Assets

Acquisition of assets

The purchase, lease or rent of land, buildings or fixed plant can only be undertaken by the Director of Estates and Facilities in line with the University’s approved capital programme. 

All assets purchased using University funds remain the property of the University and not the Department / Division or individual that uses them.

Heads of Department /Division are responsible for the care, custody and security of the buildings, stock, stores, furniture, cash, etc under their control.

Asset Registers

The University maintains TWO asset registers:

  • A Fixed Asset Register of land, buildings, and fixed plant and equipment costing over £25,000 which will form part of the University’s statutory accounts. Whilst the Director of Finance is responsible for maintaining the institution’s fixed asset register, Heads of Department/Division are required to provide the Director of Finance with any information needed to maintain this register. and
  • Departmental / Divisional Equipment Inventories of all tangible equipment costing in excess of £500. Each Head of Department/Division is required to maintain a Departmental Equipment Inventory which records all equipment held in, and acquired, by the Department/Division with a purchase cost in excess of £500.Heads of Department / Division should ensure that inventories are checked and brought up to date by the end of each financial year.  A register as at 31 July, signed off by the Head of Department will be requested by the Finance Division annually. IT equipment provided by Central IT Services for use in departments should not be included on the register.  This data will be maintained and submitted by IT Services.

The format of the Departmental Equipment Inventory may be determined by the Department/Division, although use of the SAP Asset Management module of the University’s finance system is encouraged.  

Asset Creation

The Asset Creation Form INV1 should be used to add details of all items of equipment costing over £500 to a Departmental Equipment Inventory which is held on SAP

Asset Disposal / Retirement

When assets become redundant, the Department / Division holding that asset should ensure that the asset is disposed of in the most economically efficient manner, aiming to maximise sale proceeds for the University. Disposals should be conducted in such a way as to rebut any possible allegations of waste of public funds or of showing undue preference to any party. It is the University’s policy not to sell plant or equipment, including redundant IT equipment, to an employee.

Following the disposal of any asset, either by sale or as scrap, the Department / Division MUST ensure that the departmental equipment inventory is updated or, if the initial purchase cost of the equipment was over £25,000, that Finance Office is notified of the need to update the fixed asset register.

Asset Retirement Form INV2 should be used to remove any item of equipment from the Departmental Equipment Inventory when the particular item is either sold or scrapped.

Asset Security

Heads of Department / Division are responsible for the care, custody and security of the buildings, stock, stores, furniture, cash, etc under their control. They should consult the Director of Estates in any case where security is thought to be defective or where it is considered that special security arrangements may be needed.

Share this page: