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Home , Breens Intermediate, Kavanagh College, Nga Tawa Diocesan School, Roncalli College, Solway College, Waikato Diocesan School

Annual Report 2014

young enterprise trust 1 2014 at a glance

16 Staff

15 C oordinators

almost 900 teachers used our programmes and resources in their classrooms

an estimated 1,500 businesspeople volunteered as a mentor, coach, judge or speaker

We connected with approximately 90,000 students in 2014

2 young enterprise trust Contents Year in Review • Chairman and CEO’s Report ...... 4 • Highlights from 2014...... 6 Our Programmes & Resources...... 12 The impact of Young Enterprise ...... 14 The Young Enterprise team • Patron & Board of Trustees...... 16 • Supporters’ Council...... 17 • Staff and Facilitators...... 18 • YES Regional Coordinators...... 19 • Schools we partner with...... 20 Business Hall of Fame...... 24 Funding and Finances • 2014 – A Financial Summary...... 28 • Financial Statements and Auditor’s Report...... 29 • Our sponsors and funders...... 39

young enterprise trust 3 Year in Review – Chairman & CEO’s Report

As we reflect on the 2014 In 2014, we had the opportunity to extend Likewise, it was the second year of our work in our collaborations through the introduction Teen Parent Units (TPUs), with the backing of year, there are two main of several new projects. Our existing partner The Ministry of Youth Development. 2014 saw themes which come to mind – DairyNZ introduced us to the Ministry of Primary the number of TPUs and young mothers we work collaboration and sustainability. Industries, and together we launched our new with increase, and demand to grow even more. EPIC Challenge programme and competition. After launching YES in the Cook Islands in 2013 Long-standing associate NZQA introduced us to 2014 has been a frantically busy and thanks to NZ Aid Programme, we were able to the Insurance Council of New Zealand, and with productive year. It was a year to bed in modify the second year of the pilot so that the them we launched a number of new financial focus was on sustainability. While the project new initiatives and pilots that were begun literacy resources around insurance for teenagers. itself came to a close in 2014, we still have an previously. We took opportunities to We have always talked about being the beginning ongoing relationship for our programmes to modify, improve and grow past initiatives as of the “start-up” ecosystem. However we continue with local partners The Cook Islands required. As well as these existing projects, recognise that there is often a gap between Ministry of Education and the Cook Islands the year produced some new opportunities Young Enterprise at school, and incubator and Chamber of Commerce. – made particularly exciting by some great accelerator programmes out in the wider world. With this gap in mind, we partnered with Creative Providing inspiration for our students new partnerships. HQ to create Venture Up, a six-week accelerator In addition to the programmes, resources, events Collaboration the key to scale programme for recent YES Alumni to be run in and competitions we provide for our students, we see part of our job as connecting students and innovation January 2015. with leading business people and providing them Collaboration is nothing new for us here at Young In 2014 planning also began for our newest with a source of inspiration. On a daily basis, we Enterprise; we have always worked with many international opportunity, to be rolled out over are grateful for the 1,500 business people who groups of people to extend our reach across New 2015. We are working to provide a modified volunteer each year as coaches, judges or mentors. Zealand. In 2014 we worked with 871 teachers version of our programmes for Aboriginal from 558 schools (including working with over communities in , with new partners The 50% of secondary schools), who helped to David Liddiard Group and Angus Knight. deliver our programmes to an estimated 100,000 students nationwide. To get the geographic Making projects sustainable coverage we need for our flagship programme, But 2014 was more than just introducing new The Lion Foundation Young Enterprise Scheme projects. It was a year to modify pilots from 2013 (YES), we partner with 14 local organisations who and to embed them in such a way to ensure offer local support to YES students and teachers – ongoing sustainability. a mix of local Chambers of Commerce, Economic The second year of our largely South Auckland- Development Agencies and private trusts. And based “Roaming Teacher” pilot saw an increase each year, the business community provides in both student achievement as well as teacher immense support for our teachers and students confidence, thanks to the support of The Ministry through volunteering. This year we have had of Pacific Island Affairs. And, following a party over 1,500 coaches, judges and mentors helping that partner BP threw us to celebrate 21 years of out at various programmes and events. Alongside partnership, we began discussions with Hon. Bill them were our wonderful volunteer Board of 8, English and Hon. Nikki Kaye about extending this and our Supporters Council of 80 individuals. through the country.

4 young enterprise trust We continue to run the NZ Business Hall of Fame In 2014, we reported a larger than normal an incredible team; people who are passionate and in 2014, the Prime Minister inducted a further operating surplus due to a timing delay in a major about the work we do and willing to go the extra 8 Laureates into the Hall in front of a record number project. Our digital strategy has been a focus mile to help us make a difference to so many of dinner guests. We originally launched the Hall for us in 2014 as we look to transform how we young people. connect with students and teachers. We had set of Fame in 1994 as a way of celebrating business So to our staff, coordinators, teachers and schools, aside $132,000 in provision in our 2014 budget success. Our goal is to share the stories of business volunteers, Trustees and Council for the implementation of the first phase of this amazing business leaders to inspire our students, members, and all of our partners – thank you. A project. However, due to delays in choosing a with the hope that some of these young people special thank you must be given too; we are very provider we were unable to take this provision. will go on to achieve the kind of success that will fortunate to have such a supportive Patron. Their If it were not for this delay, the Trust would have see them inducted into the Hall in the future. Excellencies, the Rt Hon Lt Gen Jerry Mateparae reported between a $33,000 deficit and a $2,000 and Lady Janine Mateparae continue to show their Financial stability surplus. The surplus in 2014 will be offset with a support in their lovely words to the public, and by With 82% of our income coming from sponsorship, forecasted deficit in 2015. their attendance at our key events. grants and donations, we consider ourselves very fortunate to have so many companies, Our focus for 2015 And finally to our students, both current and past, government agencies, trusts, foundation and The 2015 year offers us a chance to implement thank you for giving us purpose and for inspiring individuals continuing to support us each year. some new projects conceived in 2014, while also us every day. For our past students, it’s amazing to building on ideas that were piloted in the last hear all your success stories, and see how Young We want to lead by example in terms of business couple of years. Enterprise changed your life. And for our current best practice and therefore maintain reserves students, thank you for getting involved. We exist Our digital strategy remains top priority for us equal to 6 months of operating income. This is to provide you opportunities and possibilities, so and we see this as a way of reaching more young done so that we can weather any fluctuations in you can make New Zealand’s future even brighter. people and better supporting our teachers. After income, given that many of our contracts are on extensive planning, we are looking forward to the an annual basis only. implementation of Phase 1 in 2015. The success of the Roaming Teacher model has exceeded even our expectations, and we will be looking to introduce more teachers to cover more regions throughout the year. Terry Shubkin We will extend the work we have been doing CEO, April 2015 in Teen Parent Units to reach more schools while expanding the programme to also include personal financial management skills. And we are looking to build upon the highly successful inaugural It’s Business Time conference, which was held in December 2013. We are holding the second conference in December of 2015, and we are expecting it to be even bigger and better! A final thank you Nigel Gould ONZM, JP We could not achieve as much as we do without Chairman, April 2015

young enterprise trust 5 Year in Review – Highlights from 2014 BP celebrates 21 years’ support for Young Enterprise In 1993, BP became a sponsor of Young Enterprise. Twenty-one years on, BP is still supporting us and we were delighted when they threw a ‘21st party’ to celebrate the milestone. Past and present staff came together with teachers and students in April 2015 for the 21st.

