COMPANY REGISTRATION NUMBER: 04277872 CHARITY REGISTrATION NUMBER: 1090593 Genesis Enterprise Foundation Company Limited by Guarantee Unaudited Financial Statements 31 December 2023 EOM HA ISON AND A soci TE Durham House 38 Street Lane Denby Derbyshire DE5 8NE Genesis Enterprise Foundation Company Limited by Guarantee Financial Statements Year ended 31 December 2023 Page Trustees, annual report (incorporating the directorts report) Independent examinerfs report to the trustees Statement of financial activities (including income and expend iture account) Statement of financial position Notes to the financial statements The following pages do not fO￿n part of the financial ststements Detailed staternent of financial activities 18 Genesis Enterprise Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) Year ended 31 December 2023 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial staternents of the charity for the year ended 31 December 2023. Refvrence and admlnistrative details Registered charity name Genesis Enterprise Foundats"on Charlty registratlon number 1090593 Company registration number 04277872 Principal office and reglstered Alfreton Hall offlce Church Street Alfreton Derbyshire DE55 7AH The trustees P Hodgkinson D Holmes P M Starbuck A Vance Independent examiner Anthony Harrison Genesis Enterprise Foundation Company Limited by Guarante• Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 December 2023 Structure, governance and management Goveming document The charity is controlled by ts goveming document. a deed of trusL and constitutes a limited company, limited by guarantee as defined by the Companies Act 2006. The charity was formed as a company on 28th August 2001. The overall management of the charity is the responsibility of the Trustees, vtho are also directors for the purposes of company law. The Trustees meet regularly to discuss matters affecting the charity. Senior stsff are also present, if required, to provide insight into issues. The matters discussed include finan￿. funding, service delivery, and rtsks facing the charity- The Trustees employ staff to carry out the day to day running of the charty. Recruitment and appointed of new Trustees Genesis Enterprise Foundation carries out a skills audit of current Trustees which identifies knowledge gaps within the board and then seeks to recruit into those gaps. Induction and training of new Trustees New Trustees will become familiar wÈth the practical work of the charity and the group after reading the Annual Report and will have also received a copy of the chanty's Memorandum and Articles and the latest financial reports. They will also meet with the Chief Executive and existing Twstees as well as being offered opportunib'es to meet staff members. Additionally, they are invited to attend induction trdining which covers the followng areas.. 1. The Policy and practi￿ Guide 2. Training and Support 3. Roles and Responsibilities 4. Knowledge 5. Communications 6. Best Practi￿ Guide All Trustees are signposted to other relevant training throughout the year. Remuneration of Trustees The remuneration of Trustees is considered by the whole board based on their experien￿ of the charity sector and includes taking advi￿ from external professional advisors where appropriate. To date no Trustee has re￿iVed any remuneration. Risk Management The Trustees have a duty to identsfy and review the risks to whiGh the charity is exposed and to ensure appropriate controls are in pla￿ to provide reasonable assuran￿ against fraud and error. Genesis Enterprise Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directovs Report) (continued) Year ended 31 December 2023 Objectives and actlvlties Charitsble Ativities The charity is proud to have contributed to the transformation of the area through new enterpnse, job Greation, training and many community facilib'es developed. The project became a case study across the region and gave birth to several similar ventures across the UK. This large project providing 60,000 sq ft of workspace for small offi￿S educats.on and training and Communty ￿ntre has provided many new jobs and has over 3000 visits per w&k. Wider afield the training of social entrepreneurs helped develop sustainable enterprises Projects in other countries were assisted by sowing in training programmes and mentoring as well as practical aid. The charity has sought to be self-sustainable over the last 18 years by way of social enterprise activities and rental income, sadly over the last several years this became challenged by austerty measures with public sector leases not renewed and then Covid that decimated trading. However, the chartty looks back with pride at the