Meeting: Pension Fund Committee (County Hall, Durham - Committee Room 2 - 30/07/2007 10:00:00 AM)
Item: A5 Statement of Accounts year ended 31.3.07
Purpose of the Report
1 The purpose of the report is to present the Pension Fund Accounts that are included in the Statement of Accounts for the County Council for the financial year ended 31st March 2007.
Background
2 The ‘Accounts and Audit Regulations 2003’ as amended by the Accounts and Audit (Amendment) (England) Regulations 2006 set out the requirements for the production and publication of the annual Statement of Accounts. The Regulations require the Statement of Accounts to be approved either by a full Council meeting or by a committee of the Council on or before 30th June 2007.
3 The Statement of Accounts, as approved by the County Council on 28th June 2007, is subject to audit by our external auditor, the Audit Commission. The audit of the accounts is ongoing. On completion, the auditor’s report will be incorporated into the published version of the document.
Pension Fund Accounts
4 The Statement of Accounts has been prepared in accordance 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). The Pension Fund Accounts have been prepared in accordance with the accounting recommendations of Financial Reports of Pension Schemes Section 2: A Statement of Recommended Practice. However, disclosures have been limited to those required by the Code of Practice on Local Authority Accounting in the United Kingdom 2006: A Statement of Recommended Practice. As a result, the document contains a great deal of detailed financial information.
5 The Statement of Accounts for the County Council includes the accounts for Durham County Council Pension Fund for which the County Council is the Administering Authority. An extract of the Statement of Accounts is attached at Appendix 1.
Key Messages
6 The Pension Fund had positive investment returns for the year ended 31st March 2007 of £99.076m.
7 The cash received into the Fund, net of payments out of the Fund was £50.1 million.
8 The value of the Pension Fund increased from £1.334 billion at 31st March 2006 to £1.459 billion at 31st March 2007.
Summary
9 Members are asked to note the Pension Fund Accounts
Please refer to the attached PDF for the Pension Fund Accounts
Attachments