4 Ways Lettings Income Can Be Invested Into Your School
It’s no secret that the cost-of-living crisis and sky-high energy bills continue to be a very real problem for schools, with additional income streams needed more than ever.
Following the Spring Budget, Geoff Barton, ASCL expressed disappointment with the lack of attention given to the teacher recruitment and retention crisis stating:
“Most schools and colleges are experiencing severe teacher shortages as a result of real-terms pay cuts since 2010 and increasing workload pressures.”
In this Schools Week article, Resolution Foundation think tank found a further 1.3 million people will fall into “absolute poverty” in 2022-23, including 500,000 children.
And schools will be the ones to pick up the pieces.
Income Generation Inspiration
There are many ways that schools can generate revenue (see our 5 ways to generate income blog), with some being more feasible than others, dependant on the individual school's capacity.
But what sort of things can you spend your additional income on? We asked some of our school partners where they invest theirs.
Read on for some income inspiration.
1. Teaching and Learning
Debbie Smythe, School Business Manager at Harborne Academy, Birmingham said:
“It goes into the teaching and learning for students, which means we can get additional teaching in to support the children out of hours.”
2. Energy and cost-of-living
We sat down with Matt Little, Procurement Manager at Star Academies in this video. He said:
“There’s current challenges around energy and cost-of-living, so the revenue generated can naturally go to support some of that.”
3. New facilities
Diane Bell, School Business Manager at Kings Langley School said:
“We put a significant amount of money into our upcoming 3G pitch and we’re also building a new sixth-form centre.”
Read more about Debbie’s experience here.
4. Pupil Enrichment
Celeste Fay, Headteacher at Orchardside School says:
“The additional revenue we’ve generated is a real winner. We’re able to take children on residentials that we were never able to do before.” Hear more about Celeste’s experience with school lettings here.
Whether it’s from hiring out your facilities or any other means, it’s safe to say there are lots of ways additional income can be invested back into your school’s community and pupil experience.
We hope by sharing our school partner’s experience this provided some inspiration and hope for income generation for the future.
At Vivify we understand the challenges our school stakeholders face daily. That’s why our flexible and comprehensive service is specifically designed to take out the time and effort of school lettings, meaning you and your team can focus on what's important.
If you’re interested in finding out how a school lettings programme can work for your school: Book a free 15-minute audit with one of our letting’s experts today.