2022-12-31-accounts

Trustee report and Financial statements for the year ended 31 December 2022 including the Annual Report on activities.

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

Lord Tony Sewell CBE

Trustees

Marcus Nelson Tony Sewell Noel Langley

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 low-income households, and also girls, will hold a representative proportion of places on STEM courses at the top universities or on high quality apprenticeships. They will also be aware of and prepared for, the diverse career opportunities that STEM has to offer.

How do 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 lowincome backgrounds or who would be the first in their family to go to university.

Message from the Chair & Founder – Lord Tony Sewell CBE

Generating Genius has had a great year during 2022. Our partners have been supportive as we take our talent development strategy to the neediest parts of the UK. We have always been data driven and the latest numbers from Fair Education have shown that we have been following the correct pathway. The data shows that at every stage there are growing gaps between disadvantaged pupils and their wealthier peers.

• GCSE: The disadvantage gap index stands at 3.76 (or a gap of 1.34 grades), the highest gap in over a decade.

• A-Level: Disadvantaged young people are an average 3.1 grades behind their nondisadvantaged peers.

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• University: The gap in progression rates between disadvantaged pupils and others increased 20.2 percentage points, the highest recorded level. The gap in progression to high-tariff universities is also at its highest recorded level – 9.3 percentage points.

• Skills: Individuals who attended independent or selective state schools were more likely to have above-median skills scores (55% and 52%, respectively) than those who attended non-selective state schools (49%); individuals with at least one parent who attended university were also more likely to have higher-than-median skill scores (54% versus 49%).

These gaps then translate into an employment gap: Young people from disadvantaged backgrounds are 19 percentage points more likely to not be in education, employment, or training (33% versus 14%). Our education system is leaving a substantial number of young people ill-equipped to thrive in adulthood. We need to redesign our system now so that we have an educated and skilled population in the future, ready to respond to a rapidly changing landscape. This terrain will be defined by those who have STEM skills and knowledge, be it in Artificial Intelligence or Green Technologies.

In March 2022 the charity called STEM Inclusion Foundation ('the linked charity') was treated as forming part of the charity called Generating Genius ('the reporting charity') for the purposes of (registration) and (accounting) of the Charities Act 2011. This has become a great arrangement given that STEM Inclusion Foundation had similar objectives and no liabilities. Funds were used for unrestricted activities.

Generating Genius continues to be the flagship talent development programme for young people from low-income families who have the potential to excel in the STEM arena. Going forward we will continue to cement our relationship with our key partners in corporates, universities, and wider civic society.

Director’s report

2022 was another brilliant impactful year for Generating Genius. We are very pleased that we managed to achieve our big strategic goals around raising funds for Junior Genius, expanding into more geographies, and improving programme resources which go alongside programmes. We also continued to deliver high standard programmes as well as achieving additional impact which we did not set out to which has been demonstrated in the feedback from students, mentors, workshop hosts and company hosts of work experience and internships.

Our key strategic goals which we achieved this year were as follows:

Goal one: Re-open our earliest entry point onto Generating Genius i.e., Year 9, for students aged 13 to 14. This is where we can have the most impact in improving young people’s chances of reaching their full potential.

How did we achieve this? We obtained funding this year to restart this programme from June 2023 for 18 scholars. This funding came from 3 sponsors - AKO Foundation (AKO Capital’s foundation), PDT Partners and Barings.

Goal two: Establish a schools’ outreach programme which will also provide a platform for our university students to become mentors and be ambassadors in STEM.

How did we achieve this? After a successful pilot in four schools, for 100 students, we achieved a renewal from the Hadley Trust to run this for 8 schools for up to 200 students.

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Goal three: Improve our Application Preparation and Career Discovery mentoring support materials and workshop offering for students alongside their mentoring sessions.

How did we achieve this? Our Mentee Handbooks now include sample interview questions, mock application forms, and mock assessment centre questions. We have partnered with a freelance Careers Coach to provide workshops, as part of some programmes, on key areas flagged as needing support by our partners who hire students and by the students themselves e.g., Video Interview workshops, Assessment Centre workshops and Commercial Awareness workshops. We have also worked with some of our partner companies to provide CV and Interview workshops and Online Test Support workshops (psychometric, coding, and situational judgement). These workshops run alongside the mentorship programmes as a way of topping up and reinforcing what has been done during the mentoring.

2022 Programme Delivery

We delivered programmes to a high standard across both of our two current entry points. These are our Post 16 Genius Network (year 12 entry point) and our Future Talent Network which is for students at university. Please read below for more information about the delivery of both of the entry points.

The Post 16 Genius Network programme delivery

The Post 16 Genius Network programmes are split into Career Discovery and University Preparation. Career Discovery includes Work Experience, Insight and Industry Challenge Days, Employability Skills Workshops and Mentoring. University Preparation includes our STEM@Oxford Programme, in partnership with Oriel College, University of Oxford and our STEM@Cambridge programme, in partnership with St John's College, University of Cambridge. Both of these programmes are for our students who have achieved the GCSE grades required to get an offer for Oxbridge. We also have our Generating Genius University Preparation Programme for all of our post 16 students. All of these programmes start in Year 12 and run for two years.

