2024-12-31-accounts

Genesis America (UK) Limited

Annual Report and Financial Statements

31 December 2024

Company Registration Number 05095072 (England and Wales) Charity Registration Number 1103351

Contents

Reports

Reference and administrative details ofthe
charity, its trustees and advisers	4
Trustees’ report	2
Independent auditor's report	7
Financial Statements
Statement of financial activities	12
Balance sheet	13
Statement ofcash flows	14
Principal accounting policies	15
Notestothefinancialstatements	18

Genesis America (UK) Limited

Reference and administrative details of the charity, its trustees and advisers

		Trustees	John Studzinski CBE
	.		Matthew Armstrong
			Joy Browne
			David Lan CBE
	Trustee	Emeritus	Msgr Vladimir Felzmann
	Company	secretary	Joy Browne
	Registered office		130 Wood Street
			London
			EC2V6DL
Company	registration number		05095072 (England and Wales)
Charity	registration number		1103351
		Auditor	Buzzacott Audit LLP
			130 Wood Street
			London
			EC2V 6DL
		Bankers	HSBC Private Bank (UK) Limited
			78 St James's Street
			London
			SW1A 1JB
		Solicitors	Farrer & Co LLP
			66 Lincoln's Inn Fields
			London
			WC2A3LH

Genesis America (UK) Limited

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Trustees’ report Year to 31 December 2024

The trustees present their statutory report together with the financial statements of Genesis America (UK) for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out on page 15 to 17 of the attached financial statements and comply with the charitable company’s memorandum and articles of association, the Charities Act 2011 and 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 United Kingdom and Republic of ireland (FRS 102).

Governance, structure and management

• ¢ Governance

• The charitable company was incorporated on 5 April 2004, registered as a charity on 22 April 2004 and commenced activities in September 2006.

The trustees constitute directors of the charitable company for the purposes of the Companies Act 2006. The trustees in office during the year are noted on page 1.

There must be at least three and not more than five trustees, one third of whom must retire at each AGM, although they are free to be reappointed. The trustees can appoint new trustees.

The “induction” for any new trustee consists of them being made aware of their responsibilities and of the ethos of the charity, its aims and its objectives. All trustees are expected to carry out their duties and responsibilities diligently.

No trustee of the company has an interest in the shares of the charitable company.

• ¢ Key management personnel

• The trustees, together with Harriet Capaldi, Managing Director of the Genesis Foundation, comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. None of the trustees receives any remuneration or reimbursement of expenses in connection with their duties as trustees. The remuneration of the Managing Director of the Genesis Foundation is set by that charity.

¢ Trustees’ responsibilities statement

• The trustees (who are also directors of Genesis America (UK) Ltd for the purposes of company law) are responsible for preparing the trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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Trustees’ report Year to 31 December 2024

Governance, structure and management (continued)

• ¢ Trustees’ responsibilities statement (continued) 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 charitable company and of the income and expenditure of the charitable company for that period.

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 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 United Kingdom and Republic of Ireland (FRS 102).

• ¢ make judgements and estimates that are reasonable and prudent;

• ¢ state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• ¢ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the trustees confirms that:

• ¢ so far as the trustee is aware, there is no relevant audit information of which the charity’s auditor is unaware; and

• ¢ the trustee has taken all the steps that he/she ought to have taken as a trustee in order to make himself/herself aware of any relevant audit information and to establish that the charity’s auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

• ¢ Risk management The trustees have assessed the risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity and its finances and have established consistent and effective systems to mitigate those risks.

Genesis America (UK) Limited 3

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Trustees’ report Year to 31 December 2024

Governance, structure and management (continued)

¢ Risk Management (continued)

John Studzinski has undertaken to underwrite personally ail risks of the charity and its works and commitments. A key element in the management of financial risk is a regular review of available liquid funds to settle donations as they fall due and regular liaison with the bank.

The charity retains trustees of sufficient skill and expertise to scrutinise the projects it supports and the quality of the institutions and people with which it collaborates. The charity has a policy of collaborating with well-established and prestigious partners that already have a solid record of success.

