On 4 April 2020, the government updated its guidance for employers in relation to the Coronavirus...
Generating income for schools
Is your school ready to take on the funding gap?
What funding gap?
If you have been running your financial projections for the next few years, you will have started to understand the true extent of the disparity between how much funding you will be receiving and how much you will actually need. There are difficult times ahead.
What can I do about it?
Schools are already looking at strategies to maximise their funds per student, for example, reviewing their staffing and pupil numbers, considering capital funding grants for those larger projects, and fund raising; this is certainly the place to start. However, schools will need to be more creative given the depth of the problem schools will be facing.
I've looked at what assets my school already has. How can I maximise their value for my school’s future?
Think about your site, for example. Do you have space that could be hired out or a brilliant sports centre that others could use too? Could you sub-lease part of the site or run a private nursery from the premises? Do not forget your staff. They have valuable expertise and experience. The school could tutor pupils from elsewhere, or train others.
Consider the practicalities of course, but you may be surprised by your options.
We have a plan. What next?
Talk to your professional advisers about the best way forward; we have done this before and can support you with your projects too.
If you are an academy, for example, your articles of association, funding agreement and charity law obligations may put restrictions on you, potentially affecting your plans, but there are ways through this and we can support you throughout that whole process with practical advice and assistance.
You might want to, or indeed need to, set up a trading subsidiary company from which you can run your projects. There are tax implications to consider too. We can even help you with staffing issues, contracts, leases and other documentation which you will want in place to minimise any risks there might be for your school and so that you can get on with your plans for your school and its future.
If you would like to talk to us about your plans, we would be pleased to hear from you.
Get the right legal advice in order to raise funds in future - let us help you to set up trading subsidiaries efficiently and securely, hassle-free.
- Thomas Emmett
- Solicitor, Head of Education