Central Asset Register and Asset Management

Background on the central asset register maintained by the Finance Department and the responsibilities of all budget holders for managing their College/Support Groups assets.

It is a requirement of the Financial Memorandum agreed between the Scottish Funding Council and the University that an Equipment Asset Register is maintained and physical verification of these assets is undertaken.

The central fixed asset register is a listing of all high value assets that are included in the University’s financial statements. The register is located on the finance system (People and Money) and is maintained by FIRST and local Finance Business Partnering teams. The register holds details on:

  • Equipment over the capitalisation threshold;
    • Currently - £10,000
    • 01.08.16 to 31.07.22 - £50,000
    • Pre 01.08.16 – £25,000
  • Property (Land, Buildings, Plant and Building Improvements)
  • Heritage Assets

Annual verification

As part of the year end procedures an annual verification process is undertaken. This ensures that the details held in the central asset register are complete and accurate. It is a key demonstration that financial controls for capital transactions are operating effectively. Schools and Support units are ask to provide:

  • Confirmation that items are still in use, not obsolete or out of use
  • Location of items (at building level)
  • Details of items disposed
  • Details of any omitted items

The accuracy of the central asset register must be maintained as both external and internal audit physically verify a sample of items annually.

The Capital Accounting Team organise and collate responses to the exercise provided by Finance Business Partnering Teams. 

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