Charity Registration No. 1136612 Cornpany Registration No. 07148185 (England and Wales) LIFE GENERATION LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
LIFE GENERATION LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Khalil Barrage Selim Feghali Patrick George Emmanuel Gresh Karim Nasrallah Karim Abba5 Christiane Habre Sarah Emelia van den Blink {Appointed l April 20241 Chief Executive Officer Nadine Massoud Zeina Farhat {Resigned 31 March 20231 {Appointed l April 20231 Charity number 1136612 Company number 07148185 Registsred office 85 Great Portland Street London WIW 7LT England Auditor HW Fisher LLP Acre House 11-15 William Road London NWI 3ER United Kingdom Banker5 HSBC Bank PLC 25 Notting Hill Gate London Wll 3JJ Solicitor5 Wither5 LLP 20 Old Bailey London EC4M 7AN
LIFE GENERATION LIMITED CONTENTS Page Trustees, report Statement of Trustees, responsibilities Independent auditor's report Statement of financial activities 9-10 Balance sheet li Statement of cash flows Notes to the financial statements 13-23
LIFE GENERATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR EIVDED 31 DECEMBER 2023 The Trustees present their report and financial statements for the year ended 31 December 2023. The financial Statements have beerb prepared in accordance with the accourbting policie5 set out in note I to the financial staterTlellts arid cvrnply with the iliarity's M¥rnordndum dnd Artiil¥s tsf A5$0LiatiT)n, the Cornpariies Act 2006 and "Aciouritirig arid RepvrLirig by Clidriligs.. StdtVlTlgllt uf REiurTiriivrided PrdLtiig dppliidblg Iv ili<iiiLiv5 pfgpdiiri¥ tligir dLLUUlIt5 113 dLLviddllLe WILII the Financi81 Reporting Starbdard applicable in the UK and Republic of Irelarhd IFRS 1021" (effective I january 20191_ Objectives and activities Tlie Llidi ily's ubjeLLs ilie ddvdllLEITieiiL uf EduLi[l drid Llbe ieliEf of iieed dliSili¥ by IEdsuri of fiiidllLldl disddvdiildgv dlTiuri¥sl the Lebanese Iwhether citizen5 of the Lebanon or persons of Lebanese descent, arbd whether resident in the Lebanon or resident elstrwliere because of hostilities. persecution. disirirninatiofi, natural disasters or other like cau&esl who are, have been, or wish tu become active in the academic or professional field of firbancial economics. in partiiular but not exclusively by.. the provision of funding, by way of scholar5hip5 or other targeted individual grant5, the provision of career training and advice lincluding training in interview skills, the makin8 of job applications, managernent method5 and techniques) and other 5UPPOrt for the unewnployed lincluding the provision of financial and tcchnical support for thc c5tablishmcnt and dcvclopmcnt of cntcrpriscsl, 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 Trustee5 have complied with their dury in Section 17 of the Charitie5 Act 2011 To have due regard to the guidance published by the Charity Commi55ion. The benefit to the public 15 tnanife5tly demonstrated by the activitie5 and achievement5 described in this report. The charity h35 taken the Charity Commi55ion's public benefit guidance into account when making any decision to which it is relevant. Review of artivities Education: Scholarshi Alongside its Sister charities ILIFE Beirut, LIFE France, LIFE Suisse, LIFE Generatiorb Australia and LIFE Generation USA), the charity has enrolled 164 new students in the 202312024 EduGltion programme. includin£ 22 solely by the charity. Adding the continuing Students, the 202312024 int3ke was the biggest cohort since the inception of the programme with 425 student5 enrolled in the LIFE Education programme, including 91 supported by the charity. 80% of the students are attending Lebanese urbiveT5itie5. ifb line with the Charity'5 direct re5pon5e tu the ever-ri5ing Ioc31 needs. 2023 was a150 marked by the increase of the 5cholar5hip award for students based in Lebanon. The tru5tee5 have decided to increase by c. 33% the financial aid to students in Lebarbon. a5 3 direct re5POll5e to the devaluation of the Lebanese Pound that took place in February 2023. 70% of our students are pursuing STEM Studies (Science. Techrhology. Engirheering and Mathernatkcsl. in lirhe with our Strategy to expand the diversity of the LIFE member5 of tomorrow. Em The charity has continued to invest in the Student's employability thanks to an array of tools- the mentorin8.' I% of our scholars have been assi8ned a mentor from the LIFE membership ranks or a buddy from the LIFE Scholars Alumni- the LIFE Academy- training programme on soft and professional skills that are essential to enter the job market. The Academy's sessions are a combination of in-person and orbline sessions: The job Board- where our members post exclusive internships and job opportunitie5. Dur sludeii15' EITiyluyiiieril r¢ile is 100% wiiliiii 6 Irioiiilis uf ¥iddudlioii. Alsu. Ilie ilidrily is yioud Llbdl 75% uf ils sluiJeTILs wlio graduate in Lebanon find employment in Lebanon.
