2011/2012 audited annual accounts - Falkirk Council

FALKIRK COUNCIL
NOTES TO THE CORE FINANCIAL STATEMENTS
23. Loans Outstanding
These loans were raised to finance the capital expenditure of the Council. The source of these loans as at 31 March 2012
was as follows:-
2010/11
2011/12
£’000 BORROWING REPAYABLE ON DEMAND OR WITHIN 12 MONTHS
£’000
10,600 Temporary Borrowing 20,100
534 Other Loans 582
11,134 20,682
2,132 Accrued Interest 2,277
13,266 Total 22,959
LONG TERM
121,630 Public Works Loan Board 101,630
581 European Investment Bank -
26,000 Market Bonds 26,000
148,211 127,630
1,711 Accrued Interest 1,681
149,922 Total 129,311
24. Insurance Fund
An updated independent actuarial valuation of the Insurance Fund was undertaken in September 2009. This has established
that there are sufficient funds to meet its outstanding liabilities in respect of Property, Liability and Motor Insurance claims.
There is no material risk which remains unfunded. The balance of the Fund as at 31 March 2012 is £3.896m. (£3.683m as
at 31 March 2011).
25. Provisions
At the year end, there were a significant number of equal pay claims being considered in conjunction with the Council’s
legal advisers and the actual cost of these claims is unknown at this time. Provision for these costs at 1 April 2011 was
£5.000m and costs of £1.784m were charged against this. The Council contributed a further £2.000m to the provision
during the year which resulted in a closing balance of £5.216m at 31 March 2012.
26. Long-Term Debtors
Balance Advanced Repaid
Balance
01/04/11 2011/12 2011/12 31/03/12
£’000 £’000 £’000 £’000
Northfield Quarry 1,058 - (31) 1,027
Falkirk Community Stadium Ltd 1,011 - - 1,011
Loan Arrears 5 - - 5
Housing Loans 66 - (19) 47
Car Loans 98 112 (113) 97
Total 2,238 112 (163) 2,187
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