Meeting documents
County Council (DCC)
Tuesday 25 September 2007
Meeting: County Council (County Hall, Durham - Council Chanber - 25/09/2007 10:00:00 AM)
Item: A4 Statement of accounts for year ended 31 March 2007
| Report of Stuart Crowe, County Treasurer |
Purpose of the Report
1 To seek approval of the attached Statement of Accounts (see attached PDF) for the County Council for the financial year ended 31st March 2007.
Background
2 The County Council approved the Statement of Accounts at its meeting on 28th June 2007. At that time the accounts were subject to audit by our external auditor, the Audit Commission.
3. The Auditor has now completed his audit of the Statement of Accounts and his Annual Governance Report is to be presented to this meeting.
4 During the audit, working in collaboration with the Auditor, a number of improvements and amendments have been identified and I have included these in the Statement of Accounts presented today.
Statement of Accounts
5 A number of minor changes to the Notes to the Core Financial Statements to assist the reader’s understanding of the document, to correct minor errors and ensure full compliance with the requirements of the 2006 ‘Code of Practice on Local Authority Accounting in Great Britain’ as updated and published by the Chartered Institute of Public Finance and Accountancy (CIPFA) have been made.
6 The following amendments to the Balance Sheet have been made:
| Heading | Nature of Adjustment | Dr | Cr |
 | | £000 | £000 |
| Surplus Assets held for disposal | Asset included in balance sheet which had been sold in 2004/05. | | 4,050 |
| Fixed Asset Restatement Account | | 4,050 | |
| Capital Financing Account | Omission of SureStart grants from Government Grants deferred balance | 7,691 | |
| Government Grants Deferred | | | 7,691 |
| Net Effect on Balance Sheet | Reduction in Net Worth | 11,741 | |
7 The following misclassifications of items have been amended:
| Heading | Nature of Adjustment | Dr | Cr |
| | £000 | £000 |
| Cash in Hand | Incorrect setting off of cash in hand and bank overdraft balances | 1,084 | |
| Bank Overdraft | | | 1,084 |
| Debtors - other debtors | Insurance provision overstated due to non-adjustment for internal fire insurance amount. | | 889 |
| Provision | | 889 | |
| Long-term investments | Misclassification of loans to Police and Darlington Borough Council | | 1,302 |
| Long-term debtors | | 1,302 | |
| Debtors | Formula error in production of balance sheet | | 718 |
| Creditors | | 718 | |
| Net Effect on Balance Sheet | | 0 | 0 |
Recommendation
8 It is recommended that the Council approve the attached Statement of Accounts for the County Council for the financial year ended 31st March 2007.
| Contact: Stuart Crowe Tel: 0191 383 3550 |
| Appendix 1: Implications |
Finance
Details the financial position of the County Council at 31st March 2007.
Staffing
None
Equality and Diversity
None
Accommodation
None
Crime and disorder
None
Sustainability
None
Human rights
None
Localities
None
Young people
None
Consultation
None
Health
None
Attachments
Statement of Accounts 2006-07 Report.pdf;
Statement of Accounts.pdf