Goods held in as stock items must be kept secure and a written record maintained of items issued.
- All goods which are held in stores will be subject to these procedures other than small stocks of stationery or similar items which have a total value of less than £250.
- Stock items must be held securely in appropriately locked cupboards or locked rooms and keys taken home at night by a nominated member of staff.
- Stocks of items should only be kept where necessary. Where possible direct delivery from suppliers should be used to minimise stock holdings. Approval should be obtained from Finance before any new stock items are held.
- All items issued should be recorded in writing. Records must include to whom items have been issued, details of returns and breakages, other losses and disposals of surplus stock.
- All stock must be subject to a physical stock check at least once per annum at 31 July to coincide with the University financial year end. Stores which contain items of high individual value should be physically checked on a regular basis as advised by Finance.
The physical stock check must involve a person independent of the person who is responsible for issuing stock items and the results reported to secondary budget holders. All shortages must be notified to Internal Audit.
- The physical stock check must be reconciled to CODA and the Finance Director advised of any imbalance. Reconciliation are to be undertaken in the manner advised by the Finance Director.
The Finance Director must be advised of the value of all stockholdings as at 31st July each year in accordance with the year end timetable.
- Stock is to be valued on the basis of the price paid, including VAT, to acquire it. In instances where items have become redundant they should be priced on the basis of their disposal value.
- Redundant stock is to be disposed of in accordance with the requirements of Accounting Instruction Number 8 and should be notified to Purchasing Services.