CHILTERNS CREMATORIUM

 

JOINT COMMITTEE

 

 

 

 

 

 

 

2007-2008

 

 

 

 

 

 

 

STATEMENT OF ACCOUNTS

 

 

 

 

 

CONTENTS

 

 

 

     Page No

 

 

 

EXPLANATORY FOREWORD     1

 

 

 

STATEMENT OF RESPONSIBILITIES FOR ACCOUNTS     2

 

 

 

CERTIFICATION AND APPROVAL OF ACCOUNTS     3

 

 

 

STATEMENT OF ACCOUNTING POLICIES     4 - 5

 

 

 

 

 

CORE FINANCIAL STATEMENTS:-

 

 

 

INCOME AND EXPENDITURE ACCOUNT     6

 

 

 

BALANCE SHEET     7

 

 

 

CASHFLOW STATEMENT     8

 

 

 

NOTES TO CORE FINANCIAL STATEMENTS     9 - 14

 

 

 

 

 

AUDITORS’ REPORT     15

 

 

 

 

 

1.     EXPLANATORY FORWORD

 

 

 

Introduction

 

 

 

The Accounts for the Chiltern Crematorium Joint Committee for the financial year 1 April 2007 to 31 March 2008 are set out in the following pages. They have been prepared in accordance with the Accounts and Audit Regulations 2003, issued under Sections 23 and 35 of the Local Government Act 1982 and recommended best practice. The accounts for 2006/07 are shown for comparison purposes.

 

 

 

This Statement of Accounts is a complete record of the financial activities of the Joint Committee and incorporates the following core financial statements:-

 

 

 

(a)

Income and Expenditure Account: this account reports the net cost for the year of the operating the Crematorium.

 

 

 

(b)

Balance Sheet: this shows the financial position of the Joint Committee at the end of the financial year.

 

 

 

(c)

Cash Flow Statement: this statement summarises the inflow and outflow of cash.

 

 

 

A summarised version of the core financial statements has been incorporated into the accounts of Chiltern District Council being the lead authority for the Joint Committee.

 

 

 

Overview of Financial Results for 2007/08

 

 

 

The detailed financial results and position for the year end are shown in the statement and show a net operating surplus for the year of £573,789. This compares to a budgeted surplus position of £536,860. The main reason for the improved position is lower than expected expenditure, particularly on maintenance of buildings, and slightly improved income from fees and charges for memorials. After taking into account a revenue contribution to fund capital expenditure incurred during the year and pension fund adjustments the overall reported net surplus is £517,583 to be apportioned between the constituent authorities.

 

 

 

Capital Expenditure

 

 

 

The capital expenditure of £59,968 was incurred in the year and has been entirely funded from revenue balances (see Note 4 on page 11 for a breakdown). This compares to an estimated spend of £269,169. The major refurbishment and new chapel project is complete but final certificates are still awaited, the 2007/08 unspent budget provision will therefore be carried forward to 2008/09. Due to the revaluation as at 31st March 2007 the amount paid out in 2007/08 relates to the re-valued asset, is not an enhancement and has therefore not been capitalised in the current year.

 

 

 

Pension Fund

 

 

 

As recommended by the external auditors, the Chilterns Crematorium accounts include FRS17 accounting entries in respect of pension costs. Further details of accounting policy and how pension costs have been treated in the accounts are set out in greater detail within the relevant sections of the accounts. The FRS17 requirements do not impact on the Chilterns Crematorium financial performance but do ensure that its net Pension Fund liability is recognised in the balance sheet. The net liability at 31 March 2008 is £535,197. The financial position of the Chilterns Crematorium remains healthy as the deficit on the pension fund will be made good in the longer term by increased contributions into the fund over the remaining working life of employees. The level of contributions required is assessed by the pension fund actuaries on a triennial basis. The next fund valuation is due at 31 March 2010. The pension fund figures and disclosures for the year are provided by the pension fund actuaries. A notional split has been applied to the figures to reflect the fact that they relate to both Chiltern District Council and Chilterns Crematorium employees. These two bodies are entirely separate and the figures reported in these accounts relate to Chilterns Crematorium staff only.

 

 

 

For further information please contact Tina Pearce at Chiltern District Council, Council Offices, King George V Road, Amersham, Bucks  HP6 5AW (direct line: 01494 732233 or email tpearce@chiltern.gov.uk).

