**REGISTERED COMPANY NUMBER: CE023898 (England and Wales) REGISTERED CHARITY NUMBER: 1192397**
## **Report of the Trustees and**
**Financial Statements for the Year Ended 31 December 2024**
## **for**
## **The Generational Foundation**
Haines Watts Wolverhampton Limited Statutory Auditors Keepers Lane The Wergs Wolverhampton West Midlands WV6 8UA
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**The Generational Foundation**
## **Contents of the Financial Statements for the Year Ended 31 December 2024**
|||**Page**||
|---|---|---|---|
|**Reference and Administrative Details**||1||
|**Report of the Trustees**|2|to|4|
|**Report of the Independent Auditors**|5|to|8|
|**Statement of Financial Activities**||9||
|**Balance Sheet**||10||
|**Cash Flow Statement**||11||
|**Notes to the Cash Flow Statement**||12||
|**Notes to the Financial Statements**|13|to|19|
|**Detailed Statement of Financial Activities**||20||
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**The Generational Foundation**
## **Reference and Administrative Details for the Year Ended 31 December 2024**
|**TRUSTEES**|A N Headley|
|---|---|
||M J Headley|
||Z Cronin|
|**REGISTERED OFFICE**|c/o Withers LLP|
||20 Old Bailey|
||London|
||EC4M 7AN|
|**REGISTERED COMPANY**|CE023898 (England and Wales)|
|**NUMBER**||
|**REGISTERED CHARITY**|1192397|
|**NUMBER**||
|**AUDITORS**|Haines Watts Wolverhampton Limited|
||Statutory Auditors|
||Keepers Lane|
||The Wergs|
||Wolverhampton|
||West Midlands|
||WV6 8UA|
|**SOLICITORS**|Womble Bond Dickinson UK LLP|
||The Spark|
||Draymans Way|
||Newcastle upon Tyne|
||NE4 5DE|
|**BANKERS AND FUND HOLDERS**|C Hoare & Co.|
||37 Fleet St|
||Temple|
||London|
||EC4Y 1BT|
Page 1
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**The Generational Foundation**
## **Report of the Trustees for the Year Ended 31 December 2024**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The purpose of the Charity is to advance such charitable purposes (according to the law of England and Wales) for the public benefit as the charity Trustees shall see fit from time to time. The Charity can therefore apply its funds for any purpose which is charitable under the law of England and Wales.
## **Public benefit**
Nothing in the constitution shall authorise an application for payment from the CIO for purposes which are not charitable in accordance with section 7 of the Charities and Trustee Investment (Scotland) Act 2005 and section 2 of the Charities Act (Northern Ireland) 2008.
The Trustees confirm that they have complied with their duties under Section 17 of the 2011 Charities Act with regard to public benefit.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Charitable activities**
During the year the Charity made grants totalling £968,596 to a range of other charities.
In line with the Charity's grant-making policy the Trustees have maintained a strategic focus on the training and education of children and young people and the Charity has provided grants to schools and to multi-academy trusts.
The Charity has also made grants for charitable purposes connected to young people and education, including to help children develop reading skills and to further the personal development of young people.
## **FINANCIAL REVIEW**
## **Financial position**
The Charity's work is entirely reliant on a donation made by two members of the Trustee Board.
At 31 December 2024 the Charity's total funds amounted to £1,006,681.
## **Investment and reserves policy**
Assets not immediately needed for grant making or operational costs have been placed on deposit with C Hoare & Co while the Trustees develop the Charity's medium term strategy. The Charity has minimal overheads and significant unrestricted funds and because all anticipated costs and expenditure are provided for, the Trustees have not formally adopted a prescriptive reserves policy.
## **FUTURE DEVELOPMENTS**
Looking ahead, the Trustees will continue to develop procedures for the consideration and making of grants for charitable purposes for the public benefit. It is anticipated that grants will continue to be made in the areas of education and the advancement of health, and the Trustees will consider additional grants to projects benefiting children and young people for the public benefit.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The organisation is a charitable incorporated organisation (CIO) governed by its Constitution effective from the Charity's formation by the Charity Commission for England and Wales on 18 November 2020 .
Page 2
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**The Generational Foundation**
## **Report of the Trustees for the Year Ended 31 December 2024**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Recruitment and appointment of new trustees**
The Charity has had three Trustees, who each agreed to serve from formation of the Charity. Each Trustee has been provided with a full briefing on the role of a charity trustee, a copy of the Constitution and policies of the Charity and duly declared their willingness to act. Consistent with the Charity's philanthropic mission, the current Trustees include the principal funders. The Trustees bring with them a range of experiences and expertise that are relevant to implementing the Charity's purpose.
