Accounts

Statement of Comprehensive Net Expenditure

This account summarises the expenditure and income generated and consumed on an accruals basis. It also includes other comprehensive income and expenditure, which include changes to the values of non-current assets and other financial instruments that cannot yet be recognised as income or expenditure.

For the year to 31 March 2024

Statement of Financial Position

This statement presents the financial position of the department. It comprises three main components: assets owned or controlled; liabilities owed to other bodies; and equity, the remaining value of the entity.

As at 31 March 2024

Professor Sir Ian Diamond
Accounting Officer
UK Statistics Authority
12 July 2023

Statement of Cash Flows

The Statement of Cash Flows shows the changes in cash and cash equivalents of the department during the reporting period. The statement shows how the department generates and uses cash and cash equivalents by classifying cash flows as operating, investing and financing activities. The amount of net cash flows arising from operating activities is a key indicator of service costs and the extent to which these operations are funded by way of income from the recipients of services provided by the department. Investing activities represent the extent to which cash inflows and outflows have been made for resources which are intended to contribute to the departments’ future public service delivery.

For the period ending 31 March 2023

Statement of Changes in Taxpayers’ Equity

This statement shows the movement in the year on the different reserves held by the Department, analysed into ‘general fund reserves’ (i.e., those reserves that reflect a contribution from the Consolidated Fund). The Revaluation Reserve reflects the change in asset values that have not been recognised as income or expenditure. The General Fund represents the total assets less liabilities of a department, to the extent that the total is not represented by other reserves and financing items.

For the period ending 31 March 2024

Notes to the accounts

1. Statement of Accounting Policies and Accounting Convention

The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and UK adopted international accounting standards. The 2023/24 Government Financial Reporting Manual (FReM) applies International Financial Reporting Standards (IFRS), adapted or interpreted for the public sector. Where the FReM permits a choice of accounting policy, the accounting policy which is judged to be most appropriate to the particular circumstances of the UK Statistics Authority for the purpose of giving a true and fair view has been selected. The particular policies adopted by the Authority are described below. They have been applied consistently in dealing with items that are considered material to the accounts.

These accounts have been prepared under the historical cost convention modified to account for the revaluation of property, plant and equipment and in-house software.

The Authority is primarily resourced by funds approved by the House of Commons through the annual Appropriation Act. Resources are drawn down each month to meet expenditure requirements and are credited to the General Fund. The functional currency for the UK Statistics Authority is pounds sterling.

Going concern

The Authority anticipates continued funding to promote and safeguard the production of official statistics that serve the public good, as evidenced by the future financing of the Authority’s liabilities, annually approved by Parliament via the passing of the Supply and Appropriation (Main Estimates) Act and the Supply and Appropriation (Anticipation and Adjustments) Act. This is sufficient evidence that the Authority remains a going concern in accordance with the continuity of service principle outlined within the FReM. The Authority anticipates future Spending Review budgets to be agreed in due course and there is no reason to believe that future Estimate approvals will not be forthcoming. Furthermore, the Authority is currently discussing funding plans for the period beyond March 2025 with HM Treasury, as are all other Government Departments during this time.

Property, plant and equipment

Property, plant and equipment (PPE) assets include computers, and associated equipment, office machinery, and furniture and fittings.

Civil Estate property is occupied in Newport, Titchfield and Christchurch. Ownership of the land and buildings was transferred to the Government Property Agency on 30th September 2021 at market value at the time, using professional valuations.

All other PPE assets are re-valued from the beginning of the quarter of acquisition.  These assets are stated at current costs by using indices taken from the Authority’s publication Price Index Numbers for Current Cost Accounting.

PPE assets must exceed the capitalisation threshold of £5,000 (excluding VAT) and have a life greater than one year.

The Authority adopted IFRS 16 Leases in April 2022. Therefore, PPE previously classified as a Finance Lease, will now be recognised under Right of Use Asset. Please see Lease note.

Intangible assets

Intangible assets consist of software licenses and in-house developed software.  Software licenses are not re-valued and are included at depreciated historical cost.

In-house developed software is stated at current costs by using indices developed by the Office for National Statistics (ONS) National Accounts Division.

In House Developed Software assets must exceed a capitalisation threshold of £50,000 (excluding VAT) and have a life greater than one year.

