Statement of Accounts

The annual Statement of Accounts summarises our financial affairs for the year and shows our position at the end of the year (31 March). It includes the following:

The Head of Finance's introduction - highlights some of the most important matters reported in the accounts and comments on any issues that have had a major effect on our finances, before looking ahead to 2008/09 and the future;
Statement of responsibilities - explains our responsibilities for our financial affairs and how we make sure we carry out these responsibilities properly;
Annual Governance Statement - gives the results of our yearly assessment of how well we are managing and controlling risks to achieve our aims and meet the responsibilities we have by law;
Statement of accounting policies - summarises the accounting rules and conventions we have used in preparing our accounts;
Income and Expenditure Account - a summary of our spending on services and where we got the money from;
Statement of Movement on the General Fund Balance - shows whether we have over- or under-spent against the Council Tax that we raised for the year, taking into account the use of reserves built up in the past and contributions to reserves earmarked for future expenditure;
Statement of Total Recognised Gains and Losses (STRGL) - brings together all our gains and losses for the year and shows the increase in our net worth;
Balance Sheet - shows our financial position as a whole at the start and end of the financial year;
Cash-flow Statement - shows the overall movement of cash during the year for revenue and capital;
Notes to the Core Financial Statements - provides more information on the figures contained in the above statements;
The Pension Fund - summarises the accounts of our Local Government Pension Fund. We use this fund to pay former employees their pensions and other benefits when they retire;
Glossary of terms - explains terms that we have used throughout the Statement of Accounts

Full audited version of the Statement of Accounts for the relevant financial year:

Summary of Accounts for the relevant financial year:

2007/08 Summary of Accounts [ 496.3k]

We want to hear your views on the Summary of Accounts document:

2007/08 Summary of Accounts Questionnaire

A copy of the full Annual Audit Letter issued by our auditors, Grant Thornton, to the Members of Somerset County Council reporting their findings of their audit of accounts for the relevant year:

Somerset Waste Partnership's Statement of Accounts:

2007/08 Statement of Accounts [ 183.0k]

For more information on these accounts, or to obtain a copy of them (free to Somerset residents), please write to:

KB Nacey CPFA
Head of Finance and Property
County Hall
Taunton
Somerset
TA1 4DY

or Telephone: 01823 355484
or Email: jnacey@somerset.gov.uk