 

STATEMENT OF RESPONSIBILITIES FOR THE STATEMENT OF ACCOUNTS

 

 

 

 

 

 

 

The Treasurer’s responsibilities:

 

 

 

The Treasurer, Alison Howes CPFA, in her role as Head of Financial Services at Chiltern District Council is responsible for the preparation of the Statement of Accounts in accordance with regulations and proper practice.  The Statement of Accounts is required to “present fairly” the financial position of the Joint Committee. The Treasurer’s responsibility includes keeping proper accounting records, maintaining investments and a positive cash flow and taking reasonable steps to detect fraud and other irregularities.

 

 

 

 

 

The External Auditor’s responsibilities:

 

 

 

Grant Thornton are the Joint Committee’s external auditors in their role as the Council’s auditors and it is their responsibility to conduct the audit in such a way that they obtain all the information and explanations they need to give them reasonable reassurance that the Statement of Accounts is free from material misstatement. Their report is shown at the end of the Statement of Accounts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CERTIFICATION OF ACCOUNTS

 

 

 

 

 

The Statement of Accounts is prepared in accordance with the provisions of the Account and Audit Regulations 2003 issued under Section 27 of the Audit Commission Act 1998 and by Section 66(4) of the Local Government and Housing Act 1989.

 

 

 

I certify that the Statement of Accounts presents fairly the financial position of the Authority at 31 March 2008 and its income and expenditure for the year then ended.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alison Howes

 

Treasurer

 

 

 

 

 

Date: 27 June 2008

 

 

 

 

 

 

 

 

 

 

 

APPROVAL OF ACCOUNTS BY JOINT COMMITTEE

 

 

 

The accounts have been approved by the Chilterns Crematorium Joint Committee at its meeting on ---------2008.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chairman

 

 

 

Date:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STATEMENT OF ACCOUNTING POLICIES

 

 

 

General

 

 

 

The statement of accounts presented on the following pages has been compiled in accordance with the Chartered Institute of Public Finance’s (CIPFA) Codes of Practice which are recognised by statute as representing proper accounting practices.

 

 

 

Basis on which debtors or creditors at the year-end are included in the Balance Sheet

 

 

 

All capital transactions have been recorded in the accounts on the basis of receipts and payments during the year.

 

 

 

Most revenue transactions are recorded on an income and expenditure basis.  Debtors balances, therefore, include sums still due to the Crematorium Joint Committee but not yet received, and creditors balances sums for goods delivered and services received for which payment has not yet been made.  In both cases, where precise amounts cannot be determined, estimates are included.

 

 

 

There are, however, certain exceptions to the ‘accruals’ principle.  The main items are:-

 

 

 

(i)

Telephone expenses and similar periodic payments are included in the accounts on a payments basis and not accrued to the 31st March each year.

 

 

 

(ii)

Income for plaques is received for a five year period but is accounted for on a cash basis in the year received.

 

 

 

The difference between the amounts charged annually to the Revenue Accounts in respect of these items and the amounts that would be charged if they were accrued to 31 March each year is not significant.

 

 

 

Nature of Reserves and Provisions

 

 

 

The Joint Committee is not legally permitted to maintain funds and operating surpluses are being accumulated to defray future capital expenditure as detailed in the capital programme.

 

 

 

Borrowing

 

 

 

The Joint Committee repaid all its borrowing in the year 1990/91 and is, therefore, debt free.

 

 

 

Fixed Assets

 

 

 

All expenditure on the acquisition, creation or enhancement of fixed assets is capitalised. Land and buildings included in the balance sheet were revalued at 31st March 2007. Formal revaluations will be taken at intervals of not more than five years and the next will be carried out prior to 31st March 2012.

 

 

 

The crematorium has been valued on a depreciated replacement cost basis and the staff bungalows at open market value for existing use.

 

 

 

Depreciation

 

 

 

Depreciation is provided for on fixed assets with a finite useful life, including buildings, in accordance with FRS15. A straight-line method is used over the following periods:-

 

 

 

          Buildings                          29 years

 

          Bungalows                          50 years

 

          Plant, Machinery & Equipment          5 – 10 years

 

 

 

Charges to the income and expenditure account for the use of assets cover the annual provision for depreciation. These charges are matched by an appropriation of equal amounts from the capital financing account.  This ensures that there is no net effect on the distribution of surplus to the Constituent Authorities.

 

 

 

 

 

Revaluation Reserve

 

 

 

This account replaces the Fixed Asset Restatement Account as at 1st April 2007. In accordance with the Statement of Recommended Practice the balance on this account was combined with the balance on the Capital Financing Account to create the new Capital Adjustment Account. There has been no revaluation of assets in the current year and the balance on this account remains zero as at 31st March 2008.