Software Licences must exceed a capitalisation threshold of £5,000 (excluding VAT) and have a life greater than one year.

A contract that provides access to cloud-based software is generally expensed. However, in some limited circumstances it could be determined the Authority controls a software intangible asset which will require capitalisation. Features of a cloud computing arrangement that may indicate that the Authority obtains control of a software intangible asset include:

• exclusive rights to use the software or,
• ownership of the intellectual property for customised software – i.e. the supplier cannot make the software available to other customers

Statistical records

Statistical information has built up over many years and is stored for reference purposes. No attempt is made to value this data, as there is no realistic way of doing so that would arrive at a meaningful valuation. The cost of storing and maintaining the data is charged to the Statement of Comprehensive Net Expenditure as incurred.

Depreciation and amortisation

Depreciation is calculated so as to write off the re-valued cost of assets over the estimated useful economic life on a straight-line basis. An asset disposal is actioned when the economic benefits have been fully realised.

All Intangible assets are reviewed annually for impairment.

Assets in the course of construction

Assets under construction are capitalised as appropriate where meeting the requirements of IAS 16 or IAS 38 and transferred out of assets under construction into the relevant category of PPE or intangibles on completion.

Research and development

The Authority undertakes certain research into statistical and survey methodology. Costs are charged to the Statement of Comprehensive Net Expenditure as they arise.

As required under European System of Accounts (ESA) 10 Research and Development costs are charged to Capital within the Statement of Parliamentary Supply. The reconciliation between the Statement of Comprehensive Net Expenditure and the Statement of Parliamentary Supply is shown at SOPS Note 2.

Revenue from contracts with customers

Under IFRS 15, key judgements in determining the recognition and timing of revenue recognition are identified at the point when:

• control of goods and services is transferred under contractual arrangements and services to the customer, and
• performance obligations are satisfied, whether at a point in time or over time.

Most of the Authority’s performance obligations relate to services satisfied over time.

The Authority applies the five-stage model for the recognition of revenue from contracts with customers:

• Step 1 – Identify the contract(s) with a customer.
• Step 2 – Identify the performance obligations in the contract.
• Step 3 – Determine the transaction price.
• Step 4 – Allocate the transaction price to the performance obligations in the contract.
• Step 5 – Recognise revenue when the Authority satisfies a performance obligation.

The application of the model depends on the facts and circumstances presented in a contract with a customer and requires the exercise of judgement. Revenue related to performance obligations recognised over time as the service is rendered is measured by reference to the input (resources consumed in satisfying a performance obligation) method.

Prices charged to customers are calculated in accordance with Managing Public Money (published by the Treasury).

Leases

IFRS 16 “Leases” was implemented in April 2022 in accordance with the requirements of the FReM and replaces IAS 17; this introduces a single lessee accounting model that requires a lessee to recognise assets and liabilities for all leases (apart from the exemptions included below).

In respect of lessees, IFRS 16 removes the distinction between operating and finance leases and introduces a single accounting model that requires a lessee to recognise (‘right of use’) assets and lease liabilities.

The definition of a lease has been updated under IFRS 16, there is more emphasis on being able to control the use of an asset identified in a contract.

Implementation and Assumptions

IFRS 16 “Leases” has been implemented from 1 April 2022 in accordance with the requirements of the FReM and replaces IAS 17; this introduces a single lessee accounting model that requires a lessee to recognise assets and liabilities for all leases (apart from the exemptions included below).

In respect of lessees, IFRS 16 removes the distinction between operating and finance leases and introduces a single accounting model that requires a lessee to recognise (‘right of use’) assets and lease liabilities.

The definition of a contract is expanded to include intra-UK government agreements where non-performance may not be enforceable by law. This includes, for example, Memorandum of Terms of Occupation (MOTO) agreements.

The Authority has elected not to recognise right of use assets and lease liabilities for the following leases:

•  intangible assets;
• non-lease components of contracts where applicable;
•  low value assets (these are determined to be in line with capitalisation thresholds on Property, Plant and Equipment)
• leases with a lease term of 12 months or less

At inception of a contract, the Authority assesses whether a contract is, or contains, a lease. A contract is, or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time. This includes assets for which there is no consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Authority assesses whether:

• The contract involves the use of an identified asset;
• The Authority has the right to obtain substantially all of the economic benefit from the use of the asset throughout the period of use; and
• The Authority has the right to direct the use of the asset.

