In the absence of any more funding being made available more and more trusts are also likely to look for alternative methods of raising much needed income in order to be able to deliver their principle aim of educating children.
Other sources of income can come from the following:
- Letting income, most trusts have available space that they could let out whether it be sports halls, pitches or just available meeting rooms.
- Catering income, those lucky enough to have large kitchens can provide meals for the other local schools in their area
- Provision of staff to cover staff shortages at other schools
- Consultancy fees for headteachers or other appropriate staff to provide assistance with improving educational outcomes
- Photography commission
- Sale of equipment
- Before and after school clubs
- And many more
All of the above can bring in much needed additional income but trusts need to be careful not to trip themselves up with tax. This could be the need to vat register the trust or have to pay corporation tax on business profits.
Here at UHY we have the necessary skills to be able to advise trusts on the best course of action and this could be as simple as becoming vat registered or setting up a trading subsidiary to run additional income through.