Statement of accounts

Statement of Accounts

If you are a local government elector for the Borough of Watford, you have a legal right to inspect the Statement of Accounts between 9am - 5pm, Monday to Friday, at the Town Hall. For further information email finance@watford.gov.uk.

The accounts are presented in a format to comply with statutory regulations and are split into sections as follows:

The statement of responsibilities for the statement of accounts

  • This statement sets out the respective responsibilities of the Council and its Finance Officer for the Statement of Accounts.

The explanatory foreword

  • The foreword gives a brief explanation of what is included within the Statement of Accounts, as well as providing a summary of the main financial results for the year.

The annual governance statement

  • This statement is required by The Accounts and Audit Regulations (England) 2011.

The statement of total movement in reserves

  • This brings together all the Council's recognised gains and losses for both capital and revenue reserves in the year.

Comprehensive income and expenditure statement

  • This statement shows the accounting cost in the year of providing services in accordance with generally accepted accounting policies, rather than the amount to be funded from taxation.
  • Councils raise taxation to cover expenditure in accordance with regulations; this may be different from the accounting cost.
  • The taxation position is shown in the General Fund in Movement in Reserves Statement.
  • The Consolidated Balance Sheet.
  • The Balance Sheet shows the value, as at the balance sheet date, of the assets and liabilities recognised by the Council.
  • The net assets of the Council (assets less liabilities) are matched by the reserves held by the Council.

The cash flow statement

  • This shows the cash inflows and outflows arising from transactions with third parties for capital and revenue activities.
  • The statement enables the full movements in cash to be identified.

The collection fund

  • This account reflects the statutory requirement for the Council, as the billing authority, to maintain a separate Collection Fund.
  • It shows transactions in relation to Non-Domestic Rates and Council Tax and illustrates the way in which these have been distributed to the Government and the precepting bodies - Hertfordshire County Council and Hertfordshire Police.
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