The ¢Ten•.rHtionAI Vound#tlort TruMe¢$' Report And ¥ln#nel*l Stat¢ments for th¢ year ettded 31 December 2023 Regist¢red Charity Number: 1192397 The G¢neration81 FouDd#tion Financlal Statements for the y¢8r ended 31 December 2023 ontents Report of the Trustees Staternent of Finartcial Activlttes (including In¢om¢ and Expenditure Account) Balance Sheet Notes to the FIn£￿till Statements Independttht ExRrniners Report to the Trustees 12 Th¢ Geiieratlott*l Found#tlon Report of theTnEStees for the YeAr Ended 31 D¢¢¢mbeT 2023 The Twsiees present their repoft oTrd th¢ financial $laimcnts for thc y￿r ¢ndcd 31 D¢¢embeT 2WI3. Th¢ FIn￿ClaI Statemenls comply with the ChaTi11￿ knt 2011. the goveming documeat 2nd Aecounling and Reporttng by Chariti¢s' Statement ofRewmmended Pr8cti¢e Epplic4bl¢ to ¢harilies preparikg their a£couRts in cordanc¢ willi tlie FitfdnGial Reporting Siandard appli￿ble in Ihe UK and R¢public of Ireland effecllvt I January 2019. 01￿ Pll d A¢tlvltle The purp05¢ of the Charity is ￿ gdvante such charilablc pu¥w%¢8 la¢coirfin8 to the law of England and Wrt1￿) fot Ihc public b¢nefil ag the charity Tntstees shall s¢¢ fit from lime 10 lime. The Charity can therefore apply tts funds for any purpose which is chariiable under Ihe law of Eng]aTtd and Wales. lle Benoti Nothing in the ￿nStItution shall auihorise gn appltc8tion for poyment5 from the CIO for wJspo3¢5 whi¢h arenot ¢harilable in Hccordante with section 7 of th¢ ChAritiea and TIUBl￿ Inv&8tm8nl (Sotstland) Aet 2005 Bnd s¢otion 2 of the Charities kni INorthern Irelalld} 2008. TheTtU￿￿$ eonfirn thai Ih¢y have complied wilh their duli¢s Seetion 17 of the 2011 ChArittes ￿ryth re8ard to public bencfit. Durin8 th¢ y¢8rthr Charity mad¢ grants totalin8 £411,275 tts arange ofother chBritias Tn littt with the Charity'g 8t8Dt-makinB poliey thé Trustees have maiD*ained 8 atrnte8i< foty$on thr Ir&inillg ond tucation of th'ldren aud ywrtg petyleand th¢ Ci￿lty has Provided 8rnnts lo schools andto mulii-8¢ademy Itusls, Thr Charity also tAad¢ grants for chaTiiabl¢ putpose5 connected 10 yo￿n8 pts)ple and edur4lion, including to help ehild¥en dev¢lop T¢adin8 skills aod ¢0 further the personal development of young wple. The G*ner1d0tt￿ Found8tlon Rtportof the TTUStees lot the Year Ended 31 D￿t￿ber 2023- ¢ontlnued FI￿￿¢141 Revlew The Charity's work 15 enlire]y tell￿¢ ort a dtrnalion mode by two m¢Thb¢TS of the TNstee Board. Ai 31 Dcccmbcr 202J the Chatity'5 l¢x&I fvnd5 111nDun￿d to £604323. ll￿￿t ent Hnd Re$etve5 Polk A8setS IlDt imm¢di8t¢ly txeded for8Tatti TkakirtE or operational costs have bc¢Th plac¢ on dewsil with C Hoare & Co while Ibe Trustce$ develop the Ch&rtty'$ medsum lerm strotegy. Th¢ Charity has minim81 overf%e&ds Ind sigllifiGant unrestriclcd funds and bccause all anticipated tost$ and CXFtndituros are provided foT, the