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Recommendations

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What’s in this Report? Overview .............................................................................................................................................................. 1 Financial Overview.............................................................................................................................................. 2 Cabinet Member for Finance and Performance Statement.............................................................................. 3 Reviewing Our Performance .............................................................................................................................. 4 Reviewing Our Financial Performance .............................................................................................................. 7 Annual Governance Statement ........................................................................................................................ 14 Auditor’s Report ................................................................................................................................................ 20 Statement of Responsibilities .......................................................................................................................... 21 Movement In Reserves Statement ................................................................................................................... 22 Comprehensive Income & Expenditure Statement ........................................................................................ 23 Balance Sheet ................................................................................................................................................... 24 Cash Flow Statement ........................................................................................................................................ 26 Accounting Policies .......................................................................................................................................... 27 1. Accounting Policies – General Principles .......................................................................................... 27 2. Accounting Policies ........................................................................................................................... 28 3. Accounting Standards That Have Been Issued But Have Not Yet Been Adopted............................. 34 4. Assumptions Made About the Future and Other Major Sources of Estimation Uncertainty............... 35 5. Critical Judgements in Applying Accounting Policies ........................................................................ 36 6. Events after the Reporting Period ..................................................................................................... 36 7. Authorisation of Accounts for Issue ................................................................................................... 36 Pay and Pensions ............................................................................................................................................. 36 8. Officers’ Remuneration and Termination Benefits ............................................................................. 36 9. Members’ Allowances ....................................................................................................................... 38 10. Defined Benefit Pension Scheme...................................................................................................... 38 Day to Day Spending – Revenue ..................................................................................................................... 43 11. Segmental Reporting – Amounts Reported for Resource Allocation Decisions ................................ 43 12. Shared Services ................................................................................................................................ 43 13. Grant Income .................................................................................................................................... 44 14. External Audit Fees ........................................................................................................................... 45 15. Private Finance Initiative ................................................................................................................... 45 16. Gains and Losses on Disposal of Non-Current Assets ..................................................................... 45 Council Resources – Reserves ........................................................................................................................ 45 17. Usable Capital Receipts Reserve ..................................................................................................... 45 18. Capital Grants Unapplied Account .................................................................................................... 45 19. Revenue Earmarked Reserves ......................................................................................................... 46 20. Revaluation Reserve ......................................................................................................................... 47 21. Capital Adjustment Account .............................................................................................................. 47 22. Collection Fund Adjustment Account ................................................................................................ 48 23. Available for Sale Reserve ................................................................................................................ 48 24. Accumulated Absences Account ....................................................................................................... 48 25. Pensions Reserve ............................................................................................................................. 48 Long Term Spending – Capital ........................................................................................................................ 49 26. Property, Plant and Equipment Assets .............................................................................................. 49 27. Non-Current Asset Valuation ............................................................................................................ 50 28. Impairment Losses ............................................................................................................................ 51 29. Heritage Assets ................................................................................................................................. 52 30. Investment Properties ....................................................................................................................... 52 31. Revenue Expenditure Funded from Capital under Statute (REFCUS).............................................. 52 32. Commitments under Capital Contracts ............................................................................................. 53
What’s in this Report? 33. Capital Expenditure and Capital Financing ....................................................................................... 53 The Council’s Creditors and Debtors .............................................................................................................. 53 34. Long-Term Creditors and Receipts in Advance................................................................................. 53 35. Short-Term Creditors and Receipts in Advance ................................................................................ 54 36. S106 Revenue Receipts in Advance ................................................................................................. 54 37. Deferred Liabilities ............................................................................................................................ 54 38. Capital Grant Receipts in Advance ................................................................................................... 54 39. Provisions ......................................................................................................................................... 55 40. Long-Term Debtors – Other .............................................................................................................. 55 41. Short-Term Debtors and Payments in Advance ................................................................................ 55 42. Cash and Cash Equivalents .............................................................................................................. 56 Leases ................................................................................................................................................................ 56 43. Leases .............................................................................................................................................. 56 Financial Instruments ....................................................................................................................................... 56 44. Financial Instruments ........................................................................................................................ 56 The Council’s Relationship With Other Organisations .................................................................................. 60 45. Related Parties ................................................................................................................................. 60 46. Group Accounts ................................................................................................................................ 60 Adjustments Between Accounting Basis and Funding Basis under Regulations ...................................... 61 47. Adjustments Between Accounting Basis and Funding Basis Under Regulations .............................. 61 Collection Fund ................................................................................................................................................. 62 48. Collection Fund Surplus/Agency Arrangements ................................................................................ 64 49. The Calculation of the Council Tax Base .......................................................................................... 64 50. Income Collectable from Business Ratepayers ................................................................................. 65 51. Debt Impairment ............................................................................................................................... 65 52. Provision for Business Rate Valuation Appeals ................................................................................ 65 Glossary ............................................................................................................................................................. 66
Page 1: Subject to Audit
Page 5 and 6: Financial Overview Financial Overvi
Page 7 and 8: Reviewing Our Performance Reviewing
Page 9 and 10: Reviewing Our Performance objective
Page 11 and 12: Reviewing Our Financial Performance
Page 17 and 18: Annual Governance Statement Annual
Page 19 and 20: Annual Governance Statement • mai
Page 21 and 22: Annual Governance Statement communi
Page 23 and 24: Auditor’s Report Auditor’s Repo
Page 25 and 26: Movement In Reserves Statement - Th
Page 27 and 28: Balance Sheet - The Council’s Res
Page 29 and 30: Cash Flow Statement - Movement In C
Page 31 and 32: 2. Accounting Policies Capital Rece
Page 33 and 34: Notes to the Core Financial Stateme
Page 37 and 38: Overheads and Support Services Note
Page 49 and 50: 19. Revenue Earmarked Reserves Note
Page 53 and 54:
Notes to the Core Financial Stateme
Page 55 and 56:
West Minster. Notes to the Core Fin
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42. Cash and Cash Equivalents Notes
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• Aaa-mf • Aa3, Aa2 • A1, A2
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Page 67 and 68:
Page 69 and 70:
Glossary Glossary Accounting Polici
Page 71 and 72:
LAMIT LGPS MKIP MMF NI PPE Local Au
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