Charity reglstration number NIC101125 (Northern Ireland) Company registratlon number N1059280 GEMS NORTHERN IRELAND LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
GEMS NORTHERN IRELAND LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms L Boyd (Vice-chair) Mr D Collins (Chairperson) Mr JL Grant Mr A Hatnilton (Secretary) Mr K Knox ffreasurer) Mrw McNeill Ms J Murray Mr C Nugent Dr C Whelan MrA Wong (Appoirrted 20 January 2025) (Appointed 8 January 2025) Senlor management Mrs S Russam MBE MSA Downs Chief Executive Director of Employment Services Dir8Ctor of Operations Director of Business Servlces FlnancelQuallty Manager Mr S Atkinson Mr M Twomey Ms L Heaney Charlty number (Northern Ireland) NIC101125 Company number N1059280 Reglstered office 34 Shaftsbury Square Belfast 8T2 7DB Audltor HM Chartered Accountants 6th Floor East Tower Lanyon Plaza 8 Lanyon Place Belfast Coujty Antrim BT13LP Bankers Ulster Bank Limited 47 Donegall Place Belfast BT15AU Bank of Ireland Donegall Place Belfast BT15BX Solicitors Edwards & Co Solicitors Sessia House 61-67 Donegall street Belfast BT12QH
GEMS NORTHERN IRELAND LTD CONTENTS Page Chairman's statement Trustees, report Indepandent auditor's report Statement of financlal activities 10 Statement of financial position 11 statement of cash flows 12 Notes to the financlal ststements 13-23
GEMS NORTHERN IRELAND LTD CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 Chalrperson's Report Welcome to our Annual Trustees, Report for the financial year 202412025. Thls year has marked a period of consolidation and renewal for GEMS Northem Ireland Ltd, as we strengthened our employability services following the full implementation of new funding programmes under the UK Shared Prosperity Fund {UKSPF) and the Department for Communities Labour Market Partnership. Our work continues to be guided by our mission.. to help people recognise their potentlal, develop their skills, and achieve sustainable employment opportunities. Across all our Services. our dedicated team has worked tirelessly to support individuals who are unemployed or economically inactive to move closer to, into, and to sustain employment. We have continued to deliver three core programmes.. Gateway to Choices Service, funded by Belfast City Council through the Labour Market Partnership. Belfast Works Connect Project, funded by the UK Shared Prosperity Fund and led by Upper Sprlngfield Development Trust. Step Up Project, funded by the Department for the Economy through Belfast M8tropolitsn College. Each programme has made significant progres5 in meeting performance tsrgets, engaging participants, and achieving high satisfaction rates. Throughout the year, GEMS Nl has maintained its Investors in People Gold accreditation, Matrix Quality Standard, and ISO 9001 Certification, reaffimiing our commitment to continuous improvement, quality, and excellence. The merger with Farranshane Community Trust, completed in 2023, has now fully embedded into our op8rations. Farranshane House continues to be developed as a hub for community employment, training, and social enterprise activity, broadening our geographical reach and deepening our local impact within Antrim and Newtownabbey Borough. The organisation has also continued preparatory work for PEACEPLUS Programme opportunities, which will commence in 202512026. This initiats've will slrenglhen our work with migrant and refugee communities and enhance opportunities for inclusive employability and leadership development. Despite the challenging funding environment, we have continued to demonstrate resilience, Innovation, and partnership. I commend our Chief Executlve, Senior Management Team, and all staff for their unwavering dedicalion, professionalism, and compassion in supporting people to achieve real and lasting change in their lives. On behalf of the Board, l express our sincere thanks to all funders, partners, and stakeholders, whose support enables us to deliver quality services that make a tangible difference to individuals, families, and communits-es Mr D Collins Chairman Date". 111.111.2015
GEMS NORTHERN IRELAND LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" Objectlves and actlvltl The purposes of the charity remain.. Improvlng employabillty of unemployed and economically inactive people. Providing structured career planning, advice. and guidan. Supporting access to training, education, and work experience. Building linkages between employers, communitles, and agencles. Enhancing community capacity and promoting social incluslon. Summary of GEMS Nl Project Actlvlty 202412026 1. Gateway to Cholces Funded by Belfast City Council through the Labour Market Partnership, Gateway to Choices provides impartial employability and skills-focused information, advice, and guidance for Belfast residents furthest from the labour market. Achievements 202412025 Supported over 1,172 clients through personalised action plans. Over 92.7 % reported increased confidence in employability. 163participants progressed into employment, witli additional 255 participants entering education or training. 93.9 % of participants reported 'highly satisfied, or 'salisfied' with the level of service provided by Gateway to Choices 2. Belfast Works Connect Funded by the UK Shared Prosperity Fund, this project supports economically inactiv& indivlduals across Belfast and surrounding council areas through training, mentoring, and employer engagement. Achlevements 202412025 GEMS Nl Delivered accredited training in over 50 OCN qualifications. 851 participants engaged with Key Workers. 761 people achieved a qualification, licence and skills. 721 participants undertook basic skills training 637 participants engaged in numeracy training 49 participants gained a maths qualification. 152 gained employment 111 gained volunteer experience. 3. Step Up Project Funded by the Department for the Economy through Belfast Metropolitan College, Step Up supports unemployed and economically inactive people to progress through the College Connect+ and Women Returners Access Programm8 (WRAP) strands. Achievements 202412025 Delivered training to 76 participants across both strands.