The charity’s policy is also to engage respected providers of professional services, thus ensuring high-quality advisory and operational support for its activities.

Objectives, activities and relevant policies

The objectives of the charity are the support of the Genesis Foundation (registered charity number 1084555) and any other worthwhile charitable causes identified by the trustees.

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's objectives and aims and in planning future activities.

Grant making policy

Genesis America UK’s grant making activities contribute to the achievement of its airns and objectives by funding programmes and bursaries, though the Genesis Foundation, designed to encourage and develop exceptional young talent. As with the Genesis Foundation, all grants given by Genesis America UK are designed to embrace and nurture people and programmes it respects, trusts and whose ethos and achievements it admires and wishes to support.

Fundraising statement

Genesis America UK does not raise funds from the general public, but does receive some donations from supporters. The vast majority of income received are donations from the charity’s founder trustee. The charity has not received any complaints with regard to fundraising practices and does not work with fundraising agents.

Achievements and performance

During the year the charity was able to make grants totalling £ 853,799 (2023 - £1,131,370). Of this, total grants of £829,932 (2023 - £968,920) were made in support of the Genesis Foundation.

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Trustees’ report Year to 31 December 2024

Achievements and performance (continued)

There is an active partnership in place, running activities outside the arts and with respect to arts projects, between Genesis America (UK) Ltd, and the Genesis Foundation.

Genesis America (UK) is the grant making arm of the partnership whilst the Genesis Foundation operates the Foundation’s office, makes some smaller grants to organisations and organises events to promote the work and achievement of the young artistic talent nurtured and developed by the Foundation.

In the year ended 31 December 2023, the activities of the Genesis Foundation partnership fell into four broad categories:

1. Arts programmes

2. Training

3. Commissions

4. Other initiatives in the Arts

More detail on the work of the Genesis Foundation partnership, including the individual projects, can be found in the annual report of the Genesis Foundation (charity registration number 1084555).

The charity also made grants to a number of other registered charities in the year which are detailed in note 2 of the financial statements.

Financial report for the year

• ¢ Results for the year

• Details of the income and expenditure for the charity are given in the statement of financial activities on page 12. The charity had income of £1,017 ,656 for the year (2023 - £1,009,811) and expenditure of £883,553 (2023 - £1,168,411). Expenditure included costs of making grants to other organisations totalling £853,799 (2023 - £1,131,370).

¢ Financial position

• The balance sheet shows a surplus of unrestricted funds of £45,969 as at 31 December 2024 (2023 — deficit of £89,430).

In addition, restricted funds of £1,296 were held by the charity at 31 December 2024 (2023 ~ £1,296).

• Reserves policy and going concern assessment

• The trustees have examined the requirement for free reserves and consider that they need a minimum of £15,000 which, in their opinion, would provide sufficient flexibility to cover any fluctuations in income flows and in meeting other contingencies.

Genesis America (UK) Limited 5

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Trustees’ report Year to 31 December 2024

Financial report for the year (continued)

4 Reserves policy and going concern assessment (continued) The free reserves currently meet the desired level. The Trustees recognise the importance of matching the timing of the income with that of the expenditure, in order to maintain the free reserves.

As stated under risk management, John Studzinski has undertaken to underwrite personally all risks of the charity and its works and commitments, thus providing comfort to the charity in being able to settle its liabilities as they fall due.

Plans for future periods

The charity will continue to work with the Genesis Foundation to support art projects of the partnership principally in the United Kingdom. The charity will also support other charitable organisations both in the United Kingdom and internationally.

Signed on behalf of the board of trustees by John Studzinski CBE:

Date: 22 May 2025

Genesis America (UK) Limited 6

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independent auditor’s report 31 December 2024

Independent auditor’s report to the members of Genesis America (UK) Limited

Opinion

We have audited the financial statements of Genesis America (UK) Ltd (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, and statement of cash flows, the principal accounting policies and the notes to the financial statements. 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 of Ireland’ (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 December 2024 and of its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• @ have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

Conclusions relating to going concern

in auditing the financial statements, we have concluded that the trustees’ use of the going concer 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 conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from 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.

