Charity Registration No. 1136612
Company Registration No. 07148185 (England and Wales)
LIFE GENERATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
LIFE GENERATION LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Khalil Barrage Patrick George Emmanuel Gresh Karim Nasrallah Karim Abbas Christiane Habre (Appointed 1 April 2024) Sarah Emelia van den Blink Youssef Dib (Appointed 16 December 2024) Chief Executive Officer Zeina Farhat (Appointed 1 April 2023) Charity number 1136612 Company number 07148185 Registered office 85 Great Portland Street London W1W 7LT England Auditor HW Fisher Audit Acre House 11-15 William Road London NW1 3ER United Kingdom Bankers HSBC Bank PLC 25 Notting Hill Gate London W11 3JJ Solicitors Withers LLP 20 Old Bailey London EC4M 7AN
LIFE GENERATION LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Statement of Trustees' responsibilities | 5 |
| Independent auditor's report | 6 - 8 |
| Statement of financial activities | 9 - 10 |
| Balance sheet | 11 |
| Statement of cash flows | 12 |
| Notes to the financial statements | 13 - 23 |
LIFE GENERATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019).
Objectives and activities
The charity's objects are the advancement of education and the relief of need arising by reason of financial disadvantage including (but not limited to) 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 any academic or professional field, in particular but not exclusively by:
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The provision of funding, by way of scholarships or other targeted individual grants.
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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).
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The provision of facilities, equipment, staffing and funding to facilitate the above.
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The provision of financial, or other support to charities whose objectives and work overlaps with the objects of the charity.
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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 on public benefit published by the Charity Commission. The benefit to the public is manifestly demonstrated by the activities and achievements described in this report. The Charity has taken the Charities Commission guidance into account when making any decisions which are relevant.
Review of activities
Education:
Scholarship:
Alongside its sister charities (LIFE Beirut, LIFE France, LIFE Suisse, LIFE Generation Australia and LIFE Generation USA), the charity has enrolled 199 new students in the 2024/2025 Education programme, including 122 solely by the charity. Adding the continuing students, the 2024/2025 intake was the biggest cohort since the inception of the programme with 430 students enrolled in the LIFE Education programme, including 260 supported by the charity.
80% of the students are attending Lebanese universities, in line with the Charity’s direct response to the ever-rising local needs.
70% of our students are pursuing STEM studies (Science, Technology, Engineering and Mathematics), in line with our strategy to expand the diversity of the LIFE members of tomorrow.
The last months of 2024 were marked by the war that devastated our country. The students have shown great resilience and the charity has provided mental health support with biweekly calls with all the students in Lebanon, including those who were displaced by the war.
Employability:
The charity has continued to invest in the student’s employability thanks to an array of tools:
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The mentoring: 100% of our scholars have been assigned a mentor from the LIFE membership ranks or a buddy from the LIFE Scholars Alumni.
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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 online sessions.
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The job Board: where our members post exclusive internships and job opportunities.
Our students' employment rate is 100% within 6 months of graduation. Also, the charity is proud that 75% of its students who graduate in Lebanon find employment in Lebanon.
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LIFE GENERATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Empowerment:
LIFE Scholars are empowered thanks to the LIFE network, supporting them beyond their studies. Joining the LIFE network is a testament of their adhesion to the LIFE values and their willingness to give back to the LIFE community.
80% of the LIFE Scholars contribute back to the community.
The Drosos Grant:
The Charity was awarded a $1m grant to be disbursed over 3 years, from the Drosos Foundation, to support c.15 Micro, Small and Medium Enterprises (MSMEs) and 40+ students in the green and agriculture sectors. This grant includes:
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2 years of assistance per MSME including Financial and Technical Assistance; LIFE mentor; Access to the LIFE network ; Internship with LIFE scholars.
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MSMEs have to be based in Lebanon and have a positive social and/or environmental impact.
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Scholarships for students interested to pursue their career in the green and agriculture sectors.
Job creation :
Alongside our efforts in the higher Education sector the charity also supports Tech bootcamps in Lebanon aiming at upskilling the youth to improve their employability in the tech industry.
Lebanon Education Emergency Fund:
Following the escalation of the war in Lebanon in September 2024, the charity joined forces with its sister charities to launch in November 2024 an emergency fundraiser, rallying support for students across the country whose education has been disrupted. The fundraiser closed on 27 February 2025 and the charity and its sister charities have raised $540,000.
