Accounts for 2011-12
Summary of accounts
The Agency accounts for 2011-12 are made up of the Business Accounts and the Trust Statement.
The revocation of Trading Fund Status of the Agency came into force on the 1 April 2011. It remains an Executive Agency of the Department for Transport. An impact of the revocation is that the Agency no longer receives SLA funding for its VED collection and enforcement activities, but in its place receives supply funding voted by Parliament in the Supply Estimate for the Department for Transport (DfT). This funding is brought into account in the Statement of changes in taxpayers' equity.
Whilst the Agency recognised DfT funding as SLA income in 2010-11, accounts for this period have been re-stated to reflect the change in status and the impact of supply funding on the 2010-11 result. Amounts previously recognised as Government Grant have been transferred to the General Fund in line with the change in funding arrangements for the Agency.
The change has resulted in the Agency recognising net comprehensive expenditure position in its primary statement, produced to ensure compliance with the HM Treasury Accounts Direction and the FReM. However, in order to manage the supply estimates requirement of a nil DEL impact on its Fees activities, the Agency has taken the decision to continue to recognise the funding as income within its internal reporting and as a result also for segmental reporting purposes. The internal reporting is reflected in Note 2 with the result for the year of £2.9 million surplus reported to the Executive Board (2010-11: £23.3 million).
The movement from Business Plan forecast to outturn surplus (Business Accounts - Note 2) for 2011-12 has been discussed in the Management Commentary.
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