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← Youth Business International

2023-12-31-accounts

Company number: 06550164

Charity number: 1123946

Report and Financial Statements For the year ending 31 December 2023

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Youth Business International

Contents

For the year ended 31 December 2023

Contents

Youth Business International Chair’s Introduction, 2023 3
Reference and Administrative Information 6
Trustees’ Annual Report 8
Objectives, Activities and Performance 12
Structure, Governance and Management 19
Trustees’ Responsibilities Statement 23
Independent Auditor’s Report to the Members of Youth Business International 26
Statement of financial activities (incorporating an income and expenditure account) 32
Balance sheet 33
Statement of cash flows 34
Notes to the financial statements 35

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Youth Business International

Chair’s Introduction, 2023

For the year ended 31 December 2023

Youth Business International Chair’s Introduction, 2023

2023 marks the first year of Youth Business International’s ambitious new strategy and our goal to create one million jobs through supporting the start-up and growth of 250,000 youth-led businesses.

Together with our dedicated members, in 2023 YBI has driven innovation, piloted new financial models for young entrepreneurs, built targeted programmes supporting truly inclusive entrepreneurship and piloted and scaled specific support to drive a new generation of green and social jobs.

We have continued to expand our network, helped foster deeper relationships between our members and advocated for youth entrepreneurship in the corridors of power.

Driving towards our aim of supporting 750,000 young people by 2026, during 2023 21,000 young entrepreneurs supported through the YBI network started a business, over 43,000 strengthened a business, and more than 150,000 received support from YBI members.

A highlight of 2023 was the appointment of five new Board members and this injection of new energy at board level comes at a critical time in our strategy. It gives me great pleasure to welcome to the board Matt Wallace, CEO of YBI member ONOW, Myanmar, Ellora-Julie Parekh Chief Sustainability Officer at Al Futtaim Group and ESG strategy expert, and Lydia Savill partner at Hogan Lovells. I’m also particularly pleased that for the first time two young entrepreneurs who have been supported by YBI members have been appointed to the board. Purity Gakuo, CEO Kuza freezer from Kenya and Babajide Oluwase CEO of Ecotutu, from Nigeria provide a crucial youth perspective. We look forward to the contributions of all our new board members.

Some highlights of the impact across our network from 2023 include our funded programmes, where we have upheld our commitment to driving inclusive entrepreneurship. We led a range of programmes and projects across Africa, Asia and Europe under Futuremakers by Standard Chartered supporting women, migrants and refugees and targeting young entrepreneurs with disabilities. Supported by our strategic partner Accenture we have launched a new programme

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Youth Business International

Chair’s Introduction, 2023

For the year ended 31 December 2023

supporting young refugee and migrant entrepreneurs in Europe and continue our programme supporting Indigenous young entrepreneurs in Canada. In South Korea, supported by Google.org, we’ve continued supporting underserved female young entrepreneurs who were affected by COVID-19

YBI aims to inspire more inclusive, responsible youth-led businesses focused on solving social, economic and environmental problems. As part of this work, YBI members piloted our Sustainability Toolkit, supported by JPMorgan Chase, and Social and Green Toolkit, supported by Accenture. These products enable young entrepreneurs to integrate sustainable environmental practices into their existing business or build an effective social or green enterprise.

As always, we continue to offer members excellence in youth entrepreneurship support with our series of trainings and learnings. In 2023, we also launched a new Member Learning Exchange Scheme, offering our members funded opportunities for deep-dive collaboration and learning. We’re also pleased to see the network continue to grow with eight new members joining during 2023.

As we continue to elevate our leadership positioning, we are building a more influential voice and continue to collaborate with multilaterals and ecosystem partners. Some highlights from 2023 include sharing insights and recommendations at Making Cents International’s Global Youth Economic Opportunities Summit, The Global Entrepreneurship Congress (GEC), and UNCTAD’s World Investment Forum (WIF).

