NOV WAY CIC

Company limited by guarantee

Company Registration Number:
14556041 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 23 December 2022

End date: 31 December 2023

NOV WAY CIC

Contents of the Financial Statements

for the Period Ended 31 December 2023

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

NOV WAY CIC

Profit And Loss Account

for the Period Ended 31 December 2023

2023


£
Turnover: 21,245
Cost of sales: ( 6,810 )
Gross profit(or loss): 14,435
Administrative expenses: ( 17,895 )
Other operating income: 2,215
Operating profit(or loss): (1,245)
Profit(or loss) before tax: (1,245)
Profit(or loss) for the financial year: (1,245)

NOV WAY CIC

Balance sheet

As at 31 December 2023

Notes 2023


£
Current assets
Cash at bank and in hand: 7,957
Total current assets: 7,957
Creditors: amounts falling due within one year: 3 ( 9,202 )
Net current assets (liabilities): (1,245)
Total assets less current liabilities: (1,245)
Total net assets (liabilities): (1,245)
Members' funds
Profit and loss account: (1,245)
Total members' funds: ( 1,245)

The notes form part of these financial statements

NOV WAY CIC

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 22 October 2024
and signed on behalf of the board by:

Name: Leon Anthony Parkes
Status: Director

The notes form part of these financial statements

NOV WAY CIC

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

NOV WAY CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023
    Average number of employees during the period 2

NOV WAY CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Creditors: amounts falling due within one year note

2023
£
Accruals and deferred income 1,078
Other creditors 8,124
Total 9,202

COMMUNITY INTEREST ANNUAL REPORT

NOV WAY CIC

Company Number: 14556041 (England and Wales)

Year Ending: 31 December 2023

Company activities and impact

In the space provided below, please insert a general account of the company’s activities in the financial year to which the report relates, including a description of how they have benefited the community. NOV Way CIC works to strengthen the Brent community by improving physical and emotional wellbeing and reducing social isolation. Young people have incredible talent, creativity and energy but miss out on the opportunities they need to unleash that potential due to deep structural disadvantages - including racism, sexism and financial inequality. We harness the power of our community to change this in a sustainable way. We deliver free and engaging twice weekly running clubs for young people (18+) in a community setting that provides support, accountability and mentoring, to improve their mental and physical wellbeing . Our NOV Community makes a difference by creating a representative and inclusive environment for runners irrespective of ability and backgrounds, diverse coaches and an emphasis on social running activities celebrating personal bests throughout the club. We engage with local communities through our active social media channels, an established website, running applications such as Strava, and community stakeholders such as the community engagement teams at Brent Council and community centres. We curated an annual pan-London community engagement festival for diverse and underprivileged communities (“Run the Ends”) to deepen community engagement, support and accountability for sustainable physical and emotional habits. Last year we connected over 160 diverse community members to social run networks with the support of our community collaborators Quintain Estates and London Marathon Events. NOV Way has successfully delivered free coaching and mentoring through weekly running activities for over three years (14 months as a CIC). Our membership has significantly increased from 47 in 2022 to over 350 in 2023 with an average weekly participation rate increasing from 20 to 35 during the same period. Most importantly, 99.9% of our membership is from the BAME community which is substantially higher than the national average. This growth has stretched our volunteer-based delivery model and requires support and resources to continue delivering activities. This grant will facilitate this expansion, covering the costs for qualified coaches, training needs and equipment. It will also allow us to refine our monitoring and evaluation frameworks for better impact assessment Brent is London’s 2nd most diverse borough with 65% of the population being ethnically and culturally diverse. NOV activities have significantly impacted the lives of 350 of them, especially young females who account for over 75% of our membership. 99.9% of our members are from BAME communities whom we have coached to take up running as a lifestyle to improve the quality of their lives. We are committed to continue this change, especially as the local population is set to grow by 16,500 in the next 5 years. Our NOV community provides stability and accountability and the safety within which to explore and connect with their local spaces. This has expanded their opportunities to meet like minded professionals, improve their self esteem and aspirations. The local community benefits from an engaged and active pool of mentors, role models and volunteers to invest time and resources in Brent.

Consultation with stakeholders

Community is embedded into the design, development, delivery and management of NOV. Our inception via a WhatsApp group during COVID-19 became the launchpad for inclusivity and accessibility for underrepresented and socially isolated communities. To mitigate the social and physical exclusion post lockdown, our members orchestrated informal group runs before deciding to formalise the running group They started consulting the wider Brent community to measure interest through a weekly pop-up stand resulting in a further 50 new joiners to the weekly runs. The NOV Community has since thrived to over 350 members. Our registration includes a welcome call to better understand each member’s needs. Over 300 community members have therefore been consulted and regularly provide feedback during weekly activities (average attendance of 35 runners). Regular online polls across the NOV Community are conducted (response rate of 25%) to obtain feedback, learning and suggestions for future running activities. Additionally, we liaise with local community stakeholders including Brent’s Community Engagement team, The Yellow (community hub) and Quintain Ltd (housing management company) for corporate feedback. A dedicated team of 25 diverse community volunteers help deliver activities such as coaches, pace setters and marshals. NOV Way is managed by a representative 12-person steering committee of community members who meet monthly to decide and organise implementation and delivery of activities based on community feedback.

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
22 October 2024

And signed on behalf of the board by:
Name: Leon Anthony Parkes
Status: Director