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Income Generation - a hot topic for academy converters

income Generation – a hot topic for academy converters

21 May 2012

A recent survey conducted by Ipsos Mori on behalf of Browne Jacobson LLP shows that 40% of head teachers wish they had invested more time in considering income generation opportunities when converting from a maintained school to an academy.

Academy status gives schools freedom from LA control enabling them to decide how best to manage their resources rather than having those decisions made for them. Some schools are pro-actively reviewing their policies and procedures to ensure that assets such as sports halls and playing fields are utilised to their full potential to yield new income streams.

However, schools need to take care before entering into significant contracts with outside entities. The ability for academies to engage in commercial activities, the risk involved and tax implications are just some of the reasons why professional advice and guidance is needed. Failure to take appropriate advice could leave some academies in a tricky situation.

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