BP’s support enabled us to develop new programmes for students up and down the country. In the 1990’s, BP staff were seconded to Young Enterprise to write the Enterprise Studies programme for ‘3rd and 4th formers’, and the Community Enterprise Programme was created as a result.

Today BP is the major sponsor of our BP Business Challenge, the three-day programme that is incredibly popular; and also a sponsor of a YES award for Innovation.

Growth achieved across secondary programmes The number of schools taking part in almost all secondary programmes grew again in 2014, including a 13% increase for the Start-Up Programme and a 16% increase for Enterprise Studies.

Growth in secondary programmes and resources 300

250 266 2013 2014 231 200 Number of 189 schools 150 163 involved 130 129 128 100 109 115 83 50 58 56 0 Financial Education Enterprise The EPIC BP Business Start-Up The Lion Foundation Resources Studies Challenge Challenge (Year 11) Young Enterprise (Year 9–13) (Year 9–10) (Year 9–10) (Year 11) Scheme (Year 12–13)

6 young enterprise trust Waikato students win national YES title Teacher Spotlight It was another successful year for nearly 3000 students who took part in The Lion Foundation Young Enterprise Scheme (YES). Following Maurice Belz some intense regional competitions, 19 YES companies took part in the Maurice Belz introduced National Final in December; pitching their business to a panel of judges. The Lion Foundation More than 350 guests attended the National Awards later that Young Enterprise Scheme evening, where over $20,000 was won by YES companies. Just Kidding at Karamu High School in Babysitting from for Girls was named as 2014, after attending the It’s the 2015 National Champions. The group of eight offered Hamilton Business Time conference parents a customised and premium babysitting service. Parents that Young Enterprise ran in could choose a babysitter whose interests matched their children’s, December 2013. and book and pay for the sitter online. Just Kidding Babysitting is planning to continue their business in 2015 and may expand to Auckland in partnership with their sister school. What are the benefits of YES for your students? I think the YES programme really helps students understand what is involved in business and sets them up either for tertiary Business Studies or for the workplace. This is due to getting students to work in teams, work with people, hold meetings (where commitments are made) and then follow through on those commitments. Students can be creative, plan then execute.

How does YES differ from other classroom subjects? YES involves taking an idea or concept, developing that idea and pitching to “investors”, then executing that idea. In some ways it can be compared to some of the creative subjects where an idea is developed into something tactile.

New competition has students thinking big Where the YES programme differs is that to execute your idea Our ‘Launchpad’ competition was created and piloted in Auckland to a point where it is taken to the market, you have to do it as a and Wellington. The two-hour event brings together students from group, learning to work WITH people and rely on the skills they local schools to battle it out for the regional Launchpad title. Teams bring, just like the real world. were challenged to create a product which could solve a problem (e.g. battling obesity or reducing waste). took out the Launchpad Wellington title, while Rosehill College won the Auckland competition. We’ll be rolling out the Launchpad competition once again in 2015.

young enterprise trust 7 Year in Review – Our Students Highlights from 2014 Hannah Timms The EPIC Challenge launched for In 2014 Hannah Timms Year 9 and 10 students formed ‘Kawa Care’, a Lion Foundation Young Enterprise A partnership between DairyNZ and The Ministry for Primary Industries saw the launch of a new programme, The EPIC Challenge. company from Kaikoura Students worked in teams to research careers in the primary College. Hannah and her team industries, before creating a marketing plan to promote one career were the Canterbury regional to other Year 10 students. champions and pitched in the National YES Final. Four students from Northland’s Huanui College were the inaugural winners with their ‘Bee in the Scene’ campaign, promoting the importance of apiarists to the entire primary industry. Three members of the team travelled to Wellington with their teacher What was the biggest thing you learned through YES? and met with Primary Industries Minister Nathan Guy, who said The biggest thing I learned was to be honest – even if it’s hard. the primary industries are the powerhouse of the economy and it We had some really tough moments at the start of the year, and needs skilled workers to keep driving NZ forward. “I’m confident this the only way we got through it was by being really honest with competition will open the eyes of Year 10 students to exciting career each other. That dissolved the tension completely. opportunities they wouldn’t have otherwise have considered.”

Doing YES was a challenge and I did get stressed at times, but at the end I felt like I’d really pushed myself and there was such a great feeling of achievement.

Where do you want to go from here? I never really knew what I was truly passionate about, but YES helped me understand that I really love and enjoy marketing. I’m Year 13 now and working towards my NCEA Level 3, and I’d like to go on and study marketing at CPIT and university. I definitely want to run my own business again a„er that.

8 young enterprise trust ‘Pick Up and Go’ series launched for primary teachers In May, we launched a new series of resources for primary and An Enterprising Teen Parent intermediate teachers. The ‘Pick Up and Go’ collection wraps enterprise and financial capability learning around key school events. The series Shanny Robinson includes a focus on school camps, school gardens, and gala days. Shanny Robinson took part in Demand from teachers was huge and feedback was very positive. the BP Business Challenge in There are now four resources in the collection, with a fifth timed for 2014, while studying at Titiro release in 2015. Whakamua Teen Parent Unit in Wellington. After her son Cayson was born, Shanny returned to school and she is now taking part in The Lion Foundation Young Enterprise Scheme.

What did you enjoy most about the Business Challenge? It was really interesting and jam packed over the three days. I thought it was really cool. We came up with an idea called Nanny Cam – there are lots of them available now but last year it was a pretty new idea. We had the Nanny Cam connected to your phone to make it really easy for parents to keep an eye on their babies.

What’s your team planning to do for your YES business? Our business is called Eclipse E-sports and we’re going to run Teen parents benefit from gaming tournaments for people who play League of Legends. Young Enterprise programmes We have some guys in our team that are really passionate about the game and I want to work in event management once I finish Students at six Teen Parent Units throughout the country took part school, so this feels like a great way to blend those two things. I’m in the BP Business Challenge in 2014. Funding for these programmes getting to do things like organise prizes and uniforms and that’s all was provided by the Ministry of Youth Development and the a part of event management. challenges were run at Teen Parent Units in Auckland, Napier, Palmerston North, , Wellington and Invercargill.

