ReEi.stci'ed C.IIAI'lty Niimbei. 1071026 The Gen Foiindation ALcounts For the year ended 31 December 2024
Tlie Geii fi oi]Ii(IAtion Accoiiiit8 Yeai. en(led 31 Deceiiibei" 2024 Cunteiils Pfige orriLei's & professioiial advisois Aiiiiiial I'ei)oi'l of the Ti'iislees Ii)depeiideiil exai))iiiei s repoi'l Sialemenl of Financial Aelivilies Balance Sheer Notes lo tl)e accoiiiits 7-10
The Gen fi oiiii(latioii Officei"s & Pi'ofessioiial A(Ivisoi's Yeai. ende(131 Decejnbei. 2024 Ailili'tss 33 Con)liill Loiiduii EC3V 3ND Ti'ustees Di. Y Shiiiiizu Mr J S Riclie5 Mrs S Farr Gibson Booil) New Coiii'l Abbey Road Noi'th Sliepley Iluddei'sfield HD8 8BJ Soli¢itoi's Witliei's LLP 20 Old Bailey Loi)don EC4M 7AN BHnlcei'5 Barc18ys Bank pl¢ 212 Regeiil Sti'eet Loi)doii W128GG Iiivcstiiieiit Evelyn Pai'lnei's Groiip Liiiiiled 40 CJl'esliai)I Sii'eel Loiidon F.C2V 7BG
Tlie Gen fi oiiR)datioii
Aiiiiiial Repoi't nf tlie Ti'iistees
Yeai. en(le
Tlle Geii fi ouii(l#tion Aiiiiii¢ql Repoi't of tlie Tj'ustces - coiitiiiiie(I Yeni" eiiileil 31 Deceinbei. 2024 ri Iitiii'e develoi)nients (conliniied) Ailditioiially, ¥viili Jolii)'% plaiiiied Icsignalioii fioni the board iii April 2026. it is esseiiliRI foi. Ilie foiiiidRlioii lo ideiilify a siiilable siicccssoi. Riid coinplele Il)e iiecessaiy Ii?nsitioii i)ro¢e(IuiES wiil)iii Iliis cal¥nilai' yeai,. Takiiig liiiicly aclioii will ci)Slll'c a sinootl) l)ai)dovei' aiid Inaiiilaiii Il)e effecliveiiess aiid coiitiiiiiily of Il)e boHI'd's opei'alioiis. Ilesei'ves 11 is Ilie iiiteiilion of Ilie cl)ai'ily lo iiiaii)taiii iiiii'esli'icled funds at a lev¢1 lo cover tlie wind dowii of Ilie charily, pIIis its geiieral I'uiiiiiiig costs. for Iwelve ii)01)ths. Risll IilllllRgeiiieiit Tlie .1 rii8tees havc ass¢ssed Ilie Inajor risks lo wl)icli the cliai'ity is exposed, in pai'liculai. 11)ose I'elaled lo Il)e opei'ati()iis aiid finai)¢es of tlie Foui)dalioii, aiid aye satisfied that syslenis ai'¢ ii) place lo niiligale Ilie exposui'e lo Ti'iistees Tlie Triislees wlio sei'ved Ilie Cliarity diii'ii)g Ilie period weye as follows.. Di. Y Sliiii)izii Mi. J S Richcs Mrs S Farr Signed oil behalf of the Boai'd of I'viislees Mr J S Riches TYu51ee Dale.. ..PA¥...*.(é... '2J-
'riie Geii r(oiiii(latioii lii(lepeii(leiit Ei xaniiiiei's, Rcpoi't to tlie T)'Iistees Yeai. en(le(131 De¢embei' 2024 Icp()I'l lo Il)e cliai'ity Ii'iislees 01) Iny e.xainiiialioii of Ilie ac¢oui)Is of Il)e charity foi. Ilie yeai. ei)d¢d 31 Deceinbei. 