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TREASURY MANAGEMENT SUB-COMMITTEE

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                                                    INVESTMENT COMMITTEE
                                                        9th SEPTEMBER 2003
                                                                ITEM NO:



              NORFOLK PENSION FUND ACCOUNTS 2002-2003


                         Report by Director of Finance



               This report presents the final accounts of the Norfolk
               Pension Fund for 2002-2003.


1. In accordance with Government Regulations, the Pension Fund Accounts
   require formal approval before the end of September 2003.


2. The District Auditor has examined the attached accounts and a draft Audit
   Certificate has been prepared. This will be signed after the Investment
   Committee has formally approved the accounts.


3. The approved accounts will be included in the Annual Pension Fund report
   that will be available shortly.


4. It is recommended that the Investment Committee approve the 2002-
   03 Final Accounts of the Norfolk Pension Fund.

5.   A revised Statement of Auditing Standards (SAS), SAS 610 Reporting to
     those charged with governance – is applicable for the first time to the audit
     of the Pension Fund accounts. It requires auditors to report to those
     charged with governance (as distinct from management) certain matters
     before they give an opinion on the financial statements.

     This report is presented to the Investment Committee. (To Follow).
                             Statement of Responsibilities


The Authority’s Responsibilities

The Authority is required:

   to make arrangements for the proper administration of its financial affairs and to
    secure that one of its officers has the responsibility for the administration of those
    affairs. In this authority, that officer is the Director of Finance;
   to manage its affairs to secure economic, efficient and effective use of resources
    and safeguard its assets;
   approve the statement of accounts.


The Director of Finance’s Responsibilities

The Director of Finance is responsible for the preparation of the Pension Fund
statement of accounts in accordance with proper practices as set out in the
Chartered Institute of Public Finance and Accountancy (CIPFA) and Local Authority
(Scotland) Accounts Advisory Committee (LASAAC) Code of Practice on Local
Authority Accounting in Great Britain (“the Code”).

In preparing this statement of accounts, the Director of Finance has:

   selected suitable accounting policies and then applied them consistently;
   made judgements and estimates that were reasonable and prudent;
   complied with the Code.

The Director of Finance has also:

   kept proper accounting records which were up to date;
   taken reasonable steps for the prevention and detection of fraud and other
    irregularities.

Certificate by the Director of Finance

I certify that the statement of accounts set out on pages 1 to 17 present fairly the
financial position of the Norfolk Pension Fund at the accounting date and its income
and expenditure for the year ended 31 March 2003.



Date: 09/09/2003                       Signature:




                                       R.D.Summers
                                       Director of Finance and Fund Administrator




                                            2
                                  Auditor’s Report

When the auditors have completed their audit, the basis of their opinion, the opinion
and their certification will be inserted here.




                                          3
                                     Membership

Membership of the Scheme is voluntary and eligible employees are free to choose
whether to join the Scheme, remain in the Scheme or make their own personal
pension arrangements outside the Scheme.

Details of eligibility are contained in the booklet “Local Government Pension
Scheme”, a copy of which is given to each new member on joining the Scheme. If
an employee is in any doubt about membership they should contact the Pensions
Manager, Capita Business Services Limited, Charles House, Prince of Wales Road,
Norwich, NR1 1DJ.

The membership statistics shown below relate to the County, the seven District
Councils and the 83 other organisations that participated in the Scheme in 2002-
2003.


                                                           31 March 2002 31 March 2003

Number of Employers with Active Members: -                           89                91


Number of Employees in Scheme: -
                                       County Council             13,505           12,194
                            Other Employing Authorities            7,200            9,433
                                                 Total            20,705           21,627


Number in Receipt of Pension: -
                                       County Council              5,999            6,003
                            Other Employing Authorities            5,439            5,824
                                                 Total            11,438           11,827


                                Deferred Pensioners: -             7,329            8,167


Employing authorities, other than the County Council, are either Scheduled Bodies or
Admitted Bodies. A Scheduled Body is an organisation, which is listed in the
Pension Scheme Regulations, and its employees are able to join the Scheme as of
right. An Admitted Body is an organisation, which, under the Pension Scheme
Regulations, is able to apply to the County Council to join the Scheme. Upon
acceptance, an Admission Agreement is prepared admitting the organisation and
allowing its employees to join.

