Financial Summary
Our total income for the year to 31 August 2024 was £509k, £64k above the original budget. This included income from schools of £409k, LA linked income of £84k, £11k STEM funding to support subject networks and £4k from Hounslow Promise for the Christmas present campaign. In addition to membership fees of £171k, income from schools comprised the following work streams: £150k Fair Access, £59k Primary Peer Challenge and £29k HEP training and CPD. LA income comprised £45k VRU grant, £25k Joint Practice Development and £14k income for administration of Specialist Home Engagement Leads (SHEL) relating to the prior year.
Costs of sale were £511k, comprising staff costs of £191k, partnership meeting costs of £24k and £296k that is directly attributable to specific income streams. This was an increase of £9k against the budget.
General overheads were £43k, £3k under budget due to savings and some unspent contingency.
The full-year position is a net deficit of £45k, against a budgeted deficit of £103k. Unspent balances of £96k are held as ring-fenced funds within the overall carry forward of £265k. These include VRU grant, Fair Access income, Training and CPD income and Primary to Secondary Transitions funding, which we plan to spend on relevant projects over the next year. Unrestricted reserves, after eliminating ring-fenced funds, are £169k, a surplus of £21k 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 the year ended 31 August 2024.
Note: These figures are based on those to be included in the full, audited accounts for the period ended 31 August 2024. The full Annual Report and Accounts will be made available via the HEP website once published.