Company number: 06550164
Charity number: 1123946
Report and Financial Statements For the year ending 31 December 2022
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Youth Business International
## Contents
For the year ended 31 December 2022
|Contents||
|---|---|
|Youth Business International Chair’s Introduction, 2022|3|
|Reference and Administrative Information|7|
|Trustees’ Annual Report|9|
|Objectives, Activities and Performance|16|
|Structure, Governance and Management|29|
|Trustees’ Responsibilities Statement|34|
|Independent Auditor’s Report to the Members of Youth Business International|37|
|Consolidated statement of financial activities|44|
|Balance sheet|45|
|Consolidated statement of cash flows|46|
|Noted to the financial statements|47|
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Youth Business International
Chair`s Introduction
For the year ended 31 December 2022
Youth Business International Chair’s Introduction, 2022
As I look back on my first full year as YBI’s new Chair, I have been inspired by the outstanding accomplishments of the many young entrepreneurs supported by our network. I would like to take this opportunity to thank and pay my respects to Sir Malcom Williamson, who sadly died in early 2023. In his time as Chair of the Board of Trustees, a role he held until 2021, he took YBI from a fledgling project to an independent organization. The more than 750,000 young people trained
throughout the network and the 250,000 youth-led businesses started or scaled are his lasting legacy and he will be missed by many throughout the network.
2022 was a year when the worst impacts of COVID-19 started to recede but many young entrepreneurs continue to feel the long tail of the pandemic with impacts on their business operations and the economies in which they operate. However, young entrepreneurs have continued to innovate, thrive and work towards solving some of the greatest challenges facing their communities, countries and the planet.
2022 was a year when YBI continued to achieve tremendous results supporting young entrepreneurs. Some 15,000 young entrepreneurs supported through the YBI network started a business, over 35,000 strengthened a business, and more than 123,000 received support from YBI. It was also a year when we were able to bring our network together in person for the first time in three years.
In October, we met for our Global Summit, supported by Accenture, in The Hague, The Netherlands. 188 delegates from 43 countries joined us to exchange knowledge, learnings and best practices and co-create solutions to common challenges.
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Collectively, our focus was to strengthen members’ capacity to support young entrepreneurs. In addition to breakout sessions, workshops and panels, we had the opportunity to learn, collaborate and connect to Unleash the Power of Youth Entrepreneurship as a Force for Good.
Our Global Summit culminated in our Global Young Entrepreneur of the Year Awards, which celebrated the many achievements of young entrepreneurs supported by the 49 entrepreneurship support organisations (ESOs) that make up our dynamic, inclusive network. The diversity and ingenuity of businesses recognised in the award demonstrated the creativity and commitment of young entrepreneurs to find solutions to challenges in the world they see around them.
In addition to recognising the outstanding achievements of our finalists, we crowned an overall winner of our Global Young Entrepreneur of the Year Award 2022 (Purity Gakuo, Kuza Freezers, Kenya), a Business for Good Award (Purity Gakuo), a Covid Resilience Award (Niranjan Ovhal, Simforge Engineering, India), and a Green Business of the Year Award (Adriana Alegre Génez, Asociación Brotes de Mbaracayú, Paraguay).
Building the capabilities and skills of our network remained a focus in 2022. In April, and as part of our first Green and Social Entrepreneurship Month, we launched a Green and Social Toolkit with tools for members to use to support young entrepreneurs whose business has a green or social purpose. Last year, we rolled out Decent Work Training to our global membership to give members tools to encourage decent work principles in young entrepreneurs’ businesses. In October, we launched our Inclusivity Toolkit, supported by Accenture, and co-created and piloted with
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Chair`s Introduction
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members spanning four continents. The toolkit is a powerful resource for our network to put inclusivity into practice.
In 2022, we continued our work to become the leading voice for young entrepreneurs. We published our flagship report, Tomorrow’s Entrepreneurs: what they think, how they work, and what sets them apart. The report probed the differences between entrepreneurial behaviours of those over 35 to those under 35 in the UK. Insights from the report showed that young entrepreneurs are creating greener businesses, promoting more responsible working practices and generating a significant boost to the economy, but only if they are given the right support to start up and grow their business.
With our partners and members, we unveiled new programmes to support young entrepreneurs as a force for good. In France, Germany, South Africa, Spain and the UK, we launched a JPMorgan Chase programme which aims to help 300 micro and small businesses to become more sustainable and environmentally conscious. In Canada, we launched The Ohpikiwin Series: Journey to Financial Empowerment, supported by Accenture, which aims to build the financial resiliency and business literacy of Indigenous entrepreneurs. In June, we launched BEST (Business Employability Skills Training) by Futuremakers, funded by Standard Chartered, to support 10,000 young working-age displaced Ukrainians in Poland. Our new High Flyers programme and Community of Practice (CoP) launched in November 2022 and brings together ten YBI members and delivery partners from eight countries across Africa, Asia, Europe and South America to support ‘high flying’ young entrepreneurs to grow their businesses.
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Youth Business International
Chair`s Introduction
For the year ended 31 December 2022
As we look forward to 2023 and the priorities for YBI, we aim to accelerate more impact for more young people by creating and co-creating new tools, services and innovations that strengthen the support offered to young entrepreneurs by our network. We will Inspire more inclusive, responsible youth-led businesses focused on solving social, economic and environmental problems including championing the youth-led social and green revolution across our network of members and the ecosystem.
2023 will see a focus on growing and diversifying our network so that we are able to support more young entrepreneurs in more places. We will concentrate on countries with significant opportunity and need for quality youth entrepreneurship support organisations that are aligned with our responsible, inclusive business agenda, and with expertise in social, green and inclusive entrepreneurship.
We aim to become the leading global voice for youth entrepreneurship, and will focus on making an evidence-based argument for increased investment in youth entrepreneurship, and harnessing and sharing the collective voice of our young entrepreneurs, entrepreneurship support organisations and partners in this work to advance the case for effective youth entrepreneurship support.
We look forward to an exciting year ahead.
Marta Krupinska
Chair
29 June 2023
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Reference and Administrative Information
For the year ended 31 December 2022
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.
