Statement of accounts 2006-07

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44Notes to the Financial StatementsP Accounting Reserves and Long Term LiabilityAccounting ReservesFixed AssetRestatementAccount£’000CapitalFinancingAccount£’000Long TermLiabilityTotalGovernmentGrantDeferredAccount£’000 £’000Balance as at 01.04.2006 (1,405,491) (75,280) (60,089) (1,540,860)Minimum Revenue Provision Adjustment 0 (12,129) 0 (12,129)Transfers during year 0 (43,820) 43,820 0Revaluation of Fixed Assets (23,853) 0 0 (23,853)Financing of Fixed Assets 0 (12,831) (76,190) (89,021)Depreciation 0 96,846 0 96,846RCCO 0 (15,965) 0 (15,965)Capital expenditure adjustment 11,954 309 0 12,263Cost of assets disposed 36,593 0 0 36,593Balance as at 31.03.2007 (1,380,797) (62,870) (92,459) (1,536,126)Accounting ReservesFixed Asset Restatement AccountThe Fixed Asset Restatement Account is debited orcredited with the deficits or surpluses that arise onthe revaluation of fixed assets as well as being writtendown by the net book value of assets when they aredisposed of. The account cannot be used to supportspending.Capital Financing AccountThe Capital Finance Account contains the amountof capital expenditure that has been financedfrom revenue and capital receipts excluding sumsreceived in respect of loans negotiated to financecapital investment. The account also contains thedifference between the minimum revenue provisionand depreciation. Additionally, it handles the releaseof government grants from the Government GrantsDeferred Account as funds are applied for financingpurposes. The account cannot be used to supportspending.Balance as at 1 Aprilpercentage change over previous yearLong Term LiabilityGovernment Grant Deferred AccountGovernment grants are received and applied to financecapital expenditure on fixed assets. Such grants areusually non-specific to particular capital schemes andcannot be written off through the Asset ManagementRevenue Account to match depreciation. Instead,they are written off to the Capital Financing Accountin the year of application. Where grants are specificthe grant is released to the Capital Financing Accountas the book value of purchased fixed assets isdepleted.SORP 2006 requires the Government Grant DeferredAccount to be shown as a Long Term Liability.Q Police Officer Pension ReservePolice Officer Pension Reserve2006-07£’00014,743,98717.98%2005-06£’00012,496,48833.28%2004-05£’0009,375,9736.37%2003-04£’0008,814,650Actuarial gainpercentage change over previous year(1,095,714)(177.59)%1,412,100(43)%2,461,50218588.80%13,171Revenue Reserve movementpercentage change over previous year926,12710.86%835,39926.77%659,01320.22%548,152Balance as at 31 Marchpercentage change over previous year14,574,400(1.15)%14,743,98717.99%12,496,48833.28%9,375,973
45This reserve reflects the actuarially calculated future cost of providing pensions for both serving and non servingPolice Officers as well as those already in retirement as stipulated by FRS 17.Notes to the Cash Flow StatementNotes to the Financial StatementsR Reconciliation of Surplus to revenue cash flow2005-06£’0002006-07£’000(432) (Surplus) (10,060)Non-cash Transactions(10,813) Net Transfer from Reserves (18,290)(1,288) Net Transfer from Provisions (1,701)Items on an Accruals Basis(4,704) (Increase)/decrease in Revenue Creditors (11,717)(441) Increase/(decrease) in Stocks 2527,240 Increase/(decrease) in Debtors 13,126Items Shown Later in the Cashflow Statement12,838 Investment Income 14,617(4,430) Interest Paid (3,452)(2,030) Net Cashflow from Revenue Activities (17,225)S Analysis of cash balancesCash balances include not only corporate and local bank balances but also imprest balances held across theorganisation.Balance31.03.2006£’000Balance31.03.2007£’000Movement inthe year£’000Cash and bank (804) 1,571 2,375T Analysis of Net Debt (liquid resources)Balance31.03.2006£’000Cash Flow£’000Balance31.03.2007£’000Cash at bank and in hand (804) 2,375 1,571Debt due within 1 year (13,500) (1,500) (15,000)Debt due after 1 year (57,337) 15,000 (42,337)Short Term Investments 172,500 (33,500) 139,000Total 100,859 (17,625) 83,234
Page 1 and 2: Metropolitan Police AuthorityStatem
Page 3 and 4: 1Foreword to the AccountsForeword t
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: Rent SmoothingA reserve set up to f
Page 49 and 50: 47Notes to the Police Officer Pensi
Page 51 and 52: 49GlossaryNon Distributed CostsThis

Statement of accounts 2006-07

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