Financial Summary
Our total income for 2022/23 was £571k, £55k above the original budget. This included income from schools of £432k, LA linked income of £131k, £4k from STEM learning to support subject networks and £4k from Hounslow Promise for the Christmas present campaign. In addition to membership fees and School Improvement Grant totalling £230k, income from schools comprised the following work streams: £100k Fair Access, £59k Primary Peer Challenge, £39k John Yates training and £3k HEP training and CPD. LA income comprised £74k income for Specialist Home Engagement Leads (SHEL), £45k VRU grant, £10k for catch up funding project management, £1k for the Get Hounslow Reading Conference and £1k for Ofsted training.
Costs of sale were £526k, comprising staff costs of £181k, partnership meeting costs of £26k and £319k that is directly attributable to specific income streams. This was a saving of £28k against the budget.
General overheads were £46k, £9k below the budget due to savings and some unspent contingency.
The full-year position is a net deficit of £2k, against a budgeted deficit of £94k. Unspent balances of £111k are held as ring-fenced funds within the overall carry forward of £311k. These include VRU grant, Primary to Secondary Transitions funding, SHEL funding, Domestic Abuse Project funding, Peer Challenge income, Fair Access income and Subject Network funds, which we plan to spend on relevant projects over the next 1-3 years. Unrestricted reserves, after eliminating ring-fenced funds, are £200k, a surplus of £4k against the budget.
The majority of HEP income streams are exempt from corporation tax and we do not expect to incur a tax liability for 2022/23.
Note: These figures are based on those to be included in the full, audited accounts for the period ended 31 August 2023. The full Annual Report and Accounts will be made available via the HEP website once published.
For previous years' Annual Reports click here
For previous years' audited financial reports please go to the HEP Company Information section in the Members Area of the website.