The main revenue fund of the council. Day-to-day spending on services is met from the fund.

The council's financial statements have been prepared on a going concern basis; that is, the accounts have been prepared on the assumption that the functions of the council will continue in operational existence for the foreseeable future.

The cost of service provision before allowing for government grants, council taxes and other income like fees and charges.

Is deemed to be the carrying amount of an asset as at 1 April 2007 (brought forward from 31 March 2007) or at the date of acquisition, whichever date is the later, and adjusted for subsequent depreciation or impairment (if applicable).

This is where the useful working life of an asset is significantly reduced – for example, because of damage to a piece of equipment or changes in technology which mean that a service can be provided more efficiently in other ways.

Is the gross inflow of economic benefits or service potential during the reporting period when those inflows or enhancements of assets or decreases of liabilities result in an increase in reserves. Income includes both revenue arising in the course of ordinary activities and gains such as the revaluation of property, plant and equipment.

Property, plant and equipment that is inalienable, expenditure on which are recoverable only by continued use of the asset created. Examples of infrastructure assets are highways and footpaths.

An intangible asset is an identifiable non-monetary asset without physical substance. It must be controlled by the council as a result of past events, and future economic or service benefits must be expected to flow from the intangible asset to the council. The most common class of intangible asset in local authorities is computer software.

For a defined benefit scheme, the expected increase during the period in the present value of the scheme liabilities because the benefits are one period closer to settlement.

Items of stores and raw materials which have been procured for use on an on-going basis and which have not yet been used at the end of the accounting period.