Charity registration number NIC108271 Company registration number N1675521 (Northern Ireland) GENESIS NETWORK ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 GENESIS NETWORK LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs E Cousins Mr D Jackson Mr P A Mcmillan MrA Hair MrA W Agnew Mrs V Shields Charity number NIC108271 Company number N1675521 Registered office 8 AnnadaleAvenue Belfast BT7 3JH Indopondent examiner Mlscampbell & Co 6 Annadale Avenue Belfast BT7 3JH GENESIS NETWORK CONTENTS Page Trustees, report Independent examinevs report Statement of financial activitiès Balance sheet Notes to the financial statements 7-13 GENESIS NETWORK TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JANUARY 2024 The trustees present their annual report and financial slatements for the year ended 31 January 2024. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply with the charity's Igoverning documenll, the Cornpanies Act 2006 and "Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (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. Thè trustees express deep gratitude lo its staff, volunteers and advisors for their hard work and efficiency in the day-to-day adminislralion of the charities programmes and services. Objectives and actlvltles Genesis Ne￿orkS objects include'.- (11 To present JesLSS Christ lo business people, professionals and marketplace leaders and train them to Carry OLrt the Great Commission (as described in Matthew 28.18-20); (2) To develop and equip Christians to advanGe Christianity., (3) To serve the general public and in particular business people, professionals and marketplace leaders through the Christian faith. {41 The promotion of Chrislianily by the provision of social and recreational facilities in a Christian context for th8 ben8fil of the general public. Strategies for achieving aims and objectives The trustees built on our 3 key Ihem6S that have been developed to help deliver the core objectives. These themes are EXPLORE, EQUIP and ENGAGE. Explore- Making Jesus Christ known to Marketpla￿ leaders in the Northem 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 lo lak8 place The Trustees afe satisfied with the comfflittee's performance over the yèar. In particular, the action plan, which sets out the key objectives, has been instrumental in focusing attention on the organisalions core values and enabling progress to be made in realising these goals. Public benefit The trustees wish to lake this opportunity to review Genesis performance over the past year and report on the work of the organisation, which continues to seek lo work with everyone in Ihe business Community. 1. Explore In this account P6riod w8 held.. Evangelistic Events in person Developed and ran our first chaplaincy training programme for business GENESIS NETWORK TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 2. Equip.. In this accounting period we.. Held events online and in person Partnered with other organisations to deliver helpful content Built an online presence through story telling Worked with a partner to deliver a public leadership program Built a mentorship program for business people 3. Engage In this accounting period we.. Grew and developed our existing regional hubs Launched new regional Hub locations across Nl Facilitated monthly hub gatherings Held a weekly online prayer gathering Took opportunities to visit businesses to offer prayer and support Held ne￿Ork wide Christmas event Achlevements and performance Significant activities and achievements against objectives The trustees were successful in growing the existing regional hubs, providing weekly online content and regularly bringing together bLÈsiness people, under our core themes, to deliver the objects of the company in a way that adapted lo the changing environment. Furthermore we grew and launched new Hub$ in various locations across Northern Ireland. We held successful events engaging with business people from across Northern Ireland. Over the course of this year, we build greater brand awareness and developed new relationships to allow Ihe charity to flourish in the years ahead. Flnaneial revièw Going concem The Trustees are satisfied with the Committee's pèrformance over the year and its y8ar-end financial position. Total income for the year amounted lo £53,38612023: £39,311). Total expenditure for the year amounted to £64.167 {2023.' £31.465). This resulted in an operating deficit of £10,781 (2023.. 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 fijture. For this reason, they continue lo adopt Ihe going concem basis in preparing the financial statements. Further details regarding the adoption of Ihe going concern basis can be found in the accounting policies. GENESIS NETWORK TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 ReseNes policy Tne frLislees 04 Genesis NebNork recognise the Importan￿ 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 Re8en4es These resetves comprise sums that are freely available for general use and which are retained lo enable the trustees to fulfil the Charity s aims. The general rese¢ve is sel al a level lo withstand any short-lemi financial risks, the main risk being a significant fall in income. 