All expenditure on the acquisition, creation or enhancement of fixed assets has been capitalised on an accrual basis.
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1 SECTION 5 STATEMENT OF ACCOUNTING POLICIES 1. General The accounts have been drawn up in accordance with the CIPFA / LASAAC Code of Practice on Local Authority Accounting in Great Britain that is recognised by statute as representing proper accounting practices. The purpose of the statement is to explain the basis of the figures in the accounts. 2. Fixed Assets All expenditure on the acquisition, creation or enhancement of fixed assets has been capitalised on an accrual basis. The current asset values used in the accounts are based upon a certificate issued by the Council's Chief Valuation Officer as at 1 April Additions since that date are included in the accounts at their cost of acquisition. The properties, which comprise the Council's portfolio, are now to be valued on a 4 year rolling programme by the Council s internal valuers. An impairment review is carried out and where the asset is found to be impaired the value is adjusted accordingly. Valuations carried out after the 1st January 1996 have been made in accordance with the Appraisal and Valuation Manual published by the Royal Institution of Chartered Surveyors, except that not all the properties were inspected. This was neither practicable nor considered by the valuers to be necessary for the purpose of the valuation. Properties regarded by the Authority as operational (non-specialised) valued after the 1st April 1996 are valued on the basis of the Open Market Value in Existing Use. Where this method is not applicable due to the lack of suitable market evidence, or if the property was of a specialised nature, then the Depreciated Replacement cost basis is adopted, in accordance with the relevant professional guidance applicable as at the valuation date. Car Parks, where charges are made, have been valued by capitalising the net receipts receivable. Property regarded as non-operational has been valued to Open Market Value, in accordance with the relevant professional guidance applicable as at the valuation date. Properties regarded by the Authority as community assets are recorded at nominal value. Infrastructure assets are included in the balance sheet at historic cost net of depreciation and are not included in the Valuation exercise. 3. Capital Charges The capital charges made to service revenue accounts and central support services equate to the sum of depreciation plus a notional interest charge based on the revalued amount at which the fixed asset is included in the balance sheet at 1 April The notional rate of interest used is 6% for both fixed assets included in the balance sheet at current value and for infrastructure assets.
2 4. Minimum Revenue Provision (MRP) Under Part IV of the Local Government and Housing Act 1989 the Authority is required to set aside a Minimum Revenue Provision (MRP) as part of the means to finance capital expenditure. The MRP for non-housing Revenue Account services was 2.94m based on 4% of net outstanding debt and including an adjustment for commuted government grants and a small voluntary provision. The MRP for the Housing Revenue Account was 0.66m based on 2% of net outstanding debt. 5. Special arrangements for financing asset acquisition The Council has in the past acquired a variety of assets, ranging from vehicles to computer equipment, by means of finance leases. These transfer the risks and rewards of ownership without actually transferring title to the assets. No finance leases were entered into in Equipment, principally computers, has been acquired under operating leases and these are charged to revenue on an accrual basis. In addition, the Council has entered into a Car Leasing Scheme based on 4 year operating leases, the annual rentals are charged to revenue. 6. Capital Receipts Part IV of the Local Government and Housing Act 1989 prescribes the proportion of receipts from the sale of assets that must be set aside for debt redemption. The usable proportion is held in a separate capital account and used to support the Council's Capital Investment Plans. 7. Depreciation Depreciation is provided for on all fixed assets with a finite useful life (which can be determined at the time of acquisition or revaluation) in accordance with FRS15 and the following policy: (i) The Council s Housing stock has been depreciated by an amount equal to the Major Repairs Allowance for (ii) Depreciation on non-housing assets is calculated using the straight-line method over the estimated useful life of the asset. When calculating depreciation the residual value of an asset has not been taken into account. Freehold land and non-operational investment properties have not been depreciated. 8. Deferred Charges Deferred charges represent expenditure which may properly be capitalised but which does not represent tangible fixed assets. Expenditure on deferred charges is charged to Revenue in the year of expenditure. Where a long-term benefit accrues to the Council from expenditure on deferred charges these are charged to revenue over an appropriate period.