LIFE GENERATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR EIVDED 31 DECEMBER 2023 owerment.. LIFE Siholars are errbpowered tharbk5 to the LIFE network. 5UPPOrting them beyond their studie5. Joining the LIFE network 15 testament of their adhesion to the LIFE value5 and their willingne5S to give back to the LIFE cownwnunity. 80% of the LIFE Scholars contribute back to the community- The Global Benefit Dinner". Afier a 4-year l)iatus, due to the pandemic, the charily held its Global Benefit Dinner in London on 10 Noveinber 2023 at tlie Science Museum. The evening wa5 a great Success. raising £758.050 thank5 to the auctionirhg of the Creative Liai50n collection. a shOW$e uriiting Lebariese designers and artisans. Thi5 unique Lullettion of 61 pieces was specially coininissioned for LIFE arid curated by Almaz Collectible Design in partrbership with The Ready Hand. Tlie collectioii included furniture. ceramics. tapeslries, li8hiin8 and decorative objects. of which 40 are sin8le-edition pieces. All piece5 have been generou51y donated to the charity by the de5igner5 A5 3 gesture of support. the charity has decided to contribute financially to the production costs of each piece. The success of the evening Showcased the incredible dedication and commitmerbt of our network to uplift and empower Lebanese youth through higher education. The Drosos Grant: The Chariry was awarded a Sim grant to be dlsbur5ed over 3 years, from the Drosos Foundatlon, to suppory c.15 Mlcro, Small and Medium Enterprises IMSMEs1 and 40+ students in the 8reen and a8rIcultu sertors. This 8rant includes.. 2 years of assistance per MSME includin8 Financial and Technical Assistance,. LIFE mentor,. Access to the LIFE network Internship with LIFE scholars. MSMIs have to be based in Lebanon and have a posltive 30cial Jnd/or environmental impact. Scholarship3 for students interested to pursue their career in the green and agriculture 5ertorJ. Job creation: Alongside our efforts in the higher Education sector the charity a150 5UPPOrts Tech bootcarnps in Lebanorb aiffling at upskilling the youth to improve their ernployability in the tech indu5try_ Performance Summary Over the year. total incorne received wa5 £1.604.132 12022= £839.9991. Total expenditure in the year wa5 £1.047.566 12022-. £1,104,727), which included 5cholar5hip awards amounting to £185,18012022.' £679.3891. and grdnt5 for hufftanitarian activitie5 of £200,54712022'. £208,6801- A5 a rerninder. LIFE Generation work5 c105ely with LIFE Generatron USA. LIFE Beirut. LIFE France. LIFE Gerberation Australia and LIFE Suisse. which are independent non-profit organisations with their own independent boards. Volunteer5 The Tru5tee5 would like to gratefully acknowledge the significant amount of time and energy donated by volunteers. Thi5 input greatly asslsts LIFE Generation Limited to deliver its aspiration as stated in its objertives. Reserves policy It 15 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 £200,000. At the year end, LIFE Generation has free reserves of £1,137,286. Remaining reserves are available for unexpected expenditure. particularly irb years where there is no rn3jor fundraising event such as the Gala Dinner. Principal risks and uncertainties The Trustee5 have identified and reviewed the major ri5k5 to which the charity iould be exposed. Sy5tem5 to rnitigate the ri5k5 identified have been established where appropriate. The prirhcipal risk LIFE Generation face5 lie5 irh future income 5tream5 being threatened by changes in the external donor environment. The Board of Trustees carefully identiPie5 and rnanage5 prospect poo15 to ensure it 15 targeting those who have capacity to give. Additionally. an ongoing programme of high quality 5teward5hip 15 Iri place 50 that LIFE Generation retain5 3 relationship with donor5 who may be approached in the future. Furbdraising propositions are subject to continual review to ensure they are relevant and attractive in a changing market.