“The programme taught the students time management and organisational skills, while still being flexible enough to accommodate the everyday unknowns that crop up in the life of a young mum. Every single student who took part over the three days found and practiced a new skill.”

Judy Buckly, Murihiku Young Parents Learning Centre, Invercargill

young enterprise trust 9 Year in Review – Our Students Highlights from 2014 Jonathan Brandon NZ students take out Jonathan Brandon completed International Trade Challenge The Lion Foundation Young Enterprise Scheme in 2013 and 2014. His 2014 business, Lawn Moa, sold aluminium sculptures of kiwis which are designed as garden art.

What was the biggest lesson that you got out of doing YES? The biggest thing I learned was how to manage people. There were three of us at the start of the year, but one guy was really only along for the ride. We tried to work with him but in the end we had to let him go, and that was really tough.

The other big thing we learned was to be careful how much stock Six awesome YES students flew to in August to compete you order – Mum wasn’t too happy when I filled the garage with in the Asia-Pacific Final of the FedEx Express/Junior Achievement two pallets of packaging supplies! International Trade Challenge. Working in teams of two, they were challenged to come up with a new beauty product to export to Kenya. Where do you want to go from here? The new product also had to address a social issue. Right now I’m studying business at Massey University. For the second year in a row, all three Kiwi teams made it to the grand I’m also still running our YES business (order online at final. We were ecstatic when New Zealand took out 1st and 2nd place! www.lawnmoas.co.nz) and I’m also involved in two other startups. I really love startups – my long term goal is to Shannon Metcalfe (Avondale College) and Izzy Stangl (Long Bay stay in this space and I don’t think I’ll ever want to work College) won 1st prize and $US4,000 with their concept of a waterless for someone else. facewash to combat trachoma. Amanda Ngo (Kings College) and Ben Seelen (Nayland College) won 2nd prize with their whitening toothpaste that can decrease dental fluorosis.

10 young enterprise trust Teacher Spotlight Martin Mitchell DexTech wins Start-Up Company of the Year competition Martin Mitchell has introduced The Lion Foundation Young Two students from teamed up to win the Start-Up Enterprise Scheme for Year 12 Company of the Year competition. Toby Carr and Elliot Smith’s business DexTech built websites for small businesses and sold and 13 students at Hamilton smartphone devices. Girls’ High School. His students take part in the YES The Start-Up programme is designed for students to get experience of programme while working selling products at a one-o“ sales event, but DexTech went far beyond towards NCEA Levels 2 and that. They were presented with the Start-Up Company of the Year award at the Young Enterprise National Awards in Wellington. 3. His e’orts have seen the number of students taking Business Studies at Year 12 Toby and Elliot are both taking part in The Lion Foundation Young and 13 jump from only 18 students to more than 150. Enterprise Scheme in 2015.

How does YES benefit your students? We have found both the Level 2 and 3 Business Studies courses to be challenging and vibrant programmes which students truly enjoy. These courses are particularly well suited for the post- NCEA-alignment teaching and learning environment.

What advice would you give to a teacher thinking of starting YES? We still have a lot to learn. We need to keep on refining our approach as we believe our student groups are still capable of even more. Students really enjoy Business Studies and we hope to make their experience even better in the future. This in turn invigorates us teachers.

young enterprise trust 11 Our Programmes & Resources By using our programmes and resources, students develop a wide range of skills which all contribute to the vision, values and key competencies of the New Zealand curriculum.

Primary

YEAR YEAR YEAR YEAR YEAR YEAR 1 2 3 4 5 6

Junior Enterprise Challenge

Enterprise 4 Kids

PrEP

Primary/Intermediate Resources (Year 1–8): Board games, Community Enterprise teaching packages, Financial Education Units of Work, One-hour Financial Education lessons, Pick up and Go teaching packages, ‘Top Dog’ webquest.

“We have just completed our Enterprise Programme and had our market day…The learning and engagement was phenomenal.” Ann Hewlett, Teacher, Somerville Intermediate

12 young enterprise trust Intermediate Secondary

YEAR YEAR YEAR YEAR YEAR YEAR 8 9 10 11 12 13

The Lion Foundation The EPIC Challenge Start-Up Young Enterprise Scheme

BP Business Enterprise Studies Challenge

Secondary Resources (Year 9–13): ‘Are You Covered?’ teaching package, Board games, Market Day teaching package, Personal Financial Management Unit Standard teaching packages, Thinking Big teaching package, ‘What’s My Car’ webquest.

“I began the year with a lot of theoretical business knowledge . . . however, the YES experience has allowed me to realise what this information truly means and how it applies in a real life context.” Emily McCarthy, YES student, Tauranga Girls’ College

young enterprise trust 13 The impact of Young Enterprise An estimated 60,000 students have taken part in The Lion Foundation The research showed Young Enterprise had significant outcomes. In Young Enterprise Scheme (YES) since it was first rolled out nationwide terms of short term impact, over 32% of respondents said that they in 1981. Our alumni are now working throughout the world in a wide changed their pathway out of secondary schools as a result of YES. range of roles. Long term, the research showed that Young Enterprise has made a major In late 2013, Young Enterprise conducted its’ first ever survey of impact on New Zealand’s economic development, resulting in a larger alumni. The survey was designed to test what skills were learnt, and if number of entrepreneurs and the creation of more than 1,000 jobs. there was any short term and long term impact from the programme. There were 101 respondents to the anonymous survey; half being In terms of skills, alumni said that the skills they learnt the most very recent alumni who took part in the Young Enterprise Scheme were around business planning, sales & marketing, and how to (YES) in 2012; with the remainder having taken part in the programme deal with suppliers. They also said that, even more than business in the years from 1981 to 2011. skills, they learnt critical life skills such as team work, confidence and communication. The results were staggering:

32% 95%

of all respondents said that YES 22 respondents of the entrepreneurs said played a part in their decision to identified themselves as entrepreneurs, that participating in YES change their who have collectively started was an influence pathway 47 companies creating on their decision to become an entrepreneur out of secondary schools more than 1,000 jobs

Which soft skills did you gain through the YES programme? Time Overcoming Teamwork Confidence Communication Leadership Presentation Management Obstacles 87% 80% 74% 68% 67% 65% 58%

14 young enterprise trust Meet our Alumni Committee Feedback from our growing network of alumni told us they were Ben spent 18 months with The Icehouse and is now working for keen to connect with one another and give back to current Young venture capitalists Sparkbox Ventures. Enterprise students. Ben Reynolds and Steph Benseman are two Steph completed the YES programme while at Marlborough Girls’ of our recent alumni, and they have volunteered as our Alumni College. Her company created Reverb Boutique, which specialised Committee to coordinate alumni events in custom one-off dresses made using in Auckland and Wellington respectively. sustainably sourced materials. Steph is Ben took part in YES while at Westlake currently in her second year studying Boys’ High School. Since then he has commerce at University. completed a Commerce degree at If you’d like to join our alumni or host an Auckland University, where he was named alumni event, please contact Ben, Steph 2014 Business Student of the Year. or the team at Young Enterprise.

