The Statement of Accounts summarises the Council's financial performance during each year end and shows its overall financial position at the end of that period.
The Statement is prepared in accordance with the Code of Practice on Local Authority Accounting (the Code), as published by the Chartered Institute of Public Finance and Accountancy (CIPFA). The Code is based on approved accounting standards issued by the International Accounting Standards Board (IASB) and interpretations of the International Financial Reporting Interpretations Committee (IFRIC), except where these are inconsistent with specific statutory requirements.
The principle basis, conventions, rules and practices that specify how the effects of transactions and other events are reflected in the financial statements of the Council are set out in the section of this report headed ‘Statement of Accounting Policies’. These accounting policies are kept under review and updated where appropriate to take account of changes in accounting practice adopted within the Code.
Previous 10 years: