## **GENERATION EXCHANGE** (A Charitable Incorporated Organisation) ## **REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2023** **Charity Registration Number: 1169765 Company Number: CE008301** **GENERATION EXCHANGE** ## **REPORT AND FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2023** |**Contents**|**Page**| |---|---| |Reference and administrative information|1| |Trustees’ report|2 - 6| |Independent Examiners report|7| |Statement of financial activities|8| |Balance sheet|9| |Notes to the financial statements|10| **GENERATION EXCHANGE** ## **REFERENCE & ADMINISTRATIVE INFORMATION** ## **YEAR ENDED 31 MARCH 2023** |**Trustees**|Karen Greenwood| |---|---| ||Maura Pearson| ||Piedade D’Silva| |**Registered Office**|Muswell Hill Centre| ||Hillfield Park| ||Muswell Hill| ||London N10 3QJ| |**Accountants**|Da-Silva and Associates Limited| ||Chartered Certified Accountants| ||14 Farm Close| ||Essex| ||RM10 9TX| |**Bankers**|CAF Bank Limited| ||25 Kings Hill Avenue| ||Kings Hill| ||West Malling| ||Kent| ||ME19 4JQ| 1 **GENERATION EXCHANGE** **TRUSTEES’ REPORT** ## **YEAR ENDED 31 MARCH 2023** The Trustees present their report together with the financial statements of Generation Exchange (the charity) for the period ended 31 March 2023. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP), 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 for the benefit of the public** ## **(a) Structure** The Charity was constituted as a Charity Incorporated Organisation by a governing document dated 19 October 2016. Generation Exchange was registered with the Charity Commission for England and Wales on 19 October 2016, registration number 1169765, its registered address being Muswell Hill Centre, Hillfield Park, Muswell Hill, London N10 3QJ. Details of the trustees and professional advisors are shown on page 1. ## **(b) Objectives** The Charity’s objectives are to advance the education of children for the public benefit by utilising the commitment and life experience of older people as volunteer members of the community; To advance the education of older people for the public benefit by utilising the commitment and practical experience of children and young people, in particular in relation to technology and digital skills. In setting their objectives for the period, and in planning for the future, and with due regard to the published Charity Commission guidance on the operation of the Public Benefit requirement of the Charities Act 2011, the trustees have undertaken appropriate activities in furtherance of those aims for the public benefit. The Charity has established its grant making policy to achieve its objectives for the public benefit. ## **Achievements and performance** ## (a) **Financial review** The statement of financial activities shows a net expenditure for the year of £4,081 (2022: £26,718). At 31 March 2023 the Charity had net assets of £11,479 (2022: £15,560), of which unrestricted funds were £6,051 (2022: £5,976) and restricted funds were £5,428 (2022: £8,923). Generation Exchange has been successful in its seventh year of operation. We are grateful to acknowledge funding from the Tudor Trust, City Bridge Trust and Together We Can through Haringey Giving and The Bridge Renewal Trust enabling Generation Exchange to deliver a range of projects in primary and secondary schools, and community venues across the boroughs of Haringey and Enfield. Generation Exchange also gratefully acknowledges funds from the Peabody Community Fund through the London Community Foundation and the National Lottery Awards for All which were delivered and completed in 2022-3. 2 **GENERATION EXCHANGE** ## **TRUSTEES’ REPORT (continued)** ## **YEAR ENDED 31 MARCH 2023** The generosity of our funders has enabled Generation Exchange to deliver a full range of projects in order to achieve our charitable objects working with and supporting older people, children and young people in the most disadvantaged parts of Haringey and Enfield. ## **The continuing legacy of Covid 19 and the Cost-of-Living Crisis** The legacy of the impact of Covid 19 on children, young people and older people has meant that Generation Exchange projects and support programmes, supporting the needs of isolated, disadvantaged and vulnerable groups in Haringey and Enfield, have needed to be continually adapted and also delivered differently. For example, in order to accommodate those who are vulnerable we have offered online options for our digital inclusion Programme, IT Exchange, as well as delivering in-person programmes in well-ventilated premises such as open-air cafes and other venues. At the same time the cost-of-living crisis has clearly and disproportionately impacted upon the