straight line 20A Straight line The carrying value5 of tangible fixed assets are reviewed for impairment wh8n events or circumstances indicate the carrying value may not be recoverable. J) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments ara valued at the amount pr8paid after taking account of any trad8 discount due. kl Creditors and Provisions Credllors and provisions are recognised vthere the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligalion can be measured or estimated reliably. Credltors and provisions are normally recognised at Ihelr selllemenl amount after allowing for any trade discounts due. l) Financial instruments The trust only has fin8ncS81 assets and flnancSal liabillllés of a klnd that quallfy as baslc flnancial instrnmenls. BasiG financi81 inslrum8nts are Initially recognised at transaction value and subsequenuy measured at th8ir sett18ment value wilh the exc8plion of bank loans which are subsequently measured at the carrying valLJe plus accrued interest less repayments. The flnancing charge to expgndilure is at constant rate Galculaled using the effective interest method. ml Penslons The company operates a defined contribution pension scheme. Contributions are charged in thè statement of financial acliviti8s as they become payable in accordance with the rules of the scheme. n) Finance and operating leases Rentals applicab18 to operating leases are charged to the SOFA over the period in which the cost is incurred in gqual amounts. Assets purchased under finance leases are capitalised at their fair value at the inception of the contracts and depreciated over their estimated useful lives. Obligations under such agreements are included in creditors. The difference behveen the capitalised cost and the total obliagation under the lease represents the finance charges. Finance charges are allocated over the period of the lease in proportion to the capital amount outstanding. 26 GEMS NORTHERN IRELAND LTD Notes to the Financial Statements for the year ended 31 March 2024 1 ACCOUNTING POLICIES {contlnued) ol Taxation The company is a registered charity and the charitable tax exemptions are therefor8 being claimed to the 8xtent that income andlor gains are applicable and applied to charitable purwses only. These exemptions will rgrnain in plac8 as long as income and expgnditure 15 applied to charitablg purposes only. p) Critical accounting estimates and judgements In the application of the companys accounting policies, the trustees are requlred to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and assoclated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from thÈse estlmates. The estlmat8s and undedying assumptlons are revi8W8d on an ongoing basis. Revlslons to accounting estimales are ￿cOgnISed in the period In which th8 estlmate is revised where th8 revlsion affects only that perlod, or In the perlod of th8 revlslon and future periods where th8 revlsion affects both ¢urrent and future perlods. The trustees consider thet there are no mat8rial areas of judgement or estimation uncertainty. 2 Legal Status of the Charlty The charlty Is a company limited by guarantee and has no share capital. In the event of the charlty being wound up the liability in respect of the guarentee is Ilmited lo £1 per member of the charity. 27 GEMS NORTHERN IRELAND LTD Notes to the Financial Statam•nts for the year ended 31 March 2024 3 Income and Endowments Incomg froffl Charitable Actlvltles Total Fund$ Total Funds 2024 2023 Unrestrlcted Restrlctod Department for Employmènt and Laaming USDT B Works USDT BCC Academy Belfast City Council Belfast Met - Step up Erasmus Plus ITER Prolect CFSP Family School Ne￿ork Project BBC Children In Need EULAB- Makes Sense Radius VSB Foundatlon Other mlscellaneous grants 1,726 1,726 444,289 426,735 5,186 144,437 598,902 529,250 148,400 598,902 547,750 148,400 18,500 54.002 88,635 16.266 27.791 14.229 25.452 8,756 5,445 8,756 5,445 15,000 971 15,000.00 971.00 14,663 32.701 1,294,249 1,326,950 1,261,685 The 2023 income from charitable activilles was split between unrestrlcted of £437,862 and restricted of £823.825, Other Income Total Funds Total Funds 2024 2023 Unrostrlctod Restrlctad Bank Int8r88t Net assets acquired - acquisition of Farranshane 215 637,833 215 637.833 