2024, whicli air sel out nil pages 5 10 1 O. Resi)cclive I'esi)Dn5il)Tlities of Ti'ustees aii(l XRIiiiNer As Ilie chai'ily's Iriislees yoii arc responsil)le foi. the prepai'ation of Ilie ac¢ouiils iii accoi'dance with Ilie I'eqiiireiiienls of Ilie Cliai'ilies Act 20111'il)e Act,) I iei)oi'l iii I'especl of iiiy exan)iiialioii nf the cliai'ity's accoiinls cai'i-ied out Linder Seclioii 145 of the Act ai)d in cai'iyiiig out Iny eyaininatioii I l)ave followed all the aiJi)licable DiiEclioi)s giveii by Ilie Cl)ai'ity Conimission undei. sectioii 14515)(b) of Il)e Act, lii(lependeiit xainiiiei s StRlenieiit I Iiave coiiiplcled my exaii)inalion. I confirin that 110 tntilei'ial matteiy have conie to niy attenlioi) ii) conii¢clion with the Lxainii)alioii giviiig iiie cause to believe Iliat iii ei)y i))alerial respecl.. accounliiig recoi'ds wei'c iiot kept iii I'espcct of the cliarity as requii'ed by seclioii 130 of the Act. oi. 2. Ilie A¢counts do iiol accord witl) those recurds, or 3. tlie Ac¢oLinls do iiol coinply will) Ilie applieable ieqiiireinents conceii)ing the forin aiid conleiil of acLouiils sel out in the Chai'ities IAccoiii)Is and Repoi'lsl Regulalion5 2008 oihei. Ilian aiiy reqiiiirineiil Ilial Il)e accouiils give a 'li'ue aiid fail. view, vhich is iiot a mattel. consideied as pai'l of ali indcpendeiil exainiiialion. I l)ave no concerns aiid have coine acyoss 110 oihei. matters in coi)i)eclion willi Ilie exaniiiialioii lo wl)ich adenlioii should be di'awi) in this report iii ordei. lo enable a proper ui)dtrslaiiding of the aceoiiiils lo be IEaclied. (L£ S ALISTAIR RUSSELL FCA Iiidependcnl Exaiiiinei. For and on belialf of.. Ciibsoii Bootl) Chai'lei'ed Accoliiilanls New Coiiit Abbey Road Noril) Shepley Hiiddei'sfiel(I ID8 8BJ
Tlie Cien fi oiiii(lation StaleniL'iit of fi iiiaiiLial Aclivities Yeai. eii(le(131 Deeeinbei. 2024 Unresli'icted Expei)dable Fiiiids Eiidowinelll -rola] Funds Nol¢ 2023 Iiicoille Riid cii(loivmenls Inveslineiit ii)coi)ie Bank intei'esl 26,517 2C)U 26,777 26.517 260 26,777 7,865 3,587 11,452 Expeiiditui'e Cl)ai'il#ble activities Inv¢sliiieiil Inallagemenl cosls 19,91 12,763 19,910 12,763 25.971 6,624 32,673 32,673 28,595 Y¢t exiiciidiui'e (5,896) (5,896) (17,143} Othei, i'ecognise(I gAIIIS all(1105ses Realised pi'ofit oli iiivesli)ieiits Unre¢ognised pi'ofit 01) iiivestmei)ts 5,368 90,564 5,368 90,564 10,172 66,953 Nel nioveineiit lil fun(Is {5,896) 95,932 90,036 59,982 RÈenn¢iliatioii of funds l 0121 fuiids broiigl)t foi'wald 349,476 1,277,922 1,627.398 1,567,416 TotAI funds eAI'R'ied foi'iyai'il 343,580 1373,854 1,717,434 1,627,398 All ii)¢oRie aiid exi)eiidiliire derives fi'oin coiiliiiuiiig <iclivilies. Tlie slulei))eiil of fii)ai)cial activities iiicliides all gain5 and losses iognised iii tlie yeai..
