Eddisons professional surveyors have a proven track record of working in the education sector delivering specialist skills and knowledge which are appropriate to the unique requirements of organisations in this arena.
The education sector is constantly evolving and we are proud to see our clients develop and change their buildings and sites to improve lecture rooms, classrooms, student accommodation, administration facilities, sports facilities and other types of accommodation to attract the best students and teachers from across the world. We are fortunate to have many partners in the education sector that draw on our skills and resources in providing professional property consultancy advice.
A particular area of expertise called upon by independent schools, academies, trusts and colleges is our knowledge of putting together successful Condition Improvement Fund (CIF) applications. These bids then often lead onto our education team of surveyors delivering high-quality building projects and relevant specialist surveys that address key suitability issues within educational institutions.
There are many other funds beyond the CIF that are available to the education sector and our funding consultants specialise in matching the appropriate fund to the project. Recent projects funded for academies include:
A further area in which we regularly advise is valuations for insurance and accounting purposes; skills we have gained through many years' experience in the marketplace and through an extensive understanding of market trends and values.
The wide variety of specialist buildings and assets contained within educational establishments makes scheduling, valuing and therefore ensuring that adequate insurance cover is acquired, a difficult and time consuming task. For an academy, college, university or trust to do this ‘in-house’, they would need to identify a team of people who have the time and necessary knowledge to look at the buildings and assets, produce detailed schedules as necessary and provide a value which the assets should be insured for. This task, if undertaken in-house, can more often than not result in the wrong level of cover being in place, resulting in premiums being higher than necessary or, more worryingly, resulting in inadequate cover being chosen - a major risk in the event of a claim.
The consequences of having the wrong level of cover in place are severe. Insurance companies apply the ‘average rule’ in the event of a claim and if an organisation is found to be under-insured across the whole policy, they will apply the same percentage reduction in cover to any claim made. For example, if an organisation is insured for £10m when the correct level of cover should be £20m, they are underinsured by 50%. Any claim made may be reduced by 50% even if the claim is less than the cover in place.
The sensible alternative to undertaking this exercise in-house is to enlist the assistance from a team of experts who can not only adequately resource the initial scheduling of assets, but are experienced in advising on values for insurance purposes. Our insurance valuation team are ideally placed, both in terms of experience and national coverage, to undertake a detailed assessment of your buildings and assets. This can be done in conjunction with your insurance broker to ensure that the type of valuation undertaken is in line with everyone’s requirements.
In addition to valuations for insurance purposes, our team are specialists in providing professional valuation advice for educational establishments for inclusion within their financial accounts. These skills have been tested over the past two to three years where the volatility in the market has required our team to be on top of their game and in touch with the fluctuations in the market.
We are proud to have an extensive team of fully qualified valuation surveyors who regularly undertake this type of work. We have seen universities expand, redevelop and refurbish their campuses. We have seen new developments at colleges, private schools and an increasing number of children's nurseries across the UK. We have also witnessed an uplift in schools converting to academy status and we have assisted a number of academies and trusts with property valuation figures for their accounts.
This is a specialist activity and a detailed understanding of the property market is required. Our approach sees a number of specific valuation techniques utilised, including depreciated replacement cost, for which detailed costings are analysed and applied to build up the capital figure.
Other factors are taken into account such as obsolescence and particular consideration is given to the value of land element. All of these intricacies emphasise the need for a thorough and complex appraisal to arrive at the correct level of value.
It should also be noted that educational establishments are legally required to have a valuation of assets every five years for accounting purposes though, in our experience, good housekeeping ensures this is conducted every three to four years.
Also, when a school obtains academy status – and in effect becomes a business – it must produce accounts, including a valuation of its asset base, within one year.
In addition to the insurance valuations and accounts valuation work we undertake for the education sector, we also provide a wide range of services which may be required by educational establishments.
These services include:
For more information on how our valuation team can be of help, please complete the form below and we will be in touch.
Eddisons deliver practical advice and services to commercial property owners, occupiers and financial institutions to make property work for them, both financially and functionally.