A full list of participating employers is shown in appendix 1.




                                            4
                                 Actuarial Valuation

Hymans Robertson, the Fund‟s Actuary, carried out an actuarial valuation at 31
March 2001. In completing this valuation they have used a market related method
which derives the financial assumptions by considering various yields in the 12
months leading to the valuation date which builds in an element of smoothing and
stability for the future.

The key financial assumptions adopted at this valuation are set out below: -

                                                 Real        Nominal
                                                 % p.a.      % p.a.
        Investment Returns
        Equities                                 6.25%       3.45%
        Bonds                                    5.25%       2.45%

        Pay Increases (excluding                 4.8%        2%
        increments)
        Price Inflation/Pension Increases        2.8%        -


(Nominal is a rate of return expressed only in monetary terms i.e. not adjusted for
inflation. Real is a return adjusted for inflation).

As in previous years, the increase in the contribution rate has been phased in over
the inter-valuation period as follows :-

        Year                                      Employer Contribution
                                                  (% of payroll)

        1 April 2002 to 31 March 2003             Range from 9.1% to 17.6%
        1 April 2003 to 31 March 2004             Range from 10.0% to 19.2%
        1 April 2004 to 31 March 2005             Range from 10.1% to 20.8%

(For the period 1 April 1999 to 31 March 2002 the rates payable ranged from 6.1% to
18.0%).

The contribution rates as described are calculated to be sufficient to cover 100% of
the Fund‟s liabilities. They comprise of a Common Rate of Contribution of 13.5%
(previously 12%) of payroll. The contribution required from each employer is then
the Common Rate of Contribution plus or minus an individual adjustment, if
appropriate, reflecting the circumstances of each employer.

In conjunction with the Director of Finance and his staff, the Fund‟s Actuary monitors
the progress of the Fund during the inter-valuation period. This resulted in an interim
valuation being carried out in September 2002. As a result of this valuation
employers were recommended to increase their contributions by a further 1% with
effect from 1 April 2003 (in addition to the stepped increase already planned). This
increase will therefore be reflected in next years accounts.

The next actuarial valuation will be as at 31 March 2004, with revised levels of
contributions being payable from 1 April 2005.




                                            5
                                  Contributions

Employees and employers contribute to the scheme.


Employees: -

Prior to 1 April 1998: -    Officers contributed 6% of pensionable pay.
                            Manual and Craft Workers contributed 5% of
                            pensionable pay.

From 1 April 1998: -        The new scheme introduced a common employee‟s
                            contribution rate of 6% of Pensionable Pay for all
                            classes of future employee.

Manual and craft workers employed on 31 March 1998 will continue to pay 5% as
long as they remain in continuous employment.

Employee contribution rates are prescribed by the governing regulations, and cannot
be varied.


Employers:-

The contribution rates paid by employers are variable and are determined by the
Pension Fund‟s Actuary. Details of employer contribution rates are shown on the
previous page.




                                         6
                        Statement of Accounting Policies

1. GENERAL POLICIES

These accounts have been prepared in accordance with the 1996 SORP “Financial
Reports of Pension Schemes‟, and the 2000 SORP „A Code of Practice on Local
Authority Accounting in Great Britain”.

Investments are included in the statement of net assets at their market values, in
accordance with the policies shown below. Otherwise these accounts are prepared
under the historic cost convention.

The accounts summarise the transactions and net assets of the Scheme. They do
not, however, take account of liabilities to pay pensions and other benefits in the
future.


2. ACCRUALS BASIS OF ACCOUNTING

The accounts have been prepared on the normal accruals basis of accounting.


3. BASIS OF VALUATION OF INVESTMENTS

Investments are shown in the accounts at market value, which has been determined
as follows:-

a)     All UK investments traded within SET‟s are valued using the last SET‟s
       traded price using FT Information – Extel feed. All other UK investments are
       valued on the basis of middle market prices using Telekurs-Realtime feed.
b)     All non-UK investments (with the exception of Denmark and Hong Kong)
       which are traded on Exchange are valued using the Last Trade price.
       Investments traded in Denmark are valued using the volume weighted
       average price and in Hong Kong using the official close price. If the Last
       Trade price is not available an alternative price is used for selected markets.
       For Germany or Austria this is the Kassa (official close) price. For Thailand
       Foreign board securities, if no trade price is registered for 10 days then the
       Domestic board price is used.
c)     Non exchange traded bonds are primarily valued using a mid price sourced
       from ISMA (for Eurobonds) or contributors from the Bloomberg and Reuters
       services. Futures are valued using the settlement price.