The Authority assesses whether it is reasonably certain to exercise extension options or not to exercise break options at the lease commencement date. The Authority reassesses this if there are significant events or changes in circumstances, within its control that were not anticipated at the lease commencement. There have been no significant events or circumstances that indicate an adjustment is required during 23/24.

Right of use assets

The Authority recognises a right of use asset and lease liability at the commencement date. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for initial direct costs, prepayments or incentives, and costs related to restoration at the end of a lease.

The right of use asset is depreciated using the straight-line method from the commencement date to the end of the lease term. Whilst the authority applies a straight-line depreciation method to it’s right of use assets, a periodic review is undertaken to adjust and align depreciation to any variable lease payments over time.

The Authority applies IAS 36 Impairment of Assets to determine whether the right of use asset is impaired and to account for any impairment loss identified.

Lease liabilities

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that cannot be readily determined, the rate provided by HM Treasury (HMT) for that calendar year. The HMT discount rates were 0.95% for 2022, 3.51% for 2023 and 4.72% in 2024.

The lease payment is measured at amortised cost using the effective interest method. It is re-measured when there is a change in future lease payments arising from a change in the index or rate, if there is a change in the Authority’s estimates of the amount expected to be payable under a residual value guarantee, or if the Authority changes its assessment of whether it will exercise a purchase, extension, or termination option.

Lease payments included in the measurement of the lease liability comprise the following:

• Fixed payments, including in-substance fixed payments;
• Variable lease payments that depend on an index or a rate, initially measured using the index rate as at the commencement date;
• Amounts expected to be payable under a residual value guarantee;
• The exercise price under a purchase option that the Authority is reasonably certain to exercise, lease payments in an optional renewal period if the Authority is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Authority is reasonably certain not to terminate early.

When the lease liability is re-measured, a corresponding adjustment is made to the right of use asset or recorded in the SoCNE if the carrying amount of the right of use asset is zero.

Provisions

The Authority provides for legal or constructive obligations which are of uncertain timing or amount at the Statement of Financial Position date on the basis of best estimate of the expenditure required to settle the obligation. Where the effect of time value is significant, provisions are discounted using the discount rates published by HM Treasury. These provisions are reviewed each year in accordance with IAS 37.

IAS 37 defines and specifies the accounting for and disclosure of provisions, contingent liabilities, and contingent assets.

The Authority recognises a provision if it is probable that an outflow of cash or other economic resources will be required to settle the provision. If an outflow is not probable, the item is treated as a contingent liability.

Trade receivables

Trade receivables are recognised at their amortised cost less expected credit losses in accordance with IFRS 9. Expected credit losses are based on the Authority’s expectation of recovery at the year end.

Staff costs

Under IAS19 Employee Benefits, all staff costs must be recorded as an expense as soon as the organisation is obliged to pay them. This includes the cost of any untaken leave at the year end.

Staff costs include wages and salaries, social security costs and pension costs.

Cash and Cash Equivalents

The Authority holds balances of cash and cash equivalents in a readily realised form; these include cash balances, shopping vouchers and postage stamps. Any amounts held in a foreign currency are translated into sterling at the exchange rate on the date of reporting.

VAT

Irrecoverable VAT is charged to the relevant expenditure category or included in the capitalised purchase cost of assets. Where output VAT is charged or input VAT is recoverable, the amounts are stated net of VAT.

Programme Expenditure

Net expenditure for the year is analysed in the Statement of Comprehensive Net Expenditure between income and operating costs. The classification of expenditure and income as programme follows the definition of programme costs set out in HM Treasury Consolidated Budgeting Guidance, and as voted by Parliament in the Treasury’s Supply Estimate.

Pensions

Past and present employees are covered by the provisions of the Principal Civil Service Pension Schemes as described in notes to the accounts and in the Authority’s Remuneration Report. The Principal Civil Service Pension Scheme (PCSPS) and the Civil Servant and Other Pension Scheme (CSOPS) are unfunded, except in respect of death in service or ill health retirement. Employees can opt to open partnership pension accounts, a stakeholder pension with employer contributions ranging from 8% to 14.75 % depending on the Employee’s age. The Authority recognises the expected costs of these elements on a systematic and rational basis over a period during which it benefits from employees’ services by payment to the Principal Civil Service Pension Schemes (PCSPS) of amounts calculated on an accruing basis.  Liability for payment of future benefits is a charge on the PCSPS. In respect of the defined contribution elements of the schemes, the Authority recognises the contribution payable for the year.

