2020-12-31-accounts

THE GENERATION FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND FINANCIAL STATEMENTS

31 DECEMBER 2020

COMPANY REGISTRATION NUMBER: 05536312 CHARITY REGISTRATION NUMBER: 1113061

THE GENERATION FOUNDATION THE GENERATION FOUNDATION

CONTENTS

Foundation Details ............................................................................................................................................................. 2 Trustees’ Annual Report ..................................................................................................................................................... 3 Independent Auditor’s Report to the Trustees of the Generation Foundation ............................................................... 10 Statement of Financial Activities ...................................................................................................................................... 14 Balance Sheet ................................................................................................................................................................... 15 Cash Flow Statement ........................................................................................................................................................ 16 Notes to the Financial Statements ................................................................................................................................... 17

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FOUNDATION DETAILS

FOUNDATION DETAILS Bankers Independent auditor Royal Bank of Scotland Sayer Vincent LLP 62/63 Threadneedle Street Chartered Accountants and Statutory Auditors London Invicta House, 108-114 Golden Lane EC2R 8LN London EC1Y 0TL Registered Office Lawyers 20 Air Street Bates Wells & Braithwaite London LLP London 10 Queen Street Place W1B 5AN London EC4R 1BE

BOARD OF TRUSTEES

G A L Bennett (Appointed 1 August 2020) D W Blood P Coates (Appointed 1 July 2020) E Gilmore P I Harris R Rajeswaran L M Preston (Resigned 1 July 2020) A C Woolf (Appointed 1 August 2020) Z Yin (Resigned 11 February 2021)

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TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their report and audited financial statements of The Generation Foundation (the “Company” or “Foundation”) for the year ended 31 December 2020. This Trustees’ Report is also the Directors’ Report.

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 Charities Act 2011, the Financial Reporting Standard applicable in the UK and Republic of Ireland (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 “Charities SORP”) and UK Generally Accepted Accounting Practice.

OBJECTIVES

The objectives of the Foundation as set out in the governing documents are:

1. To advance the education of the public and organisations (profit and non-profit) in subjects related to sustainable development and the protection, enhancement and rehabilitation of the environment and to promote study and research in such subjects provided that the useful results of such studies are disseminated to the public at large.

2. To promote sustainable development for the benefit of the public by: the preservation, conservation and the protection of the environment and the prudent use of natural resources; the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities; and the promotion of sustainable means of achieving economic growth and regeneration.

3. To advance the education of the public in business ethics and related subjects with particular reference to the study and application of ethical standards; and the management and conduct of industry and business generally in the UK and elsewhere and to the development of corporate social responsibility and community involvement in the practices of industry and commerce both nationally and internationally.

4. To advance any other purposes that are charitable under the laws of England and Wales.

And for the purposes of these objectives “sustainable development” means development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

ACTIVITIES

The Foundation’s mission is to drive the urgent transition to an equitable society in which global temperature rises do not exceed 1.5⁰C.

We execute our mission by identifying how our resources and expertise can be most effective in driving transformational change, which includes using research, major partnerships, grant-making and the matched giving programme for Generation employees to support a rapid transition to an equitable, net-zero economy. In addition in 2020 we supported our existing partners to weather the uncertainty wrought by the coronavirus pandemic.

OVERVIEW OF ACTIVITIES

2020 was the first full year of executing on a new strategy for The Generation Foundation. This has been a challenging and unusual year for everyone, but the experience of 2020 served to strengthen our resolve that urgent action on climate and inequality is critical.

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TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

OVERVIEW OF ACTIVITIES (CONTINUED)

Our new strategy was developed with two organising principles: impact and urgency. In order to meet the challenges of our climate crisis and deepening inequality, we aim to achieve transformational change. We make interventions to support our grant partners in achieving two overarching goals, targeted at four strategic priorities:

We research the issues outlined in our strategy deeply, which enables us to identify the access points to drive real change. We fund a variety of projects that accelerate change at the levels of systems (policy, norms, regulation), industry (businesses and investors), and the grassroots (individuals, consumers, communities). We support collaboration among partners to deliver even deeper progress.

In addition to a refresh of our strategic priorities, we also committed to a significant increase in grant-making in 2020. We aimed to more than double our allocations to charitable entities from under £5m in 2019 to over £10m in 2020. We intend to maintain that momentum and aspire to allocate a similar amount in charitable spending in 2021.

