Stocks

Stock includes assets:

a.  held for sale in the ordinary course of business and

b.  materials or supplies used in a production process or for rendering of services.

Heads of Schools or Support Groups are responsible for establishing adequate arrangements for the custody, control security and safety of stocks and stores within their areas of responsibility. The accounting systems used for stores must have the approval of the Director of Finance.

Heads of Schools or Support Groups are responsible for ensuring that regular inspections and stock checks are carried out. Stocks and stores of a hazardous nature should be subject to appropriate security checks and methods of storage and disposal have been approved by the Health and Safety Department.

Staff responsible for stock locations must ensure that:

a.  adequate stock-taking procedures are in place as required within the University's year-end procedures;

b.  stock is ordered only in appropriate quantities of suitable quality at the best terms available, within the University Procurement Strategy, and purchased after appropriate requisition and approval;

c.  stock is adequately protected against loss, misuse or obsolescence;

d.  procedures are in place to account for all stock movements and the correct allocation to the appropriate user;

e.  stockholdings are regularly reviewed for obsolete stock and in such cases obsolete stock should be disposed of at an appropriate time so as to obtain the best value (normally expected to be market value) possible for the University;

f.  waste regulations and Waste Electrical and Electronic Equipment (WEEE) directives are applied to disposal;

g.  best value is obtained for the competitive sale of any goods to external bodies or to staff and proper records are kept of the sales procedures;

h.  stocks are valued during the year and the stock valuation (as reported to the Finance Department) should be at the lower of cost or net realisable value.