TTaammaarr BBrriiddggee aanndd TToorrppooiinntt FFeerrrryy JJooiinntt CCoommmmiitttteeee 22000099//1100 SSttaatteemmeenntt ooff AAccccoouunnttss [This page intentionally blank] Contents Tamar Bridge and Torpoint Ferry 2009/10 Statement of Accounts Contents Page Statement of Responsibilities and 2 Certification of the Statement of Accounts Independent Auditor’s Report 3 Explanatory Foreword from the Joint Treasurers 7 Statement of Accounting Policies 14 Main Financial Statements Income and Expenditure Account 26 Statement of Movement on the General Fund Balance 26 Statement of Total Recognised Gains and Losses 27 Balance Sheet 28 Cash Flow Statement 29 Notes to the Main Financial Statements 32 Annual Governance Statement 46 Other Versions of our Accounts This document sets out the Tamar Bridge and Torpoint Ferry Joint Committee’s Statement of Accounts in the full detail and in the formats required by law and by the Code of Practice on Local Authority Accounting, which we follow. In order to provide a more easily digested version of the key information, we also produce a summary version. This is available from the Joint Committee’s website at www.tamarcrossings.org.uk . If you need either version produced in a different format, for example in large type or in a language other than English, please contact us using the details given below. Members of the public have a statutory right to inspect the accounts before the audit is completed. For the 2009/10 accounts the inspection period is 21 June 2010 to 16 July 2010. These dates were advertised as required in the local press. Feedback We are constantly looking for ways to improve our publications and would welcome any feedback you may wish to provide. Please contact us with any comments or suggestions: Email: [email protected] Telephone: 01872 323982 Page 1 Statement of Responsibilities Tamar Bridge and Torpoint Ferry 2009/10 Statement of Accounts Statement of Responsibilities This section explains our responsibilities for our financial affairs and how we make sure we carry out these responsibilities properly. Our responsibilities We must: • make sure that one of our officers is responsible for proper administration of our financial affairs. In our case the Joint Treasurers are responsible for doing this; • manage our affairs so as to use our resources economically, efficiently and effectively and to protect our assets; and • approve this Statement of Accounts before 30 June 2010. The Joint Treasurers responsibilities The Joint Treasurers are responsible for preparing our Statement of Accounts. In preparing this statement of accounts, the Joint Treasurers have: • chosen suitable accounting policies and then used them consistently; • made judgements and estimates that were reasonable and careful; and • followed the Chartered Institute of Public Finance and Accountancy’s Code of Practice on Local Authority Accounting in the United Kingdom. The Joint Treasurers have also: • kept proper accounting records which are up to date; and • taken reasonable steps to prevent and detect fraud and other irregularities. Certification of the Statement of Accounts This section includes declarations from the Joint Treasurers and Joint Chairs. The Joint Treasurer’s declaration This Statement of Accounts presents a true and fair view of the financial position of the Tamar Bridge and Torpoint Ferry Joint Committee on 31 March 2010 and of the income and expenditure for the year ended on that date. Michael A Crich (Cornwall) Adam Broome BSc, CPFA (Plymouth) Joint Treasurers of the Tamar Bridge and Torpoint Ferry Joint Committee 18 June 2010 The Joint Chairs’ declaration This Statement of Accounts has been approved by the Tamar Bridge and Torpoint Ferry Joint Committee on 18 June 2010. Cllr Pearn (Cornwall) Cllr Delbridge (Plymouth) Joint Chairs of the Tamar Bridge and Torpoint Ferry Joint Committee 18 June 2010 Page 2 Independent Auditor’s Report Tamar Bridge and Torpoint Ferry 2009/10 Statement of Accounts Independent Auditor’s Report This section gives the results of our annual assessment of how well we are managing and controlling risks to achieve our aims and meet the responsibilities we have in law. Independent auditor’s report to Members of the Tamar Bridge and Torpoint Ferry Joint Committee. Opinion on the financial statements I have audited the Joint Committee accounting statements and related notes of Tamar Bridge and Torpoint Ferry Joint Committee for the year ended 31 March 2010 under the Audit Commission Act 1998. The accounting statements comprise the Income and Expenditure Account, the Statement of Movement on the General Fund Balance, the Balance Sheet, the Statement of