li COMPANY REGISTRATION NUMBER: 110116S2 CHARITY REGISTRATION NUMBER: 1183046 GENERATION: YOU EMPLOYED UK Com an Limited b Guarantee FINANCIAL STATEMENTS 31 DECEMBER 2024 111 •AE33V5CY• 2W0512025 COMPANIES HOUSE 233 MEADOWS & CO UMITED Chartwed Accountants & Statutory Audrtor HeadL4nds House 1 Kings Court Kettering Parkway Kettering NN15 6WJ GENERATION: YOU EMPLOYED UK COMPANY MITE UARANT FINANCIAL STATEMEN YEAR ENDE 1 DECEMBER 2024 PAGE Tnjslees, annual report {incorp￿￿￿ the dirtttorfs report) Independent auditorfs rep)rt to the members ststement of finaneial athitie5 lincktding income and expenditure account) 12 ststemenl of financial position 13 Statement of Cash flows 14 Notes to the final￿#1 slalernenls 15 Page 1 .GENERATION: YOU EMPLOYED UK COMPANY UMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT INCORPORATING THE DIRECTOR'S REPORT ECEMBER 2024 The trustees. who. are also the directors for the purposes of ￿npanY present t￿1r rgport and the financial statements of the charitable company for the year ende(131 December 2024. REFERENCE ANDADMINISTRATIVE DEfAILS Registered charity nam• Generation.. You Employed. iK Charity registration number 1183046 C¢mpany r•gistralion number 11011652 Principal office and reglstered Generalion.. You Enyknyed. UK office One H￿h Slreel Egh Surrey TW20 9HJ THE TRUSTEES Dwne VY Hunt Mr A Ratcl Mr S Atcha MBE OL Mrs AY Benlinck MBE MrKABone Ms E Olumide Mr S HollKlay Ms K Greenwood Ms J Gibbon Ms C Carter frAr M Huy Lai (Resigned 30 December 20241 (Resigned 31 March 20251 (Appointed 1 October 20241 (Appointed 20 October 2024) (Appointed 20 October 20241 (Appointed 20 October 2024) CHIEF EXECUTIVE OFFICER Michael Houlihan AUDITOR Mead￿￿ & Co Limrted Chartered ￿￿untants & Statutory A￿lItOr HeadLgnds House 1 Kings Court Kettering Patkway Kettefing NN1561 Pag• 2 GENERATION: YOU EMPLOYED UK COMPANY LIMITED BY GUARANTEE TR TEES. ANN AL REPORT INCORPORATING THE DIRECTOR'S REPOR (continuodj YEAR ENDEO 310ECEM8ER 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT . Generation. UK is a company limried by guarantee, governed by its memorandum and articles of association daled 13 October 2017. It registered as a charty wth the Charity CommissK)n in Juty 2019. Directors are appointed by th8 board ond there ¥e currenlty eMJhl directors. The Iruslees who have served during the year and sirKe the year4nd are set oul on page 1. The F4)wer to appoint new trustees is exercised by a majority in number of ex4Sting trustees. Where there is a need for new trustees, Ihis wtsJld be identified by the remaining trustees. Trustees meet ￿Ul81￿ duriThJ the year to agree the broad strategy and areas of a¢lNity for the charty. Trustees eonsNJer reserves and rvsk management policies and perf0M￿nce. The day4trday administration of the charty lies wrth the Ch￿f Executwe Officer. The trustees have examined th8 major stralegic. business and operational risks which the charty faces and confirms that systems have been established to enab￿ continuous moniloring of such risks so that appropriate slep$ can be t*en to lessen these risks. OBJECTIVES AND ACMVITIES Generalion UK relieves unwkwloyment in England. Wales and Scolland through: {a) provtding and promoting training ?￿d retraining: Ib) facilitating access lo work experience, apprentKeshps and eMploYff￿nI opportunities: {¢) provKling mentrying. guidance ar¥J advice" and {d) provtding other suppoiL Our Misslon We transfomi education lo em￿￿ment Systems to prepare. pLaee' arKI support people into lrfe4hanging careers that would olhepwise be inaccessilAe. Our Vision A meanryful eareer arKI sustained welkbeing for every person any￿ere. Public benefft We have referred to the 9￿￿8 cOnta￿d in the Charty Ccffnrrisston's general guidance on PL*)li¢ benefit when rw*wing our aims and obieclNes and in planning our fuluro activilies. In particular, the Irusl885 considgr how planned xtr¥ities wll ccmtribule to the aims a￿ obiictives they set. The cbjeclives ore QLrtlin8d above ￿ the ctljectives and xbviTes section of Ihis report. Page 3 GENERATION: YOU EMPLOYED UK COMPANY UMITED BY GUARANTEE TEES. ANNUAL REPORT INCORPORA THE RECTOR'S REPORT (contlnuedj YEAR ENDED 31 DECEMBER 2024 Achlevemenls and Perforniance - 2024 Generation.. You Employed, UK (Generation) is a UK eharty with a mission lo support people facing barrier5 to employment into lrftrtharKJing careers. Thr(yJgh our