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) ITasUrer) (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 8elf<onfiden¢e, skills, m¢tivation and their personal capacity for leaming and work. Our approach Is rooted in a deep underslandlng of the dlver8e needs of those wa 58rvg, enabling us to lallor our support lo each indlvidual's unlque clrcumslances. By foslerlng a nurturlng envlronmenl, we empow9r indlviduals lo explor8 their asplrallons and overcome barriérs lo employment. We actlvely seek feedback from our participants lo refine our services and ensure they align th the 6volvlng demands of the labour market. Thi5 commitment lo adaptability and responslvenegs not only enhances our effecllveness but also slrenglhen¥ tha resillence of those we assi8188 they navlgale Ihelr pathw8ys lo success. W8 are dellghted by our relenllon of quallly markslslandards.. matrix, IS09001..201 S, Investors In People and are currently working wlh Belfast City Council to become a 'B8lfa81 Busln8ss Promise, accredited org8nis81ion. Malnlaining strong conneGtlons wlth our 88ry1ce beneficlarle8, n8twork8 & other key stak8holders during 20231 2024 has been fundamental to our organSsallonal strategy amld81 the challenges 8nd changes we have faced. By acllvely engaging wllh our community, we have 8ffectSvely adherad lo our busln88s plan driving our slraleglc oblaclivès while enhancing our capacity lo d8valop innovatlva pmgrammes and servlc8s that address both current and amerging n8eds. We are deeply committed lo creallng Social value, whlch 8eN68 as the foundatlon of our dedlcallon lo partnershlp working and collaborallve efforts that positively Impact communllle8 and Indlvidu81s. Looklng ahead, we aim lo further empower economlcally in8clive and unemployed adults people by provlding them wlth the qualifications and confldence and motivation n8c68sary for success and the achi8v8rn8nl of sustainable ¢mployobilily pathways. Our ini118tivas will focus on équipping individuAls with the skills and confid6nce needed to explore new career opportunllies. thgroby foslgring a pathway towards Sustainable gmploymenl and parsonal growth. The fSnanclal year 202312024 has presented significant challenge5 for GEMS Nl, primarily due to the cessation of funding from the EurDpean Social Fund IESFI in Northeffl Ireland and the conclusion of the Erasmus Plus programme, which r95ulted from the UK'S oxit from the European Union. De5Pitg earfier assuranGe$ regarding the transition lo successor funding, specifically the UK Shared Prosperity Fund (UKSPF). we have found that the level of support available through these new funds dogs not match that of th8 former ESF programme. The UKSPF has notably shifted ils emphasls towards assisting only the economically inactive client group, which includes indlvidua18 who are not mandated by benefits lo actively Seek work.
GEMS NORTHERN IRELANO LTD Report of the Trusteeg Year Ended 31 March 2024 Throughout this transition, GEMS Nl, along with other organisalions, faced uncertainty a5 we awaited confimation of UKSPF lunding until the very last day of ESF funding on 31 March 2023. This period was particularfy distressing for our st8ff, who were issued redundancy notices while awaiting clarity on the future of our funding. Such circumstances wer8 less than conducive lo maintsining morale and oper81ion81 stability. However, il 18 with great apprèciation that we acknowledge the unwavering commitment of our staff during this challenging tlme. Unlike many organisations wthin our sector, GEMS Nl did not experience slgniflc8nt stsff turnover as employees chose to remain with us rather than transitioning lo opportunities wilhln the public or privala sectors. Thls loyalty has been instrumental in enabling us to navigate th888 turbulent times and continug our mlssion lo support Ihose in noed within our communlty. The GEMS NI BDBrd continues lo support the Chief Executive. Sanior Management Team and all our staff lo strive for continuous improvement & the ongoing development of innovatlV8 approach8s design8d lo help people experienclng labour market disadv8nlage to move from long-term unemployment. oconomic in8Ctlvity and and worklessness Into sustainable employmenL To ensur8 that w8 ctsntlnue to deliver a high-quallty. r8sponsfv6 88rvlce lo those faclng dlsadvanlage in the labour market, in the 202312024 financial ye8r we have delivered our cor9 airns via three main programm8s'. Gateway to Choices, Belfast Work8 Connect and Step Up (WRAP and College Connect) which are noted in the secllon heodgd.. Summary of GEMS Nl ProleGt Acuvlty 202312024. I commend the dedlcatlon of the GEMS Nl Board who have given Ihelr cofflmllrnenl and expertlse have ensured the governance and accountability of the charity remain cenlfal lo Ils purpos8 and values. Th18. along wlth the Board's steadfast support lo the Chief Executiv8 and Senlor M8n8gement Team and Staff, in what has been a challenging year involving significant chang8, has contributed lo the many poslllve resullg for the year. I commend the Chief Execullve