Looking forward to 2024 and the second year of our strategy it’s exciting to see the ambition continue to grow. YBI is leading the growing global network with a clear vision to drive a generation for change by shaping the future of youth entrepreneurship. In 2024 we are hosting two flagship events and producing a flagship report under the banner ‘generation for change’

The inaugural YBI Bootcamp taking place in London will bring together an international group of high-potential young entrepreneurs running green and social enterprises. The week-long event allows us to spotlight the importance of supporting young entrepreneurs and provides a chance for partners, influencers and other stakeholders to deepen their relationship with and understanding of YBI.

In October, following the success of the 2022 Summit in the Hague, we will be

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Youth Business International

Chair’s Introduction, 2023

For the year ended 31 December 2023

hosting our bi-annual summit in Nairobi, Kenya. The Summit will be co-hosted and co-produced with our Kenyan members Somo Africa and CAP YEI and is a key lever in expanding our influence and realising our growth strategy, particularly in Africa. Our flagship report, Trends in green and social youth entrepreneurship will underpin our policy positioning and enabling us to increase our influence with authority.

I am so grateful to all of our Members, Partners and Funders for their collaboration and support. Most of all the whole of YBI thanks all the young entrepreneurs that remain the source of motivation and energy for our work, as well as the genuine hope that the world they're creating will be better, more sustainable, just and inclusive under their leadership.

We look forward to an exciting and impactful year ahead.

Marta Krupinska Chair

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Youth Business International

Reference and Administrative Information

For the year ended 31 December 2023

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 (resigned 24[th] June) Matt Wallace (appointed 27[th] September) Ellora-Julie Parekh (appointed 27[th] September)) Lydia Savill (appointed 27[th] September) Purity Gakuo (appointed 27[th] September) Babajide Oluwase (appointed 27[th] September) Andrew Smart Anita Tiessen

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Youth Business International

Reference and Administrative Information

For the year ended 31 December 2023

Chief Executive

Anita Tiessen

Bankers

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

Auditor

Sayer Vincent LLP, Chartered Accountants and statutory auditor 110 Golden Lane, London, EC1Y 0TG

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Youth Business International

Trustees’ Annual Report

For the year ended 31 December 2023

Trustees’ Annual Report

For the year ended 31 December 2023

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 2023.

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 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 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.

Together with our partners we foster a culture of collaboration, sharing best practice and driving innovation to achieve impact at scale.

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Youth Business International

Trustees’ Annual Report

For the year ended 31 December 2023

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 2023, our partners included Accenture, Argidius Foundation, Google.org, JP Morgan Chase, 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

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

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Youth Business International

Trustees’ Annual Report

For the year ended 31 December 2023

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.

In 2023 we continued The Ophikiwin Series: Journey to Financial Empowerment, a financial literacy programme for young Indigenous entrepreneurs in Canada. We also launched our new SEER (Seeking Economic Empowerment and Resilience) programme for young refugee and migrant entrepreneurs in Germany, Ireland, Italy and Sweden and

In 2023 we began the process of securing the next Accenture grant.

Argidius

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, building on the achievements of the first High Flyers programme.

European Economic Area 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 Area. 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 continued in 2023. Working with two members 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

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Youth Business International

Trustees’ Annual Report

For the year ended 31 December 2023

supporting underserved groups in Korea including women and refugee social entrepreneurs. JP Morgan Chase

In August 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 2023 together with our members Fetola (South Africa), Hatch Enterprise(UK), KIZ (Germany), Positive Planet (France) and Youth Business Spain and social entrepreneurship consultancy SoJo, YBI has co-created a Sustainability Toolkit to support young and underserved entrepreneurs in integrating sustainable practices into their businesses as part of YBI’s programme supported by JPMorgan Chase.

In 2023, we secured a second programme with JP Morgan Chase to implement the High Flyers programme in South Korea beginning in January 2024, completing the work under the Argidius programme.

