Statement of Accounts 2010/11
The
Statement of
Accounts 2010/11 provides a summary of the Council's financial
performance for the year ended 31 March 2011. It has been
prepared in accordance with the CIPFA Code of Practice on Local
Authority Accounting.
The Audit Commission's
Annual Governance
Report 2010/11 is also available.
Explanatory Notes
The individual items within the
statement are as follows:
- An Explanatory Forward which describes the main
features of the Accounts.
- A Statement of the Accounting Policies adopted by the
Council.
- The individual accounts within the Statement are as
follows:
- The Movement in Reserves Statement shows the
movement in the year in the different reserves held by the
authority analysed into "usable reserves" that can be applied to
fund expenditure or reduce local taxation and "unusable reserves".
It reflects the economic cost of providing services shown in the
Statement of Comprehensive Income and Expenditure along with
statutory amounts relating to Council Tax and Council House rent
setting and other discretionary movements.
- The Comprehensive Income & Expenditure
Statement brings together all of the Council’s activities,
showing the resources that it has generated, consumed or set aside
in providing services for the year.
- The Balance Sheet sets out the financial
position of the Council at the end of the year.
- The Cash Flow Statement summarises the inflows
and outflows of cash arising from the Council's transactions with
third parties during the year.
- The Housing Revenue Account is a statutory
account which independently records the costs of maintaining and
managing the Council's own housing stock and how those costs are
met by rentpayers, Central Government subsidy and other
income.
- The Collection Fund shows the transactions of
the Council as a charging authority in respect of Council Tax and
Business Rates income and its distribution to precepting
authorities, the Council's General Fund and the National
Non-Domestic Rates Pool.
- A separate section provides Group Accounts,
primarily the Comprehensive Income & Expenditure Statement
and Balance Sheet, incorporating the accounts of the Council’s
wholly owned subsidiary, South Lakes Housing.
- Each year the Council is required to review the effectiveness
of its system of internal control. This requirement is
fulfilled by the Annual Governance Statement,
which is published with the Statement of Accounts. This
reviews all of the Council’s governance arrangements