for her strategic vision and leadershlp In a challenging lime for GEMS Nl and all organisallons working to 8UPPOrt people lo access sustainable employment. She and our Senlor Manag8m$nl Tearn have supported our highly committed. compassionate and productive staff team to continue lo deliver service axc8118nce regardless of tha precarfou8 funding circumstances we and other5 currently operole within. NolthStandIng all the challenges beforg us we have dellvered 8 81rong and unrelenting offer lo those exp8r1ènce labour market di88dvanlag8, consolldated our relallonshlps wlth partners and other key 8takeholders, successfully tendered for new busines8 8nd achieved a modast surplu$ for the peri¢)d. l am Confidant th81 we will meet and overcome new challenges In the 202412025 y8Br ahead. l)onal Collln• Chalrp•rson
GEMS NORTHERN IRELAND LTD Report of the Trustees Year Ended 31 March 2024 Structure, Governance and Management Governing Document: Memorandum and Articles of Associatlon Consitutlon: Cornpany Limted by Guarantee N1059280 Bankers: Ulster Bank Limiled, Bank of Ireland Limited Sollcitors: Edwards and Company Audttofs: A4B Group Accountants Llmited Appolntment of Tru¥tegs Trustees are elected al th8 Annual General Meeting by the members present, Trust995 2023124 Mr D Collins Ms L Boyd Mr K Knox MrA Hamilton Mr L McNeill Dr N Whelan Ms J Murray Dr l Bailey Mr C Nugent (Chairperson) IVlc8-Chair) (Treasurer) (Secretary) Trustee Induction and Trainlng New Trustees undergo a structured orientation process deslgned to brief them regardlng thelr legal obligations under company law, the Charity Commlssion for Northern Ireland guidance on public benefit. and inform them of the content of the Memorandum and Articles of Association, the committee and decision-making processes, the busin8ss plan and recent financial performance of the charlty- During the induction process they meet other trustees, and key employees. Trustees are encouraged lo attend appropriate training events such as those provided by C03 and NICVA and where these will facilitate the undertaking of thelr role. Organi8atlon The board of trustees, which can have up to 15 members. admlnlsters the charity. The board normally meets bi-monthly and th8re are sub-committees coverfng flnance (which normally meets monthly) and Human Rèsourceslstaffing which moets as required. A Chief Executive is appointed by the trustees lo manage the day-to-day Dperations of the charity. To facllitate effective operations, the Chief Executive has delegated authority, within terms of d818galion approved by the trustees. for operational mattgr5 including flnance, employment and programme development. Related Partles and Co.operatlon wlth other organl8atlons None of our trustees receive remuneration or any other benefit from their work for the charity. Any connection be88n a trustee or senior manager of the charity with a supplier or sub-contraGtor must be disclosed lo the full board of trustees in the same way as any other contractual relationshlp with a related paty. In the 202312024 year, no such related paty transactions were reported.
GEMS NORTHERN IRELAND LTD Roport of the Trustees Year Ended 31 March 2024 Pay Pollcy for Senior Staff The Board of Director5, who are the charivs Irustees, and the senior management team comprise the key management personnel of the charity in charge of directing, controlling, running and operating the charity on a day to day basis. Al the directors give their time freely and no dir8Ctor received remuneration in the year. The pay of senior staff is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the charity, the directors benchmark against pay16vèls in organisatitsns of a similar size run on a voluntary b8sis. The remuneration b8nch mark is th8 midpoint of thé range paid for similar roles adjusted for the weighling of up to 30Yo for any additional responsibilities. Rlsk Management The trustees have a Risk Management strategy which comprises of; A Risk Register and Risk Report examined al every GEMS Nl Trustee meeting., All r(sks are revlewed on a monthly basis wlth newlemerging risk added to the register: The Eslablishmenl of policies, systems and procedures to miligat8 those risks identified in the annual review., and The implernentalion of procedurés designed to minimise or manage any potential Impact on the charity should those risks materialise. This process has identified lttat financial sustainability remains a key financial rlsk for the charlty. A key element in the management of financial risk is the regular review of available liquid funds to settle the debts as th8y fall due., regular liaison wlth the bank and acllve management of debtors and cr8ditors balanc8S to ensure sufficient working capital by GEMS NI. We also retain focus on non-financial risk arising from fire, health and safety of clignts, Staff and visitors. These risks are managed by ensuring accreditation is up to dal8, having robust polici8s and procedures in place and regular awar8ness-raising for staff working in operational areas. Staff have received