Asset Register
The Parish Council produces a register of all its assets for reporting and insurance purposes. Parish Councils must maintain an asset register to ensure fixed assets are appropriately safeguarded. Once recorded on the asset register, the value of assets must not change from year to year until disposal. Concepts of depreciation and impairment adjustments are not appropriate for local councils.
The register has four main purposes:
- It forms a basis for decisions on risk and insurance issues.
- It provides information on the age and potential lifespan of certain items.
- It provides assurance of the continued existence of Council’s property.
- It forms a basis for completion of box 9 in the ‘Annual Return.’
The asset register is updated by the Parish Council at the end of each financial year but is a working document and will be amended as necessary. The definition of fixed assets are property, plant and equipment with a useful life of more than one year used by the Council to deliver its services. In order to ensure transparency and reasonableness, the following items are included in the Council’s asset register, whether purchased, gifted or otherwise acquired, together with their holding location:
- land and buildings held freehold or on long term lease in the name of the Council
- community assets
- vehicles, plant and machinery
- assets considered to be portable, attractive or of community significance
- other assets estimated or known to have a minimum purchase or resale value of £100
- long term investments, shares and loans made by the Council