The key achievements on the Career Discovery Programme were the increase in the number of work experience opportunities from 2021, introduction of Employability Skills workshops, and the Student Satisfaction scores increasing from 2021 for work experience.

This year, with our business partners, we were able to co-deliver work experience for 178 students, up from 103 in 2021. It is wonderful that we have been able to increase the number of students doing work experience with us. Thank you to our business partners for dedicating their time and effort into putting these work experience opportunities on for students. The range of work experiences included Investment Management, Engineering, Commercial and Finance, Technology, Data and Analytics and Patent Law.

The Student Satisfaction scores increased for work experience. The areas evaluated were how engaging they found the work experience (in 2021 the average score given was 4.2 out of 5, whereas this year it was 4.6 out of 5), knowledge of industry they were working in (in 2021 the average score given was 4.3 out of 5, whereas this year it was 4.7 out of 5), analytical skills (in 2021 the average score given was 4.1 out of 5, whereas this year it was 4.45 out of 5) and presentation skills (in 2021 the average score given was 4.2, but this year the score given was 4.7).

The introduction of Employability Skills workshops was a really important introduction for us, to enhance our offering for students, to get them work ready with skills not being taught in schools. These workshops included the following: Choosing the right career, CV and Cover Letter writing, Interview Practice, LinkedIn optimisation, Industry specific Commercial Awareness Workshops, Coding Projects 101, and Presentation Skills. We are pleased that we

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delivered 24 workshops in 2022. These were co-delivered by Generating Genius, third party providers and also our company partners.

Future Talent Network Programme Delivery

The Future Talent Network provides support to our students at university, and those who graduated within the last year, with finding the right career and industry specific preparation to apply to jobs. We also have a scholarship programme for selected students who pass the interview and eligibility criteria for these scholarships. Students are selected for scholarships in the summer before university and then receive this financial support whilst they are at university. The purpose of the scholarships is to remove barriers to the achievement and aspirations of the students.

We had some brilliant achievements this year on the Future Talent Network. The key achievements were getting students into the working world, making sure they make the right career choices for them through our insight weeks and career discovery mentoring and getting them prepared for those jobs through our application preparation bootcamps.

We were very pleased that 63 out of the 79 students who graduated in 2022, that responded to the survey (there was a total of 91 students) from the Future Talent Network, received offers of employment within the first six months of graduating. We also had four students go on to further study. We are also extremely proud of the number of very competitive paid summer internships Generating Genius students received places on, as well as the Generating Genius team’s achievement of getting internship roles exclusively for our students. Roles exclusively for our students still undergo a rigorous application process which includes interviews and in some cases tests from the partner company. We had 125 students receiving offers and undertaking paid summer internships (47 of those being internships which we managed to secure headcount with companies exclusively for Generating Genius students only and 78 students receiving internship offers through main application channels).

Equally, we are proud of the impact we have had in helping students choose the right career for them, learn more about career options they are interested in, and work on developing industry specific skills in their industries of interest. We do this through our application preparation programmes, insight weeks and mentoring programmes. We ran 9 insight weeks this year for 317 students. We ran 13 application preparation programmes for 403 students, and we provided 237 students with mentoring. We are hoping next year to expand the size and number of application preparation programmes as these have proven to be very popular and useful to the students, as well as achieving very good conversion rates into our students making successful applications afterwards for internships, placement schemes and graduate jobs.

A note of Thanks and Acknowledgement

We would like to thank our new and continued partners and donors for their support over the last year. Each and every one of your contributions have allowed us to continue to deliver on our mission of being able to support students, up and down the UK, from underrepresented groups, with an interest in STEM, with tangible opportunities to help reach their full potentials.

Zindzi Sewell, Director, Head of Programmes and Partnerships, Generating Genius

Financial Review

As well as our continued academic success, the year has also been successful financially, with a stable financial position and a small £31k increase in reserves. This is a successful outcome given the economic and inflation economic backdrop, which to date has not adversely impacted

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donations. Although we note that individual donations have decreased in 2022 from £40k in 2021 to £14k in 2022 due to the cost-of-living cost pressures nearly all households have experienced. Income has reduced £731k to £593k. We are grateful to all our supporters including the corporations, Universities, School, Councils and individuals.

We have also continued to invest in our staff and build upon our infrastructure investment which started in 2018 when we introduced the Salesforce / customer relationship management system (CRM), which facilitated enhanced record keeping, ensure GDPR compliance and our platform for future growth.

The overall outcome for the year was a surplus of £31k (2021 surplus £194k), increasing reserves from £379k at the start of the period to £411k at the 31[st] December 2022.

