76 Virtual Brochure – March 2025 Institution by its turnover (000) Capitalisation Threshold Lower limit for tracking of assets (fixed or non-fixed) System for Fixed Assets Local Asset Registers Responsibilities/Controls Institution 4 £238,515 £5000 and above. £1000 and above. The asset register is managed through the Agresso fixed asset module, and so linked to the general ledger. There is a standard Excel template for inventories that is circulated annually by finance. Finance request annual inventory returns from Resource Centre Managers (RCMs), and the process should be that these are consolidated into a master inventory worksheet and reconciled to the asset register for items >5k to track movement (including additions and disposals). RCMs are responsible for maintaining inventories, in the form prescribed by the Financial Procedures for all non-capital plant, equipment and furniture in their Resource Centres. Financial Regulations cover the arrangements for assets. This outlines the high level arrangements for asset management including the asset register, inventories, safeguarding and disposals. The Financial Regulations include a link to Inventory Procedures. Supporting this, there are guidance documents in place. Roles and responsibilities are clearly defined with the responsibility for the asset register falling under the Director of Finance, and the responsibilities for the management of assets and inventories devolved to RCMs. The inventory record must include items donated or held on trust and inventories. Must be checked at least annually as described in the Financial Procedures. RCMs required to provide the Director of Finance with an annual copy of their inventory record. For assets on the asset register, a unique reference is generated by Agresso, and location details for the asset are recorded on the asset master file.
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