Charity No. 1109918 Company No. 05350679 NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED Report and financial statements For the year ended 31 March 2024 CONTENTS PAGE(S) Officers and professional advisers Trustees, Annual report Independent Examinerfs report to the Trustees of Notting Hill Genesis Community Foundation Limited statement of financial activities (SOFA) Balance sheet 10 Notes to the financial statements
NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED Officers and Professional Advisers Corporate Management Team Chief Executive Chief Financial Officer Chief Operating Officer Group Director of Central Services Chief Information Officer Group Director of Assets and Sustainability Chief Financial Officer Group Director of Development and Sales and Deputy Chief Executive Patrick Franco Mark Smith (appointed 15 April 2024) Katie Yallop Vipul Thacker Rajiv Peter Matthew Cornwall-Jones Susan Hickey (resigned 15 April 2024) John Hughes (resigned 30 September 2024) Company Secretary Company Secretary Sara Thomson (appointed 5 June 2024) Andrew Nankivell (resigned 5 June 2024) Registered Office Bruce Kenrick House 2 Killick Street London N19FL Bankers Barclays Bank PLC Business Banking Floor 28 1 Churchill Place London E14 5HP Solicitors Devonshires 30 Finsbury Circus London EC2M 7DT Independent Examiner Beever and Struthers Chartered Accountants 150 Minories London EC3N 1 LS Charity Number 1109918 Company Number 05350679
NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED Report of the Trustees incorporating the Directors Report For the year ended 31 March 2024 The trustees of the Charity, as set out on page 6. who are also directors for the purposes of the Companies Act 2006 present their annual report and unaudited financial statements for Notting Hill Genesis Community Foundation Limited {"the Charity") for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice "Accounting and Reporting by Charities" FRS 102 as revised in 2019 ("the SORP 2019.). The trustees have given due consideration to the Charity Commission's published guidance on the operation of public benefit requirements. Objectives and activities The charity approves grants and fundraising in line with the corporate objectives of Notting Hill Genesis (NHG) and the obligations of two trust funds. The charity's objects (the "objects") are for the benefit of those living in local authority areas in which Notting Hill Genesis Group owns or manages or plans to own or manage housing stock and neighbouring local authority areas (the "area of benefit") for the following charitable purposes. a) to promote for the benefit of the public, of urban andlor rural regeneration in the area of benefit where there is social and economic deprivation. b) to develop the capacity and skills of members of the community in the area of benefit where there is social and economic deprivation in such a way that they are better able to identify, and help meet their needs and to participate more fully in society" and c) to further such other purposes as are charitable according to the law of England and Wales as the trustees may from time to time determine. Achievements and performance The Notting Hill Genesis Community Foundation Limited (NHGCF) is dedicated to helping local communities in areas in which the former parent undertaking Genesis Housing Association operates. This is achieved by awarding grants to organisations that address this objective. The Trustees meet a minimum of two times a year to consider grant applications. As in the previous year, Notting Hill Genesis. Research and Analysis Team is responsible for reviewing and documenting the ability of successful applicants to implement the project according to their project application program requirements. This is accomplished through the review of progress reports and project and fiscal records to ensure the scope of work as outlined in the project application is being fulfilled and funds are expended and accounted for properly. Activities in the year This year the Foundation's funds have been directed to support Notting Hill Genesis residents and divided between three projects: General Needs" Care and Support; and Regeneration Projects. There are restrictions on how the monies can be spent under these projects. Each directorate is expected to manage its own grant programme and be responsible for reporting the outcomes back to the partnership team so that all can be collated and presented to the Foundation Board. The General Needs programme provides direct small grants to residents in hardship, with need being identified by frontline staff. Funded from Unrestricted funds directly from the ultimate parent undertaking, Notting Hill Genesis. Care and Support supports additional activity programmes within the scheme to make grants to key partners to support them in delivering services within the schemes. Funded by the Eastwood Trust funds. Regeneration will support regeneration across Notting Hill Genesis regeneration projects {Woodberry Down, Grahame Park and Aylesbury) by funding placemaking, social enterprise, meanwhile uses and digital solutions. Funded by Eastwood Trust and Knowles Trust funds.
NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED Report of the Trustees incorporating the Directors Report (continued) For the year ended 31 March 2024 Grants awarded The following list of grants were awarded in year to 31 March 2024- Programme Amounts Project objectives Theme Region ctive Within £60.41 Let's Get Active Innovation and Good Practice Partnership Funding BarneVHackney nimating the ommuni Burgess Sports £9,00 Past Present and Future Barnet £34.80 Multisports Holiday Programme - for working amilies hangemakers for boys nd girls club programme Partnership Funding Barnet enter of Excellence £27,12 Innovation and Good Practi Barnet ommunity ycleworks £16,77 Fix a bike project on the ylesbury Estate Partnership Funding outhwark reation Southwark £19,88 Poppy Project - delivery of ver 65 support services n A lesbu Estate. ommunications project to ollate and showcase the El programmes on our re eneration schemes. FUSE Youth Project Partnership Funding outhwark Ernest Simons LTD £18.00 Innovation and Good Practice Barnet Fun Unique Social Enterprise C.l.C. TA F.U.S.E. Ignite Hubs £27,50 Better Connections Barnet £5.62 Programme of weekly fter-school coding club essions for 25 children, ged 7t0 11, attheuna Marson Library. Aylesbury Estate. ontribution to the youth lub programme Partnership Funding outhwark Inspire Walworth £6,80 Partnership Funding outhwark London Wildlife Trust £16,71 eekly family learning eekend drop-in nature ctivities. school holiday amily leaming programme essions,. weekly under-5s" argeted community utreach sessions to ngage Woodberry Down residents. alworth Neighbourhood Food Model - Research nd Development Better Connections Barnet Pembroke College ettlement £18,00 Innovation outhwark
NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED Report of the Trustees incorporating the Directors Report (continued) For the year ended 31 March 2024 Grants awarded {continued) Pro ramme ocial Life Amounts £48,871 Pro ect ob'ectives oodberry Down Social alue assessment- Regeneration on residents, ellbein outh Club Summer Pro ramme Community Wellbeing Days Theme Innovation and Good Practice Re Hackney ion port Inspired Ltd £4,751 Partnership Funding Barnet he Zen Project ommunity £21,80 Better Connections Barnet alworth Garden £171 Community Garden - rovision of materials Partnership Funding outhwark ayward London Ltd £28.80 Plot B Meanwhile Space roject initiation and ana ement ro ramme. Business Incubator Pilot - o accelerate business rowth and success Kickboxing lessons for ouths in Aylesbury Kickboxing lessons for ouths in Aylesbury Reducing hardship, mproving health. well- eing and digital inclusion. Innovation and Good Practice Barnet outh Engagement olutions Ltd Frontier £11.28 Innovation and Good Practi Barnet £21 ocial, Health and Well- eing ocial. Health and Well- eing ocial, Health, Well-being nd hardship. outhwark ofia Malewicz £10 outhwark are and Support- Impact fund £62,86 Extra care, heltered. easehold and Penfold otal £439,49 Note 5 Financial review for the year ended 31 March 2024 Total income in the year of £74.177 (2023: £66.096) is made up of charitsble donations of £41,628 (2023.. £50,712) and interest reiVed of £32.549 (2023: £15,384). Reserves policy and going concern The total reserves at 31 March 2024 amounting to £1,060,643 {2023: £1,494,020), is made up of restricted funds of £1.060,643 (2023: £1.493.910). There are no unrestricted reserves (2023.. £nil). The restricted reserves is made up of funds which have been raised for specific purposes. The aim of the trustees of Notting Hill Genesis Community Foundation Limited going forward is to utilise the restricted funds in supporting its charitable objectives, towards the specific purposes for which the funds have been held. The Board approved a written resolution in February 2020 to continue the running of the charity until these funds are utilised. The trustees however consider it appropriate for accounts to be prepared on the going concern basis for the year ended 31 March 2024.
NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED Report of the Trustees incorporating the Directors Report (continued) For the year ended 31 March 2024 Principal risks and uncertainties The trustees have identified financial sustainability to be the principal risks of the Charity. A key element in the management of financial risks is a regular review of available funds to meet the charity's objectives, settle its debts as they fall due, regular liaison with the bank and financial support from its ultimate parent undertaking. Accordingly. the principal risks and UnrtaIntieS of the Notting Hill Genesis Group {"the Group"), which include those of the Charity, are discussed in the Group's annual report which does not form part of this report. Key performance indicators The directors of Notting Hill Genesis manage the Group's operations on a group basis. For this reason, the Charity's trustees believe that analysis using key perfomiance indicators for the Charity is not necessary or appropriate for an understanding of the development, performance or position of the business of Notting Hill Genesis Community Foundation Limited. Structure, Governance and Management The Notting Hill Genesis Community Foundation Limited ("the Charity") is a company limited by guarantee (Company number 05350679) and was incorporated on 2 February 2005. It is governed by a Memorandum and Articles of Association. it is also a registered charity with the Charity Commission (Charity number 1109918). The Charity s govemance is kept under regular review. Trustees are appointed for three-year terms and are subject to an annual appraisal after the first year. The Board of Trustees of Notting Hill Genesis Community Foundation Limited are approved by the board of Notting Hill Genesis. The Chair of the Board is appointed from within the members of the Notting Hill Genesis Community Foundation Limited Board. The appointment is also ratified by the Notting Hill Genesis board. The Chair cannot be a co-opted person. The risk management process for Notting Hill Genesis Community Foundation Limited is being managed as part of Notting Hill Genesis Group's risk management strategies, which aim to assess business risks and implement risk management strategies. This involves identifying the types of risks the Charity faces, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of mitigating the risks. The board has full control over the running of the Charity and no decisions are delegated. The Charity's key source of income is investment income.
NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED Report of the Trustees incorporating the Directors Report (continued) For the year ended 31 March 2024 Training and induction of trustees The trustees are inducted in the aims of the Charity and receive training in their roles and responsibilities. Skills and management of the trustees is reviewed to ensure that the Charity has the right skills and where there are skill and management gaps. new trustees are brought in to fill this gap. Each trustee is supported to understand the Charity and its finances. The Charity is part of the Notting Hill Housing Group and has adopted its governance requirements. Trustees The trustees of the Charity (also the directors for the purposes of company law) who were in office during the year and up to the date of signing the financial statements were: Patrick Franco Mark smith (appointed 15 April 2024) Katie Yallop Vipul Thacker Rajiv Peter Matthew Cornwall-Jones John Hughes (resigned 30 September 2024) Chairman Trustees, indemnities As permitted by the articles of association, the trustees have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The Charity also purchased and maintained throughout the financial year trustees. and officers, liability Insuran in respect of itself and its trustees. Independent examiners The Charity's independent examiners Beever and Struthers have indicated their willingness to continue in office. Their reappointment will be proposed at the Annual General Meeting. Financial risk management policy This report has been prepared in accordance with Part 15 of the Companies Act 2006. The Board approved a written resolution in February 2020 to continue the running of the charity until its funds are fully utilised.
NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED Report of the Trustees incorporating the Directors Report (continued) For the year ended 31 March 2024 Statement of trustees. responsibilities The charity trustees (who are also the directors of Notting Hill Genesis Community Foundation Limited for the purposes of company law) are responsible for preparing the trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of reSoUrs, including 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 the Charities SORP. make judgments and estimates that are reasonable and prudent. state whether FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" has 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 charitable company will continue in business. The trustees are responsible for keeping 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, the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the Maintenan and integrity of the charitable company and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Statement as to disclosure to our auditors In so far as the trustees are aware at the time of approving our trustees. annual report: there is no relevant infomiation. being infomiation needed by the auditor in connection with preparing their report, of which the Charity's auditor is unaware. and the trustees, having made enquiries of fellow directors and the group's auditor that they ought to have individually taken, have each taken all steps that helshe is obliged to take as a director in order to make themselves aware of any relevant audit information and to stablish that the auditor is aware of that information. Approved by the board of trustees and signed on behalf of the board on 19 Dernber 2024, Swned by. B4E4... Trustee 19/12/2024
NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED Independent Examiner's Report to the Trustees of the Notting Hill Genesis Community Foundation Limited for the year ended 31 March 2024 I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024 which are set out on pages 9 to 17. Responsibilities and basis of report As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). 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 your company s accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention other than that disclosed below which gives me cause to believe that: accounting records were not kept in respect of the company as required by section 386 of the 2006 2. the accounts do not accord with those records. or 3. the accounts do not comply with the requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Matter of concern - going concern As noted in the Trustees, Report and note 1 of the financial statements, the Trustees intend to continue the running of the charity until its funds are utilised. I have no COnrnS and have come across no other matters in connection with the examination to which attention should be drawn in this report other than the note above in order to enable a proper understanding of the accounts to be reached. Michael Tourville FCA Beever and Struthers Chartered Accountants 150 Minories London EC3N 1 LS Date: 23 December 2024
NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES (SOFA) Incorporating an income and expenditure account For the year ended 31 March 2024 Unrestricted Restricted Total funds Total funds funds funds 2024 2024 £000 £000 2024 £000 2023 £000 Note Income from: Donations and legacies Investments 41 32 41 32 51 15 Total 73 73 66 Expenditure on: Charitable activities Other (41) (32) (434) (475) (32) (398) (23) Total expenditure (73) (434) {507) (421) Net expenditure for the year (434) {434) (355) Net movement in deficit Reconciliation of funds: Total funds brought forward at 1 April {434) {434) (355) 1,495 1,495 1,850 Total funds carried forward at 31 March 1,061 1,061 1,495 All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above.
NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED Company No. 05350679 Registered Charity No. 1109918 BALANCE SHEET As at 31 March 2024 2024 £000 2023 £000 Notes Current assets Cash at bank and in hand 1,320 1.725 Total current assets 1.320 1,725 Creditors: amounts falling due within one year (259) (230) Net current assets 1,061 1,495 Total assets less current liabilities 1,061 1,495 Net assets 1.061 1,495 The funds of the charity Unrestricted funds Restricted funds 1,061 1.495 Total charity funds 1.061 1,495 For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476: The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The financial statements on pages 9 to 17 were authorised and approved by the trustees and were signed on their behalf on 19 December 2024 by: by. 584E4.. Trustee 19/12/2024 10
NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED Notes to the financial statements For the year ended 31 March 2024 Accounting policies The financial statements have been prepared in Complian with United Kingdom Accounting Standards, including Financial Reporting Standard 102. "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102") and the Companies Act 2006, Charities Act 2011, and Charities (Accounts and Reports) Regulations 2008, as well as the Charity Statement of Recommended Practice (SORP). 'Accounting and Reporting by Charities. (2019). Charity and company status Notting Hill Genesis Community Foundation Limited is a company limited by guarantee. incorporated in England and Wales, and a registered UK charity. The address of its registered office is Bruce Kenrick House 2 Killick Street London N19FL United Kingdom. The members of the charity are the trustees named on page 6. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The functional currency of Notting Hill Genesis Community Foundation Limited is GBP (£) and figures in the primary statements and notes have been rounded to the nearest thousand. Summary of significant accounting policies The principal accounting policies, which have been applied consistently, are set out below. Basis of preparation The financial statements have been prepared under the historic cost convention as amended for the revaluation of investments. The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial ststements are disclosed in note 2. The company is a wholly owned subsidiary of Notting Hill Genesis and is included in the consolidated financial statements of the parent company which are publicly available. Consequently. the company has applied the exemptions available under FRS 102 in respect of the following disclosures: Related party disclosures., Financial instruments: Key management personnel compensation; and Cashflow statement and related notes. Going concern A decision was made by the trustee in February 2020 to continue the running of the charity until the funds are depleted however, the trustees consider it appropriate forthe financial statements to be prepared on the going concern basis for the year ended 31 March 2024 given the net asset position of the Charity and expected cashflows. 11
Notes to the financial statements (continued) For the year ended 31 March 2024 Accounting policies (continued) Income recognition Income is recognised when the Charity is legally entitled to the funds, any performance conditions attached to the item(s) of income have been met. it is probable that the income will be received, and the amount can be measured or estimated reliably. Income received in advance is recognition as deferred and included in creditors. Where entitlement occurs before the cash is received, the income is accrued and included with debtors. Income from donations is recognised when there is evidence of entitlement to the gift, receipt is probable, and its amount can be measured reliably. Interest on funds held on deposit is included when receivable and the amount can be measured or estimated reliably by the charity. this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received that the dividend is due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio. Expenditure Expenditure is recognised On there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Charitable activities costs are those costs incurred directly in support of the objects of the Charity and made up of the total of direct costs and support costs. Direct costs are directly attributable project and administration costs incurred on activities undertaken to further the charity's objectives. The basis of support cost has been explained in note 5. No VAT is recoverable on expenditure incurred given all income relates to activities either exempt or outside the scope for VAT purposes. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Basic Financial instruments The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Fund accounting Unrestricted income funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and where they have not been designated for other purposes. Restricted reserves are subjected to restrictions on their expenditure imposed by the donor. 12
NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED Notes to the financial statements (continued) For the year ended 31 March 2024 Accounting policies (continued) Trustees. remuneration The trustees did not receive any emoluments and no out of pocket expenses were paid during the current or prior year. Staff Costs There were no employees in Notting Hill Genesis Community Foundation Limited during the year (2023: none). Related party transactions The Charity is entitled to the exemption allowed by FRS 102 Section 33.1A in relation to the disclosure of transactions with other companies in the group as it is a wholly owned subsidiary. and its results are consolidated in the financial statements of Notting Hill Genesis. Critical accounting judgements and estimation uncertainty Estimates and judgements are continually evaluated and are based on historical experience and otherfactors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions There were no critical accounting estimates exercised by management during the year in the process of applying Company's accounting policies. b) Critical judgements in applying the Company's accounting policies There were no critical judgements exercised by management during the year in the process of applying the Company's accounting policies. Income from charitable activities 2024 £000 2023 £000 Just Giving donations 41 51 The income recognised in the year represents the Just Giving donations raised by a number of runners in the 202312024 London Marathon run held in October 2023. running on behalf of Notting Hill Genesis. the ultimate parent undertaking of the charity. Investment income 2024 2024 Unrestricted Restricted £000 £000 32 2024 Total £000 32 Interest receivable 32 32 Interest received in the year amounted to £32,549 (2023: £15,384). 13
NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED Notes to the financial statements (continued) For the year ended 31 March 2024 Investment income (continued) 2023 2023 Unrestricted Restricted £000 £000 15 2023 Total £000 15 Interest receivable 15 15 5. Expenditure on charitable activities 2024 2024 Unrestricted Restricted £000 £000 440 (6) 2024 Total £000 440 (6) 41 32 Grant funding activities Discontinued grants accruals written off in the year Just Giving funding activities Support costs 41 32 73 434 507 2023 2023 Unrestricted Restricted £000 £000 394 (47) 2023 Total £000 394 (47) 51 23 Grant funding activities Discontinued grants accruals reversed in the year Just Giving funding activities Support costs 51 23 74 347 421 Grant funding activities are directly attributable project costs incurred on activities undertaken to further the purposes of the charity. Directly attributable project costs comprise of grant payments (disclosed in the trustees, report). The Just Giving donations are used towards the General Needs programme which is the unrestricted funds charitable activities carried out by the ultimate parent undertaking, Notting Hill Genesis. These include Love Where You Live and hardship programmes. the partnership and volunteering programmes and the employment and wellbeing support. Support costs comprise of allocated overheads and administrative costs recharged from the parent. The nature of support includes costs for accounting. independent examination. information technology and financing. 14
NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED Notes to the financial statements (continued) For the year ended 31 March 2024 Net expenditure for the year 2024 £000 2023 £000 This is stated after charging: Independent examination fee (inclusive of VAT) Creditors: amounts falling due within one year 2024 £000 155 67 37 2023 £000 Amounts owed to group undertakings Accruals Trade creditors 109 37 259 230 Analysis of charitable funds 1 April Income Expenditure Transfers 31 March 2023 2024 £000 £000 Analysis of movements in unrestricted funds - 2024 General funds £000 £000 £000 73 (73) Total unrestricted fund 73 73 1 April Income Expenditure Transfers 31 March 2022 2023 £000 £000 Analysis of movements in unrestricted funds - 2023 General funds £000 £000 £000 15 (23) Total unrestricted fund 15 (23) 15
NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED Notes to the financial statements (continued) For the year ended 31 March 2024 8 Analysis of charitable funds (continued) 1 April 2023 Income Expenditure Transfer 31 March 2024 Analysis of movements in restricted funds - 2024 Knowles Trust Knowles Trust Investment Fund Eastwood Trust £000 15 968 512 £000 £000 (15) {115) (304) £000 £000 853 208 Total 1,495 (434) 1,061 1 April 2022 Income Expenditure Transfer 31 March 2023 Analysis of movements in restricted funds - 2023 Knowles Trust Knowles Trust Investment Fund Eastwood Trust £000 190 968 692 £000 £000 (175) £000 £000 15 968 512 (172) (8) Total 1.850 (347) (8) 1,495 The Knowles Trust Investment Funds is made up of funds transferred from the Knowles Trust fund which had been ring-fenced for future investments. The charity disposed of all its investments in the previous year and does not intend to purchase new investments with these funds. The Funds will be used to pay future grant awards in furtheran of the charity's objectives. The Eastwood Trust Fund is made up of investments held which are being used to pay grant awards. Analysis of net assets between funds Unrestricted Restricted Funds Funds £000 £000 1,320 (259) Total 2024 £000 1,320 (259) Cash at bank and in hand Creditors due within one year Net assets 1.061 1.061 Analysis of net assets between funds - previous year Unrestricted Restricted Funds Funds £000 £000 1,725 (230) Total 2023 £000 1,725 (230) Cash at bank and in hand Creditors due within one year Net assets 1,495 1,495 16
NOTTING HILL GENESIS COMMUNITY FOUNDATION LIMITED Notes to the financial statements (continued) For the year ended 31 March 2024 10. Financial instruments The carrying amounts of the charity's financial instruments are as follows: 2024 £000 2023 £000 Financial assets Measured at cost.. Cash at bank and in hand 1,320 1,725 Total financial assets 1,320 1,725 Financial liabilities Creditors 259 230 Total financial liabilities 259 230 11. Taxation Notting Hill Genesis Community Foundation Limited is a registered charity and is thus exempted from taxation of its income and gains falling within section 478 Corporation Tax Act 2010 to the extent that they are applied to its charitable objectives. No tax charge has arisen in the year. 12. Ultimate parent undertaking The immediate and ultimate parent undertaking and controlling party at 31 March 2024 was Notting Hill Genesis, a charity incorporated as a community benefit society under the Co-operative and Community Benefit Societies Act 2014 in England and Wales and is a Registered Provider of Social Housing, Registered number 4880. Notting Hill Genesis was the parent undertaking of the largest group of undertakings to consolidate these financial statements at 31 March 2024. The consolidated financial statements of Notting Hill Genesis are available from Bruce Kenrick House. 2 Killick Street. London. United Kingdom. N19FL or on their website. 17