Every penny has a purpose
Coventry and Warwickshire Mind is a financially strong organisation, but the increase in salary costs to reflect the rise in the cost of living, without a corresponding rise in contract values, is starting to impact the accounts. The year has seen a reduction in reserves due to the several challenges and considerations. Many contract values remained static, and those that did increase were not significantly higher. Some of the deficits incurred this year are due to income being allocated to the previous year, meaning these deficits were planned and expected.
Our gender pay gap is 3.7%, which means that for every £1 earned by a man, a woman earns 99.8p. This is an increase of 10% since 2022–2023.
The increase in the minimum wage ensured that all employees earned at least £20,000 FTE. This resulted in a significant salary increase for some staff of 5.5%.
Looking forward
Plans for the new build at St Clair Gardens changed from an extension of the current building to a standalone site. Some costs have been reallocated to association, resulting in a deficit. Work on construction has begun as of July 2024, and the build is estimated to be completed by the end of 2025.