achievements of the past and now seek to buiid upon this in corning years. Achievements and perfonnance The year 202212023 sadly still brought its challenges as the aftemiath of Covid continued to affect the charities acts"vtties and its trade through the charities subsidiary Alfreton Hall. The Genesis ￿ntre was sold in 2020 to operators who conts'nue the programmes and activrf(ies birthed by the charity as mentioned above. This left the charity to operate rts ongoing objectives through rts remaining asset Alfreton Hall. ￿freton Hall a grade 2 listed building is owned by the charity but used for training in hospitality and catering. Its trading activiti.es are primariIy weddings and conferences, sadly the Government restrictions on weddings and gatherings badty affected the business and ts contribution to the charity by way of rent and contributed profit. The trading company ￿aSed to trade at the end of 2023. This impacted upon income and sadly draining resources. The Board made a decision to market Alfreton Hall via Christie's in January 2023 and reinvest the equity expected to be around £600k into its primary objecttves and operate without owned premises . As yet the property has not sold and this restrrcted the charilies objectives as reserves were deployed in seNicing costs. The Board are committed to serving the community it has serrfed for over 25 years and will look for ways to achieve this once the propety is sold and funds available. During the year the Board continue with the support of tts bank. Sadly grant funders are not able to SUPFM)rt until a more stable position is found. We thank those volunteers and staff vtho have ser4ed the charity k>yalty during the difficult years. The Board and tts advisory board who have taken difficult dÈcision2 and remain loy21 to seeing th¥ b•st for the chanty and those they serve. Genesis Enterprise Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report> f¢ontlnued) Year ended 31 December 2023 Flnanclal rnvl¢w Res8rves Polty The c*8rlWs ￿licY is to three monthS expenditure in free reserves. Note 14 to thg accounts disc105es that unrestricted free reseFves at the end of the year amounted to ovor £238.000. However. freè unrestricted net current assets continu8 to be k)w. The Trustees continue to work trj Strengthen the reserves rKlSition. bui given now the closure of tradKYJ aclivrbes thes8 have reduced considerably and the charity works ck)sely with its bank to sell the property anLI satisfy Its loans or Gredilors. As 8t the end of 2023 the charlty continues with the support of its b8nk servi¢lng ongotng cornmitments. Wtth the pr&vlousty mentioned faciors over the last year the charity continues to operate in an uncertaln business enwronmenl and finding it drfftcult to obtsin grants which is common with other third sector organlsations; as a board of Trustees ￿ ￿nIInVe to work dosely with stakel)0Sders to ensure the ongolng viabillty. The board have made drfficult decisions during th& year 2nd fvlly expected to have sokj its property by now valuèd at £1.4 million in 2022 and marketed at £1.$ million by Christie's from January 2023. At thls time of writing the￿ are firm offers for the property. The banks artd key slakeholders are infomied and lo date hav8 been supporfv6 of these key decisions. In due course post a sale all bans wil be pabj off and reseNÈ& ￿Invested in the Charttw olitrGtives. Small ¢ompany provlslpns This report has been preparad in accordance with Ihe prOv￿lOnS applicable to companles entitled to the small companles exemptton. The trustees. annual rewt was approved on ...16 - 01-ZOUI and sign&4 on bfrha￿ of the board of trustees by. 041k+- M P Hodgkinson Twstee Genesis Enterprise Foundation Company Limited by Guarantse Independent Examiners Report to the Trustees of Genesis Enterprise Foundation Year ended 31 December 2023 I rÈport to thè trustees on my examination of the finan¢ial statements of Genesis Enterprise Foundatlon ('the charity,) for the year ended 31 December 2023. Responslblltties and bas18 of report As the twstees of the company (and also ts directors for the purposes of company law) you are responsible for the preparation of the financsal statements in accordance with the requirements of the Companies Act 2006 {'the 2006 Acr). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts as Garried out under section 145 of the Charities Act 2011 ('the 2011 ACV). In carrying out my examination I have followed the Direcb'ons gNen by the Charity Commission under section 145(5){b) of the 2011 Act Independent oxamlnets statement I have completed my examination. I confirm that no matte[5 have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in ￿Srrtt of the chanty as required by section 386 of the 2006 Ac( or the financial statements do not accord with those records: or the financial statements do not compty with the accounting requirements of sectton 396 of the 2006 AGt other than any requirement that the accounts gtve a Irue and fair view which is not a matter considered as part of an independent examination. