AUTHORITY COMPREHENSIVE INCOME AND EXPENDITURE STATEMENT
The Comprehensive Income and Expenditure Statement shows the accounting cost in the year of providing the Authority’s services in accordance with generally accepted accounting practices, rather than the amount to be funded from resources. The reconciliation from the accounting cost to the funding position is shown in both the Expenditure and Funding Analysis and the Movement in Reserves Statement.
The 2019/2020 comparatives have been restated in line with the Code with further details in note 38 Prior period adjustments.
Gross expenditure £'000 |
2019/20 Gross income £'000 |
Net expenditure £'000 |
|
|
178,759 |
(27,418) |
151,341 |
Transport services |
|
90,605 |
(97,131) |
(6,526) |
Combined Authority other services |
|
68,581 |
- |
68,581 |
Investment Programme |
|
752 |
(804) |
(52) |
Mayor's office |
338,697 |
(125,353) |
213,344 |
Cost of services |
|
325 |
- |
325 |
Other operating expenditure |
|
10,705 |
(2,262) |
8,443 |
Financing and investment income and expenditure |
|
35,274 |
(287,558) |
(252,284) |
Taxation and non-specific grant income and expenditure |
385,001 |
(415,173) |
(30,172) |
(Surplus) or deficit on provision of services |
- |
- |
(20,168)
|
Remeasurement of the net defined benefit liability |
- |
- |
(20,168) |
Other Comprehensive Income and Expenditure |
(50,340) |
Total Comprehensive Income and Expenditure |
Notes |
Gross expenditure £'000 |
2020/21 Gross income £'000 |
Net expenditure £'000 |
| 7 |
194,761 |
(26,966) |
167,795 |
| 8 |
155,983 |
(144,599) |
11,384 |
| 9 |
96,444 |
- |
96,444 |
| 10 |
796 |
(807) | (11) |
| - |
447,984 |
(172,372) |
275,612 |
| 11 |
(1,584) |
- |
(1,584) |
| 12 |
6,550 |
(1,975) |
4,575 |
| 13 |
77,139 |
(358,431) |
(281,292) |
| - |
530,089 |
(532,778) |
(2,689) |
| 30 |
- |
- |
20,118 |
| - |
- |
- |
20,118 |
| - |
- |
- |
17,429 |
Note to the Comprehensive Income and Expenditure Statement – Reconciliation of Total Comprehensive Income and Expenditure to Surplus of deficit for the year under funding basis
(50,340) |
Total Comprehensive Income and Expenditure |
- |
17,429 |
|
(19,761) |
Adjustments between funding and |
- |
(34,496) |
|
20,168 |
Transfer to Pensions Reserve Transfers to/from Earmarked |
30 |
(20,118) |
| 6,465 |
General fund |
27 |
14,382 |
|
16,173 |
Unapplied revenue grants |
27 |
9,307 |
|
27,277 |
Investment programme funding |
27 |
13,450 |
(18) |
(Surplus) or deficit for the year under funding basis |
- |
(46) |
The Group Comprehensive Income and Expenditure Statement includes the results of its subsidiaries, Midland Metro Limited and WM5G Limited, and impact transport services, Combined Authority other services and financing and investment income and expenditure line items.
The 2019/2020 comparatives have been restated in line with the Code with further details in note 38 Prior period adjustments.
Gross expenditure £'000 |
2019/20 Gross income £'000 |
Net expenditure £'000 |
|
|
189,724 |
(38,369) |
151,355 |
Transport services |
|
97,402 |
(103,927) |
(6,525) |
Combined Authority other services |
|
66,876 |
- |
66,876 |
Investment Programme |
|
752 |
(804) |
(52) |
Mayor's office |
354,754 |
(143,100) |
211,654 |
Cost of services |
|
325 |
- |
325 |
Other operating expenditure |
|
9,075 |
(2,277) |
6,798 |
Financing and investment income and expenditure |
|
35,274 |
(287,558) |
(252,284) |
Taxation and non-specific grant income and expenditure |
399,428 |
(432,935) |
(33,507) |
(Surplus) or deficit on provision of services |
- |
- |
-
|
Tax suspenses of subsidiary |
- |
- |
(33,507) |
Group surplus or deficit |
- |
- |
(20,168)
|
Remeasurement of the net defined benefit liability |
- |
- |
(20,168) |
Other Comprehensive Income and Expenditure |
| - | - |
(50,340) |
Total Comprehensive Income and Expenditure |
Notes |
Gross expenditure £'000 |
2020/21 Gross income £'000 |
Net expenditure £'000 |
| - |
206,111 |
(38,353) |
167,758 |
| - |
164,815 |
(152,532) |
12,283 |
| - |
96,173 |
- |
96,173 |
| - |
796 |
(807) | (11) |
| - |
467,895 |
(191,692) |
276,203 |
| 11 |
(1,584) |
- |
(1,584) |
| 12 |
6,988 |
(1,938) |
5,050 |
| - |
76,879 |
(358,431) |
(281,552) |
| - |
550,178 |
(552,061) |
(1,883) |
| - |
- |
- |
- |
| - |
- |
- |
(1,883) |
| 30 |
- |