ffee. profes5ion-specrfic. Irain•and*lace skills boolcamps, we help individuals unl¢xk opportunty. secure meaningful work, and tr￿11d brighter futures. On these programs techn￿1 upskdling bs delNered alongside on&twne nwloring, eareer eoachwig. arKJ job placement support. Since launching first programme wi 2019. Genér*kM has supported over 3.500 peopk acro5$ five core UK regions.. London, Greater Manchester, West Yorkshire. Wesl Midlants, and Scotland. We've worked alongside local partners. government agenc￿. funders and over 1.000 employers to connect I8￿nI to OPF>)rtunity, pwticularty in tech. heat￿re. the growing green &ar￿MY. In 2024 alone. Generation hetrped close to 500 people into empbyment. bringing our total job placements to over 1.700. Despite a more challenging job Market-parti¢u￿rty in enty-18vel tech roles where recruitment has skA¥ed job placement rate for graduates from ￿urse$ CL￿PIe1¢d Th￿re than Six months ago reached 6S%. with an 83% job retention rate at one year. This is distinctly higher than comparable programs. where typical ¥Kreases in enwknyment rates folk)Wb"ng programs are ¢￿ten as low as as 2040•h. The longitudin* quantit*ive evidence shcAvs these outcomts are also deep and durab￿. The average stsrting salary for leamers placed in 2024 was ck¢se to £25.OCQ. spjnrf￿an1IY above the minimum wage. Among alumni tracked two years post-program, over 85% remain in pahl work. and 70Vo have vanced into more senior roles. Those alumni rwrt hb3tr*r welbeing and fi'nancial independence. including the ability to save for the first ti￿￿. Generation's work is intenb"onalty fccused on those who need support the mosL addressing barriers to unemployment. including sy5temalic under•represenlation. Our 2024 learner cohort included.. - 54Y• of people not have a degree - 24V• of people had a selfqleclared disabilly - 71Vo of people wefe from ethnic Tni￿r￿Y backgrounds - 86% of people were unemptoyed at progrnm sta¢ wKlwJing 26% unemployed for over a year Overall, the leamers we supported l&ed - on average - Ihree Klenliwle employment barriws. highlighting the ecfflmn realty of intersectional challenges. To strengthen our focus on leamer5 barrers to employment, we introduced more targelgd eligibilty criteria and better data collection during leamer intske. We also ran targeted outreach eampayns and tested new releff* partnerships to engage those who are often overlts)ked by traditional routes. We've adapted our progrnmme FQrtfo&o to match Ch￿Jing industy needs and economic trends. In 2024 we ran afound 40 cohort5 across eight drffererf types of program. spanning tech, health. and green sect¢)rs-in¢luding a new Soiar PV Installer course developed in response lo grtiwng demand for green skils. All our prC¥ra￿rn are desyned wrth emthef input and delivered with an emphasis on 8mployability. menlorship. •rtd real4￿r1d re¥liness. Our work requires and embr&es Strong pwlnership5 Wrth mission ahgned organizations, which we continue to invest in and grow. In 2024 we launched a pibt delivery partnership with Capitsl Cty College Group, supported new beafners through Jobcentre Plus referrals. and expanded our relat￿nShIpS with over 970 employers-20% of whom hired a Generation graduate for the first lime thi$ year. Two important independenl evduations of w pro￿1)n *ere publish&J in 2024, and which cMfirmed our impxL Pag• 4 GENERATION: YOU EMPLOYED UK COMPANY UMITED BY GUARANTEE TRUSTEES. ANN AL REPORT INCORPORA NG THE DIRECTOR'S REPOR (continued) R ENDED 310ECEMBER 2024 The Departmenl for Work and PenS￿)n$. Employment Data Lab found Generation learners employment status went fr¢)m e.20% to 70% follrymng our program, using government data from lax and benefrt records. CerfresporKlingty. there was a substantial drop n benefrt receipt and reliance from the people who joined our program. - Ofsled awarded us an 'Outslanding' r*ir4J xross all areas folltxing inspectM?n-recognising our leamer SUFPOrt. curriculum qualty, and transf(Km*ional resutts W8 are proud lo have shared the findin95 of our worlt in the 2024 Soch31 Impact Report. which provides transparent, data-backed ev•Jence of ho•V we Change INes-and we plan to do even more. For further rKhness and detail on Ihts please ￿ il here: htt s'.Iluk. eneration. ener*ions-im ¢t4fv20241 kin In 2024 we finalised a new thre&year strategy covering the period 2025-2027. In this next Chapter of Generation's