OUR ACTIVITIES IN FOCUS: STRATEGIC GRANTS IN 2020

The Foundation operates a proactive grant-making strategy. We fund research and programmes aimed at overcoming barriers to a sustainable economy through partnerships with organisations and institutions across sectors and geographies. This section will give a brief overview of some of the Foundation’s new grant partnerships created in 2020, highlighting some examples of our strategy in action (for more detail, see Note 6).

Climate: Investor climate action & Carbon pricing

In 2020, the Foundation awarded nine Climate grants: two supporting Carbon Risk and Pricing and seven related to Investor Climate Action. In 2020, we identified a range of excellent opportunities to fund programmes that can catalyse real change at the outset of this decisive decade. These included a major carbon pricing grant a project with Conservation International that aims to establish best-in-class national REDD+ (Reducing Emissions from Deforestation and forest Degradation) programmes in Kenya. In support of Investor Climate Action, one of the grants we made was to Principles for Responsible Investment (PRI) to fund the next phase of our partnership called the Legal Framework for Impact. The project has engaged the law firm Freshfields, Bruckhaus, Deringer to produce a report determining the extent to which investors are permitted, or even required, to ensure their investment decisions have a positive impact on the economy, society and the environment. Following the report’s publication in 2021, the project will build on its findings to drive systemic change toward a net zero carbon economy.

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TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

OUR ACTIVITIES IN FOCUS: STRATEGIC GRANTS IN 2020 (CONTINUED)

Our grants to Rockefeller Philanthropy Advisors for the COP Champions Team and to Rocky Mountain Institute for the Center for Climate-Aligned Finance each complement and strengthen the work with PRI by aligning financial sector ambitions with real-economy decarbonisation.

Please refer to Note 6 for a full list of recipients of Climate grants during 2020.

Fairness: Gender inclusion and empowerment & action on economic inequality

Though we have funded work related to gender equality and economic inequality in the past, this is the first time we dedicated strategic focus to issues of inequality. As such, we devoted a significant amount of time to research and build our network of potential grantee organisations. We allocated two new strategic grants: one to As You Sow for their work on improving corporate gender equality through investor action, the other to Yale University for Dr Dorceta Taylor’s pathway programmes for racial diversity in the environmental sector. We also continued our ongoing partnership with the Social Mobility Foundation for their work supporting disadvantaged young people to access professional careers in the UK.

Please refer to Note 6 for a full list of recipients of Fairness grants during 2020.

COVID-19: Pandemic Response Fund grants and support for existing partners

We are incredibly proud of the Foundation's work, but we are not immune to the uncertainty and disruption this year has brought. The Foundation has been fortunate to be able to help as people around the world faced hardship and illness because of the pandemic. We responded in two direct ways: the first was its support for existing partner organisations. In March and April, the Foundation reached out to every one of its strategic grant partners to offer support, flexibility and funding to fill gaps created by the pandemic. By allocating c.£0.3m in additional funding, the Foundation ensured that work on climate and inequality was not delayed or abandoned in this crucial year.

The other way the Foundation responded was with a Pandemic Response Fund. Though we are not an emergency response funder, as a small, lean organisation we had more flexibility than most to move quickly when rapid action was needed.

The Foundation team assessed over 100 organisations in less than a month and met with the management teams of dozens of charities around the world. 14 organisations were identified, each working to help people who were most vulnerable to the economic and health impacts of COVID-19. A group of partners at Generation decided to personally donate to the Foundation in support of this cause, resulting in £1.36m in early response funding reaching great organisations around the world.

EMPLOYEE ENGAGEMENT PROGRAMMES

In addition to our strategic grant-making, the Foundation executes its mission by building a culture of philanthropy among the employees of Generation and enabling them to apply their passion for sustainability in support of community and civil society organisations. In 2020, we expanded this provision to include a new, employee-led grant programme called the Engagement Grant, and adjusted our matching and volunteering approach to accommodate a new home-working environment. In 2020, over £1.6 million of the Foundation’s charitable contributions were matched funds or employee-led grants – more than in any previous year.

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TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

EMPLOYEE ENGAGEMENT PROGRAMMES (CONTINUED)

Engagement Grants

Twenty-two Generation employees and partners took part in the newest Foundation initiative, the Engagement Grant. They formed three teams, each tasked with proposing a charitable organisation tackling racial injustice that could receive a grant of up to £100,000. The teams worked together over eight weeks to develop their final proposals, and Trustees approved all three grants. Recipients of Engagement Grants during 2020 included CAMFED, Rainier Scholars and Dream Corps.