 

 

 

Basis of Valuation of Investments

 

 

 

These are included at the lesser of the original price or realisable value.

 

 

 

Stocks and Works in Progress

 

 

 

Stocks and work in progress are normally valued at the lower of cost or realisable value.

 

 

 

Apportionment of Surpluses/Deficits

 

 

 

Any operating surplus or deficit in any year is apportioned between the Constituent Authorities on the basis of the number of cremations from the area of each authority in comparison to total cremations. The current agreement by all constituent authorities is that any surplus will not be distributed but will be retained by the Joint Committee for use in funding capital expenditure and/or to meet future deficits.

 

 

 

Pension Costs

 

 

 

The accounts have been prepared in accordance with the requirements of FRS17. The current policy under FRS17 reflects a commitment in the longer term to increase contributions to make up any shortfall in attributable net assets in the pension fund.

 

 

 

 

 

 

 

 

 

CHILTERNS CREMATORIUM JOINT COMMITTEE

 

Income and Expenditure Account

 

for the year ended 31 March 2008

 

 

 

2006/2007

£

 

Income and Expenditure Account

2007/2008

£

347,262

Employee Related Expenditure (Note 1)

371,850

216,625

Premises Related Expenditure (Note 2)

189,132

103,739

Supplies and Services (Note 3)

107,977

98,954

Depreciation

98,954

766,580

Total Expenditure

767,913

 

 

 

1,205,063

Fees and Charges (Note 5)

1,200,491

14,826

Other Income (Note 6)

42,476

98,954

Capital Adjustment Account

98,954

1,318,843

Total Income

1,341,921

 

 

 

(552,263)

Net Operating (Surplus) / Deficit

(574,008)

 

 

 

 

131,347

Capital Expenditure financed from revenue (Note 4)

59,968

19,940

Pensions Interest cost & Expected Return on Assets

                                             (Note 7)

29,292

(14,470)

Contribution to/(from) Pension Reserve  (Note 7)

(33,054)

 

 

 

(415,446)

(Surplus) / Deficit in Year

(517,802)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(document not available)

 

CHILTERNS CREMATORIUM JOINT COMMITTEE

 

Balance Sheet as at 31 March 2008

 

 

 

 

 

2006/2007

£

Balance Sheet

2007/2008

£

 

Fixed Assets

 

3,213,490

Net Fixed Assets (Note 8)

3,114,536

 

 

 

 

Current Assets

 

4,699

Stocks

5,700

308,495

Short Term Investments

908,877

54,435

Debtors (Note 9)

58,111

284,048

Cash in Hand

259,992

651,677

Total Current Assets

1,232,680

 

 

 

 

Current Liabilities

 

(26,379)

Creditors

(89,581)

 

 

 

 

(589,359)

Long Term Liabilities (Note 10)

(535,197)

 

 

 

3,249,429

Total Assets less Liabilities

3,722,438

 

Financed by:-

 

1,483,319

Revaluation Reserve

0

1,730,170

Capital Adjustment Account

3,114,536

(589,358)

Pension Reserve (Note 11)

(535,197)

625,298

Revenue Account (Note 12)

1,143,099

 

 

 

3,249,429

Net Worth

3,722,438

 

 

 

 

 

CHILTERNS CREMATORIUM JOINT COMMITTEE

 

CASHFLOW STATEMENT 31ST MARCH 2008

 

 

 

£’s

2006/2007

 

 

 

£’s

2007/2008

 

(1,175,434)

Cash Received for Goods and Services

(1,199,646)

0

Other Income Received

(1,836)

(1,175,434)

Total Revenue Cash Inflows

(,1201,482)

 

 

 

361,417

Cash Paid to Employees

323,744

344,065

Other Operating Costs

339,220

705,482

Total Revenue Cash Outflows

662,964

 

 

 

(469,952)

Revenue Activities Net Cash (Inflow) / Outflow

(538,518)

 

 

 

 

(12,048)

Interest Received

(37,808)

0

Interest Paid

0

(12,048)

Returns on Investment Net Cash Inflow

(37,808)

 

 

 

132,512

Purchase of Fixed Assets

0

132,512

Capital Activities Net Cash Outflow

0

 

 

 

(349,488)

Net Cash (Inflow) / Outflow – All Activities

(576,326)

 

 

 

 

Management of Liquid Resources

 

(349,488)

Net (Increase) / Decrease in Short Term Deposits

(576,326)

(349,488)

Net (Increase) / Decrease in Cash

(576,326)

 

(Note 13)

 

 

Notes to the Financial Statements

 

 

 

1.

