Budgets and accounting

This document contains Orkney Islands Council’s draft annual accounts for 2025/26. It explains the Council’s performance, spending, income, assets, reserves, borrowing and financial risks, alongside its governance arrangements and senior staff and councillor pay. It also includes the main financial statements, detailed notes, housing, council tax, harbour and education accounts, and group accounts covering related organisations.

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This document contains Orkney Islands Council’s annual accounts for the year ended 31 March 2025. It explains the Council’s work and financial performance, including income, spending, assets, debts, reserves and major services. It also covers governance, risks, councillor and senior employee pay, pension costs and the wider Council group. The independent auditor’s report is included.

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This document contains KPMG’s annual audit report on Orkney Islands Council for 2024/25, covering its accounts, financial management, governance, performance and Best Value. KPMG gave the Council an unqualified opinion, meaning the accounts fairly show its financial position, with no significant fraud or audit difficulties identified. The report notes a possible medium-term funding gap of £27.1 million, continued reliance on reserves, and two unadjusted accounting differences, and recommends stronger review controls, updated planning frameworks and further plans for savings and income.

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This document contains Orkney Islands Council’s audited annual accounts for 2023/24, including financial statements, governance arrangements, senior staff remuneration and the Council’s wider group accounts. It reviews service performance, income, spending, reserves, investments, borrowing and major capital projects, while highlighting financial pressures such as rising costs, recruitment difficulties and capital project delays. It also sets out the Council’s strategic priorities, risks and progress towards planned actions.

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This document contains KPMG’s 2023-24 annual audit report for Orkney Islands Council, including its financial statements, wider financial management, governance and Best Value arrangements. KPMG gave an unqualified opinion, with no significant fraud or management override identified, but reported one unadjusted pension error and weaknesses in property valuation evidence. The report highlights the need to improve compliance with financial rules, update financial plans and develop a sustainable approach to using reserves.

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This document contains Orkney Islands Council’s annual accounts for 2022-23, covering its financial performance and position for the year ended 31 March 2023. It includes management commentary, governance arrangements, councillor and senior staff pay, financial statements, detailed notes and group accounts for related organisations. The independent auditor reported that the accounts give a true and fair view and were prepared in line with legal and accounting requirements.

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This document contains KPMG’s Best Value review of Orkney Islands Council’s leadership in developing its strategic priorities after the 2022 elections. It examines the Council Plan, community engagement, reducing inequality, climate change, delivery planning, financial pressures and leadership. The report finds that priorities are clear and leadership has been effective, but plans for delivery, performance reporting, climate action and ongoing community engagement need further development. It includes seven improvement recommendations and the Council’s planned responses.

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This document contains Orkney Islands Council’s annual accounts for 2021–22, including its financial performance, services, reserves, assets, income and spending. It also covers the Council’s priorities, recovery from COVID-19, major projects, risks, governance arrangements and staff remuneration. The accounts include housing, harbour, council tax, business rates, Orkney College and wider group accounts. Audit Scotland’s report states that the financial statements give a true and fair view and were properly prepared.

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This document contains Audit Scotland’s 2021/22 annual audit report for Orkney Islands Council, covering its accounts, financial management, financial sustainability, governance and best value. The accounts received a clear audit opinion, although £77.2 million of adjustments were made for property values and Covid-19 grants. The report notes effective budget management and governance, but highlights delays in capital projects, reliance on reserves and the need for stronger long-term financial planning, alongside an action plan with recommendations for improvement.

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This document contains Orkney Islands Council’s annual accounts for 2020-21, covering financial performance, services, spending, income, reserves, assets and liabilities. It includes the management commentary, governance statement, remuneration report, accounting notes and separate accounts for housing, council tax, harbours and Orkney College. Group accounts show the Council’s interests in related companies and partnerships. The independent auditor’s report confirms that the accounts give a true and fair view and were properly prepared.

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This document contains Audit Scotland’s 2020/21 annual audit report for Orkney Islands Council, covering its accounts, financial management, financial sustainability, governance and Best Value. The accounts received unmodified audit opinions, and financial controls and governance were generally effective. The report highlights capital project delays, workforce pressures, reliance on reserves, weaknesses in procurement and the need for stronger long-term savings plans, with an action plan setting out recommendations and deadlines.

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This document contains Orkney Islands Council’s approved revenue budgets for 2024/25. It sets out the £112.303 million General Fund budget, funding sources and Council Tax rates, including a Band D rate of £1,369.21. It explains the budget strategy, service pressures and £2.163 million efficiency savings, then gives detailed budgets for education, care, transport, housing, harbours, UHI Orkney, reserves and the pension fund. A glossary explains the main financial terms.