Genesis America (UK) Limited 7

Independent auditor’s report 31

December 2024

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit:

• ¢ the information given in the trustees’ report, which is also a directors’ report for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• ¢ the trustees’ report which is also the director's report for the purposes of company law, has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept; or

• ¢ the financial statements are not in agreement with the accounting records; or

• ¢ certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit: or

• ¢ the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

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Independent auditor’s report 31 December 2024

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees 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 control as the trustees determine is necessary to enabie the preparation 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 auditor’s report that includes our opinion. Reasonable assurance is a high level! of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatements 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• ¢ the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; and

• weobtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of[Ireland][(FRS][102)] and the Companies Act 2006).

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independent auditor’s report 31 December 2024

Auditor’s responsibilities for the audit of the financial statements (continued) We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• ¢ making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• ¢ performed analytical procedures to identify any unusual or unexpected relationships; and

¢ tested journal entries to identify unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• ¢ reading the minutes of meetings of those charged with governance; and

• enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any,

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www. fre. org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Genesis America (UK) Limited 10

Independent auditor’s report 31 December 2024

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

ShachiFor andBlakemoreon behalf (Seniorof BuzzacottStatutoryAudit Auditor)LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

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Statement of financial activities (including income and expenditure) for the year to 31 December 2024

		Unrestricted	Restricted		Unrestricted	Restricted
		2024	2024	2024	2023	2023	2023
	Notes	£	£	£	£	£	£
Income and expenditure
Income:
Donations and legacies	1	1,016,875	—	1,016,875	969,063	49,195	1,008,258
Interest receivable		781	_	781	1,553	_—	4,553
Total income		1,017,656	—	1,017,656	960,616	49,195	1,009,811
Expenditure on:
Charitable activities
. Grants to the Genesis Foundation	2	181,232	_	181,232	208,252	—	208,252
. Other grants payable	2	672,567	~	672,567	823,118	100,000	923,118
. Governance costs	3	29,754	—_	29,754	37,041	—	37,041
Total expenditure	2	883,553	—	883,553	1,068,414	100,000	1,168,411
Net income (expenditure) and net
movement in funds	4	134,103	_	134,103	(107,795)	(50,805)	(158,600)
Reconciliation of funds:
Fund balances broughtforward at 1
January		(89,430)	1,296	(88,134)	18,365	52,101	70,466
Fund balances carried forward at 31
December		44,673	1,296	45,969	(89,430)	1,286	(88,134)

All the charity’s activities during the above two financial periods derived from continuing operations.

All recognised gains and losses are included in the above statement of financial activities.

Genesis America (UK) Limited 12

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Balance sheet 31 December 2024

		2024	2023
	Notes	£	£
Current assets:
Debtors	7	60,300	113,118
Cash at bank		55,863	59,019
		116,163	172,137
Liabilities;
Creditors: amounts falling due within one year	8	70,194	(260,271)
Net current assets (liabilities)		45,969	(88,134)
The funds ofthe charity:
Capital and funds
Called up share capital	10	100	100
Income funds
Restricted funds	13	1,296	1,296
Unrestricted funds
. General fund		44,573	(89,430)
Totalcharityfunds		45,969	(88,134)

Signed on behalf of the board of trustees by

----- Start of picture text -----
John Studzinski CBE
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Approved by the board on:

22 May 2025

Company Limited by Guarantee Registration Number 05095072 (England and Wales)

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Statement of cash flows 31 December 2024

		2024	2023
	Notes	£	£
Cash flows used in operating activities:
Net cash used in operating activities	A	(3,937)	(41,676)
Net cash from investing activities
Interest receivable		781	1,553
Net cash provided by investing activities		781	1,553
Change in cash and cash equivalents in the year		(3,156)	(40,123)
Cash and cash equivalents at 1 January	B	59,019	99,142
Cashandcashequivalentsat31December	B	55,863	59,019

Notes to the statement of cash flows for the year to 31 December:

A_ Reconciliation of net expenditure to net cash flow from operating activities

		2024	2023
	a
	Netincome (expenditure) as per the statement offinancial activities	134,103	(158,600)
	Adjustments for:
	Interest receivable	(781)	(1,553)
	Increase in debtors	52,818	(34,062)
	Increase (decrease) in creditors	(190,077)	152,539
	Net cash used in operating activities	(3,937)	(41,676)
B_	Analysis ofcash and net debt
		2024	2023
	a
	Cash at bank and in hand	55,863	59,019
	Totalcashandcashequivalents	55,863	59,019

The charity has no loans or overdrafts and net debt consists of solely cash at bank and at hand. As such, no reconciliation of net debt has been prepared.