Employee Expenses

 

 

 

2006/2007

£

Expenditure

2007/2008

£

318,992

   Salaries, Wages & Associated Expenses

345,072

25,347

   Medical Referees - Fees & Expenses

26,750

50

   Organists' Fees

28

2,870

   Staff Advertising

0

3

   Interview Expenses

0

347,262

Total of Employee Related Expenditure

371,850

 

 

 

2.

Premises Related Expenditure

 

 

 

2006/2007

£

Expenditure

2007/2008

£

31,693

   Maintenance of Buildings

13,768

2,136

   Security

3,071

3,779

   Waste Disposal

4,428

9,982

   Maintenance of Grounds

11,001

17,438

   Maintenance of Cremators, Plant & Equipment

13,742

15,570

   Electric

13,360

49,786

   Gas

48,354

62,318

   Rates

64,091

1,189

   Water

1,221

3,730

   Furniture & Fittings

3,865

1,696

   Cleaning Materials & Equipment

2,951

17,309

   Insurances

9,280

 

216,625

Total of Premises Related Expenditure

189,132

 

 

 

3.

Supplies and Services

 

 

 

2006/2007

£

Expenditure

2007/2008

£

1,547

    Laundry & Linen Hire

1,410

500

    Asset Valuations

(500)

2,750

    Consultancy

6,505

1,219

     Vending

960

2,216

     Clothing

981

2,285

     Printing and Stationery

2,316

887

     Books and Publications

273

2,374

     Postages

2,369

2,969

     Telephones

2,836

143

     Members’ Expenses

0

934

     Conference Expenses

0

2,941

     Courses/Seminars

1,570

338

    Subscriptions

343

706

     Registrations – EPA/Data Protection

725

0

   Open Day reception Charges

1,008

515

   Authority Cremation Costs Reimbursed

387

11,193

     Plaques

10,385

4,163

     Urns and Caskets

3,322

 

16,458

     Books of Remembrance

15,347

0

     Memorial Seats

740

7,675

    Wesley Music

8,722

461

    Miscellaneous Expenses

574

2,500

     External Audit Fees

2,500

32,460

    VAT Provision

28,783

747

     Bank Charges

821

4,180

     ICT Charges

11,160

1,630

     Internal Audit Charges

1,150

0

     Legal Charges

0

0

   Accountancy Charges

3,290

0

     Chief Execs / Personnel

0

0

     Health and Safety

0

103,739

Total of Supplies and Services

107,977

 

 

 

4.

Capital Expenditure

 

 

 

2006/2007

£

Income

2007/2008

£

105,779

Funeral Chapels – Works and Fees

24,112

25,568

Cremator Upgrade / New Hearths

35,778

0

Miscellaneous – abatement / new site

79

131,347

Total of Revenue Contribution to Capital Expenditure

59,968

 

 

 

5.

Fees and Charges

 

 

 

2006/2007

£

Income

2007/2008

£

1,087,516

  Cremations

1,075,022

3,647

  Chapel of Rest

4,104

30,086

  Plaques – Leather

35,784

40,936

  Plaques - Roses & Seats

46,691

38,095

  Book of Remembrance

33,915

423

  Carriage & Post

234

4,359

  Miscellaneous Income

4,741

1,205,063

Total of Fees and Charges

1,200,491

 

 

 

6.

Other Income

 

 

 

2006/2007

£

Income

2007/2008

£

1,563

  Bulb Donations

1,551

12,048

  Bank & Other Interest

37,808

1,215

  Vending

1,281

0

  Property Rental

1,836

14,826

Total of Other Income

42,476

 

 

 

7.

Pension Costs

 

 

 

The Chilterns Crematorium staff are employed by Chiltern District Council. As part of the terms and conditions of employment of its officers and other employees, the authority offers retirement benefits. Although these benefits will not actually be payable until employees retire at some point in the future, the authority has a current commitment to make these payments and this has to be disclosed in the accounts.

 

 

 

The authority participates in one pension scheme – the Local Government Pension Scheme (LPGS) administered by Buckinghamshire County Council. This is a funded scheme, meaning that the authority and employees pay contributions into a fund, calculated at a level intended to balance the pension liabilities with investment assets in the longer term.

