Charlty registration number NIC107515 Company registration number N1032769 (Northern Ireland) YOUNG ENTERPRISE NORTHERN IRELAND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
YOUNG ENTERPRISE NORTHERN IRELAND STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY2023 Unrostrfcted Restrlcted fund8 funds 2023 2023 Total Unrwdtricted Restrlctsd funds funds 2022 2022 Total 2023 2022 Notes Donations and legacies Charitabl8 activities Investments 143,329 2,401 684,328 103,690 827,657 106.091 1,645 106,084 3,843 29 834,823 112,026 940,9)7 115,869 29 Total income 147,375 788.018 935,393 109,956 946,849 1,056,805 Raising funds 82 82 2,609 2,609 Charitable actlvitles 260,426 788,018 1,048,444 53,702 948.437 1,002,139 Total expondlture 260,508 788,018 1,048,526 56.311 948,437 1,004,748 Net (expendltureylncome for the yearl Net movement in funds (113,133) {113,133) 53,645 (1,588) 52,057 Fund balances at 1 August 2022 838,218 838,218 784,573 1,588 786,161 Fund bAlan¢es at 31 July 2023 725,085 725,085 838,218 838,218 The ststement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activitie5 also complies with the requirements for an income and expenditure account under the Companies Act 2006. 15-
YOUNG ENTERPRISE NORTHERN IRELAND BALANCE SHEET ASAT31 JULY2023 2023 2022 Notes Fixed assets Tangible assets 11 4,555 9,240 Current assets Debtors Cash at bank and in hand 12 89,938 879,539 366,907 688,172 949,477 1,055,079 Credltor•: amounts falllng due wlthln one year 13 (228,94n (226,101) Net current assets 720,530 828,978 Total a88et• loss current Ilabllitie8 725,085 838,218 Income funds Unrestricted funds 725,085 838,218 725,085 838,218 The cornpany is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2023, although an audit has been carried out under 8ection 85 of the Charities Act (Northem Ireland) 2008. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtaln an audit of its financial statements under the requirements of the Companies Act 2006, for the year In question in accordance with section 478. These financial statements have been prepared In accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 21 st March 2024 Judith Totten Trustee Company registratlon number NlQ32769 16-
YOUNG ENTERPRISE NORTHERN IRELAND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023 2023 2022 Notsg Cash flows from op8ratlng activitles Cash generated froml(absorbed by} operations 17 192,055 {88,568) Investlng activitias Purthasé of tangible fixed 85sets Investment income received (2,334) 1,645 (9,000) 29 Net cash used In inve8tlng actlvltle8 (6891 (8,971) Net ca8h u88d In financlng activitie8 Not Increa8el{decrea881 In cash and ca8h equiv•l8nts 191,366 (97,539) Cash and cash equivalents at baginning of year 888,173 785,711 Cash and cash aqulvalents at end of year 879,539 688,172 17-
YOUNG ENTERPRISE NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2023 Accounting policle8 Charlty infonnation Young Enterprise Northern Ireland is a privat8 company limited by guarantee incorporated in Northern Ireland. The registèr8d office is 42148 Fountain Street, Belfast, BT15EF. 1.1 Accounting conventlon The financial stateménts have been prepared in accordance with the Charity's governing documents, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" C'FRS 102,1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Réporting Standard applicable in the UK and Republic of Ir61and {FRS 1021" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared In sterling, which is tha functional currenw of the Charity. Monetary amounts in these financial statements are rounded to Ihe nearest £. The financlal statements have been prapar8d under the historical cost convention, mod1fled to include certaln financial instruments at fair value. The principal a¢untIng policies adopted are set out below. 1.2 Going concern At the time of approving the financlal statements, the Trustees have a reasonable expectation that the Charlty has adequate resoUrS to continue in operational existen for the foreseeable future. Thus the TrLk8tees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable fundg Unrestricted funds are available for use at the discretion of the Trustees in furtherance of thelr charitable objectlves. Restried funds are subject to specifi¢ condltions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financlal statements. Endowment ftjnds are subject to speclfic conditions by donors that the capital must be maintained by the Charity. 1.4 Income Income is recognised when the Charity is legalty entitled to it after any perforrnan conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations aré recognised on receipt. Other donations 8re recognised once the Ch8rity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognisèd at the time of the donation. Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribLrtion, the amount is known, and receipt is expected. If the amount is not known. the legacy is treated as a contingent assel. 18
