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2022-12-31-accounts

Registered number: NI675521 Charity number: NIC108271

GENESIS NETWORK

(A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

GENESIS NETWORK (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 5
Independent examiner's report 6 - 7
Statement of financial activities 8
Balance sheet 9 - 10
Notes to the financial statements 11 - 21

GENESIS NETWORK (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2023

Trustees Mr Daniel Leigh Jackson
Mrs Elizabeth Cousins
Mr Philip Adam Mcmillan
Mr Alastair Hair
Mr Andrew William Agnew
Mrs Victoria Shields (appointed 30 June 2022)
Mrs Lisa Trudy Keys (resigned 30 June 2022)
Company registered
number
NI675521
Charity registered
number
NIC108271
Registered office
6 Annadale Avenue
Belfast
BT7 3JH
Accountants
Miscampbell & Co
Chartered Accountants
6 Annadale Avenue
Belfast
BT7 3JH
Bankers
Danske Bank
Donegall Square West
Belfast
BT1 6JS

Page 1

GENESIS NETWORK (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2023

The Trustees present their annual report together with the financial statements of the Company for the period 1st February 2022 to 31 January 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

Genesis Networks objects include:-

(1) To present Jesus Christ to business people, professionals and marketplace leaders and train them to carry out the Great Commission (as described in Matthew 28:18-20);

(2) To develop and equip Christians to advance Christianity;

(3) To serve the general public and in particular business people, professionals and marketplace leaders through the Christian faith.

(4) The promotion of Christianity by the provision of social and recreational facilities in a Christian context for the benefit of the general public.

In 2022 the Genesis board of trustees added to an existing suite of policies which have been established to ensure proper and effective management of Genesis affairs. Policies added to the existing framework in this year includes:

  1. Disciplinary

  2. Equality and diversity

  3. Grievance

  4. Health and wellbeing

b. Strategies for achieving objectives

The trustees built on our 3 key themes that have been developed to help deliver the core objectives.

These themes are EXPLORE, EQUIP and ENGAGE.

Explore – Making Jesus Christ known to marketplace leaders in the Northern Irish business community. Equip – Resource Christian business people, professionals and marketplace leaders in living out their faith in the marketplace.

Engage – Create opportunities for strong relationships to be created and discipleship to take place The Trustees are satisfied with the committee's performance over the year. In particular, the action plan, which sets out the key objectives, has been instrumental in focusing attention on the organisations core values and enabling progress to be made in realising these goals.

Page 2

(A company limited by guarantee)

GENESIS NETWORK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

Objectives and activities (continued)

c. Activities undertaken to achieve objectives

Explore

In this accounting period we held:

Equip

In this accounting period we:

Engage

In this accounting period we:

d. Main activities undertaken to further the Company's purposes for the public benefit

The trustees wish to take this opportunity to review Genesis performance over the past year and report on the work of the organisation, which continues to seek to work with everyone in the business Community.

Achievements and performance

a. Main achievements of the Company

The trustees were successful in growing the existing 3 regional hubs, providing weekly online content and regularly bringing together business people, under our core themes, to deliver the objects of the company in a way that adapted to the changing environment.

We held 2 successful large events engaging with business people from across Northern Ireland. Over the course of this year, we built greater brand awareness and developed new relationships to allow the charity to flourish in the years ahead.

Financial review

Page 3

GENESIS NETWORK (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

a. Going concern

The Trustees are satisfied with the Committee’s performance over the year and its year end financial position.

Total income for the year amounted to £39,311

Total expenditure for the year amounted to £31,465

This resulted in an operating surplus of £7,846

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The Trustees of Genesis Network recognise the importance of being financially prudent. The Charity’s reserves fall into two categories: Restricted Reserves and General Reserves.

Restricted Reserves

These reserves are ring fenced and only available for use in accordance with the donors’ express intentions as agreed or acknowledged by the Trustees.

General Reserves

These reserves comprise sums that are freely available for general use and which are retained to enable the trustees to fulfil the Charity’s aims.

The general reserve is set at a level to withstand any short-term financial risks, the main risk being a significant fall in income. If the general reserve falls outside the range of 2 - 3 months’ charitable expenditure cover, the trustees will review and make changes, as they consider appropriate. The general reserve is not treated as an endowment fund.