Contingent liabilities

In addition to contingent liabilities disclosed in accordance with IAS 37, the Authority discloses for parliamentary reporting and accountability purposes certain statutory and non-statutory contingent liabilities where the likelihood of a transfer of economic benefit is remote, but which have been reported to Parliament in accordance with the requirements of Managing Public Money.

Where the time value of money is material, contingent liabilities which are required to be disclosed under IAS 37 are stated at discounted amounts and the amount reported to Parliament separately noted. Contingent liabilities that are not required to be disclosed by IAS 37 are stated at the amounts reported to Parliament.

Accounting Estimates and Judgements

In preparation of the Authority’s financial statements, management is required to make estimates and judgements that impact the amounts being reported for assets and liabilities as at the date of the Statement of Financial Position and amounts reported against income and expenditure during the year. Uncertainties are inherent in business activities, and as such, some elements of financial statements cannot be measured precisely and therefore can only be estimated. Estimation involves judgements based on the latest available, reliable information.

As per IAS1, paragraph 122 only the Estimates and Judgements that have the most significant effect on the amounts recognised in The Authority’s financial statements have been documented in the following section.

Revenue from contracts with customers

IFRS15 Revenue from Contracts with customers requires that where a performance obligation is satisfied over time that revenue shall be recognised as and when the performance obligation has been satisfied.

This requires the application of judgement by management to be applied to the measurement and timing of revenue recognition, related balances for contract assets, trade receivables and accrued and deferred income in the context of whether satisfaction of performance obligations is satisfied over time or at a point in time.

The Authority has several income streams where the level of revenue is based on expenditure incurred; judgements are applied to ensure the costs associated with specific projects are reliable and accurately reflect the level of expenditure of the project.

Judgements are applied to calculate a corporate overhead rate which is used to derive the charge out rate when charging for staff time. The level of overheads associated with each revenue stream are agreed with the customer prior to contract commencement.

The Authority recognises revenue using an input method based on the full economic costs, including overheads incurred. Revenue is calculated by reference to reliable estimates and total expected costs. Revenue and associated margin are therefore recognised progressively as costs are incurred. The Authority has determined this method faithfully depicts the Authority’s performance in transferring control of the services to the customer.

Leases

At the commencement of a lease agreement, The Authority considers reasonable certainty regarding the lease term to account for potential break clauses, extensions and terminations when measuring the asset and liability value. As part of that consideration the Authority’s strategic plans and the ONS facilities team are consulted to ensure a suitable measurement is applied to the reasonable certainty evaluation. The Authority was reasonably certain not to exercise termination options within its property lease agreements upon commencement of the leases.

The Authority will reassess whether it is reasonably certain to exercise termination or break clauses, upon the occurrence of a significant event or a significant change in circumstances which is in the control of The Authority. Any significant event would need to relate to an unconditional business decision made by The Authority. No significant event(s) have taken place during 2023/24.

As the lease liability and the right-of-use asset is based on unadjusted lease payments as known at the commencement date, no uplifts for inflation or RPI have been factored into the calculations. Therefore, when the lease payments change because of inflation or RPI the Authority will account for the remeasurement of the lease by recalculating the new lease liability by discounting adjusted lease payments with the original discount rate. The difference will be a right-of-use asset adjustment. The Authority does not anticipate any volatility within its lease payments as set out in lease agreements.

Standards Not Yet Adopted

IFRS17 Insurance Contracts

IFRS 17 Insurance Contracts, which replaces IFRS 4 Insurance Contracts, will be adopted in the UK from 1 January 2023. HM Treasury have agreed with the Financial Reporting Advisory Board (FRAB) to delay the implementation of IFRS 17 in central government by 2 years to 1 April 2025

The headline of the new standard is that the scope of an insurance contract will change from that under IFRS 4 Insurance Contracts, meaning that some contracts issued by organisations and not previously considered to fall within an insurance category could now be classified as an insurance contract. e.g. product breakdown contracts or warranties. The standard only applies to insurance contracts issued and not those held.