growth, we aim to make a further stekFchange in the impact and strength of the charity. That indudes focus and investment across tTh￿e main themes: l. A thriving team 2. Driving impact for our leamers 3. Investing for growlh and future scale Across those themes. we have outlined and prioritr2ed a set of 8 Strateg￿ pfK>nties. and asstxialed KPIS. Over this peT*)d we ex￿1 and aim lo s*Jnfficantty grow the number of learnets we support. alongside even higher rates of impact. Thi5 includes investrnents in improved leamer outreach. lon*lemi outcomes tr&king. program innovation including even deeper inlegralion of Al modulè5 10 ¢JJr programs. and even deeper regional partnetships. The need 1$ as great and actrte a$ ever. Over 1 people remain unerrployed in the UK with millions m¢ye under4mployed or lacing $y$temic baN*rs to opportunty. There is a growing awarenes5 that soeial mobilty has stalled across the UK. and there is gieat need. and ¢JPPOrtunty to do more. Meanwhile. businesses wrtinue to strwjgle to fil hbJWemwHI roles in tech. hea￿h￿re. and in green-skills. We are in a peri¢Jl of ir￿[eased turmoil. risk. and increasiThJ speed of change. We are aware that we need to be responsive to that change. and agile in doing so. We are also aware that these changes create opportunty, particularty where they lead lo s￿Oral growth. and the creation of . new jobs. Generation exists lo bridge this gap. where there is a mismatch btheen the ski115 required by industry. and the skills hekl by people seeking to move OLrt of unemployment. We aim lo capitslize on these opportunities wilh proven. effectNe. and human-centred programs. orient*ed around ever-chan9ing industy-need. We a￿ deepty gr*efvl to our funders. partners. and SUPFQrters fN enabli1￿ our work. Together, we are not only helping rndNiduals find work*ul.helping them ch￿ge their INes, support their families, 8nd build fvlures flled wih purpose. Page 5 GENERATION: YOU EMPLOYED UK COMP MITED BY GUARANTEE TRUSTEES. ANNUAL REPORT INCORPORATING THE DIRECTOR'S REPORT (contsnue YEAR ENDED 31 DECEMBER 2024 Flnan¢lal Review- 2024 P&L Total income for the year ended 31 Decem￿1 2024 was £4.974.$08. slightty higher 2023 income of £4.958.382. Income was driven by growtng eommissioning frcm the Department for Educath?n, which replaced the previous main source of public sector fvnding {ESF), which ended in late 2023. Generation also successfulty grew contraels wrth local govemment in SCOt￿nd. Income also grvw from C¢xporale soc￿1 Responsibilrty funding. ¢reab"ng a balanced and $uslainabFe model. Total spend for the year ended 31 December 2024 was t4,￿9,930 {2023.. £4,952.0671. Spend increased slohlly lo support the level of debvery of the chanty in 2024. The Maj￿ity of spend remains largely in staff costs as the leam syze gr￿* lo an average of 78 employees in 2024 {2023.. 74). Contractor costs are another key caleg)ry of spend. as we use some outsourced inslruclors and ment￿8 alongside cwn staff for some (rf the rvwer progvams. The net financial resuli for year was a surplus of £4.578 (2023.. £6.315). Loans Generation •Jreed a loan with Natvlest and Joseph Rth•mtree Foundation in Odober 2023. for a totsl 01 £550,000. These loans wefe 4ieed to supp¢Jrt GenerathM through a period of lower Cash reserves, pnncipalty due to delays in recwpts from key ESF projects at that time. The loan amount was split across the funders ￿ Similar temi$. For both parties, the repayment schedule is over 36 nlhs and includes interest plus cap5tal repayments. Al repayff*nts have been made on time and onkntrack thus far. wh￿h continued over 2024. Generath?n ccmlinues to pay off the k)an monthly, and the cost of doing $0 is built into cash flow and spend projections. These loans vdll be fulty paid off by October 2026. with no current plans to ren￿ or take OLrt further loans. ReseNes Reserves ollc Generali¢n has a resetves prAicy. induded wrthin a Financial Distress poly ¢reatwJ in 2023. This policy Ou￿lneS how Generation will identify. and react to situatiMs of financial distress. as well as oullining the steps the chaTty takes to avoM4 such situations. Reserves tar This poltey out11￿ th* the tsrgeted level d minwrrtm reserves is 2 months of spend. held as cash al any one time. A key tool used lo tyjenlify possible financk81 distress is where the cash flow forecast ¢)ver 12 Th￿nthS shows a drop beneath Ihese nunimum