As well as providing a summary of our business and financial activity for 2010/11, our annual report and accounts include our statutory financial statements for the year including the Statement of Income, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, and the Statement of Changes in Taxpayers’ Equity.
The Comptroller & Auditor General has issued an unqualified audit opinion on the financial statements for the year ended 31 March 2011. We also attach the National Audit Office’s management letter for 2010/11 for information. This shows the NAO did not identify any significant internal control issues during the year.
Latest report
Our annual report and accounts for the year ending 31 March 2011 detail a number of successes during the year, including:
- continuing the financial strategy established in 2009/10 of cutting costs and passing the benefit back to audited bodies, for example:
- closing 13 offices to make planned long-term savings;
- reducing our operating costs by £32 million or 15 per cent (excluding redundancy costs) to help offset lost income from Comprehensive Area Assessment and inspection work (£21 million) and redundancy costs for the staff involved in these activities (£15.7 million); and
- still managing to rebate the fees paid by audited bodies by £3.4 million as promised.
- confining the use of financial reserves to pay for the cost of Comprehensive Area Assessment and inspection activity that we stopped during the year; and
- maintaining financial resilience during a year of exceptional change so the Commission is well-placed to manage an orderly winding up of its business at minimum cost to taxpayers.
The full document, which you can download from this page, details more of the events of 2010/11, as well as some thoughts about the coming year.