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 2021 LIFE GENERATION LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Selim Fegh31i Patrick George Emmanuel Gresh Karim Nosrallah Linè Takla Morry Waked rah van de Water IAppointed 14 April 20221 IAppointed 4 March 20221 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 12-22 ## **LIFE GENERATION LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ The Trustees present their report and financial statements for the year ended 31 December 2021. 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 it is relevant. ## **Review of activities** 2021 was again an exceptional year for LIFE Generation. support primarily students studying in Lebanon, 75% of the 2021 cohort were based in Lebanon. In 2021 LIFE Generation has raised £1,323,469, including £663,539 for its scholarship programme and £659,930 for its job creation and humanitarian activities. Because of the pandemic, the annual fundraising event did not take place. LIFE Generation has continued its collaboration 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. Over the year, total income received was £1,323,500 (2020: £7,183,647). Total expenditure in the year was £6,185,772 (2020: £2,444,669), which included scholarship awards amounting to £525,834 (2020: £159,268), and 60 grants for humanitarian activities of £5,438,840 (2020: £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. Including LIFE Generation sister charities (LIFE Beirut, LIFE France and LIFE Generation USA), the scholarship programme has supported 285 students, including 137 by the charity. Compared to 2 years ago, when the cohort of scholars was 35 students, our Scholarship Programme has grown over six folds and is in direct response to the ever rising local needs. In addition to increasing the number of our scholars, we also broadened the u Technology, Engineering and Mathematics) studies. This is in line with our strategy to expand our membership beyond finance, further expanding the diversity of the LIFE members of tomorrow. Our mentoring programme remains at the heart of our activity and 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. 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 more than doubled the number of vacancies posted moving from 100 vacancies in 2020 to 212 in 2021. - 1 - ## **LIFE GENERATION LIMITED** ## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ 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 activities and the Trustees have a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future. ## **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 its 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 £110,000. At the year end, LIFE Generation has free reserves of £675,494. In addition, the Trustees have set aside £120,740 for awards to existing scholars. 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 the 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 in a changing market. ## **Future developments** Due to the current dire situation in Lebanon, LIFE Generation is aiming to increase its action in the Education sector in Lebanon, focusing on STEM studies. Our aim is also to improve the employability of our students through several initiatives: - Promote our graduates and create a user-friendly online CV booklet - Create a LIFE Academy with an improved content of the Social Skills Training, higher frequency of meetings, physical meetings etc. Alongside our efforts in the Education sector we aim to encourage job creation by supporting Social enterprises working towards promoting job creation and entrepreneurship in Lebanon. LIFE Generation has granted £71k to tech bootcamps 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: Khalil Barrage Youssef Dib (Resigned 4 March 2022) Selim Feghali Patrick George (Appointed 14 April 2022) Emmanuel Gresh Karim Nasrallah (Appointed 4 March 2022) May Nasrallah (Resigned 14 April 2022) Lina Takla Morry Waked Sarah van de Water - 2 - ## **LIFE GENERATION LIMITED** ## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **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. 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 of Lebanese International Finance Executives, the parent company. ## **Auditor** The auditor, HW Fisher LLP, 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 2022 - 3 - LIFE GENERATION LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2021 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 applicablè 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 MEMBERS OF LIFE GENERATION LIMITED Opinion We hbve audited the financial statements of LIFE Generation Limited (the 'charity'l for the year ended 31 December 2021 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 affair5 as at 31 December 2021 and of its incoming resource5 and application of resources, including Its income and expenditure, for the year then ended,. have been properly prepa￿d in accordance with United Kingdom 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 Auditor5 responsibilities for the uudit of theftnoncial stotements 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 MEMBERS 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. The charity did not inform us of any known, suspected or alleged fraud. We obtained an understanding of the legal and regulatory frameworks applicable to the charity. 