Consolidated Fund and National Loans Fund Account

1. This volume is prepared in accordance with section 21(3)of the National Loans Act 1968. The information given supplements the data contained in the audited accounts of the Consolidated Fund (CF)and the National Loans Fund (NLF)prepared under section 21(1)of that Act and published as House of Commons Paper No.112 of 2002/03.

2. The Treasury Minute (Cm 1101,June 1990)replying to the Eighth Report of the Committee of Public Accounts (PAC)on Central Funds and Accountability agreed to improved presentation of the material in the accounts for these two Funds.The Treasury also supported the transfer of certain subsidiary data from the accounts of these Supplementary Statements and the publication of new audited data.These presentations include the outturn of the Central Government Net Cash Requirement (CGNCR),the relationship between the change in the CGNCR and the change in the net nominal liabilities of the NLF and a revised Statement of NLF Assets and Liabilities, all of which were to be audited by the Comptroller and Auditor General (C &AG).These proposals were implemented and published for the first time in House of Commons Paper No.87 of 1991 –92 and are continued in this volume.

3.Part A,Section 1 comprises a series of tables showing the transactions which contributed to the CGNCR,the reconciliation of the CGNCR with changes in the nominal National Debt,an analysis of those changes,and finally,a summary of NLF assets and liabilities.These are examined and certi fied by the C &AG.His Certi ficate is to be found on page 11.

4.Part B contains other information which Parliament expects to be presented in the Supplementary Statements.

5.Section 2 contains details of the various heads of receipts into,and payments from,the Consolidated Fund.These include receipts from Inland Revenue,HM Customs and Excise, Vehicle Excise Duty and National Non-Domestic Rates,details of which are published as notes to the Consolidated Fund receipts and payments account (H112).Also included in this section are details of miscellaneous receipts,supply issues and standing services.

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6.Section 3 contains statements of the assets and liabilities of the CF.On the assets side this includes a summary and details of assets,international subscriptions which constitute assets, loans made from Votes,and shares and other securities held by departments.On the liabilities side this section includes statements of actual liabilities,including contributions due to international organisations,loans guaranteed by HMGand other contingent liabilities reported to the Treasury by government departments.

7. Section 4 contains details of NLF assets and liabilities.The liability side concerns the nominal National Debt and is partly o V set by assets in the form of outstanding loans to nationalised industries,other public corporations,local authorities and other borrowers. Also detailed are certain other liabilities of the NLF and the service of the National Debt.The service of the National Debt analysis includes additional costs of borrowing such as the indexing of capital liabilities to retail price movements, premia/discounts on government stock transactions,the capitalisation of interest on certain National Savings & Investments products, the e V ect of exchange rate movements and the bene fit to the Exchequer of donations and bequests. Table (B26)reconciles the conventional measure of the National Debt to the Central Government Gross Debt aggregate published in Table 1.1D of Financial Statistics.This excludes from the gross liabilities of the NLF borrowing from other parts of government and includes external borrowing by the Debt Management Account and others.

8.The final section includes further information which the Committee of Public Accounts requested.Table B27 shows the full annual cost of servicing gilt-edged stocks on an accruals basis. Table B28 shows the proceeds from the privatisation sale of the National Air Tra Y c Services.

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Supporting Docs & Media
  PDF file of Consolidated Fund and National Loans Fund Accounts 2001-02 Supplementary Statements (382KB)

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