TDJS*¢$ have not fomièlly adopied aprescriplive rt5erves policy. Fuiure Devel m¢ryts Logking ahead. thc T￿slee5 will continue todevelop prc¢edures forthe consid•rnion tnaking of gtxnts for ¢haritable putPD5eJ for thcpublic benefit. It is anticipated that grants will continue 10 be rn￿¢ in the aTe8s of education and the advaneement of health, and that IheTrust¢e5 will ¢onsidcr additional ￿niS to proje¢l$ knefiting ¢hildrell and young peopl¢ for thc publsc benefit. It Is anticipated thai the number alld ￿on¢tary value of Erants to bc made by tlLC Charity tn the ncxt opcral1ort￿ tmod may increa￿. Tht Gener4tlvn81 Fouttd&tion Report of the Trn$tee5 for the Ytlr ￿￿￿ed 31 Detemb¢r 2023- eottthw¢d eferthtt A d Admlnf tlvt Inf Choliiy Name.. The Generaiional Foundatio Charity Resri6tration Number.. 1192397 Principa] and Opuational Adth55'. tjo Withers l.l.P 20 Old Bailey London EC4M 7AN TNslees: M¢g Headley Andrew H¢8dl¢y 7.oe Cronin Bankers and FuTLd Holders: C Hoore & Cn 37 Hcct St Templ¢ London EC4Y IBT Aceountants.. Haines W￿ts (Ea* Midlands) Lid 10 Stlldium BUSirt￿8 Court Millenttium Way Vrid¢ Park Derhy DE24 8HP Solicitors.. Womble Bond Dickittson UK Lr.p The Spsrk Dtaymans Way NewcB5tle upon Tyn NE4 5DE The GeDer8tloll*l Found•tion R*port of the Trustoes for th¢ Ytar Ended 31 Detrnbtr 2023- contknued re Gover Gov¢rtti oEganisalign is a charilablc incorporated orgaftisativn ICIOI g0Vem￿ by ils Constitution effective from th¢ Charity's foFmalion by th¢ Charity Cotnmissioii for EN8laiid and Walc5 on 18 November 2020. nintm Th¢ Charity has h8d IhrtTrusw who tHch agrccd to scrve from ftsm)ation of the Ch8riry. E8¢h Trustec b¢￿ provtded wTrth 8 full briefithg on the mlc of charity ttuslee, a copy of th¢ Con5tittition alld polici¢s of the Charity and duly detlared their willingness to ici. Consi5tEnt with tlic Charily's philanthropic mission, the cuttcnt Trustees include lh¢ priNGipal fundcrs. Thc TTusl¢cs bring wilh them a rang¢ of cxpcriences and expettise thai th relevant to implementin8 the Charity'5 purpose. 5alional stNc Thc Tru￿￿& are responsible fnr the 8trniegic direction of the Charity #nd neet 89 r4uired to ￿nSider gr￿t8 as wcll as to address complianc¢ obltgations of the Charity- Th¢ Charity h&% employees. sk Thc Trustees have ￿lldU¢t¢d a review of the mÈjorrisk5 lowhlch the Charity 1$ exposcd. Risks minim)￿d by the d¢le£ation of m8nhgcrnenl and 8dmitti$lr8Ii￿ task5 to apptopiiale profrssional%_ The Trusleos are colnmitted to developing an opcrational framewo￿ that will allow the Charity to offttt cffEcieniiy for Ihe public b¢nefit and review &nd miiigaie risk. In the coming opwaiional period. they may implement additional prJlicieA firpr￿.rduTe5 to assigt the Cb¥iYty in this regard. to rhe Flnx tstemeThts The Tru$te¢5 are responsible forprepaT2n8 the R¢port