Lifting the Lid Part 4 - Asset Registers and Risk Assessments
Betley Parish Council Asset Register Each year local Councils are expected to update their Asset Register. The Asset Register is part of the end of year accounting process so this needs to be addressed. Parish Councils are not excluded from this exercise. An asset has several contexts: it can be financial, business or personal. In a governance scenario all three appear to be enshrined in the term Asset and this would include any item with a long-term existence, purchased with public funds, which needs to be accounted for – whether it is cash/property- land/ equipment/ investments, Xmas lights/Xmas animals/SIDs and poles/statues/poppies/war memorials/benches/picnic tables/notice boards/display boards/ loudhailers/laptops /apps and other peripheral hard and software. For accounting purposes assets are listed on a company’s/Council’s balance sheet as either current assets (cash etc) or non-current assets (buildings, machinery and other tangib...