## 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:
Marta Krupinska
Caroline Adenike Adeyemi Timothy Copnell Romeo Effs Meaghan Ramsey Crispin Rapinet Boris Tkachenko (resigned 12[th] December 2022)
Jeannie Helen Arthur (resigned 7[th] March 2022)
Andrew Smart Anita Tiessen
Chief Executive
Anita Tiessen
Bankers
Lloyds Bank Plc Victoria Branch, Westminster, London SW1E 5JL
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Reference and Administrative Information
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## Auditor
Sayer Vincent LLP, Chartered Accountants and statutory auditor Invicta House, 108114 Golden Lane, London, EC1 0TL
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Trustees’ Annual Report
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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 ended 31 December 2022.
The financial statements have been prepared in accordance with Statement of Recommended Practice (FRS 1 02). Accounting and reporting by Charities issued by Charity Commission.
Youth Business International (YBI) is a global network of 49 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 is recognised for driving sustainable economic development around the world, creating jobs and strengthening communities. YBI fights youth unemployment by helping young people to start, grow and sustain their own businesses. We do so through a global network of locally-based organisations that support inclusive entrepreneurship programmes targeted at disadvantaged youth.
## Our Network Approach
We sit at the centre of a global network of entrepreneurship support organisations, themselves innovative local engines of youth entrepreneurship. We are a platform for our members to exchange ideas, knowledge and insights, and to collaborate in a way that catalyses entrepreneurs’ success and multiplies impact.
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Together with our partners we foster a culture of collaboration, sharing best practice and driving innovation to achieve impact at scale.
Learn - building impactful organisations: our members have diverse expertise across the full range of youth entrepreneurship support services. We deliver training in both hard and soft skills and other capacity development support, facilitate member learning exchanges and connect members to partners with relevant expertise.
Innovate - developing new products and services: by convening the collective expertise of the network, we have a unique perspective on the state of entrepreneurship so we can identify gaps in support for young entrepreneurs, not just in one market but around the world. Using this insight, we work with members across the world to develop new solutions.
Influence - generating and leveraging evidence: as a global network we are perfectly positioned to be a leading authority in youth entrepreneurship and address the lack of robust evidence on youth entrepreneurship. We work with our members to collect evidence and use the learnings to drive the changes needed 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 2022, our partners included Accenture, Argidius Foundation, Google.org, IKEA Foundation,
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JP Morgan Chase, Standard Chartered Foundation and Standard Chartered Bank. 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
Accenture’s ongoing support of YBI continued to anchor our ability to deliver the foundational needs and core YBI services delivered to our members to help them better support their young entrepreneurs, including the digital accelerator and innovation training. The partnership has not only enabled us to ensure these core services remain relevant and impactful for young entrepreneurs through design sprints, but it has also helped us drive the expansion and inclusion of key strategic thematic areas into YBI’s services. This includes support centred on inclusive entrepreneurship, social and green entrepreneurship, responsible business and the development of measurement frameworks to accompany these services and demonstrate the impact they are having on the businesses of young people.
We continued to collaborate across the Network to drive impact and learning, and under the partnership saw our first in-person event since pre-COVID with our Global Youth Entrepreneurship Summit. The Summit brought together 188 delegates from 43 countries and culminated with the Global Young Entrepreneur of the Year award, recognising the exceptional achievements of young entrepreneurs from across the globe. We also continued to position YBI as a leader in the youth entrepreneurship ecosystem with a flagship report on Tomorrow’s Entrepreneurs, which looked at the differences in entrepreneurial behaviours of those over 35 to those under 35 in the UK. The report was launched at the House of Lords to 170 stakeholders, including
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young entrepreneurs, the entrepreneurship ecosystem and guests from business and politics.
## Argidius
In March 2022, YBI hosted the in-person Africa Community of Practice in Nairobi, Kenya, which brought together YBI’s nine African members for two days of workshops on green and social entrepreneurship. The Community of Practice also marked the end of YBI’s High Flyers Youth Entrepreneurship Programme in Uganda, which supported 1,470 young entrepreneurs with over 400 assigned mentors. In November 2022, YBI and Argidius Foundation launched a new High Flyers programme and global Community of Practice to support underserved ‘high flying’ young entrepreneurs in eight countries across Africa, Asia, Europe and South America to grow and scale their businesses.
## ENEL
In July 2022, YBI wrapped up our SOS Mentoring programme with Enel Power Generation, a volunteer programme for Enel employees to support vulnerable youthled small businesses through the COVID-19 crisis via one-to-one mentoring. Over the course of the programme, 131 Enel volunteer mentors were matched with young entrepreneurs from seven countries in Europe and South America and dedicated over 2,900 hours of volunteering to them. 95% of young entrepreneurs who received mentoring from Enel volunteer mentors reported that they improved their ability and confidence to manage risks and uncertainty in their business and 98% of Enel volunteer mentors said they would recommend the programme to their colleagues.
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## European Economic Area and Norway Grants
YBI is part of the expert pool of partners of the ‘Young Entrepreneurs Succeed (YES!)’ programme. The programme is funded by Iceland, Lichtenstein, and Norway through the EEA/Norway grants. 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 Recovery Programme for social entrepreneurs launched in 2022. Working with two new delivery partners in South Korea, the programme has delivered in-depth training and support to build the skills, confidence and adaptability of social entrepreneurs, alongside developing an innovative online platform providing entrepreneurial resources. The programme has focussed on supporting underserved groups in Korea including women and refugee social entrepreneurs, and has so far reached 168 entrepreneurs with intensive support and a further 1324 with lighter touch supports.
## IKEA Foundation
In July 2022, YBI wrapped up our Accelerating Youth-led Businesses in the Digital Era programme in India and Bangladesh, supported by IKEA Foundation. In its final year, the programme focussed on delivering decent work training to young entrepreneurs, enabling them to become responsible employers who respect and honour the rights of their employees and provide fair and safe working conditions. Over 1,200 entrepreneurs from India and Bangladesh completed the decent work training and
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reported intention to implement decent work principles in their business. Overall, the programme supported over 1,200 entrepreneurs to start a business, helped over 1,600 entrepreneurs to increase their business knowledge and skills, and empowered entrepreneurs to create over 8,100 new jobs.
