## **Trustee Report and Financial Statements for the year ended 31 December 2020 including the Annual Report on activities.** Generating Genius Organisational Structure - Generating Genius is a charitable incorporated organisation which was established on 2 December 2013. The trustees who served during the current year or up to the date of this report were: ## Chair Dr Tony Sewell CBE ## Trustees Marcus Nelson Veronica Martin ## **Our Vision and Mission** Generating Genius has the vision of a thriving and diverse STEM (Science, Technology, Engineering and Mathematics) community in higher education and industry which is inclusive and representative of the UK population. Our aim is that young people, particularly those from specific ethnic minorities, low-income households, and also girls, will increase representation on STEM courses at the top universities (for example, The Times 100). They will also be aware of and prepared for the diverse career opportunities that STEM has to offer. ## **How we deliver public benefit** We strive to ensure that talented young people, regardless of their background, have the opportunity to make competitive applications for places at the very best universities in the UK. To achieve this, we work with students who have high academic potential to succeed, but according to research and university application statistics, are not progressing to higher education in representative numbers. We nurture their talent and build their confidence, as well as consolidate their academic potential. We work with schools to identify students from under-represented backgrounds, those from low-income households or who would be the first in their family to go to university. We also aim to recruit 60% female students as, although represented well in higher education, few females progress specifically in STEM subjects and industries. We work with these groups to ensure they achieve well academically, understand the opportunities available and importantly, how to take advantage of them. Further information regarding the methods we use to deliver this are outlined below. ## **Message from the Chair & Founder - Dr Tony Sewell CBE** 2020 saw Generating Genius preparing itself for our new growth. We have become an organisation offering unique services that has the aim of connecting disadvantaged students to great opportunities in Universities and Corporates. We will always be focussed on STEM and our programmes now have a great blend of access and student welfare. The year has been challenging with the onset of the pandemic, but Generating Genius continued with on-line programmes and support for students with technology hardware. I would like to thank our Director of Partnerships and Programmes, Zindzi Sewell, who has successfully steered our strategy upwards and onwards. Our last note of thanks must go to our supporters, be they universities, corporates, corporate employees or generous individual donors. Throughout the country there are young people from disadvantaged backgrounds, accessing top universities, supported by generous scholarships, accessing great internships, made possible by your vision. ## **Director’s report** 2020 was a great year for Generating Genius. We managed to significantly increase our impact by increasing the number of students and programmes we have on offer to support them. We also managed to increase our funding to enable us, together with businesses, universities, and individual academic and corporate volunteers to deliver our programmes. We managed to deliver on our expansion plans to increase the number of students we support. We increased our intake from 200 students each academic year in 2019 to 1,550 students by the end of 2020. We also started our geographical expansion outside of London and now have students in locations such as Birmingham, Glasgow, Liverpool, Manchester, and Leeds. This is very important to Generating Genius as we recognise that there are less opportunities for disadvantaged young people outside of London. One of the significant contributors towards our geographical expansion and increase in number of students we support, was due to the signing of a new partnership with the National Grid at the end of September 2020, to support 550 students every year, ages 16-25, on Engineering, Technology and Finance Talent Development Insight Weeks and 12-week mentoring programmes. Another contributor to our expansion was funding from the AKO Foundation to increase the number of students and provide an advanced programme offering to the