of the TrustEC5 and th¢ Financial Statements in accordance wilh yplicable law 8nd UThired Kingdom Gen¢rally Accepi•l Accounlirtg Prauice. The law applieahle to charities il) En819nd 9nd Waleg. the ChiritiES Act 2011, Charily {AcoDunts gnd Rwrts) Regulations 2008 2nd the provisions of the TrJ5E Deed require lh¢ Tru5CXS to prepar¢ Finjwial Statcrn¢nls for each floancial year which Bive a tnL¢ ond fair view ot lh¢ siak ot" offait8 of the Charify and of th¢ incoming resource¥ alld 8pplication of regoure&%. including the intlsmt Iud expendÉlure of the ￿alIty ftsr th￿t period. In p￿paring those Finoneièl S￿t￿t￿lS, the Trustee5 are requtr¢d to.. Sele¢t suitsble aceouJ)ting wlicics and opply them eons%stentJy: Observe the meththls andprinciples in the Charitie5 SORP.. Make judgements and ¢stimates thai are reasonable and prudent.. Stale whclhei applioable UK accwnting 5tand8Tds have beert follow¢d, subjctl to any material departur¢¥ dis¢losed and explained in the Financial Stat¢m¢nis,' and Prcpare th¢ Finan¢ial Stat¢met￿ in accoTd&nce with applicablc law and UK Generally Ac¢epted Accounting Practice, The TTUStt¢S Tesponsibl¢ for maiataining proptr aceounting ￿ordS which disclose with rewn4bl¢ accuracy at any timcthe financiMI p051tion of the Chtirity and to ertable them to cn5ure th21 the Fingn¢ial Strdlemenls comply with tho Charities Act 2011. Thcy ar¢ also rcspm$iblc kr ￿fegu￿alL￿￿ Ili¢ us&cts uf Ibr Ch4Nry and hEnrc for iakinR rewnable steps for the prevcniloii and d¢te£lion of fraud and oiher irregularili¢s. The G¢nerAtlong41 Fottndation Repfyri of Trusteey for the Yur Ended 31 Detember 2023- ¢onthillEd Approved by the Trustees on...... signed on Ihcir behaifby.. ey- Trt￿l The GeA¢r*tional Foll￿dItio# Si•t¢ment ofFSnabcial A¢tivititS {Jntludlng Inc•mt and Eypendhure Account) for the Ye•r Ended 31 December 2023 Ul￿tIttItIE Funds 2023 UnrcstrA¢ted Fund¥ 2022 Note INCOME Donation linc. Gift Aid} Bank Znlcre5t i.0￿.[￿)￿ TOTAI. INCOME Goverttxnte eoits Baok Charges Legal F¢¢ Audit Fee Miscellaneous 271 1.620 4,2Cw) 1,8 1.8LM) 360 Expendlture on ChirltsblÈ A¢tlVLtlei Grants attd Donations 75 1 113402 TOTAL EXPENDrruRE 415319 1 119493 NET INCOMWEXPENDITURE AND NET MOVEMENT IF4 (4Q6.Q631 {119.4931 BICONCILIATIOPI OF FUNDS: Fund Balances bioughi fvrward 80 1129 8-19 FUND BAknINCES CARRIED FORWAiiD AT31 DECEMBER 2023 604 323 l a1ts/86 The st2￿ment of Flnaneial A¢iivitie8 includes 411 sairts ]tsssq5 rrgognised in th¢y¢ar. All in¢omG at expen¢Ji¢ure detiv&% from ¢onlinuing a¢tivitLeS. The ttrth. on pkBes 8 10 IJ fotm P9rt of those accouThts. The GenerRtlonAI FouiidAtlon BAI•D¢t bh¢¢t 85 A¢ 31 December 2023 2022 Note CURREThT ASSET5 Cash 21 Bank 1014586 Total Curtetst Assets 006.L23 L.014.586 CREDITORS DUE wfiYiN 0Tr4E YEAIL. h¢rCredilors NET CURRENf ASSETS 1010386 NgT ASSETS THI