Charity registration number 1069548
Company registration number 03461665 (England and Wales)
GENERATE OPPORTUNITIES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Star House
Star Hill
Rochester
Kent
ME1 1UX
GENERATE OPPORTUNITIES LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
G Sylvester
R Murphy
(Appointed 26 July 2023)
L Sebag-Montefiore
C Threadgold
Secretary
M Dignam
Charity number
1069548
Company number
03461665
Registered office
73 Summerstown
Tooting
London
SW17 0BQ
Auditor
TC Group
Star House
Star Hill
Rochester
Kent
ME1 1UX
GENERATE OPPORTUNITIES LTD
CONTENTS
Page
Trustees' report
1 - 8
Statement of Trustees' responsibilities
9
Independent auditor's report
10 - 13
Statement of financial activities
14
Statement of financial position
15 - 16
Statement of cash flows
17
Notes to the financial statements
18 - 34
GENERATE OPPORTUNITIES LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The Trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and "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

Purposes and aims

Our Charity’s purpose, as outlined in our Memorandum and Articles of Association, is to promote the welfare, education, training, and life advancement of individuals with learning and other disabilities. We aim to empower them as individuals and active community members while mitigating the impact of their disabilities.

 

Generate’s Vision is that people with disabilities should live as valued members of society, entitled to equal rights and choice and be enabled to live their lives with dignity and respect. 

Generate’s Mission is to work together with people with a learning disability, autism and other disabilities to build better lives and connect to communities as equal citizens.  Building on people’s strengths, we empower them to have a voice, make choices and enforce their rights and make a positive difference to their lives through learning, work and leisure.

Ensuring our work delivers our aims

We regularly assess and report on our core activities to measure their impact on people with learning disabilities, autism, and other disabilities. This process ensures our work aligns with our mission. We incorporate the Charity Commission's public benefit guidance to align our plans with the goals set by our Trustees and Executive Director.

Organisational restructure

 

The charity restructured its management team in 2023 to cut costs. This involved laying off two junior managers and the Head of Operations. The restructuring has successfully improved the company's financial situation, leading to a projected surplus and the ability to meet the London Living Wage.

 

GENERATE OPPORTUNITIES LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

Empowering People with Disabilities

Generate empowers people with learning disabilities and autism to live fulfilling lives. They also extend support to individuals with other disabilities through the Access to Work Project.

 

Our Services:

 

 

Improving Healthcare Access:

Generate contributes to improving healthcare access for people with disabilities by:

 

Guiding Principles:

Generate's core values of valuing differences and promoting inclusion guide their work in providing high-quality services to people with disabilities.

Our current projects are designed to meet our aims:

 

Community Connections

 

Community Connections is a program providing a range of support services to around 100 individuals with learning disabilities and autism.

 

Core services include:

 

Overall, the program aims to enhance the quality of life for participants by providing support, fostering independence, and promoting social engagement.

 

 

GENERATE OPPORTUNITIES LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

Youth Service 

  

Short breaks services:  

Generate’s Youth Provision is funded by a three-year contract with Wandsworth Council running from June 2022 (with a 2-year extension option for the council) 

 

The service offers two weekly term time youth clubs, holiday activities, 1:1 buddy work and staff support and travel to a monthly disco. We provide support to young people with a learning disability and/or autism aged 11-17 for clubs, and 11-18 for holiday activities and 11-19 for 1:1 buddy work.  

     

Youth club   

Monday boys club and Wednesday girls club. A minibus is provided for those that require transport.  

 

Buddy Service  

A 1:1 provision to promote independent travel to and from Generate services   

   

Disco   

Held monthly at the George Shearing youth centre in Battersea or at our Summerstown building 

  

Half term/Holiday activities      

A varied program of fun age-appropriate supported activities that have the added benefit of respite for parents and carers 

 

Residential breaks   

In 2023 these are funded by an 8k grant from Wandsworth Council and offer young people an opportunity to independently enjoy adventure style group holidays and activities. 