brightest of our students on Uni Genius. We were able to increase the number of students on Uni Genius from 300 to 400. The additional 100 students have access to an advanced programme which is called STEM Future Leaders Leadership Programme. We have also increased our programme offering thanks to new funding and new partnerships. An example of one of our new programme offers was Black Women into Tech. This was started due to a generous donation from PDT Partners who were the founding partner of this programme. We would also like to thank the other fantastic partners involved who are HSBC, Rightmove, Man Group and IRI Data & Analytics. Our university preparation offering also increased with the signing of St John’s College, University of Cambridge in September 2020. St John’s College signed a 3-year partnership with us to increase the number of Black Heritage state school young people applying and getting into STEM subjects at Cambridge. Our scholarship offering also increased this year. These scholarships are for our students heading to university who are most in need of support to enable them to achieve their full potential whilst at university. We supported a total of 21 scholars last year. We would like to say a special thank you to the HALO Foundation, Blackheart Foundation, and Sthree. In December 2020 we received significant funding from the Syncona Foundation to support 5 students with university scholarships that will cover both their university fees and living expenses. Lastly, we would like to thank all our partners for their support of our mission and work. In the last year we received funding from a number of existing partner companies, and also brought in funding from many new partners. ## **Financial Report** ## **Reserves** The trustees have decided that it is appropriate to retain general (unrestricted) reserves equivalent to at least three months operating costs, the purpose being to retain funds for future investment, emerging opportunities and to mitigate the Charity’s financial risk. The total retained reserves of £185k (2019 £96k) comprise general restricted funds of £92k and unrestricted funds of £93k. ## **Statement of Trustees’ responsibilities in respect of the Financial Statements and the Trustees Report** The Trustees are responsible for preparing the accounts in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. The law applicable to charities in England and Wales requires trustees to prepare financial statements for each financial period which give a true and fair view of the charity’s activities for that period and of its financial position at the period end. In preparing those financial statements the trustees are required to: - select suitable accounting policies and apply them consistently. - make judgments and estimates that are reasonable and prudent. - state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements. - prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the charity’s financial position and to enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. 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. Internal risks are minimised by the implementation of procedures for the authorisation of all transactions and the situation is reviewed at regular intervals. This report was approved by the trustees on March 25 2021 Signed on its behalf by: Dr Tony Sewell CBE Chair of Trustees **GENERATING GENIUS** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020** |Notes
**INCOMING**
**RESOURCES**
**Generated Funds**
Grants and Donations
2
Donations in Kind
3
**Activities for Generating Funds**
Fundraising Income
Other Income
Investment Income
**Total incoming**
**resources**
RESOURCES
EXPENDED
Cost of generating funds
Fundraising & Publicity
4
Net Income for Charitable
Activity
Charitable Activities
Future Talent
5
Uni Genius
5
Governance
6
Total resources
expended
Net Income
(expenditure) for the
Year|Unrestricted
Funds
£
95,621
48,178
-
-
-
______
143,799
______
19,976
______
123,823
______
4,826
47,770
396
______
72,968
70,831|Restricted
Funds
£
229,503
-
-
-
-
_______
229,503
_______

_
-
______
229,503
______
56,929
154,384
-
______
211,313
18,190
|Total
2020
£
325124
48,178
-
-
-
_______
373,302
______


19,976
______
353,326
______
61,755
202,154
396
______
284,281
89,021|Total
2019
£
211,261
79,068
-
-
1
_______
290,330
_______
9,757
______
280,573
______
109,092
159,695
396
______
278,940
11,390| |---|---|---|---|---| |||
||| 1 |Fund balance brought
forward at 1 January
2020
Fund balance carried
forward at 31 December
