Charity registration number NIC107515 (Northern Ireland) Company registration number NI032769
YOUNG ENTERPRISE NORTHERN IRELAND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
YOUNG ENTERPRISE NORTHERN IRELAND
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 2 369,881 366,440 Charitable activities 3 5,680 56,822 Investments 4 13,447 - Total income 389,008 423,262 Expenditure on: Raising funds 5 2,590 - Charitable activities 6 554,694 423,262 Total expenditure 557,284 423,262 Net expenditure and movement in funds (168,276) - Reconciliation of funds: Fund balances at 1 August 2023 725,085 - Fund balances at 31 July 2024 556,809 - |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 736,321 143,329 684,328 62,502 2,401 103,690 13,447 1,645 - 812,270 147,375 788,018 2,590 82 - 977,956 260,426 788,018 980,546 260,508 788,018 (168,276) (113,133) - 725,085 838,218 - 556,809 725,085 - |
Total 2023 £ 827,657 106,091 1,645 935,393 82 1,048,444 1,048,526 (113,133) 838,218 725,085 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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YOUNG ENTERPRISE NORTHERN IRELAND
BALANCE SHEET
AS AT 31 JULY 2024
| 2024 Notes £ Fixed assets Tangible assets 12 Current assets Debtors 13 106,253 Cash at bank and in hand 639,740 745,993 Creditors: amounts falling due within one year 14 (189,962) Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2023 £ £ 778 69,938 879,539 949,477 (228,947) 556,031 556,809 556,809 556,809 |
£ 4,555 720,530 |
|---|---|---|
| 725,085 | ||
| 725,085 | ||
| 725,085 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2024, although an audit has been carried out under section 65 of the Charities Act (Northern 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 obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.
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 .........................17th April 2025
..............................
Judith Totten Trustee
Company registration number NI032769
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YOUNG ENTERPRISE NORTHERN IRELAND
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
| Notes Cash flows from operating activities Cash (absorbed by)/generated from operations 20 Investing activities Purchase of tangible fixed assets Investment income received Net cash generated from/(used in) investing activities Net cash used in financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2024 £ £ (253,244) - 13,447 13,447 - (239,797) 879,537 639,740 |
2023 £ (2,334) 1,644 |
£ 192,054 (690) - 191,364 688,173 879,539 |
|---|---|---|---|
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YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
1 Accounting policies
Charity information
Young Enterprise Northern Ireland is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 42/46 Fountain Street, Belfast, BT1 5EF.
1.1 Accounting convention
The financial statements 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” (“FRS 102”) and the Charities SORP "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)" (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 the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
1.4 Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity 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 recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributable to particular headings, they have been allocated to activities on a basis consistent with use of resources.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Programme Equipment 33.33% Straight line Fixtures and fittings 33.33% Straight line Computers 33.33% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
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 indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of twelve months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The Charity has elected to apply the 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 Charity's balance sheet when the Charity becomes party 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 enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured 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 liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value 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 carried at amortised cost, using the effective interest rate 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 within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024
2 Donations and legacies
| Unrestricted Restricted funds funds 2024 2024 £ £ Donations - Affiliation fees 113,505 - Fundraising activites 251,376 - Grants (see detail below) - 130,808 Grants - Trusts and Foundations 5,000 235,632 369,881 366,440 Grants receivable for core activities Donations - Private sector - 81,200 Grants from central and local Government - 49,608 - 130,808 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 113,505 106,745 - 251,376 26,084 1,200 130,808 10,000 597,144 240,632 500 85,984 736,321 143,329 684,328 81,200 10,000 64,827 49,608 - 532,317 130,808 10,000 597,144 |
Total 2023 £ 106,745 27,284 607,144 86,484 |
|---|---|---|
| 827,657 | ||
| 74,827 532,317 |
||
| 607,144 |
3 Charitable activities
| Programme fees and charges Delivery agreements - central and local Goverment Analysis by fund Unrestricted funds Restricted funds |
2024 £ 5,680 56,822 62,502 5,680 56,822 62,502 |
2023 £ 2,401 103,690 |
|---|---|---|
| 106,091 | ||
| 2,401 103,690 |
||
| 106,091 |
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YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024
4 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Interest receivable | 13,447 | 1,645 |
| Raising funds | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Fundraising and publicity | ||
| Staff costs | 2,590 | 82 |
| 2,590 | 82 |
5 Raising funds
6 Charitable activities
| Programme costs direct 2024 £ Employability programmes 379,431 Entrepreneurship programmes 200,620 Financial 54,507 634,558 Analysis by fund Unrestricted funds 359,920 Restricted funds 274,638 634,558 |
Support costs 2024 £ 286,591 54,426 2,381 343,398 194,774 148,624 343,398 |
