**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**
- 17 -
## **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|
- 27 -
## **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|
- 28 -