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 LEGAL AND ADMINISTRATIVE INFORMATION Tru8ts86 Timothy Brundle Cary Wilson Nick Whelan David Maxwell Aoidin Gormley Jordan Graham Paul Lemon Jenny Moore Judith Totten Julieann Black Patricia O'Hagan (Appointed 3 February 2023) (Appointed 26 Septemb8r 2022) (Appointed 16 August 2023} (Appointed 12 February 2024) Leadership Team Carol Fitzsimons MBE Ollver Brunton Jan Donaldson Deborah Lambgrton Chief Executive Officer Financial Controller Head of Stakeholder Engagement Head of Programmes Charlty number NIC107515 Company number N1032769 Reglstered offlee 42146 Fountsin Str88t Belfast BT1 SEF Auditor Harblnson Mulholland Centrepoint 24 oneaU Avenue Belfast Co. Antrim Northem Ireland BT2 8HS Bankers Danske Bank Limited Donegall Square West B8lfast BT16JS Sollcltors A&L Goodbody 42146 Fountain Street Belfast BT15EF
YOUNG ENTERPRISE NORTHERN IRELAND CONTENTS Page Trustees, report Ind8P8ndent auditorfs report 12-14 statement of financlal 8Ctiviti88 15 Balance sheet 18 Statement of cash flow8 17 Notes to the financial statement8 18-27
YOUNG ENTERPRISE NORTHERN IRELAND TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JULY 2023 The Trustees, who are also the directors of Young Enterprise Northem Ireland (the Charilyl for the purposes of company law, present their report and the audited financial statemenls for the year ended 31 July 2023. The financial statements of the Charity have been prepared in compliance with UK GAAP, including Financial Reporting Standard 102. "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" l FRS102"), Accounting and R8porting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2016 {"Charities SORP (FRS 102)"). the Charities Acl (Northern Ireland) 2CQ8 and the Companies Act 2006. ObJ8ctlves and activitle8 Publ1¢ beneflt $tatemont The Trustees are mindful of their duty lo ensure that the Charlty's activities exist for the publr benefit. They have considered Charity Commission specific guidance on public benefit and arg satisfied that the performance and achievements of the Charity during the year, as summarised in the Tru5tees' Report, and thè planning of the Charity's actlvitles for future periods as described below, are consistent with this duty. The Charity's purpose is the advancement of education and in particular cofflmercial education. if and in so far a5 such purpose is charitable, and the education of young people in Northern Ireland in the organisation, method5 and practice of commerce and industry and in all subjects related thereto. The direct benefits that flow from the purposes of Young Enterprise Northern Ireland include enharted enterprise, financlal capability and entrepreneurship skills and knowledge for beneficiaries, allowing them to maximise their ability to demonslral8 employability skills and capability for the workplace. The benefits also include increased awareness and understanding, among beneficiaries, of the importance of employability and enterprise skills (communication., creativity., innovation,. leamworf(,' financial capability,, negotiation) and their value to potential employers., increased awareness of career pathways and options open to beneficiaries; enhanced ability for beneficiaries to make inforrred career decisions-, increased awareness of the option of self-employmenl 8nd entrepreneurship as potential career pathways. The overall objective is to increase the level of employability, financial capability and entrepreneurial skills in the beneficiaries who represent the fvture workforce. The benefits lo society are young people who are better skilled and prepared for employment and have increased prospect of improved socio-economic outcome6. These benefits can be demonstrated through direct feedback from the young people involved in the programmes delivered by Young Enterprise Northern Ireland, and from teachers, volunteers and youth workers facililating their involvemenl., attendance and participation records of young peoplè participating in initiativ8S', training records and qualifications gained., and young people's personal stories and reflections. Evaluation of and feedback from programme alumni demonstrate impact In the longer term. Independerrt evaluations of programmes are completed at regular intervals al Nl and UK level by third party organisations, as of our wider involvement in the Junior Achievemènt Worldwide charity network. No harm flows from the purpose. The beneficiaries of the purpose are young people in Northern Ireland beeen the ages of 4 and 25 years. Volunteers who support our prograrnmes may derNe private benefit by way of enhancement of their personal and professional development. This is incidental and necessary to the achievement of the purpose and ensuring beneficiaries reTrive benefil from their mentoring support. Teachers may gain private benefit through enhanced awareness of enterprise skills and linkages wilh local business. This is incidental and necessary to ensure benefil 15 provided to the beneficiaries by supporting their involvemenl in the programmes. The Trustees have p8id due regard lo guidance issued by the Charily Commission in deciding what activities the Charity should undertake.
