Is Asset Register a legal requirement for schools

[CommodoreS]

I have read it is a legal requirement for Limited Companies to have a Asset Register as confirmed at Fixed Asset Register | A record of your equipment

 

I know it would be stupid not to have one, but is it also a legal requirement that schools must have one?

[m25man]

The legal requirement is only for limited companies.

Company assets must be recorded for tax and other financial purposes such as money laundering checks etc.

Especially useful when it comes to due diligence and valuations.

 

It wouldn't apply to state schools but would apply to independents and academies whom are registered as a Limited company.

[CyberNerd]

Sometimes insurance companies insist on it too

[ITGURU]

We have to have one for insurance purposes, but also the trust require us to keep a record.

If we dispose of any assets we have to complete a form so that it is signed off.

[localzuk]

We keep an asset register for a couple of reasons:

 

1. Financial reports - capital purchases over our de minimis amount are recorded, and are presented as part of our accounts on a yearly basis.

2. Insurance - we put anything reasonably valuable on if it could be stolen

3. Asset management - to keep track of when things were bought, who they were assigned to, where they should be etc...

 

The first 1 is a legal requirement for academies as far as I know.