Lwgeled reserve5 level. The policy then outlines furlher scenarios and reswnses. The reserves policy as it stands does not have a Stated tsrgeted poSi￿n ￿ reStr￿ted vs. unrestricted reserves. A simple ftKus on cash balance vs. ff￿nthty spend was used a$ this was deemed to be an a¢¢eplable and appropriate rr￿aSU￿. Thiswas in part due to the fact that the vast majority of funding received by Generation is for ¢cYe delwery. Where that lunding does have some reslridions, the re$liiction$ are typicalty of a gecgryjh￿ Of programmaknc nature. The a$s￿rated delrvery to meet those funder targets are built into Generation's core plan and delivery. As such, most funding is in some ways 'restricled'. but the vasl m4¢xity of that fvndirvJ is vsed in line with our core mission and delivery. There are therefore not S￿n￿￿tant restri¢ted reser¥es of cash hekd that are Page 6 GENERATION: YOU EMPLOYED UK COMPANY LIMITED B UARANTEE TRUSTEES. ANNUAL REPORT INCORPORATING THE DIRECTOR'S REPOR fcontlnued) YEAR ENDED 31 DECEMBER 2024 required for very specifie purp¢)ses. And correspondingty. rf a tighl Cash situation arose, it was not deemed lo be a high risk that there would be sNJnfficanl constraints on the remaining cash. Moreover, over 2020-2024, as the charty was relatwdy small and growing, and complemented with stron9 internal systems aThl financial controls. this sirrwie approxh had seNed the ￿gani&*i0n well. In the ￿ri1 2025 8oard meeling. the Board agreed Ihal a new reseNes policy woukd be 8gTeed by end 2025. This would likety m¢we the reserves tsrgel to 3 months spend Iralhei than 2 months). An updated policy would also ￿sIder taking a sFecffic vièw on target levels cl unrestitted reserves po￿tiOn, and would also oulline a plan fr(¥)) he￿ to meet these targets. The development of the new reseNes poky wrll be led by the T￿asUrer {new appoinlmenl made in April 2025), supported by the CEO and other MeM￿TS of the team. The fvll policy, once agreed, is lo be rewewed and appr¢)ved by the fiHI board by 2025. e of reserv We hold general rese￿e$ to provth vthTng capital requirements as we operate, plus to provhdè cover for Ltnexpected changes in income and expendrture. all¢ywing us to eontsnue *liwties in the event of lemp)rary loss of income a pemanent fall in income: allowing lime to adjust our cost base or business m¢)del incurring one4rff costs that are rnt covered frryn dornr fvnds. General reserves also allow us to implement new strategic priorities or invest in new q)portunities to achieve our goals. The PUry#)se, and deployment of reserves also te developed further in the update to the fesgrves policy to be completed by t)ecember 2025, a$ outlined above. lanatlon of cash balance and reseThes n at end 2024 End of Year Net Assets fgure is +£0.￿7m, shchving Generation to have the abilty lo cover all liabilities du8 within a year arhy those that are due after a year. Our inrtial debtors figure induding cash slwds at £2.046m, then reduced by our liabihties £1.5m. Those liabilities relate to= -'Funds held not yet recognised. I£0.681h) - Expenses to be paid in FY251£0.462m) - Bank loan repayments I£0.359m). -Funds held not yet recognised re￿e to funds received whcjse costs extend into FY25. thus the funds received are held as a liabilty until the costs are incurred in the follNing financial year. This is in line with the charities cost and Inco￿ recOgnth￿ aPpr￿h. Cash hdd al the end of vras FY25 £1.619m. An eknienl of this is restricted by funders £0.434m, which require spe￿riC cost to be covered. The residual £1.185m is uNestri￿ed and ¢s ablg to be spent according lo the nature of the chanty- Pa9e 7 GENERATION: YOU EMPLOYED UK COMPANY UPfftD BY GLIARANTEE TRUSTEES. ANNUAL REPORT INCORPORATING THE DIRECTOR'S REPORT (contlnued) TRUSTeES' RESPONSIBIUTIES STATEMENT The Ifuslee5. who are also directors for the pu￿e5 of c(xnpany law, are responsible for Preparing the trustees. report and the financial statement5 in accordance wth applicable law and United Kingdun A¢￿UntIng Standards (Unrted Kingd￿ Generalty Accepted Accounting Practice). Company law requires the Chari&￿Ie ccffipany trustees lo prepare finanaal statements. for &ach year which give a true and fair viwrt of the $tste of affairs of the tharilable company and the in¢oming resources and appfication of resources. [n¢1(￿rng the income and expondtture. for that period In preparing these fina￿la1 