YOUNG ENTERPRISE NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Mission, vlslon. and strategic aims The Charity's purpose as set out in the Memorandum and Articles of Association is as follows.. The advancement of Education and in particular commercial education, if and in so far as such purp)se is charitable. The èducation of young people in Northern Ireland in th8 organisalion, methods and practtr of commerce and industry and in all subjects rèlated thereto. Young Enterprise Northern Ireland's Mission is to Inspire 8nd prepare young people to succeed in a global economy. Young Enterprise Nl, and sub-brand Young Money, equips young people with the employment, financial and entrepreneurship 5killsets, and mindsets they need to succeed. By building abilities and nurturing self-belief, Young Enterprise prepare youth for the future of work, ensures they hav8 the tools to be financially capat4e adults, and teaches them to think entrepreneurially. Young Enterprise Nl is part of the Junlor Achi8vement-Young Enterpris8 global charity nelwork. The staff team engage with JA-YE countries lo share the strategic global priorities and global best practice models. The impact objectives are aligned with the UN Global Goals for Suslainable Development. The charity operates under license from Young Enterprise (UK). Through interactive hands-on programmes and business simulation games mentored by volunteers from the business community, young people aged 425 are taken on a 'skills joumey, to dévelop the skills necessary to succeed in the workforce and build a vibrant economy for Northern Ireland. through an inspiring exposure to entrepreneurship, enterprise and employment experiences. Young Enterprise programmes are designed to empower young people with the skills, confidence, ability. and ambition to succeed. Programme resources are developed by working with our global neOrk of 119 Young Enterprise - Junior Achievement charities. The 'mini-enlerprise' methodology is recognised by the European Union as best practice in enterprise education, engaging students through 'learning by doing, business challenges. The suite of Young Enterprise Nl and Young Money programmes run from 8ge 4-25, and target the full range of educational sectors as follows.. 1. Primary Programmes.. Volunteers from business and the local community introduce pupils aged 4 to 11 to the world of work, saving, èarning money, decision-making and teamwork. 2. Secondary Programme8: a progressive suitè of financial, enterprise and entrepreneurship programmes for 11-18 age range. 3. Company Based Programmes: fast paced, high energy business enterprise experience as students aged 10 10 25 sel up and run their own student company ranging from six-weeks to a one-year duration. This high impact, project-based learnlng methodology provides experience of work, develops an understanding of the re8llty of wnning a business, raises career awareness. and develops enterprise skills. 4. Team Programme.. Students aged 15-19+ with special educational and support needs develop essentlal skills for life and work through setting up and running their own student company. 5. Access Enterpri80: an OCN accredited programme run over 3 months for community groups to engage 14-16- year olds in enterprise education as a pathway to increased employability skills. 6. Alumni network: a new initiative to pro-actively engage and support Young Enterprise alumni in skills development for future career success. Our vision, shared with Junior Achievement Europe, is that all students will have at least one opp)rtunity at school to set up and run their own business lo gain high impact leaming outcomes for skills developmenl.
