Weʼre raising £1,700,000 to Clear a legacy debt that we have been reducing each year. We now want to clear the debt completely, putting our students’ first.
- Salford, Greater Manchester, United Kingdom
- Schools and education
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In 2009 Harrop Fold had accumulated the largest deficit in the UK, which was forecast to hit £6.7 million by 2013. Drew Povey stepped up into the Headteacher role at this time, inheriting this toxic debt, and worked on developing a new culture and reimagined the school for the next generation of young people from our community. Significant workforce reductions were made (67%) and all possible savings were identified. This resulted in close to £1 million of savings, which enabled the school to have a balanced in-year budget for the first time in many years. All this was achieved within one academic year.
Good financial stewardship was the catalyst to this successful debt management. The school is arguably the most efficient in the UK due its debt management focus. In 2010 a ten-year deficit recovery plan was agreed whereby the school would pay back £3 million to the Local Authority over a ten-year period out of the annual revenue budget. The deficit currently stands at approximately £1.7 million as a result of (pro-rata’d) annual repayments of c. £186k. This £3m ‘profit’ has to be found from money that should be spent improving the lives of our young people and the community that we serve.
Our financial position is such that we will not take the school where it could and should be if we continue on the path that we currently follow. Without the debt we could enter the new world for our students and stakeholders…
- Smaller class sizes achieved through the appointment of more teachers
- More computers for all students and wider ICT provision
- More Teaching Assistants appointed to support our most vulnerable students
- Expanded curriculum to include vocational subjects including construction, hair & beauty etc
- Enhanced resources for students including additional text books and extended study materials
- A mini bus
- Access to a wider range of alternative provision for difficult to reach students (we do not exclude students and haven’t done for ten years)
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Sep 18, 2017
Sep 18, 2017
Amazing achievements ,hope you raise the money needed .
Sep 18, 2017
Great work lads!!
Sep 17, 2017
What you are achieving is inspirational, I feel very privileged to know you and to have spent time seeing first hand the wonderful work you and your team do.
Stuart Holden (1995)
Sep 13, 2017
Today, tomorrow, or in 25 years you are making a difference. Good luck.
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