- |
20,118
|
| - |
- |
- |
20,118 |
| - |
- |
- |
18,235 |
Note to the Comprehensive Income and Expenditure Statement – Reconciliation of Total Comprehensive Income and Expenditure to Surplus of deficit for the year under funding basis
(53,675) |
Total Comprehensive Income and Expenditure |
- |
18,235 |
|
(19,761) |
Adjustments between funding and |
5 |
(34,496) |
|
20,168 |
Transfer to Pensions Reserve Transfers to/from Earmarked |
30 |
(20,118) |
| 8,095 |
General fund |
27 |
13,944 |
|
16,173 |
Unapplied revenue grants |
27 |
9,307 |
|
28,982 |
Investment programme funding |
27 |
13,082 |
(18) |
(Surplus) or deficit for the year under funding basis |
- |
(46) |
The Authority Movement in Reserves Statement shows the movement in the year on the different reserves held by the Authority, analysed into ‘usable reserves’ (i.e. those that can be applied to fund expenditure) and ‘unusable reserves’ (i.e. those allocated for specific purposes). This statement shows how the movements in the year are broken down between gains and losses incurred in accordance with generally accepted accounting practices and the statutory adjustments required to return to the amounts to be funded from resources.
The 2019/2020 comparatives have been restated in line with the Code with further details in note 38 Prior period adjustments.
Usable reserves |
|||||
| - |
General Fund balance |
Earmarked reserves |
TotalGeneral fund balance |
Capital receipts reserve |
TotalUsablereserves |
Balance at 31 March 2019 |
2,284 |
96,642 |
98,926 |
247 |
99,173 |
Movement in reserves during 2019/20 |
- | - | - | - | - |
|
Total comprehensive income and expenditure |
30,172 |
- |
30,172 |
- |
30,172 |
|
Adjustments between accounting basis and funding basis under regulations (note 5b) |
19,761 |
- |
19,761 |
- |
19,761 |
Increase or (decrease) in 2019/20 before transfer to earmarked reserves |
49,933 |
- |
49,933 |
- |
49,933 |
|
Transfers to/(from) earmarked reserves |
49,915 |
49,915 |
- | - | - |
Balance at 31 March 2020 carriedforward |
2,302 |
146,557 |
148,859 |
247 |
149,106 |
Movements in reserves during 2020/21 |
- | - | - | - | - |
|
Total comprehensive income and expenditure |
2,689 |
- |
2,689 |
- |
2,689 |
|
Adjustments between accounting basis and funding basis under regulations (note 5b) |
34,496 |
- |
34,496 |
1,594 |
36,090 |
Increase or (decrease) in 2020/21 before transfer to earmarked reserves |
37,185 |
- |
37,185 |
1,594 |
38,779 |
|
Transfers to/(from) earmarked reserves |
37,139 |
37,139 |
- | - | - |
Balance at 31 March 2021 carried forward |
2,348 |
183,696 |
186,044 |
1,841 |
187,885 |
Unusable reserves |
||||
Revaluation reserve |
Capital adjustment account |
Financial instruments adjustment account |
Pension reserve |
Accumulated absence account |
6,742 |
96,349 |
- |
(53,070) |
(367) |
| - | - | - | - | - |
| - | - | - |
20,168 |
- |
| 211 |
12,421 |
- | 7,000 | 129 |
211 |
12,421 |
- |
13,168 |
129 |
| - | - | - | - | - |
6,531 |
83,928 |
- |
(39,902) |
496 |
| - | - | - | - | - |
| - | - | - | 20,118 | - |
| 212 | 26,706 | 2,388 | 6,250 | 534 |
212 |
26,706 |
2,388 |
26,368 |
534 |
| - | - | - | - | - |
6,319 |
57,222 |
2,388 |
66,270 |
1,030 |
The Group Movement in Reserves Statement shows the movement in the year on the different reserves held by the Group, analysed into ‘usable reserves’ (i.e. those that can be applied to fund expenditure) and ‘unusable reserves’ (i.e. those allocated for specific purposes).
The Balance Sheet shows the value as at the Balance Sheet date of the assets and liabilities recognised by the Authority and the Group. The net assets (assets less liabilities) are matched by the reserves held by the Authority and the Group. Reserves are reported in two categories – usable and unusable. Usable reserves are those that may be used to provide services, subject to the need to maintain a prudent level of reserves and any statutory limitations on their use. Unusable reserves are those that the Authority and the Group is not able to use for the provision of services. This category of reserves includes reserves that hold unrealised gains and losses (for example the Revaluation Reserve) and reserves that hold timing differences in capital investment (the Capital Adjustment Account).