4. FOREIGN CURRENCY TRANSLATION

Assets, including investments, denominated in foreign currencies are translated into
sterling at the rate of exchange ruling at the end of the accounting year (the 16.00
WM/Reuters rates). Profits and losses on exchange arising from movements in
current assets and liabilities are included in the Revenue Account for the year.




                                          7
5. EXTERNAL FUND MANAGER FEES

The External Fund Managers fees are paid in accordance with the terms of each
individual Management Agreement. Fees are based on the market value of the
portfolio managed. Any performance fee is paid after investment performance has
been measured against a bespoke benchmark. See note 4 of the accounts.


6. ACQUISITION COSTS

Acquisition costs of investments are added to book cost at the time of purchase.


7. PROPERTY

The Fund holds no direct property investments, only Property Unit Trusts.




                                          8
Revenue and Fund Account
For the Year Ended 31 March 2003

   2001-02                                                          2002-03    Note
    £'000's                                                          £'000's   Ref
              CONTRIBUTIONS AND BENEFITS

   16,332     Employees                                             17,521      1
   30,838     Employers                                             34,513      1
      697     Employers Re: Augmentation                               689
    1,766     Employers Re: Strain on Fund Reimbursement             2,062
   12,581     Transfer Values In                                    12,155
   62,214                                                           66,940
              BENEFITS PAYABLE

    39,263    Pensioners and Dependants - Benefits                   41,556     2
     7,434    Lump Sums                                               6,875
       910    Death Grants                                              688
  (47,607)                                                         (49,119)     3
              PAYMENTS TO AND ON ACCOUNT OF LEAVERS

    6,783     Transfer of Values Out                                 4,940
      208     Refunds of Contributions                                 165
      152     Contributions Equivalent Premiums                        298
              (N.I. Adjustments on refunded premiums)
   (7,143)                                                          (5,403)
              ADMINISTRATIVE AND OTHER EXPENDITURE

        73    Actuarial Fees                                            115     4
       950    Administration Expenses                                 1,036     5
   (1,023)                                                          (1,151)
              NET ADDITIONS/(WITHDRAWALS)
    6,441     FROM DEALINGS WITH MEMBERS                            11,267

              NET RETURNS ON INVESTMENTS

    30,109    Investment Income                                      31,106     6
  (35,286)    Change in Market Value of Investments               (236,905)
   (3,894)    Investment Expenses                                   (3,236)     4
   (9,071)                                                        (209,035)

   (2,630)    NET INCREASE/DECREASE IN THE FUND DURING THE YEAR   (197,768)
1,140,008     OPENING NET ASSETS OF THE SCHEME                    1,137,378
1,137,378     CLOSING NET ASSETS OF THE SCHEME                      939,610




Net Assets Statement


                                        9
As at 31 March 2003

        2001-02                                                  2002-03      Note
         £'000's                                                  £'000's     Ref

      1,118,623        TOTAL INVESTMENTS                         912,902          7

Current Assets

         14,139        Debtors                                    13,340          8
          7,177        Cash in Hand                               15,618
         21,316                                                   28,958

Current Liabilities

          2,561        Creditors                                   2,250          9
          2,561                                                    2,250

         18,755        NET CURRENT ASSETS                         26,708


      1,137,378        NET ASSETS OF THE FUND                    939,610




R.D. Summers, Director of Finance and Fund Administrator
09/09/2003.



