Not For Profit and VAT

The New Model School Company (NMS) runs Faraday school, one of the two small not for profit schools operated by the company. The schools share certain overhead costs such as admin, inset days and some specialist teachers and  there are no large surpluses to draw on but we have been able to absorb 2.5% of VAT at this stage. Faraday is not part of a large group of schools, we are proud to remain autonomous in decision making and despite the economic pressures, Faraday is able to keep the children and our creative, engaging and dynamic curriculum, the main focus.

The future. Our not for profit ethos means that NMS is experienced in operating efficiently and reinvesting money into its two schools. This will not change and is a solid foundation for navigating the changes that lie ahead with VAT and meeting the company’s aim of passing on as much saving as possible to parents. NMS sees the remainder of this academic year 2024/25 as a transition year and are hopeful that the ability to forecast savings will become easier as the VAT framework and guidelines are made clearer in following years.

Curiosity Creativity Community are Faraday’s core values and are now more important than ever. Navigating the addition of VAT was never going to be easy and we are thankful to our parents for their continued support and assure families that our focus continues to be the children’s education; maintaining a learning environment rich in creativity to spark curiosity within all.