The funds have been allocated to the most impactful initiatives in education through 5 vetted organisations, after careful assessment and a thorough due diligence:
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Ajialouna: Offering tuition support for school students.
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Bassma: Supporting students with tuition assistance and funding salary subsidies for school psychologists in affected areas.
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Beit El Baraka & Nafda (Joint Initiative): Providing tuition support, psychosocial support, values and community-building activities for students, along with capacity-building training for teachers.
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Ruwwad Al Tanmeya: Providing tuition support, psychosocial support, and life and technical skills training to prepare students for university.
Number of beneficiaries:
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+2,200 students receiving tuition support across 35 schools.
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+4,700 students benefiting from psychosocial support, capacity-building, values-building, and community engagement workshops.
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+200 teachers undergoing capacity-building training.
Disbursements will take place in Q1 and Q2 2025.
Performance Summary
Over the year, total income received was £900,372 (2023: £1,604,132). Total expenditure in the year was £924,899 (2023: £1,047,566), which included scholarship awards amounting to £433,235 (2023: £185,180.)
As a reminder, LIFE Generation works closely with LIFE Generation USA, LIFE Beirut, LIFE France, LIFE Generation Australia and LIFE Suisse, which are independent non-profit organisations with their own independent boards.
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.
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LIFE GENERATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Reserves policy
It is the policy of the charity to keep 12 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 £1,009,061 (2023: £1,127,541.)
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.
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 Selim Feghali (Resigned 19 December 2024) Patrick George Emmanuel Gresh Karim Nasrallah Karim Abbas Christiane Habre (Appointed 1 April 2024) Sarah Emelia van den Blink Youssef Dib (Appointed 16 December 2024)
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.
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.
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LIFE GENERATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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 .............................. Emmanuel Gresh 06 Jun 2025 Dated: .........................
.............................. Sarah Emelia van den Blink 06 Jun 2025 Dated:.........................
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LIFE GENERATION LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees, who are also the directors of LIFE Generation Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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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’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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the information given in the Trustees' report, which includes the directors' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors' report included within the Trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.
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LIFE GENERATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LIFE GENERATION LIMITED
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report.
Responsibilities of Trustees
As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also 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 as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As part of our planning process:
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We enquired of management the systems and controls the charity has in place, the areas of the financial statements that are most 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.
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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.
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We considered the incentives and opportunities that exist in the charity, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
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Using our knowledge of the charity, together with the discussions 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 including fraud during the course of the audit included:
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Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
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Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
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Reviewing and challenging the assumptions and judgements used by management, and the conclusion that there are no significant accounting estimates.
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Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
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Testing key income lines, in particular completeness, for evidence of management bias.
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Assessing the validity of the classification of income, expenditure, assets and liabilities between unrestricted, designated and restricted funds.
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Obtaining third-party confirmation of material bank and current asset investment balances.
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Documenting and verifying all significant related party balances and transactions.
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Reviewing documentation such as the Charity board minutes for discussions of irregularities including fraud.
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LIFE GENERATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LIFE GENERATION LIMITED
Owing 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 standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Rich
Andrew Rich (Senior Statutory Auditor) for and on behalf of HW Fisher Audit
Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom 06 Jun 2025 .........................