Standard Chartered Foundation

In 2023 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. In 2022 we launched an innovative new revolving loan fund for female entrepreneurs in Kenya, in partnership with our member Somo. This unique programme will support lowincome entrepreneurs aged 18-35 from marginalised communities in Kenya, providing access to financial support needed to sustain and grow their businesses. It will target 90% female entrepreneurs and 10% entrepreneurs with a majority female workforce.

We also extended the BEST (Business Employability Skills Training) by Futuremakers project, implemented by Youth Business Poland, with funding from Standard Chartered Foundation, to support displaced Ukrainians in Poland into employment and entrepreneurship. The project provides professional and business development support through incubation programmes, advanced webinars, and advisory services and aims to reach 4700 participants by the end of June 2024.

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Youth Business International

Objectives, Activities, and Performance

For the year ended 31 December 2023

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.

At the Network level, we saw strong performance: 100% of 45 respondent members reported that the network was ‘useful’ or ‘very useful’ in 2023.

Driving change for young people and their communities is YBI’s mission. In 2023 our Network supported 107,085 young people to develop their entrepreneurship skills. We are also able to report that 21,730 young people started a business, 43,844 young people strengthened a business, and 19,448 were supported to access finance in 2023.

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Youth Business International

Objectives, Activities, and Performance

For the year ended 31 December 2023

2023 Highlights

The following are selected highlights from 2023.

YBI believes that entrepreneurship should be inclusive and accessible to all, and this was reflected across our global programmes in 2023.

Funded by Standard Chartered Foundation, we led a range of programmes and projects under Futuremakers by Standard Chartered supporting women-led businesses in Kenya to grow, empowering displaced Ukrainians in Poland to start or re-start a business, and equipping young female entrepreneurs and entrepreneurs with disabilities across Africa, Asia and Europe with vital entrepreneurship skills and networks.

Supported by Accenture, we launched our new SEER (Seeking Economic Empowerment and Resilience) programme for young refugee and migrant entrepreneurs in Germany, Ireland, Italy and Sweden and continued The Ophikiwin Series: Journey to Financial Empowerment, a financial literacy programme for young Indigenous entrepreneurs in Canada.

YBI aims to inspire more inclusive, responsible youth-led businesses focused on solving social, economic and environmental problems.

As part of this work, YBI members piloted our Sustainability Toolkit, supported by JPMorgan Chase, and Social and Green Toolkit, supported by Accenture, this year, enabling young entrepreneurs to integrate sustainable environmental practices into their existing business or build an effective social or green enterprise.

To support underserved young social entrepreneurs in South Korea, we continued our COVID-19 Recovery Programme, supported by Google.org, delivering in-depth training and support focused on young women.

In leading a global youth entrepreneurship network, we work with our members to connect, collaborate and generate content to scale.

We were pleased to see our global network grow in 2023 and welcomed eight new members: ONOW (Myanmar), Action Finance Initiative (AFI) (Greece), Fetola (South Africa), Impact Square (South Korea), Work Together Foundation (WTF) (South Korea), Startup Vietnam Foundation (SVF) (Vietnam), TERN(United Kingdom),

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Youth Business International

Objectives, Activities, and Performance

For the year ended 31 December 2023

Launch it!(United Kingdom), and LSETF (Nigeria).

Throughout the year, we offered a range of learning and training opportunities, including our new Member Learning Exchange Scheme, our Leadership Series for CEOs and our Mentoring Programme Managers series. As part of our Inclusivity Month in October, we launched our Toolkit for Gender Inclusivity, a comprehensive resource for our members to improve gender inclusivity within their organisation and programmes.

We led positioning to advocate for more inclusive youth entrepreneurship support on a global stage.

This included sharing insights and recommendations at Making Cents International’s Global Youth Economic Opportunities Summit, The Global Entrepreneurship Congress (GEC), and UNCTAD’s World Investment Forum (WIF). In February 2023, YBI joined The Possibilists, a global alliance of the world's leading youth-focused social innovation networks, supported by Google.org, collaborating to shape and enhance the social innovation space, deliver real insights and create solutions to unleash the power of young changemakers worldwide.

