Report No: Title: Wards Affected: To: Key Decision: Change to Budget:
319/2008
Public Agenda Item:
Yes
Review of Reserves 2009/10 All Wards in Torbay On:
Cabinet No No
11 November 2008
Change to Policy Framework:
No
Contact Officer: Martin Phillips Telephone: (01803) 2077285 E.mail: martin.phillips@torbay.gov.uk
1. 1.1
What we are trying to achieve and the impact on our customers
To review the Council’s Reserves as part of the 2009/2010 budget setting process. If a reserve is assessed not to be adequate, an appropriate contribution from future year’s revenue budgets should be planned for, conversely if a reserve is assessed as over provided, the surplus can be used as part of future year budget funding.
2. 2.1 2.2 2.3
Recommendation(s) for decision That the Cabinet considers any views from the Overview and Scrutiny Board. That the Cabinet review the Council’s Reserves. That Council be recommended:
1) That subsequent to the actual transfer of the Crematorium Service to an external provider and the final confirmation of the Council’s future costs of the service that the balance on the cremation reserve (£690,000) less the agreed amount for closed churchyards (£40,000) be transferred to the Change Management and Financial Strategy Reserve. 2) That £800,000 of the estimated surplus on the Insurance Fund is released in 2008/09 to fund other Council priorities and be allocated to the Change Management and Financial Strategy Reserve. 3) That the Chief Finance Officer in consultation with the Mayor reassess in January 2009 the provision for backdated holiday pay and pay arrears and transfer any surplus monies to the Change Management and Financial Strategy Reserve.
3. 3.1 3.2
Key points and reasons for recommendations
A Review of Reserves is a key part of the Council’s budget setting process. Overview and Scrutiny Board on 15th October considered this report. The report identifies that £800,000 can be released immediately from the Council’s reserves to be used as part of the 2009/10 budget strategy. In addition, dependant upon the outcomes of a number of projects currently being undertaken, other sums could become available for re investment during 2008/09 or later years. Members may wish to give consideration to allocating monies to support the Council’s potential liability in relation to implementing Pay Modernisation and funding any potential backdated payments to staff. The Council applied for a capitalisation directive to enable any payments in 2008/09 in relation to this issue to be classified as capital. The Council would have then identified a capital funding source for this such as prudential borrowing. The Council has now been notified of its directive for 2008/09 which is £0.5 million less than requested. In addition the directive is only for 2008/09 and there is a risk that expenditure may not be incurred in 2008/09 and thus not eligible for the 2008/09 directive although there Council. At this stage it is possible that there will be an opportunity to apply for a 2009/10 directive, however if not, the full costs of payment of arrears and claims will need to be funded by the Council in 2009/10 from revenue resources including reserves which will have a significant impact on the Council’s 2009/10 budget. It should be noted that although the Council is recognising the potential for costs in relation to Pay Modernisation the Council is not conceding that any such claims will be paid in the future. Members may also wish to give consideration to allocating monies to support the Council’s Waste Management Strategy. There are a number of significant issues in relation to waste that will impact on the Council in future years that will result in higher levels of expenditure on both waste and recycling and the need for investment in new facilities such as the joint project with Plymouth City and Devon County Councils for an Energy from Waste Plant.
3.3
3.4 3.5
For more detailed information on this proposal please refer to the supporting information attached.
Richard Thorpe Chief Finance Officer
Supporting information to Report 319/2008
A1.
