for the Period Ended 31 December 2023
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes | |
Community Interest Report |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 December 2023
Principal activities of the company
Additional information
Grant funding The Women's Work Lab categorises its income from the Adult Education Budget under restricted grants as this is the terminology used in our contracts. We very much consider this to be traded income based on the clear targets we deliver against and the service delivery model. For the 2023 financial year, this accounted for £186,507. Review of year Following on from a year of exponential growth in 2022 the Directors of the Women's Work Lab made the decision to slow things down in 2023 and prepare themselves for future growth. We did this in a number of ways: increasing hours where needed, promoting people where appropriate and most importantly, recruiting some wonderful people into crucial roles. The team grew from 7 to 12 over the year with two new graduates from the WWL programmes joining the two already in roles. There was a slight dip in revenue as we pursued fewer statutory funding contracts, alongside a decision to use reserves to fund a programme in North Somerset to maintain momentum. With projections for 2024 looking exceptionally healthy (and profitable) the Directors are comfortable that it was the correct decision.
Directors
The directors shown below have held office during the whole of the period from
1 January 2023
to
31 December 2023
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
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Tangible assets: | 3 |
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Debtors: | 4 |
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Creditors: amounts falling due within one year: | 5 |
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The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2023
Basis of measurement and preparation
Turnover policy
Tangible fixed assets depreciation policy
Other accounting policies
for the Period Ended 31 December 2023
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for the Period Ended 31 December 2023
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for the Period Ended 31 December 2023
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We help Mums transform their lives by rebuilding confidence and helping them on their journey to find work that works for them and their families. Our 12 month programmes combine bespoke classroom training with a work placement, 121 career coaching and mentoring. We exist to facilitate our Mums to become the best versions of themselves, whatever that looks like. Ambition is unique to an individual and we always aim to help someone identify it and then take the necessary steps to achieve it. In 2023 we supported 120 Mums via 8 core programmes. We launched in to two new areas too within Somerset too: Bridgwater & Taunton. We are proud that 61% of participants are in work within six months of graduating from the HIVE programme. This figure has remained steady from 2022, despite 25% more Mums completing the programme.
We continuously ask our primary stakeholders (our Mums and our team) how we’re doing and what we can do to improve. Throughout their time with us our Mums are asked to feedback with weekly check-ins, which is then supplemented with fuller check ins at 3 & 6 months post-graduation. Their feedback led to us hiring our first Talent Manager in April 2022 – we heard that Mums needed more on-going career support once they graduated, so this role (and team) is there just for that. We then hired another Talent Coordinator in 2023 to continue to support the growing number of Mums graduating, whilst looking at the additional resources they required. In 2022 our team was stretched, which led to the decision to slow down our growth ambitions in 2023, and focus instead on consolidation and growing the team to properly reflect the resources required to fulfil our contracts. In 2023 we recruited 4 new team members - two who are graduates of the WWL. As we grow we have made a commitment to continue creating opportunities for Mums who are graduates of the WWL to work in the organisation. Their lived experience is critical in setting our strategic vision and it’s also imperative that we can speak with authenticity to other employers about the benefits of recruiting WWL Mums. The WWL speaks regularly with its employer partners at set times over programme, to understand the challenges they face and how we can best support them. This led to the UK’s first ever returnship for Mums in receipt of benefits, that we co-created with FTSE100 company Hargreaves Lansdown to help them meet their hiring and social value requirements. The WWL Board meets every 3 months to review the organisation’s activities. In addition to this, quarterly management accounts are also generated and reviewed.
The Directors’ salaries came to £68,596 for the year. There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director’s loss of office, which require to be disclosed.
No transfer of assets other than for full consideration
This report was approved by the board of directors on
11 September 2024
And signed on behalf of the board by:
Name: Camilla Rigby
Status: Director