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Principal accounting policies 31 December 2024

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of accounting

These financial statements have been prepared for the year to 31 December 2024, presented in sterling and are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policies or the notes to these financial statements.

The financial statements have been prepared in accordance with 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) (‘Charities FRS 102 SORP 2019’), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charity constitutes a public benefit entity as defined by FRS 102.

Critical accounting estimates and areas of judgement

There are no areas in the preparation of the financial statements that require the trustees and management to make significant judgements or estimates.

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

The trustees have concluded that, there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

One of the trustees, John Studzinski, is committed to providing sufficient donations to meet the expenditure and liabilities of the Foundation and, on this basis, the Foundation is considered to be a going concern.

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount can be measured reliably and it is probable that the income will be received. Income comprises donations, interest receivable and other income.

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Principal accounting policies 31 December 2024

income recognition (continued)

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for when receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment 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.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

Expenditure on charitable activities comprises all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities.

Such costs include charitable grants and donations, direct and support costs, including governance costs.

Grants payable are included in the statement of financial activities in the year in which payment falls due. Provision is made for grants approved and due but unpaid at the period end. Grants approved but not due for payment at the year end are noted as financial commitments in the notes to the financial statements.

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support costs and governance costs are allocated to charitable activities.

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Principal accounting policies 31

December 2024

Debtors

Debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settkement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund accounting

The general fund comprises those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s objects. The restricted funds represent donations which are subject to donor imposed conditions.

Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:

Financial assets — other debtors are basic financial instruments and are debt instruments measured at amortised cost.

Cash at bank— classified as a basic financial instrument and is measured at face value.

Financial liabilities — accruals and other creditors are financial instruments, and are measured at amortised cost.

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Notes to the financial statements 31 December 2024

• 1 Donations

Donations
	2024	2023
ne,=o
Donations from:
. Founder trustee (note 12)	1,016,875	959,063
. Other donations	—	49,195
2024 Total funds	1,016,875	1,008,258
Of the amount included within other donations, £nil was restricted in nature (2023: £49,195).
Details on the nature ofthe restriction are included within Note 13 to the financial statements.
Grants payable
	Unrestricted
	2024	2023
a,
Genesis Foundation
Grants to the Genesis Foundation	181,232	208 252
Grants in support ofthe Genesis Foundation
. Young Vic	40,000	100,000
. Almeida Theatre	30,000	63,068
. National Theatre	100,000	100,000
. The Sixteen - Genesis Sixteen	156,000	156,000
. Royal Academy	89,000	89,000
. Cathedral Music Trust	_—	—_—
. Jewish BookWeek	58,000	56,000
. Genesis Theatre Design Programme	—	100,000
. Genesis Prize	25,000	10,000
. Music commissions	50,700	86,600
. Motley theatre	100,000	—_
	648,700	760,668
Other grants
Community development
Passage 2000	—	25,000
St Jude India Child Centre	7,200	7,200
Order of Malta Volunteers	—	25,000
Southbank Sinfonia	—	5,000
	7,200	62,200
The Arts
Serpentine Galleries	16,667	—
	16,667	—_
Other
Riding for the Disabled Association	_	100,250
Inter Mediate	_	—
	—	100,250

2 Grants payable

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Notes to the financial statements 31 December 2024

• 2 Grants payable (continued)

Grants payable (continued)
	Unrestricted
	2024	2023
a;
Total — Other grants	23,867	162,450
Total - All grants	853,799	1,131,370
Governance costs (see note 3)	29,75437,041	37,041
Total	883,553	1,168,414

Of the above, nil related to restricted expenditure (2023: £100,000).