statemerts. the trustees are required to: seled suitsble ￿c￿nting Fol￿&$ tWI apply IheJn consi%lenty: observe the meth¢)d$ and principles in the applKable Charit*s SORP: make judgments and xcountiry estim*es that are reason*18 and Prudent.. prepare the financial slalements ￿ the going concem basrs unless it ts inappropriate lo presume that the charitable ccffnpany VMII ¢(￿lnue in business. The Iruslees are responsible for keeping *quate xcounting records that are Suff￿lent lo show and explain the ¢haritable company's transacti¢)ns and disclose with reasonable accura￿ at any time the financial position of the ¢haritabk ￿MpanY and enable them to ensure that the financial statements eompty with the Companies Acl 20L￿. They are also resFwisible for safeguwding Ihe assets of the charitsble company and hence for taking reasonable sleps for Ihe prevention arKJ detection of fraud and other irregularities. AUDITOR Each of the persons wfv) 1$ a trustee at the date of approval of this report confimis that.. $0 far as they are aware. there is no relevant audit informth of whKh the diarilable company's auditor is unaware", and they have taken am steps that they OUW to have taken as a trustee to m*e themsefves aware of any ielevant audit inf0m￿lon and to establLsh that the ¢haritabb cwpanys auditor is aware of that infom)ation. SMALL COMPANY PROVISIONS This report has been prepared in xcordance with the provtsions applrable to ¢ompanies entitled lo the small coiryanies exemption. The trustees, annual report was 4)proved on 19 May 2025 and sM3ned on behaf of the board of trustees by". StywHrA￿dI GlIT+i Mr S Holliday Trustee Page 8 GENERATION: YOU EMPLOYED UK COMPANY UMITEO BY GUARANTEE INDE NDENT EMBERS OF ENERA YED YEAR ENDED 31 D CEM8ER 20 OPINION We have audited Ihe financial statements of Gener*￿Tr.. You Employed, UK (the'charilable conwany,) for the year ended 31 December 2024 wh￿h comprise Ihe ststement of financial &livities linclLtding irKome and expenditure account). statement of financial posilK>n. ststemenl of cash flows and the related notes, including a summary of swn[r￿n1 xcounting policies. The financial reporting framework that has been applied in their preparation ts 4¥plKable law and United Kingdom Accountin9 Standards, induding FRS 102 The Financial Reporting Standard applicable in the UK and Repubknc of Ire18nd (United Kingdom Generalty Accepted Accounting Prac￿1. In our opinion the financkql st*eM￿ts. give a true and fair vie* of the sL*e of the charitable Comp￿,3 affairs as at 31 December 2024 and of its incoming re50urcts and application of resources. including its income and expenditure, for the year then ended". have been propety prepared in. xcordance with United Kingdom Generalty Acceptod Accounting Practice" have been prepared in accordance ¥￿th the requwements of the Companies Act 2rM)6. BASIS FOR OPINION We conducted our audit in accordance wrth Intemational Standards on Auditing (UK) IISAS {UK)l and appl￿ble law. Our responsbilities under th0$8 stsndards are further descfibed in the auditorfs sponsibilities for the audit of the financial ststement5 section of tyjr report. We are independent of the charitable company in awdance 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 a￿r(lan￿ with these requiremen15. We believe that the audit evidence we have obtained is sufficient and appropriate lo provKle a basi5 our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have Concluded U)at the trustees Use of the wng concern basis of a￿oUntIng in the prepor*ion of the finarKial statements is ¥*pr¢)priate. Based on th8.work we have p8rformed. we have not idenff*d any material uncertainties relating lo events or condrtions that, indtvidualty or ¢ollectivety. mty cast $19nfficant doubt on the charitable Company's abdity lo continue as a going concern lor a period of at least months fiom when the TInar￿la1 statements are authorised for issue. Our responsibilrties arKI the responsibilrtie5 of the trustees with respect to gc4rvJ ccrtem are described in the rele¥￿t sectN)ns of this report. Poge 9 GENERATION: YOU EMPLOYED UK COMPANY UPATED 8Y GUARAN EE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GENERAnoN: YOU EMPLOYED UK (eontinuedj YEAR ENDED 31 DECEMBER 20 OTHER INFORMATION The other information c()inprises the Infcffm*￿ YKluded in the annual repor( other the financial stalements and our auditor's report thereon. The