07 November 2017 Money Matters

MONEY MATTERS 

We all know about the implementation of the new National Funding Formula and the soft and hard approach, so I won’t dwell on this issue. Please see below The Key’s diagram to illustrate the NFF:?


Income generation has always been and will always be key in creating that illusive extra revenue. So we need to think SMART. There are the usual self-generation activities such as

  • School Lettings
    • Evenings and weekends
    • Holiday Clubs
    • Local Community Events
    • Host training events

To incur no additional costs, it could be that your site supervisor’s hours could be altered to allow for late opening, without any additional cost to school.


As business organisations we are now getting smarter with our income generation activities and many schools are ‘selling their services’ by:

  • Providing school to school support
    • Sharing of admin staff
    • Sharing finance staff
    • SLT support
    • ICT support
    • Consultancy
  • Creating business service contracts for:
    • Human Resources
    • Payroll
    • HS Inspections/Audits

 

Within our organisation, we have enhanced our business team to offer HR admin support, Financial consultancy and ICT consultancy through either a service contract or a pay as you go system. This has been in place three years and has proved extremely successful.

Alternatively, there are other revenue streams, which can include accessing a variety of funds and bids such as, Condition Improvement Funds, The Strategic School Improvement Fund, Start-up Bids, local grants and making use of the apprentice levy, if this is accessible to you.

Finally, do not forget the necessity of a good marketing plan, projecting the correct image of your school and thus attracting additional pupils. Take time to draft a detailed plan, include achievable goals with set time-lines for implementation and you should be in a great position not only to put your plan into action, but to carry out a detailed analysis of it when the time comes to review it.

 

By Sheryl Cardwell - November 2017