The Balance Sheet shows the value as at the Balance Sheet date of the assets and liabilities recognised by the Authority and the Group. The net assets (assets less liabilities) are matched by the reserves held by the Authority and the Group. Reserves are reported in two categories – usable and unusable. Usable reserves are those that may be used to provide services, subject to the need to maintain a prudent level of reserves and any statutory limitations on their use. Unusable reserves are those that the Authority and the Group is not able to use for the provision of services. This category of reserves includes reserves that hold unrealised gains and losses (for example the Revaluation Reserve) and reserves that hold timing differences in capital investment (the Capital Adjustment Account).
March 2021 |
March 2020 |
||||
Notes |
Authority |
Group |
Authority |
Group |
|
|
Property, plant and equipment |
17 |
483,792 |
484,044 | 410,866 | 411,244 |
|
Intangible assets |
18 |
1,594 |
1,594 |
- | - |
|
Long-term investments |
19 |
6,641 |
6,641 |
5,093 |
5,093 |
|
Long-term debtors |
32 |
15,951 |
15,951 |
241 | 241 |
Long-term assets |
- |
507,978 |
508,230 |
416,220 |
416,578 |
|
Short-term investments |
19 |
118,098 |
118,098 |
7,995 |
7,995 |
|
Inventories |
20 |
13,082 |
13,904 |
12,424 |
13,253 |
|
Short-term debtors |
21 |
49,714 |
52,001 |
43,103 |
47,066 |
|
Cash and cash equivalents |
22 |
144,413 |
148,702 |
78,793 |
79,546 |
Current assets |
- |
325,307 |
332,705 |
142,315 |
147,860 |
|
Short-term borrowing |
23 |
(1,925) |
(1,925) |
(7,024) |
(7,024) |
|
Short-term creditors |
24 |
(111,860) |
(116,149) |
(73,385) |
(75,953) |
|
Provisions |
25 |
(2,071) |
(2,071) |
(933) | (933) |
|
Grants receipts in advance - revenue |
13 |
(12,976) |
(13,808) |
(8,850) |
(8,850) |
|
Transferred debt |
26 | (982) | (982) |
(833) |
(833) |
Current liabilities |
- |
(129,814) |
(134,935) |
(91,025) |
(93,593) |
Net current assets/(liabilities) |
- |
195,493 |
197,770 |
51,290 |
54,267 |
|
Long-term borrowing |
23 |
(118,078) |
(118,078) |
(118,432) |
(118,432) |
|
Provisions |
25 |
(2,234) |
(2,234) |
(1,810) |
(1,810) |
|
Grants receipts in advance - capital |
13 |
(337,140) |
(337,140) |
(102,604) |
(102,604) |
|
Transferred debt |
26 |
(4,678) |
(4,678) |
(5,595) |
(5,595) |
|
Net pension liability |
30 |
(59,603) |
(59,603) |
(39,902) |
(39,902) |
Long-term liabilities |
- |
(521,733) |
(521,733) |
(268,343) |
(268,343) |
Net assets/(liabilities) |
- |
181,738 |
184,267 |
199,167 |
202,502 |
|
General Fund Balance |
27 |
2,348 |
2,348 |
2,302 |
2,302 |
|
Earmarked Reserves |
27 |
183,696 |
16,225 |
146,557 |
149,892 |
|
Capital Receipts Reserve |
27 |
1,841 |
1,841 |
247 | 247 |
|
Profit and Loss Reserve |
27 | - | - | - | - |
Usable reserves |
- |
187,885 |
190,414 |
149,106 |
152,441 |
|
Revaluation Reserve |
28 |
6,319 |
6,319 |
6,531 | 6,531 |
|
Capital Adjustment Account |
28 | 57,222 | 57,222 |
83,928 |
83,928 |
|
Financial Instruments Adjustment Account |
28 |
(2,388) |
(2,388) |
- | - |
|
Pensions Reserve |
28 |
(66,270) |
(66,270) |
(39,902) |
(39,902) |
|
Accumulated Absences Account |
28 |
(1,030) |
(1,030) |
(496) | (496) |
Unusable reserves |
- |
(6,147) |
(6,147) |
50,061 |
50,061 |
Total reserves |
- |
181,738 |
184,267 |
199,167 |
202,502 |
This financial report replaces the unaudited financial report certified by Linda Horne on 27 May 2021. They were approved for issue by the Audit, Risk and Assurance Committee on 2 November 2021 and. Events after the Balance Sheet date have been considered up to the date of approval.