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 MEMBERS 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 accord8nte 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 8uditor's report and for no other purpose. To the fullest extent permitted by18w, we do not accept or assume responsibility to anyone other thèn the charit8ble company and the charit8ble company'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 8 June 2022 LIFE GENERATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 Current financial year Unrestricted Unrestricted funds funds general designated 2021 2021 Rertritted funds Total Total 2021 2021 2020 Notes Incomefrom.. Donations and leg8cies Other trading activitie5 Investments 1.074,217 249.252 1,323,469 6.990,907 191,646 1,094 31 31 Total in¢orne 1,074,248 249,252 1,323,5 7,183,647 enditure on: Raising funds 4,371 Ch8rltable activities 754,156 443,877 4,987,739 6,185,772 2.440,298 Total resources ex￿nded 754,156 443.877 4,987,739 6,185,772 2,444,669 Net Incomlnglloutgolngl resources before transfers 320,092 1443.8771 14,738,487> 14,862,272) 4.738,978 Gross transfers between funds 1312,5741 312,574 Net inwrnellexpenditurel forthe yearl movement in funds 7,518 1131.3031 14,738,487> 14,862,272) 4.738,978 Fund balance5 at l January 2021 667,977 212,377 4,830,975 5,711,329 972,351 Fund balances at 31 December 2021 675,495 81,074 92,488 849,057 5,711,329 The staternent of financial activitie5 include5 all gain5 and105ses recognised in the year. All income and expenditure derive from continuing activities. The statement of financi81 activities also complie5 Wlth the requirements for 8n income and 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 2021 Priorfinancial year Unrestricted Unrertritted funds funds general designated 2020 2020 Re#rirted Total funds 2020 2020 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 Total in¢orne 673.987 6,509,660 7,183,647 enditure on: Raising funds 4.371 4,371 Ch8rltable activities 244,759 516,854 1,678,685 2.440,298 Total resources ex￿nded 249.130 516,854 1,678,685 2,444,669 Net inwrninglloutgoingl resources beforetran5fers 424,857 1516.8541 4,830,975 4,738,978 Gross transfers between funds 1410,7811 410,781 Net Incomellexpenditurel forthe yearl Net moverneTht in funds 14,076 1106,0731 4,830,975 4,738,978 Fund balances at l January 2020 653,901 318,450 972,351 Fund balances at 31 December 2020 667,977 2L2,377 4,830,975 5.711,329 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 2021 2021 2020 Notes Current assets Cash at bank and in hand 921,107 5,800,500 Credltors: amountslalllng due wlthln one year 12 172,0501 189,1711 Net current assets 849,057 5,711,329 Income funds Restricted funds Unrestritted funds Designated funds Gener31 unrestricted fund5 Share capital 15 92,488 4,830,975 16 81,074 675,494 212,377 667,976 14 756,569 880,354 849,057 5,711,329 The financial 5tètements were approved by the Trustees on 2 June 2022 Emmanuel Gresh Tru5Eee Company Registration No. 07148185 10- LIFE GENERATION LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Notes Cash fftowsfrom operating activibes Cash (absorbed byllgenerated from operations 21 14,879,424) 4,810,188 Investlng aulvldes Investment incorne received 31 1,094 Net cash generated from irwesting activities 31 1,094 Net Idecreasellincrease in cash and cash equivalents 14,879,393) 4,811,282 Cash and cash equivalents at beginning of year 5.800,500 989,218 Cash and cash equlvalents at end of year 921,107 5,800,500 LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 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 statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Comp8nies Act 2006 and "Accounting and Reporting by Charities.. Ststement of Recommended Practice applic8ble to charities prep8ring their accounts In accordance with the Financial Reporting St8ndard applicable in the UK and Republic of Ireland (FR5 1021- (effective from I january 20191. The charity Is a public benefit entity as defined by FRS 102. The flnancial statements are prepared in sterling, whlch Is the functional 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 trustees have considered the continuing effect of the Covid-lg pandemic on the charity's activitiÈS.The Trustees consider th8t thÈ pandemic is unlikely to cause a significant disruption to the tharity's opÈrations, and h8ve a re3sonablÈ expectation that the tharity has adequÈte resources to tontinue in operation for the forÈsÈÈable future. Thus the Trustees ¢ontinuÈ to adoptthe going concern basis of actounting in preparing the financial statements. 