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

1.1 Net expenditure for the year totalled £891,258 against a budget of £835,757.

1.2 Net income for the year (including levies) totalled £891,255 against a budget of £844,777.

1.3 The overall effect is a deficit of £3 for the year.

1.4 This figure is £9,023 worse than originally budgeted; the approved major repairs and refit to FPV Aegis cost just over £100,000; however, this was partly offset by the effect of interest rates, by management fees charged and by deferring the replacement of equipment.

1.5 Should Members require a more detailed summary of expenditure and income, this will be available at the September meeting of this Committee.

2.1 Pages 3 to 12 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) to the extent that this Committee has agreed to follow this Code.

2.2 Pages 13 to 16 give details of the expenditure and income for the year and show that the final deficit for the year, which will be taken from Revenue Reserves, was £3.

2.3 Pages 17 to 20 show the Consolidated Balance Sheet and associated notes – Members will observe that the Revenue Reserves are now £118,033. This, combined with the surplus of £80,594 in Other Capital Reserves, gives a total of £198,627 available to meet any future deficits.

2.4 Pages 21 and 22 show the Cash Flow Statement and associated notes, indicating the source and destination of the cash income and expenditure for the year.

3.1 Members will be aware that, following our re-grading as a ‘smaller body’, this Statement of Accounts is no longer subject to audit by the Audit Commission.

3.2 An independent ‘Internal Audit’ of our accounts was carried out by a firm of local accountants on 15^th May 2008.

3.3 We are now obliged to produce an Annual Return which, in effect, is a summary of the more relevant parts of the full Statement which you have before you.