Structure, governance and management

a. Constitution

Genesis Network is registered as a charitable company limited by guarantee and was set up by a Trust deed.

b. Methods of appointment or election of Trustees

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

Funds held as custodian

No funds are held as custodian on behalf of others.

Page 4

GENESIS NETWORK (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. 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 Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on _______ and signed on their behalf by:

Mr Daniel Leigh Jackson

Mrs Elizabeth Cousins

Page 5

GENESIS NETWORK

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2023

Independent Examiner's Report to the Trustees of Genesis Network

I report on the financial statements of the company for the year ended 31 January 2023 which are set out on pages 8 to 21.

Respective Responsibilities of charity Trustees and Examiner

As the company's trustees (and also the directors of the company for the purpose of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the company is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to:

Basis of Independent Examiner's Statement

I have examined your company accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act.

My examination included a review of the accounting records kept by the company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as company trustees concerning any such matters.

My role is to state whether any material matters have come to my attention giving me cause to believe:

  1. that accounting records were not kept in accordance with section 386 of the Companies Act 2006;

  2. that the accounts do not accord with those accounting records;

  3. that the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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);

  4. that there is further information needed for a proper understanding of the accounts to be reached.

Independent Examiner's Statement

I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.

This report is made solely to the company's Trustees, as a body, in accordance with section 65(3)(a) of the Charities Act (Northern Ireland) 2008 and regulations made under section 66 of that Act. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.

Page 6

GENESIS NETWORK (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

Signed: Jonathan R Bethel FCA

Dated:

Miscampbell & Co 6 Annadale Avenue Belfast BT7 3JH

Page 7

GENESIS NETWORK (A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JANUARY 2023

Note
Income from:
Donations and legacies
4
Investments
5
Other income
6
Total income
Expenditure on:
Charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
31 January
2023
£
32,683
-
6,628
39,311
31,465
31,465
7,846
13,203
7,846
21,049		 Total
funds
31 January
2023
£
32,683
-
6,628
39,311
31,465
31,465
7,846
13,203
7,846
21,049		 Total
funds
31 January
2022
£
47,285
15
520
47,820
34,617
34,617
13,203
-
13,203
13,203

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 11 to 21 form part of these financial statements.

Page 8

(A company limited by guarantee) REGISTERED NUMBER: NI675521

GENESIS NETWORK

BALANCE SHEET AS AT 31 JANUARY 2023

Note
Fixed assets
Tangible assets
12
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds		 21,797
21,797
(1,304)		 2023
£
556
556
20,493
21,049
21,049
21,049
-
21,049
21,049		 13,398
13,398
(1,307)		 2022
£
1,112
1,112
12,091
13,203
13,203
13,203
-
13,203
13,203

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on _______ and signed on their behalf by:

Page 9

GENESIS NETWORK

(A company limited by guarantee) REGISTERED NUMBER: NI675521

BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2023

Mr Daniel Leigh Jackson

Mrs Elizabeth Cousins

The notes on pages 11 to 21 form part of these financial statements.

Page 10

GENESIS NETWORK (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

1. General information

The Genesis Network is a charitable company limited by guarantee. The charitable company is incorporated in Northern Ireland and has the company number NI675521. The registered office address is 6 Annadale Avenue, Belfast, BT7 3JH. The principal activity of the charitable company is to make Jesus Christ known to marketplace leaders in the business community through events, media and equipping our network.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Genesis Network meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are presented in Sterling (£). The level of rounding is £1.

2.2 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Page 11

GENESIS NETWORK (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

2. Accounting policies (continued)

2.4 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL (2022: £1,668) or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment - 33% 3 years straight line

2.5 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.6 Liabilities and provisions

Liabilities 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 settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.7 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 their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.8 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

Page 12

GENESIS NETWORK (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

2. Accounting policies (continued)

2.9 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgement:

In preparing these financial statements, the directors have had to make the following judgements;

• Determine whether there are indicators of impairment of the company’s tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Other key sources of estimation uncertainty;

• Tangible fixed assets (see note 12) are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Page 13

GENESIS NETWORK (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

4. Income from donations and legacies

Donations
Total 2022
Investment income

Investment income
Total 2022
Other incoming resources

Events income
Total 2022		 Unrestricted
funds
31 January
2023
£
32,683
47,285
Unrestricted
funds
31 January
2023
£
-
15
Unrestricted
funds
31 January
2023
£
6,628
520		 Total
funds
31 January
2023
£
32,683
47,285
Total
funds
31 January
2023
£
-
15
Total
funds
31 January
2023
£
6,628
520		 Total
funds
31 January
2022
£
47,285
Total
funds
31 January
2022
£
15
Total
funds
31 January
2022
£
520

