Financial Management Step-by-Step

presspetManagement

Nov 10, 2013 (3 years and 9 months ago)

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Financial
Management
Step
-
by
-
Step
Financial

Management

Step
-
by
-
Step

V1
.
1

2

© Yo
un
g

Ent
er
p
r
i
se

20
1
0




Contents



1.

Introdu
c
tion

................................
................................
................................
............................

3

2.

Th
e

You
n
g

Enterpri
s
e

Financia
l

M
a
nageme
n
t
S
y
ste
m

a
t

a

Glance

................................
.........

3

3.

Regula
r

M
a
nagem
e
n
t

Acc
o
unts

................................
................................
..............................

5

3.1

G
e
n
e
ral

Pr
i
nc
i
p
le
s

................................
................................
................................
...........

5

3.2

More about YE VAT (Value Added Tax)

................................
................................
..........

6

3.3

Re
c
e
i
pts:

m
o
n
e
y

c
om
i
n
g

i
n
t
o

y
o
ur

c
o
mpany

................................
................................
..

7

3.4

P
aym
e
nts:

m
o
n
e
y

go
i
n
g

o
ut

o
f

y
o
u
r

co
mpany

................................
...............................

8

3.5

P
ay
i
n
g

Surp
l
us

C
ash

into

the

B
a
n
k

(
Transf
e
r)

................................
................................
.

9

3.6

Dr
a
wi
n
g

C
ash

o
ut

from

the

B
a
n
k

(Transf
e
r)

................................
................................
..

10

3.7

Reports

................................
................................
................................
..........................

11

3.8

B
a
lan
ce

Sh
eet

................................
................................
................................
................

13

4.

En
d

o
f

Yea
r

Re
p
orts

................................
................................
................................
..............

14

5.

Completing En
d

o
f

Yea
r

Re
p
orts

................................
................................
...........................

16

5.1

A
ll
oc
at
i
n
g

Pr
o
fi
t



Fi
l
ling

i
n

the

End

o
f

Y
e
ar

A
c
counts

Input

Form

................................

16

5.2

A

n
o
te

ab
o
ut

B
o
nu
s
e
s

and

Do
nati
o
n
s

................................
................................
...........

19

5.3

S
tat
e
m
e
n
t

o
f

Taxati
o
n

L
i
abil
i
t
ie
s

................................
................................
...................

19




Financial

Management

Step
-
by
-
Step

V1
.
1

3

© Yo
un
g

Ent
er
p
r
i
se

20
1
0



1.

Introdu
c
tion

C
o
ngrat
u
l
a
ti
o
n
s

on

yo
u
r

app
o
in
tm
en
t

a
s

yo
u
r

c
o
mp
a
n
y’s

Finance

D
i
rector.

Alt
h
ough

everyone

in

yo
u
r

c
o
mp
a
n
y

w
i
l
l

ha
ve

a
n

imp
o
r
ta
n
t

ro
l
e

t
o

p
l
a
y,

yo
u
r

job

is

v
it
a
l,

a
s

you

wi
ll

b
e

a
b
l
e

to

p
rov
id
e

t
h
e

in
for
m
a
t
i
on

a
n
d

guid
a
n
ce

t
h
a
t

t
h
e

B
o
a
rd

of

Di
r
e
c
t
ors

w
i
l
l

n
e
e
d

t
o

en
a
b
l
e

t
h
e
m

t
o

make

i
mp
or
t
a
n
t

d
e
c
i
s
i
o
n
s.


A
t

fi
r
s
t

gl
a
n
ce

t
h
e

o
n
l
i
n
e

c
o
mpan
y

a
cc
o
u
n
t
s

sy
s
t
em

m
a
y

loo
k

ra
t
he
r

com
p
l
i
ca
t
e
d

b
u
t

p
le
a
s
e

d
o
n

t

panic
,

t
he
r
e

i
s

ple
n
t
y

o
f

h
e
l
p

o
n

han
d
.


Fi
r
s
t
l
y

t
h
i
s

g
u
ide

ha
s

be
en

wri
t
te
n

t
o

tr
y

a
n
d

ma
ke

t
h
in
g
s

a
s

eas
y

a
s

p
os
si
b
l
e.

Y
ou

sh
o
u
l
d

ta
ke

t
i
me

to

read

i
t

through

w
i
th

y
o
ur

adviser.


Sec
o
n
d
l
y

you

sh
o
u
l
d

n
ot

h
a
ve

t
o

fac
e

t
h
is

tas
k

al
o
n
e.

A
s
k

t
h
e

B
o
ar
d

to

app
o
i
n
t

a

D
eput
y

F
in
a
n
ce

Di
r
e
c
t
or.

T
h
i
s

p
e
r
s
on

s
h
o
u
l
d

work

w
it
h

you

a
n
d

be

ab
l
e

to

t
ake

ov
e
r

i
f

for

s
o
m
e

r
e
ason

you

are

n
o
t

able

to

attend

a

meetin
g
.


T
hi
r
d
l
y, a
n
d

p
r
obab
l
y

m
ost i
m
por
t
a
n
t, yo
u
r

Adv
ise
r
s wi
l
l
b
e
the
r
e
t
o

h
e
l
p

a
n
d

g
ui
de

yo
u
. T
he
y

will
n
o
t

of

course

do

the

job

for

you

but

hopef
u
lly

at

least

one

of

t
h
em

wi
l
l

ha
v
e

a

fina
n
ci
a
l

b
a
ckgroun
d
.

T
r
y

an
d

id
e
n
t
i
fy

t
h
i
s

pe
r
s
on

n
o
w
.

G
o

an
d

i
n
t
rod
uc
e

yo
u
r
s
e
l
f.

T
ry

an
d

b
ook

s
o
m
e

ti
m
e

w
it
h

t
hi
s

Ad
v
i
s
e
r

as

s
oon

a
s

p
os
si
b
l
e

s
o

th
a
t

you

ca
n

g
o

thr
o
u
g
h

t
h
i
s

g
u
id
e

t
o
get
h
er
.

I
f

t
ha
t

i
s

n
ot

p
o
s
s
ib
l
e
,

p
l
ea
se

ma
k
e

the

effort

you
r
se
l
f
.


Yo
u

wi
ll

o
f

cours
e

b
e

awa
r
e

th
a
t

mo
st

bus
i
n
e
s
s
e
s

t
h
es
e

day
s

ma
k
e

ful
l

u
s
e

o
f

te
c
hn
o
log
y

for

acco
u
n
t
in
g

pu
r
p
ose
s

an
d

w
e

hav
e

d
evelo
p
ed

t
h
e

o
n
l
i
n
e

c
o
mpan
y

a
cc
o
u
n
t
s

sy
s
t
em

t
o

r
efl
e
c
t

t
h
i
s
.

T
h
e

o
nl
i
n
e

a
c
c
o
u
n
ts

s
ys
t
em

w
i
l
l

aut
o
ma
t
ic
a
ll
y

d
o

a

l
ot

of

th
e

cal
c
ul
a
t
i
n
g

for

you

bu
t

i
t

i
s

v
e
ry

imp
ort
ant

th
a
t

you

u
n
der
st
a
n
d

w
h
a
t

t
he
se

f
i
g
u
res

me
a
n
,

be
c
a
u
se

i
t

is

yo
u
r

job

t
o

r
e
port

on

t
h
e

c
o
m
p
a
n
y

s

fina
n
c
es

an
d

ex
plai
n

t
h
e
m

t
o

you
r

fello
w

D
i
r
ecto
r
s.



2.

Th
e

You
n
g

Enterpri
s
e

Financia
l

M
a
nageme
n
t
S
y
ste
m

a
t

a

Glance


These options can be accessed through the Company Accounts section of the Company Programme

Website.
To use the on
-
line Company Programme finance section, please log in using your username
and password:


www.young
-
enterprise.org.uk/company

-

the same website for registering.





O
n
l
y

comp
a
n
y

me
mbe
r
s

w
i
t
h

t
h
e

corre
ct

p
erm
i
s
s
io
n

se
tt
i
n
gs

w
i
l
l

hav
e

f
u
ll

a
c
ce
ss

t
o

t
h
e

comp
a
n
y

acc
o
un
t
s.

I
f

yo
u

ha
v
e

n
ot

b
e
e
n

giv
en

per
m
i
ss
io
n

t
o

edi
t

t
h
e

a
cc
o
un
ts

o
n
lin
e

t
h
e
n

spea
k

t
o

y
o
u
r

Man
a
gi
n
g

Di
r
e
c
t
or.

It

i
s

r
e
commended

that

on
l
y

one

compa
n
y

m
e
m
b
e
r

ha
s

pe
r
m
i
ss
io
n

t
o

ed
it

t
h
e

acco
u
n
t
s
.









Financial

Management

Step
-
by
-
Step

V1
.
1

4

© Yo
un
g

Ent
er
p
r
i
se

20
1
0



This is the welcome page once you have logged in. To access the accounts

section, please click on
Company Accounts from the menu on the left:





This is the accounts section:






From here you can

input details of all Receipts and Payments,
as well as producing monthly, interim and
final accounts for your company.



To enter Receipts, click on
Receipts

as above.





Financial

Management

Step
-
by
-
Step

V1
.
1

5

© Yo
un
g

Ent
er
p
r
i
se

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1
0



3.

