2 false false false false false false true false false false false false true true No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021_Charity xbrli:pure xbrli:shares iso4217:GBP 04277872 2023-01-01 2023-12-31 04277872 2023-12-31 04277872 2022-12-31 04277872 2022-01-01 2022-12-31 04277872 2022-12-31 04277872 2021-12-31 04277872 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04277872 core:FurnitureFittings 2023-01-01 2023-12-31 04277872 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 04277872 char:Trustee1 2023-01-01 2023-12-31 04277872 char:Trustee2 2023-01-01 2023-12-31 04277872 char:Trustee3 2023-01-01 2023-12-31 04277872 char:Trustee4 2023-01-01 2023-12-31 04277872 char:TotalUnrestrictedFunds 2022-12-31 04277872 char:TotalUnrestrictedFunds 2023-12-31 04277872 char:TotalUnrestrictedFunds 2022-12-31 04277872 char:TotalUnrestrictedFunds 2023-01-01 2023-12-31 04277872 char:Activity2 2022-01-01 2022-12-31 04277872 core:WithinOneYear 2023-12-31 04277872 core:WithinOneYear 2022-12-31 04277872 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 04277872 core:FurnitureFittings 2022-12-31 04277872 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 04277872 core:FurnitureFittings 2023-12-31 04277872 core:AfterOneYear 2023-12-31 04277872 core:AfterOneYear 2022-12-31 04277872 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 04277872 bus:FRS102 2023-01-01 2023-12-31 04277872 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04277872 bus:FullAccounts 2023-01-01 2023-12-31 04277872 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04277872 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 04277872
CHARITY REGISTRATION NUMBER: 1090593
Genesis Enterprise Foundation
Company Limited by Guarantee
Unaudited Financial Statements
31 December 2023
Genesis Enterprise Foundation
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
5
Statement of financial activities (including income and expenditure account)
6
Statement of financial position
7
Notes to the financial statements
9
Genesis Enterprise Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 December 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2023 .
Reference and administrative details
Registered charity name
Genesis Enterprise Foundation
Charity registration number
1090593
Company registration number
04277872
Principal office and registered
Alfreton Hall
office
Church Street
Alfreton
Derbyshire
DE55 7AH
The trustees
M P Hodgkinson
D Holmes
P M Starbuck
A Vance
Independent examiner
Anthony Harrison
Structure, governance and management
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee as defined by the Companies Act 2006.
The charity was formed as a company on 28th August 2001. The overall management of the charity is the responsibility of the Trustees, who are also directors for the purposes of company law. The Trustees meet regularly to discuss matters affecting the charity. Senior staff are also present, if required, to provide insight into issues. The matters discussed include finance, funding, service delivery, and risks facing the charity.
The Trustees employ staff to carry out the day to day running of the charity.
Recruitment and appointed of new Trustees
Genesis Enterprise Foundation carries out a skills audit of current Trustees which identifies knowledge gaps within the board and then seeks to recruit into those gaps.
Induction and training of new Trustees
New Trustees will become familiar with the practical work of the charity and the group after reading the Annual Report and will have also received a copy of the charity's Memorandum and Articles and the latest financial reports. They will also meet with the Chief Executive and existing Trustees as well as being offered opportunities to meet staff members.
Additionally, they are invited to attend induction training which covers the following areas:
1. The Policy and Practice Guide
2. Training and Support
3. Roles and Responsibilities
4. Knowledge
5. Communications
6. Best Practice Guide
All Trustees are signposted to other relevant training throughout the year.
Remuneration of Trustees
The remuneration of Trustees is considered by the whole board based on their experience of the charity sector and includes taking advice from external professional advisors where appropriate. To date no Trustee has received any remuneration.
Risk Management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Objectives and activities
Charitable Ativities
The charity is proud to have contributed to the transformation of the area through new enterprise, job creation, training and many community facilities developed. The project became a case study across the region and gave birth to several similar ventures across the UK. This large project providing 60,000 sq ft of workspace for small offices education and training and Community centre has provided many new jobs and has over 3000 visits per week. Wider afield the training of social entrepreneurs helped develop sustainable enterprises. Projects in other countries were assisted by sowing in training programmes and mentoring as well as practical aid.
