Agenda and minutes
Statutory Accounts Committee
Monday, 29 June 2009 7:00 pm
Venue: York House, Richmond Road, Twickenham
Contact: Louise Hall, Democratic Services Officer, 020 8891 7813, Email: firstname.lastname@example.org
Apologies were received from Councillor Cardy.
Following his announcement at the Full Council Meeting on 16 June 2009 that he had would not accept the place allocated to him on this Committee, Councillor Cranfield-Adams did not attend.
Members are asked to declare any interests in matters for consideration at the meeting.
Councillor Samuel declared a personal non prejudicial interest in the Richmond Theatre as a representative of the London Borough of Richmond upon Thames Council on the Board.
MINUTES OF THE PREVIOUS MEETING
To approve the minutes of the meeting held on
The Minutes of the meeting held on 28 September 2008 be received and approved and the Chair be authorised to sign them.
REPRESENTATIONS FROM MEMBERS OF THE PUBLIC (IF ANY)
· Describes the key figures published in the Statement of Accounts for 2008/09,
· Summarises the accounting and presentational changes that have been made in accordance with the latest Statement of Recommended Practice (SORP) for local authority accounts,
· Proposes a de minimis level for matters such as uncorrected misstatements to be included in the Auditor’s report to the Committee on the audit of the Council’s accounts, and
· Explains how the changes in governance arrangements for the Pension Fund impact upon the approval and audit of the Pension Fund and Council’s accounts.
Report of the Director of Finance and Corporate Services attached.
Appendix A is being circulated separately.
The Committee considered a report of the Director of Finance and Corporate Services containing the full Statement of Accounts for the London Borough of Richmond upon Thames 2008/09 and seeking approval of those accounts.
The Committee received information from officers concerning changes from the 2007/08 statement and the key figures contained within the 2008/09 statement, in particular officers referred to the following:
The Pensions Fund
Fair Value for Pension Fund Investment Assets
Reporting Standards (FRSs) had
previously introduced fair value as the basis for recognising the
value of financial instruments. Both
the Pensions SORP and local authority SORP had now adopted this as
the basis on which Pension Fund investment assets should be
recognised from 2008/09. The impact of
this change was that assets were now shown at a slightly lower
value than previously, and this reduced the overall value of the
Pensions Fund balance.
Gains and losses on disposal of assets
(iv) Key figures and movement throughout the year
The committee considered and noted the key figures referred to by officers as follows:
· Fixed Assets
· Long Term Borrowing
· Pension Scheme Liability
· Usable Capital Receipts
· Earmarked and General Reserves
· Schools Reserves
A number of individual questions on the accounts were asked by Members and responded to by officers. Cllr Samuel noted that he would be raising a number of points of detail in a separate meeting with the Director of Finance and Corporate Services.
It was RESOLVED that the Statement of Accounts 2008/09 be approved.