Westminster Annual Report and Accounts (for the year ended 31 March 2022)
Accounts
England specific
Financial statements that show cash flows, net expenditure and the FSA financial position.
Financial statements
Statement of Comprehensive Net Expenditure
for the year ended 31 March 2022
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 on non-current assets and other financial instruments that cannot yet be recognised as income or expenditure.
| Type of expenditure | Note | 2021/22(£000) | 2020/21 (£000) |
|---|---|---|---|
| Revenue from contract with customers | 4 | (34,089) | (31,278) |
| Other operating income | 4 | (335) | (280) |
| Total operating income | - | (34,424) | (31,558) |
| Staff costs | 3 | 97,735 | 92,893 |
| Purchase of goods and services | 3 | 18,653 | 11,031 |
| Depreciation and impairment charges | 3 | 2,362 | 2,505 |
| Provision expense | 3 | 2,364 | (675) |
| Other operating expenditure | 3 | 25,203 | 24,639 |
| Total operating expenditure | - | 146,317 | 130,393 |
| Net operating expenditure | - | 111,893 | 98,835 |
| Finance expense | 12 | 1,781 | 1,589 |
| Net expenditure for the year | - | 113,674 | 100,424 |
| Actuarial (gain)/loss on pension scheme liabilities | 12 | (28,178) | 19,913 |
| Comprehensive net expenditure for the year | - | 85,496 | 120,337 |
Statement of financial position
As at March 2022.
This statement presents the financial position of the Food Standards Agency. It comprises three main components: assets owned or controlled; liabilities owed to other bodies; and equity, the remaining value of the entity.
Non-current assets:
| Entity | Note | 2021/22(£000) | 2020/21 (£000) |
|---|---|---|---|
| Property plant and equipment | 5 | 3,563 | 3,463 |
| Intangible assets | 6 | 4,662 | 4,491 |
| Total non-current assets | - | 8,225 | 7,954 |
Current assets:
| Entity | Note | 2021/22(£000) | 2020/21 (£000) |
|---|---|---|---|
| Trade and other receivables | 9 | 4,923 | 4,447 |
| Other current assets | 9 | 4,440 | 3,541 |
| Cash | 8 | 447 |
1,490 |
| Total current assets | - | 9,810 | 9,478 |
| Total assets | - | 18,035 | 17,432 |
Current liabilities:
| Entity | Note | 2021/22 (£000) | 2020/21 (£000) |
|---|---|---|---|
| Trade and other payables | 10 | (4,244) | (2,345) |
| Provisions | 11 | (300) | (300) |
| Other liabilities | 10 | (14,257) | (14,279) |
| Total current liabilities | (18,801) | (16,294) | |
| Total assets less current liabilities | (766) | 508 |
Non-current liabilities:
| Entity | Note | 2021/22 (£000) | 2020/21 (£000) |
|---|---|---|---|
| Provisions | 11 | (650) | (712) |
| Other payables | 10 | (532) | (485) |
| Net pension liability | 12 | (65,416) | (91,049( |
| Total non-current liabilities | - | (66,598) | (92,246) |
| Total assets less total liabilities | - | (67,364) | (91,738) |
Taxpayers' equity and other reserves:
| Entity | Note | 2021/22 (£000) | 2020/21 (£000) |
|---|---|---|---|
| General fund | - | (67,364) | (91,738) |
| Total taxpayers' equity | - | (67,364) | (91,738) |
Statement of cash flows
for the period ended 31 March 2022.
The Statement of Cash Flows shows the changes in cash and cash equivalents of the
Food Standards Agency 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 Food Standards Agency’s future public service delivery.
Cash flow operating activities:
| Cash flow statement | Note | 2021/22 (£000) | 2020/21 (£000) |
|---|---|---|---|
| Net operating expenditure | SOCNE | (113,674) | (100,424) |
| Adjustments for non-cash transactions | 3, 11 and 12 | 8,292 | 7,644 |
| (Increase)/Decrease in trade and other receivables | 9 | (1,375) | (13) |
| (Increase)/Decrease in trade and other payables | 10 | 1,924 | 372 |
| less movements relating to items not passing through the Statement of Comprehensive Net Expenditure | 10 | 1,043 | 85 |
| Use of provisions | 11, 12 | (1,813) | (2,210) |
| Provisions not required written back | 11 | (62) | (2,201) |
| Cash contributions to pension deficit | 12 | (1,500) | (1,500) |
| Net cash outflow from operating activities | - | (107,165) | (98,247) |
Cash flows from investing activities:
| Cash flow statement | Note | 2021/22 (£000) | 2020/21 (£000) |
|---|---|---|---|
| Purchase of property, plant and equipment | 5 | (1,243) | (1,436) |
| Purchase of intangible assets | 6 | (1,390) | (1,214) |
| Net cash outflow from investing activities | - | (107,165) | (98,427) |
Cash flows from financing activities:
| Cash flow statement | Note | 2021/22 (£000) | 2020/21 (£000) |
|---|---|---|---|
| From the Consolidated Fund (supply) | - | 108,755 | 100,812 |
| Net financing | - | 108,755 | 100,812 |
| Net increase/decrease in cash and cash equivalents in the period after adjustment for receipts and payments to the Consolidated Fund | - | (1,043) | (85) |
| Cash flow statement | Note | 2021/22 (£000) | 2020/21 (£000) |
|---|---|---|---|
| Cash at the beginning of the period | 8 | 1,490 | 1,575 |
| Cash at the end of the period | 8 | 447 | 1,490 |
Statement of changes in Taxpayers' Equity
for the period ended 31 March 2022.
This statement shows the movement in the year on the different reserves held by the
Food Standards Agency, analysed into ‘general fund reserves’ (i.e. those reserves that
reflect a contribution from the Consolidated Fund). 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.
| Type of financial reserve | Note | General fund (£000) | Total Reserves £000 |
|---|---|---|---|
| Balance at 31 March 2020 | - | (72,369) | (72,369) |
| Net Parliamentary Funding | - | 100,897 | 100,897 |
| Comprehensive net expenditure for the year | - | (100,424) | (100,424) |
| Auditors remuneration | 3 | 71 | 71 |
| Actuarial gain/(loss) | 12 | (19,913) | (19,913) |
| Balance at 31 March 2021 | - | (91,738) | (91,738) |
| Net Parliamentary funding | - | 109,798 | 109,798 |
| Comprehensive net expenditure for the year | - | (113,674) | (113,674) |
| Auditors remuneration | - | 72 | 72 |
| Actuarial gain/(loss) | 12 | 28,178 | 28,178 |
| Balance at 31 March 2022 | - | (67,364) | (67,364) |