We all know the importance of good education, and we all want to ensure that the next generation gets the best start in life. Education spending is vital to ensure students have good academic development so that they can progress in their career further on in life. Ensuring that your client’s school or university makes the most of its budget will enable students to get the most out of their education.
With school spending cuts and funding being squeezed by external factors, we realise that it is important, now more than ever, to make money go further. So, what exactly do schools and universities spend their money on, and how can they save money in the long run?
What is an education budget?
All educational institutions, like other businesses, have a spending budget in place to use, so it can put its plans for the upcoming year into motion. This can be anything from teacher salaries, important maintenance repairs, to educational assets such as computers, books and furniture.
Most primary and secondary schools are funded by the UK government, and as a result, are given a set amount of money each year to go towards their school’s education budget. Universities, are funded by a variety of diverse sources, including student tuition fees, businesses, government, and charities.
It’s important for any education sector to make sure they make the most out of the money they have, to ensure their school or university is properly funded.
How much money does the government spend on schools?
The amount varies year by year, but in 2019 ‘s September budget, the chancellor of the exchequer, Rishi Sunak, announced an additional £7.1 billion for school funding over the next three years.
Most schools, on average, have more money in real terms than those at the turn of the century. But not all will have had the same level of increases. and as a result of government cuts to school and local authority funding over the last decade, plenty of schools are feeling the financial pressure and strain on their budgets.
What do schools spend their money on?
Schools spend and use their budget to ensure the institution is running smoothly, and that the students and staff have all the necessary resources they need to get a proper education. This can include:
Repairs and maintenance
Technical equipment and software
Furniture, fixings and all other equipment
According to an analysis conducted by the Educational Policy Institute (EPI), “for every additional pound that schools are spending today, around 76p is being spent on something other than teaching staff.”
That additional 76p includes school assets such as computer equipment, furniture, books and sports equipment. Hundreds and thousands of pounds are spent by universities and school’s each year to purchase, renew or replace these types of items, so it’s important to recognise the significance of having proper education asset management system in place.
The importance of education asset management
Schools and universities spend hundreds each year updating or replacing furniture, fixtures and equipment (FF&E) across their campuses. Assets in the education sector continuously change during an academic year, therefore, it’s crucial to manage, track and update these items regularly. Especially once you take into account the government cuts to school authority funding over the past decade.
What is included in education FF&E?
Assets included in education FF&E include desks, chairs, computers, notice boards, shelves, sporting equipment, lockers and many more. Anything that isn’t permanently connecting the school building’s structure is classed as FF&E.
Why is FF&E relevant to school spending?
Without a proper education asset management system in place, your client’s school assets can deteriorate over time, leaving students and staff with insufficient tools to teach.
It’ll also mean that they’re are unlikely to keep track of misplaced items and supplied, leaving them to fork out money to cover the replacement cost. They can avoid these discrepancies by using a reliable asset management system.
Save thousands on your client’s education budget with Arpenter’s FF&E services
Our education asset tracking and management services are efficient, effective and can save your client time, stress and a lot of money. As a result of our team’s hard work and dedication, we’ve become the UK’s leading education FF&E Legacy specialist.
Comprehensive and precise audits using our unique software. We’ll produce detailed reports to give you interactive analytical data, allowing each individual asset to be tracked from the original location to destination. This service offers you the best opportunity to repurpose the school’s existing FF&E.
Using our education asset tracking software, we identify your key FF&E pieces with a unique tag, so that you can track your assets when moving them around your school or during a refit.
Using our education asset tracking software, we identify your key FF&E pieces with a unique tag, so that you can track assets when moving them around the school or during a refit.
Our team of experts will arrange and sort the removal and transfer of furniture and equipment to a new location. We make this process simple and efficient using our asset tagging method, whilst also managing, decommissioning and recommissioning items.
Why choose us?
Education asset management and tracking is our speciality. With our expertise, experience and unique FF&E auditing technology, you can rest assured that the school’s assets are in safe hands. By using our services, we can save your client thousands of pounds.
International School of Kuala Lumpur – saved £2.8 million
The International School of Kuala Lumpur have two campuses. Our team of experts travelled to the school to conduct a comprehensive FF&E Legacy survey across both.
From the data we gathered in our education management software, and the resulting audit, the school was able to repurpose 60% of their current FF&E into their new 26-acre campus. This reduced their expected FF&E expenditure by £2.8 million – a massive saving!
After selling land to fund their new school for 1,500 pupils, Three Rivers Academy needed their £1 million FF&E budget to go a long way so they could complete an entire fit-out.
Using the data captured from our FF&E Legacy survey and education asset tracking software, we managed to save the school over £250,000. This was achieved by identifying and assessing existing furniture and equipment, then subsequently repurposing the items into their stunning newbuild.