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Inventories

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Inventories

What You Need to Know

All establishments are required to maintain and annually check a record of all assets in that establishment.  In a school, this usually is achieved using the SIMS Equipment Register.  Non consumable items that cost over £50, or over £10 and are portable and desirable, are required to be included.  The inventory should be kept up to date with purchases and disposals, and once a year an independent check of the contents should be made.

The Rules

See Financial Instruction F10

What You Need to Do

  • ensure that the school has an up to date inventory record – could be a bound book, a password protected spreadsheet or SIMS Equipment Register
  • ensure that the inventory is updated with new, relevant purchases
  • ensure that the inventory is updated with equipment that is no longer in the school (because it is unrepairable, obsolete, surplus to requirements, etc.) – these should be approved by the Headteacher
  • ensure that the inventory is only updated by an authorised person(s)
  • ensure that the inventory is independently checked every year to identify if items have been lost/stolen or removed from school without permission.
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