Keeping an Inventory
The following links will give you further information on:
- Why Keep an Inventory and What Information Should be Included?
- Who is Responsible for the Inventory?
- Equipment on Loan
- Disposal of Items
- SIMS Equipment Register
The headteacher is responsible for the safekeeping of the school’s assets and for ensuring that proper records are maintained.
Schools are therefore required to keep an up-to-date inventory or asset register of all items of equipment, with a purchase value of £100 (excluding VAT) or more and have an inventory policy detailing the controls and records in operation, including write-off procedures.
Items such as DVD players, laptop computers, cameras etc should be included on the list.
All items of office furniture should be included but not classroom items such as textbooks, furniture and whiteboards.
It is not necessary to include capital assets.
The inventory should include the following information for each item:
- Date of acquisition
- Description
- Unique identification mark (i.e. serial no.), if applicable
- Cost (excluding VAT)
- Department
- Location
- Responsible officer
- Date of disposal
Items should be added to the inventory as soon as possible after receipt including items on loan or rent from other establishments.
Items belonging to the school should be identified as school property with an appropriate security marking.
An inventory form is available for down loading at the bottom of this page, for use in school, if you don't currently have a form to use.
Wherever possible a specific member of staff should be identified as being responsible for maintaining the inventory.
In larger schools it may be more practical to have a responsible officer for each department. In this case a separate inventory sheet should exist for each department or location.
Every year a physical check of all items contained in the inventory should be made. Ideally someone other than the person responsible for the maintenance of the inventory should carry this out. Any discrepancies should be investigated promptly and where significant should be reported to the governing body. Records of the inventory check must be retained for audit purposes.
Occasionally equipment may be borrowed from the school, however it should not be removed from the school premises without proper authority. Whenever property is removed the person responsible should sign for it’s safekeeping and a register noted accordingly.
Items, which are sent away from the school premises for repair or maintenance, should also be recorded in this register.
When assets are returned their condition should be inspected and the register updated accordingly.
A loans record form is available for down loading at the bottom of this page, for use in school, if you don't currently have a form to use.
There are several reasons why an inventory item might be disposed of, such as:
- It becomes obsolete or the cost of repair is greater than purchasing something new.
- It is traded in against new equipment
- Loss due to fire, vandalism or theft
- It was equipment on hire and has now been returned to the hire company.
If there are any items that need to be written off, details should be submitted to the governing body for their approval to write them off. All decisions should be minuted and the inventory record adjusted accordingly.
If a school wishes to sell an inventory item then the proceeds must be paid into the school bank account and not the school private fund account. If the item is to be sold to a party that is not part of the Local Authority then the school must consider whether VAT should be charged.
Within SIMS there is an equipment register that can be used to keep an inventory of items within the school. It is already installed in most schools and is free to use. It has a number of features allowing you to:
- Import existing purchases from SIMS directly into the register.
- Automatically update the register each time a purchase is made.
- Import an existing electronic version of your inventory without having to enter everything manually.
- Make manual entries if you wish
- Produce reports easily enabling you to carry out an annual check.
- Produce many other types of reports
For further information on the SIMS Equipment Register and training you can contact the Finance Support Desk on 2736270 or you can email them at finhelpdesk@sheffield.gov.uk
Downloads
This form can be used to keep a record of inventory items on loan from the school (14 KB)