Valuing of Assets

Question

Good Afternoon

I have just reviewed our asset list as we have now transferred to Scribe accounts system.  Value was very high

On checking it would appear VAT has been added to the sample invoices I have checked which increases our assets by over 70K....

I would have assumed all assets should exclude VAT (we claim our VAT back)

Minus Delivery Costs

Minus fixing costs - ie new goal posts
Also we have included items under £100.00

Any advice please
Thanks in advance

Answer 1

If my recollections are correct then PC assets are valued net at purchase cost and are not subject to appreciation or depreciation as in a business.

But I could be wrong of course

Comments

Thanks You for taking the time to answer

Answer 2

Yes Ann, exclude the VAT, delivery costs, installation etc, which makes a huge difference on assets such as play equipment.

Comments

Thanks Dave,   It does.... plus our insurance which is £2800 each year

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Do shop around for your insurance and take a look at Parish Protect from Community Action amongst others.