Total Programme costs direct 2024 2023 £ £ 666,022 470,061 255,046 228,777 56,888 50 977,956 698,888 554,694 173,598 423,262 525,290 977,956 698,888 |
Support costs 2023 £ 295,404 52,643 1,509 348,047 86,828 262,728 349,556 |
Total 2023 £ 765,465 281,420 1,559 |
|---|---|---|---|---|
| 1,048,444 | ||||
| 260,426 788,018 |
||||
| 1,048,444 |
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YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
7 Support costs allocated to activities
| 7 Support costs allocated to activities |
||
|---|---|---|
| Staff costs Depreciation Office Travel Marketing Governance costs Analysed between: Charitable activities 8 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets |
2024 £ 252,690 3,778 61,886 9,334 10,590 5,120 343,398 343,398 2024 £ 4,680 3,778 |
2023 £ 215,683 7,018 102,883 8,868 10,835 4,269 |
| 349,556 | ||
| 349,556 | ||
| 2023 £ 3,600 7,018 |
9 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
10 Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries Social security costs Other pension costs |
2024 Number 21 2024 £ 612,116 45,986 28,694 686,796 |
2023 Number 22 |
|---|---|---|
| 2023 £ 615,023 51,349 26,985 |
||
| 693,357 |
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YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024
10 Employees
(Continued)
The number of employees whose annual remuneration was more than £60,000 is as follows:
| £80,000 - 90,000 Remuneration of key management personnel The remuneration of key management personnel was as follows: Aggregate compensation |
2024 Number 1 2024 £ 189,725 |
2023 Number 1 |
|---|---|---|
| 2023 £ 188,262 |
11 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
12 Tangible fixed assets
| Programme Equipment Fixtures and fittings Computers £ £ £ Cost At 1 August 2023 8,293 5,088 37,888 At 31 July 2024 8,293 5,088 37,888 Depreciation and impairment At 1 August 2023 8,293 5,088 33,331 Depreciation charged in the year - - 3,778 At 31 July 2024 8,293 5,088 37,110 Carrying amount At 31 July 2024 - - 778 At 31 July 2023 - - 4,555 |
Total £ 51,269 |
|---|---|
| 51,269 | |
| 46,712 3,778 |
|
| 50,490 | |
| 778 | |
| 4,555 |
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YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
| 13 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income 14 Creditors: amounts falling due within one year Other taxation and social security Trade creditors Accruals and deferred income 15 Retirement benefit schemes Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes |
2024 £ 87,631 18,622 106,253 2024 £ 13,258 7,541 169,163 189,962 2024 £ 28,694 |
2023 £ 48,867 21,071 |
|---|---|---|
| 69,938 | ||
| 2023 £ 13,597 7,646 207,704 |
||
| 228,947 | ||
| 2023 £ 26,985 |
The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.
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YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024
16 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement | in funds | |||||||
|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | |||||
| 1 August 2023 | resources | expended | 31 July 2024 | |||||
| £ | £ | £ | £ | |||||
| Garfield Weston Foundation | - | 60,000 | (60,000) | - | ||||
| Money and Pension Service | - | 56,822 | (56,822) | - | ||||
| Community Foundation for NI | - | 55,000 | (55,000) | - | ||||
| Rank Foundation | - | 45,133 | (45,133) | - | ||||
| Ulster Garden Villages Trust | - | 45,000 | (45,000) | - | ||||
| Danske Bank | - | 40,000 | (40,000) | - | ||||
| Clanmill Housing | - | 33,000 | (33,000) | - | ||||
| Armagh Banbridge Craigavon Borough Council | - | 18,187 | (18,187) | - | ||||
| US Consulate | - | 11,730 | (11,730) | - | ||||
| Friends of Young Enterprise NI Foundation | inc | - | 11,500 | (11,500) | - | |||
| A&O Shearman Foundation | - | 10,000 | (10,000) | - | ||||
| Antrim and Newtownabbey Borough Council | - | 8,150 | (8,150) | - | ||||
| MoyPark | - | 7,000 | (7,000) | - | ||||
| Lisburn & Castlereagh City Council | - | 6,252 | (6,252) | - | ||||
| Inst of Export | - | 5,000 | (5,000) | - | ||||
| Mid East Antrim Council | - | 2,650 | (2,650) | - | ||||
| National Express Foundation | - | 2,500 | (2,500) | - | ||||
| Enkalon Foundation | - | 1,500 | (1,500) | - | ||||
| Derry City & Strabane District Council | - | 1,450 | (1,450) | - | ||||
| Causeway Coast and Glens Borough | Council | - | 1,189 | (1,189) | - | |||
| Clockwise | - | 1,000 | (1,000) | - | ||||
| Rushmere traders | - | 200 | (200) | - | ||||
| - | 423,262 | (423,262) | - | |||||
| 17 | Analysis of net assets between funds | |||||||
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |||
| funds | funds | funds | funds | |||||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |||
| £ | £ | £ | £ | £ | £ | |||
| Fund balances at 31 | ||||||||
| July 2024 are | ||||||||
| represented by: | ||||||||
| Tangible assets | 778 | - | 778 | 4,555 | - | 4,555 | ||
| Current assets/(liabilities) | 556,031 | - | 556,031 | 720,531 | - | 720,530 | ||
| 556,809 | - | 556,809 | 725,086 | - | 725,085 |
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YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024
18 Related party transactions
Transactions with related parties
During the year the Charity entered into the following transactions with related parties:
| Donation income | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Other related parties | 11,445 | 1,200 |
| 11,445 | 1,200 |
19 Analysis of changes in net funds
The Charity had no material debt during the year.
| 20 | Cash generated from operations | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| Deficit for the year | (168,276) | (113,133) | |
| Adjustments for: | |||
| Investment income recognised in statement of financial activities | (13,447) | (1,645) | |
| Depreciation and impairment of tangible fixed assets | 3,778 | 7,018 | |
| Movements in working capital: | |||
| (Increase)/decrease in debtors | (36,314) | 296,970 | |
| (Decrease)/increase in creditors | (38,985) | 2,846 | |
| Cash (absorbed by)/generated from operations | (253,244) | 192,055 |
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