Management Information Sheet
Lease Information for LA Maintained Schools
Due to accounting regulation changes in relation to IFRS16, Norfolk County Council is required to account for leases in a different way. Therefore, we need to collect this information directly from schools in more detail.
LA maintained schools will now be asked to keep a list of all leases that are held for the school on the Norfolk Schools website under 'Leases' in the Finance section of MySchool. The information must be kept up to date regularly and will be used by Norfolk County Council twice a year at the end of November and February.
All leases that the school enters into must be listed.
Leases should be broken down to individual asset (i.e. one per line). If assets are exactly the same make, model, specification, purchase date and cost such as PCs, phones, laptops; you may then group them together on one line.
All costs must exclude VAT.
Please ensure that the website is updated on or before November 2021 and by 28 February 2022.
If you have no leases, a nil return must still be returned to satisfy our auditors.
If the return is sent in before 28 February and more leases are entered into before this date, then we will require an update to the site from the school. If you are unsure how to complete the form please speak to your finance support officer for assistance.
Additionally to meeting the new regulations, this allows schools and governing boards to assess their lease arrangements and plan for the future.
It is essential this return is completed by the deadlines on an ongoing basis.