**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
**Page 2**
## **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:
- (a) providing and promoting training and retraining;
- (b) facilitating access to work experience, apprenticeships and employment opportunities;
- (c) providing mentoring, guidance and advice; and
- (d) providing other support.
## **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.
**Page 3**
## **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
**Page 4**
## **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.
**Page 5**
# **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the applicable Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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.
**Page 6**
## **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:
- so far as they are aware, there is no relevant audit information of which the charitable company's auditor is unaware; and
- they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information.
## **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:
- give a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **BASIS FOR OPINION**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
**Page 8**
## **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:
- the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the trustees' report has been prepared in accordance with applicable legal requirements.
## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION**
In the light of the knowledge and understanding of the 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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
**Page 9**
## **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:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
**Page 10**
## **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**
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
- Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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
**Page 11**
## **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.**
**Page 12**
## **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.**
**Page 13**
## **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.**
**Page 14**
## **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.
**Page 15**
## **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:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
## **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:
- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
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.
**Page 16**
# **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
- 33% straight line
## **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.
**Page 17**
## **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.