IIUNDS OF THE CEIARITY: INCOMÉ F(INDS Ctneral Futsd 1010386 TOTAL CHAIUTY FUf4DS 1010386 AppTovcd by th¢ Trus￿￿ on , The ttotes on page8 8 10 1 I form part of these ￿COUnt5. The Generational Found)ttDR r40t￿ to the Flnlndal Siatenienu for tbt Y￿r E￿tted 3A December 2023 A¢¢ountlng Poll¢les The prin¢ipal 8ccounting policies are sumtxwised below. The aceountifjg polici￿ have been applied ¢onsisi¢Aily throughout th¢ pcriod. Ba#h of Ae¢ountlll8 Th¢ FttwiLial have b¢¢n p￿Pared in aceordan¢e with the Ac¢ouniing and Reporting by Ch4riiies,' Stsfem¢nt of Recomm¢nded Prsciice appli¢able w Chariites preparing Iheir ac¢oLTnts ID awrdance with the Financial Reporting Siaodard applicable in the UK Republtc of knland (FRS102) eff￿lIve l January 2019 and Lht Financial Reporting Standllrd applicable in th¢ UK and licpublie of I[rI￿d (*K51021 attd th¢Chariti&% Act 2011. Asseis and liabilities are initially recognised at historical ca%t or Iran$8rtion Vali￿ uttless (rtherwige stated itt the Tel¢vanl accountlh8 policy not¢. Thr Charity consÈituies a publie benefit ¢nttty as d¢lin¢d by FRSEQ2. The Thistees, ¢otisÉdtr there are no m1t¢ri￿ unc¢rt8inti¢s 8￿￿¢ thB Charity'5 ability ¢0 wntinue 8 a goiug boiicem. The a¢counts are prw¢nod in sleriiDB (£1. Fuud AccounÈt Income Funth can be used in accordan¢¢ wilh the Ch8riiable Objcclive5 at the discreiio]s of the Trusrccs. Desigoated fvnds ar¢ unrcstricied bJnd$¢*m)arked by the Tw$1¢¢5 for particUlarpu￿0s¢$. Pernjaneni Ettdowm¢nl Funds capital is Tctained on a permanent b&4i4. lTrwme ¢th ￿ used in 8ccordance with the Charirable Objectives. All income i5 includ¢d in thc Siaterncnl of Fin2n¢tal Acliviiies when th¢ Charity is ¢niiil¢d to the incoinc und ih¥ amount can k quantifiert wilh ￿￿llable accuracy. The tollowing specifi¢ policies are opplied to particular ¢ategoracs of income.. Ittves¢m¢nl iii£otn¢ iii¥luding illi¢r¢5t on OJnd$ h¢ld on dcposii is re¢oyni5¢d 3Lwrdin¥ to LLS due dai¢ of TeceipL onctary don&tions are Te¢ogntsed when the charity has re£eived th¢ ￿levant ￿mit18n¢t. DoMal¢d s¢rvir¢s aiml fa¢ililiGS 4T¢ t¥Logni¥ed a5 income wh¢n Ihc Charity ha$ ¢onlrol ovcr the it¢m, any eondilions associated with the donated item have been tnel. th¢ receipt of economic bencfii fro]n the u$e by thc Charily of the item is probable and that economi¢ bpnefit can b¢ rne&4ured reliably. On rwxipt, donat¢d 5WjC¢5 a￿1 fa¢iliiitè tfLV8lli5￿ on (he ba515 of rhe valu¢ ofihr ¥sft io Ihc Charlry whl¢h is Ihe amouni the Lharity would hav¢ been willing lo payto obtain services OT facilities of equivalent eennotDic benefit on iiie tnarket.. a coJThspondin 4mounl is then rccognised in expenditure in th¢ Per￿0d of trceipt, where this c2nb¢ quarttifi No value i% Dll rh¢ 5ervica8 providul withoui ch2r¥e E>f thc"Iru51ees. The GeneratlDn&l FO￿￿1*￿0￿ Notes to the Flngn¢lal