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3 Annual Statement of Accounts Purpose of the Report

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					                                                                                  SWAP

     SWAP Committee – 24th June 2008

3.   Annual Statement of Accounts

     Responsible Officer:   Gerry Cox, Head of South West Audit Partnership
     Contact Details:       Gerry.cox@southwestaudit.gov.uk or (01458) 257410


     Purpose of the Report

     To present the 2007/8 Annual Statement of Accounts to the South West Audit
     Partnership Joint Committee for approval.

     Recommendation(s)

     To approve the 2007/08 draft Statement of Accounts.

     Background

     The Accounts and Audit Regulations (England) 2003 came into force on 1st April
     2003. Members of this Committee are required to formally approve the annual
     Statement of Accounts by 31st July 2008 as it’s income or expenditure is less than £1
     million. This is later than the requirement for Local Authorities who must approve
     their statements by the 30th June 2008. This Statement of Accounts needs to be
     evidenced by the Chair of this committee signing and dating the balance sheet.

     This report presents the 2007/08 Statement of Accounts and explains the key
     features of those accounts.

     Statement of Accounts

     The Audit Commission will simply audit the statements through a return that will be
     completed by the accountable body (South Somerset District Council) and will issue
     his opinion as to whether they present fairly the financial position of the South West
     Audit Partnership at 31st March 2008 and its income and expenditure for the year
     then ended.

     There will be increased requirements as from 2008/09 when the annual expenditure
     and income will increase to over £1 million per annum. Over the longer term a Value
     for Money (VFM) assessment may be required and a VFM opinion given by the Audit
     Commission.

     Key Features from the Statement of Accounts

     The Statement of Accounts for the partnership must contain the following as at the
     31st March 2008:

      •   An Income and Expenditure Account
      •   Consolidated Balance Sheet

     Each statement is supported by notes that give the reader more details about specific
     figures within that key statement.




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                                                                              SWAP

Income and Expenditure Account

This account gives detailed information about the total expenditure of the joint
service. It also shows the income received to help pay for that service through
payments from each member authority.

This shows a surplus for the year.

Consolidated Balance Sheet

The Consolidated Balance Sheet provides the Partnership with a snapshot of its
overall financial position as at the 31st March 2008.

This shows that the partnerships assets currently outweigh its liabilities.

Financial Implications

There are no financial implications associated with these recommendations.




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Description: 3 Annual Statement of Accounts Purpose of the Report