lives and welfare, access to personal and learning opportunities and mental health of the communities we work with, both young and old in vulnerable and disadvantaged communities. Generation Exchange is grateful to acknowledge the support of all of our funders that has enabled us to adapt the way we work for our beneficiaries as well as being able to respond to various new and developing needs these communities have faced, such as food and heat poverty, digital exclusion (at a time when more and more services are only accessible online) and increasing the increasing isolation and vulnerability of the communities and age groups we serve in Haringey and Enfield. We are grateful to acknowledge a generous donation of £15,000 from the Tudor Trust in this financial year. Funding from Tudor Trust has enabled Generation Exchange to continue to deliver and adapt our projects to support the needs of diverse and vulnerable communities in Haringey and Enfield. Feedback from our Stakeholder Advisory Group clarified our beneficiaries need for both online and in-person options for each of our programmes as well as the need to extend and diversify options available in different locations. Funding from Tudor has enabled Generation Exchange to respond to these The Peabody Community Fund generously supported Generation Exchange with a fund of £6,083 to run a project based in a local café in Bruce Castle Park supporting a diverse range of tenants living on a Peabody estate in Tottenham, in particular working with families with children and adults with complex needs such as autism, psychosis and depression. Generation Meet Share Exchange supported 25 local Peabody residents directly by bringing together many isolated individuals and families running a total of 29 sessions delivered through a weekly café support group, plus additional events such as a family barbecue and a day trip to Ruislip Lido. The project was led by the Peabody residents Steering Group and supported by an experienced team of staff and volunteers with many years of experience gained in the NHS, private practice and voluntary sector. Due to the pandemic Peabody Community Fund and London Community Foundation kindly extended the deadline to deliver this project to September 2022. Through Together We Can Haringey Giving and Bridge Renewal Trust generously funded Generation Exchange £4,431 in December 2022 to run a series of batch cooking and mental health sessions in the Pavilion Café in Bruce Castle Park in Tottenham. This project is based on the concept developed around supporting Peabody residents but has evolved to make use of the kitchen in the café and develop it as a collaborative batch cooking project supporting local people in cooking healthy food together through batch cooking with additional meals delivered by volunteers to local people on the Peabody estate. The project involves supporting local residents with long-term mental health issues by providing regular support sessions, as well as addressing the cost-of-living crisis by helping provide warm, healthy, nourishing cost-effective meals whilst sharing ideas and recipes between participants. The preparation and outreach work needed for this project started in March 2023 with a start date of May 2023 for the delivery of this project. 3 **GENERATION EXCHANGE** ## **TRUSTEES’ REPORT (continued)** ## **YEAR ENDED 31 MARCH 2023** ## **IT Exchange** IT Exchange brings older people and young people together through learning and exchange of skills and experience. In October 2020 we launched our online IT Exchange programme to support older people and young people during the pandemic. We continued to deliver IT Exchange online throughout 2022-23 to accommodate the needs of older people who were vulnerable or cautious about risks involved in doing courses in schools. In November 2022, in addition to offering online courses, we also re-introduced our face-to-face projects at London Academy of Excellence, Tottenham, Haringey (LAET) and St Annes in Enfield. This decision to reinstate our face-face project came as a result of easing of covid restrictions as well as discussions with both learners and schools who were keen to get back to learning in the classroom. Generation Exchange is grateful to acknowledge two grants from funders for delivery of IT Exchange during 2022-23. The National Lottery Community Fund, Awards for All awarded Generation Exchange £3852 in November 2021 to deliver IT Exchange in St Annes’s Upper School in Summer 2022. In November 2022 City Bridge Trust generously funded our IT Exchange Programme £38,600 (£17,200 in 2022-23 and £21,400 in 2023-24) to deliver a two year intergenerational digital inclusion programme, working