 

 

 

We recognise the costs of retirement benefits in revenue expenditure when they are earned by employees rather than when the benefits are eventually paid as pensions. However, the charge we are required to make against net surplus/(deficit) for the year is based on the cash payable in the year, so the real cost of retirement benefits is reversed out of the Income and Expenditure Account after Net Operating Surplus/(Deficit).

 

 

 

 

 

Transactions Relating to Retirement Benefits

 

 

 

The following transactions have been made in the revenue account during the year:-

 

 

 

 

Bucks County Council Pension Scheme

 

2006/2007

£’000

2007/2008

£’000

Net Cost of Services

·

Current service costs

·

Past service costs

·

Curtailments and Settlements

 

50

0

0

 

63

0

0

Net Operating Expenditure

·

Interest cost

·

Expected return on assets in the scheme

 

 

(103)

83

20

 

(124)

95

29

Movement on Pensions Reserve

(14)

(33)

Employer’s contributions payable to the scheme

56

60

 

 

 

Assets and Liabilities in relation to Retirement Benefits

 

 

 

A notional split has been applied to the figures to reflect the fact that both Chiltern District Council and Chilterns Crematorium employees participate in the scheme but as a single authority. The underlying assets and liabilities for retirement benefits attributable to the Chilterns Crematorium only, at 31 March are as follows:-

 

 

 

 

Bucks County Council Pension Scheme

 

31 March 2007

£’000

31 March 2008

£’000

Estimated Liabilities in scheme

(2,132)

(1,995)

Estimated Assets in scheme

1,543

1460

Net Asset / (Liability)

(589)

(535)

 

 

 

The liabilities show the underlying commitments that the Crematorium has in the long run to pay retirement benefits. The total net liability of £535K has a substantial impact on the net worth of the Crematorium as recorded in the balance sheet. However, statutory arrangements for funding the deficit mean that the financial position of the Crematorium remains healthy as the deficit on the pension fund will be made good by increased contributions over the remaining working life of employees, as assessed by the scheme actuary. The movement during the year is mainly attributable to actuarial gains.

 

 

 

Basis for Estimating Assets and Liabilities

 

 

 

Liabilities have been assessed on an actuarial basis using an estimate of the pensions that will be payable in future years dependent on assumptions about mortality rates, salary levels etc. The Buckinghamshire County Council scheme has been assessed by Barnet Waddingham LLP, an independent firm of actuaries, estimates being based on the latest full actuarial valuation of the scheme as at 31 March 2007.

 

 

 

The main assumptions used in their calculations have been:-

 

 

 

 

Bucks County Council Pension Scheme

 

2006/07

%

2007/08

%

Rate of increase in pensions/inflation

3.3%

3.7%

Rate on increase in salaries

5.1%

5.2%

Rate for discounting scheme liabilities

5.4%

6.6%

 

 

 

For the purpose of calculating the impact of Regulation 3 of the LGPS (Amendment) Regulations 2006 whereby scheme members are able to exchange pension for additional lump sum benefits it has been assumed that 50% of all future retiring members will opt to increase their lump sum at retirement age in exchange for lower pensions.

 

 

 

The expected return on assets is based on the long-term future expected investment return for each asset class as at the beginning of the period (i.e. as at 1 April 2006 for the year to 31 March 2007.) The following expected returns have been adopted:-

 

 

 

 

Asset Class

 

31 March 2008

% p.a.

Expected Return at

31 March 2007

% p.a.

 

31 March 2006

% p.a.

Equities

Gilts

Other Bonds

Property

Cash

7.1%

4.3%

6.6%

6.6%

5.0%

7.2%

4.4%

5.4%

6.7%

5.0%

7.0%

4.2%

4.9%

6.5%

4.0%

 

 

 

Actuarial Gains and Losses

 

 

 

The actuarial gain identified as movements on the Pensions Reserve in 2007/08 can be analysed into the following categories, measured as absolute amounts and as a percentage of assets or liabilities at 31 March 2008.

 

 

 

 

Bucks County Council Pension Scheme

 

£’000

%

 

Differences between the expected and actual return on assets

Differences between actuarial assumptions about liabilities and actual experience

Changes in demographic and financial assumptions used to estimate liabilities

(126)

 

(76)

 

289

(8.6)

 

(5.2)

 

19.8

 

Total Actuarial Gain

87

6.0

 

Comparative total for 2006/07 – actuarial gain

98

 

 
 

 

 

8.

