Charity Registration No. 1136612 Comparry Registration No. 07148185 (England and Wales) LIFE GENERATION LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 LIFE GENERATION LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Emmanuel Gresh rah van de Water Lina Takla IAppointed 14 May 20201 IAppointed 14 May 20201 IAppointed 11 December 20201 IAppointed 11 Deceynber 20201 IAppointed 14 May 20201 May Nasrallah Selim Fegh81i Youssef Dib Morry Waked Chief Executive Wicer Nèdine M3550ud Charity number 1136612 Company number 07148185 Reglstered offlce 85 Great Portland Street London WIW 7LT England Auditor HW Fisher LLP Acre House 11-15 Williarn Road London NWI 3ER United Kingdom 8anker5 Blotn Bank Frènce 195 Brompton Road London SW3 ILZ HSBC Bank PLC 92 Kenslngton High Street Kensington London W8 45H Solicitors Wlthers LLP 20 Old Bailey London EC4M 7AN LIFE GENERATION LIMITED CONTENTS Trustee5' report Staternent of Tru5tees' resPOn5ibilitie5 Independent Buditor's report Statement of financial activities Balance sheet io Statement of cash flows li Notes to the financial 5tztements 12-21 ## **LIFE GENERATION LIMITED** ## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_ The Trustees present their report and financial statements for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial effective 1 January 2019). ## **Objectives and activities** The charity's objects are the advancement of education and the relief of need arising by reason of financial disadvantage amongst the Lebanese (whether citizens of the Lebanon or persons of Lebanese descent, and whether resident in the Lebanon or resident elsewhere because of hostilities, persecution, discrimination, natural disasters or other like causes) who are, have been, or wish to become active in the academic or professional field of financial economics, in particular but not exclusively by: - the provision of funding, by way of scholarships or other targeted individual grants, - the provision of career training and advice (including training in interview skills, the making of job applications, management methods and techniques) and other support for the unemployed (including the provision of financial and technical support for the establishment and development of enterprises), - the provision of facilities, equipment, staffing and funding to facilitate the above, - the provision of financial, or other support to charities whose objectives and work overlaps with the objects of the charity, and - such other exclusively charitable purposes as the Trustees of the charity may in their absolute discretion determine. ## **Public benefit** The Trustees have complied with their duty in Section 17 of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission. The benefit to the public is manifestly demonstrated by the activities and achievements described in this report. The charity has taken the Charity Commissi relevant. ## **Review of activities** 2020 was an exceptional year for LIFE Generation given the exceptional events that have occurred in Lebanon: financial crisis, hyperinflation, pandemic and lastly the blast of Beirut Port. In 2020 LIFE Generation has raised £481,247, with £174,328 for its Scholarship programme and £306,919 for its humanitarian initiatives. For the first time since inception, LIFE Generation has launched humanitarian initiatives to alleviate the multiple crises that hit Lebanon, ending with the disastrous b on 4 August 2020. At the same time, LIFE Generation has collaborated with Impact Lebanon on the Disaster Relief for Beirut Explosion fundraiser providing aid to certain local NGOs supporting the victims of the explosion occurring in Beirut, raising £6,509,660. Over the year, total income received was £7,183,647 (2019: £1,121,036). Total expenditure in the year was £2,444,669 (2019: £725,580), which included scholarship awards amounting to £159,268 (2019: £305,023), and 19 grants for humanitarian activities of £2,036,271. The charity continues to grow from strength to strength and the Nurture elements of scholarship, mentoring, internships and job opportunities continue to expand. In 2020 the charity has awarded 24 new scholarships (2019: 34). However, its sister charities (LIFE Beirut, LIFE France and LIFE Generation USA) have awarded 84 scholarships in 2020 (2019: 4), thanks to their local fundraising. This was mainly driven by LIFE Beirut where many donors were constrained to donate in Lebanon Our mentoring programme remains at the heart of our activity as all our scholars have been assigned a mentor from LIFE membership ranks. As part of our career services, we offer a less formal mentoring to all our members (Senior and Junior) by giving them access to each other through targeted introductions to answer their career questions or to facilitate business introductions. In 2020 we have arranged 157 individual networking opportunities (2019: 60). Our Job Board