across two schools in year one, and expanding to work across three schools in three boroughs in year 2. During 2022-23 we engaged 51 older people and 57 young people (aged between 16 and 17) across 5 IT programmes and delivered the following projects: A 5 week online IT project with St Annes from May 2022. Following this, a 7 week faceface IT Exchange project with LAET Tottenham was delivered from November 2022 and then we ran a 6 week online IT Exchange project with LAET from January 2023. At St Annes in Enfield, we ran a 10 week face-face IT Exchange project from February 2023. As an innovation, and after feedback from our young and older leaners, we piloted a new project based on the idea of bringing older and young people together over Spanish conversation. The outreach, training and preparation for this new programme was carried out in early 2023 ready for the launch of Spanish Exchange at the end of March 2023. ## **Feedback from our IT Exchange projects included:** _“It has taken me out of the house to meet other like-minded individuals where learning and friendship has developed. My confidence in the use of technology has improved.“_ _(Older person aged 71 years)_ - _“Coming in to share my knowledge with someone and speak to someone as I teach them just helped me so much. Walking in to see my learner's smile brightened my mood and my day” (Young volunteer aged 17 years)_ In September 2022 we also organized our first corporate volunteering day whereby 11 volunteers and 22 older people enjoyed an afternoon of ‘tea and tech’ thanks to the support of volunteers from TopDesk. We received overwhelmingly positive feedback from both learners and volunteers alike. _“It was a wonderful experience and a lovely team of volunteers to help us “ (Older Person, aged 74 years)_ 4 **GENERATION EXCHANGE** **TRUSTEES’ REPORT (continued)** ## **YEAR ENDED 31 MARCH 2023** ## **Generation Exchange Stakeholder Advisory Groups** All of Generation Exchange’s projects and programmes are led and supported by our Stakeholder Advisory Groups which are comprised of beneficiaries (both young and old) with staff, volunteers and Trustees. The meetings are held either online or in person in local cafes across Haringey and Enfield. The meetings allow everyone to mingle, socialise and discuss how the projects are going and to make changes and adaptations on an ongoing basis. ## **Generation Exchange Trustees’ Awards** In March 2023 Karen Greenwood (Chair of Trustees), Maura Pearson (Designated Safeguarding Lead), and Rosy D’Silva (Treasurer) were all nominated and awarded the Unsung Women’s Award as part of International Women’s Day in Haringey. The Award highlights and celebrates women who have given freely of their time, skills and experience to forward the work of local charities within Haringey. Generation Exchange staff, volunteers and beneficiaries would like to thank our Trustees for all the hard work that they do, and acknowledge their skills and dedication given tirelessly over many years. ## **Developing work with new partners** Our Peabody Community Fund funded project, Generation Meet, Share, Exchange which meets in the Pavilion Cafe in the grounds of Bruce Castle and which brings local people together to reduce isolation and build skills has enabled Generation Exchange to work closely with a wide range of other local projects and agencies including Haringey Forum for Older People, Carers groups, Public Voice, Haringey Reach and Connect and a wealth of other food projects in the Tottenham area. Generation Exchange welcomes opportunities to work with other Haringey and Enfield partners and will respond to any potential new collaboration or joint projects which fall in line with our Intergenerational charitable objectives. ## **Reserves Policy** The charity’s reserves policy is to have three months’ income in the bank at any one time in order to cover three months running costs in the event of closing down. The Trustees review the reserves policy annually. ## **Future Plans and Developments** In view of the ongoing impact on communities such a Haringey and Enfield Generation Exchange foresees that its work addressing the immediate and specific needs of children, young people and older people from BAME and disadvantaged communities will continue. The charity will continue to work with other local partners and agencies to find practical and innovative ways to address social isolation, digital exclusion, gaps in educational development and support, and the longterm effects on mental health of the combined factors of lockdown, the cost-of-living crisis, lack of familial contact and living in disadvantaged communities. Generation Exchange plans to continue