Fixed Assets - an analysis of the movements in fixed assets is shown below:

 

 

 

 

Land

 

 

£

Buildings and Works

 

£

Plant and Machinery

 

£

Furniture and Fittings

£

 

Total

 

£

Valuation at 31st March 2007

375,000

2,918,000

2,876

16,568

3,212,444

Accumulated Depreciation

0

94,770

1,438

2746

98,954

Net Book Value at 31st March 2006

375,000

2,823,230

1,438

13,822

3,213,490

Movement in 2007/08

Additions

Disposals

Enhancements

Depreciation

Impairments

Reclassification

Revaluation

 

 

-

-

-

-

-

-

-

 

 

   -

-

-

(  94,770)

-

-

-

 

 

-

-

-

(   1,438)

-

-

-

 

 

-

-

-

( 2,746)

-

-

-

 

 

-

-

-

(98,954)

-

-

-

 

Net Book Value 31st March 2008

375,000

2,728,460

0

11,076

3,114,536

 

 

 

9.

Debtors - The amounts owed to the Crematorium, are summarised as follows:

 

 

 

2006 /2007

£

 

2007/2008

£

54,435

General Debtors

58,111

0

HM Revenue and Customs

0

54,435

Total Debtors

58,111

 

 

 

General Debtors represents the value of Cremation income outstanding at 31st March 2008.

 

 

 

10.

Long Term Liabilities – this relates to Chilterns Crematorium’s liability in its defined benefit pensions scheme.

 

 

 

11.

Apportionment between Constituent Authorities

 

 

 

The net surplus for the year ended 31 March 2008 was £517,583 and this has been apportioned to the constituent District Councils on the basis of the number of cremations from the area of each constituent Council in comparison to total cremations. This is in accordance with the constitution but in a year of high capital expenditure does distort the allocation.

 

 

 

The overall cumulative position at the end of the financial year is a surplus of £1,143,099 as shown below:

 

 

 

 

 

District Council

 

Balance

31.3.2007

 

£

 

Apportionment

2007/2008

£

 

Balance

31.3.2008

 

£

 

Aylesbury Vale

Chiltern

Wycombe

 

  137,861  230,061

  257,376

 

148,497

144,106

225,198

 

286,358

374,167

482,574

Totals

 

625,298

 

517,802

 

1,143,099

 

 

 

 

 

12.

Statement of Movement on Reserves

 

 

 

This note shows how the brought forward balances on reserves, the gains and losses for the year and the transfers between reserves have resulted in the carry forward of balances on the reserves.

 

 

 

 

Revaluation Reserve

£

Capital

Adjustment Account

£

Pension Reserve

 

£

Total

Movements in Reserves

£

Constituent Authorities

Balance brought forward at

1 April 2007

0

3,213,490

(589,358)

2,624,132

625,298

Net  Surplus / (Deficit) for the Year

 

 

 

 

517,583

Capital Adjustment

 

0

 

0

 

Revaluation Adjustment during year

0

0

 

0

 

Depreciation during year

 

(98,954)

 

(98,954)

 

Actuarial Gains/(Losses) and other changes relating to Pensions

 

 

54,161

54,161

 

Balance carried forward at

31 March 2008

0

3,114,536

(535,197)

2,579,339

1,142,881

 

 

 

 

 

13.

Cashflow Statement

 

 

 

i.

Reconciliation between Revenue Activities and Income and Expenditure Account – the table below reconciles the two statements:-

 

 

 

2006/07

£

 

2007/08

£

415,446

Surplus (Deficit) for Year

517,801

98,954

Add: Depreciation

98,954

514,400

 

616,755

 

Less:

 

(98,954)

Increase Decrease in Capital Charges Recovered

(98,954)

(32,407)

Increase Decrease in Debtors

(3,677)

9,947

Increase Decrease In H M C & E Debtor

(624)

429

Increase Decrease in Stocks

(1,000)

(43,926)

Increase Decrease in Creditors

63,826

0

Increase in Fixed Assets Creditor only

 

(164,911)

 

(40,429)

 

 

 

349,488

Revenue Activities Net Cash (Inflow) / Outflow

576,326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii.

Reconciliation of movement in cash to Movement in Net Funds – this can be analysed as

 

            follows:-

 

 

 

 

At 31 March 2007

£

Cashflow in year

£

At 31 March 2008

£

Cash

10,050

10,323

20,373

Investments

308,494

600,383

908,877

Business Accounts

273,998

(34,379)

239,619

Movement in Net Funds

592,542

576,327

1,168,869