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2021-12-31-accounts

Company number: 06550164

Charity number: 1123946

Report and Financial Statements For the year ending 31 December 2021

Youth Business International

Contents

For the year ended 31 December 2021

Contents

Youth Business International Chair’s Introduction, 2021 ......................................................................... 3 Reference and Administrative Information .............................................................................................. 6 Trustees’ annual report ......................................................................................................................... 8 Objectives, activities, and performance ................................................................................................ 11 Structure, Governance and Management .............................................................................................. 19 Trustees’ Responsibilities Statement .................................................................................................... 23 Independent auditor’s report to the members of Youth Business International ....................................... 26 Consolidated statement of financial activities ....................................................................................... 33 Balance sheets .................................................................................................................................... 34 Consolidated statement of cash flows .................................................................................................. 35 Notes to the financial statements ......................................................................................................... 36

Youth Business International

Chair’s Introduction

For the year ended 31 December 2021

Youth Business International Chair’s Introduction, 2021

2021 was a year where the impacts of Covid-19 continued to disrupted the lives and livelihoods of people around the world. Young entrepreneurs were particularly impacted by the huge disruptions this caused to business operations and economies. But, 2021 was also a year to recognise and celebrate the outstanding achievements of these young entrepreneurs who have continued to innovate, thrive and work towards solving some of the greatest challenges facing the globe. It's this entrepreneurial zeal and energy exhibited by the young people supported by YBI which inspired me to become YBI’s new Chair.

I want to thank Sir Malcom Williamson, YBI’s founding Chair who stepped down in 2021, for his steadfast commitment to YBI. I feel honoured to take on this esteemed position at a time when it’s more important than ever to invest in young entrepreneurs and I look forward to bringing my own experience as a young entrepreneur to help YBI positively impact more young people.

YBI has achieved fantastic work during 2021 supporting young entrepreneurs to continue to thrive through and post the Covid-19 pandemic:

Our Covid-19 Rapid Response and Recovery Programme with Google.org saw 375,588 entrepreneurs reached and 145,738 entrepreneurs access in-depth services, with 77% reporting improved skills to manage challenges and 40% successfully improved resilience. As a result, 92,803 jobs were maintained. We also launched a Futuremakers initiative with Standard Chartered Foundation which supported 10,302 young entrepreneurs in seven countries with webinars, business clinics, mentoring and coaching.

Celebrating YBI’s 20 years of experience and expertise, our new flagship report Entrepreneurship Within Reach was launched, reflecting upon the 642,000 young people supported through a YBI member globally. The report provides an insight into aspects of our work that are successful and what is needed for inclusive and impactful support, to reach even more young entrepreneurs. With rising youth unemployment

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Youth Business International

Chair’s Introduction

For the year ended 31 December 2021

rates across the globe, YBI’s integrated approach to youth entrepreneurship support is presented in the report, which consists of three components: 1) personal development, 2) business development and 3) enabling environment facilitation.

A key focus in 2021 was a strategic shift to focus on providing bespoke support for young entrepreneurs whose business has a green or social mission. We launched social impact accelerators alongside a green and social toolkit to ensure our members are best placed to help the next generation of entrepreneurs ‘build back stronger’.

To harness the power of the network and enable our members to benefit from the networked effect we continued to deliver our Growth and Performance Skills (GPS) training of trainers, a training curriculum on entrepreneurial soft skills to improve the equality and impact of the support provided to young entrepreneurs. This was complemented by our Digital Accelerator programme helping members to digitalize their operations and services to reach more entrepreneurs.

As we look forward to 2022 and the priorities for YBI, the impacts of the COVID-19 pandemic continue to present challenges to young entrepreneurs with their finances and in maintaining emotional resilience. As part of the COVID-19 recovery and more broadly, YBI’s network is embracing inclusivity, to ensure even the hardest to reach entrepreneurs have access to the support they need to succeed.

Our Decent Work programme, funded by IKEA Foundation will continue to provide crucial training to young entrepreneurs around the world, creating responsible employers and implementing key decent work principles including fair wages, safety in the workplace and decent working hours.

2022 will see YBI focus on green and social entrepreneurship and supporting young entrepreneurs establish sustainable businesses which contribute to a more sustainable world.

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Youth Business International

Chair’s Introduction

For the year ended 31 December 2021

We look forward to growing our network, meeting more members face to face and driving inclusive entrepreneurship to help young entrepreneurs to build back stronger.

Marta Krupinska

Chair

15[th] June 2022

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Youth Business International

Reference and administrative information

For the year ended 31 December 2021

Reference and Administrative Information

Status

Youth Business International is a registered charity and is Incorporated under the Companies Act as a company limited by guarantee not having a share capital. The company is governed by its Memorandum and Articles of Association dated 5[th ] March 2008, under which each member has undertaken to contribute to the assets in the event of winding-up a sum not exceeding £5

Company number 06550164

Charity number 1123946

Registered office

21 Holborn Viaduct, London, EC1A 2DY.

During this period until March 2021, the organisation also had offices in Bogota, Colombia.

The Trustees

The Trustees who are also Directors under company law, who served during the year and up to the date of this report are as follows:

Sir Malcolm Williamson (Chair - outgoing) Marta Krupinska (Chair – incoming) Caroline Adeyemi Jeannie Arthur Timothy Copnell Romeo Effs Meaghan Ramsey Crispin Rapinet Fadi Sarkis (left 30[th] January 2022)

Andrew Smart

Marie Staunton (left 6[th] December 2021)

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Youth Business International

Reference and administrative information

For the year ended 31 December 2021

Anita Tiessen Boris Tkachenko

Chief Executive Anita Tiessen

Bankers

Lloyds Bank Plc Victoria Branch, Westminster, London SW1E 5JL

Auditor

Sayer Vincent LLP, Chartered Accountants and statutory auditor Invicta House, 108-114 Golden Lane, London, EC1 0TL

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Youth Business International

Trustees’ annual report

For the year ended 31 December 2021

Trustees’ annual report

For the year ended 31 December 2021

The Trustees of Youth Business International have pleasure in presenting their report together with audited financial statements of the company and group for the year ending 31[st ] December 2021.