## **Organisational structure**
The Trustees are responsible for the strategic direction of the Charity and meet as required to consider grants as well as to address compliance obligations of the Charity. The Charity has no employees.
## **Risk management**
The Trustees have conducted a review of the major risks to which the Charity is exposed. Risks are minimised by the delegation of management and administrative tasks to appropriate professionals.
The Trustees are committed to developing an operational framework that will allow the Charity to operate efficiently for the public benefit and review and mitigate risk. In the coming operational period, they may implement additional policies or procedures ta assist the Charity in this regard,
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of The Generational Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **AUDITORS**
The auditors, Haines Watts Wolverhampton Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
28/10/2025
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
Page 3
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**The Generational Foundation**
## **Report of the Trustees for the Year Ended 31 December 2024**
................................................................. A N Headley - Trustee
Page 4
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**Report of the Independent Auditors to the Trustees of The Generational Foundation**
## **Opinion**
We have audited the financial statements of The Generational Foundation (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (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 2024 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; and
- 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 Auditors' 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.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
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 this gives rise to a material misstatement in the financial statements themselves. 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.
## **Matters on which we are required to report by exception**
In line with ISA (UK) 710 we bring to the users' attention that the comparative information in these financial statements is unaudited. This is on the basis that the charitable company had previously taken advantage of small charity exemptions as permitted by the Charities Act 2011. We have been able to satisfy ourselves via other means that the comparative information and subsequently the opening position of the current year on which we are reporting is materially accurately stated to an extent that our audit opinion remains unqualified.
Page 5
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**Report of the Independent Auditors to the Trustees of The Generational Foundation**
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company 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.
Page 6
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**Report of the Independent Auditors to the Trustees of The Generational Foundation**
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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.
To assess the risk of irregularity through non-compliance with laws and regulations:
- The audit engagement partner ensured that the audit team collectively had the appropriate experience, competence and skills to undertake the audit of a charitable company, including having an understanding of the applicable laws and regulations applying to such organisations;
- We identified the laws and regulations applicable to the charity, through our knowledge of the charity sector and through discussions with management and the trustees;
- We have obtained and reviewed minutes of meeting of the trustees;
- We have reviewed the disclosures made within the financial statements and the trustees' report.
To assess susceptibility to misstatement in the charity's accounts, including how fraud might occur:
- The audit team reviewed and documented internal controls;
- We made enquiries of management and those charged with governance to ascertain where they considered there to be susceptibility to fraud and whether they had knowledge or suspicion of fraud.
To address the risk of fraud through management bias and override of internal controls:
- We reviewed transactions with related parties and carried out analytical procedures to identify unusual transactions or balances;
- We reviewed and tested adjustments and journals posted in the charity's financial systems for appropriateness and approval processes;
- We tested the completeness of income and validity of costs;
- We considered the appropriateness of accounting estimates, where relevant.
We did not identify any key audit matters relating to irregularities, including fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 7
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**Report of the Independent Auditors to the Trustees of The Generational Foundation**
## **Use of our report**
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Haines Watts Wolverhampton Limited Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Keepers Lane The Wergs Wolverhampton West Midlands WV6 8UA
28/10/2025 Date: .............................................
Page 8
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**The Generational Foundation**
## **Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2024**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
Investment income
3
**Total**
**EXPENDITURE ON**
**Charitable activities**
4
Grants and donations
Other
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**2024**
**Unrestricted**
**funds**
**£**
**1,380,385**
**13,834**
**1,394,219**
**968,596**
**23,265**
**991,861**
**402,358**
**604,323**
**1,006,681**|2023
Total
funds
£
-
9,256
9,256
411,275
4,044
415,319
(406,063)
1,010,386
604,323|
|---|---|---|
The notes form part of these financial statements
Page 9
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**The Generational Foundation**
## **Balance Sheet 31 December 2024**
|Notes
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
12
Unrestricted funds
**TOTAL FUNDS**|**2024**
**Unrestricted**
**funds**
**£**
**1,011,181**
**(4,500)**
**1,006,681**
**1,006,681**
**1,006,681**
**1,006,681**
**1,006,681**|2023
Total
funds
£
606,123
(1,800)
604,323
604,323
604,323
604,323
604,323|
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.
