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
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Timothy Brundle
Cary Wilson
Nick Whelan
David Maxwell
Jordan Graham
Paul Lemon
Jenny Moore
Judith Totten
Patricia O'Hagan
(Appointed 12 February 2024)
Julieann Black
(Appointed 16 August 2023)
Katherine Adele Loughlin
(Appointed 27 September 2024)
Leadership Team
Carol Fitzsimons MBE
Chief Executive Officer
Oliver Brunton
Financial Controller
Jan Donaldson
Head of Stakeholder Engagement
Deborah Lamberton
Head of Programmes
Charity number
Company number
NI032769
Registered office
42/46 Fountain Street
Belfast
BT1 5EF
Auditor
Harbinson Mulholland
6th Floor East Tower
Lanyon Plaza
8 Lanyon Place
Belfast
Co. Antrim
BT1 3LP
Bankers
Danske Bank Limited
Donegall Square West
Belfast
BT1 6JS
Solicitors
A&L Goodbody
42/46 Fountain Street
Belfast
BT1 5EF
YOUNG ENTERPRISE NORTHERN IRELAND
CONTENTS
Page
Trustees' report
1 - 12
Independent auditor's report
13 - 15
Statement of financial activities
16
Balance sheet
17
Statement of cash flows
18
Notes to the financial statements
19 - 28
YOUNG ENTERPRISE NORTHERN IRELAND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The Trustees, who are also the directors of Young Enterprise Northern Ireland (the Charity) for the purposes of company law, present their report and the audited financial statements for the year ended 31 July 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)".

Objectives and activities

 

Public benefit statement

The Trustees are mindful of their duty to ensure that the Charity’s activities exist for the public benefit. They have considered Charity Commission specific guidance on public benefit and are satisfied that the performance and achievements of the Charity during the year, as summarised in the Trustees’ Report, and the planning of the Charity’s activities for future periods as described below, are consistent with this duty.

 

The Charity’s purpose is the advancement of education and in particular commercial education, if and in so far as such purpose is charitable, and the education of young people in Northern Ireland in the organisation, methods 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 enhanced enterprise, financial capability and entrepreneurship skills and knowledge for beneficiaries, allowing them to maximize their ability to demonstrate 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; teamwork; 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 informed career decisions; increased awareness of the option of self-employment and 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 future workforce. The benefits to society are young people who are better skilled and prepared for employment and have increased prospect of improved socio-economic outcomes.

 

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 facilitating their involvement; attendance and participation records of young people participating in initiatives; 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. Independent evaluations of programmes are completed at regular intervals at NI and UK level by third party organisations, as part of our wider involvement in the Junior Achievement Worldwide charity network. No harm flows from the purpose. The beneficiaries of the purpose are young people in Northern Ireland between the ages of 4 and 25 years.

 

Volunteers who support our programmes may derive 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 receive benefit from their mentoring support. Educators may gain private benefit through enhanced awareness of enterprise skills and linkages with local business. This is incidental and necessary to ensure benefit is provided to the beneficiaries by supporting their involvement in the programmes.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

YOUNG ENTERPRISE NORTHERN IRELAND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -

Mission, vision, and strategic aims

 

The Charity’s purpose as set out in the Memorandum and Articles of Association is as follows:

 

Young Enterprise Northern Ireland’s Mission is to inspire and prepare young people to succeed in a global economy.

 

Young Enterprise NI, and sub-brand Young Money, equips young people with the employment, financial and entrepreneurship skillsets, and mindsets they need to succeed. By building abilities and nurturing self-belief, Young Enterprise prepare youth for the future of work, ensures they have the tools to be financially capable adults, and teaches them to think entrepreneurially.

 

Young Enterprise NI is part of the Junior Achievement-Young Enterprise global charity network. The staff team engage with JA-YE countries to share the strategic global priorities and global best practice models. The impact objectives are aligned with the UN Global Goals for Sustainable 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 4-25 are taken on a ‘skills journey’ to develop 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 network of 119 Young Enterprise – Junior Achievement charities. The ‘mini-enterprise’ 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 NI and Young Money programmes run from age 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, earning money, decision-making and teamwork.

  2. Secondary Programmes: a progressive suite 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 to 25 set up and run their own student company ranging from six-weeks to a one-year duration. This high impact, project-based learning methodology provides experience of work, develops an understanding of the reality of running a business, raises career awareness, and develops enterprise skills.

  4. Team Programme: Students aged 15-19+ with special educational and support needs develop essential skills for life and work through setting up and running their own student company.

