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2022-12-31-accounts

COMPANY REGISTRATION NUMBER: 11011652 CHARITY REGISTRATION NUMBER: 1183046

GENERATION: YOU EMPLOYED, UK Company Limited by Guarantee FINANCIAL STATEMENTS 31 DECEMBER 2022

MEADOWS & CO LIMITED

Chartered Accountants & Statutory Auditor

Headlands House 1 Kings Court Kettering Parkway Kettering NN15 6WJ

GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

PAGE
Trustees' annual report (incorporating the director's report) 1
Independent auditor's report to the members 7
Statement of financial activities (including income and expenditure account) 11
Statement of financial position 12
Statement of cash flows 13
Notes to the financial statements 14

Page 1

GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)

YEAR ENDED 31 DECEMBER 2022

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charitable company for the year ended 31 December 2022.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name Generation: You Employed, UK Charity registration number 1183046 Company registration number 11011652 Principal office and registered Generation: You Employed, UK office One High Street Egham Surrey TW20 9HJ

THE TRUSTEES

CHIEF EXECUTIVE OFFICER

AUDITOR

Dame V Y Hunt Mr A Ratcliffe Dr M Mourshed Mr S Atcha MBE DL Mrs AY Bentinck MBE Mr K A Bone Ms E Olumide Mr C Shaw Michael Houlihan Meadows & Co Limited Chartered Accountants & Statutory Auditor Headlands House 1 Kings Court Kettering Parkway Kettering NN15 6WJ

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GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Generation UK is a company limited by guarantee, governed by its memorandum and articles of association dated 13 October 2017. It registered as a charity with the Charity Commission in July 2019. Directors are appointed by the board and there are currently eight directors.

The trustees who have served during the year and since the year-end are set out on page 1. The power to appoint new trustees is exercised by a majority in number of existing trustees. Where there is a need for new trustees, this would be identified by the remaining trustees.

Trustees meet regularly during the year to agree the broad strategy and areas of activity for the charity. Trustees consider reserves and risk management policies and performance. The day-to-day administration of the charity lies with the Chief Executive Officer.

The trustees have examined the major strategic, business and operational risks which the charity faces and confirms that systems have been established to enable continuous monitoring of such risks so that appropriate steps can be taken to lessen these risks.

OBJECTIVES AND ACTIVITIES

Generation UK relieves unemployment in England, Wales and Scotland through:

Our Mission

We transform education to employment systems to prepare, place and support people into life-changing careers that would otherwise be inaccessible.

Our Vision

A meaningful career and sustained well-being for every person anywhere.

Public benefit

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they set. The objectives are outlined above in the objectives and activities section of this report.

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GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 31 DECEMBER 2022

ACHIEVEMENTS AND PERFORMANCE

Generation: You Employed, UK (henceforth Generation) is a UK charity with a mission to support people into life-changing employment opportunities that otherwise they would be unable to access.

To do so, we deliver clear pathways for people facing barriers to employment through free, profession-specific, train-and-place skills bootcamps with matchmade interviews to employer partners and ongoing one-to-one mentoring and coaching support.

Since our first programme delivery in 2019 through to the end of 2022, Generation has supported more than 2,000 people through bootcamps across the UK, with delivery across London, Greater Manchester, West Yorkshire, West Midlands, and Scotland.

We have reached and supported potential applicants through wide, multi-channel outreach including via jobcentres, partner charities, digital marketing and alumni/word-of-mouth referral.

The learners we have supported via our programmes represent a diverse group of people who have faced significant barriers to employment. To date they have been c.40% women, c.70% ethnic minority, c.20% with a disability, over all ages (with 2% over 50), >20% unemployed for >12m, c.25% with dependents (5% lone parents), c.40% previously receiving free schools meals and all with individual stories of challenges in finding work.

