6.1 Physical Assets
6.1.1 In this section the term ‘physical assets’ includes all capitalised fixed assets, inventories and stock.
6.1.2 Heads of College/Professional Service are responsible for ensuring the proper security of all physical assets under their control.
6.1.3 No University physical assets shall be subject to personal use without proper authority having been obtained from the Head of College/Professional Service.
6.1.4 It shall be the responsibility of the Chief Finance Officer to maintain a register of all capitalised fixed assets owned by the University.
6.1.5 The Director of Estates & Commercial Facilities shall arrange for the safe custody of all title deeds.
6.1.6 Fixed asset and inventory item disposals, whether sold or destroyed, must be treated in accordance with the University’s Procedure for the Custody and Recording of Fixed Assets.
6.1.7 Disposal of land and buildings must only take place with the prior authorisation of the Board of Governors.
6.1.8 Lessees and/or other occupiers of University land and/or buildings shall not be allowed to take possession until the lease or agreement, in a form approved by the Director of Estates & Commercial Facilities, has been signed.
6.1.9 All vehicles purchased by the University shall be notified to the Director of Estates & Commercial Facilities who shall retain all registration and MOT documents.
6.1.10 The licensing of all vehicles shall be undertaken by the Director of Estates & Commercial Facilities.
6.2 Intellectual Assets
6.2.1 Officers and employees are responsible for ensuring that the Intellectual Property Rights of the University are protected and may only be disposed of or exploited in accordance with the University’s Intellectual Property Rights Policy.
6.2.2 When members of staff make an invention which, in their opinion, it is desirable to protect by a patent, they shall inform their Head of School who shall inform the Director of Research & Enterprise.
6.3 Insurance
6.3.1 The portfolio of insurances will be reviewed and approved by the Chief Finance Officer on an annual basis.
6.3.2 The Chief Finance Officer shall be responsible for effecting insurance cover.
6.3.3 The Chief Finance Officer shall prepare an annual report for the Board of Governors setting out insurable risks and levels of cover.
6.3.4 Heads of College/Professional Service shall be responsible for notifying the Chief Finance Officer of any changes to insurable risk.
6.3.5 Heads of College/Professional Service shall notify the Chief Finance Officer immediately of any loss, liability of damage, which may lead to a claim against or on behalf of the University