A1.1 A1.2 A1.3
Introduction and history
Background Legislative Requirements. The Local Government Act 2003 introduced the responsibility for a Council’s Chief Finance Officer to report on the adequacy of Council reserves as part of the budget setting process. This requirement is in addition to the requirements of the Local Government Finance Act 1992, which requires Councils to have regard to the level of reserves needed for meeting estimated future expenditure when calculating the budget requirement. Why Does a Council Hold Reserves? Torbay Council, like most Councils, holds reserves for two main purposes a) A contingency to cover the impact of unexpected events or emergency. This is often known as a Council’s General Fund Reserve. A means of building up funds often referred to as Earmarked Reserves, to meet known or predicted liabilities. These Earmarked Reserves could include: Sums set aside for known or anticipated liabilities. Sums set aside for major schemes. Insurance reserves. Trading reserves (Harbours & Operations). Reserves retained for Service Department use. School balances. Council Tax Collection Fund Balances.
A1.4
A1.5 A1.6
b)
A1.7 A1.8
Purpose of a Review of Reserves. This annual review should form part of a Council’s Risk Management process. If a reserve is assessed not to be adequate, an appropriate contribution from future year’s revenue budgets should be planned for, conversely if a reserve is assessed as over provided, the surplus can be used as part of future year budget funding. Policy for Reserves It is considered good practice for Councils to have “a soundly based policy on the level and nature of reserves and balances that has been approved by members and reflected in the budget and medium-term financial strategy”. The following policy for reserves is recommended: Earmarked Reserves: “Torbay Council will hold earmarked reserves to meet known or specified liabilities. The purpose of each reserve will be clearly stated when established along with a suggested target range for the balance on the reserve. Each reserve will be allocated to the responsibility of a service manager who will at least twice a year review the reserve for both relevance and adequacy. This is to ensure a thorough understanding of the needs and risks of the service/function to which the reserve relates. If a Reserve is assessed as not required or a change in use is requested this will be reported in the next Budget Monitoring Report to Cabinet”. General Fund Reserve: “The Council will maintain a General Fund Reserve as a contingency to cover the impact of unexpected events or emergency. The Council will at least annually review the reserve and assess
A2 A2.1
the target range for the balance on this reserve in light of the Council’s overall financial position”. Financial Planning “The Council will reflect the results of its policy on reserves in its Medium Term Financial Plan and other financial planning such as the Treasury Management Strategy and Capital Plan. The approved level of balances will be monitored to ensure the Council’s financial standing is sound and supports the Council in the achievement of its long term objectives”. A2.2 Cabinet on 23/10/07 approved (report 271/2007 refers) the Council’s policy for Reserves as set out in that report which included that the policy be endorsed not only for 2008/09 but also for all future years. Members, however, are free to recommended changes to the policy if required. Monitoring of Reserves The Council monitors and maintains its levels of reserves and balances within the range determined by its agreed policy. Details of each reserve are contained on a specific database which estimates a target range for each reserve. As the use of Reserves tends to be planned there isn’t a requirement for detailed quarterly monitoring of reserves. Any significant changes in Reserve use or activity will be reported on an exception basis to OSB and Members during the quarterly budget monitoring process. The detailed monitoring of reserves is undertaken on an annul basis by this detailed Review of Reserves. The Council will also consider any appropriate Reserve movements as part of the Council’s outturn reporting. Review of Reserves 2008/09 Overview As at 31/03/2008 Torbay Council’s reserves were as follows:06/07 £m 2.8 3.9 3.4 1.7 11.0 2.8 0.3 25.9 07/08 £m 3.0 4.4 2.4 1.4 12.5 4.5 0.1 28.3 Change % 7 13 (29) (18) 14 61 (67) 9 Change £m 0.2 0.5 (1.0) (0.3) 1.5 1.7 (0.2) 2.4
A3 A3.1
A4 A4.1 A4.2
General Fund Reserve Insurance Reserve Schools Reserves Trading Reserves Earmarked Reserves Carry Forwards Collection Fund Reserve Total Reserves
A4.3