developing its presence in schools with older people supporting children with reading, maths and early learning in nurseries, primary schools and secondary schools, as well as its digital inclusion programme IT Exchange. The pilot programme Spanish Exchange whereby older people and young people are brought together to develop their Spanish speaking skills with practice Spanish conversation sessions will be developed and expanded in new schools. Through the delivery, development and expansion of our food and mental health project, Generation Meet Share Exchange, we foresee greater collaboration with other sister food projects and look forward to working collaboratively with these other projects and agencies. Our intergenerational Stakeholder Advisory Group will continue to bring the generations together to further consult, identify areas of need and improvements to projects in order to co-produce and evaluate the work of the charity. 5 GENERATION EXCHANGE TrUSTEES' REPM Icontinuedl YEAR ENDED 31 IIARCH 2023 STATEMENT OF TRUSTEES, RESPONSIBILffES The Iruslees I￿0 are akn the directors ofthe Genwdticn Exchange for the wrFrfJses of ccfflpany lawl are re¥￿￿&b￿ for eparing the TrLth' Rel￿t and ts finanaal 5ts1ern￿ts in e£cordance 8WKable law and Unrted lfjngd Accounting StaTrJards {Untted Generally Awted Acc(wnlirg Practi￿). Company law r4uires the trustees to Fwepare fina￿la1 slaiementstr ea(* finw(3al yearvknich give a true and f*r view of the stale of affaits of the tharitsble Company and of ts inccAnhig resthjrcts and applicati￿ of resoufces. incllhling the incorne and exFenditure. of Ihe Charitst￿e ￿￿npanY knthat pth. In pteparing Ihese financ4al Statem￿ the tru51ees are required lo.. SeleLX suitable accwnting pdiues and th￿ arpty Ihem C￿s1￿￿. ObseN8 the metkths and yinaples in th8 Charilies SORP, Make judgements and e5timate5 Ihat are rea￿a￿e and wudenL Stale whether appl(cable UK Ar&yJnting slandard5 have been ftAkjkn￿1, wtr4.ed to any material departure5 disclosed and expkqined in the financtal ststsments. Prepare Ihe finanaaf Statements ￿ Ihe wng r£fjcem unless il is wiapprcyiale lopresun*thattt*charitsble company wtll ccfitinue in ￿51￿8$ The INstees are respcmsible ts keeFdng ￿￿nI11Vj r￿dS that disctsxe *ilh reasonable acrJJracy al any time Ihe financial position of the charita￿e ccffipany and enable Ihem lo ensure Ihat the financsal statem￿ts compty I￿th th8 Companies Act 2006. They are also tespMmsibtelLY5afeguanling the assets of the charitable c£rfnpany and hence fc*takitYJ reasonable steps lor the we¥￿ic￿ and dekntkm of fr*Jd and other irrtyularities. In so far as we are aware: There is no relevant audit infcrfmation Of￿1th the charitsble c{Mn￿￿S audff(￿ is unaware; and The trustees have taken all steps that they I￿ght to have taken to make 1hemSe￿eS awwe of any we￿vant audil infonnats'on and lo establish Ihat the auditoris aware ofthat N1fomia￿n. In p￿paring ihe Trustees Retth, Ihe Trustees, ha￿ tak￿ adv￿lage of the exempb'¢M 8vailaile lo smal cc•npanies and have not wepared a strategic rerMxL Approved by the Board and sHJned on lh￿r behalf by: Karen Greenwoc¥J Truste¢ **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF GENERATION EXCHANGE** I report to the trustees on my examination of the accounts of Generation Exchange (the Charity) for the year ended 31 March 2023. ## **Responsibilities and basis of report** The trustees of the organisation are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 201 1 ('the Act). They consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 and that an Independent Examination is needed. I report in respect of my examination of the charity’s account 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. ## **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 aspect: - accounting records were not kept in respect of the Charity as required by section 130 of the Act or - the accounts do not accord with those records; or - the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts md 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 proper understanding of the accounts to be reached. **Eileen Da-Silva FCCA Da-Silva and Associates Limited Chartered Certified Accountants 14 Farm Close Essex RM10 9TX** ## **24 January 2023** 7 **GENERATION EXCHANGE** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **YEAR ENDED 31 MARCH 2023** |**Income**
**Notes**
**Income from charitable activities**
Grant and donations
3
**Income from investments**
3|**Restricted**
**Funds**
**2023**
**£**
**13,031**
**-**|**Unrestricted**
**Funds**
**Total**
**Year ended**
**Total**
**Year ended**
**2023**
**£**
**31 March**
**2023**
**£**
**31 March**
**2022**
**£**
**15,404**
**28,435**
3,852
