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 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF YOUNG ENTERPRISE NORTHERN IRELAND Oplnion We have audited the financial statements of Young Enterprise Northem Ireland (the 'Charity'l for the year ended 31 July 2023 which comprise the statement of financial activities. the balance sheet. the statement of cash flows and notes to the financial stalements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Firpancial Reporting Standard applicable in th8 UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements.. give a tNe and fair view of thè state of the charitable Company's affairs as at 31 July 2023 and of its incoming resources and application of resources, for the yaar then ended- have been properly prepared in accordance with United Kingdom Generally Acceptèd Accounting Practi. and have been prepared in accordance with the requireménts of the Compani8s Act 2006. Basls for oplnlon We conducted Our audit in accordance with International Standards on Auditing {UKI IISAS (UK)> and applicable law. Our fesponslbilities under those standards are further described in the Auditorfs r8sponsibilities for the audit ol the financial statements section of our report. We are independent of the Charity in a¢cordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Elhical standard, and we have fulfilled our other ethical responsibilities in accordance wlth these requirements. We believe that the audit evidence we have obtained is sufflcient and appropriate to provide a basis for our opinion. ConcluslonB relating to going concern In auditing the financial statements, we have concluded that the Truslees, use of the going concem 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 rèlating to events or onditions that, individually or collectively, may cast significant doubt on the Charily's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern ar8 described in Ihe relevant sections of this report. Other information The olher infomation comprises the information included in the annual report other than the financial statements and our audito¢s report thereon. The Trustees are responsible for the other information contained wilhin the annual report. Our opinion on the financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility 15 to read the other infomation and, in doing so, consider whether the other information is materially inconsistent with the financial stalemenls 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 detemiine whether this gives rise to a mat8rk91 misslatefflent in the 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 lo report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charilies (Accounts and Reports) Regulation5 2008 require us to report to you if, in our oplnlon.. the inforfflalion given in Ihe financial statements is inconsistent in any material respect with the Trustees, report.. or sufficient accounling records have not been kept.. or the financial statements are not in agreement with the accounting record5; or we have nol received all the information and explanations we require for our audit. 12
YOUNG ENTERPRISE NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF YOUNG ENTERPRISE NORTHERN IRELAND Responsibilitie5 of Trustees As explained more fully in the statement of Trustees, responsibilities, the Trustees. who are also the directors of the Charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whelher due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using tt)e going concem basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorf8 re8ponslbllitie8 for the audit of the financlal statements We have been appointed as auditors under section 65 of the Charities Act (Northern Ireland) 2008 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance aboLrt whether the financial statements as a whote are free from malerial misstatemenl, whether due lo 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 a¢¢ordance with ISAS (UK) will always delect a material misstatement when it exists. Misstalem8nts can arise from fraud or error and are considered material if, Individually or in the aggregate, they could reasonably be expected to infiuence the economic decisions of users tak8n on the basis of these financial statements. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and re9ulalions, was as follows: the engagement partner ensured that the engagement t6am collectively had the approprlale competeno, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations,. and we identified the laws and regulations applicable to the company through discussions with directors andlor senior management, and from our commercial knowledge and experience of the sector. We fo¢us8d on specific laws and regulations which w8 considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2008, taxation legislation, data protection, anliThbribery. employment, environmental and heatth and safety legislation.. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence., and identified laws and regulations were communicated within the audit team regularly and Ihe team remained 81ert to instances of non-ccmpliance throughout the audit. We assessed the susceptibility of the company's financial statements to m8terial misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was SUSptibl1itY to fraud, their knowledge of actual, suspected and alleged fraud; and considering the intèrnal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships; tested journal enlries to identify unusual transactions; assessed whether judgements and assumplions made In determining the accounting estimates set out in Note 2 were indicalive of potential bias; and investigated the rationale behind significant or unusual transactions. 13-
YOUNG ENTERPRISE NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF YOUNG ENTERPRISE NORTHERN IRELAND In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation., reading the minutes of meetings ofthose charged with govemance-, enquiring of management as to actual and potential litigation and claims., and reviewing corr8spondence with HMRC and the company's legal advisors, There are inherent limitations In our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would becorne aware of non-compliance. Audib'ng standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal Gorrespondence, if any. Material misstatements that arlse due to fraud can be harder to d8t8ct than those that arlse from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https.'Il bvvm.frc.org.uklauditorsresponsibilitie8. This description fomis part of our auditor's report. This report is made solely to the charitable company'5 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company's members those matters we are required to State to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do nol accept or assume responsibility to anyone other than the company and the diaritable company's mernbers as a body, for our audit work, for this report, or for the opinions we have formed. Angela gan FCA (Senlor Statut Audltor) for and on behalf of Harbinson Mulholland Chartered Accountants Statutory Auditor ai131a4 Cenlrepoint 24 Omieau Avenue Belfast Co. Antrfm Northern Ireland BT2 8HS Harbinson Mulholland is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company und8r section 1212 ofthe CompaniesAct 2006. 14-