A list of the Councils Reserves as at 31/03/2008 as reported in the Council’s Statement of Accounts 2007/2008, (now audited) is attached at Appendix 1. The table in A4.2 shows that the total reserves held by the Council increased by 9% during 2007/08. The General Fund Reserve increased by £0.2 million during 2007/08. A list of all Council Reserves is attached at Appendix 2. (This is also available in the Member’s Room). Each page shows details about each reserve, including the reason/purpose of the reserve, how and when the reserve can be used and the process for retention of each reserve to ensure continuing relevance and adequacy. (The balance on each reserve on these sheets is at September 2008). Each reserve has been assessed by the Service Manager and their finance manager for its estimated balance as at 31st March 2009 and for the estimated additions or withdrawals from the reserve during 2009/10 and future years. This is included in the table at Appendix 1. This table is before recommendations arising from this report. In addition each of the pages show an assessment of the current minimum level of the reserve and, where applicable, an acceptable range for each reserve balance. A number of these have indicated
A4.4
A4.5
A4.6
a surplus balance or that the minimum level of reserve could be set at a higher level. These balances have been assessed using a risk analysis and therefore it would be hard to justify a lower than minimum balance. A4.7 The External Auditor will continue to look closely at the action of the Council when it applies these reserves and will be highly critical of the Council if it uses these funds to sustain ongoing revenue expenditure rather then “one off” items. Earmarked Reserves For the Earmarked Reserves where no specific comment has been made below, it is recommended that no changes are made. Specific comments on the following reserves are listed below along with any recommendations.
A4.8 A4.9
A4.10 Insurance Reserve The projected balance as at March 2009 for both the insurance reserve and the insurance provision before the addition of any current year surplus is approximately £4.9 million. Of the total of £4.9 million, £2.3 million covers earmarked amounts for specific insurance risks such as Municipal Mutual Insurance (MMI) - both the Torbay Council and Devon County Council liabilities, residual Devon County Council liability relating to services transferred to Torbay in 1998, a number of uninsured risks and monies for risk management initiatives. The Council’s insurance team review the earmarked amounts on an annual basis and take advice from an insurance actuary to ensure the adequacy of the reserves. In addition the Insurance team review the ongoing position with Municipal Mutual Insurance (MMI) Limited and any potential calls on the Council’s resources that may arise. The balance within the reserve of which is currently earmarked for current and as yet unknown claims as at March 2008 is £2.6 million. This balance is higher than the maximum level advised by the Council’s actuary who has recommended that the reserve level should be between 100% and 200% of the assessed potential liabilities. Taking a prudent view and allowing for the highest suggested level of cover on the actuary’s estimate (using a 4 year average) required for claims indicates that a balance of £1.8 million is required. There is, therefore, a potential surplus on this fund of £0.8 million. As reported in the 2007/08 review of reserves report the Council, along with other Councils, is considering the possibility of creating a Local Authority Mutual company to manage insurance risks for all member Councils similar to the Mutual company that was created in April 2007 for all local authorities in London. If, in time, the Council decides that it is beneficial to join the proposed Mutual company, this may have a significant impact on the Council’s insurance arrangements including the level of reserves. A4.11 Collection Fund The Council Tax Collection Reserve is slightly different from all other reserves. Legislation requires any balance to be applied at the next Council Tax setting to the three precepting authorities (Torbay, Devon & Cornwall Police Authority and Devon and Somerset Fire Authority), having taken into account sums applied during the current year and anticipated receipts. (Note Brixham Town Council as a minor precepting body does not bear any share of surplus or deficit). Any balance represents the sum collected over and above the assumed collection rate but is normally collected after the end of the financial year. This issue will be dealt with in the report to Members on the Council Tax Base during the 2009/10 Budget Setting process and reflected in the Medium Term Financial Plan. A4.12 Operations Reserves The Council has operated a policy in respect of trading reserves held by Operational Services that, in total, the uncommitted balances should be no more than 2.5% of turnover or £300,000 at any one time. The Council is working to a target date in 2009/10 for the creation of a Joint Venture Company with a private sector partner for a range of services. Operations Reserves are being used to finance the set
up costs associated with the new company. Until the future of Operational Services has been finally determined it is recommended that no monies be taken from these funds or other related reserves such as the Vehicle and Plant fund and elements of the equipment fund, other than for the day to day operation of the service or for the set up costs for the JVC .