YOUNG ENTERPRISE NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Accountlng policies (Continued) 1.5 Expendlture Expenditure is recognised onc8 there is a legal or constructive obligation to transfer economic benefrt to a third party, it is probablè that a transfer of economic benefits will be required in settlemenl, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of 8ach activity are made up of the total of dir&t costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that aclivily. Shared costs which contribute ta more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activitEs on a basis onsistent with the use of resources. Central staff Gosts ar8 allocated on the basis of lime spent, and dépreciation charges are allocated on the portion of the asset's use. All expenditure is accounted for on 8n accruals basis and has been classified under headings that aggregate 811 costs relatèd to the category. Where costs cannot be directly attributable to particular headings, they have been allocated to activities on a basis ¢onsislent with use of resources. 1.6 Tangible flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuatlon, net of depreciation and any impairment losses. Depreciation 15 recognised so as to write off the cost or valuation of assets lèss their residual values over their useful lives on the following bases.. Programme Equipment Fixtures and fittings Computers 33.33 % Straight liné 33.33 % Straight line 33.33% Straight line The gain or loss arising on the disposal of an asset is determined as the difference belween the sale proceeds and the carrying value of the assel, and is recognlsed In the statement of financial activities. 1.7 Impalrnient of flxed a$$ets At each reporting end date. the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indrAtion exists, the recoverable arnount of the asset is estifflated in order to delermine the extent of the impairment oss (if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al Gall with banks, other short-tenn liquid investmenls with original maturities of Iwelve months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnancial instruments The Charity has elected to apply Ihe provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Chariiy's balance Sheet when the Charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements. when there is a legally enforable right to set off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liability simultsneously. 19
YOUNG ENTERPRISE NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Accountlng pollcies (Continued) Basic flnancial assets Basic financial assets, which include debtors and cash and bank balances. ar8 initially measured at transaction price including transaction costs and are subseqlsently carried at amortised cost using the eff8clive interest method unless the arrangement constitutes a financing transaction, where thè transaction is mèasured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial Ilabllities Basic financial liabilities, including creditors and bank loans are initially recognisèd at transaction pric8 unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present valu8 of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carrled at 8mortised cost, uslng the effective interesl rat8 method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due wrthin one y8ar or less. If not, Ihey are presented as non-current liabilities. Trade creditors are recognised initially at transa¢tlon price and subsequently measured 8t amortised cost uslng the effective interest method. Derecognition of flnanclal liabilltles Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee beneflts The Cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are r8ceived. Temiination benefits are recognised immediately as an expense when the Charity is demonstrably committed to teminate the employment of an employee or to provide temiinatlon benefits. 1.11 Retlrement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. -20-
YOUNG ENTERPRISE NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Donations and legacles Unrestrlcted Restrlctsd funds funds Totsl Unrestricted Restricted fund5 funds Total 2023 2023 2023 2022 2022 2022 Donations - Affiliation fees Fundraising activites Grants (see detail below) Grants- Trusts and Foundations 106,745 26,084 10,000 106,745 27,284 607,144 88,215 17,869 88,215 17,869 719,159 1,200 597.144 719,159 500 85,984 86,484 115,664 115,664 143,329 684,328 827,657 108,084 834,823 940,907 Grants receivable for core activltle8 Donations - Private sector Grants from central and local Government 10,000 64,827 74,827 33,055 33,055 532,317 532,317 886,104 686,104 10,000 597,144 607,144 719,159 719,159 Charltable actlvltle• 2023 2022 Programme fees and charges Delivery agreements - central and local Govemient 2,401 103,690 3,843 112,026 108,091 115,869 Analysis by fund Unrestricted funds Restricted funds 2,401 103,690 3,843 112,026 106,091 115.869 21
YOUNG ENTERPRISE NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Investrnents Unrestrlctsd Unrestrlcted funds funds 2023 2022 Interest raceivable 1,645 29 Raislng funds Unrestrlctsd Unrestrict8d funds funds 2023 2022 Staff costs 82 2,609 Fundraising and publicity 82 2,809 82 2,609 Charltable activltlg8 Programmo costs dlrect 2023 Support C05t8 2023 Total Programme CO8ts dlrect 2022 Support C08ts 2022 Total 2023 2022 Employability programmes Entrepreneurship programmes Financial 470,061 295,404 765,465 427.556 299,199 726,755 228,777 52.643 1.509 281.420 1,559 221,423 53,961 275,384 698,888 349,556 1,048,444 648,979 353,180 1,002,139 Analysls by fund Unrestricted funds Restricied funds 173,598 525.290 86,828 262,728 260.426 788,018 34,779 614.200 18,923 334,237 53,702 948,437 698,888 349,556 1,048,444 648,979 353,160 1,002,139