LIFE GENERATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR EIVDED 31 DECEMBER 2023 Future developments Due to the devaluation of the Lebanese Pound, LIFE Generation is aimin8 to increase the financial award for Lebanon based Students in 2024. Our aim 15 for the LIFE Scholarship coverage not to be diluted. Our airn is a150 to irnprove the employability of our students through several initiatives= Sourcing OPPOrtunities from local corporates that are hirin8 Keep on investing in the LIFE Academy aiming at improving its content Structurei governance and management The charity 13 re8i5tered a5 a charitable company and wa5 incorporated on 5 February 2010. Tlie ¢li(Irity is cvr15titutvd urider a MerTiuranduin and Artiile5 of Association which was amended by special $1)ItIon on 24 June 2010, and is 3 re8lStered charity Icharity number.. 11366121. The Trustees, who are also the directors for the purpose of company law, and who served durin8 the year and up to the date of signature of the financial statement5 were: Khalil Barrage Selim Feghali Patrick George Emrnanuel Gresh Karim Nasrallah Karim Abbas Christiane Habre Sarah Emelia van den Blink (Appointed l April 2024} Method of appointment or elertion of Trustees The Trustees may appoint a per50n who 15 willing to act to be a Trustee. either to fill a vacancy or 35 an additional trustee for a term not exceeding three years. Trustee5 have 3b501ute di5cretiOTI to appoint and remove Trustee5. but may delewate this or ary of their power5 to 3 committee consistin8 one or more Trustees and such other persons not bein8 Trustees co-opted on to such a committee as the Trustees think Induction of Trustees takes place first through a call WTth the Managernent te3m. Then a call 15 organi5ed with an existing Trustee. Tru5tee5 are not required to retire at the Annual General Meeting and any Trustee may nominate a person for appointment or re- appointment as a Trustee. The minimum number of Trustees must be three and there 15 no maximum number. The charity aim5 to have sufficient Tru5tee5 Wlth sufficient relevant expertise and knowledge to ensure the probity, financia security and success appropriate to the aims of LIFE Generation Limited. Orgoni5ational strurture and deci5i0n making Tlie Budid uf TiuslEeb is re3FJuiisible fur sELLiii¥ ilie slrdlEgii ubjeilives vf ilie ilidrily diid 4lE ilig kEy WTldfid¥eiiieril VEisoiiiivI. 11 dele8ates the day to day runnin8 of the or8anisation to the Chief Executive officer and the senior team. Auditor The auditor, HW Fisher LLP, is deemed to be reappointed under section 487121 of the Companies Act 2006.
LIFE GENERATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR EIVDED 31 DECEMBER 2023 Disclosure of information to audttor Each of the Trustee5 has confirmed that there 15 no ifbforrnation 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 Gre5h SaTrh Emelio van den Blink Dated.. 03 Jun 2024 03 Jun 2024 Dated:.........................
LIFE GENERATION LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR EIVDED 31 DECEMBER 2023 The Trustees, who are 3150 the director5 of LIFE Gerberation Limited for the purpose of compary law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kin8dom Generally Aeeepted Accountlng Practice). Company Law require5 the Trustees to prepare financial Statements for each financial year which give a true and fair view of the State of affairs of the charity and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that year. In pParing these f1nancial Statements, the Trustees are required to: select Sultable accounting polities and then apply them consistentlyj observe the methods and principles in the Charities SORP: make judgements and estimates that a reasonable and prudent,. and prepare the finarbcial 5tatetnents on the going concern basi5 unle55 it 15 inappropriate to pre5Utne that the Iharity will iontinue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the Inancial p051tion of the charity and enable them to ensure that the financial staternent5 comply with the Companies Act 2006. They are d150 re5pon5ible for 5afeguardin8 the d55et5 tjf the charity athd herhce for takithg rea50nable steps for the prevention and deteLtion of fraud and other irregularities.