A4.13 Waste Strategy Reserve The Council as part of its budget outturn for 2007/08 recommended that more monies be transferred into this reserve to help meet the issues facing the Council over the recycling and disposal of waste. The Council is working with Plymouth City and Devon County Councils to develop a PFI arrangement with an external provider for an Energy from Waste Plant. The investment to meet both the set up costs of this project in addition to the requirement to increase recycling rates to 50% could be significant. The balance on this reserve is currently £460,000. At this stage it is suggested that this reserve be maintained and operated for the best overall outcome for the Council in respect of waste issues and that a further request be brought forward at the appropriate time.
A4.14 Crematorium Replacement Reserve The cremation service is due to be passed to a private sector provider from November 2008. Within this contract the provider will be responsible for the enhancement and/or development of the cremation facility therefore the Council will be able to release this reserve. (Report 220/2008 to Council refers). In addition it was recommended that the Council retains a £40,000 capital contingency to deal with unforeseen repairs and maintenance in the five closed churchyards, for which the Council will retain its statutory responsibility. It is recommended that subsequent to the actual transfer of the Crematorium Service to an external provider and the final confirmation of the Council’s future costs of the service that the balance on the cremation reserve (£690,000) less the agreed amount for closed churchyards (£40,000) be transferred to the Change Management and Financial Strategy Reserve. A4.15 Change Management and Financial Strategy Reserve The Council holds this Reserve to support corporate initiatives in particular invest to save initiatives, such as the Accommodation project and investment in and consequences of the Reshaping and Commissioning initiative. If any spare resources are identified during the review of reserves then consideration could be given to increasing this reserve to fund future initiatives. A4.16 Prudential Borrowing Reserve This reserve aims to equalise the funding implications of the timing differences of the “repayment” of unsupported borrowing, undertaken by services to fund asset purchases, compared to the ongoing long term impact of the financing of the borrowing undertaken on the Council’s revenue budget. In the long term this reserve will balance to nil. Subsequent changes in legislation in relation to the calculation of the Council’s annual revenue provision for the repayment of borrowing (MRP) requires a different basis for the calculation of the MRP for 2008/09 and future years. This may result in earlier use of this reserve if it is beneficial to do so. The Councils policy for this was included within the Treasury Management Strategy for 2008/09.
A5 A5.1
Review of Provisions and other Potential Liabilities In addition to earmarked and general reserves the Council also holds provisions for a number of issues where the Council has a clear liability which is probable to result in a payment but the amount and timing of the potential payment is uncertain. As at 31/03/2008 Torbay Council’s provisions were as follows:06/07 £m 0 0.5 0.7 0 0 0.2 1.5 07/08 £m 0.5 0.6 0.2 2.9 1.1 0.1 5.4 Change % n/a 20 (71) n/a n/a (50) 260 Change £m 0.5 0.1 (0.5) 2.9 1.1 (0.1) 3.9
A5.2
Redundancy Provision Insurance Provision Landfill Allowances Pay Modernisation Holiday Pay/ Pay Arrears Other Provisions Total Provisions
A5.3
As reflected in the Statement of Accounts and outturn reports the Council has a number of exceptional costs in 2007/08 that resulted in a provision being made. These included provisions for redundancy, holiday pay/pay arrears and pay modernisation. The latter expected to be funded primarily from a capitalisation directive using prudential borrowing. Holiday Pay/Pay Arrears The Council set aside £1.1 million to meet the potential costs of these issues. After further work on this issue including the publication of an advert to enable employees to apply for back pay it is probable that some of this provision could be released in the future. It is recommended that the Chief Finance Officer in consultation with the Mayor reassess the provision for backdated holiday pay and pay arrears in January 2009 and transfer any surplus monies to the Change Management and Financial Strategy Reserve.
