2011/2012 audited annual accounts - Falkirk Council

FALKIRK COUNCIL
BALANCE SHEET AS AT 31 MARCH 2012
The Balance Sheet shows the value as at the Balance Sheet date of the asset and liabilities recognised by the Council. The net assets of the
Council (assets less liabilities) are matched by the reserves held by the Council. Reserves are reported in two categories. The first
category of reserves is usable reserves, i.e. those reserves that the Council may use to provide services, subject to the need to maintain a
prudent level of reserves and any statutory limitations on their use (for example the capital receipts reserve that may only be used to fund
capital expenditure or repay debt). The second category of reserves is those that the Council is not able to use to provide services. This
category of reserves includes reserves that hold unrealised gains and losses (for example the revaluation reserve), where amounts would
only become available to provide services if the assets are sold; and reserves that hold timing differences shown in the Movement in
Reserves Statement line “Adjustments between accounting basis and funding basis under regulations”.
2010/11 2011/12 Notes
* (Restated)
£’000 Non-Current Assets £’000
718,797 Property, Plant & Equipment 714,994 14
- Heritage Assets 211 15
79 Intangible Assets 38 11
507 Assets Held for Sale 279 17
9,340 Long Term Investments 9,341 22
6,200 Investments in Associates and Joint Ventures 5,846 22
1,227 Long Term Debtors 2,187 26
736,150 732,896
Current Assets
872 Inventories 923 27
16,332 Short Term Debtors 18,559 29
35,941 Cash and Cash Equivalents 140
390 Assets Held for Sale 476 17
53,535 20,098
Current Liabilities
- Bank Overdraft (306)
(25,112) Short Term Borrowing (29,164)
(90,180) Short Term Creditors (67,131) 30
(5,000) Provisions (5,216) 25
(120,292) (101,817)
Long Term Liabilities
(149,922) Long Term Borrowing (129,311) 23
(171,869) Defined Benefit Pension Scheme Liability (214,510) 9
(139,667) Other Long Term Liabilities (133,847) 34
(2,526) Capital Grants Received in Advance (3,934) 32
(463,984) (481,602)
205,409 NET ASSETS 169,575 21
Usable Reserves
5,342 Capital Receipts Reserve 5,172
5,067 Capital Grants Unapplied Account 4,737
36,716 General Fund 32,234 1
5,588 Other Usable Reserves 7,446
52,713 49,589
Unusable Reserves
197,745 Capital Adjustment Account 206,660
(7,057) Financial Instruments Adjustment Account (6,719)
144,375 Revaluation Reserve 140,533
(171,869) Pensions Reserve (214,510)
(10,498) Accumulated Absences Account (5,978)
152,696 119,986
205,409 TOTAL RESERVES 169,575
Bryan Smail, CPFA MBA
Chief Finance Officer
* The 2010/11 figures for “Cash and Cash Equivalents” and “Short Tern Creditors” have both been increased by £14.4m.
The unaudited accounts were issued on 29 June 2012 and the audited accounts were authorised for issue on 25 September 2012.
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