A national charity providing financial education to students across Scotland has slashed its workforce by more than half following an "unsettling and upsetting time" for the organisation.
Chief executive Emma Soanes said Young Enterprise Scotland will continue to deliver enterprise and financial education programmes with a significantly reduced team of "no more than a dozen people" following confirmation that 17 members of staff have been made redundant. It comes after the decades-old charity failed to secure continuing core funding from the Scottish Government.
YE Scotland says it was informed in July of this year that its previous grant process was ending with immediate effect to be replaced by a competitive tender that opened in August. The new fund awarded seven organisations with a share of £829,346, with YE Scotland being unsuccessful.
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Deputy First Minister Kate Forbes subsequently announced an emergency grant of £285,000 to cover what YE Scotland had already spent to prepare for programmes in the current academic year. Thereafter, it would be YE Scotland's responsibility to "ensure the organisation's on-going viability".
YE Scotland received £486,000 in Scottish Government grants during the year to March 2024.
Ms Soanes said the emergency grant prevented a complete closure of YE Scotland, and expressed her gratitude that this "worst case scenario" was avoided.
"Sadly however, this will provide little consolation to the 17 valued members of our team who have lost their jobs just weeks before Christmas," she said.
“Losing our major income source has been an enormously unsettling and upsetting time for everyone involved, and while we try to remain positive there is no doubt there will be challenging times ahead as we refocus and prioritise what programmes we deliver within schools and colleges on such a reduced staff model.”
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The charity's financial education spans primary schools, secondary schools and colleges, and includes the SCQF Level 6 Higher qualification in entrepreneurship.
YE Scotland supported more than 18,000 students through its enterprise programme last year, including its flagship Company Programme which is credited by many as having set them on the path to a successful business career. More than 1,000 students gained the Level 6 qualification during the past three years.
“We will definitely be engaging our own entrepreneurial mindsets in the coming weeks and months as we reposition ourselves within the education ecosystem and continue with our commitment to deliver financial and enterprise education from primary one and early years, right through to S6," Ms Soanes added.
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