Decision details

Review and approval of required changes in accounting policy and presentation in respect of the 2015-16 Statement of Accounts.

The committee received a report from the Principal Accountant (Technical & Financial Accounting) regarding the Annual Report and Statement of Accounts for the year ended 31 March 2016.

In response to members’ questions the Principal Accountant (Technical & Financial Accounting) said the following:

i.             The total opening reserves at 1 April 2015 were £569,467 but these were split between usable and unusable reserves with unusable reserves being the more significant proportion of reserves. The unusable reserves included for example significant balances on re-valuation of property which were not realisable until assets were sold.

ii.            The movements in usable reserves included the earmarked reserves which had been invested in commercial property, for example at Orchard Park and Haverhill. The reserves had been spent but value still sat on the balance sheet as investment property.

iii.           The reduction in the long term liability referred to on page 117 of the agenda pack, note 37 was due to a reduction in the pension liability estimated by actuaries. 

Resolved (unanimously):

i.             To note the contents of the draft Statement of Accounts presented in Appendix 1 and approve the accounting policies and treatments on which they were prepared.