  5. Access Enterprise: 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, is that young people participating in Young Enterprise throughout their education journey will have the skills and confidence to be prepared for the world of work.

 

 

YOUNG ENTERPRISE NORTHERN IRELAND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -

Achievements and performance

During 2023/24, the charity involved 99,829 young people from 303 education centres in enterprise, entrepreneurship, and financial education. The majority of programme delivery returned to in-school delivery post pandemic, whilst retaining the digital delivery capacity which was developed.

Digital capacity was developed further in-year with the migration of the learning management system, YE Academy, to the Moodle platform. This allowed for the development of digital versions of programmes for Primary and Post-Primary for teacher facilitated delivery, to allow more learners to benefit from Young Enterprise activity. The ‘YE Challenge:Bio-diversity’ project competition was developed with Danske Bank. This project had 30 schools sign up across NI, representing around 2,000 learners.

There was significant support for our Financial Education delivery in-year through our Teacher Professional Learning programme and conference, funded by Money and Pensions Service. The project supported over 70 schools and more than 200 teachers from across Primary, Post Primary and Special Educational needs schools, adding significant experience to the sector on this topic. 

The Centre of Excellence model was rolled out at Post Primary, with a celebration event held in June, with 43 schools achieving the top status of Excellence in Enterprise school. As part of this event, a symposium on education and skills with business and education leaders highlighted the value of skills developed through Young Enterprise for learners as they moved into the world of work.

Alumni support

A new initiative was launched in summer 2023 – Emerging Entrepreneurs – a collaboration between Young Enterprise, Raise Ventures, Ormeau Baths and Ulster Bank Accelerator, to showcase the entrepreneurial ecosystem to 17-24 year olds during a week-long event. 12 young people took part in this pilot programme.   

Six young entrepreneurs were identified to participate in the USA Connect programme in 2024, funded by the US Embassy. They participated in a US mission to Boston and New York, receiving mentoring support from the US Economic Envoy, Joseph Kennedy III.

Our Alumni representative represented Young Enterprise NI at the Junior Achievement European alumni conference in Portugal, informing our 16+ development strategy.  

Business Engagement

There was significant support from the business community as the charity sought to address the reduction in public funds. As well as public endorsements for the value of our work, several high level business organisations, including the IoD, Belfast Chamber and Business Eye, selected the organization as charity partner for their awards events, raising much needed funds.

The Business Backers fundraising campaign was developed further to provide a mechanism for unrestricted donations to support the work of the charity. This has gained traction throughout the year, with significant support from the Food & Drink sector amongst other large businesses. This funding campaign continues to be developed and built upon as the charity pivots to a business-led funding model.

Both Ulster University and Queen’s University provided significant donations to sustain capacity in the charity whilst it transition the funding model, reflecting the value they place on the role of enterprise education within the Primary and Post Primary .sector.

Staff

Despite the impact of financial pressures the staff team of the charity have remained committed to their believe and support for young people across Northern Ireland. They have met the challenges head-on and actively engaged in new projects to develop the sustainability of the charity. This commitment was recognized through the success in winning the Irish News Team of the Year at the Irish News Workplace & Employment Awards. 

Governance

Patricia O’Hagan joined as a new Trustee, bringing significant skills as an established female entrepreneur. Katherine Adele Loughlin was appointed to the Board in September 2024, following completion of the Boardroom Apprentice programme.

Cyber Essentials accreditation was renewed and the finance team attended fraud training, to maintain focus on this area of risk.

The Finance Committee and Board members fulfilled governance responsibilities in relation to ensuring the sustainability of the work of the charity through the use of reserves in this period to allow delivery commitments to be fulfilled.

