A Fixed Asset Register has four main purposes:-
- It forms a basis for completion of box 9 in the ‘Annual Return.’
- 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.
Local 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.
The Register is adopted by the Council at the end of each financial year but is a working document over the following fear, during which Council Officers will update and amend details as necessary.
Silloth-on-Solway Town Council’s Fixed Asset Register as adopted on 13 May 2019 is available to download here .