Tlie Geii FoiiiidAtion BAlance Slleet 31 Deceinbei. 2024 2024 2023 Noie rixed as%el8 l-¢?iigible af%els 1,691,899 1,691,899 1,581,954 1,581,954 C.'ui'i'ent asset.8 31,055 50,484 Ci'editoi'.s.' Ainoiiiits fRIIiiiR due IVTtliiii oiie yeai. 5,520 5,040 Net eiii'i'ent assets 25,.$35 45,444 'rotRI asse15 le.%$ ciii'i'eiit liRbililles 1,717,434 1,627,398 Fiiiids Fxpei)dable endowmei)t Iiieome Uiii'esli'icled 1,373,854 1,277,922 343,580 349,476 TotAI cliAI'ity fiiii(Is 1,717,434 1,627.398 ri)ese financial st1( teii)¢nls iveie ai)pi'oved by tlie boai<l of Ii'LlStees and auilioi'ised foi. issiie on. 202+ Di. Y Shiinizii ¢%¢l 2t Mi. J S Riclies Mis S Fail
Tlie Geii fi oui)datioi) Notes to tlie Accoiiiits Yeat. en(led 31 Deeeinbei. 2024 l Genei'al liifoi'niation Tlie Gen Foiii)dalion is ali iiiiiiicoi'poi?ted chai'ity I'egislered iii Ei)gland & Wales. The address of Il)e prii)cipal office is 33 Coi'nhill, Loi)don, EC3V 3ND. Tii¢ Fuundalioii coiistitLiles a ptiblic beiiefit entity as defii)ed by FRS 102. 2 Slaleineiit of coini)IiAMce Tli¢ financial statements have been pi'CPdre(l iii accoi'dai)ce iviil) Accoiinliiig and Repoi'ling by Cliai'ilies.. Slatemei)l of Recoi)Iii)¢nded Practice applicable lo cliarilies pi'epai'iiiE their accoui)Is in accoi'dance will) the Ilie Finftncial Reporting Standai'd applicable iii ihe UK and Ilte Repiiblic of Irelai)d iSSLieil iii Oclobei. 2019, the fin8iicial Reportiiig SlaiidaY(l applicable in tlie UK an(1 Rei)ubli¢ of Irclai)d (FRS 1021, the Cliai'ilies Act 20 5 l and UK Gei)ei'ally Accepted Accoiinling Prdclice. 'l)e significaiil accouiiling policies applied ii) the prepai?lioii of Iliese fii)ancidl slate5neiils are sel oiit below. These policies liave been consisilei)IIy ¢1pplied lo all years pieseiited unless slated otherwise. 3 A¢eoiinliiig policTe8 Basis of pi'epAI'Atioii The fii)ai)vi#l slatemei)Is l)ave beeii pi'epared on i going coiicei'n basis and iii)dei' the 5iistoYic cost eoiiventioii, as ii)odified lo iiicliide cei'laii) itei))s at fair valiie. The fiiiancial slateiiienls are prepaied iii sterlii)g, whi¢li is the fiinclional cui'reiicy of tlic ei)lity. Goliig concei'ii There are no iiialei'ial unLertaiiilies aboiil Ihe cliarily's ability lo coiilinue. ruii(l Accountiiig Fuiids lield by the chai'ity air.. Uiii'eslricled fiiiids Iliese repi'esei)I those resoiirces whicl) Inay be used Iowtii'ds Inecling ai)y of tlie objects of the charity al Ilic disci'elion of the Ivuslees. Expeiidable ei)dowii)eiil - Iliis repi'esenls iiiii'esli'icled funds, bill whicli l)llve beei) iiivesled 01) a loiig lei'i)) basis lo piodiice incoine aiid cai)ilal gYoM¢h. Tliei'e is iiD actual I'eqiiireinemt lo spend or apply Il)e capital iinless, oi. 111)til, the trustees decide lo speiid it. Thei'e is no Yeslri¢tioi) 8S to the iise of the iiicoine dei'ived fiDm the Iiicome Inveslmeiit iiicoine is eai'ned Ihioiigh holding a%sets for iiivesiii)enl purposes ai)d includes dividei)ds aiid inlei'esl. Whei'e it is i)ot pi'aclicRble lo ideiitify iiiveslmct)I Iiianageii)enl ¢osls inciii'red wiiliiii a scheine iviih I'easoiiAble accui'acy, the