The trustees present their annual report and financial statements for the year ended 31 January 2026.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 (FRS 102)".
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.
The trustees express deep gratitude to its staff, volunteers and advisors for their hard work and efficiency in the day-to-day administration of the charities programmes and services.
a. Policies and objectives
(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.
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.
Explore
In this account period we held:
Evangelistic Events in person
Developed and ran our chaplaincy training programme for business
Delivered our first Alpha for business course
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
Delivered on our second year mentorship program for business people
Delivered our second Equip conference
Delivered 2 other courses to business leaders Equipping them in their leadership roles
Engage
In this accounting period we:
Grew and developed our existing regional hubs
Launched new regional Hub locations across NI
Facilitated monthly hub gatherings
Held a weekly online prayer gathering
Took opportunities to visit businesses to offer prayer and support
Held network wide Christmas event and golf day
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.
The trustees were successful in growing the existing 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. Furthermore we grew and launched new Hubs 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 the charity to flourish in the years ahead.
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 £82,118 (2025: £71,422).
Total expenditure for the year amounted to £74,224 (2025: £69,425).
This resulted in an operating surplus of £7,894 (2025: surplus of £1,997).
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.
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. At the close of this accounting period the company reserves are lower than the level we have set as trustees, we have however donor commitment for the next accounting year which will take us back into a healthier reserves position
Genesis Network is registered as a charitable company limited by guarantee and was set up by a Trust deed.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
No funds are held as custodian on behalf of others.
The trustees' report was approved by the Board of Trustees.
I report on the financial statements of the charity for the year ended 31 January 2026, which are set out on pages 5 to 12.
It is my responsibility to:
examine the accounts under section 65 of the Charities Act
follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act
state whether particular matters have come to my attention.
I have examined your charity 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.
The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity 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 63 of the Charities Act
2. that the accounts do not accord with those accounting records
3. that the accounts do not comply with the accounting requirements of the Charities Act
4. that there is further information needed for a proper understanding of the accounts to be reached.
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.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Investment income, gains and losses are allocated to the appropriate fund.
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.
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 are 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.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
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 the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate 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 rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not 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 assumptions 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.
The average monthly number of employees during the year was:
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.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to 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.
There were no disclosable related party transactions during the year (2025 - £22,660).
During 2025, Daniel Jackson (Trustee) received £22,660 for consultancy work, carried out in the normal course of the Charity’s activities. Daniel Jackson resigned as a Trustee on 4 October 2024.