Lincolnshire County Council Statement of Accounts 2015-16 Note Contents: Page
Narrative Report
Introduction to the Accounts 3 Executive Director - Finance & Public Protection Review of 2015-16 5
Statement of Responsibilities for the Statement of Accounts 12
Financial Statements
Movement in Reserves Statement 13 Comprehensive Income and Expenditure Statement 15 Balance Sheet 16 Cash Flow Statement 17
Notes to the Financial Statements Note 1 Statement of Accounting Policies 18 Note 2 Accounting Standards that have been issued but have not yet been adopted 38 Note 3 Critical Judgements in Applying Accounting Policies 39 Note 4 Assumptions Made about the Future and Other Major Sources of Estimation and Uncertainty 40 Note 5 Exceptional Items 41 Note 6 Material Items of Income and Expenditure 41 Note 7 Events After the Balance Sheet Date 41 Note 8 Adjustments between Accounting Basis and Funding Basis under Regulations 42 Note 9 Transfers to/from Earmarked Reserves 44 Note 10 Other Operating Expenditure 46 Note 11 Financing and Investment Income and Expenditure 46 Note 12 Taxation and Non-Specific Grant Income 46 Note 13 Property, Plant and Equipment 47 Note 14 Heritage Assets 51 Note 15 Investment Properties 53 Note 16 Intangible Assets 55 Note 17 Financial Instruments and Nature and Extent of Risks Arising from Financial Instruments 57 Note 18 Inventories 64 Note 19 Debtors 64 Note 20 Assets Held for Sale 65 Note 21 Creditors 65 Note 22 Provisions 66 Note 23 Other Long Term Liabilities 68 Note 24 Usable Reserves 68 Note 25 Unusable Reserves 68 Note 26 Operating Activities 73 Note 27 Investing Activities 74 Note 28 Financing Activities 74 Note 29 Amounts Reported for Resource Allocation Decisions (Segmental Reporting) 75 Note 30 Acquired and Discontinued Operations 81 Note 31 Agency Services 81 Note 32 Pooled Budgets 81 Note 33 Members’ Allowances 84 Note 34 Officers’ Remuneration 84 Note 35 Exit Packages 86 Note 36 Termination Benefits 86 Note 37 External Audit Costs 86 Note 38 Dedicated Schools Grant 87 Note 39 Grant Income 88 Note 40 Related Parties 90 Note 41 Capital Expenditure and Capital Financing 91 Note 42 Leases 92 Note 43 Private Finance Initiatives (PFI) and Similar Contracts 94 Note 44 Pension Schemes Accounted for as Defined Contribution Schemes 96 Note 45 Defined Benefit Pension Schemes 97 Note 46 Contingent Liabilities 106 Note 47 Contingent Assets 106
1 Lincolnshire County Council Pension Fund 107 (including the Pension fund account, net assets statement (balance sheet) and notes).
Lincolnshire Fire and Rescue Pension Fund 137 (including the Pension fund account, net assets statement (balance sheet) and notes).
Audit Opinion 140
Annual Governance Statement 141
Appendix A - Officer Remuneration split between staff employed in schools and all other parts of the 155 Council.
Glossary of Terms 157
2 Statement of Accounts 2015-16
Introduction to the Accounts
The Statement of Accounts for the year 2015-16 is set out on pages 13 to 17.
The purpose of the published Statement of Accounts is to give electors, local tax payers and service users, elected members, employees and other interested parties clear information about the Council’s finances. It should answer such questions as: What did the Council’s services cost in the year of account? Where did the money come from? What were the Council’s assets and liabilities at the year-end?
Content
The Statement of Responsibilities for the Statement of Accounts This details the financial responsibilities of the Council and the Executive Director - Finance & Public Protection.
Review of 2015/16 (Narrative Statement) This provides a general introduction to the Accounts, initially focusing on explaining the more significant features of the Council’s financial activities during the period 1 April 2015 to 31 March 2016, followed by a review of non-financial performance indicato