**27**
**27**
-| |---|---|---| |**Total income**|**13,031**|**15,431**
**28,462**
3,852| |**Expenditure**
**Expenditure on charitable activities**
Education|**(16,526)**|**(16,017)**
**(32,543)**
(30,570)| |**Total expenditure**
4|**(16,526)**|**(16,017)**
**(32,543)**
(30,570)| |**Net expenditure**
Fund balances as at 31 March 2022
**FUND BALANCES AT 31 MARCH 2023**|**(3,495)**
**8,923**
**5,428**
**=========**|**(586)**
**(4,081)**
(26,718)
**6,637**
**15,560**
42,278
**6,051**
**---------------------**
**11,479**
**-------------------------**
**15,560**
**=========**
**=========**
**==========**| The accompanying notes form an integral part of these financial statements. All activities are continuing and there are no recognised gains and losses other than as shown above. 8 GENERATION EXCHANGE Cthnpany No: CE008301 BALANCE SHEET AT 31 MARCH 2023 20ZJ 2023 2022 2022 CURRENT ASSETS Cath at bank arsd in hand 13.342 18,029 11342 18,209 CREDITORS.. amounts falling due within one year 11.863) 12,4691 NET CURREpif ASSErs 11A79 15,560 NET ASSErs 11,479 15,560 Funds= Restricted Fund Unre5trided Fund &428 051 8,923 6,637 TOTAL NET ASSETS AT 31 IAARCH 2023 11,479 15,560 The finanaal statement have been wepared in acc£Irdan￿ ￿lIh Ihe Statement of Rec0Mn￿￿ded Practice ISORPI, aptAicable to th￿l￿eS wepanng their acc(rtmts in accordaTK* wth the Finanrial Reporbng Standard applicable in the UK 8NI Republic of Ireland IFRS1021 leffecbve 1 January 2019). The financia stslements were apwoved by the Trustees on Karen Gree Tnjslee Maura Pearson TNslee The accompanying ￿te$ fo￿ an integral FQrt dthese finanrial statunents. **GENERATION EXCHANGE NOTES TO THE FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2023** ## **1. ACCOUNTING POLICIES** The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: ## **Accounting Basis** The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Generation Exchange meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). These financial statements have been drawn up in the historical accounting basis. The accounts are prepared in pounds sterling, rounded to the nearest pound. ## **Preparation of accounts on a going concern basis** The trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of financial position, reserves level and future plans gives Trustees confidence the charity remains a going concern for the foreseeable future. In reaching this conclusion, the trustees have reviewed cashflow forecast covering a period of more than one year from the date of approval of this account. ## **Income recognition** Income from grants and donations are accounted for when receivable. Grants are accounted for when the charity becomes entitled to the funding and donations are accounted for when received. ## **Expenditure** Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Irrecoverable VAT is charged against the expenditure heading for which it was accrued. 10 **GENERATION EXCHANGE** **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 MARCH 2023** ## **Fixed Assets** Assets are depreciated, in equal annual instalments, over their economic lives at the following rates: Electronic equipment 25% ## **Financial instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value. ## **Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **Debtors** Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **Creditors and provisions** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. ## **Foreign currency translation** The charities functional and presentation currency is pound sterling. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are recognised in the Statement of Financial Activities. ## **Pension scheme** of the scheme are held independently from those of Generation Exchange in an independently administered fund. The pensions costs charged in the financial statements represent the contributions payable during the year. ## **Fund accounting** Funds held by the charity are: - **Restricted funds** These are funds subject to specific trusts generally declared by the donor or funds raised for a specific purpose. ## • **Unrestricted funds** These are general funds which can be used in accordance with the charitable objects at the discretion of the trustees. 