To introduce and enlarge on the Statement of Accounts and to request Members’ approval of the Accounts. A copy of these Accounts is enclosed separately.

That Members approve the Statement of Accounts as at 31^st March 2006.

1.1 Net expenditure for the year totalled £687,750 against a budget of £724,668.

1.2 Net income for the year (including levies) totalled £742,811 against a budget of £723,203.

1.3 The overall effect is a surplus of £55,061 (an improvement of £56,526 on budget).

1.4 Should Members require a more detailed summary of expenditure and income; this will be available at the meeting.

2.1 Pages 3 to 14 are mainly explanations and statements required by the SoRP (the Code of Practice on Local Authority Accounting in the United Kingdom – Statement of Recommended Practice).

2.2 Pages 15 to 19 give details of the expenditure and income for the year and show that the final surplus for the year, which will be transferred to Revenue Reserves, was £55,061.

2.3 Pages 20 to 25 show the Consolidated Balance Sheet and associated notes – Members will observe that the Revenue Reserves are ‘back in the black’ to the tune of £54,635. This, combined with the surplus of £80,594 in Other Capital Reserves, gives a total of £138,912 available to meet any future deficits.

2.4 Pages 26 and 27 show the Cash Flow Statement and associated notes, indicating the source and destination of the cash income and expenditure for the year.

3.1 The Audit Commission has advised that, due to legislative changes, it no longer needs to carry out as complete an audit as in previous years.

3.2 We are waiting for an advice from the Audit Commission of a date for them to carry out this audit.

3.3 Any significant issues raised by the audit will be reported to the next meeting of this Committee in December.