Sustainable Community Grants

The Foundation seeks to support the employees of Generation in their personal philanthropy. In 2020, we continued to support organisations brought to us by Generation employees that aligned with our vision of a net zero carbon, prosperous, healthy, safe and fair society. Generation team members may apply for a Sustainable Community Grant of up to £25,000 for a charitable organisation to which they have a demonstrable personal commitment. One example of a grant in this category was a grant of £25,000 to Versus Arthritis, a charity that provides free support for those affected by a range of musculoskeletal disorders and funds research into pain management and treatments. The applicant for this organisation is an employee who has been personally affected by arthritis and regularly volunteers for the charity.

Matched giving

The Foundation also matches charitable gifts and volunteer hours donated by Generation employees to eligible charities. This year, the Foundation matched donations at a 1:2 ratio—for every £1 donated to an eligible charity, the Foundation contributed a further £2. Additionally, the Foundation matched the hours that Generation Employees volunteered with eligible charities at a rate of £200 per hour. Despite the pandemic, participation remained high and 97% of eligible employees and partners of Generation took part in 2020.

GOVERNANCE

The Generation Foundation (the “Company” or “Foundation”) is a company limited by guarantee (no. 05536312), incorporated on 15 August 2005, and registered with the Charity Commission (no. 1113061) on 22 February 2006. The Company was established under a Memorandum of Association, which established the objects and powers of the Company and is governed under the Articles of Association.

The Foundation is administered and managed on a regular basis by the Board of Trustees. The Board is responsible for appointing new Trustees who possess the required expertise.

Details of the Foundation’s advisors and other administrative details can be found on page 2.

TRUSTEES

The members of the Board of Trustees (the “Board”) who were in office during the year and up to the date of signing the financial statements are set out on page 2. For the purposes of company law the individuals listed are both Trustees and Directors of the Company and are appointed in accordance with the Company’s Articles of Association.

TRUSTEE INDUCTION AND TRAINING

When recruiting new Trustees, the Foundation seeks individuals with relevant experience of sustainable development and the wider objectives of the Foundation. A new Trustee is provided with sufficient information explaining the legal obligations of Trustees, the Foundation’s governing document, the most recent annual report and financial statements, and any relevant Charity Commission guidance notes.

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TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

RESPONSIBILITIES OF TRUSTEES

The trustees (who are also directors of The Generation Foundation for the purposes of company law) are responsible for preparing the trustees’ annual 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 which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgments and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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

Each Trustee in office at the date the Trustees’ Report is approved, confirm that:

• a) so far as the Directors are aware, there is no relevant audit information of which the company’s auditors are unaware; and

• b) the Directors have taken all the steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

FINANCIAL REVIEW

The Foundation’s total income for 2020 was £7.5m (2019: £9.5m). Donations during 2020 included an extra c.£0.7m associated with the COVID-19 response. Total expenditure increased by 180% to £11.7m (2019: £4.2m) driven by a substantial increase in Grant engagement.

PRINCIPAL RISKS AND UNCERTAINTIES

The Trustees have assessed the major risks to which the Foundation is exposed, including those relating to financial, operational, compliance and governance issues. The Trustees review risks annually and are satisfied that systems are in place to mitigate exposure to those risks.

The most critical risk to the Foundation is the loss of funding from Generation, which supports the Foundation’s objectives. If Generation’s members are unable or unwilling to provide funding, this would restrict the Foundation’s ability to grow further or mean that grants and research activities may need to be scaled back. However, the trustees consider this risk unlikely.

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TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

DONATIONS POLICY

The donations are made on a voluntary basis and at the discretion of the Members of Generation Investment Management LLP. The Foundation does not consider it appropriate at the current time to seek donations from the general public nor has it engaged any professional fund-raiser or commercial participator. Consequently, the Foundation has not joined any voluntary fundraising regulation scheme. The Foundation has not recorded any complaint regarding fundraising since inception.

PRINCIPAL FUNDING SOURCE

The Foundation’s principal funding source is donations received annually from the Members of Generation Investment Management LLP.

During the year to 31 December 2020 the Foundation recognised income of £7,490,034 (2019: £9,451,948).

