INTRODUCTION TO THE ABRIDGED YOUNG AFRICA INTERNATIONAL CONSOLIDATED FINANCIAL REPORT 2024 The 2024 Finance Report relates to Young Africa International, which consists of Stichting Young Africa (Stichting), based in the Netherlands, consolidated with Young Africa International Africa Hub Trust (The Hub) and Sutus (Pvt) Ltd (Sutus), both based in Zimbabwe. Included in the Hub financial report are the activities undertaken by a new entity in Zambia, called Skills to Live Zambia (Pvt) LTD This was created in 2023 to continue our ongoing interventions in Zambia. The majority of funds we received were deposited into the Stichting bank accounts in the Netherlands, for onward disbursement to The Hub, Affiliates and partner organisations. By consolidating the Stichting accounts with those from The Hub, Sutus, and Skills to Live Zambia all activities undertaken by Young Africa International are herein presented. In August of 2024, supported by the Mastercard Foundation, the Youth Employability Booster (YEB) Project started, aimed at providing vocational, digital, and entrepreneurial training to 18,300 young Nigerians over a four-year period, with a strong emphasis on inclusivity, especially for women and individuals with disabilities.
RATIO BETWEEN EXPENDITURE ON OBJECTIVES AND MANAGEMENT AND FUNDRAISING EXPENDITURE
Our ratio between expenditure spent on objectives and those spent on Management and Fundraising reduced from 90.9% last year to 87.8% in 2024. Strengthening our federation remains one of our Strategic Objectives through investing in future growth to have a positive impact on even more beneficiaries across a greater footprint in Africa.
INCOME AND EXPENDITURE VS BUDGET
Our income and expenditure were both 59% of the budgets, respectively. We received just over €7,000,000 in 2024, but as per our accounting principles, the income recognised for the year was €3,967,607, 41% lower than the budget. Of the amount received €3,372,019 was funding for future multi-year projects. This funding will be recognised in future years. The organisation remains in a strong financial position going into 2025, with key learnings around cash flow timing and project scheduling set to improve future budget accuracy. The recruitment ratio has been 5.4% vs. a budget of €6.5 million. The donation of shares received in 2021 has been recognised at fair value on the date of receipt. These shares have been classified under financial fixed assets and are measured in accordance with our investment policy. Any subsequent changes in value are accounted for in line with prevailing reporting standards.
INCOME AND EXPENDITURE COMPARED WITH PRIOR YEAR 2023
Our income and expenditure were 55% and 43% higher, respectively, than prior year. Total income increased due to expanded donor engagement and program scale-up, while expenditure rose proportionally, driven by intensified program delivery. Administrative and operational costs decreased moderately, reflecting adjustments to enhanced compliance standards.
RESERVES AND EQUITY
The reserves of Young Africa International are divided into: Continuity reserve: to ensure the continuity of the foundation. Designated funds: which are donor funds allocated to specific activities stipulated by the respective donors. The continuity reserve rose by €152,517 from €110,080 in 2023 to €262,597. Designated funds decreased from the restated €129,981 in 2023 to €119,304 in 2024. The total equity increased from €212,682 to €354,522 during the year under review.
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