LIFE GENERATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LIFE GENERATION LIMITED Opinion We have audited the financial Statements of LIFE Generation Limited (the 'charity'l for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the ststement of cash flows and the notes to the financial 5tdtements, iniluding 5ignificdnt dllounting policie5. The financial reportitbg frarnework that ha5 been dpplied in their preparation 15 applicable law and United Kingdom Accounting Standards, including FRS 102 The Finonciol Reportlng Stondord opplicoble in the UK and Republic of Irelond (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial 5tatements'. give a true and fair view of the State of the charitable company'5 affair5 a5 at 31 December 2023 arbd of its incoming resources and application of resource5, including it5 income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accountirhg Practice,. and have been prepared in accordante with the requirements of the Companies Act 2LKI6. Basis ft>r opinion We conducted our audit in accordance with Interrbational Standard5 on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor s responsibilitiesfvr the audit of the finoncial stotements section of our report. We are indeperbdent 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'5 Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirement5. We believe that the audit evidence we have obtained 15 5ufFicient and appropriate to provide basis for our opinion. Conclusion5 relating to going concem In auditing the financial Statements, we have concluded that the Tru5tees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perforrned, we have not identified any material uncertaintie5 relating to event5 or condition5 that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve month5 from when the financial 5tatement5 are authori5ed for i55ue. Our re5pon5ibilitie5 and the re5p0115ibilities of the Trustees with respect to going concern are described in the relevant 5ection5 of this pOrt. Other information The other information comprises the irbformation included in the annual report other than the financial statements and our auditor's report thereon. The Tru5tee5 are re5por15ible for the other inforrnation contained within the annual report. Our opinion on the financial statements does not cover the other inforrnation and. except to the extent otherwise explicitly stateij in our report, we do not expre55 any form of assurance conclusion thereon. Our re5pon5ibility is to read the other information and, in doing 50, consider whether the other information is materially incons1Stent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appear5 to be materially mi55tated. If we identify such rnaterial incon5iStencie5 or apparent material mi55tatement5, we are required to determine whether this sives rise to a rnaterial mi55tatement in the financial statement5 thernselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are requi to report that fart. We have nothing to report in this regard. Opinions on othgr mattgr5 prgscribgd by thg Compani•s Art 2LN)6 In our opinion, based on the work undertakerb in the course of our audit.. the inforrnation given in the Tru5tee5' report. which include5 the director5. report prepared for the purpo5e5 of curnpany law, for the financial year for which the finèncial stalements are prepare(J is consistent wilh the financial statements,. and the directors, report included within the Trustees, report has been ppared 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 charity and it5 environment obtained in the course of the audit, 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 We have nothing to report irb respect of the following matter5 in relation to which the Companies Act 2CK16 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or return5 adequate for our audit have not been received froTll branche5 not visited by us,. or the financial statements are not in agement with the accounting records and returns- or certain disclosUS 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 Trustee5 were not entitled to prepare the Pirhancial ststement5 in accordarhce with the small companie5 regime and take advantage of the small companies. exemptlOn5 in preparing the Trustee5' report and from the requirement to prepare a strategic report. Responsibilities of Trustee5 As explained more fully in the statement of Tru5tees' resporbsibilities. the Trustees. who are a150 the directors of the charity for the purpose 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 a5 the Trustees determine is necessary to enable the preparation of financial statements that are free from material rnisstatement. whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the charity's ability to continue as a going concern. di5cIosing. as applicable, matters related to going concern and using the going concern basis of accounting unle55 the Tru5tee5 either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do 50. Auditor'5 responsibilities