8. The Annual Statement of Accounts

8.1 Policy

The Authority has a statutory responsibility to prepare accounts that present accurately and fairly its operations during the year.  This must be done in accordance with The Code of Practice on Local Authority Accounting in the United Kingdom: A Statement of Recommended Practice (the SORP) (CIPFA/LASAAC).

The Accounts will be produced as quickly as possible, and within statutory deadlines, after the year-end to aid effective financial management.

8.2 Responsibility/Accountability

8.2.1 Council (click here for all responsibilities for the Council)

Approving the statutory annual Statement of Accounts.  The Chairman of the meeting at which the Statement of Accounts is approved must sign a certificate to that effect and the Statement of Internal Control which  form part of the accounts.

8.2.2 Chief Executive (click here for all responsibilities for Chief Executive)

Responsible for signing the Statement of Internal Control which forms part of the annual Statement of Accounts.

8.2.3 Section 151 Officer (click here for all responsibilities for the Section 151 Officer)

Preparing and publishing the Authority’s audited accounts in accordance with the SORP for each financial year with the approval of the full Council, within the statutory timescale.

Signing the Statement of Responsibilities for the Statement of Accounts.

Providing accounting guidance for the maintenance of accounts and their closure.

Annually drawing up a detailed timetable for final accounts preparation, approval and audit.

Annually drawing up a Revenue Outturn report for Council summarising the Statement of Accounts and informing Members of the implications of the results.

8.2.4 Business Unit Heads (click here for all responsibilities for Business Unit Heads)

Complying with the accounting guidance and timetable issued by the Section 151 Officer and supplying all information required to complete the Statement of Accounts.

Providing the Section 151 Officer with information required for the Revenue Outturn Report which details how carry forward items from the previous financial year have been addressed in the current financial year.

8.2.5 Officers (click here for all responsibilities for Officers)

Complying with the accounting guidance and timetable issued by the Section 151 Officer and supplying all information required to complete the Statement of Accounts.

8.3 Policy (click here for the detailed procedures)

The Authority’s Statement of accounts will be prepared in accordance with the SORP and within the statutory timescale.

To aid effective financial management, and service delivery, accounts must be kept up to date during the year, and year-end processes completed in accordance with the timetable and guidance issued.

The annual Revenue Outturn Report will summarise the results shown in the Statement of Accounts and inform on their implications.