Venture Up – the next step for YES alumni We often say that we are the beginning of the start-up ecosystem, but there was a lack of a visible pathway for students leaving YES who had caught the entrepreneurial bug.

In 2014 CreativeHQ approached us with an idea of how to bridge the gap between YES and the existing accelerator programmes. With support from Wellington City Council and Victoria University, we launched Venture Up – a six week, full-immersion business accelerator designed especially for YES alumni.

Twenty eight YES alumni were accepted into Venture Up 2015 and they created a total of seven new ventures. Each group was mentored through Venture Up and there were more than 30 mentors and speakers who spent time with the participants. Guest speakers included Claudia Batten, Dave Moskovitz, Vaughan Rowsell and Rachel Taulelei.

22 of the 27 participants said they’d recommend Venture Up to other YES alumni, and 19 said they were either ‘more likely’ or ‘much more likely’ to run a business as a result of going through Venture Up. Venture Up will continue in 2015 thanks to funding from the Ministry of Youth Development’s Youth Enterprise Fund.

young enterprise trust 15 Patron & Board of Trustees Our Board of Trustees are passionate about youth development, and see the development of enterprising young people as critical to New Zealand’s future. As a charity, all of our Trustees are volunteers and generously give their time and expertise.

Governor-General, Lt Gen The Rt Hon Sir Jerry Mateparae The Governor-General, Lt Gen The Rt Hon Sir Jerry Mateparae is the Patron of Young Enterprise Trust. His Excellency regularly attends the annual National Awards celebration, and also inducts Laureates into the New Zealand Business Hall of Fame on behalf of Young Enterprise.

Nigel Gould (Chairman) ONZM, JP Sheena Henderson Nigel is a Fellow of the NZ Institute of Chartered Sheena is the Managing Director of Cluster Accountants and the Institute of Directors. He has Consulting Group. She has a strong background in a established businesses in a range of industries, range of areas including business leadership, global including information technology and tourism. Nigel branding and corporate advisory work at Board was previously Chancellor at Massey University and and Senior Management level. Sheena currently is Past President of the NZ Chamber of Commerce. has several governance roles including Radio New He is currently Chair of the Civil Aviation Authority of Zealand, Smiths City Group, and the NZ Pork Board. NZ and was recently appointed as a Commissioner of the Tertiary Education Commission. Phillip Meyer Lilias Bell Phillip is an experienced company director and Lilias retired from a successful career as an investment banker. He is Chairman of Australian international executive search consultant in 2014. In Financial Services Group, Director and Trustee of addition to executive leadership, her focus now lies Crimestoppers and Zealandia and Director of CRS in the graduate space and what Universities need to Software. He is also the National Chairman of the do to meet business needs. Lilias is on Salvation Army Red Shield Appeal Committee and the Advisory Board of Melbourne-based Jo Councillor of Finsia. Fisher Executive and a member of New Zealand Global Women. Norm Thompson ONZM Norm joined Air New Zealand in their Finance Mark Eglinton Division in 1968 and rose to become their Deputy Mark is currently CEO of NDA Engineering, one of Chief Executive Officer from 2007 until his New Zealand’s leading engineering businesses. Mark retirement in 2013. He is currently a Director of previously held a number of senior positions within Queenstown Airport, Tourism New Zealand and Dot Fletcher Challenge Building, Fletcher Aluminium and Kiwi; and is the Deputy Chair of ATEED (Auckland Tenon Limited. Mark is a Director of Snapperrock Tourism Events and Economic Development). International, Tenon Limited and a former Trustee of the First Foundation. Mark Vivian Bryan Gundersen Mark is a partner of venture capital firm MOVAC. Bryan is an independent barrister and consultant His current directorships include 1Above, Zeosoft, and is a leading commercial and dispute resolution New Ground Media and Yellow Brick Road. Mark has lawyer. Bryan is a former member of the National built successful companies in UK and US, and was Council of the Institute of Directors and former the Founding Executive Director of The Kiwi Expat Chairman of the Wellington Branch of the Institute Association (KEA). Mark is also a YES alumnus and of Directors. Judge of YES National Awards.

16 young enterprise trust Supporters’ Council The Supporters’ Council is made up of key sponsors and influential business people who believe in our work. The Council meets biannually to provide feedback, support and advice. Each Council member is elected for a term of six years. Our 2014 Supporter’s Council includes:

Tim Alpe, CEO, JUCY Group Brett O’Riley, Chief Executive, Auckland Tourism Paul Baines, Company Director Events and Economic Development Michael Barnett ONZM, Chief Executive, Auckland Chamber of Commerce Tim Pankhurst, Chief Executive, Seafood New Zealand Tim Bennett, CEO, NZX Anne Pankhurst, Tauranga Chamber of Commerce Sharon Bryant, Director, Movac Kirsten Patterson, NZ Country Head, Chartered Accountants Australia and New Zealand Ross Buckley, Executive Chairman, KPMG Dr Geoff Perry, Pro Vice-Chancellor and Dean, AUT University Tony Caughey, Chairman, Smith & Caughey Brian Plimmer, Chartered Secretary & Accountant Rick Christie, Independent Director Marc Potter, President, Harvard Business School Alumni Association of NZ John Christie, Director, Enterprise – Dunedin City Council Murray Reade, Chief Executive, The Lion Foundation Corinne Cole, Partner, AJ Park Ken Rintoul, Chair, Northland Youth Development Trust Giff Davidson CNZM OBE JP Andrea Davies, Registrar, Massey University Catherine Savage, CEO, CMS Capital Jane Diplock AO, International Director Ed Schuck, Director, Fidato Advisory Sir Eion Edgar, Chairman, Forsyth Barr Group Russell Shaw, Chief Executive, Top Energy Matt Elliott, Managing Director, BP New Zealand Graham Shaw, Board Director, Xero Tony Falkenstein ONZM, CEO, Just Water John Shewan CNZM, FCA, Company Director Charles Finny, Consultant, Saunders Unsworth Peter Shirtcliffe CMG, Chairperson, The Margaret and Peter Shirtcliffe Foundation John Fisk, Partner, PWC Suzanne Snively, Managing Director, MoreMedia Enterprises Angus Fletcher, Chairman, The Fletcher Trust Barry Spicer, Professor, University of Auckland Business School Hideaki Fukutake, Trustee, Global Future Charitable Trust Annah Stretton, CEO, Stretton Clothing Company John Gallagher CNZM JP, Director, Glenice & John Gallagher Foundation Cecilia Tarrant, Independent Director Sarah Gibbs, Founder, Trilogy Rachel Taulelei, CEO and Founder, Yellow Brick Road Ali Hughes, CEO, CORE Education Dave Tibby, Trustee, David Levene Foundation David Irving ONZM, Honorary Professor, Auckland University Sir John Todd, Chairman, Todd Corporation Richard Janes, Director, Gallagher Group Peter Townsend, Chief Executive, Canterbury Employers’ Chamber of Commerce Bruce Le Pine Stuart Trundle, CEO, Venture Taranaki Stefan Lepionka, Director, Lepionka & Company David Underwood, Business Advisor Paul Lockey, Non-Executive Director, Auckland Transport Ted Van Arkel, Director, Auckland Chamber of Commerce Tim Mackle, Chief Executive, DairyNZ Alister Van der Maas, Managing Director, Russell Investment Group Robert McTague, Business Coach, Skillmasters Sir Roderick Weir Ian Miller, Director, Kaimira Estate Graeme Wheeler, Governor, Reserve Bank of New Zealand Mavis Mullins MNZM, Director Professor Greg Whittred, Dean, University of Auckland Business School James Ogden, Director, Ogden Consulting Ken Williamson, Director, Crombie Lockwood Phil O’Reilly, Chief Executive, BusinessNZ Pauline Winter, Chief Executive, Ministry of Pacific Island Affairs