Through our skills bootcamps, which have been designed in collaboration with employers, we have focussed on high-growth and in-demand, hard-to-fill roles in tech, such as cloud computing, data engineering, data analytics, IT support. We also run programmes to support people into the health and care sector, as well as an emerging portfolio of programmes in the green sector. We have delivered sector-leading job placement rates for these learners at over 70%. The roles we have supported people into have also not just been 'any jobs' but good jobs, and the starting point of successful careers. Our programmes put graduates on a path to growing salaries, an ability to save, a means to support dependents, and all the other benefits that come from economic independence. Our performance exceeds benchmarks. Education to employment programmes for people that are unemployed typically deliver 20-40% placement.

Our learners have also reported consistently high satisfaction, with a 66 point NPS, higher wellbeing, and >90% (strongly) agree instructors/mentors are high quality/helpful and that they are more confident in their future. Generation, working as one combined organisation with Generation in Ireland, is part of a mission-aligned network of 16 non-profit affiliates of Generation: You Employed, Inc - a US non-profit - that has supported >80,000 learners worldwide under the same model.

Looking forward: the need

We see extensive and growing need for people who are unemployed and under-employed across the UK. At the end of of 2022 there were more than 1m unemployed people in the UK, and many facing significant barriers.

Unemployment is disproportionately experienced by certain groups with huge variances. For example young people, ethnic minorities, those with disabilities or without degrees are twice or more as likely to be and/or remain unemployed. There are also c.0.8m young people aged <24 Not in Education, Employment or Training (NEET).

And at the same time, there are >1m vacancies in the UK, with many new, exciting, well-paid jobs being created in growth sectors; enough to support everyone into work.

Despite this, businesses of all sizes consistently struggle to hire. And when they do hire, traditional

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GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 31 DECEMBER 2022

channels overlook key groups and under-representation persists; only a 5th of tech sector workers are women or ethnic minorities .

Beyond this, many who do find work find poor, low-skill, low-potential work as 1 in 8 remain in in-work poverty and the cost of living crisis drives more into poverty, disproportionately affecting those on low incomes. And the result is continuing, entrenching social immobility and inequality (disproportionate in the UK relative to its peers)

There is a clear skills gap. There are not enough people trained in the skills employers need.

Existing and mainstream skilling initiatives are still not sufficient to solve these challenges with success at scale. Multiple initiatives and varied provision have been invested in at scale over the last 10 years, but have typically seen low job outcomes and have not sufficiently addressed the gap. Nor are most well placed to address the emerging and growing gaps in new sectors

Generation seeks to make a significant contribution to this problem, building on our learnings and successes to date. We see the need, and the opportunity, to support many people facing barriers to employment into life-changing careers that otherwise may be inaccessible to them.

FINANCIAL REVIEW

Total income for the year ended 31 December 2022 was £4,782,409 which had grown significantly from 2021 income of £4,094,586. Growth in income was seen across all areas, government funding, Corporate Social Responsibility funding and income from employers in terms of hiring fees as we aim to move towards a more self-financing model.

Total spend for the year ended 31 December 2022 was £4,780,666 (2021: £3,783,703). Spend increased to support the significant scale up of the charity. Increase in costs was largely in staff costs as the team size grew to an average of 69 employees in 2022 (2021: 56) to support the increased activity. Contractor costs also increased as we used some outsourced instructors and mentors alongside own staff for some of the newer programmes. The cost per learner increased in 2022 as we invested in scaling up and experienced some challenges recruiting learners to some of the less well-established programmes

The net financial result for the year was a surplus of £1,743 (2021: £310,883).

At the year-end total reserves amounted to £556,480 (2021: £554,737) and comprised unrestricted reserves of £556,480 (2021: £370,515) to be used to support the charity's charitable activities and restricted reserves to be expensed on a specific purpose of £Nil (2021: £184,222)

Cash balances are strong with a year end cash balance of £941,137 (2021: £1,118,204)

Reserves policy

The Trustees have reviewed the reserves policy and agreed that a figure of 2 months operating costs is an appropriate level of free reserves. The current level of reserves is below this and this is representative of the fact that the organisation has been investing in scaling up during 2021 and navigating through increased costs of delivery during the pandemic. During 2022, the level of unrestricted reserves is forecast to increase as we see a greater proportion of our income coming from unrestricted sources such as income from employers.