The charity has sought to be self-sustainable over the last 18 years by way of social enterprise activities and rental income, sadly over the last several years this became challenged by austerity measures with public sector leases not renewed and then Covid that decimated trading. However, the charity looks back with pride at the achievements of the past and now seek to build upon this in coming years.
Achievements and performance
The year 2022/2023 sadly still brought its challenges as the aftermath of Covid continued to affect the charities activities and its trade through the charities subsidiary Alfreton Hall.
The Genesis centre was sold in 2020 to operators who continue the programmes and activities birthed by the charity as mentioned above. This left the charity to operate its ongoing objectives through its remaining asset Alfreton Hall. Alfreton Hall a grade 2 listed building is owned by the charity but used for training in hospitality and catering. Its trading activities are primarily weddings and conferences, sadly the Government restrictions on weddings and gatherings badly affected the business and its contribution to the charity by way of rent and contributed profit. The trading company ceased to trade at the end of 2023. This impacted upon income and sadly draining resources.
The Board made a decision to market Alfreton Hall via Christie's in January 2023 and reinvest the equity expected to be around £600k into its primary objectives and operate without owned premises . As yet the property has not sold and this restricted the charities objectives as reserves were deployed in servicing costs.
The Board are committed to serving the community it has served for over 25 years and will look for ways to achieve this once the property is sold and funds available. During the year the Board continue with the support of its bank. Sadly grant funders are not able to support until a more stable position is found.
We thank those volunteers and staff who have served the charity loyally during the difficult years.
The Board and its advisory board who have taken difficult decisions and remain loyal to seeing the best for the charity and those they serve.
Financial review
Reserves Policy
The charity's policy is to hold three month's expenditure in free reserves. Note 14 to the accounts discloses that unrestricted free reserves at the end of the year amounted to over £238,000. However, free unrestricted net current assets continue to be low. The Trustees continue to work to strengthen the reserves position, but given now the closure of trading activities these have reduced considerably and the charity works closely with its bank to sell the property and satisfy its loans or creditors. As at the end of 2023 the charity continues with the support of its bank servicing ongoing commitments.
With the previously mentioned factors over the last year the charity continues to operate in an uncertain business environment and finding it difficult to obtain grants which is common with other third sector organisations; as a board of Trustees we continue to work closely with all stakeholders to ensure the ongoing viability.
The board have made difficult decisions during the year and fully expected to have sold its property by now valued at £1.4 million in 2022 and marketed at £1.5 million by Christie's from January 2023. At this time of writing there are firm offers for the property. The banks and key stakeholders are informed and to date have been supportive of these key decisions. In due course post a sale all loans will be paid off and reserves re-invested in the Charities objectives.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 25 September 2024 and signed on behalf of the board of trustees by:
M P Hodgkinson
Trustee
Genesis Enterprise Foundation
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Genesis Enterprise Foundation
Year ended 31 December 2023
I report to the trustees on my examination of the financial statements of Genesis Enterprise Foundation ('the charity') for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the charity’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 examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting 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 financial statements 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).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Anthony Harrison Independent Examiner
Yeomans, Harrison and Associates Ltd
Durham House
38 Street Lane
Denby
Derbyshire
DE5 8NE
25 September 2024
Genesis Enterprise Foundation
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 December 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Charitable activities
21,600
28,440
26,479
Investment income
52
52
29
--------
--------
--------
Total income
21,652
28,492
26,508
--------
--------
--------
Expenditure
Expenditure on raising funds:
Costs of other trading activities
3,284
Expenditure on charitable activities