training in the safeguarding of children and adults at risk and suicide awareness. Safeguardlng chlldren and adults at rl8k GEMS Nl prioritises the safeguarding of children and adults at risk. recognising il as a fundamental responsibility within our operations. We have implemented a robust safeguarding policy and procedur8 designed to protect children and adults at risk from harm and to ensure their well-being. Our Safeguarding Team is led by the Director of Employmént Servtces (Designated SafegLJarding Manager) and three Safeguarding Officers. Th8 GEMS Nl Chief Executive is Safeguarding Ch8mpion with th8 GEMS Nl Chairpèrson as the Board af Trustees Safeguarding lead. Safeguarding is a standing agenda item at all trustees, meetings, allowng us to maintain a proactive approaGh to identifying and mitigating polentlal risks. This ensures that all staff members are consistently infomied and trained on safeguarding protocols, fostering a cullure of vigilance and responsibility throughout th8 organisation. By embedding safeguarding praclic85 into our governance framework, we are committed to creating a safe environment for all Service beneficiaries, thereby enhancing the ov8rall effectiveness and integrity of our programmes. General Data Protectlon Regulations IGDPR} GEMS Nl is registered with the Inforrnation Commissioners Office {ICOI Reference Number: Z9462033 Tier: 1 Data Protection Offlcor: Mr Michael Twomey, Director of Business Services GEMS NI sy5terns and proc8dures reflecl GDPR compliance The Data Protection Officer receives regular traininglupdates in relation to GDPR. All staff receive GDPR awareness training as part of the induction process
GEMS NORTHERN IRELAND LTD Report of the Trustees Year Ended 31 March 2024 Our Purposes and Activitle8 The purposes of the Charity are.. • To improve the potential of the unemployed and especially the long-terrn unemployed to galn employrnenl in the economy generally and specially in their own areas., To provide a structured programme of advice and support in career planning for those who are long-term unemployed: To support specific training. èducation, 8mployThenl and work experlencg opportunltles for the long-larm unemployed which will help to promote their inlagratlon into the labour market- To provide additional support to facilita18 participation in and bengfit from education, including at primary level, for those al risk of eady school198ving and under achievement leading to exclusion: To support and develop linkages beeen employers, local communities and the relevant 5UPPOrt agencies., • To enhanc8 the capacity of local communities to participate fully in local dev81opment and to counter social exclusion. The overarching vision that informs the activities we undertake annu811y remalns Improving accèss to the labour marl(et. We do this by challenging parcepiions of employmènt and un8mployment by provldlng high quality information, advice guldance and employment solutions to.. People who experlence labour market disadvantage Employers Policy makers and practitioners The charity also has the general aim of contributs'ng to tha creation of social value through the provlsion of innovative employer-led employment and employablllty initiatives that provide meaningful opportunities for sustainable employment that specifically target and support long-term unemployed, economically inactive and workless individuals. In determining our obj8Ctives for the y8ar and planning our fornard activities, the trustees r8main mindful of the Charity Commission for Northern Ireland guidance on public benefit and have Gonsidered this guidance when developing our strat8gic and opérational activltles. Mèrger betwèen Farranshane Communlty Trust and GEMS Northern Ireland Llmlted Followlng a competillve selection process, the trustees of Farranshane Community Trust identlfied GEMS Nl as their preferred partner for merger. This partnership initlated a comprehenslv8 and intricate due dilig8nc8 phas8 in late 2021, which involved meticulous examination and assessment of both organisations. Afler extensive discussions and planning, the merger was successfully ¢omplet8d on April 23, 2023. As a result of this merger, the assets of Farranshane Community Trust Were formally transferred to GEMS Nl, enhancing our capacity to support our mission. Subsequently, the former Farranshane Community Trust underwent a voluntary winding-up process, concluding on June 11, 2024. This significant transition represents a strategic advancement for GEMS Nl, aligning with our commilment to improving employablllty and supporting the communlty of benefit in the Farranshane catchment area. As well as transferring the remaining staff employed by the former Farranshane Community Trust to GEMS Nl employment and improving Iheir temis and conditlons, we rnade a commitment to tenants thal we would not implement a rènt increase within 12 months of assuming control. We honoured this commitment with a rent review to be undertaken in September 2024 and any subsequent rent increase implemented in April 2025.
