Finance
Asset Register
Details of the council's owned assets
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.
A parish council’s fixed asset 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 at the end of each financial year but is a working document and will be amended as necessary. The main register is maintained as an Excel file while a map above shows the physical location of various assets.