To share insights on the factors that enabled top performers from our High Flyers programme in Uganda to scale their businesses, we launched our new research report ‘Identifying and Supporting High Flying Businesses - An Exploratory Analysis of Enterprise and Entrepreneur Data’. YBI is drawing on these findings to identify, select, and support high-growth businesses and improve inclusive outcomes in our global High Flyers II programme, funded by the Argidius Foundation.

Plans for the Year Ahead

The 2024 priorities are mapped against the four strategic goals and two supporting areas. All activities work together to achieve the greater impact we are aiming for.

Funding our ambition - YBI aims to generate US$20 million to invest in our work and realize our ambition.

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Youth Business International

Objectives, Activities, and Performance

For the year ended 31 December 2023

Building our organizational capabilities - YBI aims to think broadly and creatively about how we can and need to evolve as an organization to deliver our ambition.

Within the wider plan, we have identified the critical cross-organisational priorities that act as accelerators for growth or require significant cross-organisational collaboration to achieve change.

KEY OPPORTUNITIES: the Global Bootcamp and the Global Summit

These two signature events provide significant benefits to members, and wider opportunities for building profile, ecosystem connections, and sponsorship and partnership development.

KEY GROWTH LEVERS: Unlocking Network Growth, Income Diversification, Leveraging Leadership Voice

The foundations for growth are the trinity of a larger quality network to impact more young people, more funding better targeted to the core organisation, and more visibility as the authoritative leader in youth entrepreneurship.

KEY SUPPORTING ELEMENTS: Network Effect and Organisation Capability

Income diversification hinges on us being able to articulate, evidence and develop propositions around the value of YBI in curating a quality network that impacts young entrepreneurs, work that has only just begun and needs concerted effort in 2024.

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Youth Business International

Objectives, Activities, and Performance

For the year ended 31 December 2023

Financial performance

Income

The charity’s total incoming resources for the year were £4.6m (2022: £6.1m) of which £0.1m was unrestricted (2022: £0.2m) and £4.5m (2022: £5.9m) was restricted.

During 2023 grant funds were received as follows: Accenture £2.3m (2022: £1.8m), Google.org £0.2m (2022: £1.4m), Standard Chartered Bank £1.3m (2022: £1.8m) made up 84% of total income. Most of these grants are multi-year and multi-project grants demonstrating success in our strategy towards long-term partnerships.

The main sources of funds in 2023 were Corporate Donors at 62% (2022: 31%) and Charitable foundations and trusts 35% (2022: 64%). 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 £4.8m (2022: £5.0m), of which £0.8m (2022: £0.1m) was unrestricted and £4.0m (2022: £4.9m) 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 2023 expenditure on charitable activities is comprised of:

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Youth Business International

Objectives, Activities, and Performance

For the year ended 31 December 2023

This expenditure totalled 12%

Reserves Policy and Going Concern

The charity holds unrestricted reserves to continue to operate in the event of a downturn in income. In 2023, 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 31 December 2023 is £1.1m. As of 31 December 2023, unrestricted free reserves came to £1.9m.

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 2023, 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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Youth Business International

Objectives, Activities, and Performance

For the year ended 31 December 2023

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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Youth Business International

Structure, Governance and Management

For the year ended 31 December 2023

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:

Membership Committee whose purpose is to support YBI in maintaining an engaged network of members, of the quality and scale required to meet strategic goals. The committee comprises of a minimum of five members in addition to the Committee Chair. Chair: Andrew Smart.

Renumeration committee to determine the renumeration of Chief Executive Officer and the organisation’s renumeration policy. The Renumeration committee comprises three Trustees including the Chairman of the Board. Chair: Timothy Copnell.

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 four Trustees and one co-opted member. 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.

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Youth Business International

Structure, Governance and Management

For the year ended 31 December 2023

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 and Elwin Groenevelt.