The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 28/10/2025
............................................. A N Headley - Trustee
The notes form part of these financial statements
Page 10
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**The Generational Foundation**
## **Cash Flow Statement for the Year Ended 31 December 2024**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by/(used in) operating activities
**Cash flows from investing activities**
Interest received
Net cash provided by investing activities
**Change in cash and cash equivalents**
**in the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end**
**of the reporting period**|**2024**
**£**
**391,224**
**391,224**
**13,834**
**13,834**
**405,058**
**606,123**
**1,011,181**|2023
£
(417,719)
(417,719)
9,256
9,256
(408,463)
1,014,586
606,123|
|---|---|---|
The notes form part of these financial statements
Page 11
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**The Generational Foundation**
## **Notes to the Cash Flow Statement for the Year Ended 31 December 2024**
**1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net income/(expenditure) for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
Interest received
Increase/(decrease) in creditors
**Net cash provided by/(used in) operations**|**2024**
**£**
**402,358**
**(13,834)**
**2,700**
**391,224**|2023
£
(406,063)
(9,256)
(2,400)
(417,719)|
|---|---|---|
**2. ANALYSIS OF CHANGES IN NET FUNDS**
|**Net cash**
Cash at bank
**Total**|At 1.1.24
£
**606,123**
**606,123**
**606,123**|Cash flow
£
**405,058**
**405,058**
**405,058**|**At 31.12.24**
**£**
**1,011,181**
**1,011,181**
**1,011,181**|
|---|---|---|---|
The notes form part of these financial statements
Page 12
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**The Generational Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The Charity constitutes a public benefit entity as defined by FRS102.
The Trustees' consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
The accounts are presented in sterling (£).
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. The following specific policies are applied to particular categories of income:
Investment income including interest on funds held on deposit is recognised according to its due date of receipt.
Monetary donations are recognised when the charity has received the relevant remittance.
Donated services and facilities are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt, where this can be quantified.
No value is placed on the services provided without charge of the Trustees.
## **Expenditure**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT which cannot be recovered and is reported as part of the expenditure to which it relates:
Costs of raising funds comprise the costs associated with generating the investment income.
Expenditure on charitable activities comprises those costs incurred by the Charity in the delivery of its activities and services to its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Debtors**
Debtors are recognised at the settlement amount owed to the Charity or prepaid.
## **Creditors**
Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
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Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**The Generational Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **1. ACCOUNTING POLICIES - continued**
## **Financial Instruments**
The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Income Funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
Permanent Endowment Funds capital is retained on a permanent basis. Income can be used in accordance with the Charitable Objectives.
## **Donated services, goods and facilities**
Donated services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
## **Judgement and key sources of estimation uncertainty**
The preparation of accounts using generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the accounts and the reported amounts of revenues and expenses during the reporting period.
The key estimates and assumptions used in the Financial Statements are detailed in the accounting policies.
## **2. DONATIONS AND LEGACIES**
|Donations (inc. Gift Aid)
**3.**
**INVESTMENT INCOME**
Deposit account interest|**2024**
**£**
**1,380,385**
**2024**
**£**
**13,834**|2023
£
-|
|---|---|---|
|||2023
£
9,256|
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Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**The Generational Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **4. CHARITABLE ACTIVITIES COSTS**
|Grants and donations
**5.**
**GRANTS PAYABLE**
Grants and donations
The total grants paid to institutions during the year was as follows:
The Sutton Trust
The Centre for Social Justice
Beyond The Streets
Bookmark Reading Charity
Harris Westminster 6th Form
Sponsors for Educational Opportunity
Berkhamsted Schools Group
The Harris Federation
The Arib Educational Trust
The Outward Bound Trust
**6.**
**SUPPORT COSTS**
Other resources expended
Support costs, included in the above, are as follows:
**Governance costs**
Auditors' remuneration
Bank charges
Sundries
Independent Examiners fee
Legal and professional fees|Grant
funding of
activities
(see note
5)
£
**968,596**
**2024**
2023
**£**
£
**968,596**
411,275
**2024**
2023
**£**
£
**60,000**
60,000
**25,000**
25,000
**25,000**
25,000
**75,000**
75,000
**71,000**
180,000
**-**
2,275
**-**
44,000
**500,000**
-
**162,596**
-
**50,000**
-
**968,596**
411,275
Governance
costs
£
**23,265**
**2024**
2023
Other
resources
Total
expended
activities
**£**
£
**4,500**
**-**
**302**
**84**
**-**
**360**
**-**
**1,800**
**18,463**
**1,800**
**23,265**
**4,044**|
|---|---|
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Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**The Generational Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **7. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
||**2024**|2023||
|---|---|---|---|
||**£**|£||
|Auditors' remuneration|**4,500**||-|
## **8. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
## **9. STAFF COSTS**
The average number of employees during the period was nil (2023 - nil).