YOUNG ENTERPRISE NORTHERN IRELAND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
Policy and external environment
The Executive was restored, allowing formal engagement in relation to the restoration of public funds for the work of the charity. Nick Mathison MLA, Chair of the Education Committee, hosted the Centre of Excellence event.
The Institute of Directors launched a Skills agenda with specific mention of importance of funding our work for the benefit of skills development to support employers.
The charity agreed to a strategic partnership with the Northern Ireland Chamber to inform skills policy with the needs of young people and enhance the connections between business and education.
We are grateful to our funders, educationalists, participating centres, volunteers, businesses, and ambassadors who recognize the value of the work of the charity and lend their financial, in-kind and volunteering support. Their partnership supports the charities mission to inspire and prepare young people to succeed in a global economy.
YOUNG ENTERPRISE NORTHERN IRELAND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
YOUNG ENTERPRISE NORTHERN IRELAND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
YOUNG ENTERPRISE NORTHERN IRELAND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
YE Academy, the Learning Management System (LMS) has progressed over recent years and represents a long-term objective to build relationships and provide suitable digital learning content for stakeholders. The migration to a new hosting platform was completed at the start of the year with improved infrastructure. An improved user interface and functionality are required and will draw on internal resources to implement appropriately. A risk from technical and resource limitations may curtail these objectives.
Young Enterprise Northern Ireland prepares prudent financial budgets considering uncertainties on the horizon. Budgets for years 2025 and 2026 were reviewed along with cash projections. These forecasts assume changes to our delivery model to align with revised income levels, whilst continuing to provide a strong programme offering. The Trustees remain satisfied that Young Enterprise Northern Ireland has sufficient reserves and adequate cash flows to continue to operate as a going concern for at least the next 12 months
Young Enterprise NI continues to be supported by some local councils, Trusts & Foundations and the business sector, all giving a range of support; financial; in-kind or their passionate employees as business mentors and volunteers in  programmes and activities.
Grants, donations, and other financial and in-kind support were received from the following companies within the private sector, and other grant making bodies in the public sector and elsewhere.
The trustees acknowledge and extend their thanks and appreciation and commitment to our shared mission with these supporters.
34SP.com Ltd
Dale Farm
Invest NI
A&O Shearman Foundation
Danske Bank
JF Ltd
Abacus Careers
Davidson McDonnell
Kilwaughter Minerals Ltd
Abbey Centre
Derry City & Strabane
Lancia Consult
AbbeyAutoline Insurance
District Council
Lisburn & Castlereagh City Council
Allstate
Diaceutics
Louise Brogan Ltd
Antrim and Newtownabbey Borough Council
Enkalon Foundation
Mid and East Antrim Borough Council
Armagh Banbridge Craigavon Borough Council
Eoin Henry Foundation
Money and Pensions Service
Arthur Cox Solicitors
Eximo Marketing
Moy Park Ltd
ASSA ABLOY Opening Solutions UK & Ireland
ExportExplore
Musgrave Northern Ireland
Door Group
EY LLP
National Express
ATTNx
FD Technologies
Ormeau Labs
Balloo Hire Centres
Fibrus Networks Ltd
Queen's University Belfast
Bank of Ireland
Finnebrogue
Rank Foundation
Belfast Chamber of Trade and Commerce
Friends of Young
Rushmere Shopping Centre
Belfast City Council
Enterprise NI
Sugar Snap
Best of Belfast
Full Circle
Tarrasis Enterprises
BlueSky Video Marketing
Garfield Weston
Telestack
Boojum
Foundation
Think Network
British Business Bank
George Best Belfast City
Tourism Northern Ireland
Buckley Publications
Airport
Ulster Bank
Business First NI
Gilbert-Ash
Ulster Garden Villages Trust
Catalyst Inc
Gordon McDade
Ulster University
Causeway Coast and Glens Borough Council
Consulting
US Consulate
Clanmill  Housing
Henderson Group
Veolia
ClearBox Communications
Institute of Directors
Westmond Logistics
Clockwise
Institute of Export
Community Foundation NI
Foundation
YOUNG ENTERPRISE NORTHERN IRELAND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -

Reserves Policy

Young Enterprise Northern Ireland retains reserves 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 or renewed donations each year, they are inevitably subject to fluctuation and can at times be uncertain. This reserves policy is reviewed annually by the Trustees and the level of funds retained is considered in the context of strategic objectives.

 

Young Enterprise Northern Ireland needs reserves to ensure it can complete its obligations and commitments of programme delivery to 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 the 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 2024 the level of unrestricted funds (excluding fixed assets) stood at £556k (previous year £720k) and Young Enterprise Northern Ireland is confident that this is an adequate level to ensure that it can meet the requirements set out above.

 

The level of reserves required to provide for working capital needs has been reduced to £100k. This reduction is a result of no longer needing to provide for delivery commitments from Department of Education. A much lower level of funding is received after the expenditure has taken place. In a wind-up situation, these reserves would then to be used to provide for the costs of closure which they are assessed to adequately cover.

 

£32k is in place to provide for costs that have not been budgeted in the upcoming year, such as IT Hardware, legal costs and office space needs should ongoing in-kind support end unexpectedly. Provisions for these continue to change as dependency on in-kind office space increases while critical IT hardware reduces.