Public Benefit

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

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.

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Youth Business International

Structure, Governance and Management

For the year ended 31 December 2023

People

The Network Support Team based in London comprised 28 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, 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.

We have complied with GDPR and various 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.

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Youth Business International

Structure, Governance and Management

For the year ended 31 December 2023

Fundraising performance was as expected in raising the necessary income for our activities. The fundraising cost in 2023 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 Renumeration 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’ Responsibilities Statement

For the year ended 31 December 2023

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.

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

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Youth Business International

Trustees’ Responsibilities Statement

For the year ended 31 December 2023

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:

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

Trustees’ Responsibilities Statement

For the year ended 31 December 2023

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 21 June 2024 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 2023 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 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.

Page 27 of 46

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:

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:

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

Page 28 of 46

Independent auditor’s report

To the members of

Youth Business International

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.

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:

Page 29 of 46

Independent auditor’s report

To the members 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,

Page 30 of 46

Independent auditor’s report

To the members of

Youth Business International

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.

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)

10 July 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

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

Page 31 of 46

Youth Business International

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2023

For theyear ended 31 December 2023 For theyear ended 31 December 2023
Unrestricted
Note
£'000
Income from:
2
1
3
29
20
50
4
109
4
278
4
198
4
221
806
6
(756)
529
(227)
(227)
Reconciliation of funds:
2,098
1,871
Total funds brought forward
Total funds carried forward
Transfers between funds
Net (expenditure)/income before other
recognised gains and losses
Net movement in funds
Cost of raising funds
Net (expendiutre)/income for the year
Total expenditure
Charitable activities
Membership services & Engagement
Programme & Business Development
Learning & Influence
Investments
Total income
Expenditure on:
Donations and legacies
Charitable activities		 Restricted
£'000
95
4,439
-		 2023
Total
£'000
96
4,468
20		 Unrestricted
£'000
158
56
8		 Restricted
£'000
91
5,806
-		 2022
Total
£'000
249
5,862
8
50 4,534 4,584 222 5,897 6,119
109
278
198
221		 177
454
3,024
361		 286
732
3,222
582		 62
28
2
33		 102
566
3,942
253		 164
594
3,944
286
806 4,016 4,822 125 4,863 4,988
(756)
529		 518
(529)		 (238)
-		 97
642		 1,034
(642)		 1,131
-
(227) (11) (238) 739 392 1,131
(227)
2,098		 (11)
1,388		 (238)
3,486		 739
1,359		 392
996		 1,131
2,355
1,871 1,377 3,248 2,098 1,388 3,486

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 16a to the financial statements.

Page 32 of 46

Youth Business International

Company no. 06550164

Balance sheet

As at 31 December 2023

Note
Fixed assets:
11
Current assets:
13
Liabilities:
14
16
Debtors
Total assets less current liabilities
Funds:
Restricted income funds
Unrestricted income funds:
Creditors: amounts falling due within one year
Net current assets
Total net assets
Cash at bank and in hand
Tangible assets
General funds
Total unrestricted funds
Total funds		 £'000
55
3,302		 2023
£'000
12		 £'000
13
3,557		 2022
£'000
16
12
3,236		 16
3,470
3,357
(121)		 3,570
(100)
3,236 3,486
3,248 3,486
1,377
1,871		 1,388
2,098
1,871 2,098
3,248 3,486

Approved by the trustees on 21 June 2024 and signed on their behalf by

Timothy Copnell

Trustee and Chairman of the Audit and Risk Committee

Page 33 of 46

Youth Business International

Statement of cash flows

For the year ended 31 December 2023

Net (expenditure)/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 (used by)/provided by operating activities
Cash flows from operating activities
Net cash provided by investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments
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		 2023
£'000
(238)
8
(20)
(4)
(42)
21		 2022
£'000
1,131
6
(8)
(16)
17
(1,068)
(275)
20		 62
8
20 8
(255)
3,557
-		 70
3,487
-
3,302 3,557

Page 34 of 46

Youth Business International

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies

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 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.