5. Investment income

6. Other incoming resources

Page 14

GENESIS NETWORK (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

7. Analysis of expenditure by activities

Unrestricted
funds
31 January
2023
£
Support costs
31,465
Total 2022
34,617		 Total
funds
funds
31 January
2023
£
31,465
34,617		 Total
funds
31 January
2022
£
34,617

Analysis of support costs

Staff costs
Depreciation
Events Costs
Consultancy
Accounts fees
Marketing & Online
Computer Costs IT
Printing & Stationary
Bank Fees
Ministry Expenses
Other expenses
Legal fees
Total 2022		 Support
costs
31 January
2023
£
8,552
556
7,770
7,920
1,440
3,011
749
240
38
787
122
280
31,465
34,617		 Total
funds
31 January
2023
£
8,552
556
7,770
7,920
1,440
3,011
749
240
38
787
122
280
31,465
34,617		 Total
funds
31 January
2022
£
7,066
556
928
21,120
1,200
1,843
172
60
22
1,170
-
480
34,617

Page 15

GENESIS NETWORK (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

8. Independent examiner's remuneration

31 January 31 January
2023 2022
£ £
Fees payable to the Company's independent examiner for the independent
examination of the Company's annual accounts 1,440 1,200

9. Governance costs

Unrestricted Total Total
funds funds funds
31 January 31 January 31 January
2023 2023 2022
£ £ £
Independent examination fee 1,440 1,440 1,200

10. Staff costs

Wages and salaries
Contribution to defined contribution pension schemes		 31 January
2023
£
8,314
238
8,552		 31 January
2022
£
6,866
200
7,066

The average number of persons employed by the Company during the year was as follows:

Trustees
Staff member		 31 January
2023
No.
6
2
8		 31 January
2022
No.
6
1
7

Page 16

(A company limited by guarantee)

GENESIS NETWORK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

10. Staff costs (continued)

No employee received remuneration amounting to more than £60,000 in either year.

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 January 2023, no Trustee expenses have been incurred (2022 - NIL) .

12. Tangible fixed assets

Cost or valuation
At 1 February 2022
At 31 January 2023
Depreciation
At 1 February 2022
Charge for the year
At 31 January 2023
Net book value
At 31 January 2023
At 31 January 2022		 Office
equipment
£
1,668
1,668
556
556
1,112
556
1,112

Page 17

GENESIS NETWORK (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

13. Creditors: Amounts falling due within one year

Other creditors
Accruals and deferred income
Financial instruments
Financial assets
Financial assets measured at fair value through income and expenditure		 2023
£
104
1,200
1,304
2023
£
21,797		 2022
£
107
1,200
1,307
2022
£
13,398

14. Financial instruments

Financial assets measured at fair value through income and expenditure comprise cash held at bank.

Page 18

GENESIS NETWORK (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

15. Statement of funds

Statement of funds - current year
Balance at 1 Balance at
February 31 January
2022 Income Expenditure 2023
£ £ £ £
Unrestricted funds
General Funds - all funds 13,203 39,311 (31,465) 21,049

Page 19

GENESIS NETWORK (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

15. Statement of funds (continued)

Statement of funds - prior year

Balance at
31 January
Income Expenditure 2022
£ £ £
Unrestricted funds
Designated Funds - all funds 47,820 (34,617) 13,203

16. Summary of funds

Summary of funds - current year

General funds
Summary of funds - prior year
Designated funds		 Balance at 1
February
2022
£
13,203		 Income
£
39,311
Income
£
47,820		 Expenditure
£
(31,465)
Expenditure
£
(34,617)		 Balance at
31 January
2023
£
21,049
Balance at
31 January
2022
£
13,203

Page 20

GENESIS NETWORK

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
556
Current assets
21,797
Creditors due within one year
(1,304)
Total
21,049		 Total
funds
2023
£
556
21,797
(1,304)
21,049

18. Pension commitments

The charitable company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £742 (2022: £534). Contributions totalling £104 (2022: £107) were payable to the fund at the balance sheet date and are included in creditors.

19. Related party transactions

There were no related party transactions during the year.

Page 21