investineiit iiicoine is rei)0i'led nel of these cosls, Foi. doi)alions lo be I'ecoEnised 11)e cliai'ity will liftve beei) notified of tlie aii)oiiiils aiid Ilie seltlen)enl dale in wi'iliiig. If Iliei'e al'e coi)dilions attached lo Ilie donation ¢ind Iliis I'eqiii¥es a level of pei'foi'inai)ce before enliileiiieiit cai) be obiaii)ed Iliei) ii)come is defei'red iii)lil those coi)dilions al'e fiilly Inet or Ilie fiilfilmeiil of those conililioiis is withii) Il)e coiiliY)l of'ihe ¢hai'ily (111d it is piDbable Ilial Iliey will be fiiifilled. I xpeii(liliii'e Exi)ciidiliii'e is iiicliided oli ali acci'iials basis, iiicliisivc of VAT. Liabilities li'e recogiiised as I'esoiii'ees expended a5 sool) Is Iliei'e is a legal or consli'iiclivc obligalion coininittiiig Ilie chai'ity lo Ilie e.Yp¢iidiliii'e. Cl)arilablc doi)atioiis are payineiits to third pai'lies iii Ilie fiii'il)eraiice of Ili¢ ¢l)ai'ilable obje¢ls of Ilie Foiiiidalioii. Doiialions al'e accoiinled foi. when eiil)ei' Ilie I'e¢ii)iei)I jills a I'easoiiable expeclalioii Ihal 11)ey will receive a doiialioii ai)d Ilie Iriislees l)ave agi'eed lo pfiy Ilie doiialiuii wiil)otit coiidilioii, oi. Ilie iecipieiil l)a£ rcasoiiable eypectlc lioi) tlial they will I'eceive A doi)atiOl) ¢oii(lilioii atlacliiiig lo Ilie doiialioi) IS OLII.side I1)e eoi)Ii'ol of Il)e foiiiidalioii Gov¢i'iiaiice costs coii)Iii'ise ¢osls for Ilic I'iiiiiiinLT ofil)e cliai'ily itself as ali oi'8ai)isalioii.
Tlie Geii fi oiin(latioii Notes to tlle Accoiiiit8 Yeai. eiide(131 Deeeinbei. 2024 3 Accoiiiiting policles {ennlliiiic(l) Tfiiigible Assets Taiigiblc assets al'e initially recorded 91 cost, and siibseqiiei)tly slated al cost less any acciiniiilated depi'eciatioii and 111)paii'inenl logses. Dei)p'eciniloii Depi'eeialioii is calculated so Hs to wi'ile ofTihe cost oi. valiiMlioi) of ai) asset, less Ils residiial value, ovei. Ilie iisefiil ITivestinciits Listed iiiveslmei)ts are n)easiired al fail. valiie. will) chai)ges in fair value being recogi)ised iii the Sialemeiit of Financial Activities. 4 ClIMI'ilAble xelivilies 2024 2023 Ediiealioiial awards lo iiidividiials Offiec costs Travel expenses ndepei)denl e,¥aniiiici's fee Leg81 & pi'ofessional tees 9,000 4,829 12,000 3,891 233 3,600 2,247 4,5C)O 1,440 19,910 21,971 S Taiiglble fiyeil H5sels Coiiipiilei. eqiiipniei)I Cost Ai i Jaiiiiaiy 2024 & 31 Decetnbei. 2024 1,249 Depi-eciAtioii Al l Jaiiuaiy 2024 & 31 Deeeinbei. 2024 Net l)ooli I'¥liie At 31 Decciiibei. 2024 & 31 Decembei. 2023 1,249 The closii?g i)el book value I'epiesenls assets iised for geiiei'al 1nan8geiiieiil aiid admiiiislration. 6 Iiivesliiients Mai'kel viliie 2024 Market valiie 2023 Cost 2024 Cost 2023 Listed iiivesliiienls Casti Iiel<l oli deposit with Sfockbiokci. Total ii)vesliiienls 1,527,802 15,812 1,676,087 1,502,280 15,812 12,720 1,569,234 12,720 1,543,614 1,691,899 1,515,000 1581.954 All iiivcslii)eiils al'e Iield a1 valii¢ilioii. Tlie foir valiie of Ilie lisleil ii)veslinenls is Ilelei'i)iii)ed by I'efereiice to Ilic quoted pi'ice foi. idenlicHI asscls 111 ali aclive iiiai'ket on the balai)¢e sl)eel Ilale.