GEMS NORTHERN IRELAND LTD Report of the Trustees Year Ended 31 March 2024 Sinc& the merger with Farranshane Community Trust, GEMS Nl has significantly éxpanded our employability initiatives in the area. We have developed positive neorkS and community partnerships that enable us to create new programmes tailored to the nèeds of our community. Additionally. we are delighted to deliver the GEMS Belfast Works Connect Services, which provide 8ssential training & support to individuals in the Farranshane area. These efforts not only enhance our impact but also strenglhen our commitment to improving employability Outcomes for those we seNe. Obloctlves for tho YaarlForward Plannlng In determining our objectives for tha year and planniTig our forward activities, th8 trustees remain mindful of the Charity Commission for Northern Ireland guidance on public benefit and have consider8d this guidance vthen developing our strategic and operational activities. Organisatlon Structure 2023124 GEMS NI 8OARO OF DIREcfoA% ITRUSTEESI CHIEF EXECUTIVE &IO WRITING (EAD 8USIMESS STRATEGY AND oftr? nFV FIDancelQul. Mana8Èf 5eThiCeS Operati00S Bu510ass 5orvlces BELFAST WORKS CONNEcf LEAO GATEWAY TO HOICES LEAD HEALTH & SAFETY LEAD FINANCIAL MANAGEMENT LEAO MULTIPLY pr*oGRAMME LEAO BELFAST WORKS CONNECT CO- ORDINATOR QUALITY MANAGEMENT LEAO STEP UP LEAL 5AFEGUAftDItrIG LEAO STEP UKftAINE LEAO PROCURElwlENT NDCOMPLIANC IEAD BIDWRlllNG SUPPORT BID WRITINII SUPPORT INVESTOF5 1 PEOPLE CO LEAD 1509tKIl..201S LEAD QUALI MONITORING MATRIX CO-LEID FARRANSHANE LEAD BUOGET5Errip ja 5HAFTE5BUR Y SQCO-LEAD 34 5HAflESBURY SQCO.LEAD FINANCIAL REPORTIt 81D WRlnNG SVPPORT BID WRIVNG SUPPORT
GEMS NORTHERN IRELAND LTD Report of the Trustaes Year Ended 31 March 2024 Summary of GEMS Nl Project Activity 2023124 The financial year 202312024 marked a significant turning point in the operations of GEMS Nl, coinciding wlth the cessation of European Social Fund (ESF) funding and the conclusion of several key projects, induding the CO-MENT and Belfast Works projects. In response to these changes, we initiated Partnership, and Belfast Works Connect, which is delivered in partnership with five organisalions.. Upper Springfield Development Trust {Lead), Ashton Community Trust, East Belfast Mission, GEMS Nl, and Impact Training, fundèd by the UK Shar8d Prosperlty Fund IUKSPFI- With the commencement of these projects in Apnl 2023, it was imperative for us to remain agllé and résponsive to ensure that wè mat th8 key perfomianc8 indicators {KPlsl from the outset, th8r8by maintaining our commitment to d81iv8ring high.quality services to our beneficiaries. Belfa8t Worf($ Conn8¢t Project Projact 2: 8elfast Works Connect The Belfast Wc)rks Connect project is designed to 8UPPOrt economlcally Inactlv8 Individuals across multiple regions, Includlng Belfast, Llsburn, Mid and East Antrim, North Down and Ards, and Antrlm and N8Wtownabbey. Its primary focus is to address the challeng85 fac8d by indlvSduals who are furthest froffl the labour market, offering thern a tailored pathway towards employment. volunteer roles. or further education. By enhanclng employabllity through comprehensive support, the project seeks to reduce barriers to economlc participation and Social inclusion. The core purpose of the project Is to help indSvSduals gain the confidence, skills, and know18dge required to re-enler the workforce or pursue educational opportunities. This is 8chieved through 8 range of tsrgeled interventlons, Includlng.. Skills Development: Providing participants with essential technical skills, digital literacy, and industry-r8levant qualifications to improve Iheir competitlveness in the job market. • Tralnlng and Mentorlng.. Offering personalised tralning programs and mentoring to develop not only job-specific skllls but also soft skllls such as communicatlon, teamwork. and resilience, which are critical for lon*term employabillty. Access to Job Opportunltles: Facilitating direct links to employers through job tasters and dedlcated employment navigators, ensuring participants have pra¢ti¢al exposure to the workplace. Volunteer Outcom•s: For Indlvlduals not yet ready to 8ntèr formal employment, Ihe project encourages volunteer placements, allowlng participants to gain valuable experience whilo oxpanding futur8 career options. Further Educatlon Pathway3: Supportlng those Interest8d In continulng their education by providlng guldance on accessing further educatlon programmes and qualifications, thus expandlng future career optlons. The overall aim Is to empower individuals who have faced long-term unemploymenl or who have experienced barriers such as low qualificatlons, health issues, or lack of confidence. helping them become more self-sufficient and achieve positive long-term outcomes. 10
