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 d1￿CtorS 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
I￿land (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
Prepa￿d, 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
w￿w.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 v￿rk, 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 (T￿asUrer}
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 re￿ipl. 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 Se￿iCe8 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 defe￿ed 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 Ma￿h 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-