JP Morgan Chase
In September 2022, YBI launched a new programme supported by JP Morgan Chase to support 300 micro and small businesses across Germany, France, South Africa, Spain and the UK to become more sustainable and environmentally conscious in their operations. In the first phase of the programme, YBI’s Green and Social Entrepreneurship Lead worked alongside a sustainability expert and a working group of five YBI members to co-create a practical sustainability toolkit for micro and small enterprises. The toolkit will be piloted with 100 young and underserved entrepreneurs in Germany, France, South Africa, Spain and the UK in 2023 to help them make their businesses more sustainable.
## Standard Chartered Foundation
In 2022 YBI continued its projects funded by Standard Chartered Foundation as part of Futuremakers by Standard Chartered, a global initiative to tackle inequality and promote greater economic inclusion for disadvantaged young people. Futuremakers seeks to support the survival and recovery of youth-led MSMEs in the wake of COVID19, and consists of eight projects delivered by YBI members and delivery partners in Botswana, Germany, Japan, Nigeria, Turkey, Indonesia, Uganda and Vietnam. In 2022 we reached 2,898 entrepreneurs with intensive supports and a further 31,474 with lighter touch interventions, through a range of Futuremakers activities including webinars, business clinics, mentoring and coaching.
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## Standard Chartered Bank
YBI and its member Youth Business Poland launched a new project as part of Futuremakers by Standard Chartered to support displaced Ukrainians in Poland. BEST (Business Employability Skills Training) by Futuremakers is a career readiness and entrepreneurship project which delivers mentoring, advisory services, webinars, networking meetings and a database of entrepreneurship and employment information. Additional support is provided to foster social cohesion, and help to overcome language and culture barriers to ensure a better quality of life. To date, the project has supported 5,343 displaced Ukrainians to develop their business skills, knowledge and career development.
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Objectives, Activities, and Performance
YBI's Objectives for the Public Benefit
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:
1. Advancing in life and helping young people by developing their skills, capacities, and capabilities to enable them to participate in society as independent, mature, and responsible individuals
2. Advancing education through mentoring, training, advocacy, and the efficient sharing of knowledge through the network of Youth Business Programmes
3. Relief of unemployment
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:
1. The relief of poverty and the improvement of the conditions of life in socially and disadvantaged communities
2. The promotion of sustainable means of achieving economic growth and regeneration
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.
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At the Network level, we saw strong performance: 90% of 42 respondent members reported that the network was ‘useful’ or ‘very useful’ in 2022.
Driving change for young people and their communities is YBI’s mission. In 2022 our Network supported 123,540 young people to develop their entrepreneurship skills. We are also able to report that 14,923 young people started a business, 35,472 young people strengthened a business, 3,660 young people secured employment, and 9,848 were supported to access finance in 2022.
2022 Highlights
The following are selected highlights from 2022.
## Youth Entrepreneurship as a Force for Good
## Global Youth Entrepreneurship Summit
In October 2022, we hosted our Global Youth Entrepreneurship Summit in The Hague, The Netherlands, supported by Accenture, to ‘Unleash the Power of Youth Entrepreneurship as a Force for Good’: Our Global Summit takes place every two years and brings together our members, young entrepreneurs, partners, mentors, and experts from the entrepreneurship space to learn, collaborate and connect:
- 3 days
- Over 188 delegates from 43 countries
- 15 panels, breakout sessions and workshops
Key topics of the Summit sessions included green entrepreneurship, ESG, decent work, inclusivity in entrepreneurship, leadership, and access to finance.
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## Global Young Entrepreneur of the Year Awards
At our Global Summit in The Hague, Purity Gakuo from Kenya was crowned as the overall winner of our Global Young Entrepreneur of the Year Award and Business for Good Award 2022.
Purity’s business, Kuza Freezer, manufactures and distributes affordable, solarpowered freezers to small-scale fishermen in Kenya, enabling them to reduce postharvest losses and increase their income. So far, Kuza Freezer has reached and improved the livelihoods of over 250 small-scale fishermen. The business has also created job opportunities for over 50 women who have started new fish businesses as a result of using Kuza Freezer products.
As the overall award winner, Purity received a $10,000 grant to grow her business, as well as a trophy and business coaching.
Purity has been supported by our member in Kenya, Somo.
Niranjan Ovhal from India was crowned the winner of our Covid Resilience Award 2022. During the national lockdown in India, Niranjan saw a growing demand for video games and lack of affordable, high-quality auto racing games. He decided to harness this opportunity with his business Simforge Engineering, by manufacturing affordable hardware to simulate auto racing on PC. Simforge Engineering is now the first and only sim racing gear manufacturer in India and exports to 43 countries.
Niranjan has been supported by our member in India, Bharatiya Yuva Shakti Trust (BYST).
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Adriana Alegre Génez from Paraguay was crowned the winner of our Green Business of the Year Award 2022. Adriana’s business, Asociación Brotes de Mbaracayú, is a collective of 14 women working to increase awareness on sustainability, unemployment and exploitative practices in Villarica, Paraguay. Through the implementation of projects and programmes that promote the efficient use of natural resources, education in the green economy, and training, Adriana fosters the development of rural and semi-urban cities and creates a variety of initiatives to enhance fair trade and generate green jobs.
Adriana is supported by our member in Paraguay, Fundacion Paraguaya.
Niranjan and Adriana both received a trophy and business coaching support.
## Accelerating more impact for more young people
In 2022, we launched and renewed a range of programmes to accelerate our impact and reach more underserved young entrepreneurs around the world.
## Tackling economic inequality with Futuremakers by Standard Chartered
In May 2022, we renewed our partnership with Standard Chartered Foundation and extended our Futuremakers programme for another two years, supporting underserved young entrepreneurs in eight countries across Africa, Asia and Europe. By the end of 2022, the programme had provided intensive support, including training, advisory support and mentoring to 2,898 young entrepreneurs and reached 30,956 via outreach activities, social media, and other light-touch interventions.