young enterprise trust 17 Staff and Facilitators The Young Enterprise team is a blend of experienced teachers and professional leaders, and is led by our ‘Chief Excitement Officer’ Terry Shubkin. We made three additions to our team at the end of 2014, welcoming Shane Wratt, Leah MacDonell and Gavin Miller. We have four core teams for 2015:

Corporate Team Project Managers Our corporate team works right across the organisation providing Our Project Managers are responsible for specific areas of work. Lucy support for schools, supporters and media. Wymer provides Auckland teachers with in-class support, Robyn Frey • Terry Shubkin – CEO aka ‘Chief Excitement Officer’ has moved into a project role focused on events and our collaboration with partners in Australia, and Gavin Miller is our Wellington • Paul Newsom – Relationship Manager, Schools aka coordinator for The Lion Foundation Young Enterprise Scheme. ‘Change Agent’ • Robyn Frey – Head of Special Projects aka ‘Head of Random Stuff’ • Leo Austin – Corporate Services Manager • Gavin Miller – Wellington Regional Coordinator aka ‘Wellington • Sasha Webb – Communications Manager aka ‘Chief Storyteller’ Trailblazer’ • Shane Wratt – Training Manager aka ‘Keen Bean’ • Lucy Wymer – Enterprise Education Advisor aka ‘Helping Hand’ Programme Managers Support Team Aka ‘Mission Control’ Our Programme Managers are responsible for the strategy, creation, The Support Team keeps our office running smoothly and manages content and delivery of our enterprise programmes and financial queries from teachers and students across the country. education resources nationwide. • Stephanie Benseman • Catherine Oddie • Sharron Buer – Head of Primary Programmes aka • Victoria Crawford-Flett • Sophie Parlane ‘Miss Moneypenny’ • Jo Faulkner

• Yolande Rosario – Head of Enterprise (Junior/Secondary) Meg Bartle, Rochelle Collinson, Fiona Cornish, Katie Glover, and Financial Education aka ‘Master Juggler’ Anna Kivi, Fleur McKean and Lucy Robertson were all part of the • Leah MacDonell – Head of Young Enterprise Scheme aka Young Enterprise team in 2014, but they have now moved on to ‘Student Wrangler’ new ventures. Thank you all so much!

BP Business Challenge Facilitators to students. Almost 900 teachers throughout the country included Three contractors will facilitate many of the BP Business Challenges Young Enterprise in their classrooms in 2014. that are held across the country in 2015: Volunteers • Greig Caigou An estimated 1500 people across the country volunteered in 2014 to • Shaun Libeau support Young Enterprise students. There are a number of different • Wayne Prince ways that volunteers can support us: Teachers • Judging at our student events We partner with primary, intermediate and secondary teachers • Mentoring, coaching or providing expert advice for a YES company throughout New Zealand, who deliver our programmes and resources • Speaking at student and teacher events

18 young enterprise trust YES Regional Coordinators We partner with 14 amazing organisations throughout the country which support students and manage local events for The Lion Foundation Young Enterprise Scheme. Our 2015 coordinators are:

Northland Bay of Plenty Northland Youth Development Trust; Gary Larkan Tauranga Chamber of Commerce; Emma Harvey

Auckland Auckland Tourism, Events & Economic Development; Hilary Robotham and Claudine Murray Whakatane Eastern Bay of Plenty Chamber of Commerce; Joanna Finlay Waikato/King Country Smart Waikato Trust; Mary Jensen Rotorua/Taupo Taranaki Grow Rotorua; Brigitte Nelson Taranaki Chamber of Commerce; Sam Bennett

Manawatu/Whanganui Hawke’s Bay Hawke’s Bay Chamber of Commerce; Kris McAinsh The BCC; Richard Dryden

Nelson/Marlborough Tailored Travel New Zealand Custom Tours; Robert Panzer Wellington Young Enterprise Trust; Gavin Miller

Canterbury CORE Education; Judith Tatom

South Canterbury Aoraki Development Business and Tourism; Janet Hogan

Otago Chamber of Commerce; Paul Allen

Southland Southland Chamber of Commerce; Joanne O’Connor

young enterprise trust 19 Young Enterprise schools There are more than 500 New Zealand schools that chose to work with Young Enterprise in 2014. We work with a greater proportion of secondary schools than primary, but both rates are increasing steadily. We thank each and every one for choosing to work with us.

