Some Frequently Asked Questions about the Fiver Challenge
Who can take part in the Fiver Challenge?
Young people between the ages of 5 - 11 years can take part. The only requirement is that in order to participate, the young person will need their school or an adult to register to have access to the Challenge resources.
When will the Fiver Challenge run in 2019?
- In England and Wales the Challenge will run from Monday 3rd June - Friday 28th June
- In Scotland and Northern Ireland the Challenge will run from Monday 13th May - Friday 7th June
Can pupils take part on their own, or do they need to be part of a team?
Pupils taking part in the Challenge can either choose to work on their own, or work in a group.
For those pupils who want to take part as a group, we suggest that there should be no more than eight members in their group, otherwise there is a risk that some pupils may feel disengaged.
What is the difference between self-funding and requesting funding?
Schools have two choices when they register for the Fiver Challenge:
During the registration process you will be asked if you wish to self-fund or submit a request for funds:
- Self-funding - the school will provide their pupils with the fivers they need to use during the Challenge.
- Requesting funds - Young Enterprise has a limited amount of funding available, so schools can request to receive the fivers required for their pupils to take part in the Challenge. The person registering the school for the Challenge will need to download and complete a Fiver Payment Request Form, and then upload the completed form online. The request will then be assessed and the applicant will be notified as to whether the school will or will not receive funding from Young Enterprise.
How much funding can be applied for?
A minimum of £50 to a maximum of £250 funding is available per school.
Teachers decide on how these funds are shared amongst participants; they could offer each pupil £5, each pupil company £5, or each class £5.
How are requests for funding assessed?
Funds for the Fiver Challenge are limited, so requests are assessed on a first-come, first-served basis.
Can funds be "topped-up"?
Schools that are successful in applying for funding but require more than the maximum (£250 per organisation) that's offered, are welcome to self-fund the outstanding amount that is needed.
The same rules apply when returning the fivers; the school should receive back this funding within the month and your pupils keep and decide how to spend or donate their profits.
How are funds from Young Enterprise received?
Schools that are successful with their applications for funding, will receive the funds before the Challenge starts. A confirmation that the funds have been transferred to the school's account and are ready to be shared will be sent.
How long will participants have to make a profit with the money they are pledged?
Pupils have four weeks to make as much profit as possible during the Challenge.
How do pupils receive their Fivers?
The school is responsible for distributing the fivers that the pupils will need to take part in the Challenge. Funds must be distributed before the Challenge starts.
Will participants have to repay the Fivers?
If the pupils make a profit during the Challenge, they are asked to donate a 50p per £5 pledged, this is known as the Legacy Contribution. This donation is crucial to sustaining the Fiver Challenge Bank.
What if pupils cannot repay the Fivers?
If pupils cannot repay the fiver they have been pledged, then they should at least return £3. The school will be responsible for collecting the pledge and the legacy donation from the students on completion once they finish the Challenge. For further information please view the full Fiver Challenge Terms and Conditions.
What happens with the profits made from the Fivers?
It is up to the pupils to choose whether they would like to donate or spend their profits. Lots of teams chose to donate their profits (or at least a portion of their profits) to local and national charities or causes that are important to their community or school.
What support is available during the Challenge?
The Fiver Team are dedicated to supporting schools and students throughout the Challenge. If you need any help at any stage you can contact the team directly by emailing firstname.lastname@example.org or calling 07966 048074.
Are there resources available to help prepare for the Challenge?
There are lots of resources for teachers to use before and during the Challenge, including resources, details of competitions to help you plan and deliver the four weeks of Fiver.
These resources are available on the Challenge participation platform - once your registration has been confirmed , you will be sent a unique log-in and a link to this platform.
Full details of the Fiver Challenge can be found in the Terms and Conditions.