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East Sussex County Council Statement of Accounts 2019/20

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East Sussex County Council Statement of Accounts 2019/20 Statement of Accounts 2019/20 East Sussex County Council Statement of Accounts 2019/20 Contents Page Narrative Report 4 Statement of Responsibilities for the Statement of Accounts 14 Independent Auditor’s Report to East Sussex County Council 15 Annual Governance Statement 18 Accounting Statements Comprehensive Income and Expenditure Statement 22 Movement in Reserves Statement 23 Balance Sheet 25 Cash Flow Statement 26 Notes to the Accounting Statements 27 East Sussex Pension Fund Accounts 103 Glossary of Terms 136 Additional Information In addition to the Statement of Accounts, financial information can be gathered from the County Council's agendas and other publications, which are on display in the major public libraries in the County. Information on the Council’s budget and finances can also be found on the website Further information on particular aspects of the County Council's finances may be obtained from: Ross Sutton Financial Accounting Team P O Box 3 County Hall Lewes, East Sussex BN7 1UE or by email to: [email protected] East Sussex County Council Page 1 Index of Notes to the Accounting Statements Note Page 1. Authorisation of the Statement of Accounts .............................................................................................. 27 2. Accounting Policies ..................................................................................................................................... 27 3. Accounting Standards that have been issued but have not yet been adopted ......................................... 43 4. Critical Judgements in applying Accounting Policies .................................................................................. 43 5. Assumptions made about the future and other major sources of estimation uncertainty ...................... 45 6. Expenditure and Funding Analysis ............................................................................................................. 48 7. Adjustments between accounting basis and funding basis under regulations ......................................... 52 8. Material items of income and expenses .................................................................................................... 54 9. Events after the Balance Sheet date .......................................................................................................... 54 10. Transfers to / from Earmarked Reserves ............................................................................................... 55 11. Other Operating Expenditure ................................................................................................................ 56 12. Financing and Investment Income and Expenditure ............................................................................. 57 13. Taxation and Non Specific Grant Income .............................................................................................. 57 14. Property, Plant, and Equipment ............................................................................................................ 58 15. Investment Properties ........................................................................................................................... 62 16. Intangible Assets .................................................................................................................................... 64 17. Heritage Assets ....................................................................................................................................... 65 18. Financial Instruments ............................................................................................................................. 66 19. Assets Held for Sale ................................................................................................................................ 70 20. Current & Long Term Debtors and Payments in Advance ...................................................................... 71 21. Cash and Cash Equivalents, Bank overdraft and accrued balances for third parties ............................. 71 22. Creditors and Income in Advance ........................................................................................................... 72 23. Provisions ................................................................................................................................................ 72 24. Usable Reserves ...................................................................................................................................... 73 25. Unusable Reserves .................................................................................................................................. 74 26. Cash Flow Statement – Operating Activities .......................................................................................... 78 27. Cash Flow Statement – Investing Activities ............................................................................................ 78 28. Cash Flow Statement – Financing Activities ........................................................................................... 79 29. Cash Flow Statement – Reconciliation of Liabilities arising from Financing Activities ........................... 79 30. Pooled Budget and Partnership Arrangements ...................................................................................... 79 31. Members’ Allowances ............................................................................................................................ 80 32. Officers’ Remuneration .......................................................................................................................... 82 33. Termination Benefits & Exit Packages .................................................................................................... 84 East Sussex County Council Page 2 34. External Audit Costs ................................................................................................................................ 85 35. Grant Income .......................................................................................................................................... 85 36. Dedicated Schools Grant ........................................................................................................................ 86 37. Related Parties ........................................................................................................................................ 87 38. Capital Expenditure and Capital Financing ............................................................................................. 88 39. Leases...................................................................................................................................................... 89 40. Other long term liabilities, including Private Finance Initiatives and Similar Contracts ........................ 90 41. Pensions Schemes Accounted for as Defined Contribution Schemes .................................................... 92 42. Defined Benefits Pension Schemes ........................................................................................................ 93 43. Contingent Liabilities ............................................................................................................................. 97 44. Contingent Assets ................................................................................................................................... 97 45. Nature and extent of risks arising from Financial Instruments .............................................................. 97 46. Trust Funds ........................................................................................................................................... 101 47. Closed Landfill Sites .............................................................................................................................. 102 East Sussex County Council Page 3 Narrative Report Statement of Accounts The purpose of the Statement of Accounts is to give electors, those subject to locally levied taxes and charges, Members of the Council, employees and other interested parties clear information about the Council’s finances. The format of the Statement of Accounts is governed by the Code of Practice on Local Authority Accounting in the United Kingdom (the Code). To make the document as useful as possible to its audience and make meaningful comparisons between authorities the Code requires: All Statements of Accounts to reflect a consistent presentation; Interpretation and explanation of the Statement of Accounts to be provided; and The Statement of Accounts and supporting notes to be written in plain language. This Statement of Accounts comprises various sections and statements, which are briefly explained below: Narrative Report - this provides information on the format of this Statement of Accounts as well as a review of the financial position of the Council for the financial year 2019/20; The Statement of Responsibilities which details the responsibilities of the Council and the Chief Finance Officer (S151 Officer) concerning the Council’s financial affairs and the actual Statement of Accounts; The Independent Auditor’s Report to the Council – this is provided by the external auditors, Grant Thornton LLP, following the completion of the annual audit; Annual Governance Statement – the Council is required to carry out an annual review of the effectiveness of the system of internal
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