Statement of accounts 2006-07

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Metropolitan Police AuthorityStatement of Accounts2006-07ContentsPageForeword 1Audit Opinion 5Statement of Responsibilities 8Statement on System of Internal Control 9Accounting Policies 17Income and Expenditure Account 21Statement of Movement on General Fund Balance 22Statement of Total Recognised Gains and Losses 22Balance Sheet 23Cash Flow Statement 24Notes to the Financial Statements 25Police Officer Pension Fund Revenue Account 46Police Officer Pension Fund Asset Statement 46Notes to the Police Officer Pension Fund Account 47Glossary 48
1Foreword to the AccountsForeword to the AccountsBackgroundThe Metropolitan Police Authority was established in 2000 and is a functional body of the Greater LondonAuthority.A key duty of the Authority is to oversee the provision of an efficient and effective police service. It is responsiblefor managing overall expenditure within the budget. However, responsibility for day to day financial managementis delegated to the Commissioner in accordance with the financial framework agreed by the Authority.The AccountsThe Statement of Accounts sets out the overall financial position of the Metropolitan Police Authority (MPA) forthe year ending 31 March 2007. The MPA is responsible for the finances of the Metropolitan Police Service(MPS) and the accounts therefore record all the income and expenditure of the MPS as well as the MPA.The accounts are prepared in accordance with the Code of Practice on Local Authority Accounting. To assistthe reader notes to the accounts are provided.The Statement consists of:• The appointed auditor’s opinion;• The Statement of Responsibilities for the accounts;• The Statement on the System of Internal Control;• The accounting policies on which the accounts are based;• The Income and Expenditure Account - summarising the resources generatedand consumed in the year;• Statement of the Movement on the General Fund Balance - showing how the balanceof resources generated/consumed in the year links with the statutory requirements for raising precept;• Statement of Total Recognised Gains and Losses - bringing together the gains and lossesin the balance sheet with the outturn on the income and expenditure account to show thetotal movement in the Authority’s net worth for the year;• The Balance Sheet, setting out the financial position of the Authority at 31 March 2007;• The Cash Flow Statement, summarising the inflows and outflows of cash; and• The Police Officer Pension Fund Revenue Account and Asset Statement.This foreword provides a brief explanation and overview of the financial performance of the Authority andhighlights any significant features.Changes for 2006-07The main changes in the presentation of the accounts relate to those arising from the 2006 CIPFA Statementof Recommended Practice.
Page 1: Metropolitan Police AuthorityStatem
Page 5 and 6: 3The main variations against budget
Page 7 and 8: 5Audit OpinionIndependent Auditor
Page 9 and 10: 7Audit OpinionConclusion on arrange
Page 11 and 12: 9Statement on System of Internal Co
Page 13 and 14: 11Identifying, assessing and managi
Page 15 and 16: 13Statement on System of Internal C
Page 17 and 18: 3 The average assurancescore on int
Page 19 and 20: 17Accounting PoliciesAccounting Pol
Page 21 and 22: 19Accounting PoliciesRevaluationsLa
Page 23 and 24: 21Income and Expenditure AccountThi
Page 25 and 26: 23Balance SheetThe balance sheet sh
Page 27 and 28: 25Notes to the Financial Statements
Page 29 and 30: 4 Employment CostsThe Authority has
Page 31 and 32: 2910 Gains and Losses on disposalTh
Page 33 and 34: 3115 Auditors RemunerationThe audit
Page 35 and 36: 33Notes to the Balance SheetA Fixed
Page 37 and 38: The financing of capital expenditur
Page 39 and 40: I ReservesThe reserves of the Autho
Page 41 and 42: M.P.C.S.W.F. - Metropolitan Police
Page 43 and 44: 41N Usable Revenue ReservesBalance
Page 45 and 46: Rent SmoothingA reserve set up to f
Page 47 and 48: 45This reserve reflects the actuari
Page 49 and 50: 47Notes to the Police Officer Pensi
Page 51 and 52: 49GlossaryNon Distributed CostsThis

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