11 **GENERATION EXCHANGE** **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 MARCH 2023** ## **1. ACCOUNTING POLICIES (Continued)** ## **Taxation** The activities of the CIO, being a charity are exempt from income tax and corporation tax. The CIO is not registered for Value Added Tax. Expenditure in these financial statements is therefore shown inclusive of Value Added Tax suffered. ## **2. LEGAL STATUS** Generation Exchange is a Charitable Incorporated Organisation, limited by guarantee and has no share capital. The members have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities in the event of a winding up. ## **3. INCOME** ||||**Year Ended**|**Year Ended**|**Year Ended**| |---|---|---|---|---|---| ||||**31 March 2023**|**31 March 2022**|| ||||**£**||**£**| ||**UK Income (Charitable activities)**||||| ||**Unrestricted funds**||||| ||Grants and Donations||15,404||-| ||**Restricted funds**||||| ||Grants and Donations||||| ||||13,031|3,852|| ||||------------------|--------------------|| ||||**28,435**|**3,852**|| ||||========|=========|| ||**Income from Investment**||||| ||Bank interest||**27**
||-| |**4.**|**EXPENDITURE**||||| |||**Staff**|**Support**|**Other direct**|**Total**| |||**Costs**|**Costs**|**Costs**|**2023**| |||**£**|**£**|**£**|**£**| |**a)**|**Analysis of total expenditure**||||| ||**Charitable activities**||||| ||**Unrestricted funds**||||| ||Education|11,337|1,694|2,986|16,017| ||**Restricted funds**||||| ||Education|8,976|3,222|4,328|16,526| |||------------------|------------------|-------------------|-----------------------| ||**Total expenditure 2023**|**20,313**|**4,916**|**7,314**|**32,543**| |||=========|=========|=========|===========| ||**Total expenditure 2022**
|19.275|3,895|7,400|30,570| |||=========|=========|=========|===========| 12 **GENERATION EXCHANGE** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **YEAR ENDED 31 MARCH 2023** ## **4. EXPENDITURE (continued)** |**b)**|**Analysis of support costs**|||||| |---|---|---|---|---|---|---| |||**Admin**|**Publicity/IT**|**Travel**|**Governance**|**Total**| |||**Costs**|**Costs**|**Costs**||| |||**£**|**£**|**£**|**£**|**£**| ||**Charitable activities**|||||| ||**Unrestricted funds**|||||| ||Education|52|-|67|1,575|1,694| ||**Restricted funds**|||||| ||Education|3,125|-|97|-|3,222| |||------------------|--------------------|-----------------|--------------------|----------------| ||**Total support costs 2023**|**3,177**|**-**|**164**|**1,575**|**4,916**| |||========|=========|========|=======|=======| ||**Total support costs 2022**|2,119|509|67|1,200|3,895| |||========|=========|========|=======|=======| |||**Year**|**Year**| |---|---|---|---| |||**Ended**|**Ended**| |||**31 March**|**31 March**| |||**2023**|**2022**| |||**£**|**£**| |**5.**|**NET INCOME**||| |||**£**|**£**| ||Net income is stated after charging:||| ||Independent Examiners fee|**945**|720| |||**=======**|=========| |
**6.**|
**STAFF EMPLOYMENT**||| |||**£**|**£**| ||Salaries and wages|**20,313**|19,275| |||----------------------|----------------------| ||Total Staff Costs|**20,313**|
19,275| |||**=========**|===========| No employee received employee benefits (excluding employer pension cost) exceeding £60,000 (2022: Nil). The average monthly number of employees during the year was one (2022: 1). 13 **GENERATION EXCHANGE** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **YEAR ENDED 31 MARCH 2023** ## **7. CREDITORS: due within one year** |**CREDITORS: due within one year**||| |---|---|---| ||**31 March**|**31 March**| ||**2023**|**2022**| ||**£**|**£**| |Trade creditors|**-**|1,270| |Other creditors and accruals|**1,863**|1,199| ||**----------------------**|----------------------| ||**1,863**|2.469| ||**=========**|==========| ## **8. TRUSTEES’ REMUNERATION** No director has received any remuneration or reimbursement of expenses (2022: Nil) in connection with work carried out in performance of their duties. |**9.**|**FUNDS**|||**Movement in funds**||| |---|---|---|---|---|---|---| |||**Balance at**||||**Balance at**| |||**1 April**|**Income**|**Expenditure**|**Transfers**|**31 March**| |||**2022**||||**2023**| |||**£**|**£**|**£**|**£**|**£**| ||**Unrestricted Fund**|6.637|15,431|(16,017)|-|**6,051**| ||**Restricted Funds**|8,923|13,031|(16,526)|-|**5,428**| |||__________|_________|_________|_________|**________**| |||**15,560**|**28,462**|**(32,543)**|**-**|**11,479**| |||=============|===========|============|===========|==========| ||||||=|| ||**Previous year**|||||| ||**FUNDS**|||||| |||**Balance**||||**Balance at**| |||**at**||||| |||**1 April**|**Income**|**Expenditure**|**Transfers**|**31 March**| |||**2021**||||**2022**| |||**£**|**£**|**£**|**£**|**£**| ||**Unrestricted Fund**|23,964|-|(17,327)|-|6,637| ||**Restricted Funds**|18,314|3,852|(13,243)|-|8,923| |||__________|_________|_________|_________|________| |||42,278|3,852|(30,570)|-|15,560| |||=============|===========|============|===========|==========| 14 **GENERATION EXCHANGE NOTES TO THE FINANCIAL STATEMENTS (continued)** **YEAR ENDED 31 MARCH 2023** ## **10. RELATED PARTY TRANSACTIONS** There were no related party transactions with individuals or trustees during the year (2022: Nil). 15