Financial Statements

Scheme Account

LGPS aggregated Scheme Account as at 31 March

2014/2015
£000s
 2015/2016
£000s
 

Dealings with members, employers and others directly involved in the Scheme

 
(9,568,209) Contributions (9,341,560)
(3,017,710) Transfers in from other pension schemes (434,034)
(74,963) Other Income (45,792)
(12,660,882)   (9,821,386)
9,026,333 Benefits 9,386,123
3,263,646 Payments to and on account of leavers 536,862
114,253 Administrative expenses 114,313
68,058 Oversight and governance expenses 62,805
12,472,290  

10,100,103

(188,592) Net (additions)/withdrawals from dealings with members 278,717
 

Returns on Investments

 
(3,604,883) Investment Income (3,665,079)
57,199 Taxes on Income 55,353
(21,974,230) Profit and losses on disposal of investments and changes the in value of investments 2,653,167
727,335 Investment management expenses 805,203
(24,794,579) Net return on investments (151,356)
24,983,171 Net (increase)/decrease in the net assets available for benefits during the year 127,361
192,170,244 Net Assets of the Scheme at 1 April (restated) 217,188,518
217,153,415 Net Assets of the Scheme at 31 March 217,061,157

 

Net Assets Statement

 

LGPS aggregated Net Assets Statement as at 31 March

2014/2015
£000s
 2015/2016
£000s
 

Investment Assets (£000s)

 
10,754,484 Fixed interest securities 10,554,872
5,958,578 Index-linked securities 5,718,862
79,660,156 Equities 75,099,382
92,666,817 PIVs (pooled investment vehicles) 94,630,676
9,217,811 Property PIVs 10,477,407
5,832,218 Property 6,465,281
4,153,422 Private equity 4,539,679
862,499 Derivatives 1,621,163
1,782,260 Other 2,174,928
1,145,286 Other balances 879,689
4,475,296 Cash deposits 4,812,724
216,508,827   216,974,663
     
(1,229,579) Investment Liabilities (1,697,694)
132,153 Non current assets 113,004
(37,606) Non current liabilities 26,038
2,316,254 Current Assets 2,180,778
(536,634) Current Liabilities (535,631)
     
217,153,415 Net assets of the fund available to fund benefits at the period end 217,061,157

Additional notes and limitations

Notes

The LGPS Annual Report is based on each individual LGPS funds' statutory annual reports and audited financial statements as at 31 March, these been collated and published in one place. The intention is to build a complete and comparable set of annual reports for the scheme in its entirety, as a whole and for every fund.
The annual accounts have been reviewed to draw out any information which is reported completely and consistently across all funds. At the highest level of financial reporting, the fund financial statements have been gathered together and totalled to produce an aggregated Scheme account and net assets statement.

The Statement of Accounts summarise the Scheme’s transactions for the year and its position at year end as at 31 March. The data used comes from the individual LGPS funds' financial statements which are prepared in accordance with the Code of Practice on Local Authority Accounting in the United Kingdom (The Code). The Code is issued by the Chartered Institute of Public Finance and Accountancy, CIPFA and is based on International Financial Reporting Standards (IFRS), as amended for the UK public sector. The individual LGPS fund accounts have been prepared on an accruals basis in accordance with the Code, apart from transfer values which are accounted for on a cash basis in accordance with the Code.

The Net Assets Statement, similarly summarises the Scheme’s assets over the year and its position at year end as at 31 March.

The individual LGPS fund accounts do not take account of obligations to pay pensions and benefits which fall due after the end of the financial year, nor do they take into account the actuarial present value of promised retirement benefits. IAS 26 gives administering authorities the option to disclose this information by appending an actuarial report, prepared for this purpose. If not part of the annual report, these statements have also been collated and are shown as attachments in the split records column.
These statements are as at the most recent Scheme valuation date. In the case for 2016 annual reports, this is 31 March 2013.

Data limitations

It is important to note that the data contained in this LGPS Annual Report is based on the individual LGPS fund annual report and audited accounts. The SAB is reliant on the general accuracy of the fund annual reports without independent verification. Whilst the data have been checked for reasonableness and consistency, a full independent audit of the aggregated data has not been completed.
The charts, analysis and general commentary are based on the face accounts, or broad ‘high-level’ figures. Analysis of account notes demonstrated variations in depth of reporting and subjective interpretation of some accounting classifications.
These findings in analysing the more detailed notes sections of the annual reports have been shared with CIPFA and DCLG in order to support their work in improving guidance on annual report and accounts and collection of SF3 data. The information may also be used by the LGPS advisory board sub committees to help establish baseline datasets and to build on comparable metrics for assessing the financial health of each individual fund and the scheme as a whole.