3	Governance
		Unrestricted
		2024	2023
		Total	Total
		funds	funds
	a
	Professional fees	29,614	34,114
	Other costs	140	2,927
	Total funds	29,754	37,041
4	Net income
	This is stated after charging:
		2024	2023
		Total	Total
		funds	funds
	eee	£	£
	Auditor’s remuneration (including VAT)
	. Statutory audit services
	- Currentyear	18,660	18,720
	-	Under (over) provision for prioryear	—
	.Otherservices	960	6,940

§ Staff costs and trustees’ remuneration

No staff costs were incurred during the year (2023 - Enil).

None of the trustees received any remuneration in respect of their services, nor reimbursement of expenses during the year (2023 - Enil). Taxation Genesis America (UK) Limited is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

6 Taxation

Genesis America (UK) Limited 19

p74

Notes to the financial statements 31 December 2024

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||||||||| |---|---|---|---|---|---|---|---| |7|Debtors| |2024|2023| |EE| |Taxation|recoverable|on|gift|aid|donations|39,875|98,693| |Genesis|America|Inc.|14,325|14,325| |Unpaid|share|capital|100|100| |Other|debtors|6,000|—_| |60,300|413,118|

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||||||||| |---|---|---|---|---|---|---|---| |8|Creditors:|amounts|falling|due|within|one|year| |2024|2023| |eee| |Trade|creditors|994|24,605| |Accruals|24,200|27,058| |Approved|projects|and|grants|45,000|208,608| |70,194|260,271|

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• 9 Grant commitments

As at 31 December the charity had further commitments in respect of grants approved for projects and which relate to future periods as follows:

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|||||||||| |---|---|---|---|---|---|---|---|---| |2024|2023| |eee|EE| |Genesis|Foundation| |.|Payable|within|one|year|695,936|685,333| |.|Payable|between|two|and|five|years|280,500|219,500| |a|976,436|904,833|

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These grant commitments will be recognised in the period in which the specific conditions associated with each grant have been met.

10 Called up share capital

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||||||||| |---|---|---|---|---|---|---|---| |Authorised|Allotted|and|called|up| |2024|2023|2024|2023| |wee|EEE| |Ordinary|shares|of £1|each|100|100|100|100|

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11 Reconciliation of movements in shareholder’s funds There were no movements in shareholder's funds in the year. These remain at £100, representing the issued share capital.

Genesis America (UK) Limited 20

Notes to the financial statements 31 December 2024

12 Related party transactions

The charity made grants totalling £181,232 to the Genesis Foundation in the year (2023 - £208,252). The Genesis Foundation is a registered charity and in the year, had the same trustees as Genesis America (UK) Limited. The charity also previously made payments totalling £14,325 on behalf of Genesis America Inc. This amount was receivable from Genesis America Inc. at the year end and is included within debtors (2023 - £14,325).

Total donations, including gift aid, during the year of £1,016,875 (2023 - £959,063) were provided by the founder trustee, John Studzinski.

Subsequent to the year end, a payment of £6,000 was made to the Trust by the Founder Trustee, John Studzinski. This payment related to the reimbursement of expenses incurred during the financial year ended 31 December 2024. No such reimbursements were made in the year ending 31 D3ecember 2023.

13 Restricted funds

				At
	At			31
1	January			December
	2024	Income	Expenditure	2024
en
Genesis Theatre Design Programme
Fund	1,296	—	—_—	1,296
	1,296	_	_	1,296

Genesis Theatre Design Programme Fund

These funds relate to amounts granted by the James Family Charitable Trust. Funds received are to be applied in support of the Genesis Theatre Design Programme, established to provide pathways in to theatre design for the global majority.

14 Ultimate holding company and control

The charitable company is wholly owned by Genesis America Inc, a US tax exempt charitable organisation registered in the State of Delaware, and was founded to carry out the work of that entity in the UK.

The activities of the company are controlled by the trustees of the company.

There were no transactions with the holding company during the period.

Genesis America (UK) Limited 21