A5.4
A5.5
Pay Modernisation The Council made a provision of £2.9 million for the potential payment of arrears and claims associated with the implementation of Pay Modernisation throughout the Council. The Council had then applied for a capitalisation directive of £2.6 million to allow this expenditure to be treated as capital and funded from a capital source – probably prudential borrowing. The Council has now been informed that its capitalisation direction for 2008/09 is £2.1 million and must be used for expenditure incurred in 2008/09. The risks are that the expenditure in 2008/09 may be greater than the funding available and there is a risk is that expenditure may not be incurred in 2008/09 and thus not eligible for the 08/09 directive. At this stage it is possible that there will be an opportunity to apply for a 2009/10 directive, however if not, the full costs of payment of arrears and claims will need to be funded by the Council in 2009/10 from revenue resources including reserves which will have a significant impact on the Council’s 2009/10.
A6 A6.1
Chief Finance Officer Statement. I am satisfied that the Council’s General Fund and Earmarked Reserves, including Insurance Reserves, are adequate for the Council’s Financial Plans and to meet any known or predicted liabilities over the period in which the liabilities are expected to become due for payment. The Councils General Fund Reserves of £3.0 million represents 2.7% of the Council’s overall 2008/09 budget. The CIPFA guidance on reserves does not recommend a statutory minimum level of reserves. It states that “Local Authorities should make their own judgements on such matters taking into account
A6.2
A6.3
all the relevant local circumstances which will vary between Authorities”. CIPFA also state that “a well managed authority with a prudent approach to budgeting should be able to operate with a relatively low level of reserves”. A6.4 A Risk Assessment of all 2008/09 budgets suggest that the maximum overspend in any year if all services were subject to adverse pressures, and where there isn’t any specific service related earmarked reserve, would be £5.3 million or 4.8% of net revenue budget. An estimate should be added to reflect any, as yet unknown, in year budget pressures, potential Bellwin scheme claims (emergency planning) and to reflect the financial risks inherent in any significant new partnerships, outsourcing or capital developments, say £0.500 million. (The reshaping exercise and potential new delivery options such as the JVC for Direct Services will inevitably result in a level of financial risk). This will result in a required General Fund reserve of £5.8 million or 5.2% of net budget. The current level of General Fund Reserve will cover 52% of the maximum overspend. In this unlikely circumstance the General Fund Reserve will be used in one financial year. A consideration within this risk assessment is the level of the risk of budget variances passed to partners or other suppliers via service delivery contracts. A key partner for the Council is the Torbay Care Trust as the level of funding to the Care Trust is approximately £40 million per annum. For 2008/09 the Care Trust has agreed to bear the risk of any over or under spends. At this stage it is uncertain whether this arrangement will continue in 2009/10. The risk assessment in A6.4 above has been updated to reflect this uncertainty. It is likely that the current economic uncertainty has increased the risk of budget variations in a number of areas and the risk assessment has reflected that issue. However a prudent risk based approach to budget setting will have mitigated the majority of the risk of an overspend. In addition it is highly unlikely that all budgets will be adversely affected in the same year or that there will be no underspending arising from savings or efficiency improvements. Therefore the General Fund Reserve should as a minimum be equal to 50% of the total assessed risk in any financial year or 2.5% of net budget. Ideally a target balance in excess of the minimum should be aimed for; therefore a target of 3% of net budget or £3 million is a reasonable level of General Fund Reserve. Inevitably despite a prudent based approach to budget setting there are risks that some budgets may vary from the original estimate due to unpredicted changes in the service. For example in 2008/09 linked to the economic conditions the income associated with highways and land charges has fallen yet that issue has led to a “credit crunch premium” on investment rates which has significantly increased investment income. These “volatile “ budget areas have been identified in the detailed risk assessment. It is assumed that in the circumstances of a significant overspend within the Council’s capital programme this will be covered by alterations to the timing of the Council’s capital programme, use of the capital contingency or from additional borrowing within the Council’s approved Prudential Indicators. Any additional borrowing costs would have to be met from the Council’s revenue budget.
