Scottish Office Pensions Agency: Annual Report and Accounts

Statement of Agency's and Chief Executive's Responsibilities

Under section 5(1) of the Exchequer and Audit Departments Act 1921, the Treasury have directed the Scottish Office Pensions Agency to prepare a statement of accounts for each financial year in the form and on the basis set out in the accounts direction at page 48 of these financial statements. The accounts are prepared on an accruals basis and must give a true and fair view of the Agency's state of affairs at the year end and of its operating costs, recognised gains and losses, and cash flows for the financial year.

In preparing the accounts the Agency is required to:

• Observe the accounts direction issued by the Treasury, including the relevant accounting and disclosure requirements, and apply suitable accounting policies on a consistent basis;
• Make judgements and estimates on a reasonable basis;
• State whether applicable accounting standards have been followed, and disclose and explain any material departures in the financial statements;
• Prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the Agency will continue in operation.

The Accounting Officer of The Scottish Office Education and Industry Department has appointed the Chief Executive of the Scottish Office Pensions Agency as the Accounting Officer for the Agency. His relevant responsibilities as Accounting Officer, including responsibility for the propriety and regularity of the public finances and for the keeping of proper records, are set out in the Accounting Officer's Memorandum issued by the Treasury and published in Government Accounting.

Ralph Garden
Chief Executive
13 July 1999