GOOD NUGGET ACADEMY CIC

Company limited by guarantee

Company Registration Number:
14008232 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

GOOD NUGGET ACADEMY CIC

Contents of the Financial Statements

for the Period Ended 31 March 2024

Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

GOOD NUGGET ACADEMY CIC

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Current assets
Debtors: 3 240
Cash at bank and in hand: 7,128 35
Total current assets: 7,368 35
Creditors: amounts falling due within one year: 4 ( 19,311 ) ( 13,016 )
Net current assets (liabilities): (11,943) (12,981)
Total assets less current liabilities: (11,943) ( 12,981)
Total net assets (liabilities): (11,943) (12,981)
Members' funds
Profit and loss account: (11,943) ( 12,981)
Total members' funds: ( 11,943) (12,981)

The notes form part of these financial statements

GOOD NUGGET ACADEMY CIC

Balance sheet statements

For the year ending 31 March 2024 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.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 12 September 2024
and signed on behalf of the board by:

Name: Leo Young
Status: Director

The notes form part of these financial statements

GOOD NUGGET ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 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

GOOD NUGGET ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 2 0

GOOD NUGGET ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Debtors

2024 2023
£ £
Trade debtors 240
Total 240

GOOD NUGGET ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 720
Taxation and social security 724
Accruals and deferred income 540
Other creditors 18,587 11,756
Total 19,311 13,016

COMMUNITY INTEREST ANNUAL REPORT

GOOD NUGGET ACADEMY CIC

Company Number: 14008232 (England and Wales)

Year Ending: 31 March 2024

Company activities and impact

Overview: Good Nugget Academy, launched in March 2022, provides employability skills in branding and marketing to young adults aged 18-25, focusing on people of colour and other underrepresented backgrounds. Key Initiatives and Community Impact: 12-Week Training Program - Trained 20 young adults with industry insights, practical tips, and entry-level opportunities. - Delivered through 6 in-person workshops, 12 online learning modules, dedicated mentors, networking events, and a showcase event. - Engaged 20 industry professionals and involved the cohorts' families and Good Nugget partners - Organised a showcase event GN Kickstart 2023 cohort family and friends, alum and industry partners hosted at the One Hundred Hotel Kickstart Work Experience - Facilitated 1 weeks paid work experience for 6 participants in the Kickstart programme School and community engagement - Conducted two workshops at ODA Bsix, reaching 100 students. - Hosted speakers for 150 school students. - Ran two Media Trust workshops, benefiting 60 participants. - Held two 4-hour workshops for Streets of Growth charity, aiding young entrepreneurs with branding and marketing insights - Collaborated with The Switch and B&B Studio to help 20 young adults improve employability skills and industry understanding Work Experience Opportunities - Provided content creation work experience for two Elam students and one mentee alum - One GN Kickstart 2023 mentee gained event coordination/planning work experience at the showcase event Talent Collective and Community Growth - Expanded our talent collective to 300+ members, a unique pool of diverse emerging talent seeking paid opportunities within the creative industry - Hired a content creator from the talent collective to launch our TikTok channel - Increased Instagram followers from 1,600 to 4,000, offering industry tips and career opportunities. - Grew newsletter subscribers from 500 to 1,200, sharing industry tips and career opportunities. Network Expansion - Expanded community partner network to engage more diverse young adults - Grew industry partnerships Overall Impact: Good Nugget Academy's projects provide platforms for young adults to share experiences, gain industry insights, and access creative careers, promoting equity and diversity in the industry.

Consultation with stakeholders

Stakeholders: Our stakeholders include young adults aged 18-30 from underrepresented backgrounds, particularly those facing additional barriers to employment, such as lower socio-economic and Black and ethnic minority backgrounds. We also engage with creative agencies and organisations with internal creative and marketing teams seeking to connect with, retain, and hire diverse talent. Consultation Process: To understand and address stakeholder needs, we conducted extensive qualitative and quantitative research for our 2023 impact report. This included: - Surveys at the beginning and end of programs - Case studies - Focus groups These methods assessed the impact on soft skills development, industry learning, and personal growth for both mentees and mentors. Our research identified key barriers young people face in accessing creative industry employment, such as lack of industry awareness and networks. We also consulted with industry partners to pinpoint skills and knowledge gaps for diverse entry-level talent. Response to Industry Needs: In response, we offer consultancy services to our partners, helping them develop strategies to engage, retain, and hire diverse talent. We also connect them with our unique pool of diverse talent, ensuring they find the right candidates to meet their needs. Impact Highlights: 1. Skill Improvements: - Mentees: - Persistence, patience, and resilience: +26% - Initiative, curiosity, and flexibility: +18% - Navigating new situations/relationships: +17% - Communication and listening skills: +17% - Learning/improving products/services: +15% - Mentors: - Reflecting/improving personal strengths: +36% - Belief in industry welcoming to young adults: +35% - Understanding barriers faced by diverse young adults: +27% - Helping young adults be competitive in the job market: +20% - Problem-solving and critical thinking skills: +20% 2. Individual Skill Improvements: - Mentees: - Persistence, patience, and resilience: 100% - Communication and listening skills: 86% - Self-belief & motivation: 72% - Collaboration & leadership: 72% - Negotiating and influencing: 72% - Mentors: - Improved belief the industry is welcoming to young adults: 86% - Achieving personal development goals: 72% - Improved resilience and mentoring abilities: 58% Mentee and Mentor Testimonials: "I wouldn’t be where I am now without the Good Nugget Kickstart Programme." -Nandi, Mentee "I feel lucky to be part of such a talented group and have developed a great friendship with my mentor." - Dee, Mentee "I feel more confident and secure in my career. I learned so much about pursuing my career goals." - Sol, Mentee "Being a mentor was insightful, understanding the challenges young people face in the industry." - Kate, Mentor "It's great to be part of the Good Nugget movement and help people break into the industry." - Hillary, Mentor "Every step towards a more diverse workforce is worth it. The industry needs it." - Boma, Mentor, Brand & Talent Manager, JDO Global "Mentoring has a double benefit; it feels good when my mentee does well." - Susie, Mentor, Echo Brand Design Actions Taken: In response to feedback, we are enhancing our Kickstart Programme to provide more training, employability skills, networking, work experience opportunities, and mentorship. The revised 18-week programme, launching in September 2024, will include a real-life client branding project and 14 in-person workshops to give young adults more hands-on experience. Summary: Good Nugget Academy remains committed to addressing the needs of its stakeholders by continuously improving our programs to help young adults from underrepresented backgrounds overcome barriers and succeed in the creative industry.

Directors' remuneration

Directors' salaries £3,200

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
12 September 2024

And signed on behalf of the board by:
Name: Leo Young
Status: Director