Parish Councils must maintain an asset register to ensure fixed assets are appropriately safeguarded. Once recorded on the asset register at acquisition cost, 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 by the Parish Council at the end of each financial year but is a working document it will be amended as necessary. It is available to view in the audit documentation under the Financial category.
Land ownership – The Parish Council has the following areas in its ownership:-
|1. Turners Lane by the Ford|
|2. Post Office Green|
|3. Play Area The Butts & four small areas|
|4. The Village Green (adjacent to School)|
|5. Land surrounding Crudwell Sewage Pumping Station|
|6. Memorial Garden|