Management has assessed the likely effect of the new standard and has concluded; the Authority does not believe it issues any contracts that fall within the scope of IFRS17.

IFRS18 Presentation and Disclosure in Financial Statements

IFRS 18 Presentation and Disclosure in Financial Statements, will replace IAS 1 Presentation of Financial Statements. IFRS 18 will introduce three key new requirements on presentation and disclosures in the financial statements, with a focus on the income statement and reporting of financial performance.

Existing requirements of IAS 1 are expected to be brought forward into IFRS 18 or other IFRS Accounting Standards with only limited changes.

It will not change how the Authority will recognise and measure items in the financial statements. However, it will affect the way The Authority presents and discloses information in those statements.

IFRS 18 will be effective for annual reporting periods beginning on or after 1 January 2027.

2. Segmental Information of Expenditure and Income

The following information is regularly provided in order to inform the decision making by the National Statistician’s Executive Group and the primary Chief Operating Decision Maker (CODM) of the UK Statistics Authority to make decisions regarding planning, resource allocation and income, as well as performance monitoring.

Reconciliation between segment information and net operating cost in the statement of comprehensive net expenditure

3. Staff numbers and related costs

Staff costs

For the period ending 31 March 2024

Staff numbers

Capitalised staff costs

4. Programme costs

For the period ending 31 March 2024

5. Income

For the period ending 31 Mar 2024

An analysis of income from services provided external and public sector customers is as follows:

6. Property, plant and equipment

For the period ending 31 March 2024

For the period ending 31 March 2023

7. Intangible Fixed Assets

For the period ending 31 March 2024

For the period ending 31 March 2023

Intangible Fixed Assets – In-house developed software applications

For the period ending 31 March 2024

For the period ending 31 March 2023

Notes:

CORD (Central ONS Repository for Data) is the primary system used to compile the National Accounts including Quarterly National Accounts, Retail Sales Index and Trade (Goods and Services). The CORD platform capability is currently being enhanced to support the processing requirements to deliver the National Accounts in-line with the European System of Accounts 2012 Programme. This will be achieved through progressive improvements in statistical methods, data and system performance.

The Social Survey Repository replaced the Annual Population Survey/ Labour Force Survey re-weighting and Scientific Information Retrieval 2002 systems based in Newport, which currently weight, re-weight, impute, produce derived variables, attach geographies and store the APS and LFS data. It is built on the CASPA platform (Common Architecture for Statistical Processing and Analysis). In March 2023 the useful economic life has been fully realised, and the asset fully written down. As we move to a replacement platform some operational activities may continue during the transition with no further inputs or outputs to this current platform with no further economic benefit to the Authority; therefore it has been disposed from the Authority’s asset register.

The Electronic Data Collection programme (EDC) aims to develop systems, methods and processes to improve the collection, integration and processing of data in relation to the UK’s economy and society.

The software is part of an ongoing Data Collection Transformation Programme to modernise antiquated data collection modes, such as paper-based questionnaires, with a range of electronic data collection channels, making further use of the Web and administrative sources.

The Business Prices programme provides additional functionality to include more respondents in line with Prices Surveys. The useful economic life has been fully realised, and the asset fully written down. The asset has no further economic benefit to the Authority; therefore, it has been disposed from the Authority’s asset register.

The Life Events software replaces the legacy system for processing and quality assuring life events registrations. The data held relates to registrations of Births, Deaths, Abortions, and Birth Notifications. The useful economic life has been fully realised, and the asset fully written down; therefore it has been disposed from the Authority’s asset register..

DCTP Business Registers is a result of a Project Review in 2017-18, where three separate components, the Address Index, the Business Index and the Statistical Business register were reviewed and combined within one project.  The development provides a new capability for ONS, increases efficiency, joins up across ONS and government, and puts ONS at the forefront of data management in government. This project will create high quality statistics, where discontinuities between the current and future system can be explained to an appropriate level of granularity. It will enable the ONS milestone of making short-term surveys integrated and online. This asset has been disposed from the Authority’s asset register during 23/24 financial year.