Auckland Intermediate • Our Lady Sacred Heart School • Pakiri School • Pakuranga ACG New Zealand International College • Papatoetoe Central School • Papatoetoe High School • Pigeon College • ACG Parnell College • Mountain School • Pinehurst School • Ponsonby Intermediate • Pukekohe ACG Senior College • Albany High School • Pukekohe Hill School • Rangeview Intermediate • Rangitoto Junior High School • Albany College • Redoubt North School • Reremoana Primary School • Robertson Senior High School • Road School • Rosehill College • Rutherford College • Rutherford School • Alfriston College • Al-Madinah Sacred Heart College • Sancta Maria College • Selwyn College • Silverdale School • Sir Collegiate Senior School • Somerville School • Anchorage Park Intermediate School • South Auckland S D A School • Southern Cross School • Aorere College • Campus • St Cuthbert’s College • St Dominic’s College • St John The Auckland Girls’ Grammar Evangelist School • St Kentigern College • St Kentigern School for Girls • School • Auckland Grammar St Mary’s College • St Paul’s College • Sunnyvale School • Takapuna School • Auckland International Grammar School • Tamaki College • Tangaroa College • Target Road College • Auckland Seventh Day Adventist School • Taupaki School • High School • Avondale College • Avondale Intermediate • Avondale Te Huruhi School • Te Kura Maori o Nga Tapuwae • Waiheke High School • Primary School • Baradene College • Bayfield School • Blockhouse Bay Waitakere College • Waiuku College • Westlake Boys’ High School • Intermediate • Botany Downs Secondary College • Browns Bay School • Westlake Girls’ High School • Westminster Christian School • Westmount Bruce McLaren Intermediate • Churchill Park School • Clayton Park School Auckland • Weymouth School. School • Colwill School • Dawson School • De La Salle College • Destiny School • Dilworth School • Diocesan School for Girls • East Tamaki Bay of Plenty School • Edgewater College • Epsom Girls Grammar School • Farm Aquinas College • Greenpark School • John Paul College • Kaitao Middle Cove Intermediate • Gladstone School • Glendowie College • Glendowie School • Katikati College • Kawerau Putauaki School • Maketu School • School • Glenfield College • Glenfield Intermediate • Glenfield Primary Malfroy School • Maungatapu School • Mt Maunganui College • Opotiki School • Green Bay High School • Hay Park School • Helensville School • College • Otumoetai College • Otumoetai Intermediate • Pahoia School • Henderson High School • Hobsonville Point School • Howick College • Papamoa College • Rotorua Boys’ High School • Rotorua Lakes High School • Huapai District School • James Cook High School • Kaipara College • Tarawera High School • Tauranga Boys’ College • Tauranga Girls’ College • Te Kedgley Intermediate • Kelston Boys’ High School • Kelston Girls’ Kura Mana Maori o Whangaparaoa • Te Kura o Te Whakarewarewa • Te Puke College • Kings College • Kingsway School • Kristin School • Leigh School • Alternative Education Centre • Te Puke High School • Te Puke Intermediate • Liston College • Long Bay College • Lynfield College • Macleans College • Te Kura Kaupapa Maori o Te Kura Kokiri • Trident High School • Western Mahurangi College • Mangere College • Mansell Senior School • Manurewa Heights High School • Whakatane High School. High School • Manurewa Intermediate • Marcellin College • Marina View School • Marist College • Massey High School • Milford School • Mission Canterbury Heights Junior College • Mt Albert Grammar School • Mt Roskill Grammar Christian School • • Ashburton Borough School • Murrays Bay School • Nga Kakano Christian Reo Rua Kura • School • • • Burnside High Northcote College • Northcote Intermediate • Northcross Intermediate • School • Casebrook Intermediate • • Catholic Northern Health School • Odyssey House School (Auckland) • Onehunga Cathedral College • Boys’ High School • Christchurch Girls’ High School • Orewa College • Ormiston Senior College • Otahuhu High School • Cotswold School • Craighead Diocesan School •

20 young enterprise trust Darfield High School • Elmwood Normal School • Emmanuel Christian School • Geraldine High School • Geraldine Primary School • Governors Bay School • Greendale School • Hagley Community College • Heathcote Valley School • Heaton Normal Intermediate • Hillmorton High School • Our Alumni • Hurunui College • Ilam School • Isleworth School • • Kaikoura High School • Kaikoura Suburban School • Ryan King Kingslea School • Lincoln Primary School • • • Marian College • Medbury Preparatory School • Middleton Ryan King took part in The Lion Grange School • Mount Hutt College • Mountainview High School • New Foundation Young Enterprise Brighton Catholic School • North Loburn School • Oxford Area School • Scheme (YES) in 2012. His • Rangi Ruru Girls’ School • • company Caring & Co, won • Redwood School • • the 2012 YES national title, • Shirley Intermediate • St Andrew’s College • St Bedes College • St Bernadette’s School • St Margaret’s College • and Ryan has now moved St Patrick’s School • St Peter’s School • St Thomas of Canterbury College • on to study commerce at the Thorrington School • Boys’ High School • Timaru Girls’ High University of Auckland. He School • Twizel Area School • Villa Maria College • Waimataitai School. was chosen to attend the Gisborne prestigious ASES Summit, at Stanford University in April. Campion College • Gisborne Boys’ High School • Gisborne Girls’ High School • Lytton High School • Makaraka School • Makauri School • Ngata What was the biggest lesson that you got out of doing YES? Memorial College • Te Waha O Rerekohu Area School • Tiniroto School. The biggest and greatest thing I learnt from doing YES was that Hawke’s Bay to succeed, you need to put in a lot of work. Success doesn’t Bledisloe School • Central Hawkes Bay College • Flaxmere College • come easy. At the same time though, you have to enjoy what Frimley School • Hastings Boys’ High School • Hastings Girls’ High you are doing. I enjoyed working with my friends to help our School • Hastings Intermediate • Haumoana community. When we were doing YES, we were constantly School • Havelock North High School • talking about our olive oil project. We would be talking business Iona College • Karamu High School • in our history class, at lunch time, on our way home from Lindisfarne College • Lucknow school. It took up most of our time but we were happy with that, School • Napier Boys’ High School • because we loved what we were doing. Napier Girls’ High School • Sacred Heart College • St John’s College • Where do you want to go from here? Taikura Rudolf Steiner School • I want to continue to help my community back in South Auckland. Tamatea Intermediate • Taradale I hope to become a role model, showing students back home High School • The Terrace School • they can succeed and achieve their goals. I have become the Wairoa College • William Colenso College • Woodford House. President of the Commerce Association for Pacific and Maori Students (CAPM) at the University of Auckland Business School. Manawatu-Whanganui CAPM helps Pacific and Maori students with their university life Arahunga School • Aramoho School • Ashhurst School • Awatapu and professional development. I want to show South Auckland College • Brunswick School • Carncot School • Colyton School • students that nothing is impossible, and they can see the world • • Foxton Beach School • Freyberg and show everyone what they got. High School • • Kairanga School • Kaitieke School • Photo credit: University of Auckland