GEMS NORTHERN IRELAND LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 72 participants progressed into higher education, further training, or employment. Developed new employer links and training partnerships across sectors. GEMS Nl developed new employer links and training partnership across sectors. 4. Farranshane Development During 202412025, Farranshane House continued to grow as a base for employability and community learning in Antrim. Tenancies have stabilised, and new community programmes have been introduced to promote skills, vRllbeing, and partiGipation. Public benefit The trustees have paid due regard to guidance issued by the Charlty Commission in d8cidSng what activities the charity should undertake. Financlal review Totsl Incomlng Resources.. £1,708,049 (2024.. £2,023,067) Total Expendlture.. £1,708,29612024'. £1,429,271) Net Outyolng Resources: £247 (2024.. £593,796 incoming) Restrlcted Funds: £67,038 (2024.. £32,638) Unre8trlcted Funds: £711,920 (2024.. £746,567) Funding sources continued to include the Gateway to Choices, Belfast Works Connect, and Step Up projects, supported by Belfast City Council and the Department for the Economy, with supplementary income from room hire, rental income at Farranshane, and small grants from Antrim and Newtownabbey Borough Council and the VSB Foundation. Going concem The trustees are satisfied that GEMS Nl remains a going concern, with sufficient contracted income secured for 202512026 to Sustain delivery of key programmes and ongoing operations. Reserves policy The trustees maintaln reserves equlvalent to at least three months, unrestricted 8xpenditure to ensure contlnuity of operations during funding uncertainty or transition. The reserves policy Is reviewed bi-monthly wlth the Risk Register and annually at the Strategy Meeting. Plans for futuro perlods For 202512026, GEMS Nl will.. Submit tenders for Belfast Cty Council PEACEPLUS opportunities. Seek continuation funding for Gateway to Choices and Belfast Works Connect beyond March 2025. Expand employability and social enterprise activities at Farranshane House. Continue to strengthen partnerships and income diversification to support long-term sustainability.
GEMS NORTHERN IRELAND LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure. governance and management The charity is a company limited by guarantee {N1059280) and is govemed by it's Memorandum and Articles of Association. It is a Charity Registered with the Charity Commission for Northern Ireland (NIC101125). The trustees, who are also the d1CtorS for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were- Dr l Bailey (Resigned 12 December 2025) Ms L Boyd (Vic&Chair) Mr D Collins {Chairperson) Mr JL Grant MrA Hamilton (Secretary) Mr K Knox (Treasurer) Mr W McNeill Ms J Murray Mr C Nugent Dr C Vvhelan MrA Wong (Appointed 20 January 2025) (Appolnted 6 January 2025) Appolntment of Trustees Trustees are elected at the Annual General Meeting by the members present. Trustee Induction and Tralning New trustees undergo a structured orientation process to ensure understanding of legal responsibilities. govemance arrangernenls, and the charity's strategic priorities. Trustees are encouraged to participate in training events provided by C03, NICVA, and other sector bodies. Organisatlon The Board of Trustees administers the charity, supported by subcommittees for Finance and Human Resources. The Chief Executive manages day-ttrday operations, with delegated authority for finance, staff, and programme development. Rlsk Management The trustees maintain a Rlsk Register reviewed at every 808rd meeting, supported by policies and procedures that mits'gate identified risks. Key risks remain.. Fundlng continuity, glven the transition from ESF to UKSPF. Economic volatility, which may increasa demand for services while constraining resources. Regulatory compliance, particularly around safeguarding and data protectlon. Financial sustainability remains under close review, supported by strong intemal controls, cashflow management, and engagement with banking partners. Safeguardlng GEMS Nl upholds robust safeguarding arrangements for children and adults at risk. Safeguarding is a standing agenda item at all Trustee meetings. The Director of Employment Services acts as Designated Safeguarding Manager, supported by three Safeguarding Officers. The Chief Executive is Safeguarding Champion, and the Chairperson is the Board Safeguarding Lead. Data Protection Registered wrth the Infomation Commissioner's Office (ICO No. Z9462033). All data handling complies with GDPR, with staff trained at induction and through annual refreshers.