## BEST by Futuremakers to support displaced Ukrainians in Poland
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In June 2022, YBI and our member, Youth Business Poland, launched BEST (Business Employability Skills Training) by Futuremakers, funded by Standard Chartered. The project supports working-age displaced Ukrainians in Poland to secure employment, and start or re-start a business, and to date has supported 5,343 displaced Ukrainians.
## The Ohpikiwin Series, Journey to Financial Empowerment, supported by Accenture
This programme is implemented by YBI’s Canadian member Futurpreneur and supported by Accenture as part of its investment in a more equitable future through its Skills to Succeed initiative. The series aims to build the financial resiliency and business literacy of young Indigenous entrepreneurs across Canada. Working closely with Indigenous consulting firm Indigenuity Consulting Group, the Indigenous community, and Indigenous entrepreneurs, Futurpreneur co-created and codelivered virtual workshops and in-person training in 2022. YBI plans to share learnings to drive cross-cutting benefits to our wider network, to enhance diversity, equity and inclusion and improve outcomes for Indigenous entrepreneurs.
## High Flyers Programme and Community of Practice supported by Argidius
Our new High Flyers programme and Community of Practice (CoP) launched in November 2022 and brings together 10 YBI members and delivery partners from 8 countries across Africa, Asia, Europe and South America to support ‘high flying’ young entrepreneurs to grow their businesses. YBI defines High Flyers as young entrepreneurs aged 18 to 35 who have been running a business for approximately two years and are looking to grow. In the first phase of the programme, the CoP members submitted their best practices on supporting High Flyers, which are now
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being collated in a High Flyers support guide.
## The Leading Voice for Youth Entrepreneurship
## Tomorrow’s Entrepreneurs Report
In 2022, we launched our flagship report, ‘Tomorrow’s Entrepreneurs: what they think, how they work, what sets them apart'. The report was produced by YBI in partnership with The Entrepreneurs Network and with support from Accenture. Tomorrow’s Entrepreneurs, which looks at the differences in entrepreneurial behaviours of those over 35 to those under 35 in the UK, was launched in The House of Lords in October. The event was attended by young entrepreneurs and guests from business, politics and the entrepreneurship ecosystem. Invitees heard speeches from YBI’s CEO, Anita Tiessen; as well as Jo Gideon, Member of Parliament, Stoke-on-Trent Central; Jill Huntley, Managing Director – Growth & Strategy, Corporate Citizenship at Accenture; and young entrepreneur, Sophia Ukor, founder of Violet Simon, who is supported by our UK member Hatch Enterprise.
## Green and Social Positioning Paper
Last year also saw the launch of our positioning paper on green and social entrepreneurship, supported by Accenture, which shares YBI’s definition of a green or social enterprise. The paper explores the specific support young green and social entrepreneurs need to succeed and defines our role in driving social and green youth entrepreneurship.
## - Our COVID 19 Recovery Programme
Our COVID-19 Recovery Programme with Google.org launched in 2022. Working with
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two new delivery partners in South Korea, the programme delivered in-depth training and support to build the skills, confidence and adaptability of social entrepreneurs, alongside developing an innovative online platform providing entrepreneurial resources. The programme has focussed on supporting underserved groups and so far reached 168 entrepreneurs with intensive support and a further 1,324 with lighter touch supports.
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 2023, we will focus our efforts on implementing the first year of our new threeyear (2023-25) strategy:
## Accelerate more impact for more young people including:
- With our members, promote our co-created quality standards for effective youth entrepreneurship support; develop a Global Accelerator to help young entrepreneurs transition from start-up to growth; and co-create tailored programmes that promote inclusive economic growth
- Spark innovation to address challenges in the three critical areas of youth entrepreneurship support – business development, personal development and an Enabling Ecosystem
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Inspire more inclusive, responsible youth-led businesses focused on solving
social, economic and environmental problems including:
- Collaborate with partners to champion the youth-led social and green revolution across our Network of members and ecosystem
- Enable all young entrepreneurs to become familiar with and successfully introduce responsible practices into their businesses, including collaborating with likeminded organisations to develop the next stage of decent work
- Collaborate with partners who share our belief and commitment to catalyse responsible and inclusive economic growth
Build a growing, dynamic and inclusive network of entrepreneurship support organisations including:
- Grow and diversify our network with a focus on countries with significant opportunity and need for quality youth entrepreneurship support organisations that are aligned with our responsible, inclusive business agenda, and with expertise in social, green and inclusive entrepreneurship
- Drive deeper engagement, both regionally and globally, including delivering cocreated, tested and scalable youth entrepreneurship support solutions that can be localised
- Catalyse connections and learning amongst our Network for greater impact, including enhancing our global learning opportunities through research and Communities of Expert Practice to support quality youth entrepreneurship programme development
## Become the leading global voice for youth entrepreneurship including:
- Start to develop an evidence-based argument for increased investment in youth
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entrepreneurship and economic opportunities which make the case for increased investment in youth entrepreneurship
- Amplifying the collective voice and action of our Network, including Increasing our engagement with multi-lateral events, fora and institutions, business platforms and ecosystem actors to advance the case for effective youth entrepreneurship support; and harnessing and sharing the voice of our young entrepreneurs, entrepreneurship support organisations and partners in this work, including through a collective campaign approach and increased public voice
Impact of COVID-19 on the Organisational Activities
The impact of Covid-19 receded during 2022. YBI continued to focus attention on the socio-environmental post-pandemic challenges, working with our Members on approaches to improve inclusivity and decent work.
## Financial performance
## Income
The Group’s total incoming resources for the year were £6.1m (2021: £2.8m) of which £0.2m was unrestricted (2021: £0.5m) and £5.9m (2021: £2.3m) was restricted.
During 2022 grant funds were received as follows: Accenture £1.8m (2021: £1.1m), Google.org £1.4m (2021: £0.5m), Standard Chartered Bank £1.8m (2021: £0.4m) made up 82% of total income. Most of these grants are multi-year and multi-project grants demonstrating success in our strategy towards long-term partnerships.
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The main sources of funds in 2022 were Corporate Donors at 31% (2021: 64%) and Charitable foundations and trusts 64% (2021: 19%). The remainder was received from a mixture of individual giving, donated services, multilateral grants and training and mentoring income.