 

Health Projects

 

This NHS grant-funded project aims to improve healthcare access for people with learning disabilities in Wandsworth Borough. Here are the key points:

 

Access to Work

 

Generate provides employment support services under the government's Access to Work scheme. This program helps people with disabilities, long-term health conditions, or mental health issues to maintain or secure employment.

 

Generate's role involves providing Employment Support Workers and Job Coaches to assist clients with work-related challenges. As of March 2024, Generate supported 18 clients, dedicating over 1,200 hours of support per month.

GENERATE OPPORTUNITIES LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

Supported Internships

 

Generate provides job coaches to help students develop employment skills within hospital settings in the City and Northeast London.

 

The organization is expanding its services, having added a new location in Barking and Dagenham in 2023 and planning to add another in September 2024.

 

Currently operating in five hospitals, Generate aims to further expand its reach in 2024 and 2025.

 

Generate Voices

 

A project funded by City Bridge to empower individuals with learning disabilities and autism. It employs two coordinators, including one with personal experience of these conditions.

The project's core activity is a weekly member's forum where participants discuss important issues such as employment, healthcare, and social justice. They share experiences, build confidence, and advocate for change.

A key goal is to increase the involvement of members in leadership roles, with the aim of appointing the project's first trustee with lived experience by autumn 2024.

 

Inclusion and Engagement Project

 

The National Lottery has funded a new Inclusion and Engagement Department aimed at empowering individuals with learning disabilities. The department will employ people with learning disabilities to lead projects that amplify their voices, influence policy, and showcase their talents.

Key components of the department include:

 

 

Overall, the department aims to create a more inclusive environment and provide opportunities for people with learning disabilities to contribute meaningfully to society.

 

GENERATE OPPORTUNITIES LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Achievements and performance

Mission:

Generate is a charitable company committed to supporting people with disabilities, particularly those with learning disabilities.

Values:

Financial Management by the Trustees:

Public Benefit:

Who Benefits?:

Impact:

Conclusion:

Despite the challenges stated above Generate was able to deliver its core services in line with its contractual commitments and key strategic objectives (to deliver a minimum break even budget and to expand supported internships). This was due in large part to project and senior managers absorbing additional responsibilities to cover a major staff shortage, along with an uptick in non-statutory funding to support our cash recovery.

GENERATE OPPORTUNITIES LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -

Financial impact

Generate was able to end the financial year in surplus due to the following factors:

Financial review

The Trustees can report that during another particularly difficult year in respect to the economic crisis and on-going recruitment difficulties, however the charity ended the financial year with an unrestricted surplus of £86,713.

 

Generate's Risk Based Reserves Policy has been based on its objectives with respect to risks on key income streams. Its main features are:  

  

  

  

In order to meet the above criteria, the Trustees consider that Generate should hold free reserves that are within a range between six months total cost committed and 12 month potential risk to income.  

  

Based on current operations, this would give a free reserves requirement of between £475,000 and £660,000.

 

The current level of free reserves is £250,485. Following a difficult year, this has reduced below our requirement, however the trustees are committed to replenishing our reserves through sustained growth and surpluses over the next 3 to 5 years.  

 

The Reserves Policy will be monitored by the Trustees on an annual basis.  

  

Our principal funding sources were individuals with Direct Payments who are funded to access our Community Connections service, largely by Wandsworth Council, service agreements with individual budget-holding beneficiaries and individuals funded by the Department for Work and Pensions who use our Access To Work service and Supported Internship Programmes providing financial security to the programme.

