Annexe 6 Financial regulations for schools - SchoolsOnline

the maximum level allowed for individual Petty Cash Transactions (Audit would suggest a
maximum amount of £100.00 per transaction). For more detailed information see Section
11 of the LA Manual.
11.5 Record Keeping
11.5.1 Complete end of year accounts on the SIMS system MUST be retained
electronically, e.g. on a computer-grade DAT (Digital Audio Tape), called DDS (Digital
Data Storage), separately for each year, and stored in a secure place. A separately
stored back up should also be kept. A back up should be taken daily and stored in a
secure place. Data that contains pupil or other confidential information should additionally
be encrypted.
11.5.2 There MUST be a trail from the cheque counterfoil to the order and invoice, and
from the monthly returns sent to the DF back through SIMS to the individual invoice.
11.6 Leasing Requirements
11.6.1 Leasing, rental, rental purchase and hire or other deferred payment agreements
for equipment such as photocopiers, computers and telephone systems MUST NOT
conflict with the Council’s application of Government capital expenditure controls.
11.6.2 Therefore any such agreements you sign MUST meet the following criteria;
(a) The agreement MUST NOT allow the Council (i.e. school) to become the owner of the
equipment. In other words, the school CANNOT buy the equipment at any stage.
(b) The term of the agreement MUST be short enough for you to be satisfied that the
estimated value of the equipment at the end of the agreement period will be at least 10%
of its original cost. An agreement for a large, heavily used photocopier, for example,
should probably not exceed three years.
(c) The agreement MUST NOT give you an automatic right to continue with the lease at
the end of the agreement period. However, if you wish for it to be extended, this can be
arranged subsequently at an open market rental.
(d) Any sale proceeds arising from the disposal of equipment MUST go to the leasing
company, not the school, either directly or indirectly.
(e) The school should not make a commitment to agreements unless it is sure that it is
able to afford it within its budgeted expenditure, particularly those for photocopiers
incorporating changes based on numbers of copies.
The Councils Leasing Manual can be seen on this link:
http://sbcint/leasing_instructions_for_council1.pdf
11.7 Tax Liabilities
11.7.1 From 6th April 2007 Her Majesty's Revenue and Customs are introducing new
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