GEMS NORTHERN IRELAND LTD TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 statement of trustees, responsibilitles The trustees, who are also the directors of GEMS Northem Ireland Ltd for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitsble company for that year. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimales that are reasonable and prudent., and prepare the financial statements on the going concem basis unless it is Inapproprlate to presume that the charfty will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguardlng the assels of Ihe charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitles. Audltor In accordance with the company's articles. a resolution proposing that HM Chartered Accountants be reappointed as auditor of the company will be put at a General Meeting. The trustees. report was approved by the Board of Trustees. Mr D Collins (Chairperson) Truste6 Mr K Knox (Treasurer) Trustse 11 Illl lol
GEMS NORTHERN IRELAND LTD INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GEMS NORTHERN IRELAND LTD Opinlon We have audited the financial ststements of GEMS Northern Ireland Ltd {the 'charitl) for the year ended 31 March 2025 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including 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 applicable in the UK and Republic ol Iland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended- have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requlrements of the Companies Act 2006. Basls for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditoffs responsibilities for th8 audit ol the financial stalements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in tha UK, including the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or condltions that, Individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least e1ve months fram when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. other Information The other information comprises the infomation included in the annual report other than the financial ststements and our auditor's report thereon. The trustees are responsible for the other Information contained within the annual report. Our opinion on the financial statements does not cover the othar information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other information Is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identlfy such material inconsistencies or apparent material misststements, we are required to determine whether this gives rise to a material misstatemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
GEMS NORTHERN IRELAND LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GEMS NORTHERN IRELAND LTD Oplnions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit= the infomation given in the trustees. report for the financial year for which the financial statements are Prepad, which includes the directors, report prepared for the purposes of company law, is consistent with the financial statements; and the directors, report included within the trustees, report has been prepared in accordance with applicab18 legal requirements. Matters on whlch we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities Accounts and Reports Regulations (Northern Ireland) 2015 requires us to report to you if, in our opinion.. the infomation given in the financial statements is inconsistent in any material respect with the trustees, report", or sufficient accounting records have not been kept-, or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audlt. Re8poDslbllltle8 of trustees As explained more fully in the ststement of trustee5' responsibillties, the trustees. who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal conlrol as the trustees determine is necessary to enable the preparats-on of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the chanty's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltorfs r8sponslblllties for the audlt of the financlal ststements We have been appointed as auditor under section 6512) of the Charities Act (Northern Ireland) 2008 and report in accordance with the Act and relevant regulatlons made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs 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) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
GEMS NORTHERN IRELAND LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GEMS NORTHERN IRELAND LTD The extent to which our procedures are capable of detecting irregularities. including fraud, is detailed below. The objectives of our audit in respect of fraud, are,. to identify and assess the risks of material misstatement of the financial statements due to fraud., to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged wlth governance of the charitable company. Our approach was as follows: We obtalned an understandlng of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are [the Companies Act 2006. the Charlties Act 2008, the Charity SORP, and UK financial reporting standards as Issued by the Financial Reporting Council. We obtained an understanding of how the charitable company complles with these requlrement$ by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financia5 statements, including the risk of materlal misstatement due to fraud and how it might occur, by holding discussions with management and those charged with govemance. We inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. Based on this understsnding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the ov8rride of internal control. Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company's intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainly exisls related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audrt evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that 8chieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significanl deficiencies in intemal control that we identify during our audit.