Regula
r

M
a
nagem
e
n
t

Acc
o
unts



3.1

G
e
n
e
ral

Pr
i
nc
i
p
le
s


R
e
cord

a
ll

m
on
e
y

trans
a
c
t
io
n
s

Eac
h

a
n
d

eve
r
y

trans
a
c
t
io
n

m
u
s
t

b
e

r
ecor
d
e
d

s
o
m
e
wh
e
re

i
n

t
h
e

R
e
c
e
i
pts

a
n
d

P
a
y
m
e
n
ts

t
ab
le
s.


It

i
s

e
xp
e
c
te
d

t
h
at

th
e

major
it
y

of

yo
u
r

t
r
a
ns
a
c
tio
n
s

w
i
ll

be

for

c
as
h
,

a
n
d

t
h
a
t

you

wi
l
l

o
n
l
y

buy

or

sell

on

credit

rare
l
y.


If

you

carry

o
u
t

any of your

t
ra
ns
act
i
o
n
s

o
n

c
r
e
dit

t
h
e
n

please contact us for support. Y
o
u

should

n
ot

nee
d

to

worry

about

using

the

Cred
it
ors

a
n
d

De
b
t
ors

forms

at

a
l
l.


Rep
o
r
t
i
n
g

of

t
r
ansa
ct
i
o
ns

One

of

your

diff
i
cu
l
t
i
es

as

F
i
nance

D
i
rector

w
i
ll

be

t
o

e
n
s
u
r
e

th
a
t

a
l
l

m
e
mbe
r
s

of

t
h
e

co
mpan
y

rep
o
r
t

t
o

you

a
l
l

t
r
a
n
sa
c
ti
o
n
s

the
y

ma
ke.



Ban
k
ing

your

cash

Eac
h

w
e
e
k

wh
e
n

yo
u

r
e
c
e
iv
e

ca
s
h
,

pa
y

it

i
nt
o

t
h
e

b
ank

r
i
g
h
t

awa
y
.

T
h
is

is

good

b
u
siness

pr
a
c
tice.

It

als
o

make
s

b
o
ok
-
kee
p
in
g

ea
s
ier.


Kee
p
in
g

recor
d
s

Y
ou

m
u
s
t

fi
l
e

an
d

re
ta
in

a
l
l

r
ec
e
i
p
t
s

an
d

in
v
o
ic
es

ca
r
e
f
u
l
l
y.

T
he
y

a
re

a
n

i
mp
o
r
t
a
n
t

pa
r
t

of

t
h
e

comp
a
ny’
s
f
in
a
nci
a
l

recor
d
s
.

Alway
s

ke
ep

a
ll

do
c
u
me
n
t
s

w
hi
ch
p
ro
v
id
e

ev
ide
n
c
e

of

m
o
ne
y

re
c
e
i
v
e
d

o
r

paid

o
u
t.


YE

VAT

(Value

Added

Tax)

More

det
a
ils

on

Yo
u
n
g

Enterprise

VAT

can

b
e

found

i
n

sect
i
on

3
.
2.


Why

do

things

appear

t
w
ice?

You

will

se
e

t
h
at

th
e

a
m
o
u
n
t

of

m
o
ne
y

r
e
c
ei
v
e
d

ap
p
e
ars

on

t
h
e

for
m
s

tw
i
c
e
, o
n
ce

o
n

t
h
e

le
f
t

h
a
n
d

si
d
e

of

th
e

f
o
r
m

an
d

ag
a
i
n

o
n

t
h
e

rig
h
t

h
a
n
d

si
d
e
.

T
h
is

w
i
ll

be

t
rue

for

a
l
l

a
m
oun
t
s

y
ou

en
t
e
r

in

your

acco
u
n
t
in
g

fo
r
m
s

w
h
e
the
r

t
h
e
y

are

Pa
y
m
e
n
t
s

or
R
e
c
ei
p
t
s.

You

w
i
ll

have

n
o
t
iced

th
a
t

c
o
l
u
mn
s

ar
e

hea
d
e
d

DR

(
d
eb
it)

o
r

C
R

(
cre
d
i
t
)
.

A
n
y

i
t
e
m

that

yo
u

e
nt
e
r

i
n

a

d
e
b
i
t

c
ol
u
m
n

mu
s
t

ha
v
e

a
n

eq
ual

o
r

co
rres
p
o
n
d
i
ng

e
nt
r
y

i
n

a

c
r
edi
t

c
o
l
umn.

Si
m
i
larl
y

e
v
e
r
y

cr
ed
i
t

i
tem

must

always

have

an

equ
a
l

o
r

c
or
r
esp
o
ndin
g

d
e
bit
.

This

is

known

as

double

en
t
r
y

book

k
ee
p
in
g.



Don’t

for
g
et

t
hat

any

cash

that

you

a
r
e

hol
d
in
g

mus
t

b
e

k
ep
t

i
n

a

saf
e

pl
a
c
e.

Try
t
o

borrow

a
c
ash box

or

e
v
e
n

b
u
y

o
n
e

if

f
un
ds
w
i
ll
a
ll
o
w. We re
c
omm
en
d t
h
at w
h
en

i
t

i
s

n
ot
b
e
i
n
g

used

the

box

is

locked

away

in

a

secure

place.

Before

y
o
u

le
ave

a

meet
i
n
g

always

e
n
sure

that

y
o
u

ha
ve

p
ers
o
n
a
lly

han
d
e
d

th
e

b
ox

ov
e
r

t
o

w
h
o
e
v
e
r

i
s

g
oi
n
g

t
o

b
e

r
esp
o
nsi
b
le

an
d

e
n
s
ur
e

th
a
t

th
a
t

person

is

g
o
i
n
g

to

b
e

av
a
i
l
a
ble

at

your

n
ext

mee
t
in
g

or

whe
n

you

w
i
l
l

nee
d

c
a
s
h
.

KEE
P

Y
OU
R

CAS
H

S
E
CURE

Financial

Management

Step
-
by
-
Step

V1
.
1

6

© Yo
un
g

Ent
er
p
r
i
se

20
1
0



3.2

More about YE VAT (Value Added Tax)


Background

It

is

i
m
por
t
ant

th
at

you

und
e
r
st
and

t
h
e

i
m
p
l
i
c
at
i
ons

of

YE

VAT.


It

i
s

o
n
e

of

th
e

r
u
l
e
s

of

Yo
un
g

E
n
te
rprise

th
a
t

you

calc
u
la
te

Y
E

V
A
T

o
n

a
ll

your

sa
l
e
s

a
nd

purcha
s
e
s

so

th
a
t
,

l
i
ke

a

comp
a
n
y,

you

pay

VAT.

The

d
i
ffe
r
e
nce

is

that

y
o
u

p
a
y

i
t

t
o

Young

Enterprise

rather

th
a
n

to

H
M
RC.


However,

in

t
h
e

u
n
l
i
kely

e
v
ent

of

purchas
e
s

exce
e
ding

s
al
e
s,

Young

Ent
e
rpri
s
e

w
i
ll

not

m
ake

any

refunds

of

YE

VAT.


The
se

pay
m
e
n
t
s,

pl
u
s

you
r

regi
s
tra
t
io
n

f
ee

an
d

Y
E

Corporat
i
on

Tax

serve

two

pur
p
oses:

f
i
rst
l
y

to

mak
e

you
r
c
o
mpan
y
affai
r
s

a
s
reali
s
t
ic
a
s

pos
s
ib
le
an
d s
econ
d
l
y
t
o
pr
o
v
id
e
s
o
m
e

o
f t
h
e i
nc
o
m
e
Yo
u
n
g

Enterprise

needs

i
n

or
d
e
r

to

prov
i
de

you

and

yo
u
r

su
c
c
e
s
sors

w
i
th

t
h
is

exp
e
r
i
e
n
c
e
.


On

no accou
n
t must

any
Y
o
ung Enterpr
i
se

com
p
any

att
e
mpt to

reg
i
st
e
r

w
i
th

HMRC

for VAT,

nor

s
h
ow

any

VAT

on

invoices

sent

to

customers.


Sales

YE

VAT

is

c
a
lc
u
l
ated

on

all

sa
le
s

(ev
en

t
ho
u
g
h

t
h
er
e

ar
e

so
m
e

e
x
em
p
t
ion
s

in

“re
a
l

wor
l
d


VAT
).

Th
e

s
e
l
l
i
n
g

pr
ice

t
o

you
r

c
u
st
o
mer
s

m
u
s
t

i
n
c
l
ud
e

Y
E

VA
T

a
t

th
e

curr
e
n
t

r
a
te

-

20
%
.

Therefore

once

you

have

car
r
ie
d

o
u
t

y
o
ur

market

r
esea
r
c
h

an
d

d
ete
r
m
i
n
e
d

t
h
e

s
e
l
l
in
g

p
r
ic
e

you

m
u
st

d
i
v
i
d
e

th
i
s

f
i
gure

by

1.2

to

obtain

t
h
e

t
r
u
e

sa
l
es

p
r
i
ce

you

wi
ll

re
c
e
i
v
e.


eg


Your

product

selling

price

=

£2.40


Sal
es

p
ri
c
e

t
h
a
t

you

w
i
l
l

r
ec
eive

=

£2.00

(
£2
.
40

d
i
v
i
d
e
d

b
y

1
.
2)

YE

VAT

rece
i
v
ed

on

th
i
s

s
a
l
e

=

£0.40

(
£2
.
00

x

0
.
2)

Each

time

you

make

a
n

entry

for

sa
le
s

in

your
receipts
form

you

n
eed

to

di
v
i
de

it

b
y

1
.
2

t
o

o
b
ta
in

t
h
e

a
m
o
u
n
t

t
o

b
e

e
n
te
r
e
d

in

t
h
e

sa
l
e
s

c
ol
um
n
.