young enterprise trust 21 Young Enterprise schools Levin Intermediate • Newbury School • Principal’s Desk • Ngakonui Salvatore Gargiulo Valley School • Oroua Downs School • Palmerston North Boys’ High School • Salvatore Gargiulo is the Palmerston North Girls’ High School • principal of Manurewa High Palmerston North Intermediate • Queen Elizabeth College • Rangitikei School, New Zealand’s largest College • Roslyn School • Ruapehu multicultural school with College • Shannon School • St Anne’s 1850 students from over 40 School • St George’s Preparatory nationalities. The school uses School • St Peter’s College • a range of Young Enterprise Area School • • TKKM o Te Atihaunui-A-Paparangi • Turaki School • Waiopehu programmes and resources, College • Wanganui City College • Wanganui Collegiate School • Wanganui and also launched a Business Girls’ College • West End School • Westmount School Manawatu • School in 2012. Salvatore also saw Young Enterprise in Whakatipuria Teen Parent Unit. action when he was headmaster at Nelson College. Marlborough Marlborough Boys’ College • Marlborough Girls’ College • Why does Manurewa High School choose to work with Queen Charlotte College. Young Enterprise? We were trying to find authentic education opportunities for Nationwide Te Aho o Te Kura Pounamu (Correspondence School). our students and Young Enterprise fitted the bill. A lot of our students haven’t got the business connections that many other Nelson students have access to, and Young Enterprise helps them Broadgreen Intermediate • Enner Glynn School • Garin College • Nayland create those connections. College • Nelson College • • Nelson Intermediate • Victory Primary School. What are the benefits for your teachers and students? There is quite a lot of extra work involved for Young Enterprise Northland Bay of Islands International Academy • Bream Bay College • Broadwood teachers, but the benefit for them is that they see their students Area School • Christian Renewal School • Dargaville High School • engaged in an authentic learning experience. Excellere College • Huanui College • Hukerenui School • Kaikohe For our students, the benefits are huge. They spend time mixing Christian School • Kaitaia College • Kaitaia School • Kamo High School • with people in the real business world, which has really opened Kawakawa Primary School • Kerikeri High School • Mangakahia Area up their eyes. They are now more aware of what they can achieve, School • Maunu School • Northland College • Okaihau College • Opononi and they understand that they can perform in the business world Area School • Oromahoe School • Oruaiti School • Otamatea High School • Oturu School • Springbank School • Taipa Area School • just as well as they can on the sports field or onstage. Te Kura Hourua ki Whangaruru • Te Kura Hourua o Whangarei Terenga Paraoa • Tikipunga High School • Te Kura Kaupapa Maori o Taumarere • Whangarei Boys’ High School • Whangarei Girls’ High School • Whangarei Intermediate • Whangaroa College.

22 young enterprise trust Young Enterprise schools Otago St Paul’s Collegiate • St Peter’s School • Tai Wananga • Taupo School • Balmacewen Intermediate • Bayfield High School • Bradford School • Taupo-nui-a-Tia College • Te Aroha College • Te Aroha Primary School • • Cromwell Primary School • Dunedin North Intermediate • Te Awamutu College • Te Kauwhata College • Te Kauwhata Primary School • Holy Family School • • Kavanagh College • Kings Te Kowhai School • High School • Tongariro School • High School • Mt Aspiring College • Otago Boys’ High School • Otago Girls’ College • • Waikato Diocesan School For Girls • Wairere High School • Queens High School • • St Hildas School • Westmount School Waikato • Whangamata Area School. Collegiate • St Kevins College • St Leonard’s School • Strath Taieri School • • • Waitaki Boys’ High School • Wellington Waitaki Girls’ High School • • Warepa School. • • Chilton St James School • Churton Park School • Fraser Crescent School • He Huarahi Tamariki • Heretaunga Southland College • Holy Cross School • Hutt International Boys’ School • Hutt Valley Aparima College • Aurora College • Fiordland College • Halfmoon Bay High School • • Kilbirnie School • Koraunui School • Kuranui School • James Hargest College • Limehills School • Northern Southland College • Maidstone Intermediate • • Maraeroa School • College • Otautau School • Southland Boys’ High School • Southland Muritai School • • • Newtown School • Girls’ High School • St Peter’s College • Tuturau Primary School • Verdon Northland School • • Otaki College • Paraparaumu Beach College • Winton School. School • Paraparaumu College • Pinehaven School • Porirua College • Postgate School • Queen Margaret College • Rangikura School • Raroa Taranaki Normal Intermediate • Raumati South School • Ridgway School • Coastal Taranaki School • Francis Douglas Memorial College • Hawera • Roseneath School • Sacred Heart College Lower Hutt • High School • Highlands Intermediate • Huiakama School • Inglewood Sacred Heart School Petone • Samuel Marsden Collegiate School • High School • Inglewood School • Kaponga School • Manaia School • Solway College • South Wellington Intermediate • St Bernard’s College • Mangorei School • New Plymouth Boys’ High School • New Plymouth St Joseph’s School • St Mary’s College • St Matthew’s Collegiate • St Oran’s Girls’ High School • Normanby School • Opunake High School • Patea College • St Patrick’s College Kilbirnie • St Patrick’s College Silverstream • Area School • Puketapu School • St Mary’s Diocesan School • St Patrick’s • Tawa School • Te Kura Maori o Porirua • Te Kura-a-iwi o School • Stratford High School • Te Pi’ipi’inga Kakano Mai i Rangiatea • Whakatupuranga Rua Mano • Tinui School • Titiro Whakamua • Te Kura Waitara High School. Kaupapa Maori o Wairarapa • • Wainuiomata High Tasman School • Golden Bay High School • Waimea College • Waimea Intermediate • School • Wairarapa Westmount School Tasman. College • Wairarapa Teen Parent Unit • Wellington Waikato College • Wellington East Berkley Normal Middle School • Cambridge High School • Cambridge Girls’ College • Wellington School • Crawshaw School • David Street School • • Girls’ College • Wilford Fraser High School • Glenview School • Hamilton Boys’ High School • School. Hamilton Christian School • Hamilton Girls’ High School • Hauraki Plains College • Hikutaia School • Hillcrest High School • Horsham Downs West Coast School • • Kio Kio School • • Matamata Buller High School • Primary School • • Mercury Bay Area School • Greymouth High School • • Morrinsville Intermediate • • Greymouth Main School • • Putaruru College • Reporoa College • St John’s College • Whataroa School.

young enterprise trust 23 New Zealand Business Hall of Fame

Young Enterprise Trust created the NZ Business Hall of Fame in 1994, to highlight successful business leaders and inspire our students. We were proud to host the 2014 gala dinner, which saw eight incredible New Zealanders inducted into the Hall as the 2014 Laureates:

Sir Graeme Avery Publishing, Food & Wine, sport Sir Graeme Avery transformed medical publishing before creating the award-winning Sileni Estates winery. Sir Graeme also led the fundraising campaigns to create the AUT Millennium Institute of Sport & Health.

Sir David Henry (1888–1963) F oresTRY & wood processing Sir David Henry established New Zealand’s commercial forestry industry and created Kinleith Mill, which became New Zealand’s largest industrial processing complex. Sir David was also involved in Rotary and YMCA.

James McAlpine (1906–1959) Refrigeration James McAlpine’s pioneering use of refrigerated transport and chiller units revolutionised the New Zealand dairy industry. He was also a director of the Reserve Bank and the Blind Foundation.

Sir Ralph Norris Leadership & Governance Sir Ralph Norris is one of New Zealand’s most successful chief executives. He led ASB and Air New Zealand, is now a director of Fonterra and supports many charitable organisations.