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## Expenditure
The Charity’s total resources expended for the year were £5.0m (2021: £4.0m), of which £0.1m (2021: 0.4m) was unrestricted and £4.9m (2021: £3.7m) 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 2022 expenditure on charitable activities is comprised of:
- Cost of raising funds which forms 3% of our overall expenditure
- The Membership Services and Engagement team innovate and deliver services for the network members. Their cost forms 12% of the overall 2022 expenditure
- The Learning and influence team focused on several communications campaigns. This expenditure totalled 6%
- The Development and Programmes team work on both new partnership development and delivery of current programmes. The expenditure totalled 79% and includes a disbursement of subgrants to network members of £2.9m
## Reserves Policy and Going Concern
The charity holds unrestricted reserves to continue to operate in the event of a downturn in income. In 2022, the charity’s aim was to maintain unrestricted free reserves equivalent to six months of the total staff costs plus other costs that are not chargeable to programmes or projects which based on the expenditure in the year to
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## 31 December 2022 is £1.0m.
As of 31 December 2022, unrestricted free reserves came to £2.1m.
After reviewing the charity’s forecasts and projections, the trustees have a reasonable 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 2022, the three main risks to the organisation were as follows:
Strategic: Risk that the charity is unable to diversify and grow unrestricted funding in short and long term. The Development and Programmes Team was strengthened to develop several proposals for renewals and new partnerships and other fundraising opportunities.
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Outcomes: Risk of losing members with the introduction of Membership fees. This change reflects YBI’s determination to be relevant to its network, with increased participation, and was well communicated. 95% of members converted to the paid membership model.
Financial: Volatility of exchange rate markets on value of sterling.
Through careful treasury management we can mitigate some of the risk. 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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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 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:
Accreditation Committee to define and review accreditation status of the Members of YBI Network. The committee comprises two Trustees and two non- YBI members or staff. Chair: Crispin Rapinet.
Renumerations committee to determine the renumeration of Chief Executive Officer and the organisation’s renumeration policy. The Renumerations committee comprises three Trustees including the Chairman of the Board. Chair: Timothy Copnell.
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Youth Business International
Trustees’ Annual Report
For the year ended 31 December 2022
Audit and Risk Committee (ARC) to provide assurance to the Board that an effective internal controls and risk management system is maintained and that finances are being managed effectively. ARC comprises two Trustees, Chief Executive Officer and Chair, Timothy Copnell.
## 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 Board of Trustees prior to appointment.
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
Youth Business International Foundation (Stichting) was incorporated in Netherlands on 17[th] December 2020. The YBI Stichting has no share capital and the Directors appointed to the board are Anita Tiessen, Crispin Rapinet and Elwin Groenevelt.
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Youth Business International
Trustees’ Annual Report
For the year ended 31 December 2022
## Public Benefit
The trustees have a duty to report on public benefit by explaining:
- The significant activities undertaken to carry out our aims for the public benefit.
- Achievements measured against those aims.
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 organisational 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
The Network Support Team based in London comprised 29 people during the year.
## 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,
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Youth Business International
Trustees’ Annual Report
For the year ended 31 December 2022
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 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. YBI is not a member of a fundraising regulatory board as 99% of income is raised from corporate partners and institutional/multilateral funders.
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Youth Business International
Trustees’ Annual Report
For the year ended 31 December 2022
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 2022 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 organisation renumeration policy, determine the renumeration and pay increases for Chief Executive Officer and Senior Management Team. This is done on annual basis.
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Youth Business International
Trustees’ Annual Report
For the year ended 31 December 2022
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:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
- Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in business
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose
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Youth Business International
Trustees’ Annual Report
For the year ended 31 December 2022
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.
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:
- A strategic plan, an annual operating plan and an annual budget all approved by the Board
- Regular consideration by the Board of financial results and variance from budgets
- 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
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Youth Business International
Trustees’ Annual Report
For the year ended 31 December 2022
- 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.
Disclosure of Information to the Auditor
As so far as each of the Trustees in office at the date of the Trustees’ report is aware there is no relevant audit information of which the company’s auditor was unaware, they have taken all steps that the trustees 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 29 June 2023 by:
## Timothy Copnell
Trustee and Chairman of the Audit and Risk Committee
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Independent auditor’s report
To the members 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 2022 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:
- Give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 December 2022 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended
- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
- Have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011
## 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 appropriate to provide a basis for our opinion.
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Independent auditor’s report
To the members of
## Youth Business International
## 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 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 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.
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Independent auditor’s report
To the members of
## Youth Business International
## Opinions on other matters prescribed by the Companies Act 2006
- In our opinion, based on the work undertaken in the course of the audit:
- The information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements
- The trustees’ annual report has been prepared in accordance with applicable legal requirements
## 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.
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:
- Adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- The parent charitable company financial statements are not in agreement with the accounting records and returns; or
- Certain disclosures of trustees’ remuneration specified by law are not made; or
- We have not received all the information and explanations we require for our audit; or
- The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report.
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## Independent auditor’s report
To the members of
## Youth Business International
## 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 decisions of users taken on the basis of these financial statements.
Page 40 of 58
Independent auditor’s report
To the members of
## Youth Business International
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:
- We enquired of management which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
- The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations.
- We inspected the minutes of meetings of those charged with governance.
- We reviewed compliance with the internal policies on due diligence and monitoring of grant recipients.
- We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
- We reviewed any reports made to regulators.
- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and
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Independent auditor’s report
To the members of
## Youth Business International
regulations.
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
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.