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This document contains the Orkney Islands Council revenue budget for 2023/24, with approved spending of £100.778 million. It explains the budget strategy, funding, inflation and service pressures, including a 10% council tax increase to £1,369.21 for Band D properties. It gives detailed budgets for services such as education, care, transport, housing and environmental services, alongside accounts for harbours, Orkney College, reserves and the pension fund.

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This document contains Orkney Islands Council’s approved revenue budget for 2022/23. It sets out the £92.616 million General Fund budget, including funding sources, service pressures, inflation, reserves and a 3% Council Tax increase. Detailed budgets are provided for education, social care, transport, housing, harbours, Orkney College, the Strategic Reserve Fund and the Pension Fund, with supporting explanations and a glossary.

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This document contains Orkney Islands Council’s approved revenue budget for 2021/22, including funding plans and detailed budgets for education, social care, transport, housing, roads, harbours, Orkney College, reserves and pensions. It sets a balanced General Fund budget of £91.207 million, with Band D Council Tax frozen at £1,208.48. It also explains service pressures, including school and public bus costs, inflation and waste disposal, alongside £573,700 in efficiency savings.

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This document contains Orkney Islands Council’s revenue budget for 2020/21, covering the General Fund, education, social care, transport, housing, harbours, Orkney College, reserves and the pension fund. It sets a balanced General Fund budget of £86.465 million, including £1.023 million in savings and a 4.84% rise in Band D Council Tax to £1,208.48. It also explains funding sources, budget assumptions, service costs and the use of the Strategic Reserve Fund.

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This document contains Orkney Islands Council’s approved revenue budget for 2019/20, including spending plans for education, social care, transport, housing, environmental services and other council work. It sets a balanced General Fund budget of £84.155 million, with a Band D Council Tax of £1,152.69 and £350,000 in efficiency savings. It also provides detailed budgets for the Housing Revenue Account, harbour services, Orkney College, corporate accounts, the Strategic Reserve Fund and Pension Fund.

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This document contains the Orkney Islands Council Pension Fund’s annual report and accounts for 2025/2026. It covers the Fund’s investment performance, financial results, membership, administration, governance, risks and actuarial position. The Fund’s assets rose to £570.6 million, with 5,199 members and a reported funding level of 175% at 31 March 2026. It also includes the audited accounts, governance compliance statement, actuarial statement, glossary and details of participating employers and advisers.

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This document contains the 2024/2025 annual report and accounts for the Orkney Islands Council Pension Fund, covering its administration, investments, membership and governance for the year ended 31 March 2025. The Fund held £532.1 million in assets, had 4,793 members and was 188% funded, despite a £3.7 million fall in value. It also includes the actuarial statement, detailed accounts and an independent auditor’s opinion that the accounts give a true and fair view.

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This document contains KPMG’s audit report on the Orkney Islands Council Pension Fund for the year ended 31 March 2025. It reports an unmodified audit opinion, with no uncorrected errors, fraud or significant control weaknesses identified. The report reviews financial management, sustainability, governance and use of resources, including the Fund’s strong funding position and investment performance below its benchmark. It also records corrected disclosure changes and ongoing work on membership checks and the Fund’s climate strategy.

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This document contains the Orkney Islands Council Pension Fund annual report and accounts for 2023/2024, covering its management, membership, investments, governance and financial performance. The Fund’s assets rose to £535.8 million by 31 March 2024, with 4,664 members and a funding level of 174%. It includes the pension fund accounts, investment strategy, risk and responsible investment information, actuarial statement, governance compliance details and independent auditor’s report.

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This document contains KPMG’s audit report for the Orkney Islands Council Pension Fund for the year ended 31 March 2024. It gives an unqualified audit opinion, with no significant accounting issues, regulatory breaches or unadjusted errors identified. It also reviews financial management, long-term funding, governance and use of resources, noting a strong funding position and effective arrangements. Outstanding matters include introducing a formal membership reconciliation, completing the Fund’s climate strategy and expanding custodian services.

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This document contains the Orkney Islands Council Pension Fund’s annual report and accounts for 2023/2024. It covers how the fund was managed, its investments, membership, pension administration, risks and governance, along with the actuarial assessment of future pension costs. The fund’s value rose to £535.8 million by 31 March 2024, with a funding level of 174% and 4,664 members. It also includes the financial statements, supporting notes, governance compliance information and the independent auditor’s report.

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This document contains KPMG’s audit report on the Orkney Islands Council Pension Fund for the year ended 31 March 2023. It gives an unqualified audit opinion, with no major control weaknesses, regulatory breaches or unadjusted errors identified. The report reviews financial management, sustainability, governance, investment performance and use of resources, including a 5.6% fall in investment value. It recommends improving accounts reviews, checking membership records and creating a climate strategy for the Fund.