1.3 Charltable funds General funds are unrestricted funds, 4v3ilable for use Bt the discretion of the Trustees in further4nce of the general objectives of the charity. Designated fund5 cornpri5e funds which have been Set 35ide atthe discretion of the Trustees for Specific purposes. The purp05e5 and u5e5 of the design3ted fund5 are set out in the note5 to the financial st3tements. 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 charity ha5 control over the itern, any condition5 a550ciated with the donated itern have been met, the receipt of economic benefit from the use by the charity of the item 15 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 charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market,. a corresponding 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. Oirect costs are allocated directly to the charity's single 8CtiVity. 12- LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng pollcles Icontlnuedl Support costs are those costs incurred directly in support of expenditure on the objects of the charity. 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. Grants payable tomprise scholarship payments and other donations directly related to the objetts of the tharity. Grants payèble are tharged in the year whÈn thÈ offèr is tonveyed to the recipient. Grants offered subjectto conditions are recognisÈd in the period those conditions arÈ met, prior to this thÈy are noted as a commitment but not 3ccrued as Èxpenditure. 1.6 Financial instruments The charity has elerted to apply the provisions of Section 11 'Baslt Flnanclal Instruments, 8nd Section 12 '0ther Flnanclal Instruments Issues, of FR5 102 to all of its fln8ncial instruments. Instruments are initièlly recognised at tr8nsaction v31ue and subsequently measured at their settlement value. 1.7 Employee benefits The cost of any unused holiday entitlement Is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termin8tion benefits. 1.8 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.9 Forelgn exchange Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rate5 01 exchange ruling at the balance sheet d3te. Translation in foreign currencies 4re tr3nslated into sterling 4t the rate ruling on the date ol the transaction. Exchange gains and losses are recognised in the 5tstement of financial activitie5 incorporating incorne and eKpenditure account. Critical a￿O￿nting estimates and judgements In the application of the charity's accounting policies, the Trustees Bre required to make judgement5, e5timite5 and a55umption5 about the carrying amount of a55ets and liabilities that are not readily appBrent frotn other sources. The e5titnates and a55(Kiated a55umption5 are based on historical experience and other factor5 that are considered to be relevant. Jlctual re5uIt5 may differ from these estitnates. The estitnates and underlying 455umption5 are reviewed on an ongoing ba515. Revisions to accounting estimates are recogni5ed in the period in which the estimate 15 revised where the ￿vision affects only that period, or in the period of the revigion and future period5 where the revision affect5 both CUr￿￿t and future period5. The Trustees ère 5èti5fied thèt there are no significant accounting estitnates orjudgernents in the financial 5tstetnentS. 13- LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Donations and legacies Unre5trirted funds general 2021 Re5trirted funds Total Unrestricted funds general 2020 Restricted funds Total 2021 2021 2020 2020 Donations and gif 1,074,217 249,252 1,323,469 481,247 6.509,660 6.990,907 othertradlng actlvldes Total Unrestrirted funds general 2020 2021 G8la donations 191,646 Investments Unrestrlcted funds Beneral 2021 Unrestricted funds general 2020 Interest receivable 31 1,094 Raising funds Unrestrirted funds general 2021 Unrestricted funds general 2020 Fundrèi5in Staging fundrèlsing events 4,371 4,371 14- LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Charitable athvities 2021 2020 Scholarship$1137 individuals) staff costs Prole55ional lees Exch3nge Ig3inslllosses 525,834 56,766 65,284 18,3541 159,268 25,366 81,467 10,245 639,530 276,346 Grantfunding of activities (see note 221 5,438,840 2,036,271 Share of support costs Isee note 91 Share of governance cost515ee note 91 87,026 20,376 100,535 27,146 6,185,772 2,440,298 Analysis by fund Unrestricted funds general Unrestrirted funds- deslgnated Restricted funds 754,156 443,877 4,987,739 244,759 516,854 1.678,685 6.185,772 2.440,298 Grarts payable 2021 2020 Grants to institutions.. Variou5- See note 22 5,438,840 2,036,271 15- LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Support cotts Support Costs G￿ernance costs 2021 Support C05tS Governance costs 2020 Sundry expenses Bank chargÉs and interest Professional fees 9,902 9.902 2,680 56.502 934 7,272 7,272 6,191 69,654 1,032 2,680 6,191 56,502 934 69,654 1,032 Insurance Marketing and communitations 11,200 Ll,200 22,577 22,577 Audit fees Legal and professional Accountancy 11,685 5,227 784 11,685 5,227 784 13,200 5,550 2,205 13,200 5,550 2,205 8,488 87,026 20,376 107.402 100,535 27,146 127,681 Analysed between 87,026 20,376 107,402 100,535 27,146 127,681 Governance costs includes payrnentS to the èuditor5 of £11,685 12020. 