Projected Balance Sheet 31 March 2008 to 31 March 2011

Actual

Projected

31/03/07

31/03/08

31/03/09

31/03/10

31/03/11

£'000

£'000

£'000

£'000

£'000

Net Assets

Fixed assets

3,367,892

3,582,200

3,807,530

4,007,885

4,199,720

Long-term debtors

45,005

43,036

41,266

39,560

37,914

Current assets

153,011

161,733

171,113

177,273

184,010

Current liabilities

-269,580

-285,288

-315,700

-318,395

-342,012

Long-term borrowing

-297,000

-324,000

-345,000

-366,000

-387,000

Deferred contributions

and Government grants

-383,986

-428,848

-484,273

-533,667

-585,310

Developer contributions

-31,398

-31,995

-33,996

-34,662

-30,779

Provisions

-4,493

-4,493

-4,493

-4,493

-4,493

Pension Fund liability

-609,040

-599,040

-589,040

-579,040

-569,040

Total net assets

1,970,411

2,113,305

2,247,407

2,388,461

2,503,010

Net Worth

Fixed asset / capital

-2,453,102

-2,583,831

-2,700,407

-2,821,207

-2,915,952

Financing accounts

Pension reserve

609,040

599,040

589,040

579,040

569,040

Earmarked reserves

-109,607

-114,158

-120,985

-130,320

-139,150

Revenue account

-16,742

-14,356

-15,055

-15,974

-16,948

Total net worth

-1,970,411

-2,113,305

-2,247,407

-2,388,461

-2,503,010

Balance sheet projections reflect the spending assumptions in the 2008/09 budget and 2009/10

and 2010/11 provisional budgets, the 2008/09 to 2010/11 capital programmes and the three year

treasury management strategy approved by the Cabinet in February 2008. Further assumptions

have been made about the impact of the revaluation of fixed assets, changes in the pension fund

liability and in the level of current assets and liabilities. The critical assumption underlying the

projected increase in net assets of £0.5bn between 31 March 2007 and 31 March 2011 is the

impact of revaluation of fixed assets, net of external financing, which accounts for the increase.

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