YOUNG ENTERPRISE NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Support costs Support Govornance costs costs 2023 Support Governance costs costs 2022 Staff costs Depreciation Office Travel Marketing 215,683 7.018 102,883 8,868 10,835 215.683 7.018 102,883 8,868 10,835 182,250 7,284 124,322 3,225 24,524 182,250 7.284 124.322 3,225 24,524 Audil f88S Legal and professional 3,800 669 3,6 4,500 7,055 4,5CN) 7,055 345,287 4,269 349,556 341,605 11,555 353,160 Analysed beleen Charitable activities 345,287 4,269 349,556 341,605 11,555 353,160 Govemance co8t5 include5 payments lo the auditors of £3,500 (2022- £4,500) for audit fees. Trustees None of the Trustees (or any per80ns connected with them) received any remuneration or benefrts from the Charity during the y8ar. employe•8 The average monthly number of employees during the y8ar was: 2023 Number 2022 Number 22 22 Employment costs 2023 2022 Wages and salaries Social security costs Oiher pension costs 615,023 51.349 26.985 498,270 27.598 22.515 693,357 548,383 -23-
YOUNG ENTERPRISE NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Employe88 Icontlnued) The number of employees whose annual rernun8ration was more than £60,000 is as follows.. 2023 Number 2022 Number £80,000- £90,000 10 Taxatlon The charity is exémpt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Charg@able Gains Act 1992 to the extenl that these are applied to its charitablè objects. 11 Tanglble fixed ag$9ts Programm• Flxturn• and Equlpmont flttlng• Computern Total C08t At 1 August 2022 Addition5 Disposals 15,932 8,293 63,066 2,334 (27,513> 87,291 2,334 (38,357) (10,844) At 31 July 2023 5,088 8,293 37,887 51,268 Depreclatlon and Impalrment At 1 August 2022 Depreciation charged in the year Eliminated in respect of dlsposals 15,932 8,293 53,826 7,018 127,513> 78,051 7,018 (38,357) (10.8441 At 31 July 2023 5,088 8,293 33,332 46,712 Carrylng amount At 31 July 2023 4,555 4,555 At 31 July 2022 9,240 9,240 12 Debtors 2023 2022 Amounts falling due wlthin one year: Trade deblors Prepayments and accrued income 48,867 21,071 284,614 82,293 69,938 366,907 -24-
YOUNG ENTERPRISE NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 13 Creditors: amounts falllng due wlthin one year 2023 2022 Other taxation and social security Trade creditors Accruals and deferred income 13,597 7,846 207,704 11,343 24,968 189,790 228,947 226,101 14 Restrlcted fund8 The income funds of the charity include restrictéd funds comprising the following unexpended balances of donations and grants held on trust for spe¢ifi¢ purp088S: Movement In fund8 Incomlnq R¢8our¢e8 Balan¢0 at rgsourcgl oxpondod 31 July 2023 Balance at l Augu8t 2022 Allen & Overy Allstate Antrim Newtownabbey Armagh, Banbridge Craigavon Bank of Ireland Causewaycoast & Glens Choice Housing Clanmill Housing Comrnunity Foundation Nl IARN) Dankse Bank Department of Education Enkalon Foundation EY Friends ofYENI Garfield Weston Halifax Foundation Lisbum City & Castlereagh Mid & EastAntrim Money Pensions Servi Moypark Newry, Moum8 & Down Other Rank Foundation Ulster Business School 2,500 5,000 6,550 27,600 9,OOa 14,060 12,000 19,827 19,754 10,000 462,687 1.500 5,000 8,189 20,000 5,000 18,000 2,650 84,246 7,000 10,000 4,434 29,042 4,000 (2,500) 15,000) 16,550) (27,6001 19,000) 114,060> 112,000) 119,827) 119,754) 110,000) 1462,667) (1,500) (5,000) {8,189) (20,000) 15,000) {18,000) (2,650) 184,246) (7,000) 110,000) (4,434) (29,042) (4,000) 788,018 1788,018) -25-
YOUNG ENTERPRISE NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 15 Analysis of net aB88t8 between funds Unrestricted Rp$tricted funds funds 2023 2023 Totsl Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Fund balances at 31 July 2023 are repr8s8nt8d by.. Tangible assets Current assetsl{liabilities) 4,555 720,530 4,555 720,530 9,240 828,979 9,240 828,979 725.085 725,085 838,219 838,219 16 Rolated party tran8action8 Remuneration of key management personnel The remuneration of key management personnel is as follows. 2023 2022 Aggregate compensation 188,262 162,257 Transaction8 wlth related partle8 Durlng the year the Charity antered Into the following transactions with related parties.. Donatlon Income 2023 2022 Other related parties 1,200 4¢)0 1,200 400 The following amounts were outstanding at the reporting end date,, -26-
YOUNG ENTERPRISE NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 17 Cash generated from oparationg 2023 2022 {Deficitllsurpus for the year (113,133) 52.057 Adjustments for: Investment income recognised in statement of financi81 a¢tlvities Depreciation and impairment of langible fbxed assets (1,645) 7,017 (29) 7,284 Movements in working capital.. Decreasellincreas8) in debtors Increaselldecreas8) in creditors 296,970 2,846 {99.854} (48.025) Ca8h gènerated froml(ab8orbad by) operatlon• 192,055 188,567) 18 Analy81s of changes In not funds The Charity had no debt during the year, -27-