RESERVES POLICY

The Trustees recognise the urgency of achieving the Foundation’s charitable objectives and resolved in 2019 to increase the level of expenditure above the expected income over the next few years to meet the demand for real action on climate and inequality. All multi-year commitments without significant performance conditions attached are accounted for in full on an accruals basis. This ensures that the Foundation can meet its commitments to grant partners as they fall due.

The Foundation holds unrestricted funds of £18.1m (2019: £22.1m) at the end of the accounting period. All of the funds held are unrestricted and available for the general purposes of the charity. Within the unrestricted funds at the end of 2020 an amount of £10.3m was set aside as designated funds (for more detail, see Note 16). These funds are held in line with trustee expectations of grant-making during the course of 2021 and there is an expectation that these designated funds will be fully committed by the end of 2021.

Over time the Trustees intend to maintain the ongoing reserves of the Foundation at a level that would enable it to continue a scaled-down grant-making programme for one calendar year should the Foundation face a year of significantly reduced income. The remaining funds of £7.8m exceed the anticipated minimum annual expenditure of £3m.

PEOPLE AND REMUNERATION POLICY

The average monthly number of employees who served during the year equates to two (2019: two).

In 2020, the Trustees established a committee of trustees (“ Remuneration Committee”) with delegated power and functions to consider and set remuneration for the Foundation’s employees for 2020 on behalf of the full Board of Trustees, in accordance with Articles of the Foundation. Salaries are reviewed annually in line with performance, subject to a calibration process with regard to the skills and attributes required for particular roles. The Trustees also have reference to the compensation paid within large grant-making foundations and those associated with asset managers and financial institutions

OTHER MATTERS

The Trustees consider that the funding sources and expenditure in the year have supported the key objectives of the Foundation. In setting the Foundation’s objectives and planning its activities, the Foundation’s Trustees have considered section four of the Charities Act 2011. In doing so they are satisfied that they have complied with their duty to ‘have regard’ to the public benefit guidance published by the Charity Commission.

RELATED PARTIES

Generation Investment Management LLP is a related party as all the Foundation’s trustees are also members of the LLP (see Note 17 for further details of the Foundation’s connection with this related party).

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TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

COVID-19

The Trustees have considered the impact of the latest developments surrounding COVID-19 on the Foundation, including its staff and beneficiaries. The Trustees note that:

• the Foundation’s staff have been able to work from home throughout the crisis;

• the Members of Generation Investment Management LLP have made additional donations to support charities that are helping with the COVID-19 emergency. Subsequently the Foundation has donated to charities that support the COVID-19 emergency;

• there will be no severe impact to the beneficiaries that the Foundation has committed to; and

• there will be no impact on the strategy of the Foundation, as our goals of tackling climate change and endorsing fairness are a long-term strategy that is more important in the light of COVID-19.

GOING CONCERN

The Trustees believe that the Foundation is well placed to manage its business risks successfully. After making inquiries including consideration of the ongoing COVID-19 situation, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Foundation financial statements.

Approved by the Board of Trustees on 17 June 2021 and signed on their behalf.

Rema Rajeswaran Trustee 17 June 2021

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE GENERATION FOUNDATION

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

OPINION

We have audited the financial statements of The Generation Foundation (the ‘charitable company’) for the year ended 31 December 2020 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• Give a true and fair view of the state of the charitable company’s affairs as at 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure for the year then ended

• Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice

• Have been prepared in accordance with the requirements of the Companies Act 2006

BASIS OF OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Foundation's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE GENERATION FOUNDATION (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

• The information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The trustees’ annual report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• The financial statements are not in agreement with the accounting records and returns; or

• Certain disclosures of trustees’ remuneration specified by law are not made; or

• We have not received all the information and explanations we require for our audit; or

• The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report.

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE GENERATION FOUNDATION (CONTINUED)

RESPONSIBILITIES OF TRUSTEES (CONTINUED)

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

• We enquired of management and the board of trustees, which included obtaining and reviewing supporting documentation, concerning the Foundation’s policies and procedures relating to:

• Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

• Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;

• The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

• We inspected the minutes of meetings of those charged with governance.

• We obtained an understanding of the legal and regulatory framework that the Foundation operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the Foundation from our professional and sector experience.

• We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.

• We reviewed any reports made to regulators.