92,640
92,640
84,668
--------
--------
--------
Total expenditure
92,640
92,640
87,952
--------
--------
--------
--------
--------
--------
Net expenditure and net movement in funds
( 70,988)
( 64,148)
( 61,444)
--------
--------
--------
Reconciliation of funds
Total funds brought forward
309,463
309,463
370,907
---------
---------
---------
Total funds carried forward
238,475
238,475
309,463
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Genesis Enterprise Foundation
Company Limited by Guarantee
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible fixed assets
8
855,305
865,551
Investments
9
1
1
---------
---------
855,306
865,552
Current assets
Debtors
10
149,810
57,908
Cash at bank and in hand
1,231
30,258
---------
--------
151,041
88,166
Creditors: amounts falling due within one year
11
157,894
37,412
---------
--------
Net current liabilities
( 6,853)
50,754
---------
---------
Total assets less current liabilities
848,453
916,306
Creditors: amounts falling due after more than one year
12
603,138
606,843
---------
---------
Net assets
245,315
309,463
---------
---------
Funds of the charity
Unrestricted funds
238,475
309,463
---------
---------
Total charity funds
13
238,475
309,463
---------
---------
For the year ending 31 December 2023 the charity 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 financial statements 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 financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Genesis Enterprise Foundation
Company Limited by Guarantee
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of trustees and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
M P Hodgkinson
Trustee
Genesis Enterprise Foundation
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Alfreton Hall, Church Street, Alfreton, Derbyshire, DE55 7AH.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
1% straight line
Fixtures and fittings
-
15% straight line
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £Nil per member of the charity.
5. Net expenditure
Net expenditure is stated after charging/(crediting):
2023
2022
£
£
Depreciation of tangible fixed assets
10,246
10,246
Operating lease rentals
85
--------
--------
6. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2023
2022
£
£
Wages and salaries
16,519
14,797
--------
--------
The average head count of employees during the year was 2 (2022: 2 ).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
7. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
8. Tangible fixed assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
1,024,561
169,243
1,193,804
------------
---------
------------
Depreciation
At 1 January 2023
159,010
169,243
328,253
Charge for the year
10,246
10,246
------------
---------
------------
At 31 December 2023
169,256
169,243
338,499
------------
---------
------------
Carrying amount
At 31 December 2023
855,305
855,305
------------
---------
------------
At 31 December 2022
865,551
865,551
------------
---------
------------
9. Investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023 and 31 December 2023
1
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
1
----
At 31 December 2022
1
----
All investments shown above are held at valuation.
10. Debtors
2023
2022
£
£
Trade debtors
16,200
5,708
Amounts owed by group undertakings
127,050
47,606
Prepayments and accrued income
6,256
4,071
Other debtors
304
523
---------
--------
149,810
57,908
---------
--------
11. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
95,197
5,724
Trade creditors
10,555
8,214
Amounts owed to group undertakings
15,665
15,678
Accruals and deferred income
2,471
3,660
Social security and other taxes
223
834
Other creditors
33,783
3,302
---------
--------
157,894
37,412
---------
--------
12. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
603,138
606,843
---------
---------
13. Analysis of charitable funds
Unrestricted funds
At 1 January 2023
Income
Expenditure
At 31 December 2023
£
£
£
£
General funds
21,652
(92,640)
(70,988)
Unrestricted funds
309,463
309,463
---------
--------
--------
---------
309,463
21,652
(92,640)
238,475
---------
--------
--------
---------
At 1 January 2022
Income
Expenditure
At 31 December 2022
£
£
£
£
General funds
Unrestricted funds
370,907
26,508
(87,952)
309,463
---------
--------
--------
---------
370,907
26,508
(87,952)
309,463
---------
--------
--------
---------
14. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
855,305
855,305
Investments
1
1
Current assets
144,201
144,201
Creditors less than 1 year
(160,842)
(160,842)
Creditors greater than 1 year
(600,190)
(600,190)
---------
---------
Net assets
238,475
238,475
---------
---------
Unrestricted Funds
Total Funds 2022
£
£
Tangible fixed assets
865,551
865,551
Investments
1
1
Current assets
88,166
88,166
Creditors less than 1 year
(37,412)
(37,412)
Creditors greater than 1 year
(606,843)
(606,843)
---------
---------
Net assets
309,463
309,463
---------
---------