Policy on asset management
- The director will maintain a fixed asset register which will be approved by the board at least once every financial year. All capital expenditure of over £500 on any one item will be included in the fixed asset register. Items on the fixed asset register will be depreciated on a basis agreed with the charity's auditors.
- Once a year the director will prepare an estimate of capital expenditure required to maintain Community Base's property and services in good condition for the next 25 years on the basis of consultations with the building manager, contractors, suppliers and others and present it to the board of trustees for approval.
- Estimated capital expenditure will not include expenditure, such as building maintenance, included in revenue expenditure.
- Estimated capital expenditure will assume no inflation and a percentage of VAT based on the percentage likely to be non-recoverable.
- Community Base will take estimated capital expenditure into account when drafting and approving budgets.
- This policy will be reviewed by the board of trustees at least every year.