Page 42 of 58
Independent auditor’s report
To the members 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)
## Date 3 August 2023
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
Page 43 of 58
## Youth Business International
Consolidated statement of financial activities (incorporating an income and expenditure account)
For the year ended 31 December 2022
|For theyear ended 31 December 2022|For theyear ended 31 December 2022||||||
|---|---|---|---|---|---|---|
|Unrestricted
Note
£'000
Income from:
2
158
3
56
8
222
4
62
4
28
4
2
4
33
125
6
97
642
739
739
Reconciliation of funds:
1359
2098
Investments
Total income
Expenditure on:
Donations and legacies
Charitable activities
Cost of raising funds
Net income for the year
Total expenditure
Charitable activities
Membership services & Engagement
Programme & Business Development
Learning & Influence
Total funds brought forward
Total funds carried forward
Transfers between funds
Net income before other recognised gains
and losses
Net movement in funds||Restricted
£'000
91
5806
-|2022
Total
£'000
249
5862
8|Unrestricted
£'000
437
57
1|Restricted
£'000
-
2289
-|2021
Total
£'000
437
2346
1|
||222|5897|6119|495|2289|2784|
||62
28
2
33|102
566
3942
253|164
594
3944
286|76
244
19
54|119
588
2377
569|195
832
2396
623|
||125|4863|4988|393|3653|4046|
||97
642|1034
(642)|1131
-|102
369|(1,364)
(369)|(1,262)
-|
||739|392|1131|471|(1,733)|(1,262)|
||739
1359|392
996|1131
2355|471
888|(1,733)
2729|(1,262)
3617|
||2098|1388|3486|1359|996|2355|
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.
44
Youth Business International
Company no. 06550164
## Balance sheets
## As at 31 December 2022
|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:|2022
2021
£'000
£'000
16
6
The group|2022
2021
£'000
£'000
16
6
The group|2022
2021
£'000
£'000
16
6
16
6
13
30
3557
3487
3570
3517
(100)
(1,168)
3470
2349
3486
2355
3486
2355
1388
996
2098
1359
2098
1359
3486
2355
The charity|2022
2021
£'000
£'000
16
6
16
6
13
30
3557
3487
3570
3517
(100)
(1,168)
3470
2349
3486
2355
3486
2355
1388
996
2098
1359
2098
1359
3486
2355
The charity|
|---|---|---|---|---|
||16
13
3557|6
30
3487|16
13
3557|6
30
3487|
||3570
(100)|3517
(1,168)|3570
(100)|3517
(1,168)|
||3470|2349|3470|2349|
||3486|2355|3486|2355|
||3486|2355|3486|2355|
||1388
2098|996
1359|1388
2098|996
1359|
||2098|1359|2098|1359|
||3486|2355|3486|2355|
Approved by the trustees on 29 June 2023 and signed on their behalf by
Timothy Copnell Trustee and Chairman of the Audit and Risk Committee
45
Youth Business International
## Consolidated statement of cash flows
## For the year ended 31 December 2022
|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
Decrease in debtors
(Decrease) / increase in creditors
Net cash provided by / (used in) 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|2022
2021
£'000
£'000
1131
(1,262)
6
5
(8)
(1)
(16)
(5)
17
302
(1,068)
778
62
(183)
8
1
8
1
70
(182)
3487
3669
-
-
3557
3487
Group|2022
2021
£'000
£'000
1131
(1,262)
6
5
(8)
(1)
(16)
(5)
17
302
(1,068)
778
62
(183)
8
1
8
1
70
(182)
3487
3669
-
-
3557
3487
Group|
|---|---|---|
||62
8|(183)
1|
||8|1|
||70
3487
-|(182)
3669
-|
||3557|3487|
46
Youth Business International
Notes to the financial statements
## For the year ended 31 December 2022
## 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.
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. 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 SORP 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.
47
Youth Business International
Notes to the financial statements
## For the year ended 31 December 2022
- 1 Accounting policies (continued)
- f) Donations of gifts, services and facilities
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:
- Costs of raising funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose
- Expenditure on charitable activities includes the costs of direct charitable activities undertaken and grants payable to further the purposes of the charity and their associated support costs
- Other expenditure represents those items not falling into any other heading
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 the 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|4%|
|Memberships Services & Engagement|9%|
|Programme & Business Development|80%|
|Learning & Influence|7%|
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.
48
Youth Business International
## Notes to the financial statements
## For the year ended 31 December 2022
- 1 Accounting policies (continued)
- l) 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:
- Fixtures and fittings
- Computer equipment
five years three years
## m) 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.
n) 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.
## o) 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.
## p) 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.
## q) 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.
49
Youth Business International
## Notes to the financial statements
## For the year ended 31 December 2022
- 2 Income from donations and legacies
|Income from donations and legacies|||||||
|---|---|---|---|---|---|---|
|Individuals
Donated services|Unrestricted
£'000
4
154|£'000
-
91
Restricted|2022
Total
£'000
4
245|Unrestricted
£'000
70
367|£'000
-
-
Restricted|2021
Total
£'000
70
367|
||158|91|249|437|-|437|
Donated services in 2022 were £245,000 which is the full value of pro-bono services received (2021: £367,000) and are recognised within incoming resources as donated services. An equivalent charge is included within outgoing expenses.
The charity is grateful to:
- Hogan Lovells for their general legal advice. Their contribution is valued at £154,000 (2021: £146,000).
- The Worshipful Company of Management Consultants whose members have continued to undertake all the
- independent accreditations. Their contribution is valued at £66,000 in 2022 (2021: £113,000).
- Accenture have provided several consultants over the course of 2022. Their contribution is valued at £25,000 (2021: £109,000).
## 3 Income from charitable activities
|Income from charitable activities|||||||
|---|---|---|---|---|---|---|
|Corporate donors
Multilaterals
Charitable foundations and trusts
Other income
Total income from charitable|Unrestricted
£'000
10
-
-
46|£'000
1881
-
3925
-
Restricted|2022
Total
£'000
1891
-
3925
46|Unrestricted
£'000
10
-
-
47|£'000
1763
5
521
-
Restricted|2021
Total
£'000
1773
5
521
47|
||56|5806|5862|57|2289|2346|
50
Youth Business International
## Notes to the financial statements
For the year ended 31 December 2022
## 4a Analysis of expenditure (current year)
|Analysis of expenditure (current year)||||||
|---|---|---|---|---|---|
|Staff costs (Note 7)
Direct activity costs*
FX Gain
Grants to members (note 5)
Network support costs
Governance costs
Total expenditure 2022|Cost of
Raising funds
£'000
166
32
(54)
-|Charitable activities|||2022
Total
£'000
1215
800
(398)
2887|
|||Membership
services &
Engagement
£'000
378
295
(124)
-|Programme &
Business
Development
£'000
381
416
(125)
2887|Learning &
Influence
£'000
290
57
(95)
-||
||144
19
1|549
39
6|3559
382
3|252
30
4|4504
470
14|
||164|594|3944|286|4988|
*Direct activity cost includes donated services valued at £91k.