on our website, which is also part of our career services, proves once more to be a very popular platform where our members have posted 100 vacancies in their firms (70 in 2019) , and to which 1200 applications were received (445 in 2019). - 1 - ## **LIFE GENERATION LIMITED** ## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_ Unfortunately because of the pandemic we have paused our Social Skills Training in Beirut, which aims social and professional skills. We have now resumed the training in an online format and are working with our 3 academic partners. As a reminder, LIFE Generation works closely with LIFE Generation USA, LIFE Beirut, LIFE France and LIFE Suisse, which are independent non-profit organisations with their own independent boards. ## **Going concern** The Trustees consider that the Covid-19 pandemic is unlikely confident that the charity can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The Trustees have a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future: It is the policy of the charity to keep 6 months running costs to cover salaries and any other operational costs in case the charity is wound up. This amounts to £100,000. In addition, the Trustees have set aside £120,740 for awards to existing scholars by end of year. At year end, LIFE Generation has free reserves of £712,853, which is enough to cover those commitments. ## **Volunteers** The Trustees would like to gratefully acknowledge the significant amount of time and energy donated by volunteers. This input greatly assists LIFE Generation Limited to deliver its aspiration as stated in the aim and objectives. ## **Reserves policy** It is the policy of the charity to keep 6 months running costs to cover salaries and any other operational costs in case the charity is wound up. This amounts to £100,000. At the year end, LIFE Generation has free reserves of £712,853. In addition, the Trustees have set aside £120,740 for awards to existing scholars who receive maximum grants equivalent to $12,000 per year for 3 years. Remaining reserves are available for unexpected expenditure, particularly in years where there is no major fundraising event such as the Gala Dinner. ## **Principal risks and uncertainties** The Trustees have identified and reviewed the major risks to which the charity could be exposed. Systems to mitigate those risks identified have been established where appropriate. The principal risk LIFE Generation faces lies in future income streams being threatened by changes in the external donor environment. The Board of Trustees carefully identifies and manages prospect pools to ensure it is targeting those who have capacity to give. Additionally, an ongoing programme of high quality stewardship is in place so that LIFE Generation retains a relationship with donors who may be approached in the future. Fundraising propositions are subject to continual review to ensure they are relevant and attractive to a changing market. ## **Future developments** Due to the current dire situation in Lebanon, LIFE Generation is aiming at increasing its action in the Education sector in Lebanon. Our aim is to assist as many students as possible in Lebanon, while supporting the education system and its institutions. - We shifted our focus towards supporting undergraduate students studying in Lebanon. - We are working closely with 3 academic partners in Lebanon (AUB, LAU and USJ) to support them during these unprecedented times. - Our aim is to support 350 students in 2020/2021. Alongside our efforts in the Education sector we aim at encouraging job creation by supporting Social enterprises working towards promoting job creation and entrepreneurship in Lebanon. ## **Structure, governance and management** The charity is registered as a charitable company and was incorporated on 5 February 2010. The charity is constituted under a Memorandum and Articles of Association which was amended by special resolution on 24 June 2010, and is a registered charity (charity number: 1136612). 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: - 2 - ## **LIFE GENERATION LIMITED** ## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_ Paul Raphael (Resigned 14 May 2020) Spiro Youakim (Resigned 23 April 2020) Emmanuel Gresh Sarah van de Water Lina Takla Khalil Barrage (Appointed 14 May 2020) May Nasrallah (Appointed 14 May 2020) Youssef Dib (Appointed 11 December 2020 ) Selim Feghali (Appointed 11 December 2020) Morry Waked (Appointed 14 May 2020) ## **Method of appointment or election of Trustees** The Trustees may appoint a person who is willing to act to be a Trustee, either to fill a vacancy or as an additional trustee for a term not exceeding three years. Trustees have absolute discretion to appoint and remove Trustees, but may delegate this or any of their powers to a committee consisting one or more Trustees and such other persons not being Trustees co-opted on to