GENERATE OPPORTUNITIES LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -

Risk management

 

The Trustees have assessed the major risks that the charity faces, in particular to its operations and finances and are satisfied that the charity is taking the necessary actions to mitigate its exposure to these risks. These include:

Plans for future periods

 

Generate aims to expand and improve its services for people with disabilities. Key plans include:

Structure, governance and management
G Sylvester
S Couldridge
(Resigned 16 November 2023)
S Coney
(Resigned 15 June 2023)
R Murphy
(Appointed 26 July 2023)
L Sebag-Montefiore
C Threadgold

Generate recruits trustees through its existing network. Potential trustees are invited to learn about the organization through meetings, site visits, and interactions with staff and beneficiaries. Following an induction period, the board may invite suitable candidates to join. Trustees receive ongoing support through training and resources.

Management

The Board of Trustees meets six times annually to oversee strategic direction and make high-level decisions. Operational management is delegated to the Executive Director, who reports to the Board. A Management Team supports the Executive Director in day-to-day operations.

Financial Oversight

The Trustees are legally responsible for the financial management of Generate. They prepare annual financial statements in accordance with UK accounting standards and regulations. Their responsibilities include ensuring accurate financial records, safeguarding assets, and preventing fraud.

Auditor

In accordance with the company's articles, a resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meeting.

GENERATE OPPORTUNITIES LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -

The trustees’ report has been prepared in accordance with the special provisions applicable to companies subject to the small companies’ regime. Approved by the Trustees and signed on their behalf by:

G Sylvester
C Threadgold
Trustee
Trustee
19 September 2024
GENERATE OPPORTUNITIES LTD
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -

The Trustees, who are also the directors of Generate Opportunities Ltd for the purpose 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 Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

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 Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity 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 auditor is 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 auditor is aware of that information. 

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

 

GENERATE OPPORTUNITIES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF GENERATE OPPORTUNITIES LTD
- 10 -

Opinion

We have audited the financial statements of Generate Opportunities Ltd (the ‘Charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 March 2024 and of its incoming resources and application of resources, 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity 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 Charity’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 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 contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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.

GENERATE OPPORTUNITIES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF GENERATE OPPORTUNITIES LTD
- 11 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or

-

sufficient accounting records have not been kept; or

-

the financial statements are not in agreement with the accounting records; or

-

we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Charity for the purpose 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 Charity’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

We have been appointed as auditor 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

GENERATE OPPORTUNITIES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF GENERATE OPPORTUNITIES LTD
- 12 -

Our approach was as follows:

 

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’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 charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

GENERATE OPPORTUNITIES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF GENERATE OPPORTUNITIES LTD
- 13 -
Sally Meah FCCA (Senior Statutory Auditor)
for and on behalf of TC Group
16 October 2024
Statutory Auditor
Star House
Star Hill
Rochester
Kent
ME1 1UX

TC Group is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

GENERATE OPPORTUNITIES LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
as restated
as restated
as restated
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
177,146
187,147
364,293
184,756
150,337
335,093
Charitable activities
4
1,583,663
-
1,583,663
1,207,371
-
1,207,371
Investments
5
84
-
84
102
-
102
Total income
1,760,893
187,147
1,948,040
1,392,229
150,337
1,542,566
Expenditure on:
Charitable activities
6
1,661,775
176,346
1,838,121
1,591,269
109,427
1,700,696
Total expenditure
1,661,775
176,346
1,838,121
1,591,269
109,427
1,700,696
Net income/(expenditure)
99,118
10,801
109,919
(199,040)
40,910
(158,130)
Transfers between funds
(12,405)
12,405
-
-
-
-
Net movement in funds
8
86,713
23,206
109,919
(199,040)
40,910
(158,130)
Reconciliation of funds:
Fund balances at 1 April 2023
173,458
48,612
222,070
372,498
7,702
380,200
Fund balances at 31 March 2024
260,171
71,818
331,989
173,458
48,612
222,070

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

In 2023 £155,331 of grant income was incorrectly allocated to Income from charitable activities. The income has been reallocated to show as grant income. There is no change to Total Income.

The notes on pages 18 to 34 form part of these financial statements.

