Managing Financial Constraints On Schools
Parents and carers may be aware that funding for schools, especially those with 6th Forms, has been significantly reducing over recent years. At a very ‘crude’ financial level, this means that for a school like IGS, the average funding from central government’s Educational Funding Agency (EFA) per student has reduced by approximately £500 since 2011 (approximately £750k in total per annum).
This has been coupled with increased costs, such as national pay awards, employer pension and national insurance contributions, and for a school the size of IGS this equates to additional costs per annum of approximately £300k.
The net impact therefore for a school such as IGS, is a reduction of approximately £1 million per annum compared to 5 years ago. Schools nationally therefore are finding it increasingly difficult to find ways in which they can balance their budgets, without having to make significant changes to how they are run.
The governors at IGS are aware of these extremely challenging constraints and continue to work with the school, as well as directly with the EFA, to try to find cost saving and income generation solutions to minimise any potential negative impact to the educational experiences we currently offer to our students.
Alison Kaye – Business & Finance Director