The fact that schools are facing increasing budgetary pressures is not new. The Department of Education estimated that mainstream schools would face costs rising from £1.1 billion (equivalent to 3.1% of the total budget) in 2016–17 to £3.0 billion (8.0%) in 2019–20. In almost all cases, schools will have to counteract these cost pressures by making economies or efficiency savings.
The trend towards actively exploring fresh school income streams was also identified in Browne Jacobson’s 2013 leadership survey of academies and maintained schools which revealed that over half of school leaders surveyed (58%) at the time were less or significantly less optimistic about their financial prospects compared to six months earlier.
While not to detract from the focal point, which is to provide the best education for children as possible, with efficient leadership, managing projects that allow schools to generate more money can be well within reach.
There are two main areas in which financial efficiency can be looked at. The first being, generating savings through using existing resources more efficiently – but many schools have already stretched their resources to the limit.
The second, more underutilised area is through income generation – creating opportunities using existing and new resources to generate additional revenue streams that can be added to traditional funding to further your school’s objectives.
All of these ideas are just a starting point for your school to make extra income – be creative! If you’re looking for a fantastic (and often relatively passive) way to rent out your school facilities, please take a look at the school income services on offer from WisePay.