Y
o
u

c
a
n

th
en

cal
c
u
la
te

th
e

Y
E

V
A
T

b
y

m
u
l
t
ipl
y
in
g

t
h
is

f
igu
r
e

b
y

0
.
2.


Ha
v
in
g

e
n
te
r
ed

th
a
t

i
n

t
h
e

Y
E

VA
T

c
ol
u
m
n
,

ch
e
c
k

th
a
t

th
i
s
,

p
l
u
s

t
h
e

am
o
u
n
t

e
n
ter
ed

un
d
e
r

s
a
l
e
s

equ
a
l
s

t
h
e

tot
a
l

am
o
un
t.



Pur
c
has
es

YE

VAT

is

c
a
lc
u
l
ated

on

all

p
u
r
c
has
e
s

(e
v
e
n

thou
g
h

t
h
er
e

ar
e

so
me

ex
e
mp
t
io
n
s

i
n

“r
eal

world


V
A
T
).


T
h
e

a
m
o
u
n
t

o
f

VAT

pa
i
d

on

s
o
m
e

p
u
r
c
ha
se
s

m
ay

be

s
h
own

on

t
h
e

i
n
vo
i
c
e
.

If

n
o
t
,

you

nee
d

t
o

ca
l
c
u
la
te

t
h
e

sp
l
it

in

c
o
s
t

o
f

y
o
u
r

purch
a
s
es

i
n

th
e

s
a
m
e

w
ay

a
s

fo
r

sa
l
e
s

fo
r

al
l

tho
se

it
e
ms

sho
w
n

o
n

the

Payments

f
o
rm
.


eg


Amount

s
p
ent

on

purch
a
se

=

£36.00


Purchase
pri
c
e

on

th
is

pu
r
c
ha
s
e

=

£30

(
£36
.
00

d
i
v
i
d
e
d

by

1
.2)


YE

VAT

on

this

purch
a
se

=

£
6
.
00

(
£30

x

0
.
2)

V1
.
1

7

© Yo
un
g

Ent
er
p
r
i
se

20
1
0

Financial

Management

Step
-
by
-
Step






Date




W
h
ere
F
rom


B
an
k



Cash


YE

VAT



Sal
e
s*


Misc
.
Incom
e*



Sha
res


Loa
n
s

B
an
k

&
C
as
h
Tra
n
s
f
ers

DR

DR

CR

CR

CR

CR

CR

CR


15
-
S
e
p
-
08


Sal
e of

150
sh
ares



£1
5
0
.
00





£1
5
0
.
00




05
-
O
ct
-
08


Sal
e of

6 C
l
o
ck
s



£36
.0
0


£6
.
00


£30
.0
0






13
-
O
ct
-
08


Sal
e of

a C
l
o
c
k


£6
.
00



£1
.
00


£5
.
00






3.3

Re
c
e
i
pts:

m
o
n
e
y

c
om
i
n
g

i
n
t
o

y
o
ur

c
o
mpany




To enter details of money received in your receipts,
double click on the first row on the screen
. This
will turn blu
e and you can enter the details. Remember to
SAVE CHANGES

after each
transaction.


This

Fo
r
m

Is

Used

To


R
ecord

all

payments

ma
d
e

to

your

comp
a
ny


F
or

E
ach

Tra
n
sa
c
t
i
on

You

S
h
o
ul
d


En
t
e
r

t
h
e

Da
te

of

th
e

tr
a
ns
a
c
ti
on


Comp
l
e
te

t
h
e

Wher
e

Fro
m

col
u
m
n
.

T
h
i
s

i
n
d
i
cat
es

w
h
er
e

t
h
e

mo
n
e
y

ha
s

co
m
e

fro
m.


En
t
e
r

t
h
e

t
o
ta
l

am
o
u
n
t

p
a
i
d

in

ei
t
he
r

th
e

C
a
sh

or

th
e

Ban
k

c
o
l
u
m
n
.

o

Use

the

Cash

co
l
u
mn

i
f

you

have

rece
i
ved

cash

o

Us
e

t
h
e

Ba
n
k

co
l
u
m
n

i
f

yo
u

h
a
v
e

rec
e
ive
d

a

che
q
ue


‘A
nal
ys
e


t
h
e

p
ay
me
n
t

i
n

c
ol
um
n
s

3

t
o

8.

Th
e

t
o
t
a
l
s

of

co
l
u
mn
s

1

an
d

2

m
u
s
t

a
lwa
ys

equ
a
l

th
e

t
o
t
a
l
s

of

c
o
l
u
m
n
s

3

t
o

8.


Pay

particu
l
ar

attent
i
on

to

YE

VAT

requ
i
r
e
m
en
t
s
.

Re
f
e
r

t
o

t
h
e

ex
a
mp
l
e
s

i
f

ne
c
es
s
ary.

Exam
p
l
e

R
e
c
e
ipts

Tra
n
sactions

15
th

Septem
b
er

You

s
e
l
l

150

s
h
ar
e
s

for

a

t
o
t
a
l

of

£150

c
a
s
h

(
c
a
s
h

c
olumn)

Th
er
e

i
s

n
o

Y
E

V
A
T

o
n

s
h
a
res


5
th

October

You

s
e
l
l

6

c
l
ocks

i
n

c
a
s
h

for

£36.

This

s
a
l
e

s
p
l
i
ts

int
o

£6
.
00

YE

VAT

and

£30
.
00

s
a
l
es


13
th

October

You

se
l
l

a

c
l
o
ck

for

£6.

The

clock

i
s

p
a
i
d

for

by

che
q
ue

(
ba
n
k

co
l
u
mn)

This

s
a
l
e

s
p
l
i
ts

int
o

£1
.
00

YE

VAT

and

£5
.
00

s
a
l
es


Se
e

b
e
l
ow

f
or

h
ow

t
h
es
e

tra
n
sa
c
ti
o
n
s

s
h
o
u
ld

b
e

e
n
tere
d

i
n
t
o

t
h
e

re
c
ei
p
t
s

tab
l
e.


1

2

3

4

5

6

7

8














Ti
t
l
es

w
i
t
h

a

*

in
d
ic
a
t
e

th
a
t

Y
E

VA
T

s
h
o
ul
d

b
e

acc
o
unted

f
o
r

on

these

i
tems.

See

sect
i
o
n

3.2

for

more

about

c
a
l
cu
l
a
t
in
g

YE

VAT.

You can also download
each section as a PDF if
you wish to keep paper
records.
Click on the
Download Receipts icon

on the bottom left of the
page

V1
.
1

8

© Yo
un
g

Ent
er
p
r
i
se

20
1
0

Financial

Management

Step
-
by
-
Step






D
a
te




W
her
e

T
o


Bank
(Ch
eq
u
es)


Cash


YE VAT


Purcha
s
es*

P
r
oduct
i
o
n
W
ages

Sa
l
a
ri
es

Commission
s and

Bo
n
uses


Stat
io
ne
r
y*


R
ent
a
nd
Hire


Mi
sc. Expen
s
es*


Regist
r
ation

f
e
e


Lo
a
ns

Bank

and

Cash
T
r
ansfe
r
s

CR

CR

DR

DR

DR

DR

DR

DR

DR

DR

DR

DR


12
-
S
e
p
-
08


Y
oung

Ente
r
p
ri
se


£100
.
00










£100
.
00




15
-
S
e
p
-
08


Pu
r
cha
s
es


£3
5
.00



£5.
8
3


£29
.
17










20
-
S
e
p
-
08


Pu
r
cha
s
es



£6.
2
3


£1.
0
4





£5
.
19







3.4

P
aym
e
nts:

m
o
n
e
y

go
i
n
g

o
ut

o
f

y
o
u
r

co
mpany

REPEAT
THE ABOVE

PROCESS TO ENTER DETAILS OF ALL PAYMENTS

(Click on Payments)



To enter details of money
paid out
,
double click on the first row on the screen
. This will turn blu
e
and you can enter the details. Remember to
SAVE CHANGES

after each transaction.


This

Fo
r
m

Is

Used

To


R
ecord

all

payments

ma
d
e

f
r
om

your

co
m
pany


F
or

E
ach

Tra
n
sa
c
t
i
on

You

S
h
o
ul
d


Enter

the

Date

for

each

tr
a
n
sact
i
on.


Comp
l
e
te

t
h
e

Wher
e

T
o

c
o
l
u
m
n
.

T
h
i
s

in
d
ic
a
te
s

w
he
r
e

t
h
e

mone
y

i
s

b
ein
g

pai
d

t
o
.


En
t
e
r

t
h
e

t
o
ta
l

am
o
u
n
t

p
a
i
d

o
u
t

in

e
i
t
he
r

t
h
e

Cas
h

or

t
h
e

B
a
n
k

c
o
l
u
m
n
.

o

Us
e

t
h
e

Ba
n
k

co
l
u
m
n

i
f

yo
u

p
ay

b
y

cheq
u
e
.

o

Us
e

t
h
e

Ca
sh

co
l
u
m
n

i
f

yo
u

p
ay

b
y

cash.


‘A
nal
ys
e


t
h
e
p
ay
me
n
t

i
n

c
o
l
u
m
n
s 11

t
o

20.

Th
e

t
o
t
a
l
s of

co
l
u
mn
s

9

an
d

10

mu
st
a
l
wa
ys
equ
a
l

t
h
e

t
o
t
a
l
s

of

c
o
l
u
m
n
s

11

t
o

20.


Pay

particu
l
ar

attent
i
on

to

YE

VAT

requ
i
r
e
m
en
t
s
.

