Annual Review
2018
Celebrating 35 years of Wenta
A review of Wenta’s 2017/2018 financial year, with a particular focus on 2018.
Contents Chair’s Highlights Our impact and values The Hertfordshire Start-up Programme case studies Financial report A thank you to our Partners and Board
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Highlights from the Chair’s Annual Review and Directors’ Report
Wenta’s strong strategy & commitment to the cause continues to see us go from strength to strength, helping people to realise their business dreams
During the 2016-17 financial year, we simplified the business model and further increased the focus on client support. Moving into 2017-18 the successful service delivery and the financial performance of the Organisation became a strong indication of the benefits of this approach and its impact. Our client focused strategy has led to the delivery of in excess of 11,000 client contacts through various channels and touch points during the year. At the forefront of this success was our strategy to increase Wenta’s digital delivery. In fact, nearly 24% of our services are now delivered via Wenta’s online Live Chat service, either locally through Hertfordshire and the South East Midlands, or nationally across areas such as Kent and Manchester. This has meant that we now have an online presence that provides coverage for a population of 8 million people, all of which are able to access a wealth of free information, support and advice at the click of a button. Our services have continued to be partnership oriented, working with two Local Enterprise Partnerships, Stevenage Borough Council, Dacorum Borough council, as well as St Albans Enterprise Agency and Universities such as Hertfordshire, Northampton and Bedfordshire. This approach has enabled Wenta to be at the centre of the business support ecosystem, connecting with prestarts, start-ups and growing small businesses.
At the centre of all of this activity is our Wenta staff team and the inward investment in areas such as training, personal development, performance and reward, harnessing the passion and commitment, that enabled us to achieve a record year of service and financial outputs. This new approach plays a pivotal part in our ongoing strategy for delivering the multidisciplinary and agile workforce that is needed to respond to the needs of clients, now and in the future. Alongside the staff team, our Board Members show ongoing commitment to Wenta and are motivated to support the Senior Management in the delivery of the exciting and ambitious plans we have for Wenta clients in the future. As a Social Enterprise who deliver mostly free services, our ongoing challenge is to manage our assets to underpin the mission to provide free business support services. Our financial performance this year reflects a significant step change over the last seven years of service delivery. These very positive results reflect our approach to manage both income and expenditure prudently. This has enabled us to deliver even more services to a greater number of clients. More highlights from the report can be found throughout this 2018 Annual Review.
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Our impact in 2018
15,000+
70
£168,000
businesses in our incubation spaces
grants given out through our start-up programmes in the last 3 years
hours of business advice and support per annum
98%
satisfaction rate with our workshops
290
10,000+
total business starts
5,072
hours of workshops per annum delivered across Hertfordshire, Bedfordshire, Buckinghamshire and North London
live chats with our online Business Advisors each year with a total of 1,480 hours
274+
We support a range of businesses, we’ve helped start businesses in:
businesses supported across our 4 business centres
£145,000 of grants were given in 2018
Health and beauty, food and drink, educational, fashion, arts and crafts, fitness, care, cleaning, marketing, pet services, child care, gardening, IT support, furniture, graphic design, travel and many more...
11,000+
clients per annum across all our services
We support clients in Aylesbury Vale, Bedford, Broxbourne, Central
Beds, Cherwell, Dacorum, East Herts, Enfield, Hatfield and Welwyn, Hertsmere, Luton, Milton Keynes, North Herts, St Albans, Stevenage, South Northants, Three Rivers and Watford. We also provide business advice support in Brighthouse, Elland, Halifax,
8million users can reach us through our online advice service 2018 4 Wenta Annual Review
Sowerby Bridge, Hebden Bridge, Todmorden, Ashford, Canterbury, Dartford, Dover, Gravesend, Maidstone, Chatham, Sevenoaks, Folkstone, Sittingbourne, Margate, Kings Hill, Royal Tunbridge Wells, Manchester, all London Boroughs and nationally via ‘Ask If’.
