Leasing for Schools: What You Can (and Can’t) Lease Under IFRS16 — Explained Simply

The challenge every school knows too well

Budgets are tight.
Equipment is ageing.
And the rules on what you can and can’t lease seem to change every few years.

That’s where a lot of schools get stuck. You need new equipment or facilities, but the funding doesn’t stretch, and you don’t want to make a misstep with the DfE or your auditors.

The good news? You have options.

And the latest IFRS 16 Maintained Schools Finance Lease Class Consent (2024) makes it clearer than ever what schools can lease and how to do it compliantly.

At ELS, we’ve helped hundreds of schools, academies and trusts finance equipment the right way. From laptops and lab kits to minibuses and modular classrooms.

Let’s walk through it together.

Understanding the Rules: IFRS16 and Class Consent (in plain English)

The IFRS16 standard sets out how schools should record leases, meaning, if you lease equipment, it goes on your balance sheet as both an asset and a liability.

In simple terms:

The asset (what you’re leasing) shows the value of what you’re using.

The liability shows your payment commitment over time.

The Class Consent 2024, granted by the Department for Education, is what gives schools official permission to enter into these leases.

It sets out which assets qualify, so you can confidently invest without breaching finance rules

What Schools and Academies Can Lease (According to DfE Guidance)

Under the 2024 consent, schools and academies can lease a wide range of essential assets that support teaching, operations, and infrastructure.

Here’s a breakdown of what’s included:

IT & Classroom Technology

Laptops, iPads, Chromebooks, projectors, whiteboards, servers, photocopiers, CCTV, and classroom displays.

Perfect for keeping your tech up to date without a huge capital spend.

Telephony Systems

Mobile phones, landline systems, and internal communication networks.

Because a connected school runs smoothly.

Catering & Cleaning Equipment

Ovens, dishwashers, fridges, water coolers, and washing machines.

Upgrade kitchens or facilities without touching capital budgets.

Furniture & Fittings

Desks, tables, chairs, and classroom furniture.
Ideal for expansions, refurbishments, or growing class sizes.

Bathroom & Hygiene Equipment

Hand dryers, towel dispensers, and sanitary bins.

Small upgrades that make a big difference to everyday comfort.

Sports & Gym Equipment

Treadmills, rowing machines, and other gym or sports kit.

Support physical education and wellbeing with flexible finance.

Groundskeeping Equipment

Lawnmowers, strimmers, leaf blowers, salt spreaders.
Keep your site safe and maintained year-round.

LED Lighting Systems

LED lighting, control mechanisms, and panels (when sourced through approved DfE routes).

Cut costs and carbon. Compliant, efficient, and future-proof.

Minibuses & Vehicles

School transport, SEND vehicles, or vans for site use.

Safe, modern transport without the upfront cost.

Temporary Classrooms & Modular Buildings

Portable classrooms or additional spaces (land excluded).

Ideal for growing trusts or schools needing quick expansion.

Specialised Educational Assets

Lab equipment, musical instruments, or vocational training machinery.

Support every subject with equipment that inspires learning.

Why Leasing Makes Financial Sense for Schools

Leasing is more than just spreading payments; it’s about financial flexibility and future-proofing.

Here’s why many schools are choosing this route:

No large upfront costs — preserve working capital.
Stay up to date — upgrade tech and equipment easily.
Plan with confidence — predictable payments fit your budget cycle.
Stay compliant — every lease structured within DfE guidance.

How to Get Started with School Leasing

Getting started is simpler than most schools think. Here’s the ELS step-by-step:

1. Identify your needs – What equipment or upgrades do you need most?
2. Check eligibility – Confirm the item qualifies under IFRS16 Class Consent.
3. Plan your budget – Decide your lease term and affordability.
4. Engage a specialist – Work with a provider who understands education finance.
5. Record the lease correctly – Keep it compliant and audit-ready.
6. Review regularly – Ensure assets still meet your needs as they evolve.

How ELS Helps Schools Lease Smarter

We’re not just finance people, we’re sector specialists.

We understand how MATs operate, how academies report, and how maintained schools are audited.

We help schools:

• Choose the right lease type
• Stay fully compliant with DfE and IFRS16
• Access trusted funders
• Keep finance stress-free and transparent

Whether you’re a single school or a trust with 20 sites, we’ll tailor the finance so you can focus on what matters — teaching and learning.

Download the Resources

A Simple Guide to Leasing for Schools and Academies (PDF)
The IFRS16 Maintained Schools Finance Lease Class Consent 2024 (PDF)

Together, they outline exactly what your school can lease — and how to do it right.

Ready to explore compliant leasing for your school?

Let’s make it simple.
We’ll talk you through what qualifies, what to avoid, and how to make your budget go further.

For more information on Leasing for Schools: What You Can (and Can’t) Lease Under IFRS16 — Explained Simply talk to Equipment Leasing Solutions Ltd