2020
|22,311
______
93,142
|73,759
______
91,949|96,070
______
185,091
|84,680
______
96,070| |---|---|---|---|---| ## **GENERATING GENIUS BALANCE SHEET AS AT 31 DECEMBER 2020** |Notes
**Fixed Assets**
Tangible assets
7

**Current Assets**
Debtors
8
Cash
Less:
**Creditors: amounts falling**
**due within one year**
9
**Financed by:**
**Restricted funds:**
Restricted fund
**Unrestricted Funds**
General Fund
10
11|**2020**
£
£
6,240
6,240
50
181,951
182,091
3,150
185,091
91,949
93,142
185,091|**2019**
£
797
-
95,677|
£
797
95,677
404
96,070
73,759
22,311
96,070| |---|---|---|---| The Financial Statement was approved by the Board of Trustees and authorised for issue On March 25 2021 and signed on its behalf by: Dr Tony Sewell CBE Chair of trustees 2 ## **GENERATING GENIUS** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** ## 1. **Accounting Policies** ## **Basis of preparation of the Financial Statements** These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with: - the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 - the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) ## **Income** All income, including grants, is recognised on an accruals basis. All grant receipts are dealt with through the Statement of Financial Activities and depending on their nature and conditions attached are treated as either restricted or unrestricted funds. There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102. Donated services and facilities are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so. ## **Expenditure and Liabilities** The Charity is not registered for VAT. Components of resources expended are recorded in the Statement of Financial Activities inclusive of VAT. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. ## **Fixed Assets** Fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset of its expected useful life, as follows: Office Equipment 33% straight line 3 Note 2 Grants, tk)tratKbll a]MJ otl*r I￿on Restiict¢d Uw¢strirt¢d Totsl PtStsrvt*r "515 Tnsts les 197 225 19) 506 134618 Schools ' Ilnt%'er5iti¢s ' PubiK &-KIKs Pr(%'at¢ Other 145 Fun4lrai%in F.i'ents IA)nated laiJ]rties and S¢r%7XS Ot]k'r ll)iome Ini"thtmetrt Inion 48.178 48.178 79.(kn8 Tol41 143.799 229.503 373.302 290.330 Note 3 Dbtsated faciftkies s￿1 seThices This yegr tast year STEII CAJEtr5 Fir51 C.entrnl W￿￿1ng 48.178 79.C68 Note 4 FuTrJrnisin2. Marketing & PulAic Relatio￿5 R¢ytrK¢c I'111*5lrfdtd Tolll Prioriear An#li'yiJ 6.1189 7.8iO I.￿7 Matktlin & Pub]K Re]atKKJs Ttyt41 Note 5 Charitable Adii'itieg r¢T4klll Ulll T(rtal fu￿15 PrbT )Tar ATralvsis Staff C(￿ts Project Mar￿Arn￿nt & fkliyery Scholarshjr Rent & RixTh Hire Travel & SubsisteJKe 6_014 30_91 121174 48.019 36.￿3 776 145 833 36.¥)3 33) (Jj OtTice Equirxn¢nt & Swhes Professjonal & Lwl Fees trtsLraJKe Salesforce I CRM $5Stem £48 18 167 391 558 797 478 268,787 Total 61.755 201154 263,￿9 Flnanted by R¢atKtedFw¥Js Urrestri¢ted F 56.9:.9 4.8:6 1.54 384 47.77() 202 154 ?11313 97.425 171.36? Note 6 Govern&￿e Restric*d UDr¢siri(*d nd5 uKome Tvtsl Pthrit*r Anal ndent EwnineTS F Inde 396 396 96 Total 396 T￿￿1b￿ rued ass¢¢s T•tsi Prl•r)Yar At the be2ull￿f¢ of th¢ )¢ar 11.654 11.654 11.654 ..It oKth¥ %'e4r Depr￿lation and impainnents .4t be2inninA of the .917 ..It end of the %'¢ar Net book value book i'abJe ai the of the l'ear ¢t book vakn¢ at th¢ end of th¢ i'& 797 797 797 Note 8 DebtOT5 This year Last year Debtors Total Note 9 Creditors This year Last y•ar Creditors 3.lio 4D4 Total 3.lio ## **Note 12 Trustees remuneration** No Trustee received remuneration, whilst in office during the year £0 (2019: none). Expenses reimbursed to or paid on behalf of Trustees during the year amounted to £0 (2019 none). ## **Note 13 Related party transactions** The chair and founder of Generating Genius is also a Director of STEM Careers First Limited, a social enterprise company. During 2020 STEM Careers First funded Generating Genius activities and projects totalling £48,178. 6 ## **GENERATING GENIUS** ## **Independent Examiner’s Report to the Trustees of Generating Genius** I report to the trustees on my examination of the accounts of the Generating Genius for the year ended 31 December 2020 which are set out on pages 6 to 11. ## **Respective responsibilities of trustees and examiner** As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Basis of independent examiner's statement** My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 3[rd] May 2021 Vijay O’Meara-Patel, CIA, MAAT Director, VJ Audit Limited 87 Amblecote Road Brierley Hill West Midlands DY5 2YQ