YOUNG ENTERPRISE NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Achievements and performanc¢ During 2023124, the charity involved 95.560 young people from 342 education ntreS in enterprise, entrepreneurship, and financial education. The majority of programme delivery returned to in-school delivery post pandemic. A strong interest in digital dèlivery remained, and schools were supported through this provision through YE Academy. Mobile handsets were invested in to integrat6 the VR 'Techies in residence, project into mainstream ¢la5sroom delivery, ensuring programme content continuéd to evolve and innovate. Tim Brundle completed his term as Chair. having navigated the charity through the COVID pandemic. Judith Totten MBE was appointed the new Chair for the charity, having already been involved as a supporter. This year saw the welcome return of our showcas8 trading event, The Big Matket, held in St Georges Market, Belfast. Over 60 student companies came together to trade lo the public and business leaders, building their self-confidence as well as their skills. The ¢harily was funded by Money and Pensions Service to undertake a teacher professional learning programme for financial education, launching with a conference in Marth 2023. This initiative lasts until March 2024 and will provide teachers from across primary post primary and special education needs schools with the support lo deliver an incrèased level of financial education in schools. The objective of the initiative is to Identify the methods of training delivery that are most effective in supportlng teachers in the dellvery of financial educallon. Board Member, Jordan Graham, was invited lo represent Young Enterprise Nl on the Internatlonal Fund for Ireland Ambit programme to Washington. Young Enterprise alumni led the USA Connect mission to Boston and New York, meeting with the new appointed US Economic Envoy whilst they were Ihere. April 2023 marked the 25th anniversary of the signing of the Good Friday Agreement, with U.S. Pr8g4dent Biden visiting Northern Ireland to mark the occasion. Young Enterprise Nl w8s ask8d to gather a community of young entrepreneurs to showcase this generation that had grown up during peace and the positive impact they were having on the economy. Two alumni were name checked in the President's speech. and he observed the importance of the role of Ycung Enterprise Northern Ireland in developing an entrepreneurial culture in Northern Ireland. At the YEA 23 awards, the US Special economic envoy, Joe Kennedy111, attended as guest of honor. Hè met with the Students and commended the ¢harlty for its work and impact. These 8vents provided 8 significant positive profile for the work of the charity and goodwlll for our work across both the 8ducation and business communities. In the context of no political executive in Northern Ireland. Ihere was a significant reduction in the Northern Ireland budget allocation. As a result, the Department of Education ceased all funding for the work of the charity as of 31st May 2023. This decision was met with significant shock from both the business and education Communities, particularly considering the positive impact demonstrated during the presidential visit. This risk had been identified in the risk register and planned for in the reseNes policy. The 18adership team and board work closely to reforecast income and expenditure and plan to ensure the sustainability of the Charity. A campaign to the business community called 'YE Business Backers, was launched, together with a range of applications to trusts and foundations. We are grateful to our funders, participating centres, volunteers. educationalists, ambassadors, and staff who recognise the value of the work of the charity and lend their financial. in-kind and volunteering support, without which the young people would not experience our programmes and develop their skills.
YOUNG ENTERPRISE NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Financial rèviow Th8 finanaal results for the year endin9 31 July 2023 delivered a net deficit for the charity of £113k, as the cessation of Department of Education Nl funding at the end of May 2023 had a major financial impact for the charity. The directors were aware of the ongoing budgetary pressures within the Nl Government and were moiitoring the situation closely. The withdrawal of all Department of Education Nl fijnding resulted in the charity drawing on its reserves, however planned delivery of programmes to beneficiaries was not impacted significantly in the final months of the year. Income: Overall income was £935k, which was £121 k less than the previous year. Income from Donations & Lègacies is the main source of funding for the charity and was £113k less Ihan the previous year. This was mainly due to a £154k reduction in central & local government funding with the cessation of Departmenl of Education funding the main contributing factor. The charity managed to offset some of this reduction with increases in privat8 sector donations, fur¥Yraising activities and affilialion fees. Funding from charitable activities was reduced slightly by iusl under £10k from the previous year whil8 increases in investmenl income of just under £2k, conlributing to th8 overall reduction of £121 k. Donatlons & Lp8ities lnr.ome yeaf 2022 & 2023 18.664 2022 2023 4.pi4 The Money and Pensions Service funding for pilot activity around teaching financial education cornmenced In th8 year, later Ihan planned. This runs over two years and is helping to develop how the charity can support financial education to teach8rs & other educators directly. Funding of £141 k was secured with £69k used in this first year. Another successful application lo Clanmil Housing supported a unique projecl which saw partner schools coming together on a shared basi510 discover employability skills and enterprise education. Expenditurè.. A new category of programmes was introduced in the year, focusing on financial literacy. Minimal costs are attributed to this in the year, however, plans for wider development are being taken foard. Costs arising from Charitable activities increased by just over £46k from the previous year due io general cost incrèases and increased staff costs following a salary review process. Total staffing costs increased by £145k due mainly to salary adjustments made at the start of the year. The salary review process was essential to ensu that the charity remains competitive in attracting talent into the crganization. Increased staff costs a150 reflect a number newly recruited roles taking effect as plans could be implemented following the COVID19 pandernic. However, some vacant roles remain as recruitment was paused in the latter part of the year due to the loss of significant funding.
