Some savvy schools are making “tens of thousands of pounds” a year by renting out their premises as wedding spaces or opening new shops, a report has revealed.
The report, published by The Key, an information support service for schools, says that while some school ventures generate up to £40,000 extra cash a year, around three-quarters of head teachers were unsure of how to generate extra revenue.
At the same time, the percentage of school leaders citing financial worry as their biggest challenge rose to 51 per cent this year, up from 31 per cent in 2016.
Commenting on the study, Micon Metcalfe, director of finance at Dunraven school in south London, believes that some schools fear that they will be left behind.
“Not all schools will have an entrepreneurial head or school business manager,” he said.
“So while I applaud schools that do, should we not insist that state education be funded adequately?”
The Department for Education said it “recognised” that schools are facing cost pressures and was providing support to use funding in cost effective ways.
“This includes improving the way they buy goods and services, and our recently published School Buying Strategy is designed to help schools save over £1bn a year by 2019-20 on non-staff spend. We know that some schools use their facilities to benefit the community and bring in additional revenue to benefit their students,” a spokesperson said.