The financial statements have been prepared in accordance with Statement of Recommended Practice (FRS102), Accounting and reporting by Charities issued by Charity Commission.

Youth Business International (YBI) is a global network of 52 independent, locally led organisations (our ‘members’) supporting underserved young entrepreneurs to turn their ideas into successful businesses, creating jobs and strengthening communities. The network is supported by a dedicated Network Team based in London.

Our Vision and Mission

Youth entrepreneurship creates decent work for young people, strengthens communities and drives inclusive economic growth, but for too many young people, entrepreneurship is out of reach.

We work as a global network of expert organisations to help young people to start, grow and sustain the microenterprises and SMEs that are vital to our economies.

Our Network Approach

As a network we develop and scale new solutions to the critical challenges facing underserved young entrepreneurs. Our members learn, innovate and influence together. As a result, they can deliver better quality support to more young people around the world.

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Learn : Our members have diverse expertise across the full range of youth entrepreneurship support services. To support them in their work, we deliver capacity development services, facilitate member learning exchanges, and connect members to partners with the relevant expertise.

Innovate: By convening the collective expertise of the network, we can identify gaps in support for young entrepreneurs around the world. Using these insights, we work with members to develop new solutions for youth entrepreneurship support.

Influence: As a global network we are well positioned to advocate the benefits of youth entrepreneurship. We work with members to generate and share evidence on priority themes, and use the insight generated to drive change in policy and practice.

Our Partners

To grow and nurture a sustainable network that drives impact for young entrepreneurs on a global scale, we partner with corporates, governments, international development agencies, charitable foundations, and individuals. In 2021, our partners included Accenture, Argidius Foundation, Google.org, IKEA Foundation and Standard Chartered Foundation.

The trustees are indebted to all partners for their support, both financial and otherwise, without whom it would not have been possible to achieve all that we did.

Accenture

YBI’s three-year programme with Accenture (2018-2021) and new 15-month grant (2021-2022) continued to anchor our ability to deliver critical and foundational support—including supporting young entrepreneurs with Growth and Performance Skills and knowledge and skills to continue to digitally adapt and mature through the digital accelerator. The partnership with Accenture has also helped us to drive additional critical areas for young entrepreneurs facing today’s challenges, including social, green, and inclusive entrepreneurship, as well as continuing to evolve the innovation and digital capability of YBI at a global and member level and to connect our members and collaborate. Celebrating YBI’s 20 years of experience and expertise, our new flagship report Entrepreneurship Within Reach was launched, reflecting upon

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Youth Business International

Trustees’ annual report

For the year ended 31 December 2021

the 642,000 young people supported through a YBI member globally. The report provides an insight into aspects of our work that are successful and what is needed for inclusive and impactful support, to reach even more young entrepreneurs. With rising youth unemployment rates across the globe, YBI’s integrated approach to youth entrepreneurship support is presented in the report, which consists of three components: 1) personal development, 2) business development and 3) enabling environment facilitation.

Argidius Foundation

Virtual workshops were held throughout the year on topics including digitising curriculums and how to support entrepreneurs remotely with participants from eight members in attendance, as well as a GPS training of trainers to support members teach soft skills to their entrepreneurs to deal with the effects of the pandemic delivered to four members. The final Africa Community of Practice was delayed due to the travel restrictions.

ENEL

ENEL Group partnered with YBI to provide mentoring to youth-led businesses that were vulnerable to permanent closure due to the impact of COVID-19. Their SOS Mentoring Programme in Spain and Latin America matched 104 mentors with mentees. As a result, 102 businesses were still trading at the end of the programme.

European Economic Agreement and Norway Grants

YBI is part of the expert pool of partners of the ‘Young Entrepreneurs Succeed (YES!)’ programme. This programme is funded by Norway, Lichtenstein, and Iceland as part of their European Economic Agreement. It supports peer learning across Greece, Italy, Spain and Poland so that partners in Europe can identify shared challenges and inspire each other to debate, research and provide solutions for the pressing problem of youth unemployment.

Google.org

Our COVID-19 Rapid Response & Recovery programme implemented a holistic package of emergency support for entrepreneurs across Europe, the Middle East, Africa, and Asia-Pacific. Since the start of the programme, members and delivery partners have provided a wide range of support services to over 375,588 entrepreneurs across the

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EMEA and APAC regions. This programme also formed one of the foundational insights into support needed by young entrepreneurs to build back stronger during the pandemic recovery.

IKEA Foundation

In 2021, YBI continued its partnership with the IKEA Foundation to accelerate youthled businesses in the digital era in Bangladesh and India with our members B’YEAH and BYST. The programme saw the continued roll out of mentoring and entrepreneurship training including digital training to young entrepreneurs. 2021 saw the introduction of Decent Work training to support building the next generation of responsible businesses and leaders. It was then rolled out to support five other network members to gain an understanding about decent work principles including how to provide fair wages and a safe working environment. We are now working with our member Aliança Emprendedora (Brazil) to adapt the training videos to a global audience.

Standard Chartered Foundation

This project is part of Futuremakers by Standard Chartered, a global initiative to tackle inequality. The programme provided a range of support to help young entrepreneurs recover from the Covid-19 crisis including webinars, business clinics, mentoring and coaching. In 2021 11,257 people were reached with intensive support and 23,180 with lighter touch support in Botswana, Germany, Japan, Nigeria, Turkey, Indonesia, and Uganda.

Objectives, activities, and performance

YBl's objectives for the public benefit are:

To act as a resource for young people aged 18-35 by providing mentoring, advice, and financial assistance through the Youth Business Programmes as a means of:

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To encourage sustainable development which meets the needs of the present without compromising the ability of future generations to meet their own needs and to promote it for the benefit of the public by:

YBI measures its impact using a set of Key Performance Indicators that assess progress and outcome attribution at three levels: the Network; member organisation; and young entrepreneur.

At the Network level, we saw strong performance: 90% of 42 respondent members reported that the network was ‘useful’ or ‘very useful’ in 2021.

Driving change for young people and their communities is YBI’s mission. In 2021 our Network supported 141,017 young people to develop their entrepreneurship skills. Of these, 82,874 young people were trained. We are also able to report that 18,014 young people started a business, 38,236 young people strengthened a business and 16,698 young people secured employment. The reported average business survival in the network was 3.37 years.

