Sedlescombe Parish Council maintains a fixed asset register in order for public record and transparency.
The asset register is used to complete box 9 on the Annual Return for the external audior, it informs decisions on risk and insurance issues, provides information on the age and lifespan of some items and show the existence of the Council’s property. The register shows when the asset was purchased and for how much. If the asset was gifted it is recorded as £1 as a purchase price and shows where the asset is.
The register contains land and buildings held freehold or on long term lease (the Council has no land or buildings held on long term lease)
community assets
vehicles, plant or machinery ( the Council does not hold vehicles, plant)
assets considered portable, attractive or of community significance
long term investments (investments in account fixed for 12months or more), shares and loans made by the council (the Council does not hold investments in account fixed for 12months or more, shares or loans)
Local 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 is adopted by the Council at the end of each financial year but is a working document over the following financial year, during which Council Officers will update and amend details as necessary.