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

16 LSC closure and Machinery of Government changes
As a consequence of Machinery of Goverment changes, the LSC closed on 31 March 2010, but its functions and
responsibilites have subsequently transferred to other organisations. The Young People’s Learning Agency (YPLA) is a new
non-departmental public body that is sponsored by the Department for Education (formerly DCSF) and will work with
LAs to support and commission 14–19 provision. The Skills Funding Agency is a new agency of BIS, responsible for adult
provision, including Apprenticeships and Train to Gain. In addition, BIS has taken on certain assets and liabilities, including
the property provision for onerous leases.
The table below details how the assets, liabilities and reserves of the closing LSC Statement of Financial Position transferred
to those bodies responsible on the basis of a property transfer order.
LSC
balances
Skills
Funding
Agency
element
YPLA
element
BIS
element
As at
31 March 2010
£’000
As at
1 April 2010
£’000
As at
1 April 2010
£’000
As at
1 April 2010
£’000
Non-current assets
Property, Plant and Equipment 5,735 5,735 0 0
Intangible Fixed Assets 86,071 86,071 0 0
Total non-current assets 91,806 91,806 0 0
Current assets
Trade and other receivables 240,507 220,206 18,862 1,439
Cash and cash equivalents 150,987 150,987 0 0
Total current assets 391,494 371,193 18,862 1,439
Total assets 483,300 462,999 18,862 1,439
Current liabilities
Trade and other payables (491,836) (453,642) (37,831) (363)
Total assets less current liabilities (8,536) 9,357 (18,969) 1,076
Non-current liabilities
Provisions (46,566) (9,666) 0 (36,900)
Financial guarantee (31,408) (31,408) 0 0
Assets less liabilities (86,510) (31,717) (18,969) (35,824)
Finance
Represented by
Taxpayers’ equity
General reserve (86,510) (31,717) (18,969) (35,824)
Total reserves (86,510) (31,717) (18,969) (35,824)
LSC Annual Report and Accounts 2009–10 73