FEATURE FOCUS: SCHOOL FINANCES


Financing the digital treadmill S


chool funding is under greater strain than ever before, meaning that many of the opportunities being created by accelerating developments in technology appear to be slipping further out of reach for many. How do schools make sure they are offering


students the best facilities without breaking the bank? Here, in our first feature taking a look at school finances, Lindsay Screen, Senior Partner Account Manager at Wesleyan Bank, looks at the finance solutions available to schools and how they can help.


Schools are facing more financial pressures than ever before. According to the 2015 Leasing Life Industry Report, 92% of schools will have their funding cut by 2020, equating to £2.5 billion a year.


In real terms, this means the average funding cut to primary schools could be £96,481 per year, and the average funding cut to secondary schools £290,228 per year.


Yet many costs continue to increase. Pupil numbers are rising and are expected to continue climbing over the next decade, while keeping on top of technological advances in an ever- changing digital age can be both difficult as well as costly.


Schools and academies therefore need to ensure that their money is working as hard for their pupils as possible. So what are the options available?


Flexible funding


In today’s digital age, more and more schools are moving towards a fully digital way of teaching. Its benefits are vast – it ensures children are computer literate for future careers, enhances learning, and provides pupils with continuity when they go home to study.


But with classroom capacity at an all-time high, having the best IT facilities for every pupil can put an enormous strain on school finances.


34 www.education-today.co.uk November 2017


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