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charits'es applicable to charities preparing their accounts in accordance with the Financial Rèporting Standard applicable in the UK and Republic of Ireland {FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Anthony Harrison Independent Examiner Yeomans, Harrison and Associates Ltd Durham House 38 Street Lane Denby Derbyshire DE5 8NE Genesis Enterprise Foundation Company Limited by Guarantee Ststement of Financial Activities (including income and expenditure account) Year ended 31 December 2023 2023 Unrestricted funds Total funds Total funds 2022 Note Income and endowments Charitable activities Investment income 28.440 52 28,440 52 26,479 29 Total income 28.492 28,492 26,508 Expenditure Expenditure on raising funds: Costs of other trading acts'vits'es Expenditure on charitable actwiti.es Total expenditure 3,284 84,668 92,640 92,640 92.640 92.640 87.952 Net expenditure and net movement in funds (64,148} (64,148) (61,444) ReGonciliation Of funds Total funds brought forward Total funds carrfed for6Yard 309,463 309,463 245,315 370,907 309,463 245,315 The statement of financial activib'es includes all gains and losses recognised in the year. All income and expenditure dertve from Tr?ntinuing activrties. The notes on pages 9 to 16 forni part of these financial statements. Genesis Enterprise Foundation Company Limited by Guarantse Statement of Financial Position 31 December 2023 2023 2022 Note Fixed assets Tangible fixed assets Investments 855,305 865,551 855,306 865.552 Current assets Debtors Cash at bank and in hand 10 149.810 1,231 57.908 30,258 88,166 151,041 Credltors: amounts falling due within one year Net current liabilities 11 157,894 (6,853) 848.453 37,412 50.754 916,306 Total assets less current liabilities Creditors: amounts falling due after more than one year Net assets 12 603,138 245.315 606,843 309,463 Funds of the charity Unrestricted funds 245,315 245,315 309,463 309,463 Total charity funds For the year ending 31 De￿mber 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relats.ng to small companies. Directors, responsibilities- The members have not required the company to obtsin an audit of ts financial statements for the year in question in accordan￿ with section 476., The directors acknowledge their responsibilities for complying the rLyuirements of the Act with respect to accounting records and the preparation of financ￿1 ststements. These financial statements have been prepared in accordan￿ with the provisDns applicable to companies subject to the small companies, regime. The statement of financial position continues on the following page. The notes on pages 9 to 16 form part of these financial statements. Gen#ip• Enterprise Foundation Company Limited by Guarantee Statèment of Financial Posltion (￿>￿￿￿* 31 December 2023 These financial statements ￿re approved by the bcprd ￿ trustees and authorised for issue on 16_-Qq-. X.>*And are signèd on behalf of1he thjard by. M P Hthsgkinson Trustee The C*n pag*s 9 to 16 fomi part of tI￿se flttan¢ial staieme Genesis Enterprise Foundation Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2023 General inforniation The charity is a public benefft enb'ty and a private company limtted by guarantee, registered in England and Wales and a registered charrty in England and Wales. The address of the registered Offi￿ is Alfreton Hall. Church Str￿( Alfreton. Derbyshire, DE55 7AH. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the RepubliG of Ireland., the Statement of Recommended PraCts.￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. A¢counting policles Basis of preparation The financial statements have been prepared on the historical cost basis, as modtfied by the revaluats'on of ￿rtain financial assets and liabilib.es and investment properb'es measured at fair value through income or expendrture. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material un￿rtaIntieS al)out the chantys abilty to conts'nue. Fund accounting Unrestricted fvnds are available for use at the discrets.on of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds eamarked by the thjstees for particular future project or commitment. Restricted fijnds are subjected to restricttons on their eXpendrtU￿ declared by the donor or through the terms of an appeal, and fall into one of two sub