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The opening position of the forecasted statements is based on un-audited results for 2007/2008. The actual results for March, April, May, and June 2008 are unavailable, and therefore, the balance as at 30 June 2008 has been estimated using March, April, May, and June 2008 forecast figures.

 

These forecast financial statements comply with generally accepted accounting practice. The measurement base applied is historical cost.

 

The accrual basis of accounting has been used in the preparation of these forecast financial statements.

 

All revenue and expenditure will remain constant over the three years covered by these statements. The budget reflects the staffing levels of eight FTE’s to meet the work programme.

 

There is a risk that these events and the associated income and expenditure do not occur.

 

The commission’s accumulated surplus is being reduced by operating deficits over the three year period.