The University can obtain
You must keep a record of the exhibits.
You must use the items concerned exclusively as exhibits under your control.
You may lend, hire out or transfer the exhibits to another approved establishment without payment of duty and VAT as long as you first notify NIRU.
If an item is strictly controlled eg. if it contains ivory you will need to contact the National Advice Service.
You must pay Customs the duty and VAT if you dispose of the exhibits in any other way. Contact the National Advice Service for further details.
The goods must be covered by the detailed descriptions in the notice and:
See HMRC Notice 361 (Importing museum and gallery exhibits free of duty and VAT) [1] for more details and how to apply
Links
[1] https://www.gov.uk/government/publications/notice-361-importing-museum-and-gallery-exhibits-free-of-duty-and-vat/notice-361-importing-museum-and-gallery-exhibits-free-of-duty-and-vat