Sthtément$ for the y¢￿ Elldcil JI December 2Q23- continued Exptndititre Expenditur¢ is recognised on an acvuals ba5i$ as a liabElity is ineurr¢d. Expenditrjw includes VAT which c?nnoi be Tccovcml and is Kported ￿ part ofili¢rxp¢ndiiurc to whicl it rcl&ia%'. Cost8 of rnr5inE futtds eompriRe Ihe cfjstK aSS0¢iAted with 8ener4ting the investmeni in¢om¢. Ev¢[￿1(￿￿ Gha[1￿1¢ activiii¢scompri￿$th0seco￿ incurred by th¢ Charity the delivtty of L15 activitie$ and servic¢5 to Ils ben¢ficiaries. It ineludes both costs that bc allocated dircctly 10 such activitie5 and Il)ose cost5 of an indire¢l nalurz nuwary lo supp￿ them. The Charity LS exanpt from tax on its chBritAble activities. Debio D¢biors ar¢ iKxusni%d w the settlemcnr amoukt owtsl lo the LhaTity orprep4id. Crdlto Creditor5 and ptOVi5ions ore ￿¢0£*11%¢￿ where the Charity has a prtseril obligation resulii08 from past event thai will probably regult io thetransferof fund5 to a third pgrty, and the asnrJvntdu¢ to s¢tile ihe obligation can be meAsured or t5tiTn4l￿ reliably. Creditors and provision5 arc nomially recognlsed ￿ their srtllerDent amount. FlnAnd41 Jns¢ruments The Charity has financial 8ssetg and finoneial Itgbilitie$ of a kind that qudify flnanrial itistwments. B#sic fil￿ncl&l inslNmeBts are inititlly re¢O￿lS¢d at traLsadion value and subsequcntly measured ai theirsettlement valu¢. Donated Servl¢es, Good and F&¢liitle5 EJ)nated scrvi¢¢s orfacililies are Teco8ttisrd as income whcn the charity has control over the itcm, ADY Th￿￿lti0tl$ a)bvEiaEC(J wlih the donal￿ iiem have bccn Enet. the receipi of economic benefit from Ihc use by th¢ Charity of lh¢ item is piDbable and that econtThic hentfit ean be measured rtliably. On rcceipl doD*cd service5 and facilities ore recogntsed OA The 6¥15 ofthc value of thc gift io the ¢harity whish ij tlie amount th¢ trliatrity wuuld been wSlllng 10 pay to obtain service5 or fa¢ilitie5 of cqu2valent economic bellefi¢ on theop¢n market: a corre4Jonding Amoiint is IILen reCO￿ls¢d in expenditt￿e in th¥ PCri(￿ of ncipt. J¥dBement •ttd Key Sour¢ts of Estlmalfon UnEertalnty The pr¢paTation of accounts using generally accepted a¢c¢unting p*n¢ip1¢5 rquires m8nagcmcnl 10 iiiak¢ ¢$Iirna1￿ and ￿sUmP110ns th21 affrct the Teported gmoynts of a￿1$ and liabilitia% at Ih¢datc of Ih¢ artollnls aDd the reported amoullts of reveniies and ¢xpenseg dursTr8 th¢ reptrrting pgriod. The key ¢stimaws ond a5wrrLwions used an th¢Finall¢ial Slat¢m¢nis are d¢tall￿ in the acwunting polics¢s. The Ge￿trAtIO1￿ Foundatlo Noitt to th¢ Flp*lltl*l StstEments for the Year Ewled 31 Dtcembtr 2023- ¢ontinued 2. Donatlow (Inr. Glft Ald) 2023 2012 DOn￿lon5 i 000 000 Net income is stated aftercharging.. Auditor's R¢mua¢ration 3. Grants and Don#do 2011 2022 Spinal Research Th¢ Suiion TM The Outward Bound Trust The Centre foy S