• We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

• We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE GENERATION FOUNDATION (CONTINUED)

Capability of the audit in detecting irregularities (continued)

• In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

USE OF OUR REPORT

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Judith Miller (Senior statutory auditor) 17 June 2021

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

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STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT)

	NOTE	UNRESTRICTED TOTAL FUNDS FOR THE YEAR ENDED 31 DECEMBER 2020 £	UNRESTRICTED TOTAL FUNDS FOR THE YEAR ENDED 31 DECEMBER 2019 £
INCOME FROM: Donations Interest Income	4	7,490,034 34,288	9,451,948 71,266
TOTAL EXPENDITURE ON: Charitable activities	5	7,524,322 (11,703,992)	9,523,214 (4,219,801)
TOTAL		(11,703,992)	(4,219,801)
NET (EXPENDITURE)/ INCOME BEFORE GAINS/(LOSS) ON FOREIGN EXCHANGE ON INVESTMENTS		(4,179,670)	5,303,413
Gain/(loss) on foreign exchange on investments		190,927	(71,866)
NET MOVEMENT IN FUNDS		(3,988,743)	5,231,547
RECONCILIATION OF FUNDS: Total funds brought forward		22,052,697	16,821,150
TOTAL FUNDS CARRIED FORWARD		18,063,954	22,052,697

All recognised gains and losses have been included in the Statement of Financial Activities and the amounts included are derived from the continuing activities of the Foundation.

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BALANCE SHEET

AS AT 31 DECEMBER 2020

	NOTE	31 DECEMBER 2020 £	31 DECEMBER 2019 £
FIXED ASSETS Investments	9	250	250
TOTAL FIXED ASSETS CURRENT ASSETS Debtors Investments Cash at bank and in hand	10 11	250 8,840,424 15,133,189 2,129,182	250 9,451,948 14,064,925 2,801,911
TOTAL CURRENT ASSETS LIABLITIES Creditors: amounts falling due within one year	12	26,102,795 (5,510,968)	26,318,784 (2,631,416)
NET CURRENT ASSETS		20,591,827	23,687,368
TOTAL ASSETS LESS CURRENT LIABLITIES		20,592,077	23,687,618
Creditors: amounts falling due after one year	13	(2,207,422)	(1,439,553)
Provision for liabilities	14	(320,701)	(195,368)
TOTAL NET ASSETS		18,063,954	22,052,697
THE FUNDS OF THE CHARITY: Designated funds General funds		10,300,000 7,763,954	- 22,052,697
Total unrestricted funds	15,16	18,063,954	22,052,697
TOTAL FOUNDATION FUNDS		18,063,954	22,052,697

Approved by the Board of Trustees on 17 June 2021 and signed on their behalf:

Rema Rajeswaran Trustee 17 June 2021

The Generation Foundation (Company No: 05536312)

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CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2020

	NOTE	FOR THE YEAR ENDED 31 DECEMBER 2020 £	FOR THE YEAR ENDED 31 DECEMBER 2019 £
Net (expenditure)/ income for the reporting year (as per the Statement of Financial Activities) Adjustments for: Dividends and interest from cash at bank and deposits Decrease/(increase) in debtors Increase in creditors Increase in provisions	10 12,13 14	(3,988,743) (34,288) 611,524 3,647,421 125,333	5,231,547 (71,266) (1,761,709) 581,416 100,701
NET CASH GENERATED FROM OPERATING ACTIVITIES Dividends and interest from cash at bank and deposits Purchase of investments		361,247 34,288 -	4,080,689 71,266 (250)
NET CASH PROVIDED BY INVESTING ACTIVITIES Change in cash and cash equivalents in the year: Cash and cash equivalent at 1 January 2020		34,288 395,535 16,866,836	71,016 4,151,705 12,715,131
CASH AND CASH EQUIVALENT AT 31 DECEMBER 2020		17,262,371	16,866,836

Reconciliation of cash at bank and in hand to cash and cash equivalents:

NOTE FOR THE YEAR ENDED 31 DECEMBER 2020 £	FOR THE YEAR ENDED 31 DECEMBER 2019 £
Cash at bank and in hand 2,129,182 Short-term deposits (included in current asset investments) 11 15,133,189	2,801,911 14,064,925
NET CASH 17,262,371	16,866,836

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NOTES TO THE FINANCIAL STATEMENTS

1. Accounting policies

2. a) The Generation Foundation is a charitable company limited by guarantee and is incorporated in the United Kingdom. The Charity meets the definition of public benefit entity under FRS 102.

The registered address and principal place of business is 20 Air Street, London, W1B 5AN.

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis.