for the audit of the financial ststements Our objective5 are to obtain reasonable a55urance about whether the financial statements a5 a whole are free from material mi5Statement, whether due to fraud or error. and to issue an auditor'5 report that include5 our opinion. Reasonable assurance is a high level of a55urance but 15 not a guarantee that an audit condurted accordance with ISAS IUKI will always detect a material mi55tatement when it exist5. Mi5Statements can arise from fraud or error and are considered material if. individually or in the th¥y ivuld lei15uri4bly b¥ ExLI tv influ¥iiie ili¥ de¢isivn5 vf liikeri vii ili¥ bi1Si5 vf t11¥5v firiiiiiii41 statements. Irregularities, including fraud, are instances of non-compliance with laws and resulation5. 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 deterting irregularitie5. including fraud, 15 detsiled bel(Iw. As part of our planning process.. We enquired of mana8ement the systems and controls the charity has in place, the areas of the financial statements that are most 5U5ceptible to the risk of irregularities and fraud, and whether there wa5 any known, 5U5pected 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 followii)g were Tnosl relevanl". Ilie Charilies SORP, FRS 102, Char ilies Acl 2011, Cornpaiiies Acl 2006 aTid ETnploymei)l Law. We considered the incentives and opportunities that exist in the charityi includin8 the extent of mana8ement bias, which prpsent a pntpntiAI fnr irrp8iJlAritips And fraijd tn hp pprpptiJAtpd. Arhd tailnrpd niji risk A5ApsAmpnt Hcrnrdin81y. Using our knowledge of the charity, together with the discussions held with the charity at the planninB StaEe, we formed a conclusion on the risk of misstatement due to irre8ularities includin8 fraud and tailored our procedures accordin8 to this risk assessment. The key procedure5 we undertook to detect irre8ularitles including frdud durin8 the course of the audit included.. Identifying and testin8 journal entries and the overall accountin8 records, in pariicular those that were SiBnificant and unusual. Reviewing the financial statement disclosures and determining whether accountlllg 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. A55e55ing the extent of cornpliance, or lack of, with the relevant laws and regulation5. Testing key income lines. in particular completeness. for evidence of management bias. AssessinR the validity of the classification of income. expenditure, assets and liabilities between unrestricteij, designated and restricted funds. Obtaining third-party confirmation of material bank balances. Documcntins and vcrifying all sisnificant rclatcd porty bolanccs and transactions. Reviewing documentatiotb such as the cotnpany board wninutes for di5CU55ions of irregularities including fraud.
LIFE GENERATION LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LIFE GENERATION LIMITED Dwing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standard5. The prirnary re5POll5ibility for the prevention and detettiorb of irregularities and fTaud re5t5 Wlth the trustee5 of the charity. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https=Ilwww.frc.org.uk/ 3uditorsresponsibilities. Thi5 description forms part of our auditor's report. Use ofour report This report is made solely to the charitable company's member5. a5 3 bimly, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mighi slate 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 a55ume responsibility to anyone other than the charitable company and the charitsble company'5 member5 a5 a body. for our audit work. for this report, or for the opinions we have formed. Andrew Rich (Senior Statutory Auditor) for and on behalf of HW Fisher LLP Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NWI 3ER United Kingdom 03 Jun 2024
LIFE GENERATION LIMITED STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Current financial year Unrestrirted Unrestrirted funds funds general designated 2023 2023 Restrirted fvnd5 Totsl Total 2023 2023 2022 Notes Income and endowments from" Donation5 and legacies Gala Income Investments Other income 729.282 758.050 12,162 loo 22,500 81,832 833,614 758.050 12,368 757,629 206 1.908 80,462 Total income 1.499.594 22,500 82,038 1,604,132 839,999 EM enditure on: Raising funds 316.557 316,557 Charitable activitie5 530.462 60,021 140,526 731,009 1,104,727 Total resources expended 847.019 60,021 140,526 1,047,566 1,104,727 Net incomln811out8oin81 resources before transfers 652,575 {37,5211 {58,4881 556,566 1264,7281 Gross transfers between funds (37,5211 37,521 Net InMe/{expendIture) for the year/ Net movement in funds 615.054 {58,4881 556,566 1264,7281 Fund balances at l January 2023 512.488 623 71.218 584,329 849,057 Fund balances Ot 31 December 2023 1.127.542 623 12,730 1,140,895 584.329 The statemerbt of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Tlie sliiL¥rTivrit vf firiilniiiil 4ilivilies i115V Lvrnplies willi ilie i¥yuirevTl¥llts (vr Glll ITILVME ¥xp¥ndilurv dlLVUnt uiid¥r ¢lie Companies Act 2006.