GEMS NORTHERN IRELAND LTD Report of thè Trustées Year Ended 31 March 2024 Kay Objectlv88: Improve the employability of economically inactive individuals through tailored skills development, mentoring and volunteer placements. • Facilitate access to meaningful job opportunities through upskilling, creating pathways to sustsinable employment wilh each client lèaving with the minimum of a Basic Life Skill. Provide support, including career advice. menloring, and personal development. to help Individuals overcome barriers to 8mploymant. Target Audlenco: The primary beneficiaries of th8 88lfast Works Connect project are economically inactlve people (Carers, Non-clalmants, Dlscouraged Claimants, Parents with Children under 3, People with Limited capacity for Work or on Employment Support Allowance) across the 88lfast area and surroundlng r8gions. The proj8Ct is designed to reach those who are furthest from the labour market and often face complex barriers that prevent them frorn securing employment or accessing further education. Koy Activitlos: One-on-one mentorlng, dedicated traln8rs to dellver over 50 dlfferent OCN'S to address Individual barriers to employment and support clients to proceed on to additional training. Job and volunteer placement services and 8mployer engagement to match participants with relevant employm8nt opportunities. Support Adults ta participate in and achleve math qualifications. Every client lo leave with the minimum of a basic skills or Ilfe sklll following SUPPOrt. Support and signpost each client to engage with the benefits system to receive a better of calculation. Support People to access mental and physlcal health support to lead to amployment. Supported people to sustaln employment. Outcomes Achieved: Supported 364 clients to engage with Key Worker support seNlces. Thls was 78 /0 of the yeady target but due to delays starting we only case-loaded for 9 months rather than 12. 281 cli8nts where SUPPOrted to receive either a basic skill or life skill reaching 100% of target. • 364 socially excluded people accessed the service reaching 233% (target was 1561. 186 people received support lo find a job, 30 people were successful in galnlng employment and 7 people into volunteering. 54 people where upski118d I retrained coming in at 115% of the target. Belfast WorfEs Connoct Project Flnanclal Overvlew: The Belfast Works Connect Project is funded by the UK Shared Prosperlty Fund and the Delivery Partnership is coordinated by Upper Springfield Development Trust. The delivery contract commenced 01 April 2023 and wlll continue to 31. Mar¢h 2025. The budget awarded to GEMS Nl is based on actual Belfast Works Connect Staff costs, 15 perceTbt of staff costs allocated tr)wards overhead costs, actual costs of th8 provi5i0n of training and inc8ntlV8s for participants and th8 purchase of equipment to 5UPPOrt the delivery of the proj8Ct. During the period 01 April 2023 to 31 March 2024, GEMS Nl were awarded £505,102.83 staff costs, £75,765.42 overhead 8llocation, £7,204 participant training costs. £671.22 Participant incentive costs and £11,996.34 Equipment costs. All costs incurred in this period in accordance with financial guidance were fully reclaimed. 11
GEMS NORTHERN IRELAND LTD Report of the Truslees Year Ended 31 March 2024 Gateway to Cholces Project GEMS Nl delivers the provision of employability and skills focused independent information, advice and guidance (IAGI to help those living in Belfast, who are furthest from the labour market, make informed choices on their employability and skills pathway and to support those living in Belfast and currently in work {in Belfast or éls8where} who are seeking betterlmore sustainable jobs lo identify the requisite supports that are available to them. Kèy Ob]ectlv8$: Targat those furthest from the labour market who arè.. long-lerm unemployed, non-work ready claimants as referred by JBO Work Coaches, or those e¢onomi¢ally Inactive. Create a database of employability and skills prowslon, ensuring support for Belfast residents. Support individuals seeklng better1m0 sustsinable jobs including those wishing lo move on frorn entry level jobs, or from jobs paylng minimum wagè, or frorn jobs with zero-hour Gonlracts,or from jobs wlth short-term contracts. Provide specialist triage support which will help individuals through ref8rrals to appropriate provislon and ulilise all exisllng funding mechanisrns and interventions, including those In health. Target Audlence: The goal of the Gateway lo Choices Service is gettlng more of those further b8ck in the labour market to engage in the exSsting provislon that will support their ernployability and skills journey. This will be achieved through provlding support to r85idenls of Belfast aged 18+ and offerlng p8rson-c8nlred individual Information, Advice and Guidance support on a need led basls. Kay Actlvltles: Recruitment of service users target 900 in year April 23 - March 24 Completion of baseline asséssmént and person8115ed actlon plans Removal of barri8r5 to progression Participant satisfaction rale Partlcipant Confidence increased Progresslng to Education. Employment or Tralnlng Sustainèd employment outcome for 6 months PartlClP8nts increasing hours of work Outcomes Achleved.. 900 service users cas6 loaded1780 without disablllty and 120 with dlsabillty). 846 baseline assessments completed. 81.7% of servic8 Users surveyed confirmed they agre8 or strongly agreed G2C helped rernove barriers to progression. 96010 of service users surveyed confirmed they were satisfied wilh the service received in G2C. 91.3% of service users surveyed reported an in¢rea5e in confidence relaled to their employability as a result of Ihg programme. 101 indivlduals progressed to employment, with a further 181 progressing to education or training outcomes (total of 283 individuals). 17 individuals sustained employ7n8nt for 6 months. 4 participants r8POrted increased hours of work. 12