Page 35 of 46

Youth Business International

Notes to the financial statements

For the year ended 31 December 2023

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 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 6%
Memberships Services & Engagement 15%
Programme & Business Development 67%
Learning & Influence 12%

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.

Page 36 of 46

Youth Business International

Notes to the financial statements

For the year ended 31 December 2023

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:

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.

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.

Page 37 of 46

Youth Business International

Notes to the financial statements

For the year ended 31 December 2023

Income from donations and legacies
Individuals
Donated services		 Unrestricted
£'000
1
-		 £'000
-
95
Restricted		 2023
Total
£'000
1
95		 Unrestricted
£'000
4
154		 £'000
-
91
Restricted		 2022
Total
£'000
4
245
1 95 96 158 91 249

Donated services in 2023 were £94,627 which is the full value of pro-bono services received (2022: £245,000) 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
Charitable foundations and trusts
Other income
Total income from charitable		 Unrestricted
£'000
-
-
29		 £'000
2,829
1,610
-
Restricted		 2023
Total
£'000
2,829
1,610
29		 Unrestricted
£'000
10
-
46		 £'000
1,881
3,925
-
Restricted		 2022
Total
£'000
1,891
3,925
46
29 4,439 4,468 56 5,806 5,862

Page 38 of 46

Youth Business International

Notes to the financial statements

For the year ended 31 December 2023

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 2023		 Cost of
Raising funds
£'000
172
88
-		 Charitable activities 2023
Total
£'000
1,350
672
2,262
Membership
services &
Engagement
£'000
443
218
-		 Programme &
Business
Development
£'000
384
191
2,262		 Learning &
Influence
£'000
351
175
-
260
25
1		 661
63
8		 2,837
380
5		 526
51
5		 4,284
519
19
286 732 3,222 582 4,822

*Direct activity cost includes donated services valued at £94,627

These costs also include an FX loss of £46,768 in 2023 as a result of the strenthening of the US$ against the GBP, by comparison in 2022 there was an FX gain of £479,000.

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
13
11
1
-		 Charitable activities 2023
Total
£'000
275
224
12
8
Membership
services &
Engagement
£'000
34
27
1
1		 Programme &
Business
Development
£'000
201
164
9
6		 Learning &
Influence
£'000
27
22
1
1
25 63 380 51 519

Page 39 of 46

Youth Business International

Notes to the financial statements

For the year ended 31 December 2023

4b Analysis of expenditure (prior year)

Analysis of expenditure (prior 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
1,215
800
(398)
2,887
Membership
services &
Engagement
£'000
378
295
(124)
-		 Programme &
Business
Development
£'000
381
416
(125)
2,887		 Learning &
Influence
£'000
290
57
(95)
-
144
19
1		 549
39
6		 3559
382
3		 252
30
4		 4,504
470
14
164 594 3,944 286 4,988