2021 Highlights

The following are a few selected highlights:

Our ongoing COVID-19 crisis response

During 2021 we continued to provide support to young entrepreneurs around the

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world still reeling from the effects of the pandemic. Standard Chartered Foundation’s Futuremakers initiative supported 10,302 young entrepreneurs in 7 different countries.

Our Rapid Response and Recovery Programme with Google.org was wrapped up in our report Refocus, Reset, Retool, which reflected upon the 375,588 entrepreneurs reached through helplines, websites, and videos to keep them informed about how to manage the crisis and access government level aid. 145,738 entrepreneurs accessed in-depth services, with 77% reporting improved skills to manage challenges and 40% successfully improved resilience. As a result, 92,803 jobs were maintained.

Celebrating 20 years of expertise

Celebrating YBI’s 20 years of experience and expertise, our new flagship report Entrepreneurship Within Reach was launched, reflecting upon the 642,000 young people supported through a YBI member globally. The report provides an insight into aspects of our work that are successful and what is needed for inclusive and impactful support, to reach even more young entrepreneurs. With rising youth unemployment rates across the globe, YBI’s integrated approach to youth entrepreneurship support is presented in the report, which consists of three components: 1) personal development, 2) business development and 3) enabling environment facilitation.

Supporting our members and young entrepreneurs to be green focused and socially minded

Supporting green and social entrepreneurship was a key focus of 2021, we launched social impact accelerators with our members SOMO, Qredits and Sky’s The Limit to develop a Social and Green Impact Toolkit for our network. We have also developed an inclusivity toolkit to help members develop plans to be more inclusive.

With the aim to ‘build back stronger,’ our partner IKEA Foundation provided Decent Work training to support building the next generation of responsible businesses and leaders.

Building our network’s skills and capabilities

To support even more young entrepreneurs to ‘build back stronger’ post-pandemic, we launched Growth and Performance Skills (GPS) training of trainers, a training curriculum on entrepreneurial soft skills to improve the equality and impact of the support.

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Our Digital Accelerator programme helping members to digitalize their operations and services to reach more entrepreneurs, has so far been completed by 13 of our members. A scalable self-service model is being piloted to offer to all members in 2022 .

New Chair

In 2021 we were delighted to announce the appointment of Head of Google for Startups UK and leading female entrepreneur Marta Krupinska as the new Board Chair at YBI.

Marta founded her first business at 19 and has since co-founded three businesses. She has been widely recognised for her achievements and contribution to the field of entrepreneurship, including in Forbes’s #30Under30 in 2016 and their top 60 Female Tech Executives globally in 2018.

Marta succeeds YBI’s founding chair Sir Malcolm Williamson who has led the organisation for over 15 years, following a successful career which included serving as CEO of Standard Chartered Bank and Visa.

Plans for the year ahead

We will continue to focus on growing and adding value to our network. We will be guided by, and seek to contribute to, the Sustainable Development Goals. Over the year ahead we aim to deepen our current partnerships and continue to expand and diversify our portfolio of funders.

In 2022 and beyond, we will focus our efforts on:

Promoting green and social businesses, as a contribution to a sustainable and equitable world which will include developing and delivering a programme approaches for social and green businesses.

Expanding our membership. 2022 will see a membership fee launched for the first time. YBI will strive to be value for money and aims to grow the network with increasing members and a longer-term goal to raise the membership to 100 by 2025

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Increasing our influence . During 2022 YBI will focus on refining our message and widening our influence through strategic communications plans and media engagement.

Global Youth Entrepreneurship Summit. After a virtual summit in 2020 and no Summit in 2021 YBI is looking forward to our flagship event which brings together leading experts, influencers, and decision makers in the youth entrepreneurship sector. It is a space for YBI members to connect with game changers and sector innovators through workshops and facilitated discussions to explore, ideate, collaborate, and generate new approaches that respond to the ever-changing needs, challenges, and aspirations of young entrepreneurs globally.

Impact of COVID-19 on the organisational activities

Covid-19 continued to have an impact on activities in 2021, taking the prudent step to streamline staffing numbers considering the uncertain economic climate. The pandemic context presented both challenges and opportunities in terms of fundraising and sustainability for the organisation and our network. YBI continued to focus greater attention on the socio-environmental challenges that have been brought into starker relief through the pandemic, working with our Members on approaches to improve inclusivity, decent work.

Financial performance

Income

The Group’s total incoming resources for the year were £2.8m (2020: £6.6m) of which

£0.5m was unrestricted (2020: £0.5m) and £2.3m (2020: £6.1m) was restricted. All income is recorded in the Charity. The Group’s incoming resources were lower than the previous year while we completed delivery of Programmes which we had already received funding for.

During 2021 grant funds were received as follows: Accenture £1.1m (2020: £1.1m), Argidius Foundation £0.1m (2020: £0.0m), IKEA Foundation £0.1m (2020:

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£0.5m), Google.org £0.5m (2020: £3.6m), Standard Chartered Bank £0.4m (2020: £0.5m) and funds from ENEL and EEA Active Youth. These grants made up 82% of total income. Most of these are multi-year and multi-project grants demonstrating success in our strategy towards long-term partnerships.

The main sources of funds in 2021 were Corporate Donors at 64% (2020: 34%) and Charitable foundations and trusts 19% (2020: 57%). The remainder was received from a mixture of individual giving, donated services, multilateral grants and training and mentoring income.

Expenditure

The Charity’s total resources expended for the year were £4.0m (2020: £6.2m), of which £0.4m (2020: 0.3m) was unrestricted and £3.7m (2020: £5.9m) was restricted. The budgeted core costs of the team are agreed in advance each year, with resources and individuals assigned to specific projects towards which donors have directed their grants. We recover these costs and show them as expenditure against the restricted income. Remaining unallocated costs and overheads are shown as unrestricted expenditure.