YOUNG ENTERPRISE NORTHERN IRELAND TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 2023 2022 The charity committed to funding our Alumni visit to BostonlNew York to enhance their experiences whilst developing connedions with the Friends of Young Enterprise Foundation and oiher leading entrepreneurs in the US. Following this vislt, funding has been secured via the US Embassy in London to develop more targeted support. Support costs of just under £350k wer8 similar to the prior y8ar. Support & Management staff c081s along with travel increased by £39k bul this was offset by reductions in Offic8. Marketing and Governance and Other costs of £42k. The organizats'on assessed its needs and hes continued its transition to hybrid working on a rnore long-term basis. This contributed to the Office cost savings as a main office lease was not renewed mid-year. Onevoff ¢o5ts of £12k were incurr8d on exiting the premises and it is expected that full year saving5 wlll be captured in futu years as support staff make use of donat8d shared office space by Ulster Bank. What are the Key risks? Funding security remains the highesl key strategic risk for the Directors and Senior Leadership Team. Department of Education funding received during the year ceased in May 2023 and no further income is expected in the next financial year. This risk is being mitigated by rtrorienlaling fundraising activities to new source5 of income including the "Business Backers" campaign and other high value Trust & foundations applications. The charity has made solid progress in this area, however this re•orienlation will lake time and the charity is likely to continue to make use of its reserves. The hosting of YE Academy, the Learning Management System (LMSI Is a new development for the year ahead. The migrats'on to a new hosting platform commenced at the end of the year and roll out Is expected during the incoming year in a phased approach. Ensuring the system is managed and supported effeclively for educators and users is an ongoing risk area. As further testing is conducted it Is expected this risk will reduce as implementation progresses. Young Enterprise Northern Ireland prepares prudenl financial budgets considering uncertainlies on the horizon. Maintaining the organizations capacity for programme delivery with a competilive salary offering for current & new roles along with general inflationary pressure5 will mean costs are likely to increase over coming years. The charity has been encouraged by many messages of support from the busin8ss community along with the President of Ihe United States in a recent trip to Northern Ireland. Translating these messages of support into financial 5UPPOrt is key to securing the support needed to return to a balanced budget position in the coming years. Budgets for years 2024 and 2025 were reviewed along wrth cash projèctions. The Trustees remain satisfied the organis8tion has sufficient reserves in place to continue to provide a strong programme offering during this time and can continue lo operate on a going concern for at least the next 12 months. Young Enterprise Nl continues to be supported by many local councils, and the business sector, all giving a range of support,. financial.. in-kind support,. or engaging employees as business volunteers on programmes. Grants, donatlons, and other financial and in-kind support were received from the following companies within the private sector, and oiher grant making bodies in the public sector and elsewhere. The truslees acknowledge and extend their thanks and appreciation for their commitment to our shared mission with these supporter5 listed overleaf.