Total Recognised Gains and Losses, the Cash Flow Statement and the related notes. These accounting statements have been prepared under the accounting policies set out in the Statement of Accounting Policies. This report is made solely to the members of Tamar Bridge and Torpoint Ferry Joint Committee in accordance with Part II of the Audit Commission Act 1998 and for no other purpose, as set out in paragraph 49 of the Statement of Responsibilities of Auditors and of Audited Bodies published by the Audit Commission in April 2008. Respective responsibilities of the Joint Treasurers and auditor The Joint Treasurers’ responsibilities for preparing the accounting statements in accordance with relevant legal and regulatory requirements and the Code of Practice on Local Authority Accounting in the United Kingdom 2009: A Statement of Recommended Practice are set out in the Statement of Responsibilities for the Statement of Accounts. My responsibility is to audit the accounting statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). I report to you my opinion as to whether the accounting statements give a true and fair view, in accordance with relevant legal and regulatory requirements and the Code of Practice on Local Authority Accounting in the United Kingdom 2009: A Statement of Recommended Practice, of the financial position of the Joint Committee and its income and expenditure for the year. I review whether the governance statement reflects compliance with ‘Delivering Good Governance in Local Government: A Framework’ published by CIPFA/SOLACE in June 2007. I report if it does not comply with proper practices specified by CIPFA/SOLACE or if 11 Tamar Bridge and Torpoint Ferry Joint Committee the statement is misleading or inconsistent with other information I am aware of from my audit of the accounting statements. I am not required to consider, nor have I considered, whether the governance statement covers all risks and controls. Neither am I required to form an opinion on the effectiveness of the Joint Committee’s corporate governance procedures or its risk and control procedures. I read other information published with the accounting statements, and consider whether it is consistent with the audited accounting statements. This other information comprises the Page 3 Independent Auditor’s Report Tamar Bridge and Torpoint Ferry 2009/10 Statement of Accounts Explanatory Foreword. I consider the implications for my report if I become aware of any apparent misstatements or material inconsistencies with the accounting statements. My responsibilities do not extend to any other information. Specifically, my opinion does not extend to the section titled ‘Looking ahead to 2010/11 and beyond’ incorporated within the Explanatory Foreword Basis of audit opinion I conducted my audit in accordance with the Audit Commission Act 1998, the Code of Audit Practice issued by the Audit Commission and International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the accounting statements and related notes. It also includes an assessment of the significant estimates and judgments made by the Joint Committee in the preparation of the accounting statements and related notes, and of whether the accounting policies are appropriate to the Joint Committee’s circumstances, consistently applied and adequately disclosed. I planned and performed my audit so as to obtain all the information and explanations which I considered necessary in order to provide me with sufficient evidence to give reasonable assurance that the accounting statements and related notes are free from material misstatement, whether caused by fraud or other irregularity or error. In forming my opinion I also evaluated the overall adequacy of the presentation of information in the accounting statements and related notes. Opinion In my opinion the Joint Committee accounting statements give a true and fair view, in accordance with relevant legal and regulatory requirements and the Code of Practice on Local Authority Accounting in the United Kingdom 2009: A Statement of Recommended Practice, of the financial position of the Joint Committee as at 31 March 2010 and its income and expenditure for the year then ended. Conclusion on arrangements for securing economy, efficiency and effectiveness in the use of resources Joint Committee’s Responsibilities The Joint Committee is responsible for putting in place proper arrangements to secure economy, efficiency and effectiveness in its use of resources, to ensure proper stewardship and governance and regularly to review the adequacy and effectiveness of these arrangements. Auditor’s Responsibilities I am required by the Audit Commission