During 2021 expenditure on charitable activities is comprised of:

Cost of raising funds which forms 5% of our overall expenditure

The Membership Services and Engagement team innovate and deliver services for the network members. Their cost forms 21% of the overall 2021 expenditure

The Learning and influence team focused on several communications campaigns and produced the flagship report Entrepreneurship within Reach. This expenditure totalled 15%

The Development and Programmes team work on both new partnership development and delivery of current programmes. The expenditure totalled 59% and includes a disbursement of subgrants to network members of £1.8m

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Support and governance cost in 2021 added up to 17% of the overall expenditure

Our expenditure in 2021 is lower than in 2020 primarily because in 2020 Google.org provided $5m emergency funding to back businesses and sustain livelihoods in response to Covid-19. Unrestricted expenditure at £0.4m in 2021 was similar to that of 2020 (2020: £0.3m).

Reserves Policy and Going Concern

The charity holds unrestricted reserves to continue to operate in the event of a downturn in income. In 2021, the charity’s aim was to maintain unrestricted free reserves equivalent to between three and nine months of unrestricted committed expenditure, which based on the expenditure in the year to 31 December 2021 is within the range £450k and £1,350k.

In 2021 the charity increased its unrestricted resources due to full cost recovery and various cost saving initiatives. As of 31 December 2021, unrestricted free reserves came to £1,359k at the top of the reserve target range.

Trustees have taken steps to ensure the charity’s financial sustainability, particularly noting the changed circumstances due to the pandemic. These are:

Agile fundraising approach in the pandemic context to seize immediate opportunities, and adoption of strategic propositions on economic recovery and sustainable futures that align us with member and funder priorities

Detailed expenditure review and reduction of ongoing operating expenses, including a reduction in staffing costs

Diversification of income, in particular the future introduction of membership fees and a strategic review of the potential for other earned income sources

After reviewing the charity’s forecasts and projections, the trustees have a reasonable

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expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Risk Management

The Trustees have delegated day-to-day responsibilities for the management of the risks to the Senior Management Team. An ongoing risk management process assesses business risks and implements risk management strategies. Major risks faced by the charity are identified and prioritised in terms of their potential impact and likelihood of occurrence and means of mitigating the risks are identified.

During 2021, the three main risks to the organisation were as follows:

A review of all risks, and progress against mitigating these, is completed quarterly by the Senior Management Team, and reviewed by the Audit & Risk Committee and the Board. Where appropriate, risks are covered by insurance.

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For the year ended 31 December 2021

Structure, Governance and Management

Trustee and organisational structure

Youth Business International (YBI) is a charitable company, limited by guarantee and governed by its Memorandum and Articles of Association dated 5[th ] March 2008. The governing Board of the charity is a Board of Trustees who meet formally quarterly.

The Board of Trustees approve all the major strategic decisions for the organisation. The Board of Trustees delegate the day-to-day operational decision making to the Chief Executive Officer who with the Senior Management Team (SMT) runs the organisation and is responsible for all the contracts.

There are three further sub-committees:

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Trustee Recruitment and Training

New trustees are recruited for their skills in areas relevant to organisational strategy and objectives. They are recruited in a variety of ways including public advertisements and/or by recommendations from those working with YBI, or from existing trustees. Candidates are scrutinised by the Nominations and Renumeration Committee supported by the CEO as necessary.

All new trustees are given a structured induction to the organisation by the Chief Executive and the Chairman. As part of the induction, meetings are arranged with key employees, other trustees, and relevant external contacts. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Training requirements are reviewed regularly.

Related parties

Any connection between a trustee or senior manager of the charity or any other contractual relationship with a related party, must be disclosed to the full Board of Trustees. The organisation has the control of the Fundación YBI Latinoamérica y Caribe, based in Colombia, which has been dormant since July 2020 and was closed in March 2021. Youth Business International Foundation (Stichting) was incorporated in Netherlands on 17th December 2020. The YBI Stichting has no share capital and the Directors appointed to the board are Anita Tiessen, Crispin Rapinet and Elwin Groenevelt.

Public Benefit

The trustees have a duty to report on public benefit by explaining:

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The trustees confirm that they have had regard to the Charity Commission’s guidance on public benefit reporting on YBI’s vision and mission, and on the objectives achievements and plans.

Core Policies

YBI inducts all new staff to enable them to have good understanding of the organizational structure, policies and procedures and other role related information. YBI core policies; Code of Conduct, Safeguarding policy, Anti -Bribery and AntiCorruption policy, Conflict of Interest policy, Whistleblowing policy and Confidentiality policy are shared with all YBI staff members. Senior Managers and Finance staff are also inducted with other finance and people management related policies.

People

Network Support Team based in London comprised 25 people during the year. The Bogotá office prior to its closure in March 2021 had no staff. In addition, the charity has benefited greatly from the help of volunteers, both experienced professionals and interns.

Income recognition

YBI income is partly raised by project-based grants and contracts. Income on these projects is recognised in line with performance and at the same time as the expenses, meaning in the same fiscal period. The method used by YBI to recognise income from project- based grants is by using the proportion of cost incurred for work performed to date.

YBI also raises a portion of its income from philanthropists, individuals, and private corporations. Income from these sources is reported in the year in which it was received as opposed to when the expenditure occurs.

Since the latter type of income is almost always received in advance of expenditure occurring, it results in surplus or deficits showing in the organisations statement of financial activity. Deficits signify that income for expenses incurred in current fiscal

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period were recognised in the year prior and surpluses are carried over as part of reserves for use in the next fiscal period.

This is in line with ‘Statement of Recommended Practice (SORP)’ accounting guidance for charities which YBI must follow.

Fundraising Standards Information

YBI does not raise funds through challenge events, telephone fundraising, digital fundraising or community groups and has only one regular donor. YBI does not use any professional fundraisers or commercial participators in the carrying out of such activities . We employed a team of three full time paid staff members to carry out our fundraising activities. YBI is not a member of a fundraising regulatory board as 99% of income is raised from corporate partners and institutional/multilateral funders.

We have complied with GDPR and other fundraising codes. We do not have a policy to protect vulnerable donors due to the nature of our fundraising activities however we do have a safeguarding policy covering all aspects of our work.

Fundraising performance was as expected in raising the necessary income for our activities. The fundraising cost in 2020 relates to income for current and future years and is largely related to multi-year grants.