Re
f
e
r

t
o

t
h
e

ex
a
mp
l
e
s

i
f

ne
c
es
s
ary.


Exam
p
l
e

Pa
y
m
en
ts

Tra
n
sa
c
t
io
ns


12
th

Septem
b
er

You

pay

your

r
e
gi
st
ra
ti
on

f
e
e

of

£100

t
o

Young

Ent
e
rpr
i
se

by

che
q
ue.

There

i
s

no

Y
E

VAT

on

the

re
g
i
strat
i
on

fee


15
th

Septem
b
er

You

pay

for

£
3
5

of

mate
r
i
als

by

che
q
ue

This

s
p
l
i
t
s

i
n
t
o

£5
.
83

YE

VAT

and

£29
.
17

Pur
c
has
e
s


20
th

Septem
b
er

You

pay

£6.23

for

some

st
a
ti
o
nary

This

s
p
l
i
t
s

i
n
t
o

£1
.
04

YE

VAT

and

£5
.
19

S
t
at
i
onary


Se
e

b
e
lo
w

fo
r

ho
w

t
h
es
e

tra
n
sa
c
tio
n
s

s
hou
ld

b
e

e
n
tere
d

i
n
t
o

t
h
e

pay
m
e
n
t
s

t
a
b
l
e:


9

10

11

12

13

14

15

16

17

18

19

20













Ti
t
l
es

w
i
t
h

a

*

in
d
ic
a
t
e

th
a
t

Y
E

VA
T

s
h
o
ul
d

b
e

acc
o
unted

f
o
r

on

these

i
tems.

See

sect
i
o
n

3.2

for

more

about

c
a
l
cu
l
a
t
in
g

YE

VAT.

You can also download
each section as a PDF if
you wish to keep paper
records
. Click on the
Download Payments

icon

on the bottom left of the
page

V1
.
1

9

© Yo
un
g

Ent
er
p
r
i
se

20
1
0

Financial

Management

Step
-
by
-
Step



3.5

P
ay
i
n
g

Surp
l
us

C
ash

into

the

B
a
n
k

(
Transf
e
r)


This

s
tage

inv
o
l
v
e
s

both

the

R
e
c
e
ipts

and

P
aym
e
nts

T
a
b
le
s
.


Payments

T
a
ble

-

you

have

wit
h
drawn

y
o
ur

cash

to

pay

into

your

Bank

Acco
u
n
t



Enter

the

D
a
te

for

each

transact
i
on.



Ente
r

‘B
a
nk


in

t
h
e

W
her
e

T
o

col
u
m
n
.



Ente
r

th
e

a
mo
un
t

i
n

c
o
l
u
m
n

10

-

Cash.



Ente
r

th
e

a
m
oun
t

i
n

c
o
l
u
m
n

20

-

Ban
k

an
d

Cas
h

Tra
n
sfe
r
s.


Rec
e
ipts

Ta
b
le

-

your

B
a
nk

Acco
u
n
t

has

r
e
cei
v
ed

t
h
e

m
o
ney



Enter

the

D
a
te

for

each

transact
i
on.



Ente
r

‘Ca
s
h


in

t
h
e

W
her
e

F
r
o
m

co
l
u
mn.



Ente
r

th
e

a
m
oun
t

i
n

c
o
l
u
m
n

1

-

Bank.



Ente
r

th
e

a
mo
un
t

i
n

c
o
l
u
m
n

8



Bank

and

Ca
s
h

Tran
s
f
e
r
s.



Exa
m
p
l
e



You

pay

£140

c
a
s
h

i
n
t
o

t
h
e

bank

on

15
t
h

O
ct
o
b
e
r



Complete

a

s
l
ip

i
n

the

B
a
nk

Pay
i
n
g
-
In

Book

ready

to

pay

it

in
to

the

b
ank.



Payin
g

surp
l
u
s
cas
h

i
nt
o t
h
e

ban
k

invol
v
e
s

bot
h
han
d
in
g

mone
y

o
u
t

(
a

paym
e
n
t
)
,
b
eca
us
e

yo
u

are

redu
c
in
g

t
h
e

a
mou
n
t

o
f

c
a
s
h

yo
u

hol
d
,

a
n
d

rec
e
ivin
g

mo
ne
y

int
o

th
e

Ban
k

A
c
cou
n
t

(
a

re
c
ei
p
t).

Conse
q
u
e
n
t
l
y

t
hi
s

tra
n
sa
c
ti
o
n

nee
d
s

t
o

b
e

r
e
corde
d

o
n

b
o
th

tab
l
e
s,

Pay
m
en
ts

an
d

R
e
c
eip
ts


1.

Payments

T
a
ble
:

you

ha
v
e

t
ak
e
n

£140

c
a
s
h

out

of

th
e

ca
s
h

box

t
o

the

bank

a
cc
o
unt


Da
te

Whe
r
e

T
o

9

Bank

10

Cash

.......
.
.....
.
.

20

Bank

and

Cash

Transfers

15
-
O
c
t
-
08

Bank


£140

.
.
.
.
.
.
.
.
.
.
.
.
.
..

£140




2.

Rec
e
ipts

Ta
b
le
:

You

have

pa
i
d

£140

c
a
s
h

in
t
o

the

bank

a
cc
ount

from

t
h
e

c
ash

box


Da
te

Whe
r
e

F
r
om

1

Bank

2

Cash

.......
.
.....
.
.

8

Bank

and

Cash

Transfers

15
-
O
c
t
-
08

Ca
s
h

£140


.
.
.
.
.
.
.
.
.
.
.
.
.
..

£140




Remember to
Save Changes
.
V1
.
1

10

© Yo
un
g

Ent
er
p
r
i
se

20
1
0

Financial

Management

Step
-
by
-
Step



3.6

Dr
a
wi
n
g

C
ash

o
ut

from

the

B
a
n
k

(Transf
e
r)

Shoul
d

yo
u

eve
r

nee
d

t
o

dra
w

cas
h

o
u
t

o
f

th
e

b
a
n
k

(fo
r

exam
p
l
e

yo
u

ma
y

n
e
e
d

t
o

dra
w

ou
t

s
o
me

chan
g
e

fo
r

a

Trad
e

F
a
ir
)

th
e

ent
r
i
es

a
re

sim
ila
r

b
u
t

o
pp
os
i
te

t
o

paying

m
o
ney

into

t
h
e

b
a
nk.


Th
is

s
t
ag
e

a
ls
o

invol
v
e
s

bo
th

th
e

R
e
ceipts

and

Paymen
t
s

Table
s
.


Payments

T
a
ble

-

you

have

wit
h
drawn

money

from

your

B
ank

A
c
c
o
u
n
t

to

pay

into

the

cash

b
ox



Enter

the

D
a
te

for

each

transact
i
on.



Ente
r

‘Ca
s
h


in

t
h
e

W
her
e

T
o

col
u
m
n
.



Ente
r

th
e

a
m
oun
t

i
n

c
o
l
u
m
n

9

-

Bank.



Ente
r

th
e

a
m
oun
t

i
n

c
o
l
u
m
n

20

-

Ban
k

an
d

Cas
h

Tra
n
sfe
r
s


Rec
e
ipts

Ta
b
le

-

your

c
a
sh

box

has

re
c
ei
v
ed

mo
n
e
y



Enter

the

D
a
te

for

each

transact
i
on.



Ente
r

‘B
a
nk


in

t
h
e

W
her
e

F
r
o
m

co
l
u
mn.



Ente
r

th
e

a
mo
un
t

i
n

c
o
l
u
m
n

2

-

Cash.



Enter

the

a
mount

i
n

c
o
l
u
mn

8



Bank

and

Cash

Transfe
r
s



Exa
m
p
l
e



You

w
it
h
draw

£90

from

your

bank

a
cc
ount

on

1
5
th

October




Wr
it
e

a

ch
e
q
ue

t
o

“CASH”

f
o
r

£90

wh
i
ch

i
s

what

you

n
e
ed

t
o

w
i
thdraw

th
e

c
a
s
h

fr
o
m

your

bank

a
cc
ou
n
t.

Take

it

t
o

t
h
e

ba
n
k
.



Takin
g

mone
y

ou
t

fro
m

t
h
e

b
a
n
k

acc
o
un
t

i
n
volve
s

b
o
th

h
a
nding

mo
n
e
y

out

(a

pa
y
m
ent),

beca
u
se

yo
u

ar
e

re
d
u
c
in
g

t
h
e

am
ou
n
t

o
f

cas
h

i
n

th
e

bank
,

an
d

rec
e
ivin
g

m
o
ne
y

int
o

t
h
e

ca
s
h

bo
x

(a

rec
e
ip
t
)
.

Co
n
s
equ
e
n
t
l
y

t
hi
s

trans
a
c
t
io
n

n
e
ed
s

t
o

b
e

re
co
rde
d

o
n

b
o
t
h

tab
l
e
s,

Payme
n
t
s

a
n
d

R
e
c
e
ip
ts


1.

Payments

T
a
ble
:

you

ha
v
e

t
ak
e
n

£90

from

t
h
e

bank

ac
c
ount

i
n
t
o

the

c
a
s
h

box


Da
te

Whe
r
e

T
o

9

Bank

10

Cash

.......
.
.....
.
.

20

Bank

and

Cash

Transfers

15
-
O
c
t
-
08

Cash

£90


.
.
.
.
.
.
.
.
.
.
.
.
.
..

£90




2.