such a committee as the Trustees think fit. Induction of Trustees takes place first through a call with the Management team. Then a call is organised with an existing Trustee. Also we was planned for 24 March and had to be cancelled given the lockdown. Trustees are not required to retire at the Annual General Meeting and any Trustee may nominate a person for appointment or reappointment as a Trustee. The minimum number of Trustees must be three and there is no maximum number. The charity aims to have sufficient Trustees with sufficient relevant expertise and knowledge to ensure the probity, financial security and success appropriate to the aims of LIFE Generation Limited. ## **Organisational structure and decision making** The Board of Trustees is responsible for setting the strategic objectives of the charity and are the key management personnel. It delegates the day to day running of the organisation to the Chief Executive Officer and the senior team. ## **Auditor** The auditor, HW Fisher, is deemed to be reappointed under section 487(2) of the Companies Act 2006. ## **Disclosure of information to auditor** Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The Trustees' report was approved by the Board of Trustees. ## **Emmanuel Gresh** Dated: 2 June 2021 - 3 - LIFE GENERATION LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2020 The TrustÈes, who are also the dirèctors of LIFE Gènèration LimitÈd for thè purpose of company law, are rèsponsible for prÈparing the TrustÈes' Report and thè finantial statements in atcordante with appliÈ3blè law and United Kingdom Attounting Standards (United Kingdom Generally Atcepted Actounting Pratb¢el. Company Law requires the Trustees to prepare financial st3temÈnts for each financial year which give a true and fair view of the statè of affairs of thè tharity and of the intoming rèsourcès 8nd applitation of resources, including the income and èxpÈnditure, of thè charitable tompany for that yèar. In preparing these financial statements, the Trustees a￿ required to.. selett suitable accounting polities 8nd then apply them consistently., observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent., st8te v4hether applic8ble UK Accounting Standards have been followèd, subjÈct to any m8terial departurÈs disclosèd and explainÈd in the finantial ststements,. and preparÈ the financial statements on the going concÈrn basis unless it is inappropriate to presume that thÈ charity will continuÈ in operation. The Trustees 8rÈ responsible for keping 8dÉqu3te accounting records that disclosÈ with reasonablÈ accuraty at any time the financial position of thÈ charity and enable thÈm to Ènsure that the finantial statÈmÈnts comply with the Companies Act 2006. Thèy are also responsible for safeguarding the assets of the tharity and hence fortaking r@asonablÈ steps for the prevention and detection of fraud and other irregularities. LIFE GENERATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LIFE GENERATION LIMITED Opinion We hbve audited the financial statements of LIFE Generation Limited (the 'charity'l for the year ended 31 December 2020 which comprise the st8tement of financial activities, the balance sheet, the statement of c8sh flows and the notes to the financial statements, including significant accounting policies. The fin8ncial reporting framework that has been applied in their preparation is appIl￿ble 18w ènd United Kingdom Accounting 5tèndards, including FRS 102 The Finonciol Reporting 5tttndttrd ttpplicoble in the UK GndRepublic of IrelGndlUnited Kingdom Generally Accepted Accounting Practice). In our oplnlon, the fln3ncial stètements.. give a true and fair view of the state of the charitable company's affairs as at 31 December 2020 and of its incoming resource5 and application of resources, for the year then ended. have been properly prepa￿d in accordance with United KinÈdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basisfor oplnlon We conducted our audit in accordance with International Standards on Auditin8 IUKI IISAS IUKII and applicat)le law. Our respon5ibilitie5 under those Standards are further described in the Auditor'5 responsibilities for the audit of the financial statement5 section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements In the UK, including the FRC'S Ethi￿1 Standard, and we have fulfilled our other ethical responsibilities in accordance with these reqLJirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlngto golng concern In auditing the financial statement5, we have concluded that the Tru5tees' use ol the going concern basis of accounting in the preparation of the financial st3tements is appropriate. B3sed on the work we have performed, we have not identified any rnaterial uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue 35 a 80ing concern for a period ol at least twelve months from when the financial 5tstements 4re 4uthori5ed lor issue. Our