Chapter 2 - The Insolvency Service

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Chapter 4 17 Contingencies Banking liabilities Following the enactment of the Cheques Act 1992, the Secretary of State for Trade and Industry has indemnified The Service's bankers against certain liabilities arising in respect of non-transferable "account payee" cheques due to insolvent estates and paid into the accounts of The Service. 18 Financial exposure Financial Reporting Standard 13 (FRS13), Derivatives and Other Financial Instruments, requires disclosure of the role that financial instruments have had during the period in creating or changing the risks an entity faces in undertaking its activities. Due to the largely non-trading nature of its activities and the way in which it is financed, The Service is not exposed to the degree of financial risk faced by business entities. Moreover, financial instruments play a much more limited role in creating or changing risk than would be typical of the listed companies to which FRS13 mainly applies. Generally, financial assets and liabilities are generated by day-to-day operational activities and are not held to change the risks facing The Service in undertaking its activities. The Service has taken advantage of the exemption in FRS13 not to give disclosures in respect of short term debtors and creditors. The Service's financial assets comprise cash at bank and in hand. The interest generated from these balances is not retained by The Service, but surrendered directly to the Consolidated Fund. The fair value of cash concerned is not considered to be materially different from the book value. The Service has provisions relating to lease dilapidations. The fair value of these is also not considered to be materially different from the book value. Liquidity, Interest Rate and Foreign Currency risk. The Service has no exposure to significant liquidity risks. The Service is not exposed to interest rate risk. The Service has no exposure with regards to foreign currency risk. 83
Chapter 4 19 Performance target The Service is required to generate sufficient fees to meet the costs of case administration, banking and insolvency practitioner regulation. The Service has a Financial Memorandum agreed with the DTI to break-even in each of these activities over a three year period. 20 Post balance sheet events There are no post balance sheet events. 84
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Annual Report and Accounts 2005-06
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Contents Contents Chapter Page 1. C
Page 7 and 8:
Chapter 1 The Service's new financi
Page 9 and 10:
Chapter 1 deployed. The Insolvency
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Chapter 2 Steering Board The Steeri
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Chapter 2 Directing Board The Inspe
Page 15 and 16:
Chapter 2 Case administration incom
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Chapter 2 2.3 Enforcement & Investi
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Chapter 2 BRO/BRU Allegations Break
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Chapter 2 83 Disqualification Orde
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Chapter 2 DTI and the changing reso
Page 25 and 26:
Chapter 2 Number of Claims for Redu
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Chapter 2 Debt Relief Orders Most p
Page 29 and 30:
Chapter 2 existing legislation and
Page 31 and 32:
Chapter 2 Prior to 1 April 2004 ins
Page 33 and 34: Chapter 2 the number of statements
Page 35 and 36: Chapter 2 Future Developments A pro
Page 37 and 38: Chapter 2 problems arising from
Page 39 and 40: Chapter 2 The Adjudicator concluded
Page 41 and 42: Chapter 2 Payments to suppliers In
Page 43 and 44: Chapter 2 Disabled Persons As an eq
Page 45 and 46: Chapter 2 displays in offices of
Page 47 and 48: Chapter 2 The use of The Service's
Page 49 and 50: Chapter 2 We aim to use our natural
Page 51 and 52: Chapter 3 Service Contracts Civil s
Page 53 and 54: Chapter 3 Remuneration of Steering
Page 55 and 56: Chapter 3 The non-executive Steerin
Page 58 and 59: Chapter 4 Accounts STATEMENT OF THE
Page 60 and 61: Chapter 4 ongoing process designed
Page 62 and 63: Chapter 4 progress has been made:
Page 64 and 65: Chapter 4 I read the other informat
Page 66 and 67: Chapter 4 Income and Expenditure Ac
Page 68 and 69: Chapter 4 Balance Sheet As at 31 Ma
Page 70 and 71: Chapter 4 Notes to the Accounts For
Page 72 and 73: Chapter 4 1(k) 1(l) Early departure
Page 74 and 75: Chapter 4 2(c) Segmental reporting
Page 76 and 77: Chapter 4 The wages and salaries co
Page 78 and 79: Chapter 4 6 Tangible fixed assets A
Page 80 and 81: Chapter 4 11 Lease obligations Comm
Page 82 and 83: Chapter 4 Included within the Gener
Page 86 and 87: Annex A Health and Safety Report RE
Page 88 and 89: Annex B Glossary Assets Property av
Page 90 and 91: Annex B Interim receiver The court
Page 93: Printed in the UK for The Stationar
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Chapter 2 - The Insolvency Service

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