Rec
e
ipts

Ta
b
le
:

You

have

pa
i
d

£90

int
o

th
e

c
a
s
h

box

from

th
e

Bank

Ac
c
o
unt


Da
te

Whe
r
e

F
r
om

1

Bank

2

Cash

.......
.
.....
.
.

8

Bank

and

Cash

Transfers

15
-
O
c
t
-
08

Bank


£90

.
.
.
.
.
.
.
.
.
.
.
.
.
..

£90




Remember to
Save Changes
.
V1
.
1

11

© Yo
un
g

Ent
er
p
r
i
se

20
1
0

Financial

Management

Step
-
by
-
Step



3.7

Report
s


To generate reports,
click to return to the summary page

and scroll down to reports section:




From here you can produce a number of reports.


Monthly or interim reports

(select)






V1
.
1

12

© Yo
un
g

Ent
er
p
r
i
se

20
1
0

Financial

Management

Step
-
by
-
Step





£


£


Sales



£81.70


Purchases


£35.09



Production

Wag
e
s


£0.00



Closing

Stock


£25.00



Cost

of

Sales

(B

+

C

-

D)



£10.09


(A

-

E)




£71.61


Gross

P
r
ofit



Salaries,

commissions

and

Bonus
e
s


£0.00



Stationery


£8.51



Rent

&

Hire


£0.00



Miscellaneous

Expenditure


£0.00



Registration

Fee


£73.00



Total

Expenses

(F

+

G

+

H

+

I

+

J
)



£81.51


Gross

Profit

Less

Total

Exp
e
nses


Oper
a
ti
ng

Prof
i
t

(o
r

L
oss)




-
£9.90


Miscellaneous

Income



£0.00


N
et

Pro
f
it

(
o
r

Loss)



-
£9.90




£


Net

Profit

Bro
u
g
h
t

D
o
w
n


-
£9.90


LESS

Corp
o
r
ation

Tax

Pa
y
a
ble

to

Y
ou
n
g

Enter
p
rise


£0.00


Profi
t

afte
r

Tax

*


-
£9.90


Profit and Loss account


Th
is

repor
t

s
h
ow
s

ho
w

mu
ch

profi
t

o
r

l
o
s
s

yo
u

hav
e

ma
d
e

an
d

w
h
er
e

t
ha
t

prof
it

h
a
s

com
e

fr
o
m
.

Th
e

f
igu
res

i
n

t
h
is

sh
e
e
t

a
re

p
u
l
l
e
d

from

th
e

E
x
ten
d
e
d

T
r
i
a
l

bala
n
c
e

s
o

it

is

imp
o
r
ta
n
t

t
o

ma
ke

su
re

t
h
e

Extended

T
r
i
al

Ba
l
a
nce

i
s

correct

b
e
fore

you

l
ook

a
t

t
h
e

p
r
o
f
i
t

an
d

l
oss

a
cco
un
t.


Th
e

t
a
b
le

bel
o
w

sh
ows

w
ha
t

eac
h

l
i
n
e

i
n

t
h
e

p
rof
i
t

a
n
d

l
oss

acc
o
u
n
t

r
ep
r
es
e
n
t
s
.



Curr
e
nt

Rate

of

Corp
o
r
ation

T
a
x

10%








A

Total

income

fr
o
m

sales





B

Total

ex
p
enditure

on

purchases





C

Total

ex
p
enditure

on

w
ages





D

Estimated

value

of

current

stock



E

H
o
w

much

the

c
ompa
n
y

has

spent

to

produce

all

of

the

products/services

w
hich

have

b
e
en

sold



Total

profit

made

on

all

sales

so

f
ar

(before

co
m
pa
n
y

expenses)





Total

ex
p
enditure

on

salaries,

commissions

and

B
onuses

F


Total

ex
p
enditure

on

stationary

G


Total

ex
p
enditure

on

Rent

a
nd

H
i
re

H


Total

ex
p
enditure

on

miscellaneous

I



Total

ex
p
enditure

on

Registration

Fee

J


Total

compa
n
y

e
x
penses





Total

profit

made

so

far

from

sales

(loss

if

negative)





Other

so
u
r
ces

of

income




Total

profit

made

so

far

before

tax

(loss

if

negative)







Total

profit

made

so

far

before

tax

(loss

if

negative)

Co
r
po
r
ation

tax

still

o
w
ed

to

Y
E

Total

profit

made

so

far

after

t
ax

(loss

if

negative)


This

ex
a
m
ple

profit

and

loss

sheet

shows

that

the

c
o
m
pany

has

m
ade

a

n
e
t

l
oss

of

£9
.
90

(
di
s
p
l
a
y
e
d

as

-
£9
.
90).

A

n
e
t

profit

wou
l
d

be

in
d
ic
a
te
d

b
y

a

positiv
e

nu
mbe
r
.

Add in stock


value at
cost.

V1
.
1

13

© Yo
un
g

Ent
er
p
r
i
se

20
1
0

Financial

Management

Step
-
by
-
Step




Stock




£25.00


Debtors




£12.00


Y
E

VAT

O
w
e
d

*




£0.00


Cash

at

Bank




£73.00


Cash

in

Hand




£46.77


T
O
TA
L

A




£156.77


Less:





Current

Li
a
b
ilit
i
es:


£




3.8

B
a
lan
ce

Sh
eet

This

repo
r
t

s
h
ows

the

tot
a
l

ASSETS

(wh
a
t

t
h
e

c
o
mpany

owns)

and

t
h
e

tot
a
l

L
IABI
L
I
T
IES

(what

the

comp
a
n
y

owe
s
).


Th
e

t
a
b
le

bel
o
w

show
s

w
ha
t

eac
h

l
i
n
e

i
n

t
h
e

Bal
a
n
ce

S
h
e
e
t

rep
r
es
e
n
t
s
.



£



Current

A
s
s
e
ts:


Value

of

the

co
m
pa
n
y
’s

current

s
t
ock

Mon
e
y

t
h
at

is

owed

to

y
o
u

b
y

yo
u
r

Debtors

Y
E

VAT

t
h
at

w
o
u
ld

be

o
w
ed

to

y
o
ur

compa
n
y.

See

note

bel
o
w
.


Cash

current
l
y

h
eld

at

the

bank

Cash

current
l
y

h
eld

in

the

cash

box

Y
o
u
r

Company’s

total

ASSETS





Bank

Overdraft

£0.00

Mon
e
y

o
w
ed

to

t
he

bank

as

an

o
v
erdraft

Loans

£0.00

Mon
e
y

o
w
ed

to

o
thers

in

loans

Creditor
s

£10.00

Mon
e
y

o
w
ed

to

your

Creditors

Y
E

C
o
r
p
o
r
at
i
on

Ta
x

£0.00

Mon
e
y

o
w
ed

to

Y
ou
n
g

Enter
p
rise

for

Y
E

Corp
o
r
ation

T
a
x

Y
E

VAT

Due

£6.67

Mon
e
y

o
w
ed

to

Y
ou
n
g

Enter
p
rise

for

Y
E

VAT


T
O
TA
L

B

£16.67

Y
o
u
r

compa
n
y
’s

total

LIABILITIES

The

total

value

of

w
h
at

your

com
p
a
n
y

w
o
uld

BALANCE

(C)

£140.10

C

(
A

-

B)

own

if

it

paid

off

all

its

liabilities



Repres
e
nt
e
d

b
y
:



Issued

Share

C
a
pital:

150

shares

at

£1



£150.00


Total

value

of

the

original

shareholders’

investment

Profit

& Loss Account

-
£9.9
0

Total

profit

or

lo
s
s

your

compa
n
y

has

made

Total

current

va
l
ue

of

the

shar
eh
olders’

Shareholder
s
'

F
u
nds

£140.10

D

Note:

The

total

at

C

should

equal

t
he

total

at

D

investment



The

value

of

the

sh
a
r
eh
old
e
rs’

funds

in

this

ba
l
an
c
e

she
e
t

(
£140
.
10)

i
s

l
e
s
s

than
th
e

amount

th
at

t
h
ey

or
i
g
i
n
al
l
y

in
v
e
s
te
d

(
£150
)
.

Th
i
s

is

b
ec
a
use

the

c
o
m
pany

has

m
ade

a

l
o
ss

of

£9
.
90.

It

i
s

im
po
r
t
ant

t
o

unde
r
st
a
n
d

t
h
a
t

e
v
e
n

th
o
u
g
h

t
h
is

c
o
mp
an
y

ha
s

ca
sh

i
n

t
h
e

b
a
n
k

an
d

in

t
h
ei
r

ca
sh

bo
x

t
h
e
y

ha
v
e

st
i
ll

made

a

l
oss

because

they

ha
v
e

a

r
e
spo
n
s
i
b
i
l
i
t
y

t
o

pa
y

bac
k

th
e

shar
e
hol
d
e
rs


inv
e
s
t
m
e
n
t

i
f

t
h
e
y

ca
n
.


A

N
o
te

a
b
o
ut

YE

Tax

and

Pr
o
f
i
ts

A
t

t
h
e

en
d

o
f

th
e

yea
r

th
e

to
ta
l

Y
E

VA
T

a
n
d

Corporati
on

Ta
x

i
s

ca
l
c
u
l
a
te
d

an
d

c
o
m
p
ani
es

m
u
st

pa
y

th
is

to

Yo
un
g

E
n
te
rpri
se
.

I
t

i
s

pos
s
ib
l
e

(
b
u
t

u
n
l
i
ke
l
y)

t
h
at

c
o
m
p
a
ni
es

m
ay

be

in

a

po
si
t
i
on

at

th
e

en
d

of

t
h
e

ye
a
r

wher
e

t
he
y

w
o
ul
d

b
e

ow
e
d

ta
x

bac
k

t
o

the
m.