Tlie Gei) fi oiin(lation Notes to tlie Aeeouiits Yeai. Liiided 31 Deceinbei. 2024 7 Cliaiigc iii InAI'liel Vi?liie of Iiiveslniciits Mai'kel valiie al l Jai)Llary 2024 Addilioiis ot'qiioled inveslmenls al cost Realised gail) 01) sale of ii)veslnieiils ,581,954 345,568 5,368 3,092 (334,647) 90,564 Proceeds fi'oiii sale of iiive%lnienls Gaiii on ii)vestiiieiils larkel valiie al 31 D¢¢eiiibei' 2024 1,691,899 8 Ci'editoi's 2024 2023 Acci'iials 5,520 3,040 5,520 5,040 9 Fuiiil reetsiiclliAtion Balance al l Jail 2024 Iiicome Expendilui'e Gains Balaiice al 31 Dec 2024 Ui)resiricled fiiiid Expendable eiidowineiil 349,476 1.277,922 26,777 (32,673) 343,580 1,373,854 95,932 1,627,398 26,777 32,673) 95,932 1,717,434 ljalaiice al 5 Jan 2023 Iiiconie Expei)dilui'e Gaii)s Balai)ce al 31 Dec 2023 Unrestricted fiiiid Expen(lable eiidowi))eiil 366,619 1,200,797 11,452 {28,595) 349,476 1,277,922 77,125 1,567416 77,125 1,627,398 Uiii'esli'icled fiinds Iliese IEpirsenl those IEsoiirces whiLh In¢iy be Iiscd lowaiils Ineeliiig hiiy of Ilie ol)jecls of Ihc clicl1.ity al Ilie discrelioi) of Ilie Ii'Lislees. Expeiid8ble ei)(lowinenl Iliis rei)reseiils iiiii'esli'icled fiiiids, bill wliivli liave beeii ii)ve51ed on a loiig lerin basis lo pi'odiiee iiieoi)Tre aiid capital gi'owili. Tliei'e is iio acliial reqiiii'¢iiicnl lu speiid oi. api)l)' Ilie capital iiiiless, oi. 111)lil, tlle lyiistees decide lo speiid it. Tlieie is i)0 I'csli'iclion as lo tl)e iisc Dfil)e iiicoi)ie dei'ived fioiii Ilie capilal.
'riie Geii Fouii(latioii Notey to the Accoii)Its Yellj. endc(131 Decembei. 2024 10 Aiidlysls of iiet assets betivceii fiiii(Is Uiiresti'iLled Expeiidable Tolal Fiiiids Eiidowiiieiii Fiiii(Is 2024 Taiigible assets Inveslii)enls Cash ai baiik and ii) hand Cirdiloi'.8 less Ihaii 01)e year 1,691,899 1,691,899 31,055 15,520) 31,055 IS.5201 1691 899 1717434 Unre51ricted Exi)endable Total Fiinds Fiidowmei)l Fiiiids 2023 Taiigible assets Iiivestiiienls Casl) al bank alld ii? hand Ci'edilors legs Il)aii oiie year 1,581,954 1.581,954 50,484 (5,040) 50,484 (5,0401 1581954 1627 398 I l Ti'ii Ilsllctloiis ivith ti'ustees aiid eoiiiiected i)ei'sons Mi. J S Riclies is u consultant ii)einbei' al Wiilieis LLP wlio provided legal sei"vi¢es lo the Chai'ily of £nil. No ITUStee or coni)ecled persoiis received iiiy otlier rerniii)ei'alion or expenses.