Forest Heath District Council Final Statement Of
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2016/2017 Statement of Accounts Forest Heath District Council Brandon Country Park Contents Introduction ................................................................................................................. 1 Narrative Report by the Chief Finance Officer .......................................................... 3 Certificate of approval for the Statement of Accounts ........................................... 11 Statement of responsibilities for the Statement of Accounts ................................ 12 Expenditure and Funding Analysis ............................................................................................. 13 Comprehensive Income and Expenditure Statement ................................................................ 14 Movement in Reserves Statement............................................................................................... 15 Balance Sheet ............................................................................................................................... 16 Cash Flow Statement ................................................................................................................... 17 Notes to the Core Financial Statements .................................................................. 18 Note 1 Accounting Standards that have been issued but have not yet been adopted . 18 Note 2 Critical judgements in applying Accounting Policies .......................................... 18 Note 3 Future Assumptions and Other Major Sources of Estimation Uncertainty ........ 19 Note 4 Material Items of Income and Expense ................................................................. 20 Note 5 Events after the Balance Sheet Date ..................................................................... 20 Note 6 Note to the Expenditure and Funding Analysis .................................................... 22 Note 7 Expenditure and Income Analysed by Nature ...................................................... 24 Note 8 Adjustments between Accounting Basis & Funding Basis under Regulations. 25 Note 9 Transfers to / (from) Earmarked Reserves ............................................................ 29 Note 10 Other Operating Expenditure ................................................................................. 32 Note 11 Financing and Investment Income and Expenditure............................................ 32 Note 12 Taxation and Non-Specific Grant Income ............................................................. 33 Note 13 Property, Plant and Equipment .............................................................................. 34 Note 14 Heritage Assets ....................................................................................................... 39 Note 15 Investment Properties ............................................................................................. 41 Note 16 Intangible Assets..................................................................................................... 42 Note 17 Debtors ..................................................................................................................... 43 Note 18 Cash and Cash Equivalents ................................................................................... 43 Note 19 Financial Instruments ............................................................................................. 45 Note 20 Creditors .................................................................................................................. 48 Note 21 Provisions ................................................................................................................ 48 Note 22 Unusable Reserves ................................................................................................. 49 Note 23 Cash Flow Statement – Operating Activities ........................................................ 53 Note 24 Cash Flow Statement – Investing Activities ......................................................... 55 Note 25 Cash Flow Statement – Financing Activities ........................................................ 55 Note 26 Trading Operations ................................................................................................. 56 Note 27 Members Allowances .............................................................................................. 57 Note 28 Officers’ Remuneration ........................................................................................... 58 Note 29 Grant Income ........................................................................................................... 62 Note 30 Related Parties ........................................................................................................ 63 Note 31 Capital Expenditure and Capital Financing .......................................................... 69 Note 32 Leases ...................................................................................................................... 70 Note 33 Defined Benefit Pension Schemes ........................................................................ 72 Note 34 Contingent Liabilities .............................................................................................. 77 Note 35 Contingent Assets ................................................................................................... 77 Note 36 Nature and Extent of Risks arising from Financial Instruments ......................... 77 Contents Collection Fund and Notes ....................................................................................... 81 Collection Fund Comprehensive Income and Expenditure Statement .................................... 81 Notes to the Collection Fund Comprehensive Income and Expenditure Statement .............. 82 Note C1 Council Tax Base .................................................................................................... 82 Note C2 Business Rates ....................................................................................................... 82 Note C3 Precepts and Demands ........................................................................................... 83 Accounting Policies .................................................................................................. 84 West Suffolk Annual Governance Statement 2016/17 ............................................ 98 Auditors Report ...................................................................................................... 106 Glossary .................................................................................................................. 110 Further Information ................................................................................................. 117 Introduction Introduction The District A10 N SantonSantonSanton Well-connected with London, the rest of East DownhamDownham Anglia and the Midlands, Forest Heath is a safe BrandonBrandon and comparatively prosperous place in which to RAFRAF LakenheathLakenheath A1065 LakenheathLakenheath live. It also has some beautiful and accessible countryside areas, including grassland, heath and To Thetford & Norwich forest. ElvedenElveden Forest Heath has three main market towns, BeckBeck RowRow BeckBeck RowRow EriswellEriswell Newmarket, Mildenhall and Brandon. HolywellHolywell RowRow WestWest RowRow Newmarket, the ‘home of horseracing’ has more A134 racehorses, trainers, stable staff, stud farms and MildenhallMildenhall A1101 IcklinghamIcklinghamIcklingham IcklinghamIcklinghamIcklingham racing organisations in and around the town than WorlingtonWorlington BartonBarton MillsMills WorlingtonWorlington FreckenhamFreckenham anywhere else in the world, with racing accountingA1123 FreckenhamFreckenham for a significant number of local jobs. Mildenhall TuddenhamTuddenham RedRed LodgeLodge and Brandon expanded significantly in the 1970s CavenhamCavenham A142 HerringswellHerringswell due to the construction of new housing. HerringswellHerringswell To Today, Forest Heath has a thriving, diverse Cambridge KentfordKentford economy, embracing a number of business sectors. ExningExning HighamHigham To Bury St Edmunds & These include tourism, food and drink, life sciences Ipswich MoultonMoulton GazeleyGazeley and advanced manufacturing, including a number NewmarketNewmarket of businesses trading with the two major US Air Force bases in West Suffolk. DalhamDalham A1303 In all of Forest Heath’s towns and our rural areas, A1304 many of our residents benefit from a good quality of ©© CrownCrown CopyrightCopyright andand databasedatabase rightsrights 20122012 OrdnanceOrdnance SurvSurv ey ey 100023282.100023282. life. However, some areas have suffered more than others from the impact of the economic downturn, A143 and others are facing issues such as rural isolation; a lack of skills or qualifications amongst young people; an ageing population with some in need of more specialist housing or care; poverty; or health deprivation. The Council is made up of 27 Councillors and is Conservative controlled. It operates under a Leader and Cabinet style of governance. Further information can be found by following the links below: www.suffolkobservatory.info West Suffolk Strategic Plan Forest Heath District Council – Statement of Accounts 2016/17 Page - 1 Introduction Mildenhall Museum Forest Heath District Council – Statement of Accounts 2016/17 Page - 2 Narrative Report by the Chief Finance Officer Narrative Report by the Chief Finance