Unf
o
r
tu
n
at
e
l
y

Y
o
un
g

E
nterp
r
i
se

i
s

u
nab
le

t
o

pa
y

an
y

tax

refund
s

b
a
c
k

to

compa
n
i
es

a
t

t
h
e

en
d

o
f

t
h
e

year
.

T
h
i
s

m
ean
s

i
n

t
h
e

s
it
ua
t
io
n

w
h
er
e

Y
E

VA
T

i
s

o
w
e
d

t
o

the

comp
a
n
y

ove
r
al
l,

t
ha
t

th
e

p
r
ofit
s

ca
l
c
u
la
t
e
d

o
n

th
e
s
e

sh
ee
t
s

ma
y

b
e

ove
r
st
a
te
d
.

The Balance Sheet should always
balance!

V1
.
1

14

© Yo
un
g

Ent
er
p
r
i
se

20
1
0

Financial

Management

Step
-
by
-
Step




4.

En
d

o
f

Yea
r

Re
p
orts

In

order

t
o

g
enerate

a

new

set

of

End

of

Year

R
e
ports

you

sho
u
ld

do

the

following

(you

m
u
st

ha
v
e

per
m
i
s
si
on

t
o

ed
it

t
h
e

a
c
c
o
u
nt
s

t
o

d
o

t
h
i
s
):




1.

G
e
n
e
rate

a
n
d

pr
i
nt

o
ut

a
n

updat
e
d

"Pr
o
f
i
t

and

L
o
s
s

Re
p
o
rt"

a
n
d

"B
a
l
ance

Sheet"

from

Month
l
y

Re
p
o
rts


Make

sure

th
a
t

your

p
aymen
t
s

and
rece
i
pts
ta
b
l
es

h
a
ve

been

updated

as

well

a
s

yo
u
r

cl
o
s
i
n
g

st
o
c
k

v
a
l
u
e

b
e
fore

you

ge
n
e
ra
t
e

t
h
e
s
e

reports.

You

shou
l
d

bring

these

reports

to

y
o
ur

next

comp
a
n
y

meet
in
g

(
see

po
i
n
t

3
)
.


2.

P
r
int

out

a

blank

copy

of

t
he

End

of

Ye
a
r

A
c
c
o
unts

I
n
put

Form


This

can

b
e

found

i
n

the

“End

of

Year

Re
p
o
r
t
s


s
e
c
t
io
n

o
f

t
h
e

Comp
a
n
y

A
c
cou
n
t
s

s
y
s
t
e
m.

Click on the logo for the PDF then print. The form is shown below:





V1
.
1

15

© Yo
un
g

Ent
er
p
r
i
se

20
1
0

Financial

Management

Step
-
by
-
Step




3.

Di
s
c
uss with your

fellow

com
p
any

m
e
m
b
er
s how

y
o
u

w
ant to

d
i
s
t
r
i
bute y
o
u
r

pr
o
f
i
ts and

h
o
w

y
o
u

w
i
ll

co
mp
le
t
e

the

for
m


This

sho
u
ld

be

done

at

a

board

meeting

a
n
d

decided

jointly

by

the

c
o
mpan
y

me
mb
er
s
.

S
ee

5
.
1

be
l
ow

for

more

in
form
a
ti
o
n

on

how

to

fi
l
l

this

i
n
.


4.

Com
p
le
t
e

t
h
e

End

of

Y
ear

Accounts

In
p
ut

Form

o
n
li
n
e


T
h
is

s
h
o
ul
d

b
e

do
n
e

o
n
l
i
n
e

by

a

c
o
m
p
a
n
y

m
e
m
b
e
r

wh
o

h
as

p
e
rm
i
ss
i
on

t
o

e
d
i
t

t
h
e

c
o
m
pa
n
y

a
cc
ou
n
t
s
.

W
h
en

you

c
o
m
p
l
ete

t
h
e

E
n
d

of

Y
e
ar

Ac
c
o
u
n
t
s

I
n
p
u
t

F
orm

on
l
i
n
e

you

wi
l
l

ge
ne
rate

t
h
e

fo
ll
o
w
i
ng

repo
r
t
s:


S
t
at
e
m
e
n
t

of

Taxa
ti
on

L
i
ab
i
li
t
i
e
s

(
5
.
3)


Liq
u
id
a
ti
on

R
e
p
ort


Th
e

L
iq
u
idati
o
n

Repo
r
t

s
u
mmarise
s

t
h
e

informati
o
n

y
o
u

will

ha
v
e

e
n
te
r
e
d

in

yo
u
r

“End

of

Ye
a
r

Accounts

In
p
u
t

F
orm”

to

reco
r
d

how

you

ha
v
e

decided

to

allocate

your

c
o
mpany’s

pro
f
its.


5.

P
r
esent

y
our

end

of

year

a
ccounts

to

your

sha
r
ehol
d
ers

at

the

company’s

AGM


Yo
u
r

s
h
ar
eh
o
l
d
e
rs

w
i
l
l

n
e
e
d

t
o

approve

yo
u
r

en
d

of

y
e
ar

ac
c
o
u
n
t
s

w
h
ic
h

t
e
l
l
s

t
he
m

w
h
at

t
h
e

r
etu
r
n

on

th
e
i
r

in
v
e
st
me
n
t

wi
l
l

b
e
.

T
he
y

m
ay

al
s
o

wa
n
t

t
o

s
ee

yo
u
r

m
o
s
t

u
p

to

da
t
e

ba
l
a
n
c
e

she
et

a
n
d

profi
t

a
n
d

l
o
s
s

acco
u
n
t.

I
f

th
e

shar
e
hol
d
er
s

d
o

no
t

appro
v
e

your

end

of

year

accounts

y
o
u

wi
l
l

ha
v
e

to

generate

the

end

of

year

r
e
ports

ag
a
i
n

to

ref
l
ect

the

ch
a
n
ges

d
i
scussed

at

the

AG
M
.

V1
.
1

16

© Yo
un
g

Ent
er
p
r
i
se

20
1
0

Financial

Management

Step
-
by
-
Step




£


Cash

in

hand

a
n
d

at

bank

£422.00

Tota
l

c
a
s
h

hel
d

b
y

th
e
company

Accounts

receiv
a
ble

£18.00

Total money

o
w
ed to
y
our company

(Debto
r
s)


Stock

£0.00


Tota
l
v
alu
e
o
f

y
ou
r

curre
n
t
st
o
ck


Tool,

machinery

and

equipment


£0.00


Tota
l
v
alu
e
o
f
th
e

tools
,
m
a
chiner
y

a
n
d
equipme
n
t
y
o
u
ow
n

Other

Assets

£0.00

Other

a
ss
e
ts

th
a
t

b
e
long

to
y
our

com
p
any

Total

£440.00




£


Final

Expenses:

P
a
y
r
oll

Comp
an
y

Members

£60.00

Money

left

to

pay

to

com
pa
n
y

members
a
s sa
l
a
ry


Annual

Report


£10.00


Cost of
y
our annual

repo
r
t

if

no
t
a
lr
e
a
d
y

i
nc
l
ude
d in
y
o
u
r

p
a
y
ments



Bank

Charges


£0.00


Tota
l
b
a
n
k

charg
e
s
lef
t
t
o

pay


Creditors

£0.00

Total money

y
ou o
w
e to other

people

or orga
n
is
a
tio
n
s


Y
ou
n
g

Enter
p
rise

Taxation:

Cor
p
oration

T
a
x

and

VAT

£25.00

Calcul
a
t
e
d
a
utom
a
tically


Y
ou
n
g

Enter
p
rise

contributions


£15.00


Any

other money

ow
ed to
Y
oung E
n
t
e
rprise


Total amo
u
nt paid

to com
p
any

members
i
n b
o
nus
e
s

Bonuses

to

compa
n
y

members



Shareho
l
ders

Balance

Distributed

to

30

Shareholders

Numbe
r
o
f

shareh
o
lders

Holding

a

total

of

150

£1

shares

Total num
b
e
r
o
f s
h
ares s
o
ld


Dividend

out

of

p
r
ofits



per

share

x


shares

shares




Return

of

capital

at



per

share

x



Tota
l

b
e
for
e

do
nati
o
ns



Donations

(opti
o
nal):

Y
ou
n
g

Enter
p
rise


Other



Tota
l

(
m
us
t

e
qual

to
tal

of

ass
e
ts)



5.

Completing En
d

o
f

Yea
r

Re
p
orts



5.1

A
ll
oc
at
i
n
g

Pr
o
fi
t



Fi
l
ling

i
n

the

End

o
f

Y
e
ar

A
c
counts

Input

Form

You

c
an

f
i
ll

in

s
o
m
e

of

t
h
e

en
t
ri
e
s

s
t
ra
i
g
ht

away

(hig
h
l
i
g
hte
d

b
e
lo
w

in

gree
n)

before

d
i
scussing

t
h
e

a
ll
o
cat
i
on

of

remaining

profit

w
i
th

your

fel
l
o
w

comp
a
n
y

membe
r
s.


This

part

of

the

form

sho
w
s

your

com
p
a
n
y’s

r
em
a
i
n
in
g

a
s
se
ts

a
ft
e
r

l
iq
u
id
ati
o
n




Assets











Total ass
e
ts


Bec
a
use

you

have

l
iquidated

your

comp
a
n
y

a
l
l

of

you
r

c
o
mp
any’
s

a
s
s
e
t
s

m
u
s
t

b
e

d
i
s
tr
i
b
ute
d
.