Data Access Platform (DAP) – The ONS Strategy is to utilise new data sources and processing techniques to enable us deliver “Better Statistics, Better Decisions” this means utilising Big Data, bringing in data from other departments and companies, being able to explore that data and link it together to gain new insights. DAP is an enabler for that strategy, giving the ONS the tools and technology it needs to securely store all our data and the processing power to make use of it. The useful economic life has been fully realised, and the asset fully written down; therefore it has been disposed from the Authority’s asset register.

Clerical Matching – The ONS requires a capability to match records from multiple datasets and assure that the quality of the matches meet strict targets. The immediate need relating to successful delivery of the 2021 Census.  The ONS has an additional requirement that gives the option to re-use the capability for wider business needs beyond the Census with other datasets and to support the overall linking of datasets. This will require the flexibility to build on the existing capability of the tool to potentially meet emerging business need, for example, adding extra fields to the tool as required.

ARIES Prices – ONS collects and analyses prices data for goods and services in the UK. A high-profile use of this data is calculation of the rate of inflation. The wider uses of the data include fiscal and political decision making, commercial planning in the public and private sectors, and uses in academic settings. With observable impacts on currency exchange rates, credit interest rates and political discourse the reliability and security of prices and inflation data is of critical importance. Methods and sources used by ONS for analysis of prices have changed in the past. A further need for Alternative Data Sources (ADS) in price statistics to address current and near-term requirements has become clear through high profile independent reviews such as the ‘Independent Review of UK Economic Statistics’ by Professor Sir Charles Bean and ‘UK Consumer Price Statistics: A Review’ by Paul Johnson.

In-house developed software applications – Assets Under Construction

For the period ending 31 March 2024

8. Trade Receivables and Other Assets

As at 31 March 2024

Total Trade Receivables Outstanding

9. Cash and Cash Equivalents

For the period ending 31 March 2024

10. Trade Payables and Other Current Liabilities

For the period ending 31 March 2024

11. Provisions for Liabilities and Charges

For the period ending 31 March 2024

Analysis of expected timing of discounted flows

Prior year analysis of expected timing of discounting flow for comparison

Notes:

Other Provisions

The Authority opted to trigger the break clause to vacate the single floor at the Drummond Gate building in January 2023.
As part of the lease agreement, the Authority took on a repairing obligation for the externals of the building and part of the dilapidation. The UK Statistics Authority is in negotiations with the Landlord in respect of dilapidations due under the Terms of the Lease. An amount for dilapidations has been included within other provisions. Other provisions also includes ongoing contractual obligations and pending employment tribunals.

12. Capital Commitments

For the period ending 31 March 2024

13. Leases

Right of Use Assets

For the period ending 31 March 2024

For the period ending 31 March 2023

Maturity analysis Lease Liability

A maturity analysis of contractual undiscounted cash flows relating to lease liabilities is given below. Management monitors rolling forecasts of The Authority’s cash balance on the basis of expected cash flows, to ensure we are able to pay contractual commitments as they fall due.

Notes:

Darlington Lease:

A formal financial commitment has been signed by the authority for the future occupation of the Darlington Economic Campus (DEC), a central hub for seven government departments and agencies. The lease has been agreed over a 30 year term and is forecasted to be ready for occupation by Spring 2026. The lease has therefore not been recognised because the commencement date is in the future.

GPA Leased Properties:

The carrying value of right of use assets includes the Authority’s intention to reduce occupancy at sites leased from the GPA in October 2024.

Amounts recognised in the Statement of Comprehensive Net Expenditure

Amounts recognised in the Statement of Cash Flows

14. Other Financial Commitments

For the period ending 31 March 2024

The Authority entered into non-cancellable contracts (which are not Leases or PFI contracts) for Information Management Services, Statistical Services and Facilities Management. As a result the Authority is committed to the following payments.

15. Contingent Liabilities

For the period ending 31 March 2024

None.

16. Related Party Transactions

Although the Authority has had several material transactions with other government departments and other central government bodies, it is not required to disclose intra-government transactions.

No Board Member, Key Manager, or other related parties have undertaken any further material transactions with the Authority during the financial year 2023/24.  The Authority has not identified any further related parties.

17. Events Arising after the Reporting Date

None.

18. Date of Authorisation of the Accounts

The Accounts were authorised for issue on the date of the Comptroller and Auditor General’s certification.