responsibilities and the respon5ibilitie5 of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information COfnpfi5e5 the information included in the annual report other th3n the financial statement5 and our auditor'5 report thereon. The Tru5tee5 are responsible for the other infortnation contained within the annuèl report. Our opinion on the financial 5tatetnents doe5 not cover the other information 3nd, except to the extent otherwise explicitly stated in our report, we do not expres5 any fortn of 35sur8nce conclusion thereon. Our resPQn5ibility 15 to re3d the other infortnation and, in doing 50, Consider whetherthe other infortnation 15 materially incon515tent with the financial 5tatetnents or our knowledge obtained in the course of the audit, or otherwise appears to be materially mi55tated. If we identify such mèteri31 inconsiStencie5 or apparent material rnisstatements, we are required to determine whether thi5 give5 rise to a rnateri31 rni55tatement in the financial statement5 them5elve5. If. based on the work we have perforrned, we conclude th3t there 15 a tnaterial tni55tsternent of thi5 Other inforrn3tion, we are required to report that fact. We hBve nothing to report in thi5 regard. Opinions on other matter5 prescribed by the Companie5 Art 2006 In our opinion, based on the work undertaken In the course of our 3udlt'. the information given in the Trustees, report, which includes the directors, report prepared for the purpose5 of company law, forthe financial year for which the financial statements are prepared is consistent with the financial statements,. and the director5. report included within the Trustee5' report h35 been prepared in accordance with applicable legal requirements. Matters On which we a￿ required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained In the course of the èudit, we have not identified material misstatements in the directors, report Included within the Trustees. report. LIFE GENERATION LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LIFE GENERATION LIMITED Wè have nothing to rÈport in respett of the following matters in relation to which thÈ Companies Act 2006 rèquirès us to rèport to you if, in our opinion.. adequate accounting records have not been kept. or returns adequate for Dur audit have not been received from branches not visited by us,. or the financial 5tstements ère not in agreement with the accounting records and returns,. or certain di￿10$ureS of trustees, remunerdtion specifled by law are not m3de,' or we have not received all the information and explanations we require for our audit,. or the TrustèÈs were not entitled to prèpare the finantial stÈtemÉnts in Èttordante with thÈ small tompaniÈs regime and take advantage of the 5tnall cotnpanies, exetnptions in preparing the Trustee5' report and frorn the requirernent to prepare a Strategic report. Responsibilities of Tru51ee5 As exp13ined more fully in the statement of Trustees, responsibilities, the Trustees, who are also the dirertors of the charity for the purpose of company law, are responsible for the preparation of the finènci81 statements 8nd for being satisfied that they give 8 true and f8ir view, ènd for such internal control 8S the Trustees determine Is necessary to enable the prepar8tion of financial statements that 8re free from m8terièl misst8tement, whether due to fr8ud or error. In prep8ring the fin8ncial statements, the Trustees 8re responsible for 8ssessing the ch8rity's ability to continue as a going concern, disclosing, 8s applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquid3re rhe charitable company or to cease operations. or h8ve no realistic alternative but to do so. Audhor's responslbllltles for the audlt ol the flnan£lal statements Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free frorn material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level of assurance but is not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material misstatement when it exists. Misstatement5 arise from fraud or error are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic deci5ion5 of users taken on the basi5 of these financial staternent5. Irregularities, including fraud, are instances of non-compliance with laws and regulation5. We design procedures in line with our respon5ibilitie5, Outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularitie5, including fraud, 15 detailed below. As part of our planning pro￿5S.. We enquired of management the sy5tem5 and controls the charity has in place, the areas of the financial statements that are rn05t susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Discussions were held with the charity in relation to known, suspected or alleged fraud. We obtained an understanding of the legal and regulatory framework5 applicable to the company. We determined that the following were most relevant.. the Charities SORP, FRS 102, Charities Act 2011, Companies Act 2006 and Employment Law. We considered the incentives and opportunities that exist in the charity, inclLJding the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. Using our knowledge of the charity, together with the disCU55ions held with the charity at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment. The key procedures we undertook to detect irregularities inclucling fraud during the course of the audit included.. Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual. Reviewing the financial statement disc105ures and determining whether accounting policies have been appropriately applied. Reviewing and challenging the assumptions and judgements used by management, and the conclusion that there are no significant accounting estimates. Assessing the extent of compliance, or lack of, with the relev3nt law5 and re8u13tions. Testing key incorne lines, in parbcular cut-off, for evidence of management bias. Assessing the validity of the classification of income, expenditure, assets and liabilities between unrestricted, designated and restricted funds. Obtaining third-party confirmation of material bank balances. Documenting and verifying all significant related party balances and transactions. LIFE GENERATION LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LIFE GENERATION LIMITED Owing to the inhèrènt limitations of an audit, there is an unavoidable risk that wè may not havè dÉtettÈd some material misstatèments in the fin3nti81 statemÈnts evÈn though we have properly pl8nnèd and performèd our audit in actord8nte with auditing standards. The primary responsibility for the p￿ventiOn and detetbon of irregularities and fraud rests with the trustees of the charity. A furthÈr destription of our responsibilitiès is availablè on the FinantiÈl Rèporting Countil's wèbsite at.. https..//www.frt.org.ukl auditor5re5pon5ibilitie5. Thi5 description form5 part of our auditor'5 report. Use of our report This report is made solely to the ch8ritable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undert8ken so that we might state to rhe charitable compèny's members those matters we 8re required to state to them in an 8uditors' report 8nd for no other purpose. To the fullest extent permitted by18w, we do not accept or assume responsibility to anyone other thèn the ch8rirable company ènd the ch8ritable comp8ny's members as a body, for our audit work. for this report, or for the opinions we have formed. Andrew Rich Isenior Ststutory Auditorl lor and on behaw ol HW Flsher LLP Chartered Accountants Statutory Auditor Acre House 11-15 William Roèd London NWI 3ER United Kingdom 4 June 2021 LIFE GENERATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020 Current financial year Unrestrirted Unrestrirted funds funds general design*ed 2020 2020 Rertritted funds Total Total 2020 2020 2019 Notes Incomefrom.. Donations and leg8cies Other trading activitie5 Investments 481,247 191,646 1,094 6,509.660 6,990,907 191,646 1,094 14,234 1,103,322 3,480 Total in¢orne 673,987 6,509,660 7,183,647 1,121,036 enditure on: Raising funds 4,371 4,371 274,476 Ch8rltable activities 249,759 511,854 1,678,685 2,440,298 451,104 Total resources expended 254,130 511.854 1,678,685 2,444,669 725,580 Net Incomlng resources before transfers 419,857 1511.8541 4,830,975 4,738,978 395,456 Gros5 transfers between funds 1360,9051 360,905 Net inwrne forthe yearl Net movement In funds 58,952 1150.9491 4,830,975 4,738,978 395,456 Fund balances at l January 2020 653,901 318,450 972,351 576,895 Fund balances at 31 December 2020 712,853 167,501 4,830,975 5,711,329 972,351 The staternent of financi31 activitie5 include5 all gains and105ses recognised in the year. All income and expenditure derive from continuing activities. The statement of financi81 activities 3150 complies with the requirement5 for 8n income ènd expenditure account under the Companies Act 2006. LIFE GENERATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020 Priorfinancial year Unrertritted Unre#ritted funds funds general de51Knated 2019 2019 Total 2019 Notes Incomefrom.. Donations and leg8cies Other trading activitie5 Investments 14.234 1,103,322 3,480 14,234 1,103,322 3,480 Total in¢orne 1,121,036 1,121,036 enditure on: Raising funds 274,476 274,476 Ch8rltable activities 146,081 305,023 451,104 Total resources expended 420,557 305,023 725,580 Net inwrning resources before transfers 700,479 1305,0231 395,456 Gross transfers between funds 1251,9081 251,908 Net Income forthe yearl Net moverneTht in funds 448,571 153,1151 395,456 Fund balances at l January 2019 205,330 371,565 576,895 Fund balances at 31 December 2019 653,901 318,450 972,351 The statement of financial activities includes all Bains and105ses recognised in the year. All income and expenditure derlve from continuing activities. The statèment of finanti81 activities also tomplies with the r@quirÈmènts for an intomè and expènditure atcount