This

part

of

the

form

sho
w
s

how

your

com
p
any’s

re
m
aining

a
s
s
e
ts

wil
l

b
e

dist
r
ibuted
.



Distribut
i
on
























Total amo
u
nt of di
v
idend paid

o
u
t

to

s
h
areholde
r
s
o
n

top

of t
h
e amou
n
t they

i
n
v
e
sted

Total amo
u
nt of

c
a
pital

gi
v
en to

y
ou by

shareholde
r
s
tha
t

shoul
d

b
e

rep
a
i
d
i
f
y
o
u
ha
v
e
mad
e a
p
r
of
i
t

Total d
i
strib
u
tion

b
e
fore

don
a
tio
n
s



Total amo
u
nt don
a
ted to
Y
oung

Ent
e
r
p
rise

(o
p
tional)
Tota
l
amo
u
n
t
don
a
te
d
t
o
o
t
he
r

char
i
ti
e
s

/

organ
i
s
a
tions

Total
o
f all

distrib
u
t
i
ons


T
o

fi
ll

i
n

th
e

res
t

o
f

t
h
e

ta
b
le

you
r

c
o
mp
a
n
y

n
e
ed
s

t
o

ma
k
e

s
o
m
e

d
e
ci
sio
n
s

abo
u
t

h
o
w

m
u
c
h

o
f

yo
u
r

c
o
m
pany’s

re
m
aining

a
s
s
e
ts

you

w
i
ll

re
tu
r
n

t
o

s
h
a
r
eh
o
l
d
e
rs,

pay

your

comp
a
n
y

members

a
s

bonuses

and

donate

to

charity.


However

you

choose

to

d
i
stribute

your

r
e
m
a
i
n
in
g

a
s
s
e
t
s

y
ou

m
u
s
t

mak
e

sur
e

th
a
t

T
o
tal

As
s
e
ts

=

T
o
tal

o
f

a
l
l

d
i
stributi
o
ns


In
i
ti
a
ll
y

c
o
mp
a
n
y

m
em
b
e
rs

wi
ll

d
e
c
id
e

e
x
ac
t
l
y

h
ow

t
o

all
o
ca
te

you
r

comp
a
n
y’s

a
s
sets

at

a

boa
r
d

m
e
e
t
in
g

a
n
d

th
e

followin
g

tw
o

ex
a
m
p
le
s

ma
y

h
e
l
p

y
o
u

un
d
er
s
tan
d

ho
w

t
hi
s

c
a
n

b
e

d
o
n
e.

A
n

indepen
d
e
n
t

a
n
d

respo
n
si
b
l
e

person

(for

exam
p
l
e

an

A
d
vise
r
)

sh
o
ul
d

b
e

re
quested

to

ver
i
fy

the

accur
a
c
y

o
f

t
h
e

st
a
t
e
m
e
n
t,

a
n
d

si
g
n

t
h
e

a
u
ditor’
s

report

a
t

the

bottom

of

the

li
q
u
i
d
a
t
i
on

report.


Bear

in

mi
n
d

that

the

final

accounts

a
nd

dist
r
ibution

of

p
r
o
f
its

must

be

ap
p
r
oved

by

yo
u
r

shareh
o
l
d
er
s

a
t

the

AG
M

b
ef
o
r
e

th
e
y

ar
e

f
in
a
li
s
ed.

V1
.
1

17

© Yo
un
g

Ent
er
p
r
i
se

20
1
0

Financial

Management

Step
-
by
-
Step


Exam
p
l
e

1



The

c
o
mpany

h
as

ma
d
e

an

o
v
erall

profit

In

t
h
i
s

e
xa
m
p
le

t
h
e

c
o
m
pan
y
’s

t
o
t
a
l

as
s
e
t
s

w
e
re

£440

whi
c
h

must

be

d
i
s
t
r
i
bu
te
d
.

Af
te
r

the

f
i
nal

e
xp
e
n
s
e
s
,

Young

En
te
rpri
s
e

Taxa
ti
o
n

and

Y
oung

En
te
rp
r
i
se

c
on
t
r
i
b
u
t
i
ons

the
y

had

£330



r
em
a
i
n
in
g

t
o

d
i
st
ribut
e
.

(
£440



£60

-

£
1
0

-

£25

-

£15

=

£
330)


At

t
h
e

s
t
art

of

th
e

y
e
ar

the
y

had

ra
i
s
e
d

mon
e
y

from

150

sh
ar
e
s

at

£1

e
a
ch
,

a

t
o
t
a
l

of

£150

sh
a
r
e

cap
i
ta
l.


The

c
o
m
pany

d
e
c
i
des

t
o

di
s
tr
i
bute

the

rema
i
n
in
g

£330

i
n

th
e

f
o
ll
o
w
i
ng

w
ay:

Bonu
se
s

t
o

c
o
m
pany

m
e
m
ber
s
:

£100

Sha
r
eholders

Di
v
i
dend

out

o
f

profits:

£60

R
e
tu
rn

of Ca
p
i
tal

£150


Dona
t
ions

Young

E
n
terp
r
ise

£10

O
the
r

£10



You

c
an

s
ee

that

t
h
e
y

have

ch
os
e
n

t
o

pay

ba
c
k

th
e

shareho
l
d
e
r
s

t
h
ei
r

o
r
i
ginal

£150

in
v
es
t
m
ent

and

a
ls
o

t
o

pay

t
h
em

a

“d
i
v
i
dend”

(e
x
t
ra

pa
y
m
en
t
)

of

£60.


I
t

is

s
tan
d
a
r
d

prac
t
i
ce

in

b
u
s
in
e
s
s

t
o

pa
y

b
a
c
k

sha
r
eh
o
l
d
er
s

a

d
ivi
d
en
d

i
f

t
h
e

comp
an
y

ha
s

mad
e

a

sig
n
i
f
ica
n
t

pr
o
f
i
t

t
o

th
a
n
k

t
he
m

f
or

th
e
i
r

in
v
e
s
t
m
e
n
t

a
n
d

t
o

e
nc
o
ur
a
ge

t
h
em

t
o

co
nt
i
n
u
e

t
o

be

inv
e
sto
r
s

i
n

t
h
e

comp
a
ny
.

Us
ua
l
l
y

th
e

mor
e

profi
t

a

com
p
any

makes

th
e

h
i
gher

d
i
v
i
d
e
nd

i
t

i
s

a
b
l
e

t
o

pay

back

to

its

shareh
o
l
de
r
s
.


In

t
o
t
a
l

t
h
i
s

c
o
m
pany

has

s
o
ld

150

sh
a
r
e
s

whi
c
h

m
e
ans

that

e
ach

£1

share

has

a

4
0
p

d
i
v
i
dend

(
£60

d
i
v
i
d
e
d

by

150
)
.

Th
i
s

r
e
pre
s
en
t
s

a

40%

d
i
vid
e
nd

(
40p

is

4
0%

of

£1)



Distribut
i
on



£

Final

Expenses:

P
a
y
r
oll

Comp
an
y

Members

£60.00


Annual

Report


£10.00


Bank

Charges


£0.00


Creditors

£0.00


Y
ou
n
g

Enter
p
rise

Taxation:

Cor
p
oration

T
a
x

and

VAT

£25.00


Y
ou
n
g

Enter
p
rise

contributions


£15.00

Bonuses

to

compa
n
y

members


£100


Shareho
l
ders

Balance

Distributed

to

30

Shareholders

Holding

a

total

of

150

£1

shares

Dividend

out

of

p
r
ofits

£0.40

per

share

x

150

shares

shares

£60.00

Return

of

capital

at

£1

per

share

x

150

£150.00

Tota
l

b
e
for
e

do
nati
o
ns



Donations

(opti
o
nal):

Y
ou
n
g

Enter
p
rise

£10

Other

£10

Tota
l

(
m
us
t

e
qual

to
tal

o
f

ass
e
ts)




£440


The

t
otal

of

the

d
i
s
t
r
i
b
u
t
i
on

tab
l
e

=

£440

w
hi
ch

i
s

the

s
a
me

as

the

t
o
t
al

ass
e
t
s

£440

whi
c
h

m
eans

that

th
e

comp
a
n
y

h
as

c
a
lc
u
l
a
te
d

t
he
se

figu
r
e
s

c
o
rrec
t
ly

V1
.
1

18

© Yo
un
g

Ent
er
p
r
i
se

20
1
0

Financial

Management

Step
-
by
-
Step



Exam
p
l
e

2



The

c
o
mpany

h
as

ma
d
e

an

o
v
erall

loss


In

t
h
i
s

e
xa
m
p
le

t
h
e

c
o
m
pan
y
’s

t
o
t
a
l

as
s
e
t
s

w
e
re

£170

whi
c
h

must

be

d
i
s
t
r
i
bu
te
d
.


Af
te
r

the

f
i
nal

e
xp
e
n
s
e
s
,

Young

En
te
rpri
s
e

Taxa
ti
o
n

and

Y
oung

En
te
rp
r
i
se

c
on
t
r
i
b
u
t
i
ons

the
y

had

£120

r
em
a
i
n
in
g

t
o

d
i
st
ribut
e
.

(
£170



£10

-

£5

-

£35

=

£1
2
0)


At

t
h
e

s
t
art

of

th
e

y
e
ar

the
y

had

ra
i
s
e
d

mon
e
y

from

150

sh
ar
e
s

at

£1

e
a
ch
,

a

t
o
t
a
l

of

£150

sh
a
r
e

cap
i
ta
l.