YOUNG ENTERPRISE NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 The trustees acknowledge and extend their thanks and appreciatlon and commitment to our shared mission with these supporters. 34SP.com Ltd Core Ststems (Nl) Ltd Abbey Centre CPL Recruitment AKFP Group Danske Bank Althemy Davidson McDonnell Allen & Overy Deloitte LLP Allstate Northem Ireland Department of Education Nl Anaeko DMS Antrim and N8Wtownabbey Borough Enkalon Foundation CouncAI Everquote Amiagh Banbridge Craigavon Borough ExportExplor8 Coun¢il EY LLP Arthur Cox Soliators Fairhill Traders Association ASSAA8LOY Opening Solutions UK & FD Technologies Balloo Hire Centres Fibrus NeorkS Ltd Banbridge Enterprlse Centre Friends of Young Enterpri$e Nl Bank of England Garfield Weston Foundation Bank of Ireland George Best Belfast City Airport Beyond Skin Giant Kelp Blink Parties Graham Construction Boojum Halifax Foundation Nl BTNI H8nderson Group Capila Business Services Limited Irish Football Association Cargo Coffee Kainos Causeway Coasl and Glens Borough Keenan Recruitment CDF Financial Kilwaughler Minerals Ltd Choice Housing Ltd KPMG Clanmil Housing Lancia Consult Clear8ox Communication8 Lisburn & Castlereagh City Clockwlse Council Love Pizza Lyreco McDonalds- Abbeycentre Michelin Development Ltd Mid and East Antrim Borough Council Money and Pensions Service Nandos - Abbey centre Newry, Mourne and Down District Council Ormeau Baths pwc QuoPro Recruitment Rank Foundation ReGen Shredbank Staffline Synge & Byrne Abbey Cent Tarrasis Hèalthcare {Homecare Independent Livlng} Telestack The Pierce Partnership Tim Brundle Ulster Bank Ulster University Busin8ss School Upstream Positive Working Capital Veolia Westmond Logistics Wilson's Country Workplus
YOUNG ENTERPRISE NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Reserves Policy Young Enterprise Northern Ireland retains reserve5 to ensure it can fulfill and complete the charitable obligations and commitments it has entered in to. This is necessary because funding sources are subject to fresh application each year, they are inevitably subject to fluctuation and can at times be uncertain. This reserves policy is reviewed 8nnually by the Trustees and the level of funds retained is considered in the context of strategic objective5. Young Enterprise Northem Ireland needs reseTves to ensure it can complete ils obligations and commitments of programme delivery lo the end of the financial year of the charity. The Trustees believe the level of reserves that are freely available for its general purpose are necessary to provide working capital for the on-going operations of the organisation, to provide funding to cover the risks identified in our Risk Register and to allow the organisation to fulfil its statutory obligations in the event of wind-up. At the end of the financial year ended 31 July 2023 the lèvel of unrestricted funds (excluding fixed assets} stood at £720k and Young Enterprise Northern Ireland is confident that this is an adequate level to ensure that il can meet the requirements Set out above. The amount of reserves rèqulred to provide working capltal, given that most of our funding is rece ived after the expenditure has taken pla, is estimated to be £240k. This provision has been reduced as levels of delivery commitments are no longer required to previous extent. In a wind-up situation, thése reserves would th8n to be used lo provide for the wsts of closure which they are assessèd to adequately cover. £59k is in plac8 to provide for costs thal have not been budgeted in the upcoming year, such as critical IT Hardware. legal costs and office renl should ongoing in-kind support ends unexpectedly. Provisions for these scenarios have reduced as reliance on in-kind office working has reduced. A further £150k is necessary to provide for uncertainties from funding decisions outlined in our rSsk reglster. Provisions for funding shortfalls over the immediate 12-month term are considered for this level. This covers funding to enable programme commitmenls to be delivered to Ihe end of the year, based on an assessed risk across expected key funding sources. An additional £271 k therefore is available above the assessed minimum of £449k lo further stabilize the charity as it moves forward inlo a highly uncertain funding environment in Ihe years ahead. Plan$ for future perlods Young Enterprise has a 3-year strategy that Informs its annual operational planning process. The Trustees have agreed a 3-year strategic plan for the 2022-25 period. This plan is shared with Young Enterprise Licensor to ensure alignment wllh wlder strategic plans. This strategic plan considers the complex, uncertain external environment and the intemal capacity of the organisation, to determine the best use of our limited resources against significant demand for services, to have the greatest impact on our charitable mission. This planning ensures the long-term sustainability of the organisation by understanding the risks faced and mitigating these where possible.