YBI Received no complaints regarding its fundraising in the year.

Renumeration policy for key management personnel

YBI Renumerations Committee is responsible for reviewing and reporting to the Board on all matters pertaining to the organisational renumeration policy.

The Renumeration Committee is authorised to determine and recommend organisational renumeration policy, determine the renumeration and pay increases for Chief Executive Officer and Senior Management Team. This is done on an annual basis.

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Trustees’ Responsibilities Statement

The trustees (who are also directors of Youth Business International) are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and regulations.

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), including FRS102, the Financial Reporting Standards applicable in the UK and Republic of Ireland.

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 these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006.

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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.

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

Internal controls

The trustees have overall responsibility for ensuring that the charity has an appropriate system of control, financial and otherwise.

They are responsible for keeping adequate accounting records which 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.

These systems of internal control are designed to provide assurance against material misstatement or loss. They include:

  1. A strategic plan, an annual operating plan and an annual budget all approved by the Board

  2. Regular consideration by the Board of financial results and variance from budgets

  3. The use of the Audit & Risk Committee in overseeing of the company’s financial reporting process, including related risks and controls as well as working with the company’s external auditors

  4. Appropriate identification and management of risk

As part of this process, trustees continue to review the adequacy of the charity’s internal controls. They consider whether controls are sufficient on an annual basis.

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Youth Business International

For the year ended 31 December 2021

Trustees’ annual report

Disclosure of Information to the Auditor

As so far as each of the Trustees in office at the date of the Trustee report is aware there is no relevant audit information of which the company’s auditor was unaware they have taken all steps that the trustee ought to have taken to make themselves aware of any relevant audit information and to establish that the company’s auditor was aware of that information The Trustees’ Report was approved and signed on behalf of the Board of Trustees on 28 June 2022 by:

Timothy Copnell

Trustee and Chairman of the Audit and Risk Committee

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Independent auditor’s report

To the trustees of

Youth Business International

Opinion

We have audited the financial statements of Youth Business International (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2021 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the 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, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 group financial statements section of our report. We are independent of the group and parent 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

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Independent auditor’s report

To the trustees of

Youth Business International

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 Youth Business International’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 trustees’ annual report, including the strategic report, other than the group 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 group 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group 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 group financial statements themselves. If, based on the work we

27

Independent auditor’s report

To the trustees of

Youth Business International

have performed, we conclude that there is a material misstatement of this other

information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report, including the strategic report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

28

Independent auditor’s report

To the trustees of

Youth Business International

audit; or

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent 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 group’s and the parent 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 group or the parent 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 auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts.

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

29

Independent auditor’s report

To the trustees of

Youth Business International

decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

30

Independent auditor’s report

To the trustees of

Youth Business International

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

31

Independent auditor’s report

To the trustees of

Youth Business International

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Noelia Serrano (Senior statutory auditor)

18 July 2022

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

32

Youth Business International

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2021

Restricted
£'000
-
2,289
-		 2021
Total
£'000
437
2,346
1		 Unrestricted
£'000
514
24
5		 Restricted
£'000
-
6,067
-		 2020
Total
£'000
514
6,091
5
495 2,289 2,784 544 6,067 6,611
76
244
19
54		 119
588
2,377
569		 195
832
2,396
623		 152
68
2
84		 21
917
4,276
679		 173
986
4,278
763
393 3,653 4,046 306 5,894 6,199
102
369		 (1,364)
(369)		 (1,262)
-		 238
-		 173
-		 412
-
471 (1,733) (1,262) 238 173 412
471
888		 (1,733)
2,729		 (1,262)
3,617		 238
650		 173
2,556		 412
3,205

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17a to the financial statements.

33

Youth Business International

Company no. 06550164

Balance sheets

As at 31 December 2021

As at 31 December 2021
Balance sheets		 Company no. 06550164 Company no. 06550164
Note
Fixed assets:
11
Current assets:
14
Liabilities:
15
17
Total unrestricted funds
Total funds
Cash at bank and in hand
Tangible assets
General funds
Creditors: amounts falling due within one year
Net current assets
Total net assets
Debtors
Total assets less current liabilities
Funds:
Restricted income funds
Unrestricted income funds:		 2021
2020
£'000
£'000
6
7
The group		 2021
2020
£'000
£'000
6
7
6
7
30
587
3,487
3,668
3,517
4,256
(1,168)
(390)
2,349
3,865
2,355
3,872
2,355
3,872
996
2,729
1,359
1,143
1,359
1,143
2,355
3,872
The charity
6
30
3,487		 7
332
3,669		 6
30
3,487		 7
587
3,668
3,517
(1,168)		 4,001
(390)		 3,517
(1,168)		 4,256
(390)
2,349 3,610 2,349 3,865
2,355 3,617 2,355 3,872
2,355 3,617 2,355 3,872
996
1,359		 2,729
888		 996
1,359		 2,729
1,143
1,359 888 1,359 1,143
2,355 3,617 2,355 3,872

Approved by the trustees on 28 June 2022 and signed on their behalf by

Timothy Copnell

Trustee and Chairman of the Audit and Risk Committee

34

Youth Business International

Consolidated statement of cash flows

For the year ended 31 December 2021

For theyear ended 31 December 2021
Net income for the reporting period
(as per the statement of financial activities)
Depreciation charges
Dividends, interest and rent from investments
Purchase of property, plant or equipment
(Increase)/decrease in debtors
Increase / (decrease) in creditors
Net cash provided by operating activities
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Change in cash and cash equivalents due to exchange rate
movements
Cash flows from operating activities
Net cash provided by investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments		 2021
2020
£'000
£'000
(1,262)
412
5
13
-
(5)
(5)
(3)
302
(78)
778
131
(182)
469
-
5
-
5
(182)
474
3,669
3,194
-
-
3,487
3,669
Group
(182)
-		 469
5
- 5
(182)
3,669
-		 474
3,194
-
3,487 3,669

35

Youth Business International

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies

a) Statutory information

Youth Business International is a charitable company limited by guarantee and is incorporated in the United Kingdom.

