Contents
- Draft Narrative Report for the Statement of Accounts 2024 to 2025
- Draft Responsibilities for the Statement of Accounts
- Draft Comprehensive Income and Expenditure Statement
- Draft Movement in Reserves Statement
- Draft Balance Sheet
- Draft Cash Flow Statement
- Draft Notes to the Accounts 1 to 10
- Draft Notes to the Accounts 11 to 20
- Draft Notes to the Accounts 21 to 30
- Draft Notes to the Accounts 31 to 42
- Draft Collection Fund
- Draft Group Accounts
- Draft Annual Governance Statement 2024 to 2025
- Draft Glossary
- Draft Pension Fund Accounts 2024 to 2025
Draft Collection Fund
The Collection Fund shows the transactions of the Council as a billing authority in relation to the collection of council tax and non-domestic rates and its subsequent distribution to local authorities and the Government. There is no requirement for a separate Collection Fund Balance Sheet since the assets and liabilities arising from collecting non-domestic rates and council tax belong to the bodies concerned (i.e. major preceptors, the billing authority and the Government). The Council’s share of council tax and business rates income is reflected in the Comprehensive Income and Expenditure Statement on an accruals basis in line with the Code. However, the amount to be reflected in the General Fund is determined by regulation. Therefore, there is an adjustment for the difference between the accrued income and the statutory credit made through the Movement in Reserves Statement and the Collection Fund Adjustment Account.
| Business Rates NNDR3 in thousands of pounds | Business Rate Supplement in thousands of pounds | Council Tax in thousands of pounds | Totals in thousands of pounds | |
|---|---|---|---|---|
| Income: Council Tax receivable | none | none | (184,675) | (184,675) |
| Business Rates receivable | (93,195) | none | none | (93,195) |
| Transitional Protection sums due from Central Government | (498) | none | none | (498) |
| Council tax discounts funded from Billing Authority General Fund | none | none | 7 | 7 |
| Business Rate Supplements (BRS) receivable | none | (2,597) | none | (2,597) |
| Apportionment of previous year's Collection Fund Deficit | ||||
| Central Government | (2,981) | none | none | (2,981) |
| Bexley | (2,710) | none | - | (2,710) |
| Greater London Authority | (3,342) | none | - | (3,342) |
| Total Income | (102,726) | (2,597) | (184,668) | (289,991) |
| Expenditure Precepts, Demands and Proportionate Shares | ||||
| Central Government | 31,626 | none | none | 31,626 |
| London Borough of Bexley | 28,751 | none | 141,412 | 170,163 |
| Greater London Authority | 35,459 | none | 39,594 | 75,053 |
| Business Rate Supplement | ||||
| Business Rate Supplement (BRS) levy due | none | 2,591 | none | 2,591 |
| Charges to Collection Fund | ||||
| Write-off of uncollectable amounts | - | none | none | - |
| Change in provision for non-collection | 3,949 none | none | (1,112) | 2,837 |
| Increase in provision for appeals | (171) none | none | none | (171) none |
| Disregarded amounts | 13 | none | none | 13 |
| Allowance for cost of collection | 242 | 6 | none | 248 |
| Apportionment of previous year's Collection Fund Surplus | ||||
| Central Government | none | none | none | none |
| Bexley | none | none | 3,266 | 3,266 |
| Greater London Authority | none | none | 885 | 885 |
| Total Expenditure | 99,869 | 2,597 | 184,045 | 286,511 |
| Movements on the Collection Fund | ||||
| Surplus/Deficit arising during the year | (2,857) | none | (623) | (3,481) |
| Surplus/Deficit brought forward 1 April 2024 | 7,786 | none | 699 | 8,485 |
| (Surplus)/Deficit carried forward 31 March 2025 | 4,929 | none | 76 | 5,005 |
| Collection Fund Deficit | Business Rates in thousands of pounds | Business Rate Supplement in thousands of pounds | Council Tax in thousands of pounds | Totals in thousands of pounds |
|---|---|---|---|---|
| Central Government | 1,626 | none | none | 1,626 |
| London Borough of Bexley | 1,480 | none | 56 | 1,536 |
| Greater London Authority | 1,823 | - | 20 | 1,843 |
| (Surplus)/Deficit carried forward 31 March 2025 | 4,929 | - | 76 | 5,005 |
| Debtors and Prepayments | Business Rates in thousands of pounds | Business Rate Supplement in thousands of pounds | Council Tax in thousands of pounds | Total in thousands of pounds |
|---|---|---|---|---|
| Sums outstanding from Ratepayers (Arrears/Debtors) | 8,356 | 172 | 47,169 | 55,697 |
| Prepayments and Overpayments | (4,414) | (78) | (3,957) | (8,449) |
| Business Rates NNDR3 in thousands of pounds | Business Rate Supplement (Restated) in thousands of pounds | Council Tax in thousands of pounds | Totals (Restated) in thousands of pounds | |
|---|---|---|---|---|
| Income: Council Tax receivable | none | none | (171,878) | (171,878) |
| Business Rates receivable | (79,021) | none | none | (79,021) |