The market value of the assets held by each manager, at balance sheet date, are
shown below:-

                                                                    £m         %
Deutsche Asset Management Morgan Grenfell                         422.8      46.3
Societe Generale Asset Management                                 134.4      14.7
Fidelity Pensions Management                                      127.8      14.0
Henderson Global Investors                                        121.1      13.3
Morley Fund Management                                            105.9      11.6
Internally Managed (venture capital and district council bond)      0.9       0.1
                                                                  912.9     100.0




                                         10
Statement of Movements in Investments for the Year Ended 31 March 2003
                                       Market Value    Purchases             Sales   Change in Market Value
                                            31.3.02   During Year      During Year Market Value     31.3.03
                                            £'000's        £'000's          £'000's     £'000's     £'000's
UNITED KINGDOM
Gilts                                       57,352        62,656           71,489        3,332      51,851
Index-Linked Gilts                          45,646        44,640           24,600        4,017      69,703
Other Bonds                                 18,767           649            3,461        1,124      17,079
Equities (inc Convert)                     435,527       153,877          139,491    (141,819)     308,094
Property Unit Trusts                       104,161        26,571           26,281        8,203     112,654
Other Unit Trusts and Funds                 61,829         8,327            1,919     (12,576)      55,661
Other Loans and Mortgages (unquoted)            26             0               29            3           0
                                           723,308       296,720          267,270    (137,716)     615,042
OVERSEAS
Public Sector Fixed Interest Stocks         30,458        56,319           61,905        3,230      28,102
Other Fixed Interest                         1,183         2,026            3,353          144           0
International Bond Fund                     18,287         2,138            5,360          766      15,831
Equities (inc Convert)                     130,785       112,464          100,267     (46,686)      96,296
Other Unit Trusts                          202,507        12,764           10,873     (56,643)     147,755
                                           383,220       185,711          181,758     (99,189)     287,984
OTHER
Cash                                        15,013                 0        1,776           0       13,237
Net Amount Receivable/(Payable)             (2,918)                0          443           0       (3,361)
                                            12,095                 0        2,219           0        9,876

TOTAL INVESTMENTS                        1,118,623       482,431          451,247    (236,905)     912,902

Totals for year ended 31 March 2002      1,130,377       580,705          557,173     (35,286)    1,118,623


                                                              11
Notes to the Accounts

                        2001-02                                                 2002-03
                         £'000's                                                 £'000's
1. Contributions Received by Body
                         24,994        Norfolk County Council                    25,333
                         17,689        Scheduled Bodies                          21,077
                           4,487       Admitted Bodies                            5,624
                         47,170                                                  52,034

                      2001-02                                                   2002-03
                       £'000's                                                   £'000's
2. Pensioners and Dependants - Benefits Payable
                       35,143        Employees' Pensions                        37,258
                        3,834        Widows'/Widowers' Pensions                  4,018
                           69        Childrens' Pensions                            70
                          217        Chief Officers' Pensions                      210
                       39,263                                                   41,556

                       2001-02                                                  2002-03
                        £'000's                                                  £'000's
3. Scheme Benefits Payable by Body
                        22,953         Norfolk County Council                   23,432
                        22,730         Scheduled Bodies                         23,782
                         1,924         Admitted Bodies                           1,905
                        47,607                                                  49,119

                         2001-02                                                2002-03
                          £'000's                                                £'000's
4. Investment Expenses
                          3,462        Management Fees                           2,688
                            150        Custody Fees                                157
                             73        Actuarial Fees                              115
                            282        Other Expenses borne by the Fund            391
                          3,967                                                  3,351


5. Administration Expenses

The Local Government Pension Scheme Regulations 1997 enables administration expenses
to be charged to the Fund. These regulations came into effect on 1 April 1998.

In 2002-2003 £1,035,657 has been charged to the Fund (£950,200 in 2001-2002).




                                          13
                            2001-02                                                      2002-03
                             £'000's                                                      £'000's
6. Investment Income
(a) Arising from Securities
                              4,018       Fixed Interest Gilts                             2,833
                              1,800       Fixed Interest Index Linked                      1,193
                                490       Fixed Interest Quoted                              943
                                  2       Fixed Interest Unquoted                              0
                                          Dividends received on:-
                             11,728       UK Equities                                    11,263
                              1,399       Overseas Fixed Interest                         1,313
                              1,402       Overseas Equities                               1,753
                              1,188       Unit Trusts - Overseas                          2,851
                              2,434       Unit Trusts - UK                                1,789
                              2,714       Property Unit Trusts                            2,961
                                  3       Profit/(Loss) on Foreign Exchange               (679)
                             27,178       Total Arising from Securities                  26,220


                        2001-02                                                          2002-03
                          £'000's                                                         £'000's
(b) Arising from non dealing activities

                                893       Bank Interest                                      869
                                  0       Mgmt Performance Fee Rebate                      2,479
                              1,891       Pooled Funds Rebate                              1,409
                                100       Stock Lending                                       82
                                 44       Commission Recapture                                35
                                  3       Other Miscellaneous Income                          12
                              2,931       Total Arising from non dealing activities        4,886

                             30,109       Total Investment Income                        31,106

Stock Lending

Stock Lending is a program of lending eligible securities, such as U.S. and non–U.S.
equities, corporate bonds, and government securities, from the portfolios of participating
clients to approved borrowers in return for a fee. No more than 25% of the funds value is on
loan at any one time.

