The Council's audited Statement of Accounts for the year ending 31 March 2003

Introduction

• 1.1 The following financial statements were produced under the Code of Practice on Local Authority Accounting in Great Britain 2002 (the 2002 Code), which has effect for financial years commencing on or after 1 April 2002.
• 1.2 The financial statements have been produced under the statutory framework provided by the Accounts and Audit Regulations 2003 (the Regulations). Compliance with the 2002 Code ensures that these statements are prepared in accordance with the Regulations.

1.3 The accounting statements which comprise this report are:-

• Consolidated Revenue Account - this is the primary revenue account of the Council and covers the expenditure and income of all the Council's services.
• Housing Revenue Account- this account shows the income and expenditure relating to residual
• activities in 2002/03 following the transfer of the Council's housing stock to Severnside Housing in 2001. The Secretary of State has given the Council permission to close the Housing Revenue Account on the 31 March 2003.
• Collection Fund Account - this account shows the income from council taxes and non-domestic rates and shows how it was distributed among the Council, Shropshire County Council and West Mercia Police Authority.
• Consolidated Balance Sheet - this shows all the assets and liabilities of the Council at the end of the financial year.
• Statement of Total Movement in Reserves - this shows all the gains and losses of the Council during the period and identifies those which have and have not been recognised in the Consolidated Revenue Account. The statement separates the movements between revenue and capital reserves.
• Cash Flow Statement - this summarises the financial activities of the Council in terms of their effect on the cash holdings of the Council.
• Trading Undertakings Services Revenue and Appropriation Accounts - this account shows the activities of the Council which operate.

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