| Transitional Protection sums due from Central Government | (9,007) | none | none | (9,007) |
| Council tax discounts funded from Billing | none | none | (296) | (296) |
| Business Rate Supplements (BRS) receivable | none | (2,454) | none | (2,454) |
| Total Income | (88,028) | (2,454) | (172,174) | (262,656) |
| Expenditure Transitional protection payments due to Central Government | 90 | none | none | 90 |
| Precepts, Demands and Proportionate Shares | none | none | none | |
| Central Government | 29,647 | none | none | 29,647 |
| London Borough of Bexley | 26,952 | none | 133,299 | 160,251 |
| Greater London Authority | 33,241 | none | 36,087 | 69,328 |
| Business Rate Supplement | none | none | none | none |
| Business Rate Supplement (BRS) levy due | none | 2,448 | none | 2,448 |
| Charges to Collection Fund | none | none | none | none |
| Write-off of uncollectable amounts | (156) | none | none | (156) |
| (Decrease)/increase in provision for non-collection | 1,397 | none | 3,186 | 4,583 |
| Decrease in provision for appeals | 1,320 | none | none | 1,320 |
| Disregarded amounts | 13 | none | none | 13 |
| Allowance for cost of collection | 242 | 6 | none | 248 |
| Apportionment of previous year's Collection Fund Surplus | none | none | none | none |
| Central Government | 1,736 | none | none | 1,736 |
| Bexley | 1,578 | none | 1,480 | 3,058 |
| Greater London Authority | 1,947 | none | 446 | 2,393 |
| Total Expenditure | 97,917 | 2,454 | 174,498 | 274,869 |
| Movements on the Collection Fund | none | none | none | none |
| Surplus/Deficit arising during the year | 9,889 | none | 2,324 | 12,213 |
| Surplus/Deficit brought forward 1 April 2023 | (2,103) | none | (1,625) | (3,728) |
| Surplus/Deficit carried forward 31 March 2024 | 7,786 | none | 699 | 8,485 |
| Collection Fund (Surplus)/Deficit | Business Rates in thousands of pounds | Business Rate Supplement in thousands of pounds | Council Tax in thousands of pounds | Totals in thousands of pounds |
|---|---|---|---|---|
| Central Government | 2,569 | none | none | 2,569 |
| London Borough of Bexley | 2,336 | none | 523 | 2,859 |
| Greater London Authority | 2,881 | none | 176 | 3,057 |
| Surplus/Deficit carried forward 31 March 2024 | 7,786 | none | 699 | 8,485 |
| Debtors and Prepayments | Business Rates in thousands of pounds | Business Rate Supplement in thousands of pounds | Council Tax in thousands of pounds | Total in thousands of pounds |
|---|---|---|---|---|
| Sums outstanding from Ratepayers (Arrears/Debtors) | 6,355 | 96 | 42,276 | 48,727 |
| Prepayments and Overpayments | (3,270) | (58) none | (3,181) | (6,509) |
Notes to the Collection Fund
Note 1 - Council Tax
Council Tax income derives from charges raised according to the value of residential properties, which have been classified into eight valuation bands. Individual charges are calculated by estimating the amount of income required to be taken from the Collection Fund by the Council and its preceptors and dividing this by the Council Tax Base (equivalent number of Band D properties).
| Bands and value ranges | Estimated number of properties | Multiplier | 2023/24 Band D equivalent in thousands of pounds | 2024/25 Band D equivalent in thousands of pounds |
|---|---|---|---|---|
| A - Reduced Band A | 5 | 5/9 | 2 | 3 |
| A - up to £40,000 | 2,833 | 6/9 | 1,822 | 1,887 |
| B - from £40,001 to £52,000 | 7,427 | 7/9 | 5,686 | 5,776 |
| C - from £52,001 to £68,000 | 24,575 | 8/9 | 21,392 | 21,845 |
| D - from £68,001 to £88,000 | 24,514 | 9/9 | 24,372 | 24,514 |
| E - from £88,001 to £120,000 | 17,594 | 11/9 | 21,498 | 21,504 |
| F - from £120,001 to £160,000 | 4,828 | 13/9 | 6,863 | 6,974 |
| G - from £160,001 to £320,000 | 1,617 | 15/9 | 2,684 | 2,695 |
| H - from £320,001 and over | 36 | 18/9 | 70 | 73 |
| Subtotal | 84,389 | 85,271 | ||
| Less Allowance for non-collection | (1,265) | (1,279) | ||
| Council Tax Base | 83,124 | 83,992 |
Note 2 - NNDR Rateable Values
| Values | 2023/24 in thousands of pounds | 2024/25 in thousands of pounds |
|---|---|---|
| Non-Domestic Rateable Value Gross | 227.995m | 229.251m |
| Standard Business Rate | 51.2p | 54.6p |
| Small Business Rate | 49.9p | 49.9p |
| Business Rates Receivable after reliefs and transition | 79.099m | 97.049m |
Note 3 - Business Rate Supplement (BRS) - Crossrail
The Mayor of London introduced a levy of 2p on non-domestic properties with a rateable value of over £75,000 in London from 1 April 2010, to help pay for Crossrail. Powers were granted to the Greater London Authority (GLA) to introduce this under the Business Rates Supplements Act 2009. The Crossrail Business Rate Supplement (BRS) is being collected on behalf of the GLA by the Council along with general business rates (NNDR). Income collected and payments made to the GLA are included in the Collection Fund Statement.