Charfty registration number NIC107515 (Northem Iraland) Company registratlon number N1032769 YOUNG ENTERPRISE NORTHERN IRELAND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
YOUNG ENTERPRISE NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF YOUNG ENTERPRISE NORTHERN IRELAND Opinion We have audited the finanaal statemenls of Young Enterprise Northern Ireland (the 'Charity') for the year ended 31 July 2024 which comprise the statement of financial adivities. the balance sheet, the statement of cash Ilows and notes to the financial statements, includin9 significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Finanual Reporting Standard 102 The Finanual Repothng St8ndard applicable in the UK and Republic of lrnland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 and of its incoming resources and application of resources, for the year then ended,. have been properly prepar8d in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accardance with the requirements of the Companies Act 2006. Basls for oplnion We conducted our audit in accordance with Internatlonal Standards on Auditing (UK) IISAS (UK)) and applicable law. Our r85ponsibilities under those standards are further described in the AuditoPs responsibilities for the audit of the financial stat8m8nts secli?n of our report. We are independent of the Charity in accordance wllh the ethical requirements that are relevant to our audit of Ihe financial statements In the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethical re5ponsibilitses in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu•lon8 relatlng to golng concom In auditing the financial statements, we have concluded that the Trustees. use of the going concern 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 relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's abilily to continue as a going GOnM for a period of at lea81 twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wlth respect to going concern are described In the relevant sections of this report. Other information The other information comprises the Information included in the annual report other than the finan¢lal statements and our auditols report thereon. The Trustees are responsible for the other informalion contained within the annual report. Our opinion on thè financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of th8 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we ale required lo determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is material misstatement of this other information, we are required to report that fact. We have nothing to 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 relaiion to which the Charities Accounts and Reports Regulations (Northern Ireland) 2015 requires us to report to you if, in our opinion-. the information given in the financial statements is inconsistenl in any material respect with the Trustees, report,. or sufficient accounting records have not been kept- or the financial slatements are nol in agreernent with the accounting record5'. or we have not received all the information and explanations we require for our audit. 13-
YOUNG ENTERPRISE NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF YOUNG ENTERPRISE NORTHERN IRELAND Responsibilitles of Trustees As explained more fully in the statement of Twstées, responsibilities, the TTUStees, 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 intemal control as the Trustees detemine is necessary to enable the prep8r8tion of financial ststements that are free from material misststement, whether due to fraud or error. In preparing the financ4al statemenls, the Trustees are responsible for assessing the Charity's abiltty to continue as a going concern, disclosing, as applicable, matters related lo going concem and using the going concem basis of accounting unless the TNstees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilltles for the audlt of the financlal Ststements We have been appointed as auditors under section 65 of the Charities Act (Northem Ir&land) 2008 and report In a¢cordance with the Act and relevant regulations made or having effect thereunder. Our objeclives are lo obtain reasonable assurance about whether the financial ststements as a whole are free from material misstalement, whether due to fraud or error, and to issue an auditorfs report that indudes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conduded in accordance with ISAS (UK) will awaYS detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decision8 of users taken on the basis of these financial statement8. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, induding fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities 8nd skills lo identify or recognise non-compliance with applicable laws and regulations; and we identified the laws and regulations applicable to the company through discussions wllh directors andlor senior management, and from our commercial knowledge and experience of the sector. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anli-bribery, employment, environmental and health and safety legislation.. we assessed the extent of compliance with the laws and regulations identffied above through m8king enquiries of management and inspecting legal correspondence- and identified laws and regulations were communicaled within the audit team regularly and the team remalned alért to inslances of non-compliance throughout the audit. We assessed the susceptibility of the company'$ financial statements to material misstalement, induding obtaining an understanding of how fraud might occur, by: making enquiries of management a5 to where they considered there was susceptibilty to fraud, thelr knowledge of adual, suspected and alleged fraud: and considering the intemal 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 ntrolS, we: perforrned analytical procedures to identify any unusual or unexpected relationships.. tested joumal entries to identify unusual transactions; assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicattve of potential bias., and investigated the rationale behind significant or unusual transaction5. 14-
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 disdosures to underlying supporting documentation., reading the minutes of meetings oflhose charged with g0Veman., enquiring of management as to actual and potential litigation and claims,. and reviewing correspondence with HMRC and the company's legal advisors, There are inherent limilations in our audit procedurès described above. The more removed that laws and regulations are from financial transactions, the less likdy it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures Tequired to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise du8 to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further descrlption of our re$pon8ibilities is available on the Financial Reporting Councll'$ website al= https:11 www.frc.org.uklauditorsre8ponsibilities. This description forms part of our audito¢8 report. This report is made solely to the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 that we might state to the parent charitsble company's members those matt8rs we are required to stste to them in an auditols report and for no other purpose. To the fullest extent Parmitted by law, we do nol accept or assume responsibility to anyone other than the company and the charitable company's members as a body, for our audil work, for this report, or for the opinions we have formed. 1710412024 Angela Craigan FCA (Sanior Ststutory Auditor for and on behalf of Harbinson Mulholland Charterad Accountants statutory Audltor 6th Floor East Tower Lanyon Plaza Belfast Co. Antrlm BT13LP Harbinson Mulholland is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companie5Act 2006. 15