 

A further £295k is allocated to provide for funding uncertainties as highlighted in our risk register. Funding uncertainties are considerable as more sources of funding reside with new supporters and the funding environment remains highly competitive. This covers funding to enable programme commitments to be delivered to the end of the year.

 

An additional £129k of reserves is therefore available above the assessed minimum of £427k. This provides additional capacity to stabilize the charity as it moves forward into a highly uncertain funding environment in the years ahead.

 

Plans for future periods

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 2025-27 period. This plan is shared with Young Enterprise Licensor to ensure alignment with wider strategic plans.

 

This strategic plan considers the complex, uncertain external environment and the internal 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.

 

Future periods will continue to focus on financial management, prioritising new income generation and adjusting expenditure to align with revised income levels.

 

YOUNG ENTERPRISE NORTHERN IRELAND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 9 -

The major risks and opportunities which face the organisation during this future period are:

 

These major risks and opportunities mean the organisation will be continuing to focus primarily on income generation to ensure programmes and services are delivered in a way that is impactful and meet the needs of participants. The organisation plans to review the way it delivers programmes along with the number of participants it can provide services to as it delivers in line with financial support secured.

Structure, governance and management

 

Status

 

Young Enterprise Northern Ireland is a company with charitable status, limited by guarantee, which was founded in 1986

and established independently in Northern Ireland in October 1997 (registered number NI32769). The Company is exempt under this legislation from using “limited” as part of its name. It does not have a share capital 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 a Charity with the Inland Revenue, registration number XR21328. Its registered office is at 42-46 Fountain Street, Belfast BT1 6JS. The Charity gained registration with the Charity Commission for Northern Ireland, registration number NIC107515.

 

Young Enterprise Northern Ireland (YENI) is Northern Ireland’s foremost enterprise, financial capability, and entrepreneurship education charity, developing the entrepreneurial skills and aspirations of local young people. The charity operates under license from Young Enterprise UK and is a member of the global Young Enterprise - Junior Achievement family, which supports the development of employability, financial capability, and entrepreneurship skills across the world, reaching 10 million students each year.

Governance

The role of the Board of Trustees is to ensure that Young Enterprise Northern Ireland is effectively governed; to ensure that the Charity 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, which operates under specific terms of reference.

 

The Finance and Audit Committee comprises:

 

Cary Wilson (Chair)    Trustee/Director

Paul Lemon        Trustee/Director

Julieann Black        Trustee/Director

Patricia O’Hagan        Trustee/Director

 

For reference and administrative details of the Charity refer to the legal and administrative information page at the start of the accounts.

YOUNG ENTERPRISE NORTHERN IRELAND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 10 -

New Trustees and Directors Induction and Training

 

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 meet the Chief Executive and Chair as part of the recruitment and appointment process and, upon appointment, undertake an induction and training process to familiarise them with the Charity and the context within which it operates. These are led by the Chief Executive of the Charity and cover:

 

 

Trustees are encouraged to volunteer for Young Enterprise programmes to experience first-hand the inspirational work of the Charity.

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 with the Business Plan, as agreed in line with the delegated authority by the Board of Trustees. The CEO works closely with the Licence Provider Young Enterprise (UK), to ensure licence requirements are met.

 

Directors and officer’s indemnity insurance has been taken out by the Trustees during the year.

Key Management Personnel Remuneration Policy

The remuneration for key management staff is reviewed on an annual basis at the start of the Young Enterprise NI accounting year. A review of key objectives from the operational plan, for these individuals, is reviewed by the Chief Executive, with the completion and progress to date of these objectives considered. Any adjustment of remuneration levels for key management personnel are recommended and placed by the Chief Executive before the finance committee for approval. A similar process is conducted by the Chair of the Trustees, with progress and delivery of key strategic objectives considered. Any recommendations of change in remuneration are put to the board of Trustees for full approval, by a simple majority. Remuneration adjustments are made on an appropriate basis, with levels considered in light of the organisations budget limitations.

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 2024
- 11 -

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 that all risks are being addressed and that the 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 mitigate all Governance, Operational, Financial, External, Compliance 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 continue to be potential for significant funding shortfalls and targeting of new untested income streams. The Trustees are satisfied that adequate actions are in place to meet these and other less strategic risks identified.

 

The task of monitoring the Charity’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 management accounting;

•    Appropriate organisational structure and lines of reporting;

•    Formal written policies; and

•    Clear authorisation and approval levels.