The registered office address is 21 Holborn Viaduct, London, EC1A 2DY.

b) Basis of preparation

The financial statements have been prepared in accordance with 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) (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

These financial statements consolidate the results of the charity and its wholly-owned subsidiary Fundación YBI Latinoamérica y Caribe (company number 900785397, incorporated in Colombia) on a line by line basis. Transactions and balances between the charity and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two entities are disclosed in the notes of the charity's balance sheet. Fundación YBI Latinoamérica y Caribe was closed in 2021 having been dormant. This can be seen by the Group and Charity figures being the same. A separate statement of financial activities, or income and expenditure account, for the charity itself is not presented as a summary of the result for the year is disclosed in the notes to the accounts. Youth Business International Foundation (Stichting) was incorporated in Netherlands on 17 December 2020. The Foundation has no share capital and the Directors appointed to the Foundation board are Anita Tiessen, Crispin Rapinet and Elwin Groenevelt.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees have assessed whether the use of the going concern basis is appropriate and have made this assessment for a period of at least one year from the date of approval of the financial statements. As part of their assessment, the trustees have considered the impact of COVID- 19. The trustees have concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

In the case of performance related or long terms contract income, income entitlement is considered to be conditional upon delivery of the specified level of service, in accordance with FRS102 and Charities SOP 2015. Income is therefore recognised to the extent that the charity has delivered the service or activity. The expenditure used to date is used as a reasonable estimate or approximation of the charities’ performance and entitlement to income.

36

Youth Business International

Notes to the financial statements

For the year ended 31 December 2021

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation 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. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated 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.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

k) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the Network Team, is apportioned on the basis of the grant budget available for overhead and management cost in the period since charity has limited unrestricted fund and is grant driven in how overhead costs are applied.

Support and governance costs are re-allocated to each of the activities based on the grant budgets and staff time attributable to each activity.


butable to each activity.
Cost of raising funds 9%
Memberships Services & Engagement 35%
Programme & Business Development 28%
Learning & Influence 28%

Governance costs are the costs associated with the governance arrangements of the charity such as audit fee. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

37

Youth Business International

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies (continued)

l) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

m) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £2,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

life of lease five years three years

n) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

o) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

p) Creditors and provisions

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 after allowing for any trade discounts due.

q) Financial instruments

The charity only 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Transactions in foreign currencies are recognised at the rate of exchange at the date of the transaction. Monetary assets and liabilities are translated into sterling at the exchange rate on the balance sheet date. All exchange differences are recognised through the statement of financial activities.

r) Pensions

The charity operates a defined contribution pension scheme for staff. Contribution costs are charged to the statement of financial activities in the year in which they are payable.

38

Youth Business International

Notes to the financial statements

For the year ended 31 December 2021

the year ended 31 December 2021
Income from donations and legacies
Individuals
Donated services		 Unrestricted
£'000
70
367		 £'000
-
-
Restricted		 2021
Total
£'000
70
367		 Unrestricted
£'000
64
451		 £'000
-
-
Restricted		 2020
Total
£'000
64
451
437 - 437 514 - 514

Donated services in 2021 are valued as 75% of £489K which is the full value of pro-bono services received (2020: £600,669) and are recognised within incoming resources as donated services. An equivalent charge is included within outgoing expenses.

The charity is grateful to:

3 Income from charitable activities

Income from charitable activities
Corporate donors
Multilaterals
Charitable foundations and trusts
Other income
Total income from charitable
activities		 Unrestricted
£'000
10
-
-
47		 £'000
1,763
5
521
Restricted		 2021
Total
£'000
1,773
5
521
47		 Unrestricted
£'000
10
-
-
14		 £'000
2,255
57
3,755
-
Restricted		 2020
Total
£'000
2,265
57
3,755
14
57 2,289 2,346 24 6,067 6,091

39

Youth Business International

Notes to the financial statements

For the year ended 31 December 2021

4a Analysis of expenditure (current year)

Analysis of expenditure (current year)
Staff costs (Note 7)
Direct activity costs
Grants to members (note 5)
Network support costs*
Governance costs
Total expenditure 2021		 Cost of
Raising funds
£'000
135
-
-		 Charitable activities 2021
Total
£'000
985
600
1,780
Membership
services &
Engagement
£'000
287
305
-		 Programme &
Business
Development
£'000
316
111
1,780		 Learning &
Influence
£'000
247
184
-
135
59
1		 592
234
6		 2,207
186
3		 430
189
4		 3,364
668
14
195 832 2,396 623 4,046

*Direct activity cost includes donated services valued at £366,819.

**Governance costs include £13,650 external audit fee.

Analysis of the Network support costs

Analysis of the Network support costs
Management and admin staff costs ( Note 7)
Office, IT & business support
Travel & relationship building
Depreciation		 Cost of
Raising funds
£'000
26
33
-
-		 Charitable activities 2021 Total
£'000
295
366
2
5
Membership
services &
Engagement
£'000
104
128
-
2		 Programme &
Business
Development
£'000
82
102
-
1		 Learning &
Influence
£'000
83
103
2
2
59 234 186 189 668

40

Youth Business International

Notes to the financial statements

For the year ended 31 December 2021

4b Analysis of expenditure (prior year)

Analysis of expenditure (prior year)
Staff costs (Note 7)
Direct activity costs
Grants to members (note 5)
Network support costs*
Governance costs
Total expenditure 2020		 Cost of
Raising funds
£'000
130
1
-		 Charitable activities 2020
Total
£'000
1,063
1,102
3,332
Membership
services &
Engagement
£'000
371
374
-		 Programme &
Business
Development
£'000
234
480
3,332		 Learning &
Influence
£'000
329
247
-
131
41
1		 744
236
6		 4,046
226
6		 576
182
5		 5,497
685
17
173 986 4,278 763 6,199

*Direct staff cost includes donated services valued at £450,502.