trLsslees are responsible for the other inforrnation. Our opin¢on on Ihe ffinancial slalements does not cover the other infomialion and, excepl to the exlent otheNiise exph'citty slated in our reFty)rt. we do nol express any fo￿ of assurance conclusion Ihereon. In ￿nnectIon with our a￿Jit of the ffinaKial $talen￿ts. our responsibility is to read the other infom)ation and. in d¢yng so, ￿nSider whether the other infomiation is materkllly ir+consislent with the fina￿101 statements or our knowkdge obtained in the audit or otherwise appears lo be materially fflisstated. If we ￿entify such material inconsistencies or apparenl material misslalemenls. we are required to determine whether there is a malerial misslaterrwt in the financial slalements or a fflalerial misslalement of the othet infomiation. W. based ¢)n the work we have perf0M￿d, we condude that there is a material misstatemenl of this other inf(Ymakn. we are ￿UIred to rewrt that f*t. We have nothing to report in this regard. OPINIONS ON OTHER MATfERS PRESCRIBED BY THE COMPANIES ACT 2006 In our cyinion. based on the work und8rtaken in the course of the aud Info￿at￿)n given in the trustees. report the financial year for which the financial stateffents are prepared is consistent with the financial statements.. and Ihe trustees. repcyt has been prep*ed in accordance with eppkable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTK)N In the lighl of the knowledge and understand#￿ ￿ the d￿rItable company and rts environment obtained in the course of the audit. we have not ¥Jenlir￿d materkql misstatements in the Iruslees. report. We have nothing to report in respgd ol the following matters in rekqtiC￿ to which the Companies A¢1 20C6 requi￿ us lo report to you if, in our opink)n: Jequate accounting records have not been kepl. or relums *qu*e for our audit have nol been rec*ved frcm branches not visited by us.. ¢ th? finawal stateffenls are not in agreefflent with thè accounting records and returns: certan disclosu￿$ oftrustees. rwnuner*ion spe¢rf￿d are not made.. or we have not received all the information and explanations we require for our audit,. ¢x the trustees were not enlrtled to take advantage of the Small companies, exemptths in preparing the d￿eCtorS, report and from the requwement to prepare a Strategic report. Page 10 GENERATION: YOU EMPLOYED UK COMPANY UMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UK (continued) ENERATION: YOU EMPLOYED YEAR ENDED 31 DECEMBER 20 RESPONSIBILITIES OF TRUSTEES As exyained more fulty in Ihe truslees. responsibilities slatemenl, ih? tWStees (who are 81s0 the ￿1￿CtorS fLY the PUTP05es of cunpany Iw} are resFoJnsible for the preparation ol the financial stslements and for being satisfied thal they gwe a true and fair vie•V. and for such internal control as the trustees detemiine is necessary to enable the p￿ParatiOn of financial statements that are free fr¢)m material misslatemenl. whether due to fraud or eff￿. In preparing the financial statements. the trustees are ￿SpOnsible for a5sessiThJ the charitable company's abilty to continue as a going Car￿n. disclosing, as applicab￿, matters related to going eoncem and using the going concem ba￿% of accountiThJ unless the trustees either intend to liquhjate the charitable tompany or lo cease ¢)perations. or have no realist￿ attemative but to do so. AUDITOR'S RESPONS181LmES FOR THE AUDrr OF THE FINANCIAL STATEMENTS Our objedives are to obtain reasonable assurance about whether the financial statements as a whole are free from rnateri￿ mi$statement, whether due to fraud or error, and to issue an audrtorfs report that includes our opinion. Reasonable assurance is a high level of a$surarte. lyjl is not a guarantee that an audit conducted in ac¢oTdarKe wlh ISA$ IUK) will akvays deled a material misstalemenl when il exists. MIS$L￿eMentS Can arise from fraud or error and are considered material rf. individually or in the aggregate. they could Teasonabty be expecled to influence the economic decisions of users tsken on the basis of these financial staternenls. Irregularities. including fraud, are inslances of non-conwliance with l•¥s and regulations. We design prctedures in line wrth our responsibilities. oudined thve. to delecl m*erial misstatements in respect irregularities. including fraLKI. The extent to our pl￿edureS we capabk of detecting irregularrties. including fraud is deta￿ below" We have undertaken high level revithvs of the ￿$￿ts and positK)n of the charity for the year in question, and have conshlered the effects of the industry and wKler economy on the cornpany. We have made enquiries of m￿agerne￿ regarding the charity's risk assessment procedures and any Klentffied irregularities. including fraud, identified in the year. We have used our kn the assets in the event of a defKiency on windir#J up of an amount not exceeding £1. DONATIONS AND LEGACIES Unrestricted Funds RestrKted Tolal Funds Funds 2024 OONATIONS In kind contr1t￿rtiOns from donor 16.998 100.1Tr) 117.098 GRANTS Govemment Grants Govemmenl Grants 2.060,8S8 2.060,858 2.364.461 2.657.871 293.410 OTHER DONATIONS AND LEGACIES Other income 17.681 2SO 17.931 328.089 4.525.669 4.853,758 Unrestricted Funds Restricted Total Funds Funds 2023 DONATIONS In kind contributions from don 146.483 .1( 242,583 GRANTS Jvemment Grants Non-Govemment Grants 2.290.76S 2.290,765 2.170.522 2,170,522 OTHER DONATIONS AND LEGACIES Other irKomg 49.325 49.325 195,808 4.557.387 4,753.195 Gener*ion.' You Employed. UK is grateful to Sh)redil¢h Exchange and weW￿ for the donated services in respect of ￿nI during the year totallrng £117.098 (2023: £242.5831. Pag• 19 GENERATION: YOU EMPLOYED UK COMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {eontlnuedJ YEAR ENDED 31 DECE1418ER 2024 CHARITABLE ACTMTIES Unrestricted Funds Restrthd Totsl Funds Funds 2024 Employer wicome 117,CNJO 3,750 120,750 Unrestricted Fund$ ReStr￿ted Total Funds Funds 2023 Empl¢)yer income 216,437 111,2501 205,187 COSTS OF RAISING OONATIONS AND LEGACIES Reslitted Total Funds Funds 2024 Restr￿ted Total Funds Funds 2023 Costs of raising donatK)ns and legacies- Grants recewab 84,338 84.338 EXPENDITURE ON CHARITABLE ACTMTIES BY FUND r(PE Unrestrthd Funds Restricted Tolal Funds Funds 2024 Overheads Sw)port costs 43.848 380,932 424.780 645,143 3,900,007 4.545.150 688.991 4.280.939 4,969.930 UnreSt￿ed Funds Restricled Total Funds Funds 2023 Overheads Support costs 78,423 521.473 754,156 3.513,677 4.267.833 832,579 4.035.150 599.896 4,867.729 EXPENDITURE ON CHAR￿ABLE ACTMTIES BY ACTMry TYPE Actwities undertaken direclty Sw)port Totsl lunds sts 2024 Tolal fund 2023 Overheads Govemance costs 688,991 3.993.829 287.110 4,682.820 287.110 4.632,299 235,430 688.991 4,280.939 4.969,930 4.867.729 Page 20 GENERATION: YOU EMPLOYED UK COMPANY LIMrrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (contrnued) YEAR ENDED 31 DECEMBER 24 10. ANALYSIS OF SUPPORT COSTS Anatysis of support costs Total 2024 Total 2023 Staff costs Prem5ses Communications a)d IT General office Governance ￿$ts Support cosls- Olher cosls 3.611.708 81.OSO 23,246 1S,293 287,110 294.376 4,312.783 3,611.708 81.050 23,246 1 S,293 287,110 294,376 4.312.783 3.194.67S 208,813 46,220 30,991 235,430 319,021 4.035.1 SO 11. NET INCOME Nel income is slaled after Charging1(cred￿ng). 2024 2023 Depreciation of tangible fixed assets Foreign exchange dIfferer￿e$ 46.282 28.542 56.469 12.7091 12. STAFF COSTS The total staff Costs and empknyee benefts for the repo￿"A9 period are anatrysed as folkm.. 2024 2023 Wages and salaries Social securty costs Employer ¢ontributions to PenS￿n plans 3.079.874 300.867 88.341 2.899,7SO 275,113 87,833 3.262,696 3.469,082 The average head C￿jnI of efflployees during year was 78 {2023.. 74). The avera9e number of ful￿tIMe equivalent employees during the year is anatysed as foll(yws". 2024 2023 No. Management Programme delNery Support functions 63 78 74 The number of empknyees whose remuneration for the year fell within Ihe following barKls. were.. 2024 2023 No. No. £60.OCM) to £69,999 £70.000 to £79,999 £80.0￿ to £89,999 £120,¢JOO to £129,999 £150,C￿0 to £159.999 Page 21 GENERATION: YOU EMPLOYED UK COMPANY UMrrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continu YEAR ENDED 31 DECEMBER 20 12. STAFF COSTS (continued) Key Management Personn•l Key management personnel include all persons that hav8 authority and responsibility for ptanning. directing and controlling the activrties of the chanty. The total ¢i>mpen$ation paid lo key management personnel seNces prowded to charity was £215.28812022'. £265.4171. 13. TRUSTEE REMUNERATION AND EXPENSES No remunefalmin or othw benefits from employtt￿t with the charity cff a related enlity were received by the trustees. 