Heads of Educational Development Group Treasurer’s Annual Report 2021
Overview
The annual summary and HEDG statement of accounts are provided below. The overall position is favourable, with a modest increase in income, a yearend surplus versus the previous year’s deficit and a healthy reserve balance.
ACU administration and website hosting comprised the bulk of HEDG 2021 expenditure, and these were subject to the usual annual inflationary increase required to cover costs. Considering the issues experienced in continuity of support during 2021, for 2022 ACU has agreed to hold these costs at the same level.
With respect to meetings and conferences, during the past year we reviewed venue booking commitments held and carried forward due to COVID. Decisions on these bookings were made based on the lowest risk option available - no cost cancellation or flexible roll forward options This has minimised the risk of incurring costs for unused venues ahead of returning to face-to-face events.
Member subscriptions are the largest source of HEDG income. As in previous years, in 2021 we needed to chase overdue membership payments and at the year-end had several debtors. Given this has been a regular pattern through recent years, we have looked at subscriptions over the past year and noted the following:
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In the case of overdue payment there can be delays in processing the invoice which are not always visible to the HEDG member; these tend to get rectified once a reminder goes out.
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In the case of debtors this usually relates to individual members moving on before the subscription has been paid. As HEDG is an individual rather than institutional based membership, during the gap between departing and a new appointment being made it can be difficult to find the right person to contact. In addition, there is not always an obvious deputy or interim to engage with HEDG.
To help minimise debtors, we are working with ACU to send out first reminders more promptly and to review outstanding subscriptions earlier in the year. In addition, consistent membership administrative support should help in this regard, for example, identifying when somebody is moving on
with a HEDG membership payment outstanding and potentially making earlier contact with any interim, deputy or incoming contact.
The executive has also identified and progressed activities to raise the profile of HEDG, and to help ensure a wide range of HE providers know about us and the ways their lead for educational development might benefit from the network. This could have a positive impact on membership numbers and in turn help sustain a favourable financial position.
HEDG 2021 Accounts Summary
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2021 2020 Variance
Income £ £
Subscriptions 13,753 13,715 38
Conferences 2,146 2,025 121
Interest 1 12 (11)
Total Income 15,899 15,752 147
Expenditure
Conferences 0 1,287 1,287
Administration 14,544 14,258 (285)
Website 756 540 (216)
Other 35 70 35
Total
15,335 16,155 821
expenditure
Surplus /
565 (403) 968
(Deficit)
Grants made 0 0 0
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Summary of performance
In 2021, HEDG reported a surplus of £565 compared to a £403 deficit in 2020. Income was £15.9k with membership and conference income up on prior year performance. Expenditure was £15.3k, which is £821 lower than prior year.
Financial highlights are:
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Regular meetings and conference held online with £2,146 income and without the usual venue costs. Note Spring and Summer income have not been disaggregated. Compared to 2020, Conferences has contributed an extra £1,408 net income
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Administration cost £14,544. This is an increase of £285 based on a 2% increase in the contract price in 2020.
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Website domain and hosting cost £540 has not changed from last year. However, in 2021 £216 was paid for annual Wildcard SSL Certificate Management.
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Other cost £35 covered the Summer Conference social online art class.
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There were no grants in 2020 or 2021
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At the year-end membership debt is £1,138. As at 16 February 2022 debt is £963. We have sent one final debt chasing letter to members reminding them to pay their 2021 fees.
HEDG ended the year with £8,938k in reserves.
Louise Woodcock, HEDG Treasurer, March 2022
Heads of Educational Development Group Incomo & Expendllure Account 2021 2020 2019 2018 Incom• Subs¢riFrtw)ro 13,753 13.715 152 14.68S ASAP lonff event in Y)181 Spring Meebryj Summ8r M88ling Aulumn tI[Vd 1100 2.535 4,595 2.400 2.OXI 3,1 1.770 696 2,146 8.99) 11,630 Intsr851 12 17 13 T<>t•l Incom• 15,899 15,752 22,247 26,328 EXP•ndur• ASAPW (one-off evenl In 20181 Spring m00b.ng Summer M8611 AubJmn Mo•b'rvd 1,928 1,810 1895 2.733 1,449 1,370 11621 1.287 6,639 10,366 Admln fae 14.544 14,258 13.843 13,440 we10 MeelingB Gr8nts long-off kY8nl In 20181 Photwyi Po$l8ge Sundry expens0• Bad debts Bank charg88 756 74 7,000 35 68 217 1,830 527 224 T4*l •xp•ndltur• 15.335 16.155 23.on 32.17 SurF4uB I IOeficKI 11,42S1 Balance tOught foTh¥¥d 8,373 10.201 16,7S2 Nèt balan¢0 low Funds H•ld 8.938 ,373 8.373 6,770 10,201 10,201 d8btor8 kyepayments I surKlry debto cr8drtor8 1,138 1.850 141 &355 10,201 7H11 8,938 N•t A&ts ,373 D•lgnat•d fund-•ran R•8•rv•s To¢al funds 8.373 8.373 10,201 10.201 HE 202112 lo 31 Decerrthr 2021