The other principal accounting policies, which have been applied consistently throughout the year, are set out below.

• b) Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income is accounted for on an accruals basis such that the donation in respect of the 2020 profits of Generation are recognised as at 31 December 2020.

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the value of volunteer time is not recognised.

• c) Interest income is recognised in the Statement of Financial Activities and comprises of interest on cash and cash equivalents and is accounted for using the effective interest method.

• d) Resources expended are allocated to the particular activity where the cost relates directly to that activity. As the only activity of the Foundation is Grant making, all costs have been allocated accordingly as per Note 5.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

• e) As a registered charity, the Foundation is exempt from UK taxation on income and gains to the extent that these are applied in furtherance of its charitable objectives.

• f) Grant activities are payments made to third parties in the furtherance of the Foundation’s charitable objectives. Single or multi-year grants are accounted for in full on an accruals basis when the recipient has a reasonable expectation that they will receive a grant as there are no significant performance conditions attached.

• g) Going Concern; the trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. The trustees do not consider that there are any sources of estimation or uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

• h) Matched giving awards are made to third parties in relation to eligible donations to charities by staff and members of Generation. The awards are recognised when approved by the Foundation following a review of the donations made by staff and members of Generation attributable to the period.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1. Accounting policies (continued)

2. i) The Foundation is not registered for VAT. All expenditure is therefore stated inclusive of VAT where applicable.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

• j) Provisions are recognised when the Foundation has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. The provisions recognised in Note 14 relate to the Employee Incentive Plan. Further details of the employee Incentive Plan are given in Note 7.

• k) Transactions denominated in foreign currency are translated into sterling at the exchange rates ruling at the date of transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate ruling at the balance sheet date. All foreign exchange gains and losses, realised and unrealised, are recognised in the Statement of Financial Activities.

• l) The charity 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.

• m) Non-Current investments are financial assets held for continuing use in the business and include an investment in a Guernsey based limited partnership, Marvel (Deferred) Limited Partnership.

Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

Where it is not practicable to recognise investments at fair value these are recognised at historic cost less impairment. These investments are subject to regular review, and any diminution is charged to the SOFA. Valuations under the cost model are not enhanced to more than original cost.

• n) Debtors include amounts receivable on donations to which the Foundation is entitled including any recoverable gift aid. Debtors are measured at their recoverable amounts.

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

• o) Short term deposits includes cash balances that are invested in accounts with a maturity date of between 3 and 12 months.

• p) Cash at bank and cash 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.

• q) The Foundation does not operate its own pension scheme. The Foundation contributes on behalf of the employees to their chosen pension scheme plan. The charge in the income statement represents the actual amount of the contribution payable to the pension schemes in respect of the accounting year.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

2. Estimates and assumptions

In accordance with FRS 102 requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates. Information about these judgements and estimates is included in the accounting policies and other notes.

The significant judgements are:

• The consideration that the Trustees are the controlling Persons of the Foundation (Note 18);

• The allocation of support costs to the Grants awarded by the Foundation (Note 5).

The significant estimates are:

• Recognition of grant obligations payable in later periods (Notes 1 (f) and 6, 12, 13);

• Future obligations and provisions are not subject to discounting (Notes 12, 13, 14).

3. Guarantees

The Foundation is a company in which the liability of the company member is limited to an amount not exceeding £10.

4. Donations

Donations comprise of donations from Members of Generation Investment Management LLP (“Generation”) equivalent to an annual allocation of distributable profit arising from Generation of £5,452,027 (2019: £7,561,558) and the associated gift aid recoverable from HMRC of £1,363,007 (2019: £1,890,390).

5. Charitable activities

YEAR ENDED 31 DECEMBER 2020	YEAR ENDED 31 DECEMBER 2019
ACTIVITY NOTE GRANT AWARDS £ SUPPORT COSTS £ TOTAL £	GRANT AWARDS £ SUPPORT COSTS £ TOTAL £
Grant activities 6 10,999,225 - 10,999,225 Staff costs 7 - 614,958 614,958 Professional fees - 81,969 81,969 Research costs - 7,840 7,840	3,583,268 - 3,583,268 - 561,251 561,251 - 44,755 44,755 - 30,527 30,527
10,999,225 704,767 11,703,992	3,583,268 636,533 4,219,801

Governance costs are considered within Professional fees and include fees payable to the auditors in respect of the statutory audit of £11,520 (£9,600 excluding VAT) (2019: £33,097).

