Statement of Accounts 2011/2012 - Blackburn with Darwen Borough ...

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GLOSSARY OF TERMS Financial liability - An obligation to transfer economic benefits controlled by the Council that is represented by: a contractual obligation to deliver cash (or other financial asset) to another entity; or a contractual obligation to exchange financial assets/liabilities with another entity under conditions that are potentially unfavourable to the Council. Financial year - The Council’s financial year runs from the 1st April through to the following 31st March. General Fund - The main revenue fund of a local authority, which includes the net cost of all services financed by local tax payers and Government grants. International accounting standards - These accounting standards prescribe the methods by which all published accounts should be prepared and presented, and will over time replace UK accounting standards. Includes International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) Impairment - A reduction in the value of a fixed asset below its carrying amount in the Balance Sheet. Infrastructure assets - Fixed assets that are inalienable, expenditure on which is recoverable only by continued use of the asset created. Examples of infrastructure assets are highways and footpaths. Interest costs (pensions) - For a defined benefit scheme, the expected increase during the period in the present value of the scheme liabilities because the benefits are one period closer to settlement. LASAAC - Local Authority (Scotland) Accounts Advisory Committee. Landfill Allowances Trading Scheme (LATS) - This scheme, which relates to Waste Disposal Authorities (WDAs) in England, aims to reduce the amount of biodegradable municipal waste (BMW) disposed to landfill. The scheme allocates tradable landfill allowances to each WDA up to an upper limit or “cap”. If the WDA receives more allowances than it needs it may “trade” with other WDAs. Conversely, if a WDA uses more landfill than its “cap” it must either purchase allowances from another WDA or pay a financial penalty to DEFRA. LEA - Local Education Authority – a local authority with the statutory responsibility for securing the provision of education in its area. Minimum Revenue Provision - The minimum amount which must be charged to the Council’s revenue account each year and set aside as provision for repayment of debt, as required by the Local Government and Housing Act 1989. Net book value - The amount at which fixed assets are included in the Balance Sheet, i.e. their historic cost or current value less the cumulative amounts provided fro depreciation. Net current replacement cost - The cost of replacing or recreating the particular asset in its existing use, i.e. the cost of its replacement or of the nearest equivalent asset, adjusted to reflect the current condition of the existing asset. - - 90 - -
GLOSSARY OF TERMS Net expenditure - The cost of providing a service after the deduction of any income. Net realisable value - The open market value of the asset in its existing use (or market value in the case of non-operational assets), less the expenses to be incurred in realising the asset. Operating lease - A lease other than a finance lease. Operational assets - Fixed assets held and occupied, used or consumed by the Council in the direct delivery of those services for which it has either a statutory or discretionary responsibility or for the service or strategic objectives of the Council. Past service cost - For a defined benefit scheme, the increase in the present value of the scheme liabilities related to employee service in prior periods arising in the current period as a result of the introduction of, or improvement to, retirement benefits. Post-employment benefits - All forms of consideration given by an employer in exchange for services rendered by employees that are payable after the completion of the employment. Includes pensions but not termination benefits payable as a result of redundancy/ voluntary redundancy, because these are not given in exchange for services rendered by employees. Precept - A method by which local parishes, Lancashire Police Authority and Lancashire Combined Fire Authority obtain the income they require by Blackburn with Darwen Borough Council adding the precept to its own Council Tax and paying over the appropriate cash collected. Property, plant and equipment - Tangible assets (i.e. assets with physical substance) held by the Council for use in the production or supply of goods and services, for rental to others, or for administrative purposes, and expected to be used for more than one period. Provision - An amount set aside by the Council for any liability of uncertain timing or amount that has been incurred. Public Works Loan Board (PWLB) - A central government agency which provides long and short term loans to local authorities at interest rates slightly higher than those at which the government itself can borrow. Local authorities are able to borrow a proportion of their requirements to finance capital spending from this source. Related parties - Two or more parties are related when at any time during the financial period one party has direct or indirect control of the other party, or the parties are subject to common control by the same source. Also, where one party has influence over the financial and operational policies of the other, or both parties are subject to the influence from the same source, to an extent that they might be inhibited from pursuing their own separate interests. Related party transactions - A related party transaction is the transfer of assets or liabilities or the performance of services by, to or for a related party irrespective of whether a charge is made. The materiality of related party transactions should be judged not only in terms of their significance to the Council, but also in relation to its related party. - - 91 - -
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Statement of Accounts 2011/2012
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INDEPENDENT AUDITORS’ REPORT TO T
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FINANCIAL REPORT 2011/2012 1.0 Over
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FINANCIAL REPORT 2011/2012 it will
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FINANCIAL REPORT 2011/2012 Schools
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STATEMENT OF RESPONSIBILITIES 1.0 T
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COMPREHENSIVE INCOME AND EXPENDITUR
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CASH FLOW STATEMENT The Cash Flow S
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NOTES TO THE FINANCIAL STATEMENTS M
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NOTES TO THE FINANCIAL STATEMENTS F
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NOTES TO THE FINANCIAL STATEMENTS t
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NOTES TO THE FINANCIAL STATEMENTS T
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Depreciation is calculated on the f
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NOTES TO THE FINANCIAL STATEMENTS C
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NOTES TO THE FINANCIAL STATEMENTS
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NOTES TO THE FINANCIAL STATEMENTS P
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NOTES TO THE FINANCIAL STATEMENTS A
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NOTES TO THE FINANCIAL STATEMENTS 7
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Page 46 and 47: Reconciliation of the carrying valu
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Page 72 and 73: Assets and liabilities in relation
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Page 78 and 79: The provision made against estimate
Page 80 and 81: COLLECTION FUND INCOME AND EXPENDIT
Page 82 and 83: ANNUAL GOVERNANCE STATEMENT Forewor
Page 84 and 85: ANNUAL GOVERNANCE STATEMENT Equalit
Page 86 and 87: ANNUAL GOVERNANCE STATEMENT Officer
Page 88 and 89: ANNUAL GOVERNANCE STATEMENT A healt
Page 90 and 91: GLOSSARY OF TERMS Accounting polici
Page 94: GLOSSARY OF TERMS Remuneration - Al
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Statement of Accounts 2011/2012 - Blackburn with Darwen Borough ...

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