Statement of accounts

At the end of each financial year we publish a statement of accounts.

The accounts show:

  • how we have spent money on services in Lincolnshire
  • statements of movement in the general fund
  • gains and losses
  • a balance sheet with all our assets and liabilities at 31 March

Statutory information

By law, we must publish certain documents and information about the annual external audit of our accounts:

Invoice payment performance
Financial year Undisputed invoices paid within 30 days Value of liability of invoices paid after 30 days Value of interest for late payment charges paid to suppliers
2019/20 91.0% £356,964 £0
2018/19 89.0% £272,026 £0
2017/18 89.1% £231,036 £0
2016/17 86.7% £277,190 £0
2015/16 87.7% £944,479 £0

We are committed to paying all undisputed invoices within 30 days. Payment delays can happen if invoices are in dispute.

Payment delays to undisputed invoices can happen if credit balances are held on supplier accounts.    

We calculate interest liability at 8% plus the Bank of England base rate on 31 March for each financial year.

A large majority of maintained schools use our financial system. At present, we are not able to separate their figures.

We plan to develop our finance system by April 2021. We aim to improve processes, extend staff training, and improve our payment performance.