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

6. Grant activities

Climate

INSTITUTION	TOTAL CLIMATE GRANT EXPENSES
Principles for Responsible Investment	£2,000,000
RMI (Rocky Mountain Institute)	£1,523,809
Conservation International	£988,268
COP 26	£950,000
Resources for the Future (RFF)	£599,708
350.org	£568,989
ClimateWorks Foundation	£153,840
Crane Institute of Sustainability	£153,840
Mission2020	£91,250
Total Climate Grants 2020	£7,029,704
Total Climate Grants 2019	£809,624

None of the above organisations received similar grants in 2019 from the Foundation.

Fairness

INSTITUTION	TOTAL FAIRNESS GRANT EXPENSES
As You Sow	£391,447
Yale University	£230,760
CARE International	£162,000
Solace Women's Aid	£130,750
Cares Family	£130,000
Akshaya Patra Foundation	£126,000
Shining Hope for Communities	£109,702
Mission Asset Fund	£109,006
FareShare	£103,500
One Fair Wage Emergency Fund	£85,942
Glass Door	£78,000
Various (8 organisations)	£441,540
Total Fairness Grants 2020	£2,098,647
Total Fairness Grants 2019	£1,890,276

None of the above organisations received similar grants in 2019 from the Foundation.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1. Grant activities (continued)

Employee programmes

INSTITUTION	TOTAL EMPLOYEE PROGRAMMES
Matched Giving Awards	£1,150,301
Engagement Grants	£285,432
Sustainable Community Grant	£253,338
Total Employee programmes 2020	£1,689,071
Total Employee programmes 2019	£801,661

At the end of 2020 the Foundation had approved 458 matched giving award applications (2019: 304) with an average value of £2,512 per application (2019: £2,111).

Total Grants £10,817,422 (2019: £3,501,561)

All grants have been made to institutions – the Foundation does not provide grants to individuals. All grants over £75,000 have been included on an institution line-by-line basis in the above tables. This table represents 100% of total grants awarded by the Generation Foundation in 2020.

As the Trustees believe that the future payments will be made without substantive review, amounts payable in future years totalling £7,548,043 (2019: £3,892,878) have been recognised in these financial statements and in earlier years’ financial statements. Of this, £5,340,621 is expected to settle within 12 months of the year-end (2019: £2,453,325). The following table shows the overall movement in the grant payment obligations.

YEAR ENDED 31 DECEMBER 2020 £	YEAR ENDED 31 DECEMBER 2019 £
Accrued grant payments brought forward 3,892,878	3,387,616
Additional grant awards 10,817,422 Foreign exchange movements 181,803	3,501,561 81,707
Total grant activities expenditure (Note 5) 10,999,225	3,583,268
Total net commitments 14,710,300	6,889,177
Amounts paid (7,344,060)	(3,078,006)
GRANT COMMITMENTS CARRIED FORWARD 7,548,043	3,892,878

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

7. Employee information

Staff costs

YEAR ENDED 31 DECEMBER 2020 £	YEAR ENDED 31 DECEMBER 2019 £
Wages and salaries 404,416 Deferred Compensation 112,186 Social security costs 67,015 Other pension costs 28,000 Benefits 3,341	391,803 87,246 62,202 20,000 -
AT 31 DECEMBER 614,958	561,251

Wages and salaries include salary and taxable benefits in kind and other payments to employees. Other pension costs include employer’s contribution to defined contribution pension schemes. The Deferred Compensation costs are incurred in relation to deferred cash bonuses awarded to employees. The ultimate cash value to be paid to employees is dependent upon the performance of certain Generation managed investment fund units. Awards vest after three years from grant date with proceeds paid to respective employees after five years. The level of incentives awarded are linked to an employee’s level of seniority at grant date.

The average monthly number of employees who served during the year equates to two (2019: two).

There were two employees during the year with emoluments exceeding £60,000 (2019: two). One employee received total employee compensation and benefits (excluding pension) within the band £330,000 - £340,000 (2019: £310,000£320,000) and one employee received total employee compensation and benefits (excluding pension) within the band £170,000 - £180,000 (2019: £150,000 - £160,000).

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £614,958 (2019: £561,251).

8. Payments to Trustees

The Trustees have not received remuneration or expenses during the year (2019: nil).