The primary reasons for borrowing securities are market making, hedging, and arbitrage
trading purposes.

All loans are fully collateralised with government securities, bank letters of credit, certificates
of deposit or UK equities settled in CREST.

The value of stock on loan at the balance sheet date was valued at £78.8m, this equated to
8.6% of the total investments.




                                                14
7. Investment Assets

A full analysis of investments is provided in the Statement of Movements in Investments,
shown on page 10.

(a)    Traded Options.
       Traded Options are used by Fund Managers to anticipate market movements. The
       Fund held no traded options at 31 March 2003.

(b)    Currency Hedging.
       At 31 March 2003 the Fund had no forward currency transactions.

(c )   Net Amounts Receivable / (Payable) for the Purchase and Sale of Investments.
       The (£3,361,000) shown in the Statement of Movements in Investments is made up
       as follows: -

                                                                 31 March 2003
                                                                        £'000's

Amounts receivable in respect of sale of investments                      6,270
Amounts payable in respect of purchase of investments                   (9,631)
                                                                        (3,361)




                                             15
                          2001-02                                                  2002-03
                           £'000's                                                  £'000's
8. Debtors
An analysis of debtors shown in the Net Asset Statement is given below :-

                                0        Mgmt Performance Fee Rebate                 2,479
                            1,139        Pooled Funds Rebate Due                       310
                            6,326        Dividend Income                             5,000
                              147        Overseas Tax Receivable                       116
                              479        UK Tax Receivable                             233
                            4,079        Contributions Due                           4,361
                              219        Interest Due                                  152
                              973        Transfer Values Due                            38
                              167        Pension Charges                                 8
                              203        VAT Refund Due                                103
                               25        Stock Lending/Commission Recapture             27
                              360        Added Years / Augmentation                    435
                               22        Sundry Debtors                                 78
                           14,139                                                   13,340


                          2001-02                                                  2002-03
                           £'000's                                                  £'000's
9. Creditors
An analysis of creditors shown in the Net Asset Statement is given below :-

                            1,552        Managers Fees                                 798
                              255        Other Fees & Charges                          961
                              263        Lump Sum                                        0
                               37        Pensions Due                                   46
                              343        UK Tax                                        392
                              111        Sundry Creditors                               53
                            2,561                                                    2,250


10. Related Party Transactions

The 1996 SORP – The Financial Reports of Pension Schemes – requires the disclosure of
all material transactions between the pension fund and related parties in accordance with
the principles of FRS8. Related party transactions already disclosed in the body of the
accounts do not need to be repeated here. The other related party transactions during the
year, which requires disclosure, is noted below:

Surplus pension fund cash holdings are invested on the money market. During the 2002/03
financial year, the Pension Fund had an average investment balance of £10.3M earning
interest of £405,368.


11. Additional Voluntary Contributions (AVC’s)

The fund has three AVC providers; Prudential, Clerical Medical and Equitable Life. The
value of AVC investments is shown below.

                                            16
                                                                       £'000's
               Value at 01/04/02                                        3,218
               Contributions                                              978
               Investment Return                                        (128)
               Paid Out                                                 (712)
               Value at 31/03/03                                        3,356



12. Employers Strain / Augmentation

Strain Costs
Pension benefits are funded to be paid from normal retirement age. If any employee is
allowed to take their pension benefits early this places an additional cost (strain) on the
Pension Fund. Employers are required to reimburse the Pension Fund in respect of the
“strain costs” arising from an employee taking early retirement. The cost can be paid in full
at the date of retirement or by instalment over 3 or 5 years in which case interest is added.

Augmentation
The LGPS provides scope for employers to award additional years of membership on
retirement. If an employer opts to award augmented membership he is required to purchase
the additional period from the Pension Fund. Again the cost can be paid in one instalment or
over 3 or 5 years.