As the organisation grows the reserves policy will be reviewed to ensure it is still appropriate.

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GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 31 DECEMBER 2022

PLANS FOR FUTURE PERIODS

Looking forward: Generation's role

Following a successful 2022, we are ambitious for what we can achieve going forward. Generation aims to be the leading charity provider of skills bootcamps, as measured by scale and by impact. We will support people facing barriers to employment across the UK, In doing so we hope to wider awareness of the challenges, opportunities and inspire more action and changes in the system.

We set ambitious targets for our own delivery using a framework designed to maximise impact.

That specifically sets targets for our:

Breadth of impact: how many learners we support

Depth of impact: the impact we have with those people over 6-12 months in terms of job outcomes and starting salaries

Durability of impact: the longer term impact measured by job retention, progression, and improvements in personal and financial well being

We also target serving a diverse set of learners who are facing specific and prominent barriers to employment across the UK.

Achieving these goals, and creating this impact, requires us to build a strong organisation. As such, we also have a set of targets around organisational strength, and financial resilience.

TRUSTEES' RESPONSIBILITIES STATEMENT

The trustees, who are also directors for the purposes 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 charitable company trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 31 DECEMBER 2022

AUDITOR

Each of the persons who is a trustee at the date of approval of this report confirms that:

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on 1 September 2023 and signed on behalf of the board of trustees by:

Dame V Y Hunt Trustee

Page 7

GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GENERATION: YOU EMPLOYED, UK

YEAR ENDED 31 DECEMBER 2022

OPINION

We have audited the financial statements of Generation: You Employed, UK (the 'charitable company') for the year ended 31 December 2022 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of 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:

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 charitable company 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 charitable company'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.

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GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GENERATION: YOU EMPLOYED, UK (continued)

YEAR ENDED 31 DECEMBER 2022

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. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

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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GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GENERATION: YOU EMPLOYED, UK (continued)

YEAR ENDED 31 DECEMBER 2022

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes 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 charitable company'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:

We have undertaken high level reviews of the results and position of the charity for the year in question, and have considered the effects of the industry and wider economy on the company.

We have made enquiries of management regarding the charity's own risk assessment procedures and any identified irregularities, including fraud, identified in the year.

We have used our knowledge and understanding of the charity's business, including the remuneration of key management personnel, to assess how and where irregularities, including fraud, might arise and we have planned our testing using a risk based approach. We have considered the potential for irregularities, including fraud, in all our testing but have also carried out specific testing to comply with the ISA (UK) requirements regarding management override of controls.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

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GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GENERATION: YOU EMPLOYED, UK (continued)

YEAR ENDED 31 DECEMBER 2022

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

David Kelland FCA (Senior Statutory Auditor)

For and on behalf of Meadows & Co Limited Chartered Accountants & Statutory Auditor Headlands House 1 Kings Court Kettering Parkway Kettering NN15 6WJ

1 September 2023

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GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31 DECEMBER 2022

2022 2021
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 5 209,053 4,114,293 4,323,346 3,879,525
Charitable activities 6 447,813 11,250 459,063 214,701
Investment income 7 – – – 360
-------------------------------- ----------------------------------------- ----------------------------------------- -----------------------------------------
Total income 656,866 4,125,543 4,782,409 4,094,586
================================ ========================================= ========================================= =========================================
Expenditure
Expenditure on raising funds:
Costs of raising donations and
legacies 8 – 44,853 44,853 110,528
Expenditure on charitable activities 9,10 440,432 4,295,381 4,735,813 3,673,175
-------------------------------- ----------------------------------------- ----------------------------------------- -----------------------------------------
Total expenditure 440,432 4,340,234 4,780,666 3,783,703
================================ ========================================= ========================================= =========================================
-------------------------------- ----------------------------------------- ----------------------------------------- -----------------------------------------
Net income 216,434 (214,691) 1,743 310,883
================================ ========================================= ========================================= =========================================
Transfers between funds (30,469) 30,469 – –
-------------------------------- ----------------------------------------- ----------------------------------------- -----------------------------------------
Net movement in funds 185,965 (184,222) 1,743 310,883
Reconciliation of funds
Total funds brought forward 370,515 184,222 554,737 243,854
-------------------------------- ----------------------------------------- ----------------------------------------- -----------------------------------------
Total funds carried forward 556,480 – 556,480 554,737
================================ ========================================= ========================================= =========================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 14 to 22 form part of these financial statements.