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LIFE GENERATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Current financial year Unrestricted Unrestricted funds funds general designated 2024 2024 Notes £ £ Income and endowments from: Donations and legacies 3 557,090 - Gala Income 4 31,890 - Investments 5 33,048 - Other income 6 - - Total income 622,028 - Expenditure on: Raising funds 7 17,104 - Charitable activities 8 629,912 94,115 Total resources expended 647,016 94,115 Net (outgoing)/incoming resources before transfers (24,988) (94,115) Gross transfers between funds (93,492) 93,492 Net (expenditure)/income for the year/ Net movement in funds (118,480) (623) Fund balances at 1 January 2024 1,127,542 623 Fund balances at 31 December 2024 1,009,062 - |
Restricted funds 2024 £ 277,448 - 896 - 278,344 - 183,768 183,768 94,576 - 94,576 12,730 107,306 |
Total 2024 £ 834,538 31,890 33,944 - 900,372 17,104 907,795 924,899 (24,527) - (24,527) 1,140,895 1,116,368 |
Total 2023 £ 833,614 758,050 12,368 100 |
|---|---|---|---|
| 1,604,132 | |||
| 316,557 | |||
| 731,009 | |||
| 1,047,566 | |||
| 556,566 - |
|||
| 556,566 584,329 |
|||
| 1,140,895 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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LIFE GENERATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
Prior financial year
| Unrestricted Unrestricted funds funds general designated 2023 2023 Notes £ £ Income and endowments from: Donations and legacies 3 729,282 22,500 Gala Income 4 758,050 - Investments 5 12,162 - Other income 6 100 - Total income 1,499,594 22,500 Expenditure on: Raising funds 7 316,557 - Charitable activities 8 530,462 60,021 Total resources expended 847,019 60,021 Net (outgoing)/incoming resources before transfers 652,575 (37,521) Gross transfers between funds (37,521) 37,521 Net (expenditure)/income for the year/ Net movement in funds 615,054 - Fund balances at 1 January 2023 512,488 623 Fund balances at 31 December 2023 1,127,542 623 |
Restricted funds 2023 £ 81,832 - 206 - 82,038 - 140,526 140,526 (58,488) - (58,488) 71,218 12,730 |
Total 2023 £ 833,614 758,050 12,368 100 |
|---|---|---|
| 1,604,132 | ||
| 316,557 | ||
| 731,009 | ||
| 1,047,566 | ||
| 556,566 - |
||
| 556,566 584,329 |
||
| 1,140,895 |
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 activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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LIFE GENERATION LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Current assets Debtors 13 Investments 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Income funds Restricted funds 18 Unrestricted funds Designated funds 19 General unrestricted funds Share capital 17 |
2024 £ 9,950 793,578 330,924 1,134,452 (18,084) - 1,009,061 1 |
£ 1,116,368 107,306 1,009,062 1,116,368 |
2023 as restated £ 1,430 985,581 171,731 1,158,742 (17,847) 623 1,127,541 1 |
£ 1,140,895 |
|---|---|---|---|---|
| 12,730 1,128,165 |
||||
| 1,140,895 |
Within the previous year £985,851 was stated within cash at bank and in hand. A reclassification has taken place within the current year to short term investments due to the nature of the balance.
06 Jun 2025
The financial statements were approved by the Trustees on .........................
Emmanuel Gresh
..............................
Emmanuel Gresh Trustee
Company Registration No. 07148185
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LIFE GENERATION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
| Notes Cash flows from operating activities Cash (absorbed by)/generated from operations 24 Investing activities Investment income received Net cash generated from investing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Relating to: Cash at bank and in hand Short term deposits included in current asset investments |
2024 £ 33,944 |
£ (66,754) 33,944 (32,810) 1,157,312 1,124,502 330,924 793,578 |
2023 As restated £ £ 540,974 12,368 12,368 553,342 603,970 1,157,312 171,731 985,581 |
2023 As restated £ £ 540,974 12,368 12,368 553,342 603,970 1,157,312 171,731 985,581 |
|---|---|---|---|---|
| 553,342 603,970 |
||||
| 1,157,312 | ||||
| 171,731 985,581 |
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LIFE GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
LIFE Generation Limited is a private company incorporated in England and Wales. The registered office is 85 Great Portland Street, London, W1W 7LT, England.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective from 1 January 2019). The charity is a public benefit entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
The last Gala dinner was held in November 2023 which was the first such event since November 2019 due to COVD-19. This was historically the main fundraising event of the charity. In the current year, where a gala was not held, the charity was able to create a loyal group of donors, who have been very generous and are recommitting for 2025. At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
General funds are unrestricted funds, available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Designated funds comprise funds which have been set aside at the discretion 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 may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised 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 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 associated 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 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.
Gala event income is that recognised on tickets, auction sales and donations. Ticket sales are recognised upon receipt of ticket funds. Auction sales are recognised when the auction sales and proceeds are deemed to be collectable. Donations are recognised in line with the policies above.
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LIFE GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.5 Resources 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 settlement and the amount of the obligation can be measured reliably. Direct costs are allocated directly to the charity's single activity.
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 statutory requirements.
Grants payable comprise scholarship payments and other donations directly related to the objects of the charity.
Grants payable are charged in the year when the offer is conveyed to the recipient. Grants offered subject to conditions are recognised in the period those conditions are met, prior to this they are noted as a commitment but not accrued as expenditure.
1.6 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. These financial instruments are initially recognised 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 benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9 Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the statement of financial activities incorporating income and expenditure account.
- 2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The Trustees are satisfied that there are no significant accounting estimates or judgements in the financial statements.