GEMS NORTHERN IRELAND LTD Report of the Trustses Year Ended 31 March 2024 Gataway to Choices Project Financial Overview: Gateway to Choices service is funded by the Department for Communities through Employability Nl 8nd managed by Belfast City Council on b8half of Belfast Labour Markèt Partnèrship. The deliv8ry contract commenced 09 January 2023 and will continue to 31 March 2025. The budget awarded to GEMS Nl for the delivery of the seNice 1 April 2023 to 31° March 2024 was £475,000 and the project expendilure approvejd and received by GEMS for this same period was £475,000. Stop Up Projact Funded and launchéd by DIE under Ihe Northern Ireland new Deal and Operationally led by Belfast Metropolitan college. The project aim was to t8rg8t indivlduals who were economically inacllvèl unemployed and those who find it hardest to access skllls. educalion. and employmenl opportunlties and to design and deliver interventions that would allow them to overcome compl8x barriers, to galn skllls to further their HSgher Education or Employment choices. Target Audience: GEMS Nl delivered 2 different cohort groLJPS College Connect + for those 16- 24 (NEETI who are economically inactive or unemployed. Women Retumers Access Programme (WRAP) for economically inactive and unamployed. Key Objaetlves: Oblectlve 1 Pro9resslon lo Further Educatlon Objeclive 2 Progrèsslon to Employment Obj8CtIV8 3 Progression to other higher training Kay Actlvltl88: College Connect + Activity 1 Tiling Iplaslering18V811 Activlty 2 Enterprise, Motivation 8nd entrepreneurship Activity 3 Communiiy and personal development Activlty 4 Classroom Assistants Adivlty 1 Paediatric first Aid Activity 2 Food safety Activity 3 Crafts Activity 4 Personal development 64 partl¢lpants In total Outcomes Achieved: Outcome 159 completed th8 course Outcome 2 14 Into employrnent Outcome 3 41 into HE and further training 13
GEMS NORTHERN IRELAND LTD Report of the Trustees Year Ended 31 March 2024 Step Up Project Financlal Overview: The Slep Up Project is funded by Department for the Economy- New Deal for Northern Ireland Funding and GEMS Nl hold a Service Dellvery contract for two strands- College Connect + and Women Returners AcsS Programme with Lead Partner Belfast Metropolitan Collegè for period 4" April 2023 to 31, March 2025. GEMS Nl were contracted lo deliver up to a maximum of 38 College Connect + participants and 28 Women Retumérs during the period 04" April 2023 to 31 March 2024. Project funding is outcome related, basèd on a 50°h start payment and 500/0 completion payment. The Project Funding available for a Collègè Connect + participant is £3,200 and A women Returner £2,000. GEMS Nl delivered thls project through 0 staff members and d8llvery agr88m8nts wlth flve partners. The total fundlng re¢elved for partl¢ipants supported during the period April 2023 to March 2024 is £147,400. The costs paid to partner organisations for the same period is £34,500 with £3.394.51 was paid for training to support participants. Flnanclal Revlew Total incoming resources available to GEMS Northem Ireland Ltd for 31 March 2024 was £2.023,067 12023.. £1,261.6871 This was set against 8xpenditur8 of £1,429,271 {2023'. £1,180,697) for the ye8r. Thg net incoming resources for tha financial year was £593,796 {2023.' £80,990) leaving restricted funds of £32,638 (2023.. £2,247) and unrestricted funds of £746,567 (2023: £183.1621 at the year end. The principal funding sources of income for GEMS Nl a derived from 3 main projects: Gateway to Choices, Belfast Works Connect and Step Up. In addltlon to these core projects, we generate 8upplomentary Income through room hire & various small projects. Our fundlng portfolio is further supported by grants from Belfast cty Council, a Revenue Grant , and a grant from the VSB Foundation, which specifically aims lo enhance our work with mlnority ethnic, migrant, and refug88 communlli8s. Additionally, GEMS Nl benefits from r8ntal income g8neraled by tenants at Farranshan8 and receives extra funding through room hire and small grants from Anlrim & Newtownabbey Council to support our community development initiatives. This diverse fundlng base is essential for sustaining our operatlons and enabling u8 to deliver impactful programmes that meet the needs of our benefidarles. Reserrf88 Policy The policy of the charity is to establlsh and maintain sufficient levels of reserves which ensur8 GEMS NI'S core activities could continue during a period of unforeseen difflculty