2011/2012 audited annual accounts - Falkirk Council

FALKIRK COUNCIL
NOTES TO THE CORE FINANCIAL STATEMENTS
• Falkirk Newspapers – various original Falkirk newspapers from 1845 onwards, original bound volumes and
microfilms.
• Pre Ordnance survey maps (e.g Stirlingshire 1817, Falkirk 1832 plus street plans c.1890/1900)
• Miscellaneous plans, prints, paintings and drawings
• Films on reels (for example Bo’ness Fair films)
• Robert Dollar letters which have been encapsulated to protect them
• Aeneas MacKay Collection, a Stirling publisher
• First World War DCM awarded to a local man Private James MacIntosh and his mentioned in despatch letter
signed by Winston Churchill.
Most of these items were either donated, or, when originally purchased, of small monetary value, albeit important
historical value. The authority therefore considers that the cost of obtaining valuations for this collection are
disproportionate in terms of the benefits to the users of the Authority’s financial statements. Therefore this collection of
Heritage Assets is not held on the Balance Sheet.
War Memorials and Town Clocks
The authority holds 15 War Memorials and 12 Town Clocks at various locations throughout the authority area.
The authority does not consider that reliable cost or valuation information can be obtained for these items. This is
because of the nature of the assets held and lack of comparable market values. Consequently the authority does not
recognise these assets on the Balance Sheet.
Civic Regalia
The authority holds various items of Civic Regalia such as the Provost’s chain. These items are reported in the Balance
Sheet at insurance valuation which is based on market values. The valuation was carried out by Lyon and Turnbull, a
firm of auctioneers who specialise in the valuation of Fine Arts and Antiques. The carrying amount of these items is
reviewed where there is evidence of impairment, e.g. where an item has suffered physical deterioration or breakage. Any
impairment is recognised and measured in accordance with the authority’s general policies on impairment.
15.(b) The movement on the Civic Regalia category of Heritage Assets is as follows:-
2010/11
2011/12
Civic Regalia Civic Regalia
£’000 £’000
Cost or Valuation as at 1 April 2011 - -
Additions - -
Revaluations:-
Recognised in Revaluation Reserve - 211
Recognised in Provision of Services - -
De-recognition:-
Disposals - -
Assets reclassified to/from Held for Sale - -
Other Movements in Cost or Valuation - -
As at 31 March 2012 - 211
Accumulated Depreciation and Impairment
As at 1 April 2011 - -
Depreciation:
Charge for Year - -
Impairment:
Written Out to Revaluation Reserve - -
Written Out to Provision of Services - -
De-recognition:-
Disposals - -
As at 31 March 2012 - -
Net Book Value
31 March 2012 - 211
A five year summary of transactions relating to Heritage Assets has not been provided as it is not practical to do so.
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