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 ilir 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 p￿pared 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 ag￿ement with the accounting records and returns- or certain disclosU￿S 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¥ Ex￿LI￿￿ 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 In￿Me/{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