Cash balances remain healthy at £413k as we have continued to pay creditors very promptly during 2022 as part of our support to the wider community in these unpresented inflationary times accompanied by rising interest rates. Of the £413k cash held £46k is unrestricted cash available for any charitable purpose, after deducting our outstanding creditors of £2k.

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 £411k (2021 £379k) comprise general restricted funds of £365k and unrestricted funds of £46k.

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

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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 18[th] September 2023.

Signed on its behalf by:

Dr Tony Sewell CBE Chair of Trustees

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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 2022 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.

12[th] September 2023

Vijay O’meara-Patel, CIA, MAAT Director, VJ Audit Limited 87 Amblecote Road Brierley Hill West Midlands DY5 2YQ

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GENERATING GENIUS

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

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 Fundraising & Publicity Charitable Activities 4 Generating Genius 5 Governance 6 Total resources expended Net Income (expenditure) for the Year Fund balance brought forward at 1 January 2022 Fund balance carried forward at 31 December 2022	Unrestricted Funds £ 100,671 - - - - __ 100,671 _ 1,885 164,307 420 33,760 (65,941) 112,631 ___ 46,690	Restricted Funds £ 492,988 - - - - _ 492,988 _ 395,632 - __ 528,484 97,356 267,286 ____ 364,642	Total 2022 £ 593,659 - - - - _ 593,659 _ 1,885 559,939 420 __ 562,244 31,415 379,917 ____ 411,332	Total 2022 £ 731,508 - - - - _ 731,508 _ 6,744 529,518 420 __ 536,682 194,826 185,091 ____ 379,917

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GENERATING GENIUS

BALANCE SHEET AS AT 31 DECEMBER 2022

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	2022 £ £ 0 0 0 413,603 413,603 2,271 411,332 364,642 46,690 411,332	2021 £ £ 3,120 3,120 257 379,255 379,512 2,715 379,917 267,286 112,631 379,917

The Financial Statement were approved by the Board of Trustees and authorised for issue On DAY MONTH 2023 and signed on its behalf by:

Dr Tony Sewell CBE Chair of trustees

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GENERATING GENIUS

31 DECEMBER 2022

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED

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

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Note 2 Grant& Donation and other fwds TotallU￿￿5 PThTrryear Tn￿ts 180.427 276.854 180.427 -16.3.i29 35.707 1.3.996 251.914 -103.834 86.67) SilKK>ls I nii'¢rsiti¢s :. Pubknc ￿leS Priiat¢ (￿h¢r 1.1.9)6 100.500 FmdraL%in F.iertL D￿ared faliliti￿ atyj Sern'ices Other itKon In￿trfT￿t Incotr I[￿.671 491988 59.1,659 731,508 Nnte 3 l)Thnxirtl frililirt This year Last year rlA Note 4 Fundraisin& Mat-eting & Public RelatiODS fubJ$ knThtfobJs Trtalfwhl P]knrsTr A￿h.￿lI F￿draisI & Public Relatioj -88) 1.88) 6.774 To¢ ote5 Charitable Ac¢iiities Gtneralkn¥ GethB Tolalfwmls Prknryear Staff C￿ts Proie¢t.Ilanagement & Ddi%ery S¢holar%hi Rent & Rixxji Elir¢ TraN'el &. Sukist¢nc¢ 1:.&449 5.940 64.900 5.451 118.449 125.940 64.9(10 5.451 144 12? 61 721 69 11.875 -188 69 11.875 188 i16 3.120 Offi¢e Equi￿]ent & Sw]ies Profe4%ional & tKRal F￿$ IThsurgnc¢ Total 559.938 559,938 599,476 li

Note 6 GOVern￿¢t uDresti￿1td Re5trKttd fu￿1$ Tot1 Pr￿￿r .4nal 515 420 420 420 420 420 420 Total Note 7 Tan2ible fislxl a55e15 Fixed asset5 are shojvn at C05t Trfal Prloryear At the b¢2iming. oftk Tr¢4r ,Kdditions .4t end of th¢ I'¢ar Depreciation and impairments .4t be9irninR of the i'¢ar D<prwiati( At end of the I'QT Net knok I'a]ue Nd book i'alw at th¢ orth¢ %'ear Nd b￿kValUe at th¢ of th¢ i'¢aT 21.014 21.014 21.014 21.014 17.894 -120 21.014 17.894 .13) 21.014 14.774 120 17.894 Note 8 DebtOT5 This year Last year Debtors 257 Total 257 Note 9 CreditOT5 This year Last year Creditors 2.271 2.715 Total 2271 2,715 12

Note 12 Trustees remuneration

No Trustee received remuneration, whilst in office during the year £0 (2021: none). Expenses reimbursed to, or paid on behalf of Trustees during the year amounted to £0 (2021 none).

Note 13 R elated party transactions

There are no related party transaction that require disclosure.

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