Asset Register
To ensure that the Parish Council's fixed assets are properly safeguarded, the Council regularly maintain a detailed asset register. This register serves four primary 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 an evidence base for completion of box 9 in the ‘Annual Return.’
The asset register is reviewed and adopted upon at the start of each financial year by the Council. Throughout the year, is regularly reviewed to add any new assets purchased, alongside the removal of any assets that are lost, disposed of, sold or gifted by the Council. These assets should be removed from the register and noted in the schedule of disposals. The values in the asset register inform the ‘total fixed assets’ section of the Annual Return each year, excluding any assets that are held in trust.
A physical stock take of items on the asset register should also be conducted every 2 years to verify their presence. Any assets that cannot be located should be removed from the register and recorded in the schedule of disposals.
What Assets are included in the Asset Register?
For transparency, the following items are included in the Parish Council’s asset register, regardless of whether they were purchased or gifted along with their respective locations:
- Land and buildings owned by the Council, either freehold or on long-term lease
- Community assets
- Vehicles, plant, and machinery (if applicable)
- Assets with a minimum purchase or resale value of £100
- Long-term investments, shares, and loans (where applicable)
Certain items fall outside the definition of fixed assets and are excluded from the Council's asset register, including:
- Land and buildings on short-term lease or rented
- Properties maintained but not owned by the Council
- Assets rented or loaned to the Council
- Stock items for resale, stationery, and consumables
- Boundaries of land (e.g., fences, hedges, gates)
- Floor surfaces, land, and drainage
- Plants and trees
How are Assets Valued?
Assets should be valued using the purchase price of each item (excluding VAT). If the purchase price cannot be determined, the insurance valuation should be applied. A nominal value of £1 may be used where assets have been gifted to the Council.
In cases land or buildings have undergone substantial renovations or improvements that significantly alter the market value compared to the original purchase price, a market value provided by a qualified surveyor may be used to avoid separately recording renovation and improvement work on the asset register.
To view previous and current versions of the Council's Asset Register, please click the links below.
Asset Register for Financial Year 2024 - 2025 - Revised July 2024