The outstanding instalments due at 31 March 2003 where:

Strain Costs     £2,546,301          Augmentation    £1,472,340


13. Statement of Investment Principles

The government announced that from July 2000 Local Authority Pension Funds should be
brought into line with private sector funds and be required to publish a Statement of
Investment Principles (SIP). This statement is available on the NCC intranet and on the
NCC website http://www.norfolk.gov.uk.

14. Post Balance Sheet Event

Due to fluctuations on the Stock Market since 31 March 2003 the market value of the fund
has increased, this having a positive effect on the overall funding level.

15. Fund Manager Changes

During the year the UK Equity brief held by Société Générale was reviewed and put out to
tender. As a result, in June 2003 the Investment Committee decided to appoint two
managers, Alliance Bernstein and Baillie Gifford, to replace Société Générale.

Each will manage a portfolio of £100m. The investment target and benchmark continues to
be performance of 1.25% above the FTSE all share index.




                                             17
                                                                                  Appendix 1
                                 Participating Employers

                     (employers with active members during the year)


Major Scheduled Bodies

   Breckland Council                               Norfolk Magistrates Courts Committee
   Broadland District Council                      Norfolk Police Authority
   Great Yarmouth Borough Council                  Norfolk Probation Service
   King's Lynn & West Norfolk B C                  North Norfolk District Council
   Norfolk County Council                          Norwich City Council
   Norfolk County Council (Education)              South Norfolk District Council

Scheduled Bodies

   Acle Parish Council                             Martham Parish Council
   Aylsham Town Council                            Mundesley Parish Council
   Bradwell Parish Council                         Norfolk Valuation Tribunal
   Broads Authority                                North Walsham Town Council
   Brundall Parish Council                         Norwich School of Art & Design
   Buxton With Lamas Parish Council                Old Catton Parish Council
   Cawston Parish Council                          Paston College
   City College, Norwich                           Poringland Parish Council
   College of West Anglia                          Redenhall with Harleston Town Council
   Costessey Parish Council                        River Wensum I D B
   Cringleford Parish Council                      South Walsham Parish Council
   Cromer Town Council                             Southery & District & Feltwell Fen Second
                                                     District I D B
   Dereham Town Council
                                                    Spixworth Parish Council
   Dersingham Parish Council
                                                    Sprowston Parish Council
   Diss Town Council
                                                    Stoke Ferry I D B
   Downham & Stow Bardolph I D B
                                                    Swaffham Town Council
   Downham Market Town Council
                                                    Taverham Parish Council
   East Norfolk Sixth Form College
                                                    Thetford Town Council
   East of Ouse, Polver & Nar I D B
                                                    Thorpe St Andrew Parish Council
   Eastern Sea Fisheries Joint Committee
                                                    Upton with Fishley P C
   Easton College
                                                    West of Ouse I D B
   Fakenham Town Council
                                                    Wymondham Town Council
   Great Yarmouth College of F. E.
   Hellesdon Parish Council
   Hethersett Parish Council
   Loddon parish Council
   Lower Bure IDB

                                            18
Admitted Bodies

   Age Concern (Norwich)                           Norfolk County Assoc. of Parish & Town
   Age Concern Norfolk Ltd                          Councils
                                                    Norfolk Heritage Fleet Trust
   Air BP
                                                    Norfolk Rural Community Council
   Anglia Housing Group
                                                    Norman Recreation Centre
   Anglia Maintenance Services
                                                    North Norfolk Community Transport
   Ashfords Grounds Maintenance
                                                     Partnership
   CityCare                                        Norwich Airport Ltd
   Dereham & Watton CAB                            NPS Property Consultants Ltd
   Flagship Housing Group                          Peddars Way Housing Association
   Further Education National Consortium           Peper Harow (East Anglia) Ltd
   Great Yarmouth Port Authority                   Riversdale Multi-Purpose Centre
   Great Yarmouth Racecourse Ltd                   S L F Group Ltd
   Green Quay Trust                                South Norfolk Crossroads Care Attendant
   NCS Ltd                                          Scheme
                                                    West Norwich Partnership
   NORCAS
                                                    Wymondham & District Citizens Advice
   Norfolk Careers Services
                                                     Bureau




                                            19

				
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