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Paper 9 - 29 September 2000 Meeting

ASSOCIATION OF HAMPSHIRE AND ISLE OF WIGHT LOCAL AUTHORITIES

29 September 2000

CLOSING THE ACCOUNTS FOR 1999/2000

Report by the Honorary Treasurer

RECOMMENDATION

It is recommended that the Statement of Accounts for 1999/2000 shown in Annex 2 be approved subject to the report by the Honorary Auditor.

SUMMARY

The accounts show a continuing underspend and justify the decision at the Annual Meeting in June 2000 to reduce subscriptions for the current year.

 

ANALYSIS

1. An analysis is shown in Annex 1. The main expenditure of the Association relates to the employment of one full time and one part time member of staff. Minor variations occurred between revised budget and outcome, and overall there was an underspend. The Association ended the year with reserves of just over £31,000. These consist of an original reserve handed on by the former ADC Branch plus accumulated underspends.

VAT

2. During 1999/2000, it was established that registration for VAT was inappropriate. Customs and Excise deleted the Associationís name from their register in February 2000. Fortunately they acknowledged that the original registration was their own judgement error so there were no penalties. VAT could not be reclaimed for the remaining six months and obviously it has implications for future years. Based on expenditure for 1998/99, when all VAT was reclaimed, the extra annual cost to the Association would be approximately £3,300. I suggest this cost is absorbed for the current financial year, because of the healthy state of the reserves and a view taken on subscriptions later in the year when more information is available.

THE FUTURE

3. Expenditure in the current year appears to be well within budget, and a full monitoring report will be brought to the January meeting of HIOW (the financial year runs from June to May).

NICK TUSTIAN 
Honorary Treasurer

Date: 8 September 2000
Annex: 2
Contact: Sally Buckell - 023 8068 8010 - e-mail sally.buckell@eastleigh.gov.uk

Copy of annexes available on request

Last update: 06/10/2000
Author: Nick Goulder, Policy Manager

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