Teevan Consulting independent review of the Hertfordshire Start-up Programme
719*
the number of jobs created by HSUP over the programme duration
£38.8million**
value output per job over the programme duration
£24.7m*
reported turnover of companies involved in HSUP over the programme duration
‘‘The breadth and variety of support was a major positive factor’’*
472*
business starts through HSUP over the programme duration
‘‘A strength of the project is that it addresses a clear market failure, there was no holistic start-up support in the county prior to HSUP’’*
Our Values - Underpinning our impact We’re supporting your dreams • Every day we enable someone to realise their business dreams • We share your dreams by collaborating, listening and responding with the best business advice possible
We’re passionate, energetic and committed. • Always driven to go the extra mile for clients and each other • We have fun celebrating clients and our successes
We’re ambitious • To maximise opportunities to help grow your business • To challenge ourselves to learn, to innovate and to adapt; realising even more dreams. HSUP refers to the Hertfordshire Start-up Programme *HSUP data comes from independent review by Teevan Consulting Network ** Data from the ONS Productivity Measurement
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Hertfordshire Start-up Programme (HSUP) client case studies
I had worked in the same industry for another business that was bought out and moved up north. I wanted to have more control over the work that was taken on and I had always wanted to work for myself. A group of 5 partners all felt the same and we pooled our money to start the business.
Goldfish Consulting One of the companies HSUP was successful for was Goldfish Consulting Ltd and its founder Jacqueline Gear, she had this to say about the programme:
My motivation was to make a difference for children in care, without the constraints of the bureaucracy which exists when working for local government. I had been a senior manager in this field for the local authority for 5 years prior to taking the plunge. I also wanted to help providers to set up and grow their businesses, understanding the financial pressures on both sides. The one-to-one support I received from Wenta has been invaluable. It provided a balance of a robust sound board plus practical advice/information and guidance. It also gave me the confidence to work alone and not jump into a partnership arrangement. “I had an excellent service from Alex Shoobert (Wenta Business Advisor), and I am very grateful for the advice and guidance that she has given me.
When Jacqueline first came to Wenta she was worried about the uncertainty of getting work and not being paid. By talking to Wenta Advisors through the Hertfordshire Start Up programme, (HSUP) she was able to discuss and find answers to these problems.
The Next Stage Another company HSUP has helped is The Next Stage and its founder Oliver Laight, he had this to say about the programme:
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I heard about Wenta through a friend. The courses sounded like they would be helpful and as they are free it was a bonus. The website was easy to navigate and the number of courses that are run made it easy to find one at a time that suited me. The training courses were great and meeting with a Business Advisor was also helpful. The information and advice received helped answer a lot of questions that we had about the start-up process and made it less daunting. The courses were a great opportunity to meet lots of people that were in varying stages of setting up their business’, helping us feel that ‘if all of these people are setting up their business’ then so can we.
When Oliver first came to Wenta he found that the hardest part of setting up a business was turning down clients due to the fact the company wasn’t, at the time, capable of doing the work. However, he has found working for himself extremely satisfying and rewarding and his work life balance has actually improved.
Financial report 12 Months to 12 Months to 12 Months to 12 Months to 31/07/2015 31/07/2016 31/07/2017 31/07/2018 Turnover
£3,465,008
£3,020,227
£3,144,337
£3,535,190
Administrative expenses
(£3,317,813)
(£2,815,328)
(£2,982,444)
(£2,645,236)
(£117,653)
(£83,839)
(£78,442)
(£89,107)
£29,542
£121,060
£83,451
£800,847
Asset revaluation
£1,206,101
0
Surplus after revaluation
£1,289,552
£800,847
Interest/Other charges Surplus on ordinary activities
Total assets less liabilities Long term liabilities Total net assets
£7,781,813
£7,687,601
£9.570,512
£10,123,088
(£3,617,505)
(£3,402,232)
(£4,250,029)
(£4,001,758)
£4,134,766
£4,285,369
£5,320,483
£6,121,330
Scan here or visit: www.wenta.co.uk/thenandnow
Then and now Wenta in 2018 & 2019 Enfield Centre Manager Cathy Gilbert talking with a client.
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Thank you to our Partners
We would also like to thank... ACAS Business BUZZ Cobweb Information Companies House Earthware Grant Thornton Hertfordshire Chamber of Commerce
HM Revenue & Customs Journolink Mills & Reeve LLP Myers Clark Chartered Accountants Nockolds Solicitors SA Law Santander
Scott & York Small Business Saturday Start-Up Loans Company The Princes Trust The Univeristy of Hertfordshire Turnbull Associates Velocity Growth Hub
And to our Board, thank you for all your hardwork throughout the year... Simon Arbon Tony Bond Zoe Hancock Paul Layte
Contact Us The Wenta Business Centre Colne Way, Watford, WD24 7ND marketing@wenta.co.uk 01438 310020 www.wenta.co.uk
Helen Webb Samantha Chaney Peter Oxley Graham Lane
Julie Gingell Richard Phillips Paul Heerey