SUMMARY OF ACCOUNTS 2013/14
Financial position at 31 March 2014
Capital expenditure by service
Below is a summary of Ealing Council’s assets (what it owns
and is owed by others), and our liabilities (what it owes to
other organisations). It has a total of £1.844billion assets and
£1.093billion liabilities, meaning its net worth is £751million.
Housing
Assets and liabilities
as at:
31/03/2014
£’000
31/03/2013
£’000
1,516,717
1,346,155
Investments**
219,668
252,493
Money owed to the council
88,072
60,889
Cash balances
19,295
15,188
1,843,752
1,674,725
Borrowing***
(501,593)
(503,591)
Money owed by the council
(287,616)
(265,521)
Pensions liability****
(287,339)
(451,409)
Other liabilities
(16,432)
(13,254)
Total liabilities:
(1,092,980)
(1,233,775)
750,772
440,950
29%
Schools services
38%
Assets
Land, buildings and other assets*
Total assets:
Environment and
customer services
16%
Liabilities
Total net assets
*
Other
services
17%
Land, buildings and other assets: This includes all physical assets the council owns, for
example the council’s whole housing stock.
** Investments: Any short term surpluses of cash that the council holds are invested to gain extra
income from interest.
*** Borrowing: Some of the investment in long term assets such as buildings schools is funded by
borrowing. This is comparable to taking out a mortgage to purchase your own home.
**** Pensions liability: The council is required by regulations to calculate a liability for future draw
drawing of pensions from its pension fund. Although this liability is a significant sum the pension
fund holds assets of £867million to meet this commitment and there is a long term plan in place
agreed with independent actuaries.
Capital expenditure
Capital expenditure relates to items that have a
long term value to the council such as the buying
or construction of buildings, road improvements
or a significant purchase of equipment. This
expenditure is treated separately from the day-today spending on services. In 2013/14 we invested
more than £157million in housing improvements, new
infrastructure, schools and regeneration programmes
across the borough. Some of the highlights of this
programme over the last year have been:
■
Council housing improvements – £19.3million
■
Housing regeneration Schemes – £22.6million
■
Expansion of existing schools – £50.1million
■
Parks and open spaces improvements – £3.2million
■
Infrastructure renewal, roads and footways – £3million
■
Disabled facilities grants – £2.3million
■
Acton Town Hall community and leisure centre
construction – £12.5million
■
Building schools for the future – £17.5million.
Our funding for capital investment comes from different
sources to our day-to-day spending on services and is
a mix of borrowing, proceeds from the sale of assets,
revenue contributions and central government grants.
Councillor Yvonne Johnson
around ealing
Autumn 2014
51