GEMS NORTHERN IRELAND LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GEMS NORTHERN IRELAND LTD A further description of our responsibilities is available on the Financial Reporting Council's website at: https:11 ww.fr¢.Org.uk1audltorsrespQnSlbllitles. This description forms part of our auditorfs report. Uso of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charitles Accounts and Reports Regulations (Northem Ireland) 2015. Our auijit work has been undertaken so that we might slale to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty to anyone other than the charity and the charity's trustees as a body, for our audit vrk, for this report, or for the opinions we have fomed. Angela Cr gan Isonlor Statutory udltor) For and on behalf of HM Chartered Accountants, Statutory Auditor Chartered Accountants 6th Floor East Tower Lanyon Plaza 8 Lanyon Place Belfast County Antrim BT13LP Date: ..Iq..l. 111.2015 HM Chartered Accountants is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
GEMS NORTHERN IRELAND LTD STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted Restrlcted funds funds 2025 2025 Totsl Unrestrlcted Restrlctad funds funds 2024 2024 Total 2025 2024 Notes Income and endowments from: Charitable activities Other trading activities Investments Other income 19,129 1,628,676 1,847,805 59,834 59,834 137 137 273 273 32,701 1,294,249 1,326,950 58,069 58,069 215 215 637,833 637,833 Total Incomo 79,373 1,628,876 1,708,049 728,818 1,294,249 2,023,067 Exp8ndlture on: Charitable activities 114,020 1,594,276 1,708,296 165,413 1,263,858 1,429,271 Total expandlture 114,020 1,594,276 1,708,296 165,413 1,263,858 1,429,271 Net Incomel(expendlture) and movement in funds (34,647) 34,400 (247) 563,405 30,391 593,796 Reconclllatlon of funds: Fund balances at 1 April 2024 746,587 32,638 779,205 183,162 2,247 185,409 Fund balances at 31 March 2025 711.920 67,038 778,958 746,S87 32,638 779,205 The statement of financial activities Includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 10-
GEMS NORTHERN IRELAND LTD STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2025 2025 2024 Notss Flxed assets Tangible assets 12 620,364 635,626 Current assets Debtors Cash at bank and in hand 13 82,997 151,884 138,740 179,649 234,881 318,389 Creditors: amounts falllng due wlthln one year 14 (76,287) (174,810) Net current assets 158,594 143,579 Total assets less current Ilabllltles 778,958 779,205 The funds of the charity Restricted income funds Unrestricted funds 67,038 711,920 32,638 746,567 17 778,958 779,205 The company is ents'tled to the exemption from the audit requirement contsined in section 477 of the Companies Act 2006, for the year ended 31 March 2025. The directors acknowledge their responsibllities ft)r complying wlth the requlrements of the Companies Act 2006 with respect to accountlng records and the preparation of financlal statements. The members have not required the company to obtain an audlt of its financial statements under the requirements of the Companies Aci 2006, for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the trustees on . G.iL,- Mr D Collins (Chairperson) Trustee Mr K Knox (TasUrer} Trustee Company registration number N1059280 (Northem Ireland) 11
GEMS NORTHERN IRELAND LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operatlng activities Cash generated from operations 21 19.748 55,277 Investing actlvltles Purchase of tangible fixed assets Investment income received (5,893) 137 (19,605) Net cash used In Inv•stlng actlvltles (5,756) (19,605) Flnanclng actlvltleg Repayment of bank loans (9,270) (9,074) Net cash used In flnanclng actlvltles (9,270) (9,074) Net Increa88 In cash and cash equlvalents 4,722 26,598 Cash and cash equivalents at beginning of year Cash acquires on acquisrtions 118,355 64,936 26,821 Cash and cash equlvalents at end of year 123,077 118,355 Relatlng to: Cash at bank and in hand Bank overdrafts included in creditors payable within one year 151,884 179,649 (28,807) (61,294) 12-
GEMS NORTHERN IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity information GEMS Northem Ireland Ltd is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 34 Shaftsbury Square, Belfast, BT2 7DB. 1.1 Basls of preparation The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" The charity is a Public Benefit Entity as defined by FRS 102. The financial statem8nts are prepared in sterllng, which Is the functlonal currency of the charity- Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. modified to include the revaluation of freehold properties and lo include investment properties and rtain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltsble funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives, Restricted fund5 are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 In¢ome Income is recognlsed when the charity is legally entitled to it after any perfonrance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on reipl. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recogni5ed at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as contingent asset. 13-