14. TANG18LE FIXED ASSETS Plant and machinèry At 1 January 2024 Addttion$ 195,009 3.848 Al 31 Oecembw 2024 198,857 Depreciation At 1 January 2024 Charge for the year At 31 Decembw 2024 126,033 46,282 172,315 Carrying arnount AI 31 D￿eMber 2024 26,542 68,976 At 31 L)ecember 2023 15. DEBTORS 2024 2023 Trade debtors Amounts owed by group undertakirrfjs Prepayments aThJ xcft￿d income Other debtors 22.005 86,712 79,140 261.219 30,442 354.022 50.117 426,144 457,513 Page 22 GENERATION: YOU EMPLOYED UK COMPANY ￿M￿ED BY GUARANTEE THE FINANC AL TATEMENTS (contlnued) YEAR ENDED 310ECEMBER 2024 16. CREDrroRS: amounts falllng due within one yèar 2024 2023 Bank loans and overthafts Trade credrtors Amounts owed to group undertakings Social security and other taxes Other creditors 183,855 59,442 2,690 78.137 1.OOS.498 1.329.622 532,553 14.729 83,564 822,S80 1.453,426 17. CREDITORS: amounts falling du• aft•r morn than one y•ar 2024 2023 8ank loans and over(trafts 175,048 18. PENSIONS AND OTHER POST RETIREMENT BENEFITS Defined conlrlbulK>n plans The amount recognised in inccffie or exFendrture as an expense in relal*Jn to defined eontribulion plans was £88.341 {2023'. £87.833)- 19. ANALYSIS OF CHARITABLE FUNDS Unrestrlcted funds At 31 Decgrnbe r 2024 1 January 20 24 Income Expenditure Twsfers General fvnds 368.829 445.089 1424,780) 108.333 497,471 At 1 January 20 23 At 31 December 2023 Income Expendrture Transfws General funds 412,245 1599,8%) 368,829 Pagg 23 GENERATION: YOU EMPLOYED UK COMPANY UMITED BY GUARANTEE MOTES TO THE FINANCIAL STATEMENTS Iconbnu•d) YEAR ENDED 31 DECEMBER 2024 19. ANALYSIS OF CHARITABLE FUNDS (contlnued) Restrlded funds At 1 j￿u￿Y 20 24 31 Decem r 2024 I￿l￿ne Expendrture Translers Restricted Funds 193.966 4.529,419 (4.545.150) (108,333) 69,902 1 January 20 23 31 December 2023 Income Expen(iiture Transfers Restricted Funds 4,546.137 (4,352,171) 193.966 The application of the reseNes is restricled to the charilable c*4ectrves of Itis Company. 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS un￿strICted Restricted Total Funds Funds Funds 2024 Tangible fixed assels Curyenl assets C￿dItorS less than 1 year C￿dItorS greater than 1 year N•t amets 26,542 26,$42 9)1,452 1,144.049 2.045,S01 1645,718) {683,9041 11.329,622) 1175.048) 117S,048} 107.228 567.373 460.145 UnrestrKled Funds Restricted Totsl Funds Funds 2023 Tangible fixed assets Cuffenl assels Creditors less than 1 year Creditors g￿eter than 1 year Net assets 68,976 68,976 1.232,456 714.789 1.947,245 1932.6031 (520.8231 11.453,426) 368.829 193.9e6 562,795 21. ANALYSIS OF CHANGES IN NET DEBT At 1 Jan 2024 Cash flcms 31 Dec 2024 Cash at bank and in hand Debt due within one year Debt due after one year 1,489.732 {$32.553) 129,625 1.619,357 346.C4)8 {186,545) (17S.048) {175.048) )0,585 1.257,764 957.179 Page 24 GENERATION: YOU EMPLOYED UK COMPANY IMITED BY UARANTEE NOTES TO THE FINANCIAL STATEMENTS (contlnued) YEAR ENDED 31 DECEMBER 2024 22. OPERATING LEASE COMMITMENTS The total future minimum kne payments under noTrcancellable cperatiTrJ leases a￿ as follows.. 2024 2023 Not later than 1 year 14,851 23. RELATED PARTIES There were no rdated party trwbsxti￿s other than those di%ebJsed wrthin th* accounts that require (Isclosure. 24. PERSONS WITH SIGNIFICANT CONTROL Generation Employed. UK i% pat of the global nelwork of Generation countries operating 18 countries. A US based organisatNJn - Generation.. You Empbyed. I￿.. is a Charity inccvporated in the US. and plays a role in supporting the ne￿rk globally. Generation.. You Employed. Inc is listed as a -Person with signifKant conlrof of Generation You Employed, UK on Companies House. This on the basis that of ts Sole membership of the company. Membership is dislinel from Directorships. Membership includes some specrfic rights such as the abilty to select and appoint up lo 2 Board members lo the UK Board. For completeness. Generation". Yc*J Efflployed, UK was established with lull autonomy, as reviewed and approved by the Charty Commission at set-up. That autonomy continues to this day. and is protected wa the C¢￿Strtutlon. Autonomy is reflected and protected by the articles allowing 5-12 8oard mewnbers for example. Th¢)se Board membets are empowered to fully govern the Chanty, and have equal vth.ng rights. As outlined above. Generation.. You Employed. lrtc may appoint up lo 2 Board members. wh￿h is a minority of the overall Board members . and so a minority on voting rights. lor example.