Archived decisions
Movement on Reserves |
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Balance |
Net |
Balance |
||||
1 April |
Movement |
31 March |
||||
Reserve |
2007 |
in the year |
2008 |
|||
£'000 |
£'000 |
£'000 |
||||
see note | ||||||
Revaluation Reserve |
0 |
-273,073 |
-273,073 |
19a | ||
Capital Adjustment Account |
-2,453,102 |
38,995 |
-2,414,107 |
19b | ||
Financial Instrument Adjustment Account |
0 |
109 |
109 |
10 | ||
Capital receipts unapplied |
0 |
-5,724 |
-5,724 |
|||
Pensions Reserve |
609,040 |
-170,180 |
438,860 |
7h | ||
Earmarked Reserves |
-109,607 |
-44,491 |
-154,098 |
19c | ||
General Fund |
-16,742 |
-6,558 |
-23,300 |
|||
-1,970,411 |
-460,922 |
-2,431,333 |
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19a |
Revaluation reserve |
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In accordance with the Code of Practice, this is a new reserve created on 1 April 2007 |
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with a zero opening balance. It replaces the fixed asset restatement account (FARA) and |
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represents a collection of net gains on the revaluation of individual fixed assets written down |
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by the excess of current value depreciation over historic cost depreciation. |
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Upon disposal, the balance on the revaluation reserve for the individual asset is written off |
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to the capital adjustment account. The reserve is not cash backed as it relates to |
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unrealised asset gains. The movement in the account is analysed below: |
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Fixed Asset |
Revaluation |
|||||
Restatement a/c |
Reserve |
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2006/07 |
2007/08 |
|||||
£'000 |
£'000 |
|||||
Balance brought forward 1 April |
-2,090,757 |
0 |
||||
Net gain on valuation of fixed assets |
-84,306 |
-304,707 |
||||
Release of grants on assets transferred to Magistrates' |
-17,672 |
0 |
||||
Write off net gains for assets disposed of during the year |
24,228 |
31,634 |
||||
Balance at 31 March |
-2,168,507 |
-273,073 |
||||
19b |
Capital adjustment account |
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This account replaces the Capital Financing Account and contains expenditure financed from |
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revenue and capital receipts together with the statutory amount required to provide for the |
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repayment of external loans less the amounts included for depreciation, impairment and |
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writing down deferred charges and the historic cost of asset disposals. The reserve is not |
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cash backed. The movement in the account is analysed below: |
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64 |
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2006/07 |
2007/08 |
|||||
£'000 |
£'000 |
|||||
Balance brought forward 1 April |
-283,550 |
-284,595 |
||||
Balance brought forward from fixed asset restatement a/c |
0 |
-2,168,507 |
||||
Revenue contributions |
-21,697 |
-16,845 |
||||
Capital receipts applied |
-24,228 |
-58,151 |
||||
Minimum revenue provision |
-22,322 |
-23,538 |
||||
Depreciation and impairment |
69,848 |
85,112 |
||||
Deferred charges |
9,324 |
36,264 |
||||
Deferred government grants and contributions |
-13,936 |
-21,765 |
||||
released |
||||||
External contribution to minimum revenue provision |
1,966 |
1,887 |
||||
Adjustment to prior year revaluations |
0 |
10,263 |
||||
Asset disposals current value |
0 |
57,402 |
||||
Write out revaluations on asset disposals |
-31,634 |
|||||
Balance as at 31 March |
-284,595 |
-2,414,107 |
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19c |
Earmarked reserves |
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Specific amounts are set aside as reserves for future policy purposes or to cover |
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contingencies. Schools reserves are made up of net underspendings on budgets |
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managed by governors as adjusted for advances made under the school balances |
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loan scheme. They are not available to other services. |
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The opening and closing balances for each reserve is shown below: |
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31 March |
Net |
31 March |
||||
2007 |
movement |
2008 |
||||
in the year |
||||||
£'000 |
£'000 |
£'000 |
||||
Schools |
-38,039 |
-5,409 |
-43,448 |
|||
Capital |
-1,432 |
-11,901 |
-13,333 |
|||
Landfill allowances |
-2,835 |
-1,123 |
-3,958 |
|||
Local Public Service Agreement |
||||||
Reward Grant |
-6,065 |
2,718 |
-3,347 |
|||
Insurance |
-6,015 |
-1,707 |
-7,722 |
|||
Designated underspendings |
-6,388 |
-4,772 |
-11,160 |
|||
Grant equalisation |
-24,950 |
-1,200 |
-26,150 |
|||
Job evaluation implementation |
-18,490 |
-17,936 |
-36,426 |
|||
Trading accounts |
-4,854 |
-2,736 |
-7,590 |
|||
Invest-to-save |
-261 |
-404 |
-665 |
|||
Other |
-278 |
-21 |
-299 |
|||
-109,607 |
-44,491 |
-154,098 |
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65 |
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