638,048 638.048 Income from other trading activities Gems Narthern Ireland Ltd acquired Farranshane Community Trust on 18th April 2023. Given Farranshane operat6s seperately to GEMS charitiable activities. the trustees believe it is appropriate to present the financial performance of farranshane separate to that of GEMS. The summary financial performance of Farranshane alone is: 2024 Turnover 58,069 (24,618) Expenditure Net Profit 33.451 28 GEMS NORTHERN IRELAND LTD Notes to the Financial Stataments (cont) for the year ended 31 March 2024 4 Results for the year The results for the year has been arrfved at after charging the following.. 2024 2023 Staff costs Audit f88s- external D8pr8ciation 1.034.891 5.500 17.163 798,120 5,500 3,628 5 Analysls of expenditurè on charltable actlvltlos: Ta)tal Fund8 Total Funds 2024 2023 Unrnstrlcted Restrlcted Employment Services Initiative8 Projects and programmes Support Costs Governance Costs 124.011 124,011 847,317 451,045 6,898 259,228 604,045 305,936 11.488 847,317 411,307 5,234 39,738 1,664 The 2023 expenditur8 on charitabl8 a¢tlvltles was spllt b8tsv88n unr8strlcted of £350.451 and restricted of £830,246. 6 Analysis of govornan¢e and support costs: The charity Initsally identifies the costs of its support functions. It then identifies those costs which relale to the govemance function. Governance costs and other support costs are apportioned seperately b8iw8en the charitable activity undertaken in EmployTnent services initatives and Projects and programme$. Actlvltl•s undertaken dlrectly Support Gov•rnanu Totsl Funds Total Funds Costs Cost$ 2024 2023 Employment S8rvlces Initiatives ProJe¢tS and programmes 124.011 847.317 39.738 411.307 1,664 5,234 165.413 1,263,858 350.451 830,246 29 GEMS NORTHERN IRELAND LTD Notes to the Financial Statements (cont) for the year ended 31 March 2024 7 Staff eosts and the cost of kay management personnel 2024 2023 Salaries and Wages Employers National Insuranc8 Oth8r Pension Costs 899,006 81.523 54,362 684,664 68.152 45,304 One employee had emoluments between £60,000 - £70,000 {2023: One). The key management personnel of the charity comprise the Trustees, th8 Chalr, the CEO, Director of Employment Services, Director of Corporate Services and the Dlrector of Operallons. The totsl employee benefits of the key management personnel of the charity were £213,013. The averag8 monthly head count was 28 staff and the average monthly number of full tlm8 equivalent employees (including casual and part time Staff) during the year was as follows: 2024 Number 28 2023 Number 21 Number of Project Staff Number of Administrative Staff Number of senior management stsff 8 Trustees. Emoluments The charity Trustees were not paid or received any olher benefits from employment with th8 charity in the year {2023.' £nil) neither were they reimbursed expenses during the year {2023: £nil}. No charlty Trustee received payrnent for professional or other servicès supplled to the charity (2023: £nll). 9 Related Party Transactlons None of the Trustees receive remuneration or oth8r benèfit from th8lr work wlth the charity. Any connection be￿6en a Trustee or senlor manager of the charity with organisations the charity works with musl be disclosed to the full Board of Trustees in the same way as any other contractual relatlonshlp with a related party. 30 GEMS NORTHERN IRELAND LTD Notes to the Flnanclal Statements (eont) for the year ended 31 March 2024 10 Tangible Flxed Assets Land & Flxtures & Computer Bulldings Fittings Equipment Total Cost" As al 1 April 2023 Additions Assets acquired on acquisition 70,649 11,114 70.649 19,605 625.000 8,491 625,000 As at 31 March 2024 625,000 8,491 81,763 715.254 Depreciation: As al 1 April 2023 Charg8 for the year 62,465 4,026 62,465 17,163 12,500 637 A8 at 31 March 2024 12,500 637 66,491 79.628 Net Book Value As at 31 March 2023 AS at 31 March 2024 11 Debtors 2024 2023 Trade debtor8 Prepayments, accrued Income and other debtor8 2.667 136.073 246.745 12 Credltors: amounts falllng duo wtthln one year 2024 2023 Trade creditors Bank loans and overdrafts Taxation and social security Accruals and Deferred Income Other credilors 5.464 70,564 48,897 44,103 5,782 81,521 77,022 39,090 174,810 197,833 2024 2023 Movement in Deferred Income: As