These costs also include an FX gain of £479k in 2022 as a result of the strenthening of the US$ against the GBP, by comparison in 2021 there was an FX loss of £64k
## 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
FX Gain
Depreciation|Cost of
Raising funds
£'000
10
11
1
(3)
-|Charitable activities|||2022
Total
£'000
247
278
20
(81)
6|
|||Membership
services &
Engagement
£'000
23
20
2
(7)
1|Programme &
Business
Development
£'000
197
230
16
(66)
5|Learning &
Influence
£'000
17
17
1
(5)
-||
||19|39|382|30|470|
51
Youth Business International
For the year ended 31 December 2022
## Notes to the financial statements
- 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 2021|Cost of
Raising funds
£'000
135
-
-|Charitable activities|||2021
Total
£'000
985
599
1780|
|||Membership
services &
Engagement
£'000
287
305
-|Programme &
Business
Development
£'000
316
111
1780|Learning &
Influence
£'000
247
183
-||
||135
59
1|592
234
6|2207
186
3|430
189
4|3364
668
14|
||195|832|2396|623|4046|
*Direct activity costs includes donated services valued at £367k
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|185|190|668|
52
Youth Business International
Notes to the financial statements
For the year ended 31 December 2022
|For the year ended 31 December 2022|||
|---|---|---|
|5
Youth Business Trinidad and Tobago
Startup Vietnam Foundation
KIZ Sinnova (Germany)
Manq'a Sostenible Sociedad Civil Bolivia
Qredits (Netherlands)
The Fetola Foundation (South Africa)
Positive Planet (France)
Mann Deshi Foundation (India)
Many Rivers Microfinance (Australia)
The Somo Project (Kenya)
Yayasan Cinta Anak Bangsa (Indonesia)
Young Africa Botswana
Youth Business Poland
Work Together Foundation
Young Africa Mongolia
Youth Business Spain
Associazione PerMicroLab Onlus (Italy)
Bangladesh Youth Enterprise Advice Helpcenter
Grant making
ACT Group (Croatia)
Action Finance Initiative (Greece)
Cost
Associacao Allianca Empreendedora (Brazil)
Anje Assoc national Jovens Empresarious (Portugal)
Bharatiya Yuva Shakti Trust (India)
Colectivo Integral de Desarrollo (Peru)
Corporación Minuto de Dios (Colombia)
ENDA Inter-Arabe (Tunisia)
CAP Youth Empowerment Institute (Kenya)
Barbados Youth Business Trust
Onow Myanmar Co Ltd
QBO Philippines (IdeaSpace Foundation Inc)
Startup Malaysia (Global Entrepreneurship SDN BHD)
Support Her Enterprises Co Ltd (Cambodia)
BerryTech Foundation (Lebanon)
Enterprise Uganda
ETIC (Japan)
ICCO (Uganda)
Futurpreneur (Canada)
Impact Square Inc (Korea)
IBLF-Youth Business Russia
Expara (Thailand)
Fate Foundation (Nigeria)
Hatch Enterprise (UK )
IDEMA (Turkey)
Institute for information (Taiwan)
IdeiaLab Limited (Mozambique))
Habitat Dernegi (Turkey)
Stichting Cordaid (Netherlands)
The Indus Entrepreneurs Singapore
PCS Commission (Palestine)
ONG Corporacion Accion Emprededora (Chile)
Jinishian Memorial Foundation Armenia (JMF)
At the end of the year
Korea Startup Forum
Development Solutions (Mongolia)
Misr El Kheir Foundation (Egypt)
The Hong Kong Federation of Youth Groups
The Icehouse Limited (New Zealand)
The Sky's the Limit (USA)|2022
£'000
-
-
-
-
2
43
8
-
161
61
5
54
-
-
46
140
-
129
187
125
7
-
-
-
-
101
-
9
135
-
-
3
-
-
5
-
3
8
-
-
-
156
224
-
-
-
-
-
306
453
169
145
9
128
36
19
10|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
-
-|
||2887|1780|
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.
53
Youth Business International
Notes to the financial statements
For the year ended 31 December 2022
- 6 Net income for the year
This is stated after charging / (crediting):
|This is stated after charging / (crediting):|||
|---|---|---|
||2022|2021|
||£'000|£'000|
|Depreciation|6|5|
|Operating lease rentals:|||
|Property|-|-|
|Auditor's remuneration (excluding VAT):|||
|Audit|2|14|
|Legal services|10|-|
|Foreign exchange losses / gains|(479)|64|
- 7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
Staff costs were as follows:
|Staff costs were as follows:|||
|---|---|---|
|Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Redundancy and termination costs|2022
£'000
1252
-
149
61|2021
£'000
1072
33
122
53|
||1462|1280|
The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:
|
national insurance) during the year between:|||
|---|---|---|
||2022|2021|
||No.|No.|
|£60,000 - £69,999|1|1|
|£70,000 - £79,999|1|-|
|£80,000 - £89,999|-|1|
|£90,000 - £99,999|-|1|
|£100,000 - £110,000|1|-|
The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £373,088 (2021: £405,420).
Anita Tiessen, CEO and Trustee, was paid £119,400 (2021: £113,008) 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 (2021: £nil). Trustees' expenses represent the payment or reimbursement of travel and subsistence costs totalling £nil (2021: £174).
## 8 Staff numbers
The average number of employees (head count based on number of staff employed) during the year was 26 (2021: 25)
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|2022
No.
6
20|2021
No.