## **10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Investment income
**EXPENDITURE ON**
**Charitable activities**
Grants and donations
Other
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
9,256
411,275
4,044
415,319
(406,063)
1,010,386
604,323|
|---|---|
Page 16
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**The Generational Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Accrued expenses
**12.**
**MOVEMENT IN FUNDS**
At 1.1.24
£
**Unrestricted funds**
General fund
**604,323**
Arib Education Trust
**-**
Outward Bound
**-**
Sutton Trust
**-**
**604,323**
**TOTAL FUNDS**
**604,323**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
**938,623**
Arib Education Trust
**210,596**
Outward Bound
**125,000**
Sutton Trust
**120,000**
**1,394,219**
**TOTAL FUNDS**
**1,394,219**
**Comparatives for movement in funds**
At 1.1.23
£
**Unrestricted funds**
General fund
1,010,386
**TOTAL FUNDS**
1,010,386||**2024**
**£**
**4,500**
Net
movement
in funds
£
**219,358**
**48,000**
**75,000**
**60,000**
**402,358**
**402,358**
Resources
expended
£
**(719,265)**
**(162,596)**
**(50,000)**
**(60,000)**
**(991,861)**
**(991,861)**
Net
movement
in funds
£
(406,063)
(406,063)|2023
£
1,800
At
31.12.24
£
**823,681**
**48,000**
**75,000**
**60,000**
**1,006,681**
**1,006,681**
Movement
in funds
£
**219,358**
**48,000**
**75,000**
**60,000**
**402,358**
**402,358**
At
31.12.23
£
604,323
604,323|
|---|---|---|---|
|||||
|||||
|||||
|||||
Page 17
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**The Generational Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **12. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
9,256
9,256|Resources
Movement
expended
in funds
£
£
(415,319)
(406,063)
(415,319)
(406,063)|
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
||||Net||
|---|---|---|---|---|
||||movement|At|
||At 1.1.23||in funds|31.12.24|
||£||£|£|
|**Unrestricted funds**|||||
|General fund|1,010,386||(186,705)|823,681|
|Arib Education Trust||-|48,000|48,000|
|Outward Bound||-|75,000|75,000|
|Sutton Trust||-|60,000|60,000|
||1,010,386||(3,705)|1,006,681|
|**TOTAL FUNDS**|1,010,386||(3,705)|1,006,681|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Arib Education Trust
Outward Bound
Sutton Trust
**TOTAL FUNDS**|Incoming
resources
£
947,879
210,596
125,000
120,000
1,403,475
1,403,475|Resources
expended
£
(1,134,584)
(162,596)
(50,000)
(60,000)
(1,407,180)
(1,407,180)|Movement
in funds
£
(186,705)
48,000
75,000
60,000
(3,705)
(3,705)|
|---|---|---|---|
Trustees of the Charity have designated grants to specific recipients in future financial years. As a result these grants have been ringfenced as Designated within the unrestricted reserves of the Charity.
Page 18
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**The Generational Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **13. RELATED PARTY DISCLOSURES**
Mr and Mrs Headley, trustees of the Charity, donated to the Charity in cash £1,000,000 on 25 January 2024 and £5,385 on 8 August 2024 to be used to develop the work of the Charity in accordance with its Trust Deed.
Page 19
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a
**The Generational Foundation**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2024**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations (inc. Gift Aid)
**Investment income**
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Grants to institutions
**Support costs**
**Governance costs**
Auditors' remuneration
Bank charges
Sundries
Independent Examiners fee
Legal and professional fees
Total resources expended
**Net income/(expenditure)**|2024
£
**1,380,385**
**13,834**
**1,394,219**
**968,596**
**4,500**
**302**
**-**
**-**
**18,463**
**23,265**
**991,861**
**402,358**|2023
£
-
9,256
9,256
411,275
-
84
360
1,800
1,800
4,044
415,319
(406,063)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 20
Document ID: 686efcdf-bf0e-420b-8bdc-270882a1ce2a