A6.5
A6.6
A6.7
A6.8
A6.9
A6.10 Following consideration of the above in my opinion the current level of general fund reserve should not be reduced, as balances would fall below a prudent minimum level. The 2009/10 budget to be presented to Members will also include a positive assurance statement from the chief finance officer about the adequacy of the proposed financial reserves, in accordance with the requirements of section 25 of the Local Government Act 2003. A6.11 As detailed in previous Medium Term Financial Plans, the ODPM (as was) and external inspectors have all commented on the level of General Fund balance in particular in comparison with similar Councils. As indicated above, whilst the Council’s general fund balance is low compared to other Councils, if it were to fall below the current level of £3.0 million then I believe the Council will need to specifically budget for an increase in this balance. At this stage though, I would not seek to increase the balance in 2009/10 by specifically budgeting for an increase, but achieve this by transferring into this Reserve year end underspends (if any) that may be realised.
A7 A7.1
Governance of Reserves. Appendix 1 shows the projected balances of the reserves at the end of the current financial year and the 2009/10 financial year. These balances are based upon planned levels of spending, which will be subject to approval by the Council when the overall budget is approved. In the event of any unplanned expenditure occurring in the financial year current Standing Orders and Financial Regulations will apply. The Reserves will continue to be reported as part of the Council’s Statement of Accounts and subject to a formal annual review as part of the budget process. Councillors should assess the Councils General Fund Reserve as part of the annual budget setting process. As the purpose of each earmarked reserve is clearly stated it is not considered necessary to report movements on earmarked reserves on a quarterly basis to Cabinet or to the Overview & Scrutiny Board. Any quarterly reporting of issues relevant to earmarked reserves will be on an exception basis. Any budget variations that are reported to Cabinet which can not be funded from existing revenue resources will then, as a consequence, impact on the projected balance on the General Fund Reserve. Schools reserves are part of the delegated schools funding and I recommend the use of these reserves remain the discretion of the Head Teachers and Governing Bodies.
A7.2
A7.3
A7.4
A7.5
A8 A8.1
Opportunity Costs Where a reserve is above the target levels, Members need to consider the opportunity costs of maintaining these reserve levels. Members need to consider that a reserve above a target level will provide benefits from reduced financial risk in that reserve and the cash flow benefits holding these levels brings from increased investment returns. These benefits need to be compared to any benefits (or opportunities) that may arise from using the reserve to support service delivery or a specific project. This “opportunity cost” of maintaining reserve levels compared to alternative spending options needs to be carefully considered.
A9 A9.1
Links to other Strategies The level of reserves has clear links to a number of other Council plans and strategies. The level of reserves will depend on and be incorporated in these other documents. These include: Capital Plan: A number of reserves are linked to the purchase or replacement of assets, such as the Car Parks Machine Replacement Reserve. This expenditure will be treated a Capital Expenditure and funded from the earmarked reserve.
A9.2
A9.3
Medium Term Financial Plan: The results of this review of reserves, in particular the General Fund Reserve balance, will need to be incorporated into the Medium Term Financial Plan. In addition any significant under or over provision on earmarked reserves will need to be included.
A9.4
Treasury Management Strategy: The Treasury Management Strategy includes the implications of the level of reserves held for potential cash flow for investment decisions. In addition it will assess the cash flow and financing implications of any significant movement in reserves. The Strategy assumes that that the levels of reserves are “core cash” and, if the market rates are favourable, can be invested for periods over 364 days.
