Annual Report 2001~ 2002 - Belfast Education & Library Board

BELFAST EDUCATION AND LIBRARY BOARDANNEX AAccounts Direction given by the Department of Education for Northern Ireland (DENI) withthe approval of the Department of Finance and Personnel (DFP) in accordance with Article119 of the Education and Libraries (NI) Order 1986.1. The Belfast Education and Library Board (“the Board”) shall prepare accounts for the financial year ended 31March 2000 and subsequent years, comprising:-a. a foreword;b. an income and expenditure account;c. a balance sheet;d. a cash flow statement; ande. a statement of total recognised gains and losses, including such notes as may be necessary for thepurposes referred to in the following paragraphs.Date of Submission2. The accounts shall be submitted to the Comptroller and Auditor General by the 30th June immediatelyfollowing the end of the financial year.Presentation of Accounts3. The accounts shall give a true and fair view of the income and expenditure and cash flows for the financialyear and the state of the affairs as at the end of the financial year.4. Except where otherwise specified in this Direction, the accounts shall be prepared in accordance with:-a. generally accepted accounting practice in the United Kingdom (UK GAAP);b. the disclosure and accounting requirements contained in the “Fees and Charges Guide” (in particularthose relating to the need for appropriate segmental information for services or forms of services provided)and in other guidance with DFP may issue from time to time in respect of accounts which are requiredto give a true and fair view;c. the accounting and disclosure requirements given in “Government Accounting” Northern Ireland”, andin “Executive NDPBs: Annual Reports and Accounts Guidance”, as amended or augmented from time totime;insofar as these are appropriate to the Board and are in force for the financial year for which the statement ofaccounts is to be prepared.5. Clarification of the application of the accounting and disclosure requirements of the Companies (NorthernIreland) Order, and the accounting standards is given in Schedule 1 attached. Additional disclosurerequirements are set out in Schedule 2 attached.6. The income and expenditure account and balance sheet shall be prepared under the historical cost conventionmodified by the inclusion of:-a. fixed assets at their value to the business by reference to the current costs; andb. stock at the lower of net current replacement cost (or historical cost if this is not materially different) andnet realisable value.Annual Report 2001~ 200261