- 14 -
LIFE GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3 Donations and legacies
| Unrestricted | Restricted | Total | Unrestricted | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | |||
| general | general | designated | |||||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2023 | |
| £ | £ | £ | £ | £ | £ | £ | |
| Donations and gifts | 557,090 | 277,448 | 834,538 | 729,282 | 22,500 | 81,832 | 833,614 |
- 15 -
LIFE GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
4 Gala Income
| Gala tickets Gala auction Gala donations Gala Income Investments Unrestricted Restricted funds funds general 2024 2024 £ £ Interest receivable 33,048 896 Other income Other income Raising funds Gala Events Other fundraising costs |
Unrestricted Unrestricted funds funds general general 2024 2023 £ £ - 249,505 790 356,917 31,100 151,628 31,890 758,050 Total Unrestricted Restricted Total funds funds general 2024 2023 2023 2023 £ £ £ £ 33,944 12,162 206 12,368 Total Unrestricted funds general 2024 2023 £ £ - 100 Unrestricted Unrestricted funds funds general general 2024 2023 £ £ 2,326 316,557 14,778 - 17,104 316,557 |
Unrestricted Unrestricted funds funds general general 2024 2023 £ £ - 249,505 790 356,917 31,100 151,628 31,890 758,050 Total Unrestricted Restricted Total funds funds general 2024 2023 2023 2023 £ £ £ £ 33,944 12,162 206 12,368 Total Unrestricted funds general 2024 2023 £ £ - 100 Unrestricted Unrestricted funds funds general general 2024 2023 £ £ 2,326 316,557 14,778 - 17,104 316,557 |
|---|---|---|
| 316,557 |
5 Investments
6 Other income
7 Raising funds
- 16 -
LIFE GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
8 Charitable activities
| Scholarships (173 individuals (2023: 95) Staff costs Professional fees Exchange (gains)/losses Grant funding of activities Share of support costs (see note 9) Share of governance costs (see note 9) Analysis by fund Unrestricted funds - general Unrestricted funds - designated Restricted funds |
2024 £ 433,235 - - (13,332) 419,903 277,883 191,054 18,955 907,795 629,912 94,115 183,768 907,795 |
2023 £ 185,180 69,630 117,129 15,403 |
|---|---|---|
| 387,342 200,547 115,129 27,991 |
||
| 731,009 | ||
| 530,462 60,021 140,526 |
||
| 731,009 |
- 17 -
LIFE GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
| 9 Support costs Support costs Governance costs £ £ Sundry expenses 14,876 - Staff Expenses 11,194 - Bank charges and interest 1,020 - Professional fees 150,061 - Insurance 706 - Marketing and communications 1,617 - Accountancy 11,580 - Audit fees - 15,060 Legal and professional - 34 Accountancy - 3,861 191,054 18,955 Analysed between Charitable activities 191,054 18,955 |
2024 Support costs Governance costs £ £ £ 14,876 12,113 - 11,194 - - 1,020 1,304 - 150,061 84,879 - 706 1,281 - 1,617 5,332 - 11,580 10,220 - 15,060 - 14,769 34 - 9,649 3,861 - 3,573 210,009 115,129 27,991 210,009 115,129 27,991 |
2023 £ 12,113 - 1,304 84,879 1,281 5,332 10,220 14,769 9,649 3,573 |
|---|---|---|
| 143,120 | ||
| 143,120 |
Governance costs includes payments to the auditors of £15,060 (2023: £14,769) for audit fees and £3,861 (2023: £3,573) for accountancy services.
10 Trustees
None of the Trustees who are also the key management personnel (or any persons connected with them) received any remuneration, benefits or reimbursed expenses from the charity during the year.
- 18 -
LIFE GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
11 Employees
The average monthly number employees during the year was:
| Charitable activities - education Employment costs Wages and salaries Social security costs Other pension costs 12 Financial instruments Carrying amount of financial assets Instruments measured at fair value through profit or loss 13 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 14 Current asset investments Bank Deposits |
2024 Number - 2024 £ - - - - 2024 £ 793,578 2024 £ 9,147 803 9,950 2024 £ 793,578 |
2023 Number 1 |
|---|---|---|
| 2023 £ 58,679 6,843 4,108 |
||
| 69,630 | ||
| 2023 £ 985,581 |
||
| 2023 £ 1,430 - |
||
| 1,430 | ||
| 2023 £ 985,581 |
Within the previous year £985,851 was stated within cash at bank and in hand. A reclassification has taken place within the current year to short term investments due to the nature of the balance.
