NOV WAY CIC

Company limited by guarantee

Company Registration Number:
14556041 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2024

Period of accounts

Start date: 1 January 2024

End date: 31 December 2024

NOV WAY CIC

Contents of the Financial Statements

for the Period Ended 31 December 2024

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 2024

2024 2023


£

£
Turnover: 18,945 21,245
Cost of sales: ( 19,983 ) ( 6,810 )
Gross profit(or loss): (1,038) 14,435
Administrative expenses: ( 24,747 ) ( 17,895 )
Other operating income: 19,313 2,215
Operating profit(or loss): (6,472) (1,245)
Profit(or loss) before tax: (6,472) (1,245)
Profit(or loss) for the financial year: (6,472) (1,245)

NOV WAY CIC

Balance sheet

As at 31 December 2024

Notes 2024 2023


£

£
Current assets
Debtors:   0
Cash at bank and in hand: 408 7,957
Total current assets: 408 7,957
Creditors: amounts falling due within one year: 3 ( 8,125 ) ( 9,202 )
Net current assets (liabilities): (7,717) (1,245)
Total assets less current liabilities: (7,717) ( 1,245)
Total net assets (liabilities): (7,717) (1,245)
Members' funds
Profit and loss account: (7,717) ( 1,245)
Total members' funds: ( 7,717) (1,245)

The notes form part of these financial statements

NOV WAY CIC

Balance sheet statements

For the year ending 31 December 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 25 September 2025
and signed on behalf of the board by:

Name: Rifatara Mahmud
Status: Director

The notes form part of these financial statements

NOV WAY CIC

Notes to the Financial Statements

for the Period Ended 31 December 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

NOV WAY CIC

Notes to the Financial Statements

for the Period Ended 31 December 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 2 2

NOV WAY CIC

Notes to the Financial Statements

for the Period Ended 31 December 2024

3. Creditors: amounts falling due within one year note

2024 2023
£ £
Accruals and deferred income 1,078
Other creditors 8,125 8,124
Total 8,125 9,202

COMMUNITY INTEREST ANNUAL REPORT

NOV WAY CIC

Company Number: 14556041 (England and Wales)

Year Ending: 31 December 2024

Company activities and impact

NOV Way CIC works to strengthen the Brent community by improving physical and emotional wellbeing and reducing social isolation. Young people face incredible talent, creativity and energy but miss out on the opportunities they need plus cultural potential due to deep structural disadvantages including racism, sexism and financial inequality. We have made it our mission to empower the community so that it is sustainable, more inclusive and more engaged, improving local lives and making more people of (sic) 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 persons irrespective of ability and backgrounds, diverse coaches and an emphasis on creating inspiring activities co-designed for local needs throughout the year. We engage with local communities through our active social media channels, an established website, running participations such as Strava, and community solutions across the community engagement streams at Brent Council and community partners. We successfully run annual sports days and open family engagement days for diverse groups including our cycling club, The 100’s Legerdemain programme, sponsored and supported by sustainable physical and financial models and practices. Last year we connected our efforts to address continuing members to social fun activities with the support of our community collaborators Quintain Estates and London Marathon Events. NOV Way has successfully delivered free coaching and mentoring through 2023 which saw an annual increase in active participants as a CIC. Our membership has significantly increased from 412 in 2022 to 572 in 2023 with a growing weekly participation rate increasing from 20 to 35 during the same period. Most importantly, 95% of our community is under 30 years old. Our track record shows a significant focus on shaping the next leaders of tomorrow. Building on our successful model, we aim to continue to provide more opportunities for young people from diverse backgrounds and focus on making Brent the healthiest borough by increasing access to inspiring fitness needs and equipment. We aim to do this free of cost for members who are identified for better impact assessment training needs as identified. This has helped to increase diversity through 45% of our membership being ethnically and culturally diverse. NOV activities are strongly supported by females (35% of members), especially young females who account for over 75% of our membership. 90% of our members are from BAME communities whom we have coached to take running as a lifestyle, to improve the quality of their lives. We are committed to continue this change, especially as the local population is significantly under 30. Our NOV Community provides stability and accountability and life safety within which to explore and connect with their local spaces. This has created the opportunity to be linked into professional networks, higher education institutions. The local community has provided its greatest resources in the form 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 monitoring of all activities. We participate in a WhatsApp group to strengthen relationships with diverse community members and networks established around sport and recreation. This allows NOV Way to engage with diverse leaders of communities inclusively and successfully by incorporating impact feedback into our group. A dedicated team of 25 diverse community volunteers deliver activities such as coaches, peer mentors and marshals. NOV Way is managed by a representative 12-person Executive Board Committee which ensures members who meet monthly to decide and organise activities and implementation of activities based on community feedback. Our organisation holds a welcome call to better understand each member’s needs. Over 300 community members have therefore registered interest in our programme including participating in fitness activities, female engagement and development, nutrition and healthy lifestyle, and wellbeing. In addition, NOV Way members and volunteers have helped to improve fitness and health through campaigns run by Brent Council in schools, offices, sports hubs and community centres to bring innovative ideas and suggestions for fitness to the community at large. Additionally, we liaise with local community stakeholders including Brent’s Community Engagement Team, the Yellow (community hub) and London Marathon Events to improve 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
25 September 2025

And signed on behalf of the board by:
Name: Rifatara Mahmud
Status: Director