From April 1, 2024, the Department of Education (DfE) introduced a new international financial reporting standard for maintained schools and, from September 1, 2024 for academy trusts. This changes the way local authorities recognise leases entered into by these properties, including those for LED lighting.

This new standard will end the distinction between ‘operating leases’ and ‘finance leases’ for accounting purposes. Leases are now classified as ‘borrowing’ under the Education Act of 2002 and the Secretary of State for Education must grant consent for all leases.

Considering the implications of these new standards for LED lighting leases, approval is given in cases where the product was obtained with assistance from online Government framework resources. Framework agreements assist schools in acquiring goods and services from a list of DfE-approved suppliers, guaranteeing cost-effectiveness and adherence to pertinent procurement laws.

You can find WN1 Sustainability as an approved LED lighting supplier on the following frameworks: EverythingFM, YPO Public Sector Procurement and Bloom.

If you have any enquiries about leasing LED lighting solutions, contact our dedicated Sustainability Team at 01942 857777.

WN1 Sustainability is equipped to provide tailored solutions to meet your specific needs. We look forward to illuminating your space with energy-efficient LED technology.