- 19 -
LIFE GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
15 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Amounts owed to fellow group undertakings Accruals and deferred income |
2024 £ - 18,084 18,084 |
2023 £ 627 17,220 |
| 17,847 |
16 Retirement benefit schemes
Defined contribution schemes
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The charge to the statement of financial activity in respect of defined contribution schemes was £nil (2023: £4,108).
| 17 | Share capital | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| Ordinary share capital | |||
| Issued and fully paid | |||
| 1 Ordinary Share of £1 | 1 | 1 |
- 20 -
LIFE GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Balance at 1 January 2023 £ Drosos Foundation - Impact Lebanon 71,218 Emergency Education Fund - 71,218 |
Movement in funds Incoming resources Resources expended £ £ 82,038 (50,596) - (89,930) - - 82,038 (140,526) |
Transfers Balance at 1 January 2024 £ £ (18,712) 12,730 18,712 - - - - 12,730 |
Movement in funds Incoming resources Resources expended £ £ 264,609 (183,768) - - 13,735 - 278,344 (183,768) |
Transfers Balance at 31 December 2024 £ £ - 93,571 - - - 13,735 - 107,306 |
Transfers Balance at 31 December 2024 £ £ - 93,571 - - - 13,735 - 107,306 |
|---|---|---|---|---|---|
| 107,306 |
LIFE Generation has collaborated with Impact Lebanon on the Disaster Relief for Beirut Explosion fundraiser providing aid to certain local NGOs supporting the victims of explosion occurring in Beirut.
LIFE Generation has worked with The Drosos Foundation, to support c.15 Micro, Small and Medium Enterprises and students in the green and agriculture sectors.
The Emergency Education Fund is to provide support for students across Lebanon whose education has been disrupted due to the escalation of the war in Lebanon in September 2024.
- 21 -
LIFE GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19 Designated funds
| Balance at 1 January 2023 £ Job Creation Initiative Fund - IC Grant Support Forsa Fund 623 623 |
Movement in funds Incoming resources Resources expended £ £ 22,500 (59,491) - - (530) 22,500 (60,021) |
Transfers Balance at 1 January 2024 £ £ 37,614 623 - (93) - 37,521 623 |
Movement in funds Incoming resources Resources expended £ £ - - - (94,115) - - - (94,115) |
Transfers Balance at 31 December 2024 £ £ (623) - 94,115 - - - 93,492 - |
Transfers Balance at 31 December 2024 £ £ (623) - 94,115 - - - 93,492 - |
|---|---|---|---|---|---|
| - |
The Job Creation Initiative Fund is to provide financial support to tech boot camps in Lebanon with the aim to upskill young talent through technical training and job placement.
The IC Grant relates to a grant to Life Beirut, specifically intended to cover the ongoing operational costs that the charity incurs to maintain its day-to-day activities.
The Support Forsa Fund is to provide financial support to the education sector
20 Analysis of net assets between funds
| Unrestricted funds Designated funds 2024 2024 £ £ Fund balances at 31 December 2024 are represented by: Current assets/(liabilities) 1,009,062 - 1,009,062 - |
Restricted funds 2024 £ 107,306 107,306 |
Total Unrestricted funds Designated funds 2024 2023 2023 £ £ £ 1,116,368 1,127,542 623 1,116,368 1,127,542 623 |
Restricted funds 2023 £ 12,730 12,730 |
Total 2023 £ 1,140,895 |
|---|---|---|---|---|
| 1,140,895 |
- 22 -
LIFE GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
21 Parent company
LIFE Generation Limited is a wholly owned subsidiary of Lebanese International Finance Executives. Lebanese International Finance Executives is a company registered in England and Wales (company number 06860146). Its registered address is the same as LIFE Generation Limited. The company aims to channel the influence of Lebanese professionals worldwide in order to build a strong network to work together, nurture the next generation through education, promote the development of the Lebanese economy and advocate for economic and social reform.
22 Related party transactions
The charity's share capital is 100% owned by Lebanese International Finance Executives, a company limited by guarantee registered in England and Wales. Two of the Trustees also served as Directors of Lebanese International Finance Executive during the year. At the year end the charity owed the parent company £nil (2023: £627).
During the year LIFE Generation Limited received donations of £173 (2023: £11,989) from Selim Feghali and Youssef Dib.
