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32 Property

32.1

The University's real property is governed by Statutes and Ordinances including the Sites and Buildings Regulations.

32.2

Departments may not acquire or dispose of real property without taking the advice of the Directors of Finance and of EM. See further Regulation 6.

32.3

The University's Taxation Section must be consulted about VAT and the tax implications of property acquisitions, disposals and usage.

33 Stores and Equipment

33.1

Stores and equipment shall be dealt with as set out in the Financial Procedures Manual. Assets bought with University Income irrespective of the source of funding remain the property of the University until sold or destroyed, unless contracts with external sponsors specify otherwise.

33.2

Fixed asset registers must be maintained (with a minimum requirement for all items costing more than £5,000).

33.3

Heads of Departments shall keep full, proper and correct records of stock. A full stock take must be performed annually between 1 June and 31 July in addition to any regular interim stock takes.

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