THE PLAN FOR THE ESTABLISHMENT OF THE PRINCE AND PRINCESS ACADEMY
Education is said to be the channel through which countries develop. The essence of education in this era of globalization and international development cannot be over emphasized. If education is so important in the life of a human being, then why it is that most young people in Ghana and especially Tamale in the northern region of Ghana do not have access to at least a basic education. Notwithstanding the fact that the constitution of the Republic of Ghana demands Government to provide “Free Compulsory Basic Education (FCUBE)”, little has been done by successive Governments to achieve this constitutional mandate. It is against this background that we thought of setting up a very low cost alternative to providing basic education for the deprived community called “Kunyavilla” and its environs. Kunyavilla is located in the Tamale north constituency in Ghana. Access to basic education in this area is very hard for most parents due to high school fees. Research conducted by most civil society groups indicates that the people are willing to send their youths to school but are put off by the exorbitant fees charged by the good schools in the Metropolis. The construction of this six class room block will therefore be aimed at bridging this gap by providing quality education.
I. Name of the School
The name of the proposed School shall be Prince and Princess Academy.
II. Ownership of the Business
The business will be formed as a company limited by guarantee as stipulated in the Companies code of the Republic of Ghana. The School shall be owned and controlled by the Team. The School will also constitute a seven member Board who shall be changed as and when necessary.The ownership will be in accordance with the laws of Ghana and other bye-laws of the Tamale Metropolitan Assembly as well as under the monitoring and supervision of the Ghana Education Service. Copies of documentation regarding the constitution and supervision will be made available on request
III. Information on the Business
Type of Business and Products or Service.
The purpose of the project is to build a School that will provide a quality and accessible Crèche and Primary education and computer (ICT) training for children within its catchment area. The school will be situated at Kunyavilla community and the surrounding communities. Shishegu and Nyohini can all benefit from this School.
To provide low cost and quality child education services to the ever expanding residential area of Kunyavilla and its environs. Prince and Princess Academy will focus on providing primary educational services with an emphasis on the lower income class.
To be a preferred place for quality and affordable education by the populace of Tamale and beyond.
IV. Background of the Founding Teachers
The building of the proposed School is yet to commence although the idea is already well conceived and built in our hearts. . Some of the Team members have experience in teaching and handling children of all ages. Sisu Haruna has some years of teaching experience in private schools. Some of the Schools he has taught in include Timtooni Grammar School Complex amongst others. He has also organised free extra classes for children under his care, he has also taught many people the English language on the internet on http://www.livemocha.com and http://www.busuu.com, teaching is his passion. Abukari Kami a graduate student of University for Development Studies will also be one of the teaching staff and. He has also previously taught at Jagma Memorial School and his teaching experience spans more than four years. Gadafi Haruna is the name of the other teacher who has acquired immense teaching experience and he is currently teaching in Synergy Star School International.
Miss Salmata will also be part of the teaching staff.
V. Location and Hours of Operation
The proposed School will be located at Kunyavilla. The School will be open from 6am to 2pm every week day from Monday to Friday. Statutory holidays under the Republic shall also be adhered to.
As the need for basic education services in Tamale Metropolitan area grows, so will the operation of the school. The land for the school will be provided by Sisu Haruna. It is a one plot which covers an area of almost half an acre and valued at current market price of GHC3,500 equivalent to £1077. The major source of funding this establishment of this six class room block will be through the donations from benevolent individuals and corporate bodies. The plan shall be submitted to these people with the hope of securing funds to commence the project. Non-Governmental Organizations who are into education, poverty eradication and man power development shall also be identified and served letters soliciting for funds.
Sources Of Income And Accounting
At commencement , the School will depend heavily on donor support in terms of cash, building material, learning materials and other assistance necessary for the building of the School to commence. Thereafter, revenues will be generated from charging of very low cost fees to students which will be use to pay teachers and staff. Full accounting records will be maintained by our Accountant, who shall be Iddrisu M. Nurudeen. Initially, he is to work for the school on part time basis. He holds a first class degree in BSc. Business Administration (Accounting) from the Kwame Nkrumah University of Science and Technology and he is a student member of the Institute of Chartered Accountants, Ghana.
Projected Start-Up Costs
The prevailing exchange rate of 1 £: 3.25GHC is used to arrive at the GB £ equivalent.
PROJECTED INCOME STATEMENT FOR THE FIRST YEAR OF OPERATION
Proceeds from fees 7,000
Staff salary and emoluments 5,100
Petty cash expenditures 1,000
Total expenses 6,100
Net income 900
The prevailing exchange rate of 1£ : 3.25GHC can be used to arrive at the GB £ equivalent.
Petty cash expenditures relates to small expenses the School administration may incur in the day-to-day running of the School and include but not limited to water and electricity bills, maintenance of building and first aid medicine for pupils.
The financial projections are based on monthly revenues of GHC 190 during the two months of operation and are expected to increase to GHC 7,000 by the end of the first year of operation. The School will charge GHC 9.50 per pupil per month. For families who bring more than one pupil to the School shall get a discount of 10%. From an optimistic point of view, the School could be getting revenue in excess of GHC 9,000 for its first year operation but the GHC 7,000 projected represents a very These projected revenues would give the School a before tax net income of GHC 900 and positive cash flow during the first year. Initial enrolment is expected to be twenty (20) increasing to at least eighty (80) by the end of the first year. Even though returns on investment will not be the utmost purpose of Prince and Princess Academy, it is hoped that if we can make a consistent increase of at least 10% every year, the Schools will expand tremendously to cater for more children of deprived families.
Kunyavilla area is rapidly expanding through residential and commercial development. Prince and Princess Academy specifically targets the poor populace with children ages 3 years to twelve years who live or work within a two-mile radius of the proposed location. The nearest School to the location of the proposed location is at Nyohini about 4 kilometres away and this will give the School a very competitive edge since School closest to the proposed locality location charges around GHC 17 per pupil per month. This figure about twice what Prince and Princess Academy intends to charge.
Prince and Princess Academy will be promoted in various local media. Friends who are helping in making this project a reality have already begun promotion by word of mouth. Response has been favourable. Formal advertising is planned to begin three months before the School is scheduled to open. Adverts will be made on two local radio stations namely Radio Justice and North Star FM. Hand bills will also be distributed to the market women on market days. It has been identified that most choices with regard to school selection for children are normally done by Mothers.
Sisu Haruna will be responsible for the overall operation of Prince and Princess Academy, while Nurudeen will be responsible for the accounting or record-keeping and administration of the School. The selection and retention of employees, as well as the expenditure of funds will be jointly shared. The School intends to start with four permanent teachers including Sisu Haruna. Sisu will be on the teaching staff as well the Head of the School. The teachers will work on a rotational basis where one Teacher may teach more than one class room. As the School expands in the coming months or years, new teachers will be recruited both on part time and full time basis.
The purpose of this document has been to highlight the various areas that have been taken into consideration with regards to the proposed construction of the six class room block that will provide quality and affordable access to basic education. Based on the financial and marketing projections made, Prince and Princess Academy has a potential to grow with the establishment of more classrooms to cater for the massive number of enrolments envisaged. This is a worthy cause aimed at enriching the lives of numerous poor children and education is the best gift one could ever give to a fellow human being. It is hope that all will help to make this project a reality.
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