9 trustees of LIFE Generation Limited paid £20,573 (2023: 5 paid £16,504) in total for membership fees and donations to the parent company, Lebanese International Finance Executives.
23 Analysis of changes in net funds
The charity had no debt during the year.
| 24 Cash generated from operations (Deficit)/surpus for the year Adjustments for: Investment income recognised in profit or loss Movements in working capital: (Increase) in debtors Increase/(decrease) in creditors Cash (absorbed by)/generated from operations |
2024 £ (24,527) (33,944) (8,520) 237 (66,754) |
2023 £ 556,566 (12,368) (1,215) (2,009) 540,974 |
|---|---|---|
- 23 -
Issuer HW Fisher Document generated Fri, 6th Jun 2025 10:07:54 BST Document fingerprint 8122b5f9fd215e713de13085331974b3
Parties involved with this document
Document processed Party + Fingerprint Fri, 6th Jun 2025 10:22:55 BST Emmanuel Gresh - Signer (c3e7805460917d9830c8e59a7d3b8e1e) Fri, 6th Jun 2025 11:17:47 BST Sarah Emelia van den Blink - Signer (86cb2bec13a4dc1b3f6ee853d64d3651) Fri, 6th Jun 2025 12:18:46 BST Andrew Rich - Signer (bac20a5fb84691e07331e5e5eb84e3df) Audit history log Date Action Fri, 6th Jun 2025 10:07:54 BST Envelope generated by Stephen Best (89.150.28.98) Fri, 6th Jun 2025 10:07:54 BST Document generated with fingerprint 86074a40ae8b911aeb44ba55bd44bc1f (89.150.28.98) Fri, 6th Jun 2025 10:07:54 BST Document generated with fingerprint 8122b5f9fd215e713de13085331974b3 (89.150.28.98) Fri, 6th Jun 2025 10:18:35 BST Sent the envelope to Emmanuel Gresh (lemygresh@hotmail.com) for signing (89.150.28.98) Fri, 6th Jun 2025 10:18:36 BST Document emailed to lemygresh@hotmail.com Fri, 6th Jun 2025 10:20:09 BST Emmanuel Gresh opened the document email. (94.62.32.126) Fri, 6th Jun 2025 10:20:27 BST Emmanuel Gresh viewed the envelope (94.62.32.126) Fri, 6th Jun 2025 10:22:55 BST Emmanuel Gresh signed the envelope (94.62.32.126) Fri, 6th Jun 2025 10:22:55 BST Sent the envelope to Sarah Emelia van den Blink (sasha@keyhavecapital.com) for signing (94.62.32.126) Fri, 6th Jun 2025 10:22:56 BST Document emailed to sasha@keyhavecapital.com Fri, 6th Jun 2025 10:28:12 BST Party email (sasha@keyhavecapital.com) has bounced back. The reason given is: unable to get mx info: failed to get IPs from PTR record: lookup
Fri, 6th Jun 2025 10:52:51 BST Fri, 6th Jun 2025 11:16:41 BST Fri, 6th Jun 2025 11:16:59 BST Fri, 6th Jun 2025 11:17:47 BST Fri, 6th Jun 2025 11:17:47 BST
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Fri, 6th Jun 2025 12:17:17 BST Fri, 6th Jun 2025 12:18:31 BST Fri, 6th Jun 2025 12:18:47 BST Fri, 6th Jun 2025 12:18:47 BST
Document emailed to sasha@keyhavencapital.com Sarah Emelia van den Blink opened the document email. (172.98.32.231) Sarah Emelia van den Blink viewed the envelope (136.144.42.1) Sarah Emelia van den Blink signed the envelope (136.144.42.1) Sent the envelope to Andrew Rich (arich@hwfisher.c.o.uk) for signing (136.144.42.1)
Document emailed to arich@hwfisher.c.o.uk Party email (arich@hwfisher.c.o.uk) has bounced back. The reason given is: error dialing remote address: dial tcp 198.21.5.83:0->185.151.30.166:25: connect: connection refused (34.212.116.136)
Stephen Best has changed the party Andrew Rich's email to arich@hwfisher.co.uk (92.15.29.145) Sent the envelope to Andrew Rich (arich@hwfisher.co.uk) for signing (92.15.29.145) Document emailed to arich@hwfisher.co.uk
Andrew Rich viewed the envelope (89.150.28.98) Andrew Rich signed the envelope (89.150.28.98) This envelope has been signed by all parties (89.150.28.98)