Financial Performance
In 2020/21 we are pleased to report a profit, continuing the trend started last year after a period of consecutive losses.
This has allowed us to reward, recognise and incentivise our people, paying £344,865 in bonuses to our colleagues as co-owners of our social enterprise. We plan to do more of the same in coming years, alongside a focus on training and developing our people to be the best they can be; we believe if we invest in our people they will provide the best care for our customers.
Our turnover fell slightly from £19.3m to £17.9m. This was down to contracts we had strategically exited coming to an end so we could focus on provision in our four key areas: Tyneside, Leeds, Manchester and Liverpool. In the meantime, Commissioners took the decision to extend contracts rather than attempt to conduct competitive tendering activities during a global pandemic, so our provision remained fairly static.
"We remain committed to transparency and will continue to work with our Commissioners, Colleagues, Customers and Communities to share our data and information in an open and honest way."
Where our money has come from
Year ended 31 March 2021 £ | 1 January 2019 to 31 March 2020 £ | |
|---|---|---|
Turnover | 17,883,434 | 19,332,549 |
Cost of sales | (13,147,308) | (13,744,867) |
Gross profit | 4,736,126 | 5,587,682 |
Administrative expenses | (4,915,074) | (5,107,560) |
Other operating income | 898,761 | 1,673 |
Operating profit | 719,813 | 481,795 |
Other interest receivable and similar income | – | 1,106 |
Interest payable and similar exspenses | (47,966) | (83,894) |
Profit before tax | 671,847 | 399,007 |
Taxation | (128,805) | (18,953) |
Profit for the financial year | 543,042 | 380,054 |
Profit/(loss) attributable to:
Owners of the company | 543,042 | 380,054 |
The group has no recognised gains or losses for the year other than the results above.
"Over half our income is generated from contracts in Tyneside while the other half is split between Leeds, Manchester and Liverpool."
What we have spent our money on
The vast majority of our income (88%) is spent on paying our people. This remains static from last year as a percentage of our overall spend.