Directors/Trustees

 

Judith Totten

Timothy Brundle

Cary Wilson

Nick Whelan

David Maxwell

Paul Lemon

Jordan Graham

Jenny Moore

Julieann Black

Patricia O'Hagan

Katherine Adele Loughlin

 

 

 

YOUNG ENTERPRISE NORTHERN IRELAND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
Statement of Trustees' responsibilities

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 trustees to prepare financial statements 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 Accepted 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 financial statements, the trustees are required to:

 

    

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the 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 Act 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 information to auditors

 

So far as each of the Trustees in office at the date of approval of these financial statements is aware:

 

Small companies’ exemption

 

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

 

Independent Auditors

The auditors, Harbinson Mulholland, have indicated their willingness to continue in office, and a resolution concerning their reappointment will be proposed at the Annual General Meeting.

 

By order of the Board:
Judith Totten
Trustee
Date:
17/04/2025
2025-04-17
YOUNG ENTERPRISE NORTHERN IRELAND
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF YOUNG ENTERPRISE NORTHERN IRELAND
- 13 -

Opinion

We have audited the financial statements of Young Enterprise Northern Ireland (the ‘Charity’) for the year ended 31 July 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities 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.

Conclusions relating to going concern

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 ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the Trustees with 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 financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within 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 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 the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to 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 a 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 relation 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 inconsistent in any material respect with the Trustees' report; or

-

sufficient accounting records have not been kept; or

-

the financial statements are not in agreement with the accounting records; or

-

we have not received all the information and explanations we require for our audit.

YOUNG ENTERPRISE NORTHERN IRELAND
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF YOUNG ENTERPRISE NORTHERN IRELAND
- 14 -
Responsibilities 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, whether 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 the going concern 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.

Auditor's responsibilities for the audit of the financial 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 about whether the financial statements as a whole are free from material misstatement, whether due to 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 accordance with ISAs (UK) will always 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 decisions of users taken 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 regulations, was as follows:

 

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, anti-bribery, employment, environmental and health and safety legislation:

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

YOUNG ENTERPRISE NORTHERN IRELAND
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF YOUNG ENTERPRISE NORTHERN IRELAND
- 15 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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 become aware of non-compliance. Auditing 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 correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise 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://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 so that we might state to the parent charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

17 April 2025
Angela Craigan FCA (Senior Statutory Auditor)
for and on behalf of Harbinson Mulholland
Chartered Accountants
Statutory Auditor
6th Floor East Tower
Lanyon Plaza
Belfast
Co. Antrim
BT1 3LP

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 Companies Act 2006.

YOUNG ENTERPRISE NORTHERN IRELAND
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 16 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
2
369,881
366,440
736,321
143,329
684,328
827,657
Charitable activities
3
5,680
56,822
62,502
2,401
103,690
106,091
Investments
4
13,447
-
13,447
1,645
-
1,645
Total income
389,008
423,262
812,270
147,375
788,018
935,393
Expenditure on:
Raising funds
5
2,590
-
2,590
82
-
82
Charitable activities
6
554,694
423,262
977,956
260,426
788,018
1,048,444
Total expenditure
557,284
423,262
980,546
260,508
788,018
1,048,526
Net expenditure and movement in funds
(168,276)
-
(168,276)
(113,133)
-
(113,133)
Reconciliation of funds:
Fund balances at 1 August 2023
725,085
-
725,085
838,218
-
838,218
Fund balances at 31 July 2024
556,809
-
556,809
725,085
-
725,085

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

YOUNG ENTERPRISE NORTHERN IRELAND
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 17 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
778
4,555
Current assets
Debtors
13
106,253
69,938
Cash at bank and in hand
639,740
879,539
745,993
949,477
Creditors: amounts falling due within one year
14
(189,962)
(228,947)
Net current assets
556,031
720,530
Total assets less current liabilities
556,809
725,085
Income funds
Unrestricted funds
556,809
725,085
556,809
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 17 April 2025
Judith Totten
Trustee
Company registration number NI032769
YOUNG ENTERPRISE NORTHERN IRELAND
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 18 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
20
(253,244)
192,054
Investing activities
Purchase of tangible fixed assets
-
(2,334)
Investment income received
13,447
1,644
Net cash generated from/(used in) investing activities
13,447
(690)
Net cash used in financing activities
-
-
Net (decrease)/increase in cash and cash equivalents
(239,797)
191,364
Cash and cash equivalents at beginning of year
879,537
688,173
Cash and cash equivalents at end of year
639,740
879,539
YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
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.
YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 20 -
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.

YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 21 -
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.

YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
2
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Donations - Affiliation fees
113,505
-
113,505
106,745
-
106,745
Fundraising activites
251,376
-
251,376
26,084
1,200
27,284

Grants (see detail below)

-
130,808
130,808
10,000
597,144
607,144
Grants - Trusts and Foundations
5,000
235,632
240,632
500
85,984
86,484
369,881
366,440
736,321
143,329
684,328
827,657
Grants receivable for core activities
Donations - Private sector
-
81,200
81,200
10,000
64,827
74,827
Grants from central and local Government
-
49,608
49,608
-
532,317
532,317
-
130,808
130,808
10,000
597,144
607,144
3
Charitable activities
2024
2023
£
£

Programme fees and charges

5,680
2,401

Delivery agreements - central and local Goverment

56,822
103,690
62,502
106,091
Analysis by fund
Unrestricted funds
5,680
2,401
Restricted funds
56,822
103,690
62,502
106,091
YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
13,447
1,645
5

Raising funds

Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Fundraising and publicity
Staff costs
2,590
82
2,590
82
6
Charitable activities
Programme costs direct
Support costs
Total
Programme costs direct
Support costs
Total
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£

Employability programmes

379,431
286,591
666,022
470,061
295,404
765,465

Entrepreneurship programmes

200,620
54,426
255,046
228,777
52,643
281,420

Financial

54,507
2,381
56,888
50
1,509
1,559
634,558
343,398
977,956
698,888
348,047
1,048,444
Analysis by fund
Unrestricted funds
359,920
194,774
554,694
173,598
86,828
260,426
Restricted funds
274,638
148,624
423,262
525,290
262,728
788,018
634,558
343,398
977,956
698,888
349,556
1,048,444
YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
7
Support costs allocated to activities
2024
2023
£
£
Staff costs
252,690
215,683
Depreciation
3,778
7,018
Office
61,886
102,883
Travel
9,334
8,868
Marketing
10,590
10,835
Governance costs
5,120
4,269
343,398
349,556
Analysed between:
Charitable activities
343,398
349,556
8
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
4,680
3,600
Depreciation of owned tangible fixed assets
3,778
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:

2024
2023
Number
Number
21
22
Employment costs
2024
2023
£
£
Wages and salaries
612,116
615,023
Social security costs
45,986
51,349
Other pension costs
28,694
26,985
686,796
693,357
YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
10
Employees
(Continued)
- 25 -
The number of employees whose annual remuneration was more than £60,000 is as follows:
2024
2023
Number
Number
£80,000 - 90,000
1
1
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2024
2023
£
£
Aggregate compensation
189,725
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
Total
£
£
£
£
Cost
At 1 August 2023
8,293
5,088
37,888
51,269
At 31 July 2024
8,293
5,088
37,888
51,269
Depreciation and impairment
At 1 August 2023
8,293
5,088
33,331
46,712
Depreciation charged in the year
-
-
3,778
3,778
At 31 July 2024
8,293
5,088
37,110
50,490
Carrying amount
At 31 July 2024
-
-
778
778
At 31 July 2023
-
-
4,555
4,555
YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
87,631
48,867
Prepayments and accrued income
18,622
21,071
106,253
69,938
14
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
13,258
13,597
Trade creditors
7,541
7,646
Accruals and deferred income
169,163
207,704
189,962
228,947
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
28,694
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.

YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
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
1 August 2023
Incoming resources

Resources expended

Balance at
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 funds
Restricted funds
Total
Unrestricted funds
Restricted funds
Total
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
YOUNG ENTERPRISE NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
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
2024-07-312023-08-01falsefalseCCH SoftwareiXBRL Review & Tag 2024.2NI0327692023-08-012024-07-31NI032769bus:Director12023-08-012024-07-31NI032769bus:Director22023-08-012024-07-31NI032769bus:Director32023-08-012024-07-31NI032769bus:Director42023-08-012024-07-31NI032769bus:Director62023-08-012024-07-31NI032769bus:Director72023-08-012024-07-31NI032769bus:Director82023-08-012024-07-31NI032769bus:Director92023-08-012024-07-31NI032769bus:Director102023-08-012024-07-31NI032769bus:Director112023-08-012024-07-31NI032769bus:Director122023-08-012024-07-31NI0327692024-07-31NI0327692023-07-31NI0327692022-08-012023-07-31NI032769bus:FRS1022023-08-012024-07-31NI032769bus:Audited2023-08-012024-07-31NI032769bus:FullAccounts2023-08-012024-07-31xbrli:purexbrli:sharesiso4217:GBP