7
18|
||26|25|
54
Youth Business International
Notes to the financial statements
For the year ended 31 December 2022
## 9 Related party transactions
There are no related party transactions to disclose for 2022 further to those disclosed in note 7 (2021: 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 (2021: £50,000). YBI Chair, Marta Krupinska, is an employee of Google. YBI is in receipt of funding from Google.org. 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 Tangible fixed assets
|Tangible fixed assets||||
|---|---|---|---|
|At the end of the year
Cost
Disposals in year
At the start of the year
Additions in year
At the end of the year
At the start of the year
At the start of the year
Charge for the year
Eliminated on disposal
At the end of the year
Depreciation
Net book value
The group and charity|Fixtures and
fittings
£'000
10
-
(10)|Computer
equipment
£'000
47
16
(35)|Total
£'000
57
16
(45)|
||-|28|28|
||10
-
(10)|41
6
(35)|51
6
(45)|
||-|12|12|
||-|16|16|
||-|6|6|
All of the above assets are used for charitable purposes.
## 12 Group undertaking
The charity has accounting control of Youth Business International Stichting incorporated on 17 December 2020 in The Netherlands. There has been no activity in the Stichting in 2022 or 2021.
## 13 Parent charity
The parent charity's gross income and the results for the year are disclosed as follows:
||2022|2021|
|---|---|---|
||£'000|£'000|
|Gross income|6119|2784|
|Result for the year|1131|(1,262)|
55
Youth Business International
## Notes to the financial statements
## For the year ended 31 December 2022
|For the year ended 31 December 2022|For the year ended 31 December 2022|For the year ended 31 December 2022|||
|---|---|---|---|---|
|14
2022
2021
£'000
£'000
13
30
13
30
15
2022
2021
£'000
£'000
43
11
36
41
-
13
5
4
16
208
-
891
100
1168
16a
General
unrestricted
£'000
16
13
2169
(100)
2098
16b
General
unrestricted
£'000
6
30
1600
(277)
1359
Accruals
Debtors
Cash at Bank
Tangible fixed assets
Creditors falling due within one year
Creditors falling due within one year
GROUP AND CHARITY
GROUP AND CHARITY
Net assets at 31 December 2022
Analysis of group net assets between funds (current year)
Deferred income
Other creditors
Taxation and social security
Grants payable
Trade creditors
The group
Cash at Bank
Analysis of group net assets between funds (prior year)
Tangible fixed assets
Debtors
Net assets at 31 December 2021
Creditors: amounts falling due within one year
The group
Prepayments and accrued income
Debtors|||2022
2021
£'000
£'000
13
30
13
30
2022
2021
£'000
£'000
43
11
36
41
-
13
5
4
16
208
-
891
100
1168
Restricted
funds
Total funds
£'000
£'000
-
16
-
13
1388
3557
-
(100)
1388
3486
Restricted
funds
Total funds
£'000
£'000
-
6
-
30
1887
3487
(891)
(1,168)
996
2355
The charity
The charity||
||100|1168|100|1168|
|||General
unrestricted
£'000
16
13
2169
(100)|Restricted
funds
£'000
-
-
1388
-|Total funds
£'000
16
13
3557
(100)|
|||2098|1388|3486|
|||General
unrestricted
£'000
6
30
1600
(277)|Restricted
funds
£'000
-
-
1887
(891)|Total funds
£'000
6
30
3487
(1,168)|
|||1359|996|2355|
56
Youth Business International
## Notes to the financial statements
For the year ended 31 December 2022
## 17a Movements in funds (current year)
|Movements in funds (current year)||||||
|---|---|---|---|---|---|
|Total restricted funds
General funds
Argidius Foundation
IKEA Foundation
ENEL
Accenture Grant 5 (2018 - 2021)
Google
Restricted funds:
Unrestricted funds:
Total funds
EEA Active Youth
Total unrestricted funds
Accenture Grant 6 (2021 - 2022)
Standard Chartered
JP Morgan
Inclusivity Fund
Accenture Grant 7 (2022 - 2023)|£'000
28
692
-
21
(20)
275
-
-
-
-
-
At 1 January
2022|£'000
-
-
1799
367
86
28
(4)
1409
1751
370
-
Income &
gains|£'000
21
616
1136
229
73
271
33
633
1718
43
-
Expenditure
& losses|£'000
-
(87)
(270)
(55)
-
(32)
-
(68)
(149)
(11)
30
Transfers|£'000
7
(11)
393
104
(7)
0
(37)
708
(116)
316
30
At 31
December
2022|
||996|5806|4773|(642)|1387|
||1359|547|450|642|2098|
||1359|547|450|642|2098|
||2355|6353|5223|-|3485|
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
Standard Chartered
Google
IKEA Foundation
EEA Active Youth
Accenture Grant 6 (2021 - 2022)
Accenture Grant 5 (2018 - 2021)
ENEL
Restricted funds:
Total unrestricted funds
Unrestricted funds:
Argidius Foundation
Total funds|£'000
1164
-
57
-
515
-
700
292
At 1 January
2021|£'000
-
1077
111
39
103
6
515
439
Income &
gains|£'000
1087
336
91
59
343
4
1125
608
Expenditure
& losses|£'000
(49)
(49)
(56)
-
-
(2)
(90)
(123)
Transfers|£'000
28
692
21
(20)
275
-
-
-
At 31
December
2021|
||2728|2290|3653|(369)|996|
||888|495|393|369|1359|
||888|495|393|369|1359|
||3616|2785|4046|-|2355|
Transfers to unrestricted funds relate to overhead cover provision as per donor grant agreements
57
Youth Business International
Notes to the financial statements
For the year ended 31 December 2022
Purposes of restricted funds
Accenture Grants 5 & 6 - grant to enable young entrepreneurs to thrive in a digital economy
Accenture Grant 7 - strategic grant to accelerate YBI's work for more inclusive entrepreneurship and responsible business leadership
Argidius Foundation- s upporting high growth potential businesses in sub-Saharan Africa
ENEL - providing SOS mentoring support in Chile, Columbia, Peru and Spain
IKEA Foundation - accelerating youth lead businesses in South Asia
EEA Active Youth - scaling trust based partnerships to recharge entrepreneurship through innovation
Google - rapid response and recovery programme backing business and sustainable livelihoods
Standard Chartered - supporting the survival and recovery of youth led micro and SMEs in the wake of the pandemic
JP Morgan - driving responsible and sustainable businesses led by underserved entrepreneurs by building capacity and improving the services of ESOs regionally
Inclusive Fund - enabling YBI to become a more inclusive organisation
## 18 Legal status of the charity
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 £1.
58