1f the general reserve falls outside the range of 2 - 3 months, charitable expenditure cover, the Irustees will review and make changes. as they consider appropriat&. The general reSe￿e is not treated as an endowment fund. At the Close of this accounting period the company reserves are lower than the level we have sel as Iruslees, we have however donor commitment for the next accounting year which will take us back into a healthier r&serves position Structure? governance and management Genesis Network is registered as a charilable company limited by guarantee and was set up by a Trust deed. The Irustees. who are also the directors for the purpose of Company law, and who served during Ihe year and up to the date of signature of the financi81 statemènts were.. Mrs E Cousins Mr D Jackson Mr P A Mcmillan MrAHair Mr A W Agnew Mrs V Shields Re¢witment and appointment of tnistees The management of the Company is the responsibility of the Trustees who are elected and co-opted under the lerms of the Trust deed. other matters Funds held as custodian No funds are held as custodian on behalf of others. The trustees, report was approved by the Board of Trustees. Mrs E Cousins Trustee Jackson Trustee 4 October 2024 GENESIS NETWORK INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GENESIS NETWORK I report to the trustees on my examination of the financial statements of Genesis Network (the charity) for the year ended 31 January 2024. Responslbllitieg and baslg of report As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial slatemenls in accordan￿ with the requirements of the Charities Act (Northern Ireland) 2008. report in respect of my examination of the Charity's financial statements carried oul under the Charities Act {Northem Ireland) 2008. In carrying out my examination I have followed all the applicable directions given by the Charity Commission under the CharitiesAct (Northern Ireland) 2009. Independent examlnarfs ststsment I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were nol kept in respect of the trust as required by section 386 of the 2006 Act; or the financial slatemenls do not accord with those records,. or Ihe financial statemenls do not comply with the applicable requirements concerning the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that Ihe a¢¢ounts give a true and fair view which is not a matter considered as part of an independent examination. the financial statements have not been prepared in accordance wilh the methods and principles of the statement of Recommended Practicé for accounting and reporting by charities applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Jonathan R Bethel FCA M18¢ampbell & Co 6 Annadale Avenue Belfast BT7 3JH Dated: 4 October 2024 GENESIS NETWORK STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2024 Unrestricted Unrestricted funds funds 2024 2023 Note8 Income and endowments from: Donations and legacies Other income 35,198 18,188 32,683 6,628 Total incom• 53,386 39,311 Expenditure on: Charitable activities 64,167 31,465 Total expondituro 64,167 31.465 Net incomel{expendlture} and mov8m8nt In funds (10.781) 7,848 Re¢on¢lliation of funds: Fund balances at 1 February 2023 21,049 13,203 Fund balances at 31 January 2024 10,268 21,049 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditura derive from continuing activities. GENESIS NETWORK BALANCE SHEET AS AT 31 JANUARY 2024 2024 2023 Notes Fixed assets Tangible assets 12 556 Current assets Debtors Cash at bank and in hand 13 382 11,812 21,797 12.194 21,797 Creditors: amounts falling due wlthln one year 14 (1,926) 11,304) Net curr8nt assets 10,268 20,493 Total assets less current liabllltles 10,268 21,049 Net assets excluding pension liablllty 10,268 21,049 The funds of the charlty Unreslricled funds 10,268 21,049 10,268 21,049 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2024. The directors acknowledge their responsibilities for Complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial statements. The members have not required the company to obtain an audil of its financial stslements for the year in question in accordance with section 476. These financial statements have been p￿pared in accordance with the provisions applicable to Gompanies subject lo the small companies regime. The financial statements were approved by the Irustees on 4 October 2024 Mrs E Cousins Trustee Mr D Jackson Trusteo Company registration number N1675521 (Northern Ireland) GENESIS NETWORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Accounting policies Charity inforniation The Genesis Ne￿ork is a charitable company limited by guarantee. The charitable company is incorporated in Northern Ireland and has the company number N1675521. The registered office address is 6 Annadale Avenue, Belfast, BT7 3JH. The princip81 activity of the charitable company is to make Jesus Chrisl known to Marketpla￿ leaders in the business community through events, media and equipping our network. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Igoverning documentl, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP "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 IFRS 102)" {effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterllng, which is Ihe functional currency of the charity. Monetary amounts in these financial slat8menls are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going ¢oncern Al the time of approving the financial statements, the trustees have a reasonable 8xpectation that the charity has adequate resources to Continue in operational existence for Ihe foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financlal stalemenls. 1.3 Charitable funds Unrestricted funds are available for use at Ihe discretion of the trustees in furtherance of their charitable objectives. Investment income, gains and losses are allocated to the appropriate fund. 1.4 InGome All income is recognisèd once the Company has entitlement to the income. it is probable that the income will be received and the amount of income receivable can bè measured reliably. Income lax 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 Gomplelion of the service. GENESIS NETWORK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or Constructive obligation to transfer economic benefit to a third party, il 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 lotal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly lo that activity- Shared costs which contribute to more than one activity and support costs which are not altribulable 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 lime spent, and depreciation Charges are allocated on the portion of the asset's use. Expenditure on charitablé activities is incurr8d on directly undertaking the activities which further the Company's objectives, as well as any associaled support costs. All expenditure is inclusive of irrecoverable VAT. 1.8 Tangible fixed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, net of depreciation and any impairment Ioss6S, Depreciation is recognised so as to wrSte off the cost or valuation of ass8ts less Iheir residual values over their useful lives on the following bases., Computers 33Clh straighl line The gain or loss arlslng on the disposal of an asset is delermined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statemenl of financial adivilies. 