Financial Management and Control
Section 21: Assets
21.1 Land, Buildings, Fixed Plant and Machinery
The purchase, lease or rent of land, buildings or fixed plant can only be undertaken with authority from Council and with reference to HEFCE requirements where exchequer-funded assets or exchequer funds are involved. Negotiations leading to the approved acquisition (including lease) of premises, including contractual and other legal matters, will be led by the Registrar and Secretary. The Director of Finance will be responsible for application of capital receipts and funding arrangements.
21.2 Fixed Asset Register
The Director of Finance is responsible for maintaining the College's register of land, buildings, fixed plant and machinery. Heads of Department will provide the Director of Finance with any information he or she may need to maintain the register.
Heads of Department are responsible for maintaining inventories, in a form prescribed by the Director of Finance, for all plant, equipment, furniture and stores in their departments. The inventory should contain:
- Items with an original cost above the limit specified in the Financial Limits and Financial Procedures. (Different limits may be specified for different categories of item.)
- Items that have an original cost of less than the limits stated but that are considered vulnerable to theft. (The entry of these items is at the discretion of the Head of Department.)
The inventory must include items purchased, donated, held on trust or leased. Inventories must be checked at least annually as described in the College's detailed Financial Procedures. When transferring equipment etc between departments, a transfer record must be kept and the inventories amended accordingly.
21.4 Stocks and Stores
Heads of Department are responsible for establishing adequate arrangements for the custody and control of stocks and stores within their departments. The systems used for stores accounting in departments must have the approval of the Director of Finance. Heads of Department are responsible for ensuring that regular inspections and stock checks are carried out. Stocks and stores of a hazardous nature should be subject to appropriate security checks.
Those Heads of Department whose stocks require valuation in the balance sheet must ensure that the stock-taking procedures in place have the approval of the Director of Finance and that instructions to appropriate staff within their departments are issued in accordance with advice contained in the College's detailed Financial Procedures.
21.5 Safeguarding Assets
Heads of Department are responsible for the care, custody and security of the buildings, stock, stores, furniture, cash, etc under their control. They will consult the Director of Finance in any case where security is thought to be defective or where it is considered that special security arrangements may be needed. Assets owned by the College shall, so far as is practical, be effectively marked to identify them as College property.
21.6 Personal Use
Assets owned or leased by the College shall not be subject to personal use without proper authorisation.
21.7 Asset Disposal
Disposal of equipment and furniture must be in accordance with procedures approved by the Director of Finance or nominee.
Disposal of items purchased from general funds shall not be made without the approval of the Director of Finance who shall be supplied, by the Head of Department involved, with details of the proposed sale price and to whom it is intended to dispose of the item(s). On receipt of approval, the Inventory shall be amended accordingly. Proceeds from low value asset sales will normally be credited to the department concerned if the item was purchased using departmental funds.
Disposal of items purchased from specific external research grant or similar sponsored activity shall only be made within the rules and with the approval, if required, of the sponsoring body. Disposal of land and buildings must only take place with the authorisation of Council or Finance and Resources Committee, in accordance with the Financial Authority Limits. HEFCE consent may also be required if Exchequer funds were involved in the acquisition of the asset.
21.8 All Other Assets
Heads of department are responsible for establishing adequate arrangements for the custody and control of all other assets owned by the College, whether tangible (such as stock - see above) or intangible (such as intellectual property - see section 18), including electronic data.
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