YOUNG ENTERPRISE NORTHERN IRELAND TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 FLrture period5 will focus on financial rnanagement following the reduction of income from the cessation of Departmenl of Education Nl funding. This will prioritise new income generation and monitoringladjusting expenditure to ensure prudent budgetary management. With the reduction in public funding, the Board expects to incur deficit in the 2023124. As a result, the Board plans to make use of reseNes to retain organisational capacily for programme delivery, and to provide time to develop new income streams and restructure acliviti8s if required. Strategic focus will be to.. Widen income streams through development of new programmes and fundraising campaigns., Enhance digital delivery capacity through implementation of a new Learning Management System; Complete Young Money Financial Education teacher professional learning project- Pilot adapted delivery methods to support learners with additional learning needs in mainstream education to ensure indusion in enterprise education activity- The major risks and opportunities which face the organisation during this future period are.. The on-going pressure on education and private-seclor funding-, The needs of the post-covid generation lo build self-conffiden in interpersonal skills-, The increased levels of special educational needs support within mainstream education. As a consequence of these obj8clives, risks and opportunities, the organlsation continues to focus on ensurlng sufficient Income is in place to achieve desired reach and impact. particularly focused on young people in areas of social deprivation. Structure* governance and managernent Status Young Enterpris8 Northern Ireland is a company with charitable status, limited by guarantee, which was founded in 1986 and estsblished independently in Northern Ireland in October 1997 (registered number N1327691. The Company is exempt under this legislation from using limited as part of its name. 11 does not have a share capilal and the liability of each member to contribute to the assets of the company is limited to £1. The Trustees have registered the Company as Charity with the Inland Revenue, registration number XR21328. Its registered office is at 42-46 Founlain Street, Belfast BT1 6JS. The Charily gained registration with the Charity Commission for Northern Ireland, registration number NIC107515. Young Enterprise Northern Ireland {YENI) is Northern Ireland's foremost enterprise, financlal capability. and entrepreneurship education charity, developing the entrepreneurial skills and aspirations of local young people. The charrty operates under license from Young Enterprise UK and is a member of the global Young Enterprise - Junior Achievement family, which supports Ihe developrnent of employability, financial capability, and entrepreneurship skills across the world, reaching 10 million students each year. Governance The role of the Board of Trustees 15 lo ensure that Young Enterprise Northern Ireland is effectively governed., to ensure that the Charily complies with all relevant legislation, its own Memorandum and Articles of Association and the requirements of good practice,. and to ensure that the Charity works to agreed strategic and operational plans. The Charity's governing documents are the Memorandum and Articles of Association, which assist the Trustees in the management of the Charity. The Board of Trustees meets at least four times per year and delegates agreed functions to the Chief Executive Officer and to the Finance and Audit Committee, whith operates under specific terms of reference. The Finance and Audit Committee comprises.. Cary Wilson (Chairl TrusleelDirector Lynsey Mallon Tru51eelDirector Jules Black TrusteelDirector Aoidin Gormley TrusteelDirector Paul Lemon TrusteelDirector (resigned 30 June 2023) For reference and administrative details of the Charity refer to the legal and administrative informalion page at the stsrt of the accounts.
YOUNG ENTERPRISE NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 New Trustees and Directors Inductlon and Trainlng The Board reviews Board membership in relation to skills, knowledge and experience to identify and recruit for identified gaps. New appointments are made by the Board. Prospective Trustees meel the Chief Executive and Chair as part of the recruitment and appointment prOsS and, upon appointment, undertake an induction and training process to familiarise them with the Charity and thé contexl within which it operates. These aré led by the Chief Executive of the Charity and cover: The purpose and objectives of Ihe Charity and the programmes in placè to deliver against Ih8se; The obligations of Trustees., The rnain documents which sel out Ihe operatlonal framework ofthe Charity including the Memorandum and Articles of Associalion., The Gurrent financial position as set out in the latest published financial statements., and The current business plan together with future plans and objective5. Trustees are encouraged to volunteer for Young Enterprise programmes to experience first-hand the insplrational work of the Charity. Young Enterprise Nl participates in the Board Apprentice programme. which allows for Iraining on a board as a shadow member, to increase diversity of Board membership. The Board was delighted to be a founder partner on this programme with Strictly Boardroom and hosted an apprentice this year. Management The Chief Executive, Carol Fitzsimons MBE, and the Leadership team are responsible for the day to day running of Young Enterprise Northern Ireland and ensuring that the organisation is operating in line wilh the Business Plan. as agreed in line with the delegated authority by the Board ofTruslees. The CEO works closely with the Licence Provider Young Enterprise (UK), lo ensure licence requirements are met. Dir8Ctors and officer's indemnity insurance has been taken out by the Trustees during the year. Key Management Personnel Remuneratlon Policy The remuneration for key manag8menl staff is reviewed on an annual basis in advance of the start of the Young Enterprfse Nl financial year. A rèview of key objectives from the operational plan, for these individuals. is performed by the Chief Executive, with the completion and progress lo dale against these objectives considered. Remuneration adjustments are made on an appropriale basis, with levels considered in light of the organisations strategic outlook. Recommended Changes to remuneration are reviewed by the Audit & Finance Committee and approved by ihe Board of Trustees through Its annual budget settlng process. A specific Remuneration Committee was established from selected members of the Board of Trust8es at the stsrt of this financial year to review the terms and conditions of YENI employees including setting sUltabS8 levels of remuneralion across the organisation. The committee recommended revisions to the bandings structure in the salary process, and specific rates for Key Management Personnel, and amendments to non-financial benefits. Recommendations from this committee were put to, and approved by, the Board ofTrustees and were implemenled during the year. Funds held as custodian trustees on behalf of others The charity holds no funds as custodian trustees on behalf of others.