1.7 Impairment of fixed assats At each reporting end date, the charity reviews the carrying amounts of ils tangible assets lo determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is eslimated in order to determine the extent of the impairment Ioss (if 8ny). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other Short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts a￿ shown within borrowings in current liabilities. 1.9 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic finanual instruments are initially recognised at transaction value and subsequently measured at their settlement value wilh the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless Ihe arrangement constitutes a financing transaction, where the transaction is measured al the presenl value of the future receipts discounled at a market rale of interest. Financial assets classified as receivable within one year are not amortised. GENESIS NETWORK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Accounting policies (Continued) Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a finanang transaction. where the debt instrument is measured at Ihe presenl value of the future paymenls discounted at a market rale of interest. Financial liabilities Classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or services Ihat have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due wilhin one year or less. If not, they are presented as non-current liabilities. Trade creditors are récognised initially at transaction price and subsequently measured at amortised cost using the effectivé interest method. Derocognition of flnancial liabilities Financial liabilitiés are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlemént is recognised in the period in which the employee's services are received. Terminalion benefits are recognised immediately as an expense when the charity is démonstrably ¢ommilted lo terminate the employment of an employee or to provide termination benefits. 1.11 Penslon8 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. Crltlcal accounting 08timate8 and judgements In the application of the charity's accounting policies. the trustees are required to make judgements, estimates 2nd assumptions about the carrying amount of assets and liabilities Ihat are nol readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumpiions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. Income from donatlons and legacies Unrestricted Unrestrlcted funds funds 2024 2023 Donations and gifts 35,198 32,683 GENESIS NETWORK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Other Income Unrestricted Unrestricted funds funds 2024 2023 Events income 18.188 8,628 Expenditure on charitable activities Unrestricted Unre8tricted funds funds 2024 2023 Direct costs Sharè of support and govornance costs18ee note 6} Support Governan¢e 61.933 2,234 30,025 1.440 64,167 31,465 Analysls by fund Unrestricted funds 64,167 31,465 Support ¢08ts allocated to activities 2024 2023 Event costs Consultancy Insurance Marketing & onllne Printing & stationery Legal fees Ministry expenses Staff costs Other expenses Governance costs 15,524 20,240 171 5,376 7,770 7.920 3,011 240 280 787 8,552 909 1,996 484 1,572 16,781 1,229 2,790 64,167 31,465 Analysed b8tween: Unreslricled funds 64,167 31,465 10- GENESIS NETWORK NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Support costs allocated to aGtivities (Continued) Other expenses are made up of the following.. 2024 2023 Bank fees General expenses Computer Gosts 761 468 38 122 74 Total 1,229 909 Net movoment In funds 2024 2023 The net movement in funds is stated after chargingl{creditingl'. Fees payable for the independent examination of the charity's financial statements Depreciation of owned tangible fixed assets 2,234 556 1,440 556 Independent examiner's rernuneration 2024 2023 For servlces Independent examination of the financi81 statements of the charity 2,234 1,440 Trustees None of the trustees {or any persons connected with them) received any remuneration during the year, but r"J of Ihem [werel reimbursed a total of £1.1 travelling expens8s (2023 -[' werel reimbursed £r'i). 10 Employees The average monthly number of employees during thé year was.. 2024 Number 2023 Number There were no employees whose annual remuneration wa5 more than £60,000. 11 Taxation The charity is exempt from tax on income and gains falling within section 524 and 525 of the Income Tax Act 2007 or section 256 of the Taxation of Chargeable Gains Act to the extent that these are applied to its charitable purpose 11 GENESIS NETWORK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 12 Tangible fixed assets Computers Cost At 1 February 2023 1,668 Al 31 January 2024 1,668 Depreciation and Impalmient At 1 February 2023 Depreciation Charged in the year 1,112 556 At 31 January 2024 1,668 Carrying amount At 31 January 2023 556 13 D8btor8 2024 2023 Amounts falllng due withln one year: Prepayments and accwed income 382 14 Credltors: amounts falllng due wlthln one year 2024 2023 Other creditors Accruals and defe￿ed income 166 1,760 104 1,200 1.926 1,304 15 Unrestrictsd funds The unreslricted funds of the charity comprise the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 February 2023 Incoming resources ReSoU￿eS At 31 January expended 2024 General funds 21,049 53,386 (64,167) 10.268 12- GENESIS NETWORK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 15 Unrestricted funds (Continued) Previous year: At 1 February 2022 Incoming resources Resources At 31 January expended 2023 General funds 13.203 39,311 (31,465) 21,049 16 Related party transactions During the year there was at total of £20,240 paid in related party transactions. Daniel Jackson (Trustee) received £20,240 for consultancy work, carried out in the normal course of the Charily's aclivilies, during the y88r. 13-