Policies and Procedures

DOCUMENT CONTROL: Rev 3.0 Reviewed May 2024, Adopted without changes. Rev 3.1. Reviewed April 2025. Update of assets added and disposed of. Effective April 2025. 

Hemswell Parish Council

Hemswell Parish Council’s Asset Register is a detailed list of its fixed assets, such as property and equipment, with a useful life of over one year. An asset register is an essential management tool and the starting point for financial and physical control for safeguarding assets, managing risk and insurance, making cost-effective use of capital resources, tracking asset condition and lifespan, providing assurance of the continued existence of the PC’s property and for completing the annual governance return as required by The Smaller Authorities Proper Practices Panel (SAPPP) – Practitioners’ Guide 2025[1].

To ensure transparency and accountability, the following items are included in the PC’s asset register, whether purchased,gifted or otherwise acquired, together with details of their physical location:

• Land and buildings held freehold or on long-term lease in the name of the PC.
• Community assets.
• Assets considered portable, attractive or of community significance.
• Other assets estimated or known to have a minimum purchase or resale value of £100
• Assets held in trust.

The values in the asset register inform the 'total fixed assets' section of the PC’s Annual Return, except assets held in trust. The value of assets on the register typically does not change year-to-year because depreciation is not applied; therefore, the total value of assets will only change when a new asset is acquired or an existing asset is disposed of,. 

The Asset Register is reviewed and adopted by the PC within each financial year, but it is considered a ‘working’ document requiring updates and amendments as necessary. 

ASSET Register

Due to file formatting, please view the .pdf version of this file at https://hemswell.parish.lincolnshire.gov.uk/downloads/download/48/hemswell-pc-asset-register