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This is one of a series of Accounting case studies where we explain how we helped business.
Today's edition of our accounting case studies is about NXG.
Who are they and what do they do (and how do you help them)?
NXG - The Next Generation, http://nxgconnect.co.uk/, is a brand that educates, empowers, employs and entertains. It is a company that provides training and IAG services for young people, aged 14 to 25 years. They mostly focus on hard to reach groups, enabling them to achieve their career aspirations. They offer a platform for creative talent to flourish. In addition to that, they produce cutting edge media productions.
As their agents and advisors, we provide them with advice on their internal accounting systems. Also we help them manage their funds amongst different projects. They receive income from government sources. So we ensure that VAT and taxability of the income are correct and recorded properly. More information can be found here.
What are the key challenges in their market?
Putting a proposal through is a tendering process and a complicated task. It requires the ability to write reports and forecast accurately. Another key challenge they face is the awareness of the program amongst youth and the public to take up their offering. Funds are received from external financial sources in arrears and so there is a heavy cash outlay in the beginning, and then a lot of compliance effort to certify that the criteria have been met for the providers.
Finding the right people who share the director Mr. Michael Kosmas’ same passion, ethos and patience for funding politics is difficult, people who understand that the company is also a business and needs to be commercial. It is more difficult to find people who could combine two factors, social passion, and business acumen.
What are they getting right?
The NXG is providing opportunities to develop skills and knowledge in real life setting and empowering young people to take steps towards a meaningful life career. They not only equip the ‘at risk’ generation workforce but also hopeful leaders with the necessary skills to maximise their potential and make full contributions to industries across the UK.
With all the funding required, NXG stands out from the rest of its competitors in performing social services. We not only helped with consulting with the directors on managing the business and individuals but also provides management information for their stakeholders.
What makes them different?
The underlying principle at the core of the business, being a force for good, and utilising their resources to help develop solutions to some of the social issues and challenges faced by young people today, makes them stand out from the rest of the 5000 companies registered under the CIC scheme.
NXG`s other very significant strength lies in the quality of its staff. The Youth Mentors are deservedly recognized as the best in the areas of delivery. They are deeply committed to supporting young learners with the most relevant opportunities to make a transformative impact on young lives in the communities where they work and believe that every person is of equal value.
They are wonderful motivators who consistently bring out the best out of these young learners and one another. Staff is dedicated to helping the business grow through the outreach work that they deliver.
Their mission to become an established brand for creative media and enterprise training whilst producing cutting edge media productions, not only provides skills to young talents, but also provide employment to individuals who could become media starts themselves.
NXG could be compared to the Duke of Edinburgh Award scheme or the National Citizenship Service set up by ex-prime minister David Cameron.
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NXG has plans to provide social housing to these same groups of ‘at risk’ or underinvested individuals. Also they offer retreats for groups to learn new skills outside of their normal urban settings.
NXG is aiming to provide bespoke support to a minimum of 418 young people aged 18-24 who are...
- migrants (from specific disadvantaged groups)
- care leavers
- teenage and/or lone parents and parents to be
- Work Programme leavers and NEETs
... to help them move into an education, training or employment destination.
NXG will extend their reach into new geographical areas, build on their provision across Pan London and, most importantly, transform more communities, enabling more young people to truly belong, contribute and thrive.
Having been active for several years, NXG aims to provide a more consistent and streamlined process for their cohorts and build on their success stories.
Some of their governmental providers receive funds from the EU. Therefore, they are keeping an eye out for market changes with regards to funding and regulatory requirements.
If these accounting case studies have left you wanting to find out more, get in touch.