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GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 31 DECEMBER 2022
2022 2021
Note £ £ £ £
FIXED ASSETS
Tangible fixed assets 14 106,349 46,568
CURRENT ASSETS
Debtors 15 753,349 831,209
Cash at bank and in hand 941,137 1,118,204
----------------------------------------- -----------------------------------------
1,694,486 1,949,413
CREDITORS: amounts falling due
within one year 16 1,244,355 1,354,272
----------------------------------------- -----------------------------------------
NET CURRENT ASSETS 450,131 595,141
-------------------------------- --------------------------------
TOTAL ASSETS LESS CURRENT
LIABILITIES 556,480 641,709
CREDITORS: amounts falling due
after more than one year 17 – 86,972
-------------------------------- --------------------------------
NET ASSETS 556,480 554,737
================================ ================================
FUNDS OF THE CHARITY
Restricted funds – 184,222
Unrestricted funds 556,480 370,515
-------------------------------- --------------------------------
Total charity funds 19 556,480 554,737
================================ ================================

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 1 September 2023, and are signed on behalf of the board by:

Dame V Y Hunt Trustee

The notes on pages 14 to 22 form part of these financial statements.

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GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

STATEMENT OF CASH FLOWS

YEAR ENDED 31 DECEMBER 2022

2022 2021
£ £
CASH FLOWS FROM OPERATING ACTIVITIES
Net income 1,743 310,883
Adjustments for:
Depreciation of tangible fixed assets 42,011 19,298
Other interest receivable and similar income – (360)
Interest payable and similar charges 16,810 27,334
Changes in:
Trade and other debtors 77,860 (417,730)
Trade and other creditors 234,952 760,696
-------------------------------- --------------------------------
Cash generated from operations 373,376 700,121
Interest paid (16,810) (27,334)
Interest received – 360
-------------------------------- --------------------------------
Net cash from operating activities 356,566 673,147
================================ ================================
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible assets (101,792) (35,072)
-------------------------------- --------------------------------
Net cash used in investing activities (101,792) (35,072)
================================ ================================
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings (123,595) (39,433)
Proceeds from loans from group undertakings (308,246) –
-------------------------------- --------------------------------
Net cash used in financing activities (431,841) (39,433)
================================ ================================
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (177,067) 598,642
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1,118,204 519,562
----------------------------------------- -----------------------------------------
CASH AND CASH EQUIVALENTS AT END OF YEAR 941,137 1,118,204
========================================= =========================================

The notes on pages 14 to 22 form part of these financial statements.

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GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

1. GENERAL INFORMATION

The charitable company is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Generation: You Employed, UK, One High Street, Egham, Surrey, TW20 9HJ.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' issued in October 2019, the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

Generation maintains an annual budget for income and costs, which at this point extends through to December 2022 and a 12-month cash flow forecast which extends to May 2023.

The 2022 budget outlines a plan with sufficient capital to support the planned expansion, whilst operating with reserves in line with the company's reserves policy. Much of the funding required to support expansion is now already secured.

Generation also continues to submit additional funding applications, which will likely result in additional capital for existing and new provisions, again providing more cash cover.

As such, we conclude that it is appropriate to prepare the accounts on the going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.

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GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

3. ACCOUNTING POLICIES (continued)

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

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GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

3. ACCOUNTING POLICIES (continued)

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Foreign currency

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. LIMITED BY GUARANTEE

The company is limited by guarantee. The sole member of the Charity has agreed to contribute to the assets in the event of a deficiency on winding up of an amount not exceeding £1.