**Network support costs include £17,400 external audit fee.

Analysis of the Network support costs

Analysis of the Network support costs
Management and admin staff costs ( Note 7)
Office, IT & business support
Travel & relationship building
Depreciation		 Cost of
Raising funds
£'000
20
21
-
-		 Charitable activities 2020 Total
£'000
331
340
1
6
Membership
services &
Engagement
£'000
114
117
1
2		 Programme &
Business
Development
£'000
109
112
1
2		 Learning &
Influence
£'000
88
90
-
2
41 233 224 180 678

41

Youth Business International

Notes to the financial statements

For the year ended 31 December 2021

e year ended 31 December 2021
Grant making
The Somo Project ( Kenya)
Yayasan Cinta Anak Bangsa (Indonesia)
Young Africa Botswana
Youth Business Poland
Action Finance Initiative (Greece)
Cost
Anje Assoc national Jovens Empresarious (Portugal)
Bharatiya Yuva Shakti Trust (India)
Associazione PerMicroLab Onlus (Italy)
Bangladesh Youth Enterprise Advice Helpcenter
At the end of the year
Inner City Enterprise (ICE) Ireland
Instituto Mexicano De Investigation De Familia y Poblacion
Korea Startup Forum
Mann Deshi Foundation (India)
Many Rivers Microfinance (Australia)
IBLF-Youth Business Russia
Expara (Thailand)
Fate Foundation (Nigeria)
Hatch Enterprise ( UK )
IDEMA (Turkey)
Institute for information (Taiwan)
ADIE (France)
ACT Group ( Croatia)
KIZ Sinnova (Germany)
Manq'a Sostenible Sociedad Civil Bolivia
MicroStart Support (Belgium)
Qredits ( Netherlands)
Youth Business Spain
Positive Planet (France)
MOST Kazakhstan
Onow Myanmar Co Ltd
PE Plotkina Mariya Dimitrevna (Russia)
QBO Philippines (IdeaSpace Foundation Inc)
Startup Malaysia ( Global Entrepreneurship SDN BHD)
Support Her Enterprises Co Ltd (Cambodia)
NyforetagarCentrum Sverige (Sweden)
BerryTech Foundation (Lebanon)
Enterprise Uganda
ETIC (Japan)
ICCO (Burundi)
ICCO (Uganda)
CAP Youth Empowerment Institute (Kenya)
Colectivo Integral de Desarrollo (Peru)
Corporación Minuto de Dios (Colombia)
ENDA Inter-Arabe (Tunisia)
The Sky's the Limit (USA)
Startup Vietnam Foundation
PCS Commission (Palestine)
ONG Corporacion Accion Emprededora (Chile)
Jinishian Memorial Foundation Armenia (JMF)
IdeiaLab Limited (Mozambique))
Habitat Dernegi (Turkey)
Development Solutions (Mongolia)
Misr El Kheir Foundation (Egypt)
The Hong Kong Federation of Youth Groups
The Icehouse Limited ( New Zealand)
The Indus Entrepreneurs Singapore
The Keren Shemesh Foundation for Young Entrepreneurs (Israel)		 2021
£'000
9
15
-
13
5
211
65
67
4
6
6
6
1
26
133
18
33
99
22
20
-
46
1
23
-
24
-
2
102
29
43
1
21
-
60
-
-
6
28
1
-
-
30
51
46
78
24
15
29
22
-
65
52
145
65
-
12		 2020
£'000
53
48
148
42
99
311
24
310
-
-
-
-
-
8
68
39
64
-
72
-
-
85
-
60
17
47
-
-
150
52
72
-
132
122
-
-
151
-
63
-
4
98
75
170
26
-
64
79
73
46
106
-
8
72
46
80
149
1,780 3,332

The grants Youth Business International provides to its members are aimed at strengthening their ability to support your entrepreneurs. They are either operational or innovation grants. 42

Youth Business International

Notes to the financial statements

For the year ended 31 December 2021

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2021 2020
£'000 £'000
Depreciation 5 13
Operating lease rentals:
Property - -
Auditor's remuneration (excluding VAT):
Audit 14 13
Legal services - -
Foreign exchange losses 64 86

Staff costs were as follows:

Staff costs were as follows:
Redundancy and termination costs
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2021
£'000
1,072
33
122
53		 2020
£'000
1,187
-
147
60
1,280 1,394

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2021 2020
No. No.
£70,000 - £79,999 1 1
£80,000 - £89,999 1 2
£90,000 - £99,999 1 1

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £405,420 (2020: £522,994).

Anita Tiessen, CEO and Trustee, was paid £113,008 (2020: £100,800) in her role as an employee and CEO of YBI. No other charity trustee received payment for professional or other services supplied to the charity (2020: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £174 (2020: £79) incurred by one (2020: one) trustee in the course of management duties.

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 25 (2020: 26)

Staff are split across the activities of the charity as follows:

Staff are split across the activities of the charity as follows:
Management, administration and raising funds
Direct charitable activities		 2021
No.
7
18		 2020
No.
8
18
25 26

43

Youth Business International

Notes to the financial statements

For the year ended 31 December 2021

9 Related party transactions

There are no related party transactions to disclose for 2021 further to those disclosed in note 7 (2020: none).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. Aggregate donations from related parties totalled £0 (2020: £50,000). YBI Chair, Marta Krupinska, is an employee of Google. YBI is in receipt of funding from Google.org (£515K in 2021). There is no link between her position and the funding, nor does she have any involvement with awarding the funding, however we disclose here for transparency.

10 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11
At the end of the year
Cost
Disposals in year
At the start of the year
Additions in year
The group and charity
Eliminated on disposal
At the end of the year
At the start of the year
Charge for the year
Tangible fixed assets
Depreciation
Net book value
At the end of the year
At the start of the year		 Office
Improvement
£'000
92
-
(92)		 Fixtures and
fittings
£'000
10
-
-		 Computer
equipment
£'000
42
5
-		 Total
£'000
144
5
(92)
-
90
(90)		 10
10
-
-		 47
38
3
-		 57
138
3
(90)
-
-		 10
-		 41
6		 51
6
2 - 4 6

All of the above assets are used for charitable purposes.

44

Youth Business International

Notes to the financial statements

For the year ended 31 December 2021

12 Subsidiary undertaking

The charity owns the whole of the issued ordinary share capital of Fundación YBI Latinamérica y Caribe, a company registered in Colombia. The company number is 900785397.

YBI has the power to appoint or remove trustees and as such controls the Foundation. The Fundación was closed in March 2021.