*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

Page 40 of 46

Youth Business International

Notes to the financial statements

For the year ended 31 December 2023

For the year ended 31 December 2023
5
CAP Youth Empowerment Institute (Kenya)
The Somo Project (Kenya)
Yayasan Cinta Anak Bangsa (Indonesia)
Young Africa Botswana
Habitat Dernegi (Turkey)
Inner City Enterprise (Ireland)
ONG Corporacion Accion Emprededora (Chile)
The Sky's the Limit (USA)
Development Solutions (Mongolia)
Work Together Foundation
Startup Vietnam Foundation
KIZ Sinnova (Germany)
Manq'a Sostenible Sociedad Civil Bolivia
Stichting Cordaid (Netherlands)
PCS Commission (Palestine)
Positive Planet (France)
Youth Business Poland
Barbados Youth Business Trust
Futurpreneur (Canada)
Impact Square Inc (Korea)
At the end of the year
Ny'Centrum (Sweden)
Young Africa Mongolia
Youth Business Spain
Youth Business Trinidad and Tobago
Fate Foundation (Nigeria)
Hatch Enterprise (UK )
Jinishian Memorial Foundation Armenia (JMF)
Onow Myanmar Co Ltd
Enterprise Uganda
ETIC (Japan)
The Fetola Foundation (South Africa)
The Entrepreneurial Refugee Network (TERN))
Bharatiya Yuva Shakti Trust (India)
Colectivo Integral de Desarrollo (Peru)
Corporación Minuto de Dios (Colombia)
Associazione PerMicroLab Onlus (Italy)
Bangladesh Youth Enterprise Advice Helpcenter
Grant making
Action Finance Initiative (Greece)
Cost
Associacao Allianca Empreendedora (Brazil)		 2023
£'000
8
67
-
41
34
15
55
4
-
44
16
68
119
155
92
32
403
60
15
155
3
10
8
5
32
86
66
2
92
181
84
86
-
80
28
23
55
30
8		 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
2,262 2,887

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.

Page 41 of 46

Youth Business International

Notes to the financial statements

For the year ended 31 December 2023

6 Net income for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2023 2022
£'000 £'000
Depreciation 8 6
Operating lease rentals:
Property 136 32
Auditor's remuneration (excluding VAT):
Audit 16 15
Legal services 3 10
Foreign exchange losses / (gains) 47 (479)

Staff costs were as follows:

Staff costs were as follows:
Employer’s contribution to defined contribution pension schemes
Salaries and wages
Social security costs		 2023
£'000
1,398
158
69		 2022
£'000
1,252
149
61
1,625 1,462

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:
2023 2022
No. No.
£60,000 - £69,999 3 1
£70,000 - £79,999 1 1
£100,000 - £110,000 1 1

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £420,968 (2022: £373,088).

Anita Tiessen, CEO and Trustee, was paid £124,668 (2022: £119,400) 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 (2022: £nil). Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £nil (2022: £nil).

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 28 (2022: 26)

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

Staff are split across the activities of the charity as follows:
Direct charitable activities
Management, administration and raising funds		 2023
No.
5
23		 2022
No.
6
20
28 26

Page 42 of 46

Youth Business International

Notes to the financial statements

For the year ended 31 December 2023

9 Related party transactions

There are no related party transactions to disclose for 2023 further to those disclosed in note 7 (2022: 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 £nil (2022: £nil).

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
Depreciation
The charity
Net book value
At the start of the year
Charge for the year
At the end of the year
At the start of the year
At the end of the year
Eliminated on disposal
At the end of the year
Cost
Disposals in year
At the start of the year
Additions in year		 Computer
equipment
£'000
28
4
-		 Total
£'000
28
4
-
32 32
12
8
-		 12
8
-
20 20
12 12
16 16

All of the above assets are used for charitable purposes.

12 Subsidiary undertaking

The charity has controlling power of Youth Business International Stichting incorporated on 17 December 2020 in The Netherlands. The transactions within Youth Business International Stichting are not material and therefore the trustees do not consider it to be significant enough to warrant consolidation within the accounts.

13 Debtors

Debtors
Prepayments and accrued income
Trade debtors		 2023
£'000
42
13		 2022
£'000
-
13
55 13

Page 43 of 46

Youth Business International

Notes to the financial statements

For the year ended 31 December 2023

14 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Taxation and social security
Other creditors
Trade creditors
Accruals		 2023
£'000
55
44
3
19		 2022
£'000
43
36
5
16
121 100

15a Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
Net assets at 31 December 2023
Debtors
Cash at Bank
Tangible fixed assets
Creditors falling due within one year		 General
unrestricted
£'000
12
55,000
1,925
(121)		 Restricted
funds
£'000
-
-
1,377
-		 Total funds
£'000
12
55
3,302
(121)
1,871 1,377 3,248

15b Analysis of net assets between funds (prior year)