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GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

5. DONATIONS AND LEGACIES

Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
DONATIONS
In kind contributions from donor – 246,014 246,014
GRANTS
Corporate and Business Grants 47,919 177,210 225,129
Foundation and Trust Grants – 2,228,575 2,228,575
Government grants – 1,462,494 1,462,494
OTHER DONATIONS AND LEGACIES
Other income 161,134 – 161,134
-------------------------------- ----------------------------------------- -----------------------------------------
209,053 4,114,293 4,323,346
================================ ========================================= =========================================
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
DONATIONS
In kind contributions from donor 155,664 – 155,664
GRANTS
Corporate and Business Grants 100,765 344,666 445,431
Foundation and Trust Grants 24,252 1,410,167 1,434,419
Government grants 314,818 1,121,450 1,436,268
OTHER DONATIONS AND LEGACIES
Other income 407,743 – 407,743
----------------------------------------- ----------------------------------------- -----------------------------------------
1,003,242 2,876,283 3,879,525
========================================= ========================================= =========================================

Generation: You Employed, UK is grateful to WeWork for the donated services in respect of rent during the year totalling £246,014 (2021: £155,664).

6. CHARITABLE ACTIVITIES

Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Employer income 447,813 11,250 459,063
================================ ============================ ================================
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Employer income 214,701 – 214,701
================================ ============== ================================

Page 18

GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

7. INVESTMENT INCOME

Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Bank interest receivable – – 360 360
============== ============== ============== ==============
8. COSTS OF RAISING DONATIONS AND LEGACIES
Restricted Total Funds Restricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Costs of raising donations and
legacies - Grants receivable 44,853
============================		 44,853
============================		 110,528
================================		 110,528
================================

9. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE

Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Overheads 84,690 793,637 878,327
Support costs 355,742 3,501,744 3,857,486
-------------------------------- ----------------------------------------- -----------------------------------------
440,432 4,295,381 4,735,813
================================ ========================================= =========================================
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Overheads 34,584 442,022 476,606
Support costs 900,121 2,296,448 3,196,569
-------------------------------- ----------------------------------------- -----------------------------------------
934,705 2,738,470 3,673,175
================================ ========================================= =========================================
EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
Activities
undertaken Support Total funds Total fund
directly costs 2022 2021
£ £ £ £
Overheads 878,327 3,573,804 4,452,131 3,420,808
Governance costs – 283,682 283,682 252,367
-------------------------------- ----------------------------------------- ----------------------------------------- -----------------------------------------
878,327 3,857,486 4,735,813 3,673,175
================================ ========================================= ========================================= =========================================

10. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

11. NET INCOME

Net income is stated after charging/(crediting):
2022 2021
£ £
Depreciation of tangible fixed assets 42,011 19,298
Foreign exchange differences 291
============================		 (46)
============================

Page 19

GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

12. STAFF COSTS

The average head count of employees during the year was 68 (2021: 56). The average number of full-time equivalent employees during the year is analysed as follows:

2022 2021
No. No.
Management 5 5
Programme delivery 56 41
Global – 3
Support functions 8 7
-------------- --------------
69 56
============== ==============
The number of employees whose remuneration for the year fell within the following bands, were:
2022 2021
No. No.
£60,000 to £69,999 – 1
£70,000 to £79,999 1 2
£140,000 to £149,999 – 1
£170,000 to £179,999 – 1
£190,000 to £199,999 1 –
-------------- --------------
2 5
============== ==============

For both years the above disclosure includes 1 member of staff employed by Generation Global but processed through the UK payroll and the cost is recharged to Generation Global.

Key Management Personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £274,984 (2021: £412,323).

13. TRUSTEE REMUNERATION AND EXPENSES

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

One trustee claimed and had their travelling expenses reimbursed of £Nil (2021: £43).