YOUNG ENTERPRISE NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Risk Management A wide-ranging review takes place during each financial year and the identified risks are addressed and mitigated through actions set out in the operational plan for the organisation. Making risk management an integral part of the annual Strategic Review and Operational Planning process ensures that the Board is assured Ihal all risks are being addréssed and that th8 organisation is therefore sustainable in the longer term. The organisation's risk register is updated by management on an on-going basis. Any amendments to the register are then reviewed by the organisation's Finance and Audit Committee on behalf of the Trustees so that the Board can be satisfied that appropriate actions are being taken by management to fflitigate all Governance, Operational, Financial, External. complian and People risks. An initial gross risk score is determined by (x . y) where x is impact and y is likelihood, based on 1 5 scale. Following current risk mitigations in place, a revised likelihood score is used, and a net risk score is then determined. Risks are ranked as follows.. Major= 15- 25 Moderate= 5-14 Minor= 5 or less. Current major risks identified continuè to be potential for significant funding shortfalls and targeting of new untest6d income streams. The Truslees are satisfied that adequate actions are in place to meet these and oth8r18SS Strategic risks identified. The task of monitoring the Char5ty's financial control systems and procedures is delegated to the Finance and Audit Committee. Key controls used by the Charity include.. Formal agendas for all Committee and Board activity., Comprehensive strategic planning. budgeting and managemenl accounting,. Appropriate organisalional structure and lines of reporting., Formal written policies; and Clear authorisation and approval levels. Diractorsrrrustee8 Judith Totten Tlmolhy Brundle Lynsey Mallon Cary Wilson Nick Vvhelan David Maxwell Aoidin Gormley Paul Lemon Jordan Graham Jenny Moore (appointed 3rd Fèbruary 2023) Jules Black (appointed 16th August 2023) Patricia O'Hagan (appointed 12th February 2024) (Chair, appointed 26th September 2022) (resigned 30th June 2023) 10
YOUNG ENTERPRISE NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 statement of Trustees. responslbilities The Trustees (who are also directors of Young Enterprise Northern Ireland for the purposes of company law) are responsible for preparing the Annual Report and Accounts in accordance with applicable law and regulations. Company law requires the Irustees to prepare financial slatements for each financial year. Under that law the trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland., and applicable law (United Kingdom Generally Apted Accounting Practice). 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 the 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 finan¢l81 statem8nts, the Irustees are quIr8d to.. select Suitable accounting policies and then apply them consistently,. observe the rnethods and principles in the Charities Statement of Recommended PTacti¢e'. Accounting and Reporting by Charilies (20151., make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial slatements on the going concern basis unless it is inapproprlate to presume that the charitsble company will continue in business. The trustees are responsible far keeping adequate 8ccounting records that are sufficient to show and explain Ihe 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 Acl 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. Statement of disclosure of Infomiation to audltor8 So far as each of the Trustees in office at the date of approval of these financial statements is aware.. there is no relevant audit information of which the company's auditors are unaware,. and they have taken all the steps that they ought to have taken as TrusteeslDirectors in order to rnake themselves aware of any relevant audit Information and to establish that the charitable company's auditors are aware of that information. Small companie8, exemptlon This report has been prepared in accordance with the spedal provisions relating to small companies Wlthin Part 15 of the Companies Act 2006. Independent Audltor• The auditors. Harbinson Mulholland, have indicated their willingness to continue in offi, and a resolution concerning their reappointment will be proposed at the Annual General Meeting. By order of the Board.. Judilh Totten Trustee Date 21 st March 2024 11