A9.5
Business Plans: The important link between Business Plans and the level of Reserves was reinforced by Cabinet when it recommended in 2007 “that the levels of earmarked reserves should be clearly linked to, and be identified in individual services’ business plans”
A10
Risk assessment of preferred option
A10.1 Outline of significant key risks
It is important that the issues raised in this report are considered by Members and appropriate action is taken, where necessary, to ensure that the Council has adequate reserves in the short and medium term. Failure to consider the issues raised within this report and take appropriate action could result in the Council having insufficient reserves that could adversely impact on the revenue budget.
A11. Other Options
Members can recommend alternative proposals for any surplus or deficits on reserve levels. Paragraphs 3.3 and 3.5 of the main report indicate two potential uses for any surplus arising.
A12. Summary of resource implications
The resource implications are contained within the body of this report and in the recommendations.
A13. What impact will there be on equalities, environmental sustainability and crime and disorder?
The review of reserves could impact on resources for front line services which support these important issues. The implications of this review feeds into the Medium Term Financial Plan which will be subject to an equalities impact assessment
A14. Consultation and Customer Focus
The review of reserves could impact on the allocation of resources for front line services which will have been informed by consultation with the public and stakeholders.
A15. Are there any implications for other Business Units?
Yes - identified within the body of the report.
Appendices
Appendix 1 Appendix 2 Council Reserves as at 31/3/08 Council Reserves Detail
Documents available in members’ rooms
Appendix 2 Council Reserves Detail
Background Papers:
The following documents/files were used to compile this report: FIMS Reserve database
Appendix One
2009/10 - Review of Reserves
Reserves Balance as at 1/4/08 at 1/4/09 at 1/4/10 at 1/4/11 at 1/4/12 £'000 General Reserves General Fund Collection Fund Reserve School Balances 3,007 85 2,404 5,495 Earmarked Reserves Service Carry Forwards Art Objects Purchased Fund Capital Funding Reserve Car Parks Machine Reserve Crematorium Claylands Reserve Council Elections Asset Rationalisation & Disposal Costs Equipment Reserves Change Management & Financial Strategy Homelessness Grant Education Early Retirement Insurance Reserves IT Equipment Reserve LATS Scheme LGR Repayment Reserve LPS Reconciliation PCT Cont to DGS Scheme PFI Sinking Fund Pearl Assurance House R &M Planning Reserve (Inquiry) Prudential Borrowing SWW Agency Supporting People Commissioning TCT Pension TDA - Capital Schemes Reserve TDA - LA Business Incentive Scheme Torbay Private Sector Leasing Torbay Enterprise Agency Vehicles and Plant South Devon Link Road Performance Reward Grant Waste Strategy Trading Reserves Harbours Reserves Operations Reserves 4,278 17 304 107 690 25 0 311 706 495 20 151 4,352 538 28 225 407 31 4,197 55 321 709 100 509 347 316 737 117 43 183 100 586 460 21,465 864 487 1,351 28,312 391 17 170 0 690 25 38 236 506 0 20 239 4,652 433 0 155 82 21 4,157 55 376 0 100 324 167 0 351 97 0 183 0 0 460 13,946 695 87 782 20,322 341 0 30 0 690 25 75 161 306 0 0 289 4,652 328 0 85 0 0 4,117 55 431 0 100 121 167 0 0 77 0 183 0 0 460 12,695 772 87 860 19,049 313 0 0 0 690 25 113 86 206 0 0 292 4,652 223 0 15 0 0 4,077 55 0 0 100 77 167 0 0 57 0 183 0 0 460 11,793 773 87 860 17,948 313 0 0 0 690 25 0 11 206 0 0 298 4,652 118 0 0 0 0 4,037 0 55 0 100 77 167 0 0 37 0 183 0 0 0 10,971 775 87 862 16,927 3,007 284 2,304 5,594 3,007 384 2,104 5,494 3,007 384 1,904 5,294 3,007 384 1,704 5,094 £'000 £'000 £'000 £'000
TOTAL RESERVES