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

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17 Operating lease commitments Total future minimum lease payments due under operating leases are given in the table below within each of the following periods. Obligations under operating leases at 31 March comprise: Year ended 31 March 2010 £’000 Year ended 31 March 2009 £’000 a) Land and buildings Not later than one year 12,464 13,684 Later than one year and not later than five years 41,234 44,685 Later than five years 33,780 43,867 Total 87,478 102,236 b) Others Not later than one year 105 325 Later than one year and not later than five years 84 134 Later than five years 0 0 Total 189 459 Leases for those properties continuing in use will transfer to the Skills Funding Agency. Leases for those properties which become surplus to requirements on the closure of the LSC will transfer to BIS. 18 Capital commitments Commitments for capital expenditure administered by the LSC at the end of the period were as follows: As at 31 March 2010 £’000 As at 31 March 2009 £’000 Payable within one year Authorised and contracted for 0 0 0 0 Payable between two to five years Authorised and contracted for 0 0 0 0 74 LSC Annual Report and Accounts 2009–10
19 Commitments to make grants to colleges and schools Commitments to make grants to colleges and schools at 31 March 2010 for FE participation and school sixth form funding related to the remaining period of the academic year April to July, together with capital commitments, were as follows: As at 31 March 2010 £’000 As at 31 March 2009 £’000 Payable within one year FE participation 2,137,126 2,052,921 School sixth forms 733,934 682,727 FE capital project support 363,264 835,979 Other capital grants (accessibility and Centres of Vocational Excellence) 0 31,084 3,234,324 3,602,711 Payable between two to five years FE capital project support 648,457 770,201 648,457 770,201 These funding commitments going forward become the responsibility of the Skills Funding Agency and the YPLA. Through its normal financial intervention process, the LSC ensured that no college was unable to meets its financial obligations as a result of decisions on capital projects. These responsibilities transfer to the Skills Funding Agency. 20 Contingent liabilities The LSC had no material contingent liabilities at 31 March 2010 (at 31 March 2009 and 1 April 2008: £nil). Capital programme In 2008–09 the LSC reported that in addition to the commitments outlined in the note above the LSC had an obligation, subject to a needs-based prioritisation assessment, to fund some of the FE capital projects that were in development before the review of the capital programme by Sir Andrew Foster was announced. The review of the capital programme has been completed, and the LSC has determined which colleges will receive funding. The full extent of this funding is recorded in the commitments note above, so there is no contingent liability to disclose this year. 21 Financial instruments IFRS 7 requires the LSC to disclose information on the significance of financial instruments to its financial position and performance. In addition to the risks associated with the financial guarantee relating to the PCDL programme (note 15), the LSC was exposed to credit risk resulting from the non-payment of debts relating to private sector provision of training services most usually attributable to insolvency. Private sector training providers are subject to quality and financial status reviews prior to being awarded contracts. Provision of funding is reconciled to earned values on a monthly basis with future payments adjusted to ensure that the risk of building up debt is minimised. The overall financial impact of such instances is not material, as shown in notes 11 and 23. As an NDPB almost wholly funded by BIS and DCSF and with no borrowings, the LSC has not been exposed to any market or liquidity risk. The LSC had no material deposits in interest bearing accounts, and as all material assets and liabilities are denominated in sterling, it was not exposed to any significant interest rate or currency risk. Finance LSC Annual Report and Accounts 2009–10 75
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The Learning and Skills Council’s
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© Skills Funding Agency July 2010
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Chairman’s Statement Looking back
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This comes on top of another achiev
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So it is with both delight and some
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Our Targets and Achievements In the
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Management and Structure The Learni
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Taking Care of Our People To meet o
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We have had in place a comprehensiv
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Management Commentary Reporting of
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Year-end position 11. The net book
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34. As Accounting Officer I confirm
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Components of remuneration The Chai
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