KEY WORKER COMMUNITY INTEREST COMPANY

Company limited by guarantee

Company Registration Number:
11795602 (England and Wales)

Unaudited statutory accounts for the year ended 31 January 2024

Period of accounts

Start date: 1 February 2023

End date: 31 January 2024

KEY WORKER COMMUNITY INTEREST COMPANY

Contents of the Financial Statements

for the Period Ended 31 January 2024

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

KEY WORKER COMMUNITY INTEREST COMPANY

Directors' report period ended 31 January 2024

The directors present their report with the financial statements of the company for the period ended 31 January 2024

Principal activities of the company

The principal activity of the company in the year under review was supporting local education providers with recruitment and retention.



Directors

The directors shown below have held office during the whole of the period from
1 February 2023 to 31 January 2024

Kate Dent
Joe Zielinski


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
15 October 2024

And signed on behalf of the board by:
Name: Kate Dent
Status: Director

KEY WORKER COMMUNITY INTEREST COMPANY

Profit And Loss Account

for the Period Ended 31 January 2024

2024 2023


£

£
Turnover: 95,488 73,276
Cost of sales: ( 91,166 ) ( 63,627 )
Gross profit(or loss): 4,322 9,649
Administrative expenses: ( 3,726 ) ( 8,085 )
Operating profit(or loss): 596 1,564
Interest payable and similar charges: ( 254 ) ( 257 )
Profit(or loss) before tax: 342 1,307
Tax: ( 65 ) ( 248 )
Profit(or loss) for the financial year: 277 1,059

KEY WORKER COMMUNITY INTEREST COMPANY

Balance sheet

As at 31 January 2024

Notes 2024 2023


£

£
Current assets
Debtors: 3 16,837 165
Cash at bank and in hand: 2,747 17,111
Total current assets: 19,584 17,276
Creditors: amounts falling due within one year: 4 ( 15,412 ) ( 13,381 )
Net current assets (liabilities): 4,172 3,895
Total assets less current liabilities: 4,172 3,895
Accruals and deferred income: ( 600 ) ( 600 )
Total net assets (liabilities): 3,572 3,295
Members' funds
Profit and loss account: 3,572 3,295
Total members' funds: 3,572 3,295

The notes form part of these financial statements

KEY WORKER COMMUNITY INTEREST COMPANY

Balance sheet statements

For the year ending 31 January 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.

This report was approved by the board of directors on 15 October 2024
and signed on behalf of the board by:

Name: Kate Dent
Status: Director

The notes form part of these financial statements

KEY WORKER COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 January 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

    Turnover policy

    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.

KEY WORKER COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

KEY WORKER COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 January 2024

3. Debtors

2024 2023
£ £
Trade debtors 16,837 165
Total 16,837 165

KEY WORKER COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 January 2024

4. Creditors: amounts falling due within one year note

2024 2023
£ £
Taxation and social security 2,412 381
Other creditors 13,000 13,000
Total 15,412 13,381

COMMUNITY INTEREST ANNUAL REPORT

KEY WORKER COMMUNITY INTEREST COMPANY

Company Number: 11795602 (England and Wales)

Year Ending: 31 January 2024

Company activities and impact

With the support and collaboration of partners, including several Trusts and the University of Northampton Childhood, Youth, and Families team, we have spent the 2023-24 period delivering much-needed recruitment and retention support to more than 300 Northamptonshire schools and further developing our central portal. Skilled in attracting teachers, leaders and other key workers to Northamptonshire, our core service has again been a location based teacher and leader recruitment service; providing measurable benefits back to the local education community via our cost-effective subscription model, which enables schools and Trusts to advertise unlimited vacancies throughout the year at low cost, and to track engagement with their vacancy listings. The subscription model is designed not only to be accessible to schools large and small, but also considerably more affordable than advertising packages offered by national media platforms. The objective is to enable schools to divert funds away from expensive recruitment packages towards sustainable retention initiatives, in the context of ever increasing cost pressures. This subscription model enables us to consistently support schools and Trusts to attract great teaching and leadership candidates to Northamptonshire and to that end, we have continued to support schools in our area to save hundreds of thousands of pounds spent on national recruitment websites and agencies, championing a localised approach that is tailored to the evolving needs of the Northamptonshire education community in the context of evolving Government policy. We have diligently supported both schools and candidates through the process, providing a same day response to email and telephone recruitment / vacancy enquiries, and seen consistently strong and pleasing results in all settings, with the most engagement and interest consistently in primary school settings, and school support and leadership recruitment in all settings. Our efforts to engage candidates from outside Northamptonshire continue. Our ‘Teach Midlands’ recruitment portal has also been further developed. Our ambition is to expand our service from a Northamptonshire specific model, to a Midlands-wide proposition, continuing to spread a single compelling vision of the benefits of teaching in Northampton-shire and expanding that message to encompass the Midlands also (both being more cost-effective locations in which to be based than many others in the UK). This is a compelling message given the ongoing cost of living crisis, which is well documented. During the period, the market was again challenging; the number of state school vacancies in England rose by 20 per cent to 2,800 in November 2023 (up from 2,300 in November 2022), and more than doubled during the three-year period from 2020 to 2023 (from 1,100 to 2,800). Temporarily filled posts also increased; from 2,100 to 3,700 over three years. Schools have – as a result – become increasingly reliant on supply teachers, and the agencies providing them, and we have spent some of our time during the period exploring the potential of a more cost-effective supply arrangement for the county. Schools have also continued to face rising costs, rising rapidly in recent years and by more than overall inflation. This reflects increases in staff pay and rising food and energy costs. The IFS estimate that schools’ costs will grow by 4% in 2024. Budgets are tight. Examples of the cost savings achieved for Northants schools via our network are as follows: - Average cost for membership of our collaborative network is £295; less than 10% of the average national spend on recruitment by schools and representing a considerable saving. Remarkably, some schools reportedly spend £80,000 pa on recruitment. - The estimated cost per candidate to Northamptonshire schools via our applicant tracking system is less than £50 (taking into consideration those that apply direct to schools as well as via the portal). In comparison, entry level advertisements in national media start at over £2,000 and many schools in the secondary sector pay £30,000 pa recruitment packages. This in the context of an estimated average of £10,000 per school being spent in England over the period on supply teaching fees alone. According to a DfE study, average supply teacher pay in secondary settings is £150 per day but schools pay £291. During this period of service, analysis and response to local resourcing challenges, we have continued to research the possibility of developing supply teaching partnerships that align with our ethos, and to explore the potential of initiating other new services. Our offer to schools has incorporated face to face recruitment fairs and more are confirmed for November 2024 for students who are studying Primary Education, Early Childhood Studies, Childhood & Youth and Education Studies, Psychology, Child Mental Health and Nursing. The University of Northampton hosts these recruitment fairs free of charge.

Consultation with stakeholders

Teach Northamptonshire is supported by a Non-Exec Advisory Group which has corresponded regularly by email during the period. Comprising school / MAT based headteachers and HR professionals, the group is generous with their time, helping us develop strategy for championing Northamptonshire as an exceptional place to develop a teaching and leadership career, with the focus firmly on recruitment and retention, and achieving savings for schools. As a wider ‘team’ we support over 300 schools via our Teach Northamptonshire network and we encourage them (the wider stakeholder network) to share feedback on the recruitment system and processes, as well as on potential new services and initiatives. For example, when considering new services that the Teach Northamptonshire team might offer in the future we take on board insights and learnings from teachers and HR executives who volunteer their time to review our draft proposals and provide recommendations re possible improvements that could be made.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
16 October 2024

And signed on behalf of the board by:
Name: Kate Dent
Status: Director