To date over 600 schools have engaged in the school stock take process, generating one off savings of £18.4million directly benefitting schools. Schools who engaged in the process noted an improvement in the financial position of their school and in all cases reported either an increase in their surplus carry forward, a reduced deficit or avoided going into deficit in the year that stock was counted. Average stock valuations for schools are:
- Nursery Schools £25
- Primary Schools £38k
- Post Primary Schools £99k
These one off savings would not have been possible without the participation and cooperation of the schools who contributed to the process.
EA aims to support more schools to submit a stock return.
To provide schools with earlier access to stock valuation data to inform individual financial positions at year end and enable effective financial planning, EA has recently secured agreement with the NIAO to bring the date of the stock take forward. This means schools will be required to count the stock that is in their school at the end of December or as close to that date as possible.
The stock take portal will open in December each year facilitate this.
Guidance on the schools stocktake process is noted below.