3 9. Government Grants Government grants are accounted for on an accrual basis and income has been credited, in the case of revenue grants, to the appropriate revenue account or, in the case of capital grants, to a government grants-deferred account. Amounts are released from the government grants-deferred account to offset any provision for depreciation charged to the revenue account in respect of assets to which the grants relate. Government grants in respect of Home Improvement grants although relating to capital expenditure have been treated as revenue grants. All grants included in the accounts are subject to audit of the final claims. 10. Debtors and Creditors Both capital and revenue accounts are prepared on an income and expenditure basis. Outstanding debtors are brought into the accounts at the year-end, as are out-standing creditors, except for the following: (i) Utility payments (e.g. Gas, Electricity, Water) where it would result in more than 12 months expenditure being charged in the year. This does not apply to the Housing Revenue Account and Harrow Contract Services. (ii) Some Building Maintenance works. Estimated amounts are used where exact amounts due to or by the Council at 31 March are unknown at the time of closing the accounts. Employee related costs are not accounted for on an accrual basis. Amounts due to, and from, the Council in respect of recoupment fees between local Education authorities are dealt with in the accounts, on the basis of the three terms transactions being recorded in the financial year in which the academic year commences. As part of the Council's policy regarding prudent accounting, Bad Debts provisions are included within the accounts wherever there is uncertainty regarding bad and doubtful debts. 11. Stocks and Works in Progress Stock in the Council's major stores is valued at the year-end based on the lower of cost and net realisable value. The Council carries out certain works that are recharged on completion. Incomplete works that have not been charged are included in the accounts at cost. 12. Cost of Support Services Internal support service charges are made to services by various methods: (i) amount of time spent by officers. (ii) agreed fees based upon service level agreements (iii) agreed rates based upon output measures.
4 13. Provisions (i) The Personal Injury Allowance Scheme provision exists to meet claims under the Council's Personal Injury Allowance Scheme. (ii) A Housing Repairs Account, established under the Housing Act 1980, is used to meet expenditure on Council dwellings. (iii) The Council operates an insurance programme that required a significant degree of self-funding. Provisions have been made to cover the costs of the Council's potential liabilities. See also Note 14 to the Consolidated Balance Sheet. (iv) The Library Books provision is maintained in order to purchase new books from the proceeds of sale of out-of-date etc. publications. (v) The Education Standards Fund represents the carry forward of non -delegated unspent standards fund allocations. 14. Reserves (i) The fixed asset restatement reserve represents principally the balance of the surpluses or deficits arising on the periodic revaluation of fixed assets. (ii) The capital financing reserve represents amounts set aside from revenue resources or capital receipts to finance expenditure on fixed assets or for the repayment of external loans and certain other capital financing transactions. 15. Investments Investments made by the Council are shown in the consolidated balance sheet at cost price. A cash fund of 20m was placed with external cash managers in Investments held by the managers are shown at market value, which allows for any unrealised loss. 16. Research and Development No expenditure was accrued during on Research and Development 17. Pensions (i) The Council participates in two different pension schemes, which meet the needs of employees in particular services. All the schemes provide members with defined benefits related to pay and service. The schemes are as follows: Teachers This is an unfunded scheme administered by the Teachers Pension Agency (T.P.A.). The pension cost charged to the accounts is the contribution rate that is set by the T.P.A. based on a notional fund. Other Employees Other employees, subject to certain qualifying criteria, are eligible to join the Local Government Pension Scheme. The pension costs that are charged to the Council's accounts in respect of employees are equal to the contributions paid to the funded pension scheme for these employees. Further costs arise in respect of certain pensions paid to retired employees and are funded direct from the General Fund.
5 (ii) The pension costs included in the accounts in respect of these schemes have been determined in accordance with relevant Government regulations and comply with the accounting requirements of Statement of Standard Accounting Practice No. 24 (SSAP 24) 'Accounting for Pension Costs'. (iii) The Accounting Code of Practice requires disclosures under Financial Reporting Standard 17 (FRS17) in respect of retirement benefits. This disclosure is set out in the notes to the Balance Sheet. 18. Resource Accounting From the financial year the Housing Revenue Account (HRA) is based on Resource Accounting principles. 19. Redemption of Debt The Balance Sheet reflects an amount of 3.02m representing the outstanding amount of premiums paid to the Public Works Loans Board and private sector banks due to the premature redemption of loans. In recent years as part of exercises to restructure the Council s debt loans were replaced by new loans at a lower rate of interest. These amounts are charged to the revenue accounts over the period of the original loans in the case of the Housing Revenue Account or over the period of the replacement loans for the General Fund.
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