82 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 Property shall not be subject to personal use without proper authorisation and after making necessary insurance arrangements. University property must not be removed from the premises without written authority of the Budget Holder, who must ensure that a record of any such removals is maintained (including a signed receipt by the borrower) and that the property is returned. Institution 9 £73,648 £10000 and above Not defined. The Director of Finance and Resources is responsible for maintaining registers of the land and buildings owned or leased by the University and maintains a central record of all assets purchased with a value in excess of the University’s capitalisation limit. Will also maintain a register of other items of value, such as artwork, and ensure appropriate insurance for these is in place. The Director of Information Services will maintain registers of the IT equipment. The Director of Student and Staff Services will maintain registers of the furniture, printers, facilities related equipment, vehicles and any other assets which the Service manages or operates, issues or maintains. Heads of Department and Directors of Service or equivalent are responsible for maintaining registers of All asset registers should be updated for new purchases and for disposals and a physical verification of assets should be performed periodically. Heads of departments should regularly review the use of assets to determine whether they continue to provide value for money and remain essential to their provision. A replacement plan for these assets should also be in place. Approval to dispose of assets must be obtained in line with the Scheme of Delegation and must be communicated to the Finance and Resources Service. Where equipment or other assets are surplus to requirements, they must be
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