How to manage your fixed assets

Keeping a fixed asset register

Fixed assets are items of value you will use for a long time such as:

  • land
  • buildings
  • machinery
  • vehicles
  • furniture
  • office equipment
  • IT

Keep a ‘fixed asset register’ of any fixed assets that cost more than the amount set in your school’s rules. This will help prevent loss and track their value over time for depreciation, tax and insurance reasons.

To do this you should:

  • record them all, including their location, who is responsible for them and their condition
  • tag them – many people use tags with serial numbers and barcodes to make inventories easier
  • keep a loan book
  • inspect them all once a year
  • have procedures for moving, transferring and disposing of assets

The Procurement Act 2023

Under the Procurement Act 2023 you will need to understand your obligations with regards to contract management and the publishing of appropriate notices.

The section Get training on the Procurement Act 2023  has information on how to:

  • get free, approved DfE training on the Procurement Act 2023
  • register on the central digital platform

Find out more from the update for schools and trusts on the Procurement Act 2023.