GENERATE OPPORTUNITIES LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
9,686
15,488
Current assets
Debtors
14
461,524
316,518
Cash at bank and in hand
37,183
49,577
498,707
366,095
Creditors: amounts falling due within one year
15
(161,399)
(154,548)
Net current assets
337,308
211,547
Total assets less current liabilities
346,994
227,035
Creditors: amounts falling due after more than one year
17
(15,005)
(4,965)
Net assets excluding pension liability
331,989
222,070
Net assets
331,989
222,070
The funds of the Charity
Restricted income funds
18
71,818
48,612
Unrestricted funds
260,171
173,458
331,989
222,070

The notes on pages 18 to 34 form part of these financial statements.

GENERATE OPPORTUNITIES LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 16 -

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

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

The financial statements were approved by the Trustees on 19 September 2024
G Sylvester
C Threadgold
Trustee
Trustee
Company registration number 03461665 (England and Wales)
GENERATE OPPORTUNITIES LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
22
15,900
(137,593)
Investing activities
Proceeds from disposal of intangibles
-
(620)
Purchase of tangible fixed assets
(1,223)
(9,683)
Proceeds from disposal of tangible fixed assets
-
620
Investment income received
84
102
Net cash used in investing activities
(1,139)
(9,581)
Financing activities
Repayment of bank loans
(27,155)
(39,290)
Net cash used in financing activities
(27,155)
(39,290)
Net decrease in cash and cash equivalents
(12,394)
(186,464)
Cash and cash equivalents at beginning of year
49,577
236,041
Cash and cash equivalents at end of year
37,183
49,577

The notes on pages 18 to 34 form part of these financial statements.

GENERATE OPPORTUNITIES LTD
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
1
Accounting policies
Charity information

Generate Opportunities Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 73 Summerstown, Tooting, London, SW17 0BQ.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
GENERATE OPPORTUNITIES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.4
Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

 

For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

 

Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' Report for more information about their contribution.

 

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company 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.

 

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.

 

1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

 

Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

 

Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

GENERATE OPPORTUNITIES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over the period of the lease
Computers
20% straight line
Office equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

GENERATE OPPORTUNITIES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
as restated
as restated
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Donations and gifts
8,047
-
8,047
7,021
-
7,021

Grants

135,938
187,147
323,085
156,255
150,337
306,592
Other
33,161
-
33,161
21,480
-
21,480
177,146
187,147
364,293
184,756
150,337
335,093

In 2023 £155,331 of grant income was incorrectly allocated to Income from charitable activities. The income has been reallocated to show as grant income. There is no change to Total Income.

GENERATE OPPORTUNITIES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
4
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
as restated
2024
2023
£
£
Community connections

Income from charitable activities

647,408
562,209
Youth

Income from charitable activities

6,669
11,693
Social opportunities

Income from charitable activities

1,302
22,964
Health

Income from charitable activities

53,080
49,788
Access to work

Income from charitable activities

500,439
339,189
Supported internship

Income from charitable activities

374,765
221,528
1,583,663
1,207,371

In 2023 £155,331 of grant income was incorrectly allocated to Income from charitable activities. The income has been reallocated to show as grant income. There is no change to Total Income.

5
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Bank interest receivable

84
102
GENERATE OPPORTUNITIES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
6
Expenditure on charitable activities
Community connections
Youth
Social opportunities
Health
Access to work
Inclusion and engagement
Supported internship
Total
2024
2024
2024
2024
2024
2024
2024
2024
£
£
£
£
£
£
£
£
Direct costs
Staff costs
336,177
65,226
35,122
31,926
344,168
55,726
309,553
1,177,898
Depreciation and impairment
499
-
-
165
-
-
462
1,126