and or meét contractual obligalions should the organisation have lo close. Thé aspiration of the Directors is to have in place reserves equivalent to 3 months of the organisation's unr88tricted exp8ndittJr8. At year end 31 March 2024 GEMS Nl had total reserves of£779,205 (2023.. £185,409). Of this amount. £746,567 relates to unrestricted reserves {2023.. £183,162) whlle the remalning amount of £32,638 relates to restricled reserves12023.' £2,247). The charity had free reserves of £122,487, representing 8.9 months of unrestricted charitable expendlture. To make a judgernent on th8 amount of reseNe. the trustees have considered the risks in respect of expenditure. unrestricted income, and where appropriate, restricted incom8 and wh8re funds can only be realised by tha disposal of a fixed asset. The Irustees have also considered the extemal potential major risks to income and expenditure during the year under consideralion. A risk assessment has been undertaken for the period 202312024 and the following approach identified after reviewing the charity's current position using the Risk Identification Approach.. Unrestricted Income Restricted Income Medium Risk Low Risk Expenditure Low Risk 14
GEMS NORTHERN IRELAND LTD Report of the Trustees Year Ended 31 March 2024 Extemal Major Potontlal Risks As GEMS Nl navigates the complexities of Ihe 202412025 financial year, we remaln vlgilant in identifying and 8ddresslng external major potential risks Ihal could impact our operations and sustainability. Th8se risks include.. 1 Funding Uncertainty: The potential volatility in securing continued funding from both govemm8nt and philanthropic sources poses a significant risk to our financial stability. Changes in funding policies or the availability of grants could affect our ability to deliver critical services. 2 E¢onomic Condltlon¥'. Fluctuations in the broader economic environment, including rising inflation or 8conomic downturns, may result in increased demand for our services whlle simultaneously limiting our fundraising opportunities and resources. 3 Regulatory Changes.. Changes in regulations or compliance requ1 ments can Impact our operational capacity, requiring adjustments to our practices and potentially incurring additional costs. 4 Competltlon for Rosourcas.. As more organisalions vie for limited funding and resource5, increased competition may pose challeng85 in securing the necessary support for our projects end initiatives. By proactively assesslng thèse external risks, GEMS Nl is committed to d8veloplng strategies that mitigate their impact, ensuring that we remain focused on our mission to support and empower those in need within the communities we s8rve. Examlnatlon of past trends This policy will be reviewed by the trustees annually at their strategy meeting and bi-monthly as part income for the medium t8rm to secur8 the immediate future of the charity. Golng Concern The Iruste8s have assessed the position of the charity and believe there is sufficient contracted Income for the medium term to secur6 the immediate future of the ch8rity. Plan8 for Future Porlod8 As we look ahead lo the 202412025 financial year, GEMS Nl has set forth s8v&ral key objectives aimed at ensuring th8 sustainabillty and 8xpanslon of our servic88'. Expanding the current programmas and $oNlces ba$ed in our preml$os In Farranshane House Antrim: We are dedicated to expandlng GEMS Nl's employability 5ervice5 Wlthin our Farranshane Hous8 base. enhancing our capacity to providg targeted support and resourc95 that 8mpow8r people to achieve sustainable employment and economic independence. Securing Funding: Our primary objective is to secure contlnu8d funding for the Gateway to Choices & Belfast Works Connect projects beyond March 2025. This involves actively engaging with existing and potential funders. demonstrating the impact and success of our current initiatives, and advocating for the importance of ongoing support for these vital programmes. Diversifying Incomo Stroams: In addition to securing funding for our existing projects, we aim to dlverslfy our income by pursuing new contracts and projects. We recognise the importance of building a resilient financial foundation. and Ih8refore, we will explore opportunities within various funding streams, including those available through the PEACEPLUS programrne. This programme offers potential avenues for collaboration and support that align with our mlssion of fostering socia1 inclusion & community development. 15
