Statement of accounts

The County Council provides a wide range of services to the community. The Statement of Accounts is:

• a statutory, formal document which sets out a high level view of how the money has been spent and where the money has come from.
• designed to meet specific government and accounting requirements, it is prepared with our auditors and so it is a technical document which means that it is not always easy to understand.

Should you require clarification of any part of the accounts you may contact the chief accountant, Nigel Stevenson, by e-mail: nigel.stevenson@nottscc.gov.uk.

View the latest statement of accounts [PDF 1.4MB]

The document is divided into the following sections:

The explanatory foreword

This sets out an overview of the year.

Independent Auditor’s Report

The independent auditor reviews the accounts to check that they present fairly the financial position of the Authority. The auditor reviews policies, procedures and systems to confirm that the Council has sound financial management.

Statement of Responsibilities

The Director of Resources sets out the responsibilities for financial affairs.

Statement of Approval by Chairman

The Chairman of the County Council signs that the accounts have been approved by full council.

Statement of Internal Control

The Leader of the Council and the Chief Executive set out the Council’s approach to sound financial control.

Statement of Accounting Policies

The accounting policies are the bedrock of the accounts, setting out our accounting approach.

Income and Expenditure Account

This summarises the resources that have been generated and consumed in providing services and managing the Authority during the last year. It includes all day-to-day expenses and related income on an accruals basis, as well as transactions measuring the value of fixed assets actually consumed and real projected value of retirement benefits earned by employees in the year.

Statement of the Movement on the General Fund

This compares the Authority’s spending against the council tax that it raised for the year, taking into account the use of reserves built up in the past and contributions to reserves earmarked for future expenditure.

Statement of Total Recognised Gains and Losses

This statement brings together all the gains and losses of the Authority for the year and shows the aggregate increase in net worth. In addition to the surplus on the Income and Expenditure Account, it includes gains and losses relating to the revaluation of fixed assets and re-measurement of the net liability to cover the cost of retirement benefits.

Balance Sheet

This sets out the assets and liabilities of the Council.

Cash Flow Statement

The cash movements in and out of the Authority.

Summary Revenue Accounts of Trading Undertakings

Certain activities are run as trading undertakings and this shows the turnover and the surplus or deficit of each.

Notes to the Accounts

These give more detailed information about the financial activities.

Pension Funds Accounts

The Local Government Pension Scheme, covering local authority and other staff within Nottinghamshire whose employers are members of the scheme.

Admission Agreement etc Pension Fund

This fund includes mainly smaller bodies within Nottinghamshire which have been admitted to the scheme.

Summary of the County Council's Accounts 2006/07

The net cost of Council Services for the year ended 31 March 2007 was £353 million which was made up as follows:

The above figure excludes schools expenditure since they are now entirely financed by the Dedicated Schools Grant