under the Companies Act 2006. LIFE GENERATION LIMITED BALANCE SHEET AS AT310ECEMBER 2020 2020 2019 Notes Current assets Debtors Cash at bank and in hand li 17,798 989,218 5,800,500 5,800,500 189,1711 1,007,016 134,6651 Creditors= amountslalling due withln one year Net current a55et5 5,711,329 972,351 Incomefunds Restricted funds Unrestricted fund5 Designated funds General unrestricted funds Share Capital 15 4,830,975 167,501 712,852 318,450 653,900 880,354 972,351 5,711,329 972,351 The financial Statements were approved by the Trustee5 on 2 June 2021 Emmanuel Gresh Trustee Company RegIstra￿0Th No. 07148185 10- LIFE GENERATION LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Notes Cash fftowsfrom operating actIv￿eS Cash generated from operations 20 4,810,188 309,S49 Investlng aulvldes Investment incorne received 1,094 3,480 Net cash generated from irwesting activities 1,094 3,480 Net cash used In thnancSng actl¥ldes Net increase in cash and cash equivalents 4,811,282 313,029 Cash and cash equivalent5 3t beginning of year 989,218 676,189 Cash and cash equivalents at end of year 5,800,500 989,218 LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting polities Charity information LIFE Generation Limited is 3 private company incorporated in England and Wales. The rÈBistered office is 85 Great Portland Street, London, WIW 7LT, England. 1.1 At¢ounting ¢or￿n￿on The financial starements h8ve been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporrine by Charities.. St8tement of Recommended Practice 8pplicable to charities preparing their accounts in 8ccord8nce with the Financi81 Reporting 5tand8rd appIl￿ble in the UK and Republic of Ireland IFRS 1021" leffective from l Janu8ry 20191. The ch8rity is a public benefit entity 85 defined by FRS 102. The flnanci31 statements are prepared In sterllng, which is the funttional currency of the charity. Monetary amounts in these financi31 statÈments are rounded to the nearest £. The financi31 statement5 h3ve been prepared under the historic31 c05t convention. The principal accounting policies adopted are set out below. 1.2 Going concern The trustÈes have considered the effect of the Covid-19 outbrÈak on the tharity's atbvities.ThÈ TrustÈes consider that the Covid-19 pandemic is unlikly to t8usÈ a significant disruption to thÈ charity's opÈrations and the trusteÈs have a rÈasonable expectation that the Charity has adÈquÈte ￿$our£Ès to tontinue in operation for the foreseeable future. Thus the trustÈÉs tontinue to adopt the going ¢ontern basis of accounting in p￿parIng the fin8n¢ial statements. 1.3 Charltable funds General funds are unrestricted funds Bre 3V3ilable for use Bt the discretion of the Trustees in further4nce of the general objectives of the ch3rity. Designated funds comprise fund5 which h3ve been set 35ide at the discretion of the Trustee5 for specific purpose5. The purposes and uses of the designated funds ère set out in the notes to the fin3nci31 statement5. Restritted funds are subjert to specific conditions by donors as to howthey may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Incomlng resources Income is recogni5ed when the charity is legally entitled to it after any perfortnance conditions have been tnet, the amounts can be me4sured reliablyi and it 15 probable that income will be received. sh donations are recognisÈd on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable In relation to donations received under GiftAid or deeds of coven8nt is recognised at the tlme of the donation. Donated services or facilitie5 are recognised when the company ha5 Control over the item, any conditions associated with the donated itern have been met, the receipt of economic benefit from the use by the company of the item is probable and that economic benefit can be measured reliably. On receipt, donated professional Services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willin8 to pay to obtain services or facilities of equivalent economic benefit on the open market,. a correspondin8 amount is then recognised in expenditure in the period of receipt. 1.5 Resources expended Expenditure Is recognised once there is a legal or construrtive 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 c18ssified by activity. Oirert cosrs attributable to 8 single 3CtiVIty 8re 811ocated directly to that activity. Central staff costs 8re 811ocèted on the basis of time spent, 8nd depreciation ch8rges èllocated on the portion of the asset's use. 12- LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Accountlng pollcles Icontlnuedl Support costs are those costs incurred directly in support of expenditure on the objects of the company. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and stètutory requirements. Costs of generatingfunds are costs incurred in attractingvoluntary income, and those incurred in trading activitie5 that raise funds. Charitable atbvities and governante tosts are tOSts inCUr￿d on the tharity's educational operations, including support tosts and costs rÈlÈting to the govÈrnÈnte of the charity appofboned to chÈritable activities. Grants payable tomprise scholarship payments and other donations directly related to thÈ objetts of the charity. Grants payable are tharged in the year when the offer is tonveyed to the ￿tipIent. Grants offÈred subjettto conditions are retognisÈd in thÉ pÈriod those tonditions are met, prior to this they are noted as a tommitment but not Èccrued as expenditure. 1.6 Cash and cash equiYalent5 sh at bank and In hand includes cash and short term highly liquid Investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.7 FinÈntial instruments The charity has elerted to apply the provisions of Section 11 'Basic Financial Instruments, 8nd Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. B8sic financial instruments are initially recognised at tr8nsaction value and subsequently measured at their settlement value. 1.8 Employee beneflts 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 15 demonstrably committed to terminate the employment of an employee orto provide termination benefit5. 1.9 Retlrement beneflts Payments to defined contribution retirernent benefit schemes are ch4rged as an e¥pen5e as they fall due. 1.10 Foreign exchange Monetary assets and liabilitie5 denominated in foreign currencies are translated into sterling at rate5 of exchange ruling at the balance sheet d3te. Translation in foreign currencies a￿ tr3nslated into Sterling at the rate ruling on the date of the transaction. Exchange gains and 105se5 are recogni5ed in the 5tstetnent of financial activitie5 incorporating incorne and expenditure account. 13- LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Critital attountin8 estimates and judBements In the application of the charity's accountine policies, the Trustees are required to make iudeements, estimates and assumptions about the carryine amount of 8ssets and liabilities that 8re not readily app8rent 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 estirnates. 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 period5 where the revision affects both current and future periods. The Trustees are satisfied that there are no Signifi￿nt accounting estimates Drjudgements in the financial ststements. Donatlons and legades un￿￿ri￿ed funds Restri¢ted funds Total Unrestrirted funds general 2019 general 2020 2020 2020 Donations and gifts 481,247 6,509,660 6.990,907 14,234 Othertrading activities Unrestrltted funds Beneral 2020 Unrestrirted funds general 2019 Gala tickets Gala Èurtion G813 donations Sale of catslogues 192,239 718,404 191,999 680 191,646 Other trading activities 191,646 1,103,322 Investments Unrestrlcted funds general Unrestricted fund5 general 2019 2020 Interest recewable 1,094 3,480 14- LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Raising funds Vnre5trirted funds general 2020 Unrestricted funds general 2019 Fundr3isin Staging fundraising events 4,371 274,476 4,371 274,476 Charltsble a￿VI￿eS 2020 2019 SchD18rships124 individualsl Staff c05t5 Profession31 fees Exchan8e1055es/lgainsl 159,268 25,366 81,467 10,245 305,023 69,212 7,208 2,168 276,346 383,611 Grant funding of activities15ee note 221 2,036,271 Share of support costs Isee note 81 Share of governance costs15ee note 81 100,535 27,146 53,035 14,458 2.440,298 451,104 Analysis byfund Unrestricted funds general un￿StrICted fund5 designated Restricted funds 249,759 511,854 1,678,685 146,081 305,023 2,440,298 451,104 15- LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Support cotts Support Costs G￿ernance costs 2020 Support C05tS Governance costs 2019 Sundry expenses Bank chargÉs and interest Professional fees 7,272 7.272 6,191 69.654 1,032 8,157 8,157 135 43,987 891 6,191 135 69,654 1,032 43,987 891 Insurance Marketing and communitations 22,577 22,577 Audit fees Legal and professional Accountancy 13,200 5,550 2,205 13,200 5,550 2,205 9,000 L3 9,000 13 5,310 5,310 100,535 27,146 127.681 53,035 14,458 67,493 Analysed between 100,535 27,146 127,681 53,035 14,458 67,493 Governance costs include5 payments to the 3uditors of £13,200 12019.. £9,000) lor audit fees, £2,205 12019.. £5,310) for accountancy *rvice5 £1,80012019.. £nill for tsx service5. Trustees None of the Trustees who are also the key m8nagement personnel lor any persons connected with them) received any remuner8tion,benefits or reimbursed expenses from the charity during the ye8r. io Employees The average tnonthly number employee5 during the year wa5.. 2020 2019 Number Number Charitable activities- education Employment ¢osts 2020 2019 Wages and s313rles social security costs Other pension costs 21,500 2,361 1,505 25,366 There were no etnployees whose annu31 rernuneration w35 £60,000 or rnore. 16- LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 li Oebtors 2020 2019 Amount5 falling due within one year: Other debtors 17,798 12 Creditor5= amounts falling due within one year 2020 2019 Trade creditors Amounts owed to fellow group undertakings Other creditors Accruals and deferred income 1,677 22,479 48,215 16,800 21,215 2,650 10,800 89,171 34,665 13 Retlrement benefit xhemes Oefined contribution schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the 5cherne are held separately from those of the charity in an independently administered fund. The charge to profit or loss in respect of defined contribution schemes was £1.50512019.' £nill. 14 Share capital 2020 2019 Ordinary share capital Issued and fully pald l Ordinary Share of £1 15 RestriLted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.. Movement In funds Balantt at ljanuary 2020 Incomlng resources Resourtes expended Balance at 31 December zozo Impact Lebanon 6.509,660 11,678.6851 4,830,975 Itnpact Lebanon LIFE Generation ha5 colliborlted with 1mp4ct Lebanon on the Di5a5ter Relief for Beirut Explosion fundr4i5er providing Bid to certain local NG05 supporbng the victitns of the explosion occurring in Beirut. 17- LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 16 Unrestritted funds- designated These are unrestricted funds which are rnaterial to the charity's activitie5 made up as follow5.. Balance at l jan￿ary 2019 Resources expended Transler5 Balance at l January ZOZO Resources expended Transfers Balance at 31 December zoz SchD18rship fund Beirut emergency fund 371.565 1305.0231 251,908 318,450 1159,2681 138.4421 120.740 1352,5861 399,347 46,761 371,565 1305,0231 251,908 318,450 1511,8541 360,905 167,501 The schol4rship fund is potenti41 funding set aside for existing scholars. The tr4nsler out relates to funds being undesignated a5 scholarship commitments have decreased. The Beirut emergency fund is or provide aid to certain local NGOS supporting the victim5 of the explosion occurring in Beirut. The transfer in rel4tes to unrestricted funds being designated for the purpose of the Beirut emergency fund. 18- iJi- 11 LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 18 Related partytransadions The charity 5 sh3re capitsl is 100% owned by Lebanese Internation31 Finance Executive5, a company limited by gu3rantee registered in England and Wale5. Four of the Trustees a150 Served a5 Directors of Lebanese International Finance Executive during the year. The parent company rech3rged staff costs to the charity amounting to £nil12019.. £4,026). At the yeèr end the charity owed the p3rent company £22,47912019.. £2,650). During the year LIFE Generation Limited received £nil12019.. £37,113) for donations from The Tamari Foundation, of which Wahbe A. Tamari, a director of the parent company Lebanese International Finance Executives, is also a trustee. Eight trustees of LIFE Generation Limited paid £26,24212019.- £43,025) in tot31 for membershlp fees and don3ti0ns to rhe P8rent company, Lebanese Internation81 Finance Executives. During the year the tharity ￿te1Ved donations and stholarship sponsorships, in addition to this, 2019 also included sold auction items and Eala titkets, from thè following Trustèès.. 2020 2019 S Water 11,400 47,500 9,500 5,000 1,500 26,275 750 P Raphael S Youakirn E Gresh 68,907 M Wakd 7,000 19 Parent company LIFE Generation Limited is a wholly owned subsidiary of Lebanese International Finance Executives. Lebanese International Finance Executives is a company registered In England and Wales (company number 068601461. It's registered address Is the same as LIFE Generation Limited. The company aims to channel the influence of Lebanese professionals worldwide in order to build a strong network to work together, nurture the next generation through education, promote the development of the Lebènese economy and advO￿te for economic and social reform. 20 Cash generated from operations 2020 2019 Surplus for the year 4,738,978 395,456 Adjustments for.. Investment income recognised in profit or loss 11,0941 13,4801 Movements In worklng c3Pital.. Decrease/lincreasel in debtors In¢￿aSe1{decreasel in Creditors 17,798 54,506 117,7981 164,6291 Cash generated from operation5 4,810,188 309,549 21 Analysis of changes in net fund5 The charity had no debt during the year. -20- LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 22 Schedule of grants paid The list of donation5 below Include5 atnount5 Paid in the year ol which there were no grant5 that were committed but unpaid at Ihe year end. 2020 2019 to Beirut Emer enc Fund.. 36,778 227,072 29,724 20,252 38,760 352 586 A550ciation Himaya Embrace Hotel-Dieu De France Codi 5,000 13 to I act Lebanon.. Alfanar 101,124 22,464 149,717 116,630 90,709 97,342 51,898 410,132 56,391 75,879 336,693 93.633 Arc En Ciel Ba5hmeh and Zeitouneh Croix Rouge Liban3ise Embrace House of Christmas Live Love Lebanon Min Albi Nusaned The Lebanese Association for Developmenr Unite Lebanon Youth Project 76,073 1,678,685 2,036,271 21