Management Information Sheet

We have made a change to how we will be requesting schools to record their lease information. Previously, we have asked for this information to be updated via your "MySchool" login during October and February.

From September, we will be asking for schools to record their lease information via Star Accounts.

We have updated this process due to reporting changes in the International Financial Reporting Standards (IFRS 16)

The EducationFinance Team will automatically transfer the information currently recorded in "MySchool" to Star Accounts, to minimise the workload on schools. However, due to the updates required as part of IFRS 16 there will be some additional information that is required. This additional information will need to be added to the current leases that we will transfer to Star Accounts. You will also be required to input any new leases.

As Star Accounts will not be updated until September, and the deadline for adding the additional information plus any new leases to Star Accounts will be once you submit your period 6 upload, we wanted to provide the additional information you will require in advance of releasing the upgrade.

The additional information will include:

• Updated on (when you have edited and reviewed the lease)
• Does the school still lease this equipment (for example where the lease has expired)
• Does the school have right of use
• Is the school responsible for maintenance
• Is the school responsible for insurance
• Does the school intend to purchase the equipment at the end of the lease
• Is there an early expiry (including break clauses)
• Is there an option to extend (to include subsequent questions on new expiry date and additional information field)

We would recommend that you file your lease contracts all together so when inputting the additional data in September, prior to the period 6 return deadline, you have all the necessary information to hand to make the submission process as easy as possible.

There will also be a feature in Star Accounts to upload your lease contracts, so they are stored against each transaction. We would recommend that this is actioned, so if there are any questions after your submission, we can view the lease paperwork rather than coming back to the school for queries. There will also be a feature in Star Accounts to add all other contracts, other than just leases and a facility to upload your documents.

We are trying to create a one stop shop for your leases and contracts, simplifying the process and to provide you data and reports on contracts/lease expiry so you are able to review and procure possible alternative options in plenty of time.

Further information on all of the above will be provided in another MI sheet in September.