THE WOMEN'S WORK LAB C.I.C.

Company limited by guarantee

Company Registration Number:
11860694 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

THE WOMEN'S WORK LAB C.I.C.

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

THE WOMEN'S WORK LAB C.I.C.

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The company's principal activity during the year continued to be the provision of training and organised work placements for selected women in the local community.

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

Camilla Rigby
Rachel Mostyn
David Jones
Shoba Ram


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
19 June 2024

And signed on behalf of the board by:
Name: Camilla Rigby
Status: Director

THE WOMEN'S WORK LAB C.I.C.

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 265,830 288,168
Cost of sales: ( 196,090 ) ( 65,206 )
Gross profit(or loss): 69,740 222,962
Administrative expenses: ( 152,561 ) ( 129,841 )
Other operating income: 29,844 2,580
Operating profit(or loss): (52,977) 95,701
Interest payable and similar charges: ( 1,293 )
Profit(or loss) before tax: (54,270) 95,701
Tax: 10,455 ( 17,977 )
Profit(or loss) for the financial year: (43,815) 77,724

THE WOMEN'S WORK LAB C.I.C.

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 2,046 1,291
Total fixed assets: 2,046 1,291
Current assets
Debtors: 4 37,029 36,474
Cash at bank and in hand: 57,325 115,510
Total current assets: 94,354 151,984
Creditors: amounts falling due within one year: 5 ( 34,935 ) ( 47,995 )
Net current assets (liabilities): 59,419 103,989
Total assets less current liabilities: 61,465 105,280
Total net assets (liabilities): 61,465 105,280
Members' funds
Profit and loss account: 61,465 105,280
Total members' funds: 61,465 105,280

The notes form part of these financial statements

THE WOMEN'S WORK LAB C.I.C.

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 19 June 2024
and signed on behalf of the board by:

Name: Camilla Rigby
Status: Director

The notes form part of these financial statements

THE WOMEN'S WORK LAB C.I.C.

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Fixtures, fittings, tools and equipment over 4 years

    Other accounting policies

    Debtors Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. Creditors Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Taxation A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. Pensions Contributions to defined contribution plans are expensed in the period to which they relate.

THE WOMEN'S WORK LAB C.I.C.

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 10 7

THE WOMEN'S WORK LAB C.I.C.

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 1,472 1,472
Additions 1,415 1,415
Disposals
Revaluations
Transfers
At 31 December 2023 2,887 2,887
Depreciation
At 1 January 2023 181 181
Charge for year 660 660
On disposals
Other adjustments
At 31 December 2023 841 841
Net book value
At 31 December 2023 2,046 2,046
At 31 December 2022 1,291 1,291

THE WOMEN'S WORK LAB C.I.C.

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Debtors

2023 2022
£ £
Trade debtors 26,574 36,474
Other debtors 10,455
Total 37,029 36,474

Other debtors relates to corporation tax recoverable

THE WOMEN'S WORK LAB C.I.C.

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 2,438
Taxation and social security 5,605 18,050
Accruals and deferred income 25,000 25,000
Other creditors 1,892 4,945
Total 34,935 47,995

COMMUNITY INTEREST ANNUAL REPORT

THE WOMEN'S WORK LAB C.I.C.

Company Number: 11860694 (England and Wales)

Year Ending: 31 December 2023

Company activities and impact

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.

Consultation with stakeholders

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.

Directors' remuneration

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.

Transfer of assets

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