Th
is

mea
n
s

t
h
e
y

d
o

n
o
t

ha
v
e

en
o
ug
h

m
o
n
e
y

t
o

p
a
y

back

the
i
r

shareho
l
ders

in

fu
l
l.

The

comp
an
y

decides

to

di
v
i
de

all

the

remaining

assets

amon
g
s
t

t
h
e

shar
e
hol
d
e
r
s

(leavin
g

n
o

mone
y

lef
t

f
or

bonu
s
e
s

o
r

d
o
na
t
ion
s

t
o

cha
r
it
y
)
.


The

c
o
m
pany

d
e
c
i
des

t
o

di
s
tr
i
bute

the

rema
i
n
in
g

£120

i
n

th
e

f
o
ll
o
w
i
ng

w
ay:

Bon
u
se
s

t
o

c
o
mpan
y

m
e
mb
er
s
:

£0

Sha
r
eholders

Di
v
i
dend

out

o
f

profits:

£0

R
e
tu
rn

of Ca
p
i
tal

£120


Dona
t
ions

Young

E
n
terp
r
ise

£0

O
the
r

£0



Yo
u

ca
n

s
e
e

t
ha
t

in

t
h
is

e
x
amp
le

t
h
e

c
o
mpan
y

h
a
s

b
ee
n

u
na
b
l
e

t
o

pa
y

bac
k

s
h
arehol
d
er
s

a
n
y

divi
d
en
d
.

I
n

f
a
c
t,

sha
r
eho
l
de
r
s

w
i
l
l

g
e
t

b
a
c
k

le
ss

t
ha
n

w
ha
t

the
y

inv
e
s
t
ed.


In

t
otal

t
h
i
s

c
o
m
pany

has

s
o
ld

150

sh
ar
e
s

whi
c
h

me
a
n
s

that

e
a
c
h

£1

share

wi
l
l

on
l
y

be

r
etu
rn
e
d

t
o

t
h
e

sh
areho
l
d
e
rs

as

80p

(
£120

d
i
v
i
d
e
d

by

150

=

80p
)
.



Distribut
i
on



£

Final

Expenses:

P
a
y
r
oll

Comp
an
y

Members

£0.00


Annual

Report


£10.00


Bank

Charges


£5.00


Creditors

£0.00


Y
ou
n
g

Enter
p
rise

Taxation:

Cor
p
oration

T
a
x

and

VAT

£35.00


Y
ou
n
g

Enter
p
rise

contributions


£0.00

Bonuses

to

compa
n
y

members



Shareho
l
ders

Balance

Distributed

to

30

Shareholders

Holding

a

total

of

150

£1

shares

Dividend

out

of

p
r
ofits

£0.00

per

share

x

150

shares

shares

£0.00

Return

of

capital

at

£0.80

per

share

x

150

£120.00

Tota
l

b
e
for
e

do
nati
o
ns



Donations

(opti
o
nal):

Y
ou
n
g

Enter
p
rise

£0

Other

£0

Tota
l

(
m
us
t

e
qual

to
tal

o
f

ass
e
ts)




£170


The

t
o
t
a
l

of

t
h
e

di
st
r
i
bu
ti
on

tab
l
e

=

£170

wh
i
ch

is

the

s
a
m
e

as

t
h
e

t
o
t
a
l

as
s
e
t
s

of

£170

wh
i
ch

m
e
ans

th
a
t

t
h
e

c
o
mp
a
n
y

ha
s

c
a
l
cu
l
a
t
e
d

t
h
e
se

figu
r
es

corre
ct
ly.

V1
.
1

19

© Yo
un
g

Ent
er
p
r
i
se

20
1
0

Financial

Management

Step
-
by
-
Step




5.2

A

n
o
te

ab
o
ut

B
o
nu
s
e
s

and

Do
nati
o
n
s

Yo
u

ca
n
,

o
f

c
o
urs
e,

wor
k

ou
t

sever
a
l

diffe
r
en
t

r
a
t
es

o
f

dividend

a
ll

of

which

will

g
i
v
e

d
i
fferent

tot
a
ls

ava
il
a
b
l
e

for

distribut
i
on

a
s

b
onuses

and

d
o
nat
i
ons.


Yo
u

s
houl
d

c
o
nsi
d
e
r

ho
w

t
o

calc
u
la
te

an
y

bonu
s

pay
a
b
le

t
o

s
t
ude
n
t
s.

I
t

mi
g
h
t

be

a
s

a

perce
n
tage

of

sa
l
ar
y
,

or

perhaps

on

the

bas
i
s

of

hours

worked,

or

meet
i
n
gs

atten
d
ed

etc.


A
l
th
o
u
gh

i
t

is

aga
i
nst

Y
o
u
ng

Ent
e
rpr
i
s
e

rul
e
s

for

y
o
u

to

tr
a
de

o
n

the

f
a
ct

that

y
o
u

i
nt
e
nd

t
o

d
o
nate

y
o
ur

pr
o
f
i
ts

to

c
h
ar
i
ty

y
o
u

can

d
e
c
i
de

to

d
o
nate

y
o
u
r

r
e
ma
i
n
i
ng

as
s
e
ts

to

c
h
ar
i
t
y

after

y
o
u

h
a
ve

liq
u
i
da
t
e
d

t
he

company.


Yo
u

sh
o
ul
d

b
e
a
r

i
n

m
in
d

th
a
t
t
h
e

mor
e

mo
n
e
y

yo
u

pa
y

y
o
urs
e
lv
es

a
s

b
o
nu
s
e
s

o
r

dona
te

t
o

cha
r
it
y
t
h
e

le
ss

m
o
ne
y

y
o
u

wi
ll

b
e

a
b
l
e

t
o

retu
r
n

t
o

s
h
areh
o
l
d
er
s

w
h
o

ar
e

th
e

pe
o
p
l
e

wh
o

fi
r
s
t

i
n
v
es
t
e
d

in

yo
ur

comp
a
ny
.

De
ci
sio
n
s

abo
u
t

h
ow

mu
ch

t
o

p
ay

i
n

b
o
n
u
ses

and

donatio
n
s

sho
u
ld

be

a
pproved

by

t
h
e

shareho
l
d
e
rs

a
t

your

AGM

b
e
f
ore

the

a
cc
o
unts

are

f
i
n
a
l
ise
d
.




5.3

S
tat
e
m
e
n
t

o
f

Taxati
o
n

L
i
abil
i
t
ie
s

Th
is

f
o
r
m

c
a
l
c
ul
a
te
s

t
h
e

t
o
t
a
l

ta
x

(Y
E

VA
T

an
d

c
o
rp
or
a
ti
o
n

ta
x
)

t
ha
t

y
o
u
r

c
o
mpan
y

o
w
e
s

t
o

Y
o
un
g

En
t
e
rpri
se
.

Th
e

t
o
t
a
l

i
s

s
h
o
w
n

i
n

t
h
e

“T
o
t
a
l

Ta
x

Pai
d

t
o

YE


b
ox.

Y
ou

w
i
l
l

n
ee
d

t
o

fi
l
l

in

yo
u
r

c
o
mpa
n
y

address

a
t

the

top

and

get

this

form

sig
n
ed

and

d
a
ted.

U
n
less

y
o
u

a
r
e

ad
v
i
sed

of

a
l
ternative

l
o
cal

arrange
m
e
n
t
s

fo
r

c
ol
le
ct
i
on

of

th
e

ta
x
e
s

s
en
d

t
h
e

f
o
r
m

wi
th

a

c
h
eq
u
e

t
o

c
ov
e
r

th
e

t
o
t
a
l

t
o

Y
o
u
n
g

Enterprise

Su
p
port

Ce
n
t
re

made

payable

to

Young

Enterp
r
i
se

(or

the

Young

Ent
e
rprise

Scot
l
and

office

for

Scot
l
a
nd

made

payable

to

Young

Enterp
r
i
se

S
c
ot
l
and).


YE

Corporation

Tax

is

a

tax

o
n

the

c
o
mpan
y
’s

profits

a
n
d

is

c
a
l
c
u
la
t
ed

a
t

t
h
e

r
a
t
e

of

10%

on

t
h
e

n
et

prof
i
t

of

t
h
e

co
m
pa
n
y
,

as

i
n
d
ic
a
te
d

i
n

t
h
e

f
in
al

P
rofit

&

L
o
s
s

A
cc
o
u
n
t.

Y
E

VAT

is

cal
c
u
la
te
d

a
s

t
h
e

Y
E

VA
T

co
l
l
e
c
t
e
d

o
n

sa
l
e
s

m
i
n
u
s

th
e

Y
E

V
AT

p
a
i
d

o
n

pur
c
ha
se
s.


Yo
u
r

YE

Corpora
ti
on

T
ax

a
n
d

YE

VAT

payme
nt
s

a
r
e

v
e
ry

i
m
por
t
a
n
t

t
o

Y
o
un
g

E
n
te
rp
r
i
se

as

part

of

th
eir

fund
s

t
o

pr
ovide

s
t
ude
n
t
s

n
e
xt

y
ea
r

w
i
t
h

th
e

ex
p
erie
n
c
e

yo
u

hav
e

(h
o
p
e
f
ully
)

enjo
y
ed
.

A
s

Yo
u
n
g

En
t
erpr
i
s
e

is

a

char
i
t
y

t
h
e
s
e

p
a
yme
n
t
s

a
r
e

a
n

e
s
se
n
t
ia
l

pa
r
t

o
f

i
ts

cha
r
i
t
a
b
l
e

i
nc
o
m
e.