The Learning and Skills Councils Annual Report and Accounts for ...

Statement of the
Chief Executive of Skills
Funding’s Responsibilities
Our National Council and committee members have
played a key role at both the national and regional
levels. At each level, they have supported and
challenged what we do, provided leadership to the
LSC and the FE system, and acted as ambassadors.
Statement of the
Learning and Skills
Council’s and
Chief Executive’s
responsibilities
1. Under paragraph 14(1) of
Schedule 1 to the Learning and
Skills Act 2000, as amended by the
Apprenticeships, Skills, Children
and Learning Act 2009, the Chief
Executive of Skills Funding is
required to prepare a statement
of accounts for each financial
year in the form and on the basis
determined by the Secretary
of State, with the consent of
HM Treasury. The accounts have
been prepared on an accruals
accounting basis and must show
a true and fair view of the LSC’s
state of affairs at the year-end,
and of its income, expenditure and
cash flows for the financial year.
2. In preparing the accounts, the
LSC and Chief Executive of Skills
Funding have been required to:
• observe the accounts direction
issued by the Secretary of
State, including the relevant
accounting and disclosure
requirements, and apply
suitable accounting policies on
a consistent basis
•
make judgements and estimates
on a reasonable basis
•
state whether applicable
accounting standards have
been followed, and disclose and
explain any material departures
in the financial statements, and
•
prepare the financial
statements on a going‐concern
basis, unless it is inappropriate
to presume that the body will
continue in operation.
3. The Accounting Officer for the
former DIUS designated the
Chief Executive of the LSC as the
Accounting Officer for the LSC.
The relevant responsibilities as
Accounting Officer are set out
more fully in the Framework
Document for Executive NDPBs
at annex 7.4 of Managing Public
Money, in particular items 5
and 6 under Governance and
Accountability.
4. Following the closure of the LSC,
the responsibility as Accounting
Officer for the closure of the
LSC’s 2009–10 accounts, and the
preparation of this Annual Report,
have been passed to the Chief
Executive of Skills Funding, within
the Skills Funding Agency. The
Skills Funding Agency is an agency
of BIS.
32 LSC Annual Report and Accounts 2009–10