Maximise Your Income: A guide for academies and schools

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Price£79.00
ISBN: 
9781907927621
Published: 
Nov 2015

Introduction

In an age of austerity, all schools need to reconsider their approach to funding and look to reduce outgoings, increase income and add value.

Schools also need to collaborate across school types and disciplines and boards of governors must act now to decide their strategy to lay the financial foundations for the future.

This book gives a range of ideas about how economies can be achieved, income increased or value added.

It is aimed at academies (and explains the legal structures required) but many of the ideas will also apply to other schools in both the maintained and independent sectors.

Benefits

Maximise Your Income: A guide for academies and schools offers a range of ideas, including:

  • understand more about financial controls and taxation
  • appreciate how good procurement can achieve significant funding
  • identify, reduce and prioritise risks
  • know how to set pay and conditions for staff
  • know how to set up a subsidiary training company.

Summary of contents

Chapter 1: Financial controls

Having read this chapter you will know:

  • what obligations schools are under when receiving funding
  • how to balance your budgets
  • how to delegate and which policies you need
  • what to cover when setting contracts.

Chapter 2: Staffing costs

Having read this chapter you will know:

  • how to set pay and conditions for staff
  • the importance of enrolling staff on the Teachers’ Pension Scheme
  • what to consider when reducing costs of staffing and supply cover
  • how to deal with employees who earn more than the personal allowance.

Chapter 3: Taxation

Having read this chapter you will know:

  • the importance of academies registering as an exempt charity
  • how to deal with corporation tax
  • how to claim back on donations
  • what to do if taxable turnover exceeds the threshold.

Chapter 4: Procurement

Having read this chapter you will know:

  • the importance of good procurement to achieve significant financial savings
  • the benefits of collaboration
  • the potential challenges and constraints of procurement
  • how to prepare a specification
  • the importance of taking care when engaging contractors.

Chapter 5: Risk management, insurance and licensing

Having read this chapter you will know:

  • what risk management processes should achieve
  • the importance of risk management in relation to health and safety and insurance
  • how to organise events that may require licences.

Chapter 6: Donations – or just ask!

Having read this chapter you will know:

  • the importance of donations and how to encourage them
  • how to include gifts in accounting records – and when to decline
  • how to get the most out of fundraising.

Chapter 7: Trading companies

Having read this chapter you will know:

  • how to set up a subsidiary trading company
  • the importance of establishing robust terms and conditions
  • how to transfer profits under Gift Aid.

Chapter 8: Bidding for funding and grants

Having read this chapter you will know:

  • the importance of the Condition Improvement Fund
  • how to prepare a bid and make grant applications
  • how to manage projects to ensure they are within budget.

Chapter 9: Property

Having read this chapter you will know:

  • the procedures and benefits of property rental
  • how to manage events from your premises
  • how to prepare contracts for letting agreements
  • requirements for disposal or change of use of land.

Chapter 10: Green schools

Having read this chapter you will know:

  • the importance of energy costs for a school
  • how to reduce and generate energy
  • the importance of water efficiency and waste management
  • how to self-fund schemes.

Chapter 11: Getting stuff for free!

Having read this chapter you will know:

  • the process and benefits of sponsorship
  • how to receive donations and what to be aware of
  • the benefits of collaboration and commercial promotions
  • how online resources and social media can be a rich source of development opportunities 
  • the growing popularity of TeachMeets.

Chapter 12: Selling services

Having read this chapter you will know:

  • how to commercially exploit schools’ expertise
  • the common services which are developed.

Chapter 13: Volunteers

Having read this chapter you will know:

  • the importance of volunteers and how their support benefits pupils
  • the responsibility of the board of governors
  • what you need to do in terms of DBS checks and safeguarding training.

Chapter 14: PTAs, Friends committees and fundraising ideas

Having read this chapter you will know:

  • the importance of PTAs
  • what a PTA must do if its annual income exceeds £5,000 or it is a CIO
  • how PTAs can maintain clear accounting records and annual reports.

Chapter 15: Alumni

Having read this chapter you will know:

  • how to create an alumni database
  • how to use the alumni network as a source of fundraising
  • the importance of legacy campaigns.

Chapter 16: Other ideas

Having read this chapter you will know:

  • how to set up a shopping cashback scheme
  • the financial benefits of an on-site nursery
  • the benefits of cashless systems
  • a range of new, creative ideas!

Details

Print:
A4. 156 pages.

Delivery

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