24 young enterprise trust Sir Don Rowlands (1926–2015) Leadership & Governance Don Rowlands was chief executive and director at Fisher & Paykel, managing director for Champion, and chairman of Mainfreight. He was also a longtime supporter of rowing in New Zealand.

Lady Adrienne Stewart Leadership & Governance Lady Adrienne Stewart was one of the first women in New Zealand to be appointed as a public company director. She is a generous and long-standing supporter of many arts organisations.

Jules Fulton (1901–1973) and Bob Hogan (1900–1992) Roading & Infrastructure Jules Fulton and Bob Hogan formed a small roading company in Otago. More than 80 years later, Fulton Hogan now works on civil infrastructure projects throughout New Zealand and the South Pacific.

Tom Anderson – 2014 Young Enterprise Student Ambassador Tom Anderson from Roncalli College was chosen as the 2014 Young Enterprise Student Ambassador. He spoke at the New Zealand Business Hall of Fame gala dinner on behalf of all Young Enterprise students. His speech focused on the benefits of employing graduates from small-town New Zealand:

“Young people from small town New Zealand have much to offer you. We are the ones with the highest mountain to climb, and we are the ones who are better off because of it. We are the ones who prove that great things really do come from small places.”

young enterprise trust 25 From Our Sponsors Keen to help Matt Elliott Graham Shaw BP has been supporting Young Graham Shaw has worked Enterprise for over 21 years, in senior leadership roles and is easily our longest- for businesses including serving corporate sponsor. BP Kensington Swan and Works has supported Young Enterprise Infrastructure. He currently in many ways and is now the sits on the board of Xero primary sponsor of the BP and has volunteered in many Business Challenge. CEO Matt ways for Young Enterprise, Elliott explains the reasons including as a judge at the behind the partnership. YES National Awards.

Why does BP choose to be involved with Young Enterprise? Why do you choose to get involved with Young Enterprise? We’re into our 22nd year of supporting Young Enterprise. Actually I think it’s more a case of Young Enterprise choosing Xero as a Innovation and Enterprise are crucial in a global economy. BP sees company it wanted to connect with (about 5 years ago) and then me, a fostering the next generation of Kiwi business leaders as good for Director, as someone who had the desire and time to become involved. business and good for the country. These are the young people who will be tomorrow’s successful business people and BP is proud to be What kind of benefits do you students get out of supporting the next generation of NZ success. our programmes? Participating in the Young Enterprise programmes provides Many of your staff have volunteered at Young Enterprise students with an unparalleled opportunity to experience being in events – how does that benefit both them and BP? business and an understanding of the importance of being able to Some of our employees have come through Young Enterprise work with others. Not only that but also exposure to a great bunch programmes. The skills they develop in these programmes are the of mentors and introductions to business connections that just exact skills that BP look for when recruiting people into our own might provide the impetus to motivate students to take their ideas organisation. Internally, it’s really important that our staff are through to successful execution. engaged in, and understand why we support the community in the way we do. BP and Young Enterprise are aligned in values and How do programmes like Young Enterprise benefit NZ Inc? culture – it’s a great fit. The students I’ve met through Young Enterprise are likely to be significant contributors to New Zealand. Our biggest challenge is to ensure that they see that relative to the opportunities that might exist for them personally overseas. In the short term that’s OK but it would be nice to think that they then bring that experience back to New Zealand.

26 young enterprise trust Financial Statements & Auditor’s Reports

Page

2014 – A Financial Summary...... 28

Audit Report...... 29

Statement of Financial Performance...... 30

Statement of Movements of Equity...... 31

Statement of Financial Position...... 32

Notes to the Financial Statements...... 33

young enterprise trust 27 2014 – A Financial Summary Young Enterprise’s reported surplus is bigger than planned matter, and the strategy was not able to be implemented in 2014. due to a delay in the implementation of our digital strategy. Planning was well advanced by the end of the year, however, and Costs which were planned for 2014 have been delayed to 2015. in December 2014 we signed a binding agreement with Heyday to implement the strategy. The agreement with Heyday provides for If it were not for this delay, our 2014 financial position would have payments by Young Enterprise that are estimated to range between been quite different - we would have reported a result ranging $132,100 and $167,100. between a $33k deficit and a $2k surplus. Because development of the digital strategy did not proceed as During early 2014 the decision was made to develop a digital rapidly as anticipated, Young Enterprise has generated a 2014 surplus strategy for the Trust. Aware of the costs involved in developing and of $134,381. The bulk of this surplus is made up of the additional implementing the strategy, the Trust arranged sponsorship in excess sponsorship obtained to fund the digital strategy. We anticipate that of normal operational requirements to cover these extra costs. this additional profit will be offset by a corresponding reduction in Development of a comprehensive digital strategy is a complex profit in 2015.

2% Individuals 3% Interest 4% International Contracts 9% Private Foundations 34% Corporate Sponsorship How 10% we are Fees and Sales funded

16% Government Agencies 22% Community Foundations

28 young enterprise trust young enterprise trust 29 28 young enterprise trust young enterprise trust 29 30 young enterprise trust young enterprise trust 31 30 young enterprise trust young enterprise trust 31 32 young enterprise trust young enterprise trust 33 32 young enterprise trust young enterprise trust 33 34 young enterprise trust young enterprise trust 35 34 young enterprise trust young enterprise trust 35 36 young enterprise trust young enterprise trust 37 36 young enterprise trust young enterprise trust 37 38 young enterprise trust young enterprise trust 39 Our Sponsors and Funders Young Enterprise Trust thanks all of our 2013 sponsors and funders. Many people o¢en forget that we are a charity, or they assume that we are funded by the Ministry of Education – we are not.

The majority of the work we do for schools and students is done free of charge. This is because we believe all students should have access to our programmes, regardless of the financial position of the students’ family or the school.

We are funded through a combination of grants, sponsorships and private donations. We are very grateful to all of our 2014 sponsors and funders:

Platinum Gold Funder Sponsor

Silver Sponsors

National Sponsors

AT&T, Australia & Citi Fujitsu Magpie Media Ricoh New Zealand Fairfax Media Gallagher Charitable New Zealand Trade Snowball E“ect Supporters Auckland Chamber Trust Board Inc Federation of Māori and Enterprise Te Ohu Kaimoana of Commerce Glenice and John Baines Trust Authorities (FOMA) Gallagher Foundation NZ Māori Tourism Te Puni Kōkiri Careers NZ FEDEX Kaimira Estate PIE Funds Te Tumu Paeroa

38 young enterprise trust young enterprise trust 39 Telephone: 04 570 0452 Facebook: YoungEnterpriseNZ Email: [email protected] Twitter: youngentnz Website: www.youngenterprise.org.nz LinkedIn: young-enterprise-trust Level 2, iPayroll House, Donation: www.givealittle.co.nz/org/yetrust 93 Street, Wellington 6011 PO Box 25 525, Featherston St, Wellington 6146 Scan to donate