[quote TheReluctantPhoenix]@travellinglighter,
A surplus is not a profit. It just goes into school funds where it can be used for long term investment (buildings etc) or into things like bursaries.
You cannot be a charity and make a profit.[/quote]
Your right because if you make a profit you can be taxed on it. Eton maintains its charitable status so that it does not pay corporation tax, it pays one fifth of the business rated it would normally pay. It is VAT exempt and all this amounts to a taxpayer subsidy of about £6500 per pupil. Bear in mind each secondary school pupil is subsidised. by the state to the tune of £5600. Also Bear in mind that this “Charity” has land worth in excess of £62 million and an investment fund in excess of £213 million pounds.
Of course it’s a charity, it runs a few summer schools and some of the pupils don’t pay the full fees. It’s also an exempt Charity so does not/cannot register with the Charity commission, is not directly regulated by the Charity commission but by a self appointed principal regulator and can only be investigated at the request of the principal regulator.
It’s charitable status is an anomaly that should have been revoked long ago but for some reason never has been.
Here’s the thing, I don’t want private schools closed, I just want the privilege they entrench revoked so that the kid from a bog standard comprehensive with 3 A*’s has as much chance of getting into oxbridge or Durham or Bristol or any other Russell group university as the wealthy kids who went to Eton, Harrow, stow or even the small private school down the road.
Do you want the private sector to dominate?