Miscellaneous expenses

15
-
-
-
-
-
-
15

Support staff costs

227
-
-
-
1,200
-
10
1,437

Events and groups

12,820
7,212
1,215
28
-
-
-
21,275

Music and arts lessons

31,906
-
-
-
-
-
-
31,906

Art costs

68
-
-
24
-
-
-
92

Ingredient costs

1,982
-
1,298
-
-
-
-
3,280

Excursions

470
2,591
(34)
-
-
-
-
3,027

Staff recruitment, training and sundry

10,140
155
-
-
74
-
377
10,746

Premises costs

24
-
-
-
-
-
-
24

Travel and entertainment

25,744
10,317
1,313
-
-
107
185
37,666

Office costs

9,041
2,314
377
7,255
1,438
618
3,946
24,989

Professional fees

-
-
-
-
-
1,831
-
1,831

Bad debt provision

(8,299)
-
-
-
7,917
-
18,123
17,741
420,814
87,815
39,291
39,398
354,797
58,282
332,656
1,333,053
Share of support and governance costs (see note 7)
Support
135,656
23,187
19,773
12,219
131,725
7,450
118,477
448,487
Governance
16,861
3,078
1,657
1,507
16,241
2,630
14,607
56,581
GENERATE OPPORTUNITIES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Expenditure on charitable activities
(Continued)
- 24 -
573,331
114,080
60,721
53,124
502,763
68,362
465,740
1,838,121
Analysis by fund
Unrestricted funds
532,994
95,330
7,564
52,954
502,763
11,880
458,290
1,661,775
Restricted funds
40,337
18,750
53,157
170
-
56,482
7,450
176,346
573,331
114,080
60,721
53,124
502,763
68,362
465,740
1,838,121
GENERATE OPPORTUNITIES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Expenditure on charitable activities
(Continued)
- 25 -
Previous year:
Community connections
Youth
Social opportunities
Health
Access to work
Inclusion and engagement
Supported internship
Total
2023
2023
2023
2023
2023
2023
2023
2023
as restated
as restated
as restated
£
£
£
£
£
£
£
£
Direct costs
Staff costs
419,274
68,359
42,423
32,560
273,287
34,249
193,544
1,063,696
Depreciation and impairment
574
-
-
165
-
-
623
1,362

Miscellaneous expenses

60
-
-
-
-
-
-
60

Support staff costs

2,730
-
-
-
183
-
-
2,913

Events and groups

10,530
8,108
2,561
-
-
-
-
21,199

Music and arts lessons

32,914
-
-
-
-
-
-
32,914

Art costs

421
74
32
660
-
-
-
1,187

Ingredient costs

1,972
1,807
922
78
-
-
-
4,779

Sports and equipment

731
131
-
16
-
-
-
878

Excursions

483
5,471
148
-
-
-
-
6,102

Staff recruitment, training and sundry

309
299
-
299
2,985
-
1,539
5,431

Premises costs

45
-
-
-
-
-
-
45

Travel and entertainment

23,466
6,666
458
106
-
20
400
31,116

Office costs

12,555
3,929
704
5,606
701
412
4,542
28,449

Professional fees

13,500
-
-
50
50
-
-
13,600

Bad debt provision

(7,732)
-
-
-
3,440
-
2,279
(2,013)
511,832
94,844
47,248
39,540
280,646
34,681
202,927
1,211,718
Share of support and governance costs (see note 7)
GENERATE OPPORTUNITIES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Expenditure on charitable activities
(Continued)
- 26 -
Support
161,936
30,599
10,772
13,218
110,939
13,903
90,787
432,154
Governance
22,718
3,652
1,418
1,739
14,599
1,830
10,868
56,824
696,486
129,095
59,438
54,497
406,184
50,414
304,582
1,700,696
Analysis by fund
Unrestricted funds
660,203
114,722
43,551
54,497
406,184
15,733
296,379
1,591,269
Restricted funds
36,283
14,373
15,887
-
-
34,681
8,203
109,427
696,486
129,095
59,438
54,497
406,184
50,414
304,582
1,700,696

In 2023 costs were incorrectly allocated between activities. These have now been amended. There is no change to total costs.