The charity has controlling power of Youth Business International Stichting incorporated on 17 December 2020 in The Netherlands. The Foundation had no activity In 2020.

A summary of the results of the subsidiary is shown below:

A summary of the results of the subsidiary is shown below:

Netherlands. The Foundation had no activity In 2020.
Incoming resources through contribution from YBI
Reserves
The aggregate of the assets, liabilities and reserves was:
Incoming resources
Operating expenditure
Cost of sales related to purchases from parent undertaking
Total net assets carried forward
Assets
Liabilities
Surplus in the year
Total net assets brought forward		 2021
£'000
-
-
-
-		 2020
£'000
1
50
(51)
-
-
-		 0
-
- 0
-
-		 0
0
- 0

Amounts owed to/from the parent undertaking are shown in note 13.

13 Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

The parent charity's gross income and the results for the year are disclosed as follows: year are disclosed as follows:
Gift Aid
Debtors
Prepayments and accrued income
Amounts due from group undertakings
Gross income
Trade debtors
Result for the year		 2021
2020
£'000
£'000
-
256
-
-
-
14
30
62
30
332
The group		 2021
£'000
2,784
(1,262)		 2020
£'000
6,610
464
30 332 30 587

14 Debtors

45

Youth Business International

Notes to the financial statements

For the year ended 31 December 2021

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Grants payable
Accruals
Taxation and social security
Deferred income
Other creditors
Trade creditors		 2021
2020
£'000
£'000
11
117
41
38
13
54
4
2
208
179
891
-
1,168
390
The group		 2021
2020
£'000
£'000
11
117
41
38
13
54
4
2
208
179
891
-
1,168
390
The charity
1,168 390 1,168 390

16a Analysis of group net assets between funds (current year)

Analysis of group net assets between funds (current year)
GROUP AND CHARITY
Tangible fixed assets
Net assets at 31 December 2021
Debtors
Cash at Bank
Tangible fixed assets
Creditors falling due within one year
GROUP
Debtors
Debtors
Cash at Bank
Creditors falling due within one year
CHARITY
Creditors falling due after more that one year
Net assets at 31 December 2020
Cash at Bank
Creditors falling due within one year
Net assets at 31 December 2020
Analysis of group net assets between funds (prior year)
Tangible fixed assets		 General
unrestricted
£'000
6
30
1,600
(277)		 Restricted
funds
£'000
-
-
1,887
(891)		 Total funds
£'000
6
30
3,487
(1,168)
1,359 996 2,355
General
unrestricted
£'000
7
17
1,083
(219)
-		 Restricted
funds
£'000
-
315
2,586
(172)
-		 Total funds
£'000
7
332
3,669
(390)
-
888 2,729 3,617
General
unrestricted
£'000
7
272
1,083
(219)		 Restricted
funds
£'000
-
315
2,585
(171)		 Total funds
£'000
7
587
3,668
(390)
1,143 2,729 3,872

16b Analysis of group net assets between funds (prior year)

46

Youth Business International

Notes to the financial statements

For the year ended 31 December 2021

e year ended 31 December 2021
Movements in funds (current year)
Total restricted funds
General funds
EEA Active Youth
Argidius Foundation
IKEA Foundation
ENEL
Accenture Grant 5 (2018 - 2021)
Restricted funds:
Unrestricted funds:
Total funds
Google.Org
Total unrestricted funds
Accenture Grant 6 (2021 - 2022)
Standard Chartered Bank		 £'000
1,164
-
57
-
516
-
700
292
At 1 January
2021		 £'000
-
1,077
111
39
103
6
515
439
Income &
gains		 £'000
1,087
336
91
59
343
4
1,125
608
Expenditure
& losses		 £'000
(49)
(49)
(56)
-
-
(2)
(90)
(123)
Transfers		 £'000
27
692
22
(20)
275
-
-
-
At 31
December
2021
2,729 2,290 3,653 (369) 996
888 495 393 (369) 1,359
888 495 393 (369) 1,359
3,617 2,785 4,046 - 2,355

The grants Youth Business International provides are aimed at strengthening members and developing partners ability to support young entrepreneurs. They are either operational or innovation grants.

The narrative to explain the purpose of each fund is given at the foot of the note below.

17b Movements in funds (prior year)

Movements in funds (prior year)
Total restricted funds
General funds
Unrestricted funds:
EEA Active Youth
Google.Org
Standard Chartered Bank
IKEA Foundation
EC COSME (Secured)
Argidius Foundation
Total funds
Accenture Grant 5 (2018 - 2021)
Restricted funds:
Total unrestricted funds
Citi Foundation		 £'000
1,355
139
297
758
14
(9)
-
-
At 1 January
2020		 £'000
1,120
113
-
591
37
20
3,642
544
Income &
gains		 £'000
1,312
195
297
834
50
11
2,942
252
Expenditure
& losses		 £'000
-
-
-
-
-
-
-
-
Transfers		 £'000
1,164
57
-
516
-
-
700
292
At 31
December
2020
2,556 6,067 5,894 - 2,729
650 544 306 - 888
650 544 306 - 888
3,205 6,611 6,199 - 3,617

Transfers to unrestricted funds relate to overhead cover provision as per donor grant agreements

47

Youth Business International

Notes to the financial statements

For the year ended 31 December 2021

Purposes of restricted funds

Accenture Grant 5 & 6 - strategic grant to enable young entrepreneurs to thrive in a digital economy

Argidius Foundation- supporting high growth potential businesses in sub Saharan Africa

Citi Foundation-supporting and celebrating young entrepreneurs across Europe

EEA Active Youth- scaling trust-based partnerships to recharge entrepreneurship through innovation

EC COSME (Secured) - developing a network for migrant entrepreneurs to scale up and grow

ENEL - Providing SOS Mentoring support in Chile, Colombia, Peru and Spain. A negative reserve is recorded as payment will be made in arrears (2022)

IKEA - Accelerating youth-led businesses in South Asia

Google.org- Rapid response and recovery programme backing businesses and sustaining livelihoods

Standard Chartered Bank -Supporting the survival and recovery of youth-le micro and SME's in the wake of the pandemic

18 Operating lease commitments payable as a lessee

The company had no operating leases in 2021

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £5.

48