GEMS NORTHERN IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Contlnued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement. and the amount of the obligation can be measured reliably. Expenditure is dassified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportloned between those actlvities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tanglble flxed assets Tangible fixed assets are Inltially measured at cost and subsequently measured at cost or valuation, net of depreciatlon and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Fixtures and fittings Computers 20A straight line 150A straight line 33.330/0 Straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impalrment of fixed assets At each reporting end date, the charlty reviews the carrying amounts of Its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial Instruments The charity has elected to apply the provisions of Section 11 'Basic Flnancial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity'5 balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to reali5e the asset and settle the liability simultaneously. 14-
GEMS NORTHERN IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policles {Continued) Basic financial assets Basic financial assets, vthich include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Baslc financial Ilabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrumenl is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilitles classified as payable withln one year are not amortlsed. Debt instruments are subsequently carried at amortised cost, uslng the effective interest rate method. Trade credltors are obligatlons to pay for goods or SeiCe8 that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabillties if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade credilors are recognised initially at transaction prfce and subsequently measured at amortised cost using the effective interest method. Derncognltion of flnancial liabllitie5 Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee beneflts The cost of any unused holiday entitlement Is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide temination benefits. Critlcal accountlng estlmates and judgements In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The trustees consider that there are no material areas of judgement or estimation uncertainty. 15-
GEMS NORTHERN IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from charltsble actlvities Charitable Charftable activitles activities 2025 2024 Perft)rmance related grants 1,647,805 1,326,950 Anaty818 by fund Unrestricted funds Restricted funds 19,129 32,701 1,628,676 1,294,249 1,847,805 1,326,950 Performance relatsd grants anatysls Charltable Charltable actlvltles actlvltles 2025 2024 ANBC USDT UKSPF Belfast City Council - Gateway to Choices Belfast Met- Step Up EULAB - Makes Sense Radius VSB Foundation Multiply Programme Future Forward Other 5,000 890,549 489,036 175,200 1,726 598,902 547,750 148,400 8,756 5,445 15,000 15,000 62,350 10,670 971 1,647,805 1,326.950 Income from other trading actfvitles Unrestrlctsd Unrestrlcted funds funds 2026 2024 other income 59,834 58,069 16-
GEMS NORTHERN IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from investments Unrestrlcted Unrestricted funds funds 2025 2024 Interest receivable 137 215 Other Incom• Unrestrlcted Unrestrlcted funds funds 2026 2024 other income 273 637,833 Expenditure on charltable actlvltles Charltable actlvltles 2025 Charltable actlvlties 2024 Dlrect costs Projects and programmes Support costs Governance costs 1,353,635 346,621 8,040 971,328 451,045 6,898 1,708,296 1,429,271 Analysls by fund Unrestricted funds Restricted funds 114,020 1,594,278 165,413 1,263,858 1,708,296 1,429,271 Net movement In funds 2025 2024 The net movement in funds is stated after chargingl(crediting)= Fees payable for the audit of the charity's financial statements Depreciats'on of owned tangible fixed assets 6,000 21,155 5,500 17.163 Trustees None of the trustees lor any persons connected with them) received any remuneration or benefits from the charity during the year. 17-
GEMS NORTHERN IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Employees The average monthly number of employees during the year was: 2025 Number 2024 Number Project Stsff Administrative Staff Senior Management Staff 31 28 Total 39 36 Employment costs 2025 2024 Wages and salaries Social security Costs other pension costs 1,054,841 93,564 22,244 899,006 81,523 54,362 1,170,649 1,034,891 There were no employees whose annual remuneration was more than £60,000. Remuneratlon of key management personnel The remuneration of key management personnel was as follows: 2025 2024 Aggregate compensation 168,988 213,013 11 Taxatlon The charity is exempt from tsxation on Its activities because all its Income is applied for charitsble purposes. 18-