GENERATE OPPORTUNITIES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
7
Support costs allocated to activities
2024
2023
£
£
Staff costs
155,087
134,455
Depreciation
5,899
7,045
Miscellaneous expenses
17,445
6,929
Events and groups
10,195
986
Staff recruitment, training and sundry
27,187
57,573
Premises costs
72,022
73,962
Travel and entertainment
285
579
Office costs
80,933
74,179
Professional fees
78,062
74,159
PR and events
1,372
2,288
Governance costs
56,581
56,823
505,068
488,978
Analysed between:
Community connections
152,517
184,654
Youth
26,265
34,251
Social opportunities
21,430
12,190
Health
13,726
14,957
Access to work
147,966
125,538
Inclusion and engagement
10,080
15,733
Supported internship
133,084
101,655
505,068
488,978
2024
2023
Governance costs comprise:
£
£
Staff costs
44,326
48,994
Audit fees
12,255
7,829
56,581
56,823
GENERATE OPPORTUNITIES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
8
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
12,255
7,829
Depreciation of owned tangible fixed assets
7,025
7,787
Loss on disposal of intangible assets
-
620
9
Auditor's remuneration
Fees payable to the charity's auditor and associates:
2024
2023
£
£
For audit services
Audit of the financial statements of the charity
12,255
7,829
10
Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
GENERATE OPPORTUNITIES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
11
Employees
Number of employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Direct project staff
59
56
Support staff
12
5
71
61
Employment costs
2024
2023
£
£
Wages and salaries
1,285,161
1,156,772
Social security costs
92,150
90,373
1,377,311
1,247,145
There were no employees whose annual remuneration was £60,000 or more.

Key Management Personnel

Key management personnel during the year comprised; Executive Officer, Chief Operating Officer, Head of Operations and Key Service Managers. The total employee benefits of the key management personnel of the charity were £335,554 (2023 - £333,475).

12
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

GENERATE OPPORTUNITIES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
13
Tangible fixed assets
Leasehold improvements
Computers
Office equipment
Total
£
£
£
£
Cost
At 1 April 2023
44,977
26,585
18,801
90,363
Additions
-
-
1,223
1,223
At 31 March 2024
44,977
26,585
20,024
91,586
Depreciation and impairment
At 1 April 2023
42,296
15,830
16,749
74,875
Depreciation charged in the year
330
5,715
980
7,025
At 31 March 2024
42,626
21,545
17,729
81,900
Carrying amount
At 31 March 2024
2,351
5,040
2,295
9,686
At 31 March 2023
2,681
10,755
2,052
15,488
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
201,644
126,784
Other debtors
11,558
11,577
Prepayments and accrued income
248,322
178,157
461,524
316,518
15
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
24,364
61,559
Other taxation and social security
47,680
20,201
Deferred income
600
20,354
Trade creditors
34,876
17,598
Other creditors
6,188
5,830
Accruals
47,691
29,006
161,399
154,548
GENERATE OPPORTUNITIES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
16
Deferred income
2024
2023
£
£
Deferred income at 1 April 2023
20,354
-
Released from previous periods
(20,354)
-
Resources deferred in the year
600
20,354
Deferred income at 31 March 2024
600
20,354
17
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
15,005
4,965

A general debenture dated 3 June 2020 is held by Barclays Security Trustee Limited. The debenture is a fixed and floating charge over the property and assets.

