Finance and Accountability
Asset Register
The Parish Council is required to maintain a formal asset register and updating it routinely to record new assets at historic cost price, net of VAT and removing any disposed of / no longer serviceable assets. The register is updated throughout the year and reviewed at the Annual Parish meeting.
An asset register is the starting point for any system of financial control over tangible assets as it:
- facilitates the effective physical control over assets.
- provides the information that enables the authority to make the most cost-effective use of its capital resources.
- supports the Annual Governance and Accountability Return for fixed assets by collecting the information on the cost or value of assets held
- forms a record of assets held for insurance purposes.
The asset register should contain in its most simple form the date of acquisition, cost of acquisition. It is desirable for the register to contain other such supplementary information to enable the user to better understand the nature and scope of the use of the fixed asset.
Advice given in the 2024 Annual Audit prompted a review of the Asset Register line with advice in last year’s audit the Asset Register has now been reviewed. The review identified assets that had been gifted to the parish council that were wrongly valued and a number of other corrections to the values assigned to individual items.
The AGAR3 2024 return has been restated to account for the review and the 2025 to include new acquisitions and disposals.