The Cashflow Statement shows the changes in cash and cash equivalents of the Authority and the Group during the reporting period. The statement shows how the Authority and the Group generate and use cash and cash equivalents by classifying cash flows as operating, investing and financing activities. The amount of net cash flows arising from operating activities is a key indicator of the extent to which the operations are funded by way of grant income or from the recipients of services provided by the Authority and the Group. Investing activities represent the extent to which cash outflows have been made for resources which are intended to contribute to the Authority and the Group’s future service delivery.
2021 |
2020 |
|||
Authority |
Group |
Authority |
Group |
|
Net (deficit)/surplus on the provision of services |
2,689 | 1,883 | 30,172 | 33,507 |
Adjustments to net surplus or deficit on the provision of services for non-cash movements |
- | - | - | - |
|
Depreciation and impairment of non-current assets |
19,919 |
20,054 |
18,607 |
18,750 |
|
Net amounts of non-current assets written off on disposal |
10 | 10 | 325 | 325 |
|
Non-current assets transferred to provision of services |
517 | 517 | 139 | 139 |
|
Change in pensions liability (note 30) |
(417) |
(417) |
8,957 | 8,957 |
|
(Increase)/decrease in long-term debtors |
(15,710) |
(15,710) |
(241) |
(241) |
|
(Increase)/decrease in short-term debtors |
(6,611) |
(4,935) |
(6,773) |
(10,171) |
|
(Increase)/decrease in inventories |
(658) |
(651) |
(12,424) |
(12,693) |
|
(Decrease)/increase in short-term creditors |
38,475 |
40,196 |
16,222 |
17,079 |
|
(Decrease)/increase in provisions |
1,562 |
1,562 |
(1,074) |
(1,074) |
|
Net interest payable |
4,455 |
4,492 |
4,321 |
4,306 |
|
Interest paid |
(6,471) |
(6,471) |
(6,713) |
(6,713) |
|
Interest received
|
1,978 |
1,938 |
2,262 |
2,277 |
Adjustments for items included in the net surplus or deficit on the provision of services that are investing and financing activities |
- |
- |
- |
- |
|
Capital grants received |
(194,642) |
(194,642) |
(125,266) |
(125,266) |
|
Capital grants paid |
77,139 |
77,139 |
35,274 |
35,274 |
|
Any other items for which the cash effects are investing or financing cash flows |
(1,594) |
(1,594) |
- |
- |
Net cash flows from operating activities |
(79,362) |
(76,629) |
(36,212) |
(35,544) |
Investing activities |
- |
- |
- |
- |
|
Purchase of property, plant and equipment and intangible asset |
(94,946) |
(94,975) |
(88,565) |
(88,872) |
|
Capital grants received for the purchase of property, plant and equipment, intangible asset and inventories |
117,503 |
117,503 |
89,992 |
89,992 |
|
Other receipts from investing activities |
1,594 |
1,594 |
- |
- |
|
Increase/(decrease) in short-term and long-term investments |
(111,651) |
(111,651) |
14,851 |
14,851 |
Net cash flows from investing activities |
(87,500) |
(87,529) |
16,278 |
15,971 |
Financing activities |
- |
- |
- |
- |
|
Increase/(decrease) in grants receipts in advance |
238,662 |
239,494 |
76,073 |
76,073 |
|
Repayment of loans |
(5,347) |
(5,347) |
(5,321) |
(5,321) |
|
Transferred debt - repayment of principal |
(833) |
(833) |
(757) |
(757) |
Net cash flows from financing activities |
232,482 |
233,314 |
69,995 |
69,995 |
Net increase or decrease in cash and cash equivalents |
65,620 |
69,156 |
50,061 |
50,422 |
|
Cash and cash equivalents at 1 April |
78,793 |
79,546 |
28,732 |
29,124 |
Cash and cash equivalents at 31 March (note22)
|
144,413 |
148,702 |
78,793 |
79,546 |
Notes Index Number Description
- Basis of preparation
- Significant accounting policies
- Critical accounting judgements, estimates and assumptions
- Accounting standards issued but not yet adopted
- Expenditure and Funding Analysis
- Expenditure and income analysed by nature
- Transport services
- Combined Authority other services
- Investment Programme
- Mayor's office
- Other operating expenditure
- Financing and investment income and expenditure
- Government and other grant income
- Officers’ remuneration
- Members' allowances
- External audit costs
- Property, plant and equipment
- Intangible assets
- Investments
- Inventories
- Short-term debtors
- Cash and cash equivalents
- Borrowing
- Short-term creditors
- Provisions
- Transferred debt
- Usable reserves
- Unusable reserves
- Capital expenditure and capital financing
- Pension schemes
- Financial risk management
- Financial instruments
- Operating leases
- Reconciliation of liabilities arising from financing activities
- Contingent liabilities and guarantees
- Related party disclosures
- Events after the reporting period
- Prior period adjustments