LIFE GENERATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Prior financial year Unrestrirted Unrestrirted funds fund5 general designated 2022 2022 Restrirted funds Total 2022 2022 Notes Income and endowments from" Donation5 and legacies Investments Other income 697,412 1,908 80.462 60,217 757,629 1,908 80,462 Total income 779,782 60,217 839,999 Ex enditure on: Charitable activities 896.047 127,193 81,487 1,104,727 Total resources expended 896.047 127,193 81,487 1,104,727 Net incomin811outgoin8) resources before transfers {116.2651 {127,1931 121,2701 1264,7281 Gross transfers between funds {46,7421 46,742 Net incomellexpenditure) for the year/ Net movement in funds {163.IX)71 {80,4511 121,2701 1264,7281 Fund balances at l January 2022 675.495 81,074 92,488 849,057 Fund balances at 31 December 2022 512.488 623 71,218 584,329 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The Statement of financial attivities a150 cornplies with the requirements for an income and expenditure account under the Companies Act 2006. 10-
LIFE GENERATION LIMITED BALANCE SHEEr AS AT31 DECEMBER 2023 2023 2022 Notes Current assets Debtors Cash at bank and in hand 1,430 1,157,312 215 603.970 1.158.742 {17,8471 604.185 119,8561 Creditors: amounts falling due within one year Net current assets 1,140.895 584,329 Income funds Restricted funds 12.730 71,218 Designated funds General unrestricted funds Share capital 17 623 1,127.541 623 512.487 1.128.165 513,111 1.140.895 584,329 03 Jun 2024 The financial statements were approved by the Trustees on ......................... Emmanuel Gre5h Trustee Company Registrntion No. 07148185 11
LIFE GENERATION LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR EIVDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating artivities Cash generated from/labsorbed by) operètions 540,974 1319,0451 Investing artivities Investment income received 12.368 1,908 Net cash generated from investing artivities 12.368 1,908 Net in¢rea5elldecreasel in tash and cash equivalents 553.342 1317,1371 Cash and cash equivalents at beginning of year 603.970 921,107 Cash ond cash equivalents at end of year 1,157,312 603,970 12-
LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIVDED 31 DECEMBER 2023 Accounting poliries Charity information LIFE Generation Limited 15 a private company irbcorporated in England and Wale5. The registered office is 85 Great Portland Street, London, WIW 7LT, England. 1.1 Accounting convention Tlie firiari¢ial 5tateinents have been prepared in ai¢ord4nce with the Charity's M¥moratbduni and Articles of Associatiori, the Comp3nie5 Att 2006 and "Accounting Reporting by Charities: Statement of Recommended Practice applicable to charities pr¥pariii8 iheir accounts in accordaiice wilh tlie Fiiiancial Reporli1i8 Siaiidard applicable in ilie UK aiid Republic of Irelaiid IFRS 1021" leffective from l January 20191- The charity is a public benefit entity as defined by FRS 102. Tlie firiariiial 5tdt¥rnerits are pr¥pdred in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. Tlie findllLldl 5tdtginerit5 hdVE yr¥pdied uridei th¥ IIi5tUlii<il rv5t ivnveritivii. niE priniipdl dLLUUntiri¥ puliLleS <idvptgd are set out below. 1.2 Going concern The charity held its first Gala dinner in November 2023 Since November 2019 dup to COVD-19. Thi5 wa5 historically, the main Fundraising event of the charity. During the year5 where a gala w35 not held. the charity wa5 able to create a loyal grgup of donor5, who have been very Benerou5 arbd are recommittin8 for 2024. The Iharity therefore ha5 a good visibility of the incorne for 2024. Thus, the Trustees conlinue to adopt the 80in8 concern basis of accountin8 in preparin8 the financial statements. 1.3 Charitable fund5 General funds are unre5trirted fund5. available for use at the discretion of the Tru5tee5 irh furtherance of the general gbjective5 of Llie charily. Designated funds cornprise lunds which have been sel aside at Llie discret0 of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to specific conditions by donors as to how they niay be used. The purposes aiid uses of tlie restricted funds are set out in the notes to the financial statements. 1.4 Incoming resources Income 15 reco8ni5ed when the charity is le8ally entitled to it after arby performance corhditions have been rnet, the amounts can be measured reliably. and it is probable that income will be Ceived. Cash donations are recogni5ed on receipt. Other donations are recogni5ed once the charity has been notified of the donation, unle55 performance conditior15 require deferral of the arnount. Income tax reVerable in relation to donation5 received under Gift Aid or deeds of covenant is recognised at the time of the donation. Donated Services or facilities are recognised when the charity has control over the item, any conditions a550ciated with the donated item 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. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the Rift to the charity which is the amount the charity would have been willing to pay to obtsin services or facilities of equivalent economic benefit on the open mark8t,- a correspondin8 amount IS then recognised in expenditure in the period of receipt. Gala event irbcorne 15 that recognised on ticket5. auctiorb sale5 and dorbatlOn5. Ticket sale5 are recognised upon receipt of ticket funds. Auction sales are reco8nised when the auction sales and proceeds are deemed to be collertable. Donations are recognised in line with the policies above. 13-
LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 31 DECEMBER 2023 Accounting policies (Continued) 1.5 Resource5 expended Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in 5ettlemerbt arbd the amount of the obligation can be measured reliably. Direct costs are allocated directly to the charity's sirbgle activity. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are Lhose incurred in corbnection with administration of the company and compliance with constitutional and statutory requirements. Grants payable comprise scholarship payments and other donations directly related to the objects of the charity. Grant5 payable are charged in the year when the offer is conveyed to the recipient. Grant5 offered Subject to condition5 are recognised in the period those conditions ale met. priorto thi5 they are noted as a commitment but rhot accrued as expenditure. 1.6 Financial instruments rh£ £h3rity h35 elected to 3pply the provisions of Section 11 'B35ic Financial In5trumgnts' arbd Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. The charity only has Pirhancial assets and financial liabilities of a kind that qualify a5 basic financial in5trument5. These financial instruments are initially tOgniSed at transaction value 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 benefit5 are recogni5ed immediately a5 an expense wherb the charity 15 dernon5trably comrnitted to terminate the employment of an employee or to provide termination benefits. 1.8 Retirement benefrts Payments to defined contribution retirement benefit schemes a char8ed as an expense as they fall due. 1.9 Foreign exchange Monetary a55et5 and liabilities denominated in foreign ojrrencies are trarhslated into sierling at rates of èxchangp ruling at the balance sheet date. rransactions in foreign currencies are translated into sterlirbg at the rate ruling on the date of the transaction. Exchange gains and 1055e5 are recogni5ed in the ststement of financial activitie5 incorporatirig income and expenditure account. Crltlcal accountin8 estimates and judgements In the application of the charity's aicounting policies. the Trustees are required to make judgements. estimates and a55umptior15 about the carrying arrbount of assets and liabilitie5 that are not readily apparerht from other 50urce5. The estimate5 and a550Eiated 355umptlOn5 are based on historiol experienie and other factors that are considered to be relevant. Actual result5 may differ from these estimate5. The estirnates and underlying a55umptions are reviewed on an ongoing basis. Revi5iOllS to a¢¢ounting estimates are reiognised in the period in which the estimate 15 revised where the revision affects only that periijd. or in the period of the revision and future pcriods where the revision affect5 both current and future periods. The Trustees are satlsfied that there are no sisnificant accountlll8 estimates orjud8ement5 in the fiiia17cial statenientS. 14-
LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 31 DECEMBER 2023 Gala Income UnstrIrted funds general 2023 Total 2022 Gala tickets Gala auction Gal3 donations 249,505 356.917 151,628 Gala Income 758,050 Investments Unre5trirted funds general 2023 Restrirted funds T¢)tsl Unrestricted funds general 2022 2023 2023 Interest receivable 12.162 206 12,368 1,908 Other income Unrestricted Unrestricted funds funds general general 2023 2022 Other income loo 80,462 Other income includes £100 of sundry income {2022.. £80.462 of tredit balantes written batk}. Raising funds Unrestricted funds general 2023 Total 2022 Fundraisin Gala Events and ublici 316,557 316,557 16-
LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 31 DECEMBER 2023 Raising funds (Continued) Charitable artivitie5 2023 2022 Scholarships195 individvals12022: 137}1 Staff costs Professional fees Exchange Igainsl/losses 185,180 69,630 117,129 15,403 679,389 59.381 96,996 190,3901 387,342 745,376 Grant funding of artivitie5 200,547 208.680 Share of support costs (see note 91 Share of governance costs (see note 91 115,129 27,991 100.063 50,608 731,009 1,104,727 AnaTry5is by fund Unrestricted funds- general Unrestricted funds - designated Restricted funds 530,462 60,021 140,526 896,047 127.193 81,487 731,009 1,104,727 17-
LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 31 DECEMBER 2023 Support Costs Support costs Governance Costs 2023 Support Costs Governance costs 2022 Sundry expenses Bank charges and interest Professional fees Insurance Marketing and communications 12,113 1,304 84,879 1,281 12,113 1,304 84.879 1.281 23,819 1,106 58.151 721 23,819 1,106 58,151 721 5.332 5.332 7.203 7,203 Audit fees Legal and professional Accountancy 14.769 9.649 3,573 14.769 9.649 13.793 12,870 33,325 4,413 12,870 33.325 13.476 10,220 9,063 115.129 27.991 143,120 100,063 50,608 150.671 Analysed between Charitable activities 115.129 27.991 143.120 100.063 50,608 150.671 Governance costs includes Payments to the auditors of £14.76912022= 12.870) for audit fees and £3.57312022.. £4.4131 for accountarbcy services. Trustee5 None of the Tru5tee5 who are a150 the key rnanagement personnel lor any pet50n5 connected with thernl received any 'emuneration, benefits or re1mbud expenses from the charity during the year. 18-
LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 31 DECEMBER 2023 Employee5 The avera8e monthly nurnber employees durin8 the year was.. 2023 Number 2022 Number Charitsble 3ctivities- education Employment costs 2023 2022 Wages and salaries Social security costs Other pension costs 58,679 6,843 4,108 49,971 5,912 3.498 69,630 59,381 There were no employee5 whose annual remuneration wa5 £60.OIX) or rn0. Debtor5 2023 2022 Amount5 falling due within one year: Other debtors Prepayments and accrued income 1,430 215 1,430 215 Creditors: amounts falling due within one year 2023 2022 Trade cdItorS Amount5 owed to fellow group undertakings Accruals and deferred income 2,466 539 16,851 627 17,220 17,847 19,856 14 Retirement benefrt schemes Defined contribution Schemes rhe charity operate5 a defined contribution pen5i(Jn scheme for all qualifying employee5. The a55et5 of the siherne are held separately from those of the charity in an independently adminiSted fund. The charge to the statement of financial activity in respect of defined contribution schemes was £4,10812022= £3,498). 19-
LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 31 DECEMBER 2023 Share capital 2023 2022 Ordinary share capital Issued and fully paid l Ordinary Share of £1 -20-
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LIFE GENERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 31 DECEMBER 2023 Parent company LIFE Generation Limited is a wholly owned subsidiary of Lebanese International Finance Executive5. Lebanese International Firiarice Exgiutivvs is a corTipany re¥i5t¥red in En¥ldnd and Wales Iiotnpdlly rhurnbvr 068601461. It's rv8ist¥r¥d dddress IS tlie SdlTle d5 LIFE Gerigi<iliuri Liiniled. Tlig iuriipdny dLills Lv ili<iiiihgl Llie iriflueriie uf Lebdriesg prvfg55lVlldls wuildwid¥ iri vider tu build a 5tronB network to work together. nurture the next generation through edutation. promote the development of the Lebanese economy and advocate for economic and social reform. Related party transactions The charity's share capital is IC% owned by Lebanese International Finance Executives, a company limited by guarantee registered in England and Wales. Three of the Trustee5 a150 Served as Dirertor5 of Lebarhe5e Internatiorhal Finance Executive during the year. At the year end the charity owed the parent company £627 {2022.. £5391. During the year LIFE Gerberation Limited received donations of £11.98912022.' £15,CQOI from Sarah van de Water and 5elim Feghali who are trustees. 5 trustees of LIFE Generation Limited paid £16,50412022: 8 paid £34.2091 in total for membership fees and donations to the parent company. Lebanese International Finance Executives. 21 Analy515 of changes in net fund5 The charity had no debt during the year. Cash generatsd from operntions 2023 2022 Surpluslldeficitl for the year 556,566 1264,7281 Adjustments for.. Investment income recognised in profit or10sS 112,3681 11,9081 Movements in working capital: Ilncrea5el in debtor5 IDecrea5el in creditors 11,2151 12,(K)91 12151 152,1941 Cash generated from/labsorbed by) operations 540.974 1319,0451 -23-