18
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April 2023
Incoming resources
Resources expended
Transfers
At 31 March 2024
£
£
£
£
£
Children in Need
4,129
10,000
(18,750)
4,621
-
City Bridge
3,216
41,250
(40,507)
-
3,959
NLCF (Heritage Fund)
9,900
-
-
-
9,900
Community Fund Grant (National Lottery)
4,146
-
-
-
4,146
Wandsworth Social Opportunities
8,750
-
-
-
8,750
The Baily Thomas Charitable Fund
6,667
-
-
-
6,667
NLCF (I&E Grant)
11,804
90,524
(63,932)
-
38,396
NLCF (Safer Spaces)
-
45,373
(53,157)
7,784
-
48,612
187,147
(176,346)
12,405
71,818
GENERATE OPPORTUNITIES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
18
Restricted funds
(Continued)
- 32 -
Previous year:
At 1 April 2022
Incoming resources
Resources expended
Transfers
At 31 March 2023
£
£
£
£
£
Children in Need
7,702
10,800
(14,373)
-
4,129
City Bridge
-
39,500
(36,284)
-
3,216
NLCF (Heritage Fund)
-
9,900
-
-
9,900
Wandsworth Platinum Jubilee Grant
-
500
(500)
-
-
Community Fund Grant (National Lottery)
-
9,950
(5,804)
-
4,146
Wandsworth Social Opportunities
-
15,000
(6,250)
-
8,750
The Baily Thomas Charitable Fund
-
10,000
(3,333)
-
6,667
NLCF (I&E Grant)
-
54,687
(42,883)
-
11,804
7,702
150,337
(109,427)
-
48,612

Children in Need

This grant is for three excursions for young people with disabilities.

City Bridge

This grant is for the continuing costs of the project Generate Voices.

NLCF (Heritage fund)

This grant is to put towards the 50th anniversary party for Generate.

Wandsworth Platinum Jubilee Micro Grant (Social Ops)

This grant is for celebrating the jubilee with adults with learning disabilities.

Community Fund Grant - National Lottery (Social Ops)

This grant is for supporting adults with learning disabilities who are involved in volunteering.

Wandsworth CVS (Social Ops)

This grant is for ongoing projects costs for Cost of Living Project.

NLCF (Safer Spaces)

This grant is for running of Social Opportunities.

GENERATE OPPORTUNITIES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
18
Restricted funds
(Continued)
- 33 -

The Baily Thomas Charitable Fund (Social Ops)

This grant is a one-off grant towards Social Opportunities: staffing and activity costs.

NLCF (I&E Grant)

This grant is for continuing project costs supporting adults with learning disabilities.

19
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023
Incoming resources
Resources expended
Transfers
At 31 March 2024
£
£
£
£
£
General funds
173,458
1,760,892
(1,661,774)
(12,405)
260,171
-
1
(1)
-
-
173,458
1,760,893
(1,661,775)
(12,405)
260,171
Previous year:
At 1 April 2022
Incoming resources
Resources expended
Transfers
At 31 March 2023
£
£
£
£
£
General funds
372,498
1,392,229
(1,591,269)
-
173,458
20
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 March 2024:
Tangible assets
9,686
-
9,686
Current assets/(liabilities)
265,490
71,818
337,308
Long term liabilities
(15,005)
-
(15,005)
260,171
71,818
331,989
GENERATE OPPORTUNITIES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20
Analysis of net assets between funds
(Continued)
- 34 -
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 March 2023:
Tangible assets
15,488
-
15,488
Current assets/(liabilities)
162,935
48,612
211,547
Long term liabilities
(4,965)
-
(4,965)
173,458
48,612
222,070
21
Operating lease commitments

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
36,000
36,000
Between two and five years
72,000
108,000
108,000
144,000
22
Cash generated from operations
2024
2023
£
£
Surplus/(deficit) for the year
109,919
(158,130)
Adjustments for:
Investment income recognised in statement of financial activities
(84)
(102)
(Gain)/loss on disposal of intangible assets
-
620
Depreciation and impairment of tangible fixed assets
7,025
7,787
Movements in working capital:
(Increase)/decrease in debtors
(145,006)
6,191
Increase/(decrease) in creditors
63,800
(14,313)
(Decrease)/increase in deferred income
(19,754)
20,354
Cash generated from/(absorbed by) operations
15,900
(137,593)
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