Page 20

GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

14. TANGIBLE FIXED ASSETS

Plant and
machinery
£
Cost
At 1 January 2022 74,121
Additions 101,792
--------------------------------
At 31 December 2022 175,913
================================
Depreciation
At 1 January 2022 27,553
Charge for the year 42,011
--------------------------------
At 31 December 2022 69,564
================================
Carrying amount
At 31 December 2022 106,349
================================
At 31 December 2021 46,568
================================
DEBTORS
2022 2021
£ £
Trade debtors 656,924 698,687
Amounts owed by group undertakings 30,995 86,870
Prepayments and accrued income 25,835 22,337
Other debtors 39,595 23,315
-------------------------------- --------------------------------
753,349 831,209
================================ ================================
CREDITORS: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 86,972 123,595
Trade creditors 7,473 30,749
Amounts owed to group undertakings 331,480 639,726
Social security and other taxes 88,199 60,357
Other creditors 730,231 499,845
----------------------------------------- -----------------------------------------
1,244,355 1,354,272
========================================= =========================================
CREDITORS: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts – 86,972
============== ============================

15. DEBTORS

16. CREDITORS: amounts falling due within one year

17. CREDITORS: amounts falling due after more than one year

Page 21

GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

18. PENSIONS AND OTHER POST RETIREMENT BENEFITS

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £69,036 (2021: £58,277).

19. ANALYSIS OF CHARITABLE FUNDS

Unrestricted funds

Unrestricted funds
At At
1 January 20 31 Decembe
22 Income Expenditure Transfers r 2022
£ £ £ £ £
General funds 370,515 656,866 (440,432) (30,469) 556,480
================================ ================================ ================================ ============================ ================================
At At
1 January 20 31 December
21 Income Expenditure Transfers 2021
£ £ £ £ £
General funds 86,917 1,218,303 (934,705) – 370,515
============================ ========================================= ================================ ============== ================================
Restricted funds
At At
1 January 20 31 Decembe
22 Income Expenditure Transfers r 2022
£ £ £ £ £
Restricted Funds 184,222 4,125,543 (4,340,234) 30,469 –
================================ ========================================= ========================================= ============================ ==============
At At
1 January 20 31 December
21 Income Expenditure Transfers 2021
£ £ £ £ £
Restricted Funds 156,937 2,876,283 (2,848,998) – 184,222
================================ ========================================= ========================================= ============== ================================

The application of the above reserves is restricted to the charitable objectives of this Company.

Page 22

GENERATION: YOU EMPLOYED, UK

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Tangible fixed assets 106,349 – 106,349
Current assets 953,126 741,360 1,694,486
Creditors less than 1 year (502,995) (741,360) (1,244,355)
Creditors greater than 1 year – – –
-------------------------------- -------------------------------- -----------------------------------------
Net assets 556,480 – 556,480
================================ ================================ =========================================
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Tangible fixed assets 46,568 – 46,568
Current assets 968,965 980,448 1,949,413
Creditors less than 1 year (558,046) (796,226) (1,354,272)
Creditors greater than 1 year (86,972) – (86,972)
-------------------------------- -------------------------------- -----------------------------------------
Net assets 370,515 184,222 554,737
================================ ================================ =========================================
ANALYSIS OF CHANGES IN NET DEBT
At At
1 Jan 2022 Cash flows 31 Dec 2022
£ £ £
Cash at bank and in hand 1,118,204 (177,067) 941,137
Debt due within one year (763,321) 344,869 (418,452)
Debt due after one year (86,972) 86,972 –
----------------------------------------- -------------------------------- --------------------------------
267,911 254,774 522,685
========================================= ================================ ================================

21. ANALYSIS OF CHANGES IN NET DEBT

22. RELATED PARTIES

There were no related party transactions otherthan those disclosed within these accounts that require disclosure.

23. PERSONS WITH SIGNIFICANT CONTROL

The immediate parent undertaking is Generation: You Employed, Inc., a Charity incorporated in the US, by virtue of its sole membership of the company.

The parent's principal purpose is to empower young people to build thriving, sustainable careers through delivery of education and training developed with potential employers. Control is exercised by the parent through appointing it's own Chief Executive Officer as a director and trustee of Generation: You Employed, UK.

The consolidated accounts that include this charity can be obtained from 1616 H. Street NW Suite 820 Washington, DC 20006.