Analysis of net assets between funds (prior year)
Cash at Bank
Tangible fixed assets
Debtors
Net assets at 31 December 2022
Creditors falling due within one year		 General
unrestricted
£'000
16
13
2,169
(100)		 Restricted
funds
£'000
-
-
1,388
-		 Total funds
£'000
16
13
3,557
(100)
2,098 1,388 3,486

Page 44 of 46

Youth Business International

Notes to the financial statements

For the year ended 31 December 2023

16a Movements in funds (current year)

Movements in funds (current year)
Total restricted funds
General funds
Restricted funds:
Unrestricted funds:
Total funds
JP Morgan
Inclusivity Fund
Accenture Grant 5 (2018 - 2021)
Google
Accenture SEER
Standard Chartered Poland 2
Accenture Grant 7 (2022 - 2023)
Total unrestricted funds
Accenture Grant 6 (2021 - 2022)
Standard Chartered
EEA Active Youth
ENEL
Donated services (note 2)
Argidius Foundation		 £'000
7
(11)
393
-
105
(7)
(37)
708
(116)
-
316
30
-
At 1 January
2023		 £'000
-
-
2,295
504
-
-
30
161
1,096
159
193
-
95
Income &
gains		 £'000
-
31
1,710
229
140
-
24
693
795
67
231
-
95
Expenditure
& losses		 £'000
(7)
42
(300)
(34)
(7)
7
-
(70)
(90)
(10)
(30)
(30)
-
Transfers		 £'000
-
-
678
241
(42)
-
(31)
106
95
82
248
-
-
At 31
December
2023
1,388 4,534 4,016 (529) 1,377
2,098 50 806 529 1,871
2,098 50 806 529 1,871
3,486 4,584 4,822 - 3,248

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.

16b Movements in funds (prior year)

Movements in funds (prior year)
Total restricted funds
General funds
Accenture Grant 6 (2021 - 2022)
Total funds
Argidius Foundation
ENEL
IKEA Foundation
Accenture Grant 5 (2018 - 2021)
Google
Restricted funds:
Total unrestricted funds
Unrestricted funds:
Accenture Grant 7 (2022 - 2023)
Donated services (note 2)
Inclusivity Fund
Standard Chartered
JP Morgan
EEA Active Youth		 £'000
28
692
-
21
(20)
275
-
-
-
-
-
-
At 1 January
2022		 £'000
-
-
1,799
367
86
28
(4)
1,409
1,751
370
-
91
Income &
gains		 £'000
21
616
1,136
229
73
271
33
633
1,718
43
-
91
Expenditure
& losses		 £'000
-
(87)
(270)
(55)
-
(32)
-
(68)
(149)
(11)
30
-
Transfers		 £'000
7
(11)
393
104
(7)
-
(37)
708
(116)
316
30
-
At 31
December
2022
996 5,897 4,863 (642) 1,388
1,359 547 450 642 2,098
1,359 547 450 642 2,098
2,355 6,444 5,313 - 3,486

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

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Youth Business International

Notes to the financial statements

For the year ended 31 December 2023

Purposes of restricted funds

Accenture Grant 7 - strategic grant to accelerate YBI's work for more inclusive entrepreneurship and responsible business leadership

Accenture SEER – Upskilling young migrants and refugees to access formal employment an start or strentgthen business, completed with mentoring and networking opportunities.

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

Standard Chartered Poland - To provide vital support to young people (at least 70% women) established in Poland, displaced by the ongoing war in Ukraine, to secure decent livelihoods through employment or entrepreneurship reviews.

JP Morgan - driving responsible and sustainable businesses led by underserved entrepreneurs by building capacity and improving the services of ESOs regionally

Funds in deficit relate to instances where donor funds are due to be received in a future period which will bring the funds back to nil.

17 Operating lease commitments payable as a lessee

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:


following periods:
2023 2022
£'000 £'000
Less than one year 80 -

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.

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