9. Investments

31 DECEMBER 2020 £	31 DECEMBER 2019 £
At 1 January 250 Additions -	- 250
AT 31 DECEMBER 250	250

Further details on this investment are given in Note 1 (m).

10. Debtors

31 DECEMBER 2020 £	31 DECEMBER 2019 £
Amounts due from members of Generation 5,452,027 Gift Aid recoverable 3,388,397	7,561,558 1,890,390
AT 31 DECEMBER 8,840,424	9,451,948

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

11. Current asset investments

31 DECEMBER 2020 £	31 DECEMBER 2019 £
At 1 January 14,064,925 Additions 922,638 Foreign exchange movement 145,626	- 14,136,791 (71,866)
AT 31 DECEMBER 15,133,189	14,064,925

12. Creditors: Amounts falling due within one year

31 DECEMBER 2020 £	31 DECEMBER 2019 £
Trade creditors 10,186 Grant commitments due within one year 5,340,621 Taxation and social security 128,383 Accruals 30,239 Amounts due to related parties - Other creditors 1,539	7,324 2,453,325 121,703 36,097 12,967 -
AT 31 DECEMBER 5,510,968	2,631,416

13. Creditors: Amounts falling due after one year

31 DECEMBER 2020 £	31 DECEMBER 2019 £
Grant commitments due after one year 2,207,422	1,439,553
AT 31 DECEMBER 2,207,422	1,439,553

No discounting has been applied to these future obligations as the impact is judged to be immaterial.

14. Provisions for liabilities

31 DECEMBER 2020 £	31 DECEMBER 2019 £
At 1 January 195,368 Additions dealt with in profit or loss 125,333	94,667 100,701
AT 31 DECEMBER 320,701	195,368

The Foundation provides deferred cash incentives (”awards”) for employees. Awards take the form of a deferred entitlement to cash based on the performance of Generation-managed investment funds. For further details see Note 7.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

15. Analysis of net assets between funds

	GENERAL UNRESTRICTED	DESIGNATED	TOTAL FUNDS
	£	£	£
Investments Net current assets Long term liabilities Provision for liabilities	250 10,291,827 (2,207,422) (320,701)	- 10,300,000 - -	250 20,591,827 (2,207,422) (320,701)
AT 31 DECEMBER 2020	7,763,954	10,300,000	18,063,954
AT 31 DECEMBER 2019	22,052,697	-	22,052,697

16. Movement in funds

	AT 1 JANUARY 2020	INCOME & GAINS	EXPENDITURE & LOSSES	TRANSFERS	AT 31 DECEMBER 2020
	£	£	£	£	£
Designated funds General funds	- 22,052,697	- 7,715,249	- (11,703,992)	10,300,000 (10,300,000)	10,300,000 7,763,954
Total unrestricted funds	22,052,697	7,715,249	(11,703,992)	-	18,063,954
AT 31 DECEMBER 2020	22,052,697	7,715,249	(11,703,992)	-	18,063,954
AT 31 DECEMBER 2019	16,821,150	9,523,214	(4,291,667)	-	22,052,697

At the end of 2020, the Foundation set aside £10,300,000 of designated funds in line with trustee expectations of grant making in the coming year allocated as follows;

CLIMATE £	FAIRNESS £	TOTAL £
Strategic grants 4,400,000 Employee programmes 200,000	4,400,000 1,300,000	8,800,000 1,500,000
AT 31 DECEMBER 2020 4,600,000	5,700,000	10,300,000

17. Related party transactions

Generation Investment Management LLP is a related party as all the Foundation’s trustees are also members of the LLP. As the Foundation has a charitable status, the Foundation is excluded from the LLP’s group consolidation due to the severe long- term restrictions which substantially hinder the exercise of the rights of the LLP over the Foundation.

As at 31 December 2020 a balance of £5,452,027 (2019: £7,561,558) was due from Members of Generation Investment Management LLP.

During the year, Generation Investment Management LLP settled expenses of £26,573 (2019: £72,446) on behalf of the Foundation of which £nil (2019: £12,967) was due at balance sheet date.

M Ferguson, a member of Generation Investment Management LLP, serves on the Board of Conservation International. As shown in Note 6 there was a donation made in the current year to Conservation International of £988,268 (2019: none).

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1. Ultimate controlling party

The ultimate controlling Persons of the Foundation are the Trustees as listed in the Trustees’ Annual Report.

1. Subsequent Events

There were no events subsequent to the balance sheet date that required adjustment to or disclosure in the financial statements.

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