Annual Report 2001~ 2002 - Belfast Education & Library Board

ANNUAL ACCOUNTS FOR YEAR ENDED 31 MARCH 2002FOREWORD TO THE ACCOUNTS1 BACKGROUND INFORMATIONThe Belfast Education and Library Board (hereinafter referred to as the Board) is an executive nondepartmentalpublic body sponsored by the Department of Education, Department of Culture, Arts andLeisure and the Department of Employment and Learning (hereinafter referred to as the Departments).The Board’s principal functions are the provision of education, library and youth services to the BelfastCity Council area.These accounts have been prepared in a form directed by the Departments with the consent of theDepartment of Finance and Personnel in accordance with Article 119 of the Education and Libraries(N.I.) Order 1986. A copy of the Accounts Direction can be found at Annex A.2 BRIEF HISTORYBusiness ReviewThe Board produces an Annual Report of its activities and a full report is contained therein.Results for the YearThe results for the year of the Board are set out in detail on page 9. The deficit for the year was £26,698,127(2001 - £24,464,242) after charging notional costs of £25,521,182 (2001 - £24,294,206) and the resultantdeficit transferred to the income and expenditure reserve was £1,176,945 (2001 – deficit £170,036).Fixed AssetsDetails of the movement of fixed assets are set out in note 11 to the accounts.The Board does not believe that there is any material difference between the market and book values ofits lands and buildings.3 FUTURE DEVELOPMENTSWork is planned to commence on four new primary schools, Forthriver Primary school, Finaghy Primaryschool, Cavehill Primary school and Lowwood Primary school.The Board will continue to function in its present form for the foreseeable future.4 IMPORTANT EVENTS OCCURRING AFTER THE YEAR ENDThere have been no significant events since the year end, which would affect these accounts.5 CHARITABLE DONATIONSDuring the year the Board made no donations for charitable or political purposes.32 Annual Report 2001~ 2002