at 1 April Resources deferred during the year Amounts released from previous years 7.945 26,449 (7.945) 15,158 7.945 (15.158) As at 31 March 26,449 7.945 31 GEMS NORTHERN IRELAND LTD Notss to th• Flnancial Statements (Gont) forthe ear ended 31 March 2024 13 Cr•ditors: amounts falling du• greater than on• y•ar 2024 2023 Bank loans 7.732 14 Anatygis of Mov•m•nts In Unr•strlctsd Fund• Funds as at 31 March 2024 Funds as at 01 Aprll 2023 Incoming Resource$ Resource$ Expended General Funds 183.162 n8,818 1165,4131 746,567 Totsl 183 102 728818 165413 746,567 Fund• a8 at 31 March 2023 Fund• a¥ at 01 Aprtl 2022 Incoming R•oourco1 Ro¥ource• Exp•nd•d G6ner81 Funds 95,751 437,862 1350,451} 183,162 Total 95,751 437,882 350,451 183,162 15 An•ly818 ol Movom•nt¥ In Restrlct•d Fund• l Aprll 2023 31 March 2024 Income Expendltur• Transfers BBC Chlldren In nèed USDT Belfast works 2,258 11,2501 IS761 1.008 10,538 11,114 Total fixed os8•1 funds 2.258 11.114 1,826 11,546 BBC- Gateway to ¢hoic8S 88C- Academlas USDT- 8ell&%t works co￿ENT 88llasl Met- Slop up D8veloping healthy VSB Foundation CFSP 474,999 54.251 587.788 1.726 148,400 971 15.000 1474,9991 148.1591 1587.788} {1,718} 1148.4001 19711 092 181 1J.000 {31 Total net as8et fund 1.283,135 1,262.032 21,092 Total Funds 2,247 1,294.249 1.263,858 32.638 GEMS NORTHERN IRELAND LTD Notes to the Financial Statements (cont) for the vp.Ar ended 31 March 2024 1S Analysis of Movem•nts in Rastrlclad Funds (¢ontlnuedl Balance l Aprfl 2022 8alance 31 March 2023 Income Expendltur• Transfer5 BBC Children In nee(1 3,508 11,2501 2,258 Total fixed a5sel fund5 3,508 1.250 2,258 CFSP CtsMENT Erasmus Plus Antrlm & Newtownabbey Borough Councll 88C Children in Need USDT Belfasl Works USDT BCC Academy {3) {8) 591 88,635 444.289 188,6351 (444,2891 {591) 131 181 1,883 27,791 256.041 5,186 {1,8831 132,371) (256,041) 15,1861 4,580 Total nel 880èt funds 5,160 823.825 828,996 Total Fund8 8,668 823.825 830.246 16 Analys1¥ of not a•￿ta b•tw•en fund• Unre•trlcted Re8trlct8d Fund Fund8 Tot41 Fixéd Assets Nel currgnl a886t8 Credllors: amounts falling due grealar than one year 624,080 122,487 11,546 21.092 635,62e 143,579 Total 746.567 32,638 779.205 17 Recon¢llllatlDn of net mov•mont In funds to net cash flow from opor4tlng actlvltles: 2024 2023 Nel movemant In fund8 Add back: Depredation chaffJe Less: Galn on scquisluon Not worklng capltsl 8cqulred on acqulsltlon 593.796 80.993 17.163 3.628 {637.8331 113.9881 Decrnase l {Increase} in debtors {Decrea5el l increase In creditors (excludlng overdraft81 108,005 {11.8661 150,9601 68.947 Net Ca8h usod In oporatlng activiti98 55,277 102.605 GEMS NORTHERN IRELAND LTD Notes to the Flnancial Statements (cont) for the ear ended 31 March 2024 Restated 2023 2024 18 Analys18 of cash and cash equivalents Cash In Hand Bank Loans and Overdrafts 179,649 (61,294) 135.845 (70.9091 118,355 64.936 19 Acqulsltlon of a buslnoss On 18th Aprfl 2023 Gems Northern Ireland Ltd acqulrad Farranshane Community Trust. There was no consideration pald by Gems for the net assets acqulred. Net assets acquired Book Value Adlustments Falr Value Property. plant and equlpm8nt' Cash and cash equivalents Trade and other receivables Trade and other payables 460,865 26,821 955 114,943) 164,135 625,000 26,821 955 (14.9431 Total identlfiable net assets 473,698 164,135 637,833 The Property, plant and Equipment acquired w8r8 independently valued by O'connor Kennedy Turtle and resulted In a galn of £164,135. As a result, the fair value of the Property, plant and equlpment as at 31 March 2024 was £625,000. 20 Comparatlve Informatlon C8rtain comparative informatlon has been restated to reflect a fairer comparlson wllh current year. These restatements have not h8d any effect on reported results for thé year ended 31 March 2023 nor on totsl equity as at 31 March 2023. 21 Contlngent Ilabllltles The charity acquired Farransh8ne Community Trust on 18th April 2024. Arising from the integralion of Farranshane Communty Trust are potential lax liabilities from unresolved VAT matters. The charity Is Currently in cornmunicalion with HMRC which was made unprompted by the Charity. The matter could end up in further Inv8Stlgation with HMRC however, at th8 dat8 of signing the cost to the charfty could not be reliably estimal8d. 34