13,2001 lor audit fees ?nd £78412020.. £2,205> for accountancy *rvice5. io 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. li Employees The average tnonthly number employee5 during the year wa5.. 2021 2020 Number Number Charitable activities- education Employment ¢osts 2021 2020 Wages and s313rles social security costs Other pension costs 48,000 5,406 3,360 21,500 2,361 1,505 56,766 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 2021 12 Creditors= amounts falling due within one year 2021 2020 Trade creditors Amount5 owed to fellow group undertakings Other creditors Accruals and deferred income 1,656 1,342 55,430 13,622 1,677 22,479 48,215 16,800 72,050 89,171 13 Retirement benefit scheme5 Defined contrlbutlon xhemes The charity operates a defined contribution pension scheme for all qualifying employee5. The assets of the 5cherne are held separately Irorn those of the charity in an independently 3dministered fund. The charge to the statement of financial activity in respect of defined contribution schemes was £3,36012020.. £1,505). Share capltal 2021 2020 Ordlnary share capltal 155ued and fully paid l Ordinary Share of £1 15 Restricted funds The income fund5 of the charity include restricted funds cotnprising the following unexpended balance5 of donations and grants held on trust for specific purposes.. Movement in funds Incomlng resources Movement in funds Incomlng resource5 Resource5 Balance at expended l January ZOZI Resources expended Balance at 31 December 2021 Impact Lebanon 6.509,660 11,678,685) 4,830,975 249,252 14,987,7391 92,488 Impact Lebanon LIFE Generation has co113bor3ted with Imp3Ct Lebanon on the Dlsaster Rellef for Belrut Exploslon fundr8iser provlding Bid to certain local NGOS supporting the victims of the explosion occurring in Beirut. 17- LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 16 Designated funds Balance at l jan￿ary 2020 Resour￿5 expended Translers Balance at ljanuary 2021 Resources expended Transfers Balance at 31 December zozi Scho13rshlp Fund 318.450 1159,2681 138,4421 120,740 1120.7401 Beirut Emergency fund Job c￿atiOn Initiative Fund Support Forsa Fund 1352,5861 399,347 46,761 1372,8921 395,479 69,348 15,0001 49,876 44,876 170,9851 26,109 11,726 11,726 318,450 1516,8541 410,781 212,377 1443,8771 312.574 81,074 The scholarship fund is potential funding set aside for existing schol8rs. During the year this fund w8s derecognised as a designated fund 8nd transferred to unresrritted funds. The Beirut emergency fund is to provide 8id to certain local NGO'S supporting the victims of the explosion occurring in Beirut. The Job Creation Initiative Fund Is ro provide financial support to tech boot camps in Leb8non with the aim to upskill young talent through technical training ènd job p18cement. The Support Forsa Fund Is to provide financial support to the edU￿tIOn sector. Positive transfers were made during the year from unrestricted funds to set 8side funds for the purposes of the above designated funds. 18- ij ij LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 18 Parent tompary LIFE Gener3tion Litnited 15 a wholly owned subsidiary of Lebanese International Finance E¥ecutives. Lebanese International Finance Executives 15 a company registered in Eng13nd and Wales (company number 068601461. It's registered addre55 is the same as LIFE Generation Limited. The company aim5 to channel the influence of Lebanese professionals worldwide in order to build a strong network to work together, nurture the next generation through education, prornote the development of the Lebanese economy and advocate for economic 4nd Social refortn. 19 Related partytransartions The ch8rity's share capital is 100% owned by Lebanese Internation81 Finènce Executive5, a company limited by guarantee registered in England and Wales. Three of the Trustees also served as Directors of Lebanese International Finance Executive during the year. At the year end the chèrity owed the parent company £1,34212020.' £22,479). During thÈ year LIFE Generation Limited received £18,669 12020.. nil) in donations from the Tamari Foundation, of which W3hbe A. Tamari, a director of the parent company Lebanese International Financè Exècutivès during thÈ year, is also a trustee. 7 trustees of LIFE Generation Limited p3id £23,74612020.. 8 paid £26,2421 in total lor rDember5hip fee5 and donation5 to the p3rent companyi Lebanese Internation31 Finance Executives. 20 Analysis of ¢hanges in funds The charity h8d no debt during the year. 21 Cash generated from operations 2021 2020 Ioeflcitllsurpus for the year 14,862,272) 4.738,978 Adjustments for.. Investment income recognised in profit or loss 11,0941 Movements In working c8Pital.. Ilncreasel/decrea5e in debtors IDe[￿aSe)/1ncreaSe in creditors 17,798 54,506 117,1211 Cash labsorbed byllgenerated from operation5 14,879,424) 4,810,188 -20-