Our Annual General Meeting was held on the 2nd November and it was really nice to see so many people attend both in person and online. The meeting was a celebration of NPW’s success and recognition of the hard work of NPW staff throughout the pandemic.
The meeting was kicked off by Iqbal Vaza, our CEO who reminded members of the company’s vision of ‘Preparing Children for the Future!’ and shared how NPW staff dedicate both their time at work and outside of work to this cause. This was followed by highlighting how as an organisation - NPW has a unique standing in the sector.
As a not-for-profit organisation that is owned and led by schools, NPW sets itself apart in this industry. The majority of the NPW board is made up of head teachers who work closely with the executive leadership team in directing the company to deliver cost-effective support services to schools. This mix of head teachers and business professionals working together, has resulted in schools saving £180k in their SLA prices, retention rates being one of the highest in the sector, client base increasing to over 200 schools and improved customer satisfaction. This partnership has also shaped a number of new support services to help schools address the financial, environmental and societal challenges schools face.
The main feature of the event was the presentation of the annual accounts introduced by Tim Harrison, Chair of the NPW Board. The company recorded a profit before tax of £424k in 2021. Key metrics from the accounts show the significant progress the company has made (see table below).
|Financial metric||2021 position||2020 position||Variance|
|Gross profit||33%||15%||18% (pp)|
|Profit before tax||9%||(16%)*||25% (pp)|
*includes non-cash items e.g. pension costs
Sarah Beaumont, Company Secretary, concluded the evening with a presentation on ‘recruiting new NPW board Directors’. She highlighted the importance of school leaders contributing to the development in the next stage of NPW’s growth. Being a board director is a rewarding role, where you will have the opportunity to positively impact children’s lives on a wider scale.