GEMS NORTHERN IRELAND LTD Report of the Trustees Year Ended 31 March 2024 Enhancing Partnershlps: Slrenglhening our collaborations with partner organisations will be crucial in expanding our reach and effectiveness. We will seek to enhance existing partnerships and establish new alliances that can provide additional resources and expertise, enabling us to deliver comprehensive support to our beneficiari8S. Capaclty Bulldlng: We will undertake capacity-building initiatives within our organisation to ensure that our staff and volunteers are well-equipp8d to meet the demands of new projects and contracts. This includes ongoing prof8ssional dev81opment, training. and skills enhanc8ment to improve service dellvery and organisational effectiveness. Monitorfng and Evaluatlon: Impleménting robust monltoring and evaluation frameworks will be èssential to assess the impact of our projects and ensure that we are meeting our key performance indicators IKPlsl. By regularly reviewing our progress, w8 can make infomed adjustments to our strategies, ensuring that we remain responsive to the needs of our beneficiaries and stakeholders. By focusing on these obj8ctiv8s, GEMS Nl is comrnitted lo stréngthening our organlsation and ensuring that w8 continue to provide meaningful support to those in need, fostering a more inclusive and resili8nt Community. Tru8tees' Responslbllltles In relatlon to the Financial Statements The charity trustees (who are also the directors of GEMS Northern Ireland Limited for the purposes of company lawl are responsible for preparlng a trustees, annual report & financlal statements in accordance with applicable law and United Kingdom Accountlng Standards (United Klngdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial Statements for each year which give a true 8nd f8ir view of the state of affairs of the charitable company and the group and of the incoming resources and application of résources, including the income and expenditure, of the charitsble group for that period. In prep8rSng the financial statements, the trustees are required to.. Select sultable accounting poll¢les and then apply them ¢onsistenlly' Observe the methods and principles in the Charities SORP., Make judgements and estimates Ihal are reasonable and prud8nt; Stale whether appllcable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financSal statements. Prepare the financial sta18ments on the going concem basis unless it is inappropriate to presurne that thg charity will continue in business. 16
GEMS NORTHERN IRELAND LTD Rèport of tha Trustees Year Ended 31 March 2024 The trustees are responsiblè for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and lo enable them to ensure that the financial statements comply with the CompanSes Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregulartties. The trust88s ar8 r8sponslb18 for Ihe maintenance and intégrity of the corporate and financial infomiatlon Indud6d on the charitable company's website. Legislation in the Uni16d Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Statoment as to dlsclosurn to our Auditors In so far as the truste8s are aware at the tlme of approving our trustè8s' annual report.. there 15 no relevant information, being information needed by the auditor in connectlon with preparing their report. of which the company's auditor Is unaware, and The trustees. having made enqulries of fellow directors and the company's auditor that Ihey ought to have individually taken, have each taken all steps that h81sh8 is obliged lo take as a director in order to make themselves aware of any rglevBnt audit inforrnation and to establlsh that the auditor Is aware of that Information. Declaratlon The Trustees declare that they have approved the Trustees, report above. Signed on behalf of th• Charitys Trusteos Signature: Slgnature: Full Name: Mr Kanneth Knox Full Name: Mr Donal Colllns Po8ltlon: Trustoe Posltlon: Trusteo Date: 6th De¢ember 2024 Date: 6th December 2024 17
Report of the Independent Auditors to the mèmbers of Gems Northem Ireland Ltd (a company limited by guarantee) Year Ended 31 March 2024 Opinion We have audited the financial statements of Gems Northern Ireland Ltd for the year ended 31 March 2024 which comprises the Statement of Financial Activities, the Balance Sheet. the Cash Flow statement and the notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. The Financial Reporting Standard applicabl8 In the UK and Republlc of Ireland (United Kingdom G8n8rally Accepted A¢¢ounting Practice). In our opinion the financlal statèm8nts: - give a true and fair view of the state of the charitable company's affairs as at year ended 31 March 2024 and of its incoming resources and appllcation of resourc8s, Including Its income and expenditure, for the year then ended., have been propedy prepared in accordance with Unlted Klngdom Ganerally Accepted Accounting Practice,. and - have been prepar8d in accordance with the requirements of the Companies Act 2006. Basis fr>r 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 requId 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 knoedge 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. RevIeng 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 been 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 balan8 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 measUd 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 dIrelY 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 Neork 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 be6en 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 coENT 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