GEMS NORTHERN IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Tangible flxed assets Freehold land Fixtures and and bulldlngs fittlngs Computers Total Cost At 1 April 2024 Additions 625,000 8,491 81,783 5,893 715,254 5,893 At 31 March 2025 625,000 8,491 87,856 721,147 Deproclatlon and Impalrm•nt At 1 Aprll 2024 Depreciats'on charged in the year 12,500 12,500 637 1,274 66,491 7,381 79,628 21,155 At 31 March 2025 25,000 1,911 73,872 100,783 Carrylng amount At 31 March 2025 600,000 6,580 13,784 620,364 At 31 March 2024 812,500 7,854 15,272 635,826 13 Debtors 2026 2024 Amounts falllng due wlthin one year: Trade debtors Prepayments and accrued income 2,667 136,073 82,997 82,997 138,740 14 Credltors: amounts falllng due wlthln one year 2025 2024 Notes Bank loans and overdrafts other taxation and social security Trade creditors other creditors Accruals and defeed income 15 28,807 28,748 9,754 1,426 7,552 70,564 48,897 5.464 5,782 44,103 76,287 174,810 19-
GEMS NORTHERN IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Loans and overdrafts 2025 2024 Bank overdrafts Bank loans 28,807 61,294 9,270 28,807 70,564 Payable within one year 28,807 70,564 16 Restrlcted funds The restricted fund$ of the charity comprlse the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 Aprll 2024 Incomlng resources Resources At 31 March expended 2025 BCC Children in Need FixedAssets USDT Belfast Works Fixed Assets BCC - Gateway to Choices BCC - Academies USDT UKSPF CO-MENT Belfast Met - step Up VSB Foundation Multiply Programme Future Forward 1,008 10,538 (1,008) (4,309) (469,377) {6,623) (881 ,738) 15,000) {133,166) (30,000) (53,820) (9,235) 8,810 469,377 531 881,738 5,000 175,200 15,000 62,350 10,670 15,039 6,092 42,034 15,000 8,530 1,435 32,638 1,628,676 {1,594,276) 67,038 -20-
GEMS NORTHERN IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Restricted funds (Contlnued) Prevlous year: At l April 2023 Incoming resources Resources At 31 March expended 2024 BCC Children in Need Fixed Assets USDT Belfast Works Fixed Assets BCC- Gateway to Choicas BCC- Academies USDT- 8elfast Works CO-MENT Belfast Met- step UP Developing Healthy VSB Foundation CFSP 2,258 {1.250) 1576) (474,999> (48,159> (587,788) (1,718) {148,400) (971) 1,008 10,538 11,114 474,999 54,251 587,788 1,726 148,400 971 15,000 6,092 (8) 15,000 (3) 2,247 1,294,249 11,263,858) 32,638 17 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 Aprll 2024 Incoming resources Resources expended Transfers At 31 March 2025 General funds Farranshane Building 748,587 79,373 (114,020) (600,000) 600,000 111,920 600,000 746,567 79,373 (114,020) 711,920 Prevlous year: At 1 Aprll 2023 Incomlng resources Resources expended Transfers At 31 March 2024 General funds 183,162 728,818 (165,413) 746,567 21
GEMS NORTHERN IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Analys18 of net assets between funds Unrestricted funds 2025 Restrlcted funds 2025 Total 202S At 31 March 2025: Tangible assets Current assetsl(liabilili85) 605,325 106,595 15,039 51,999 620,364 158,594 711,920 67,038 778,958 Unrestrlcted funds 2024 Restrlctsd funds 2024 Total 2024 At 31 March 2024: Tangible assets Current assetsl(liabllltiesl 624,080 122,487 11,546 21,092 635,626 143,579 746,567 32,638 779,205 19 Related party transactlons There were no disclosable r81ated paty transactions during the year (2024- none). 20 Contlngent Ilabilitles The charity acqulred Farranshane Community Trust on 18th April 2023. Arislng from th8 integration of Farranshane Community Trust are potential tax liabilities from unresolved VAT matters. The charity is currently in communication with HMRC which was made unprompted by the charity. The matter could end up in further investigation with HMRC however, at the date of signing the cost to the charity could not be reliably estimated 2024 21 Cash generated from operatlon$ 2026 (Deficitllsurplus for Ihe year (247) 593.796 Adjustments for: Investment income recognised in statement of financial activities Gain on acquisition Net working capital acquired on acquisition Depreciation and impairment of tangible fixed assets (137) (637,833) {13,988) 17,163 21,155 Movements In working capltal: Decrease in debtors {Decreas81 in creditors 55,743 156,766) 108,005 (11.886) Cash generated from operations 19,748 55,277
GEMS NORTHERN IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Analysls of changes In net funds At 1 Aprfl 2024 Cash flowsAt 31 Mah 2026 Cash at bank and in hand Bank overdrafts 179,649 (61,294) (27,785) 32,487 151.884 (28,807) 118,355 4.722 123,077 Loans falling due within one year (9,270) 9,270 109,085 13,992 123,077 -23-