Statement of Accounts 2006-2007
The statements include:
Statement of Accounting Policies: This is a listing of the accounting policies followed in the production of the Council’s accounts.
The Statement of Responsibilities for the Statement of Accounts: This sets out the Council’s and the Chief Finance Officer’s responsibilities for the statement of accounts.
Income and expenditure Account: The Income and Expenditure Account discloses the income receivable and expenditure incurred in operating the Council for the year.
Statement on the Movement on the General Fund Balance: The Income and Expenditure Account and the Statement on the Movement on the General Fund Balance replace the Consolidated Revenue Account that was used up to 2005/6.
Statement of Total Recognised Gains and Losses: This memorandum statement brings together other gains and losses such as gains on revaluation of fixed assets and pension actuarial gains.
Balance Sheet: The Balance Sheet shows the financial position of the Council as at the 31 March 2007.
Cash Flow Statement: This statement brings together the total movements of the Council’s assets and liabilities during the financial year, inflows and outflows of cash arising from both revenue and capital transactions with third parties.
Notes to the Accounts: The various accounts and statements are supported by detailed notes to help the reader.
Housing Revenue Account (HRA) Income and Expenditure Account and the Statement of Movement on the HRA Balance: The Council is required by law to account separately for the provision of housing. This account shows the major elements of housing revenue expenditure
Collection Fund: There is a statutory requirement for local authorities that issue Council Tax bills (billing authorities) to maintain a separate fund to show the transactions in respect of council tax and non-domestic rates and the way in which these have been distributed to precepting authorities.
The Statement on Internal Control: This statement sets out the main components of internal control and the framework within which the Council’s internal control is managed and reviewed.
Glossary: This provides a guide to some of the technical terms used in this document.