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This document contains the 2021-2022 annual report and accounts for the Orkney Islands Council Pension Fund. It covers the Fund’s administration, investments, membership, risks and financial performance, including its value of £508.5 million, investment loss of £12.3 million and 4,339 members at 31 March 2022. It also reports a funding level of 137%, governance arrangements, actuarial information and the independent auditor’s opinion that the accounts give a true and fair view.

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This document contains Audit Scotland’s 2021/22 annual audit report for the Orkney Islands Council Pension Fund. It confirms that the accounts give a true and fair view, with effective financial management, governance and scrutiny arrangements. Investment performance fell by 3%, below the 9.6% target, but the Fund still had enough assets to cover its liabilities. The report also sets out recommendations on advertising accounts, sharing control reports and extending custodian cover.

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This document contains the Orkney Islands Council Pension Fund’s annual report and accounts for 2020/2021. It covers the Fund’s administration, investments, membership, risks, governance and actuarial position, alongside financial statements and notes. The Fund’s value rose to £520.8 million by 31 March 2021, with a 146% funding level after strong investment returns. The independent auditor reported that the accounts give a true and fair view and found no matters to report.

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This document contains Audit Scotland’s 2020/21 annual audit report for the Orkney Islands Council Pension Fund. It covers the annual accounts, financial management, long-term funding, governance, transparency and service performance. The accounts received an unmodified audit opinion, with no significant errors found. The report also highlights strong investment returns, a fully funded position, effective controls and governance, and progress on earlier recommendations.

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This document contains the Orkney Islands Council Pension Fund annual report and accounts for 2019/2020. It covers the Fund’s finances, investments, membership, administration, governance, risks and actuarial assessment. The Fund’s value fell to £376.6m after investment losses linked to the Covid-19 market downturn, although it remained above its funding target at 104.6%. The accounts were independently audited and judged to give a true and fair view.

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This document contains Audit Scotland’s 2019/20 annual audit report for the Orkney Islands Council Pension Fund. It finds that the accounts are accurate and properly prepared, while noting that Covid-19 reduced the Fund’s assets and investment returns, although it remained fully funded. The report also reviews financial management, long-term sustainability, governance and value for money, and sets out recommendations to improve controls, openness and pension administration.

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This document contains the draft trustees’ report and financial statements for Orkney Islands Council General Charitable Trust for the year ended 31 March 2026. It explains how the Trust is managed and supports education, including bursaries, travel and projects, for the benefit of Orkney’s communities. The accounts record £1,350 in interest income, £635 in charitable payments and total funds of £29,043 at 31 March 2026, held across the William Orkney Reid Bursary Fund and Orkney Educational Trust.

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This document contains the Trustees’ Report and financial statements for Orkney Islands Council General Charitable Trust for the year ended 31 March 2025. It covers the Trust’s governance, charitable purposes, grant-making activities and financial position, including £14,105 in charitable payments and £28,778 in funds carried forward. The funds support education through the William Orkney Reid Bursary Fund and Orkney Educational Trust. An independent examiner’s report is also included.

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This document contains the Orkney Islands Council General Charitable Trust’s trustees’ report and financial statements for the year ended 31 March 2024. It explains the Trust’s governance, charitable purposes and grant-making, including support for education, and reports £2,045 investment income, £1,400 spent and £41,584 held at year end. The accounts include the balance sheet, notes and an independent examiner’s report, which found no matters requiring attention.

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This document contains the Trustees’ report and financial statements for Orkney Islands Council General Charitable Trust for the year ended 31 March 2023. It explains the Trust’s purpose, governance, grant-making activities and use of funds supporting education and the public benefit of Orkney. The accounts show £9,376 spent on charitable activities and £40,939 in funds carried forward, alongside the balance sheet, accounting notes and independent examiner’s report.

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This document contains the trustees’ report and audited financial statements for Orkney Islands Council General Charitable Trust for the year ended 31 March 2021. It explains how the Trust supports education through bursaries, educational projects and travel, and outlines its management and grant-making arrangements. The Trust received £2,776, spent £4,100 and held £50,901 at year end. The audit found that the accounts fairly show the Trust’s financial position and activities.

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This document contains the trustees’ report and audited financial statements for Orkney Islands Council General Charitable Trust for the year ended 31 March 2021. The Trust supports education through bursaries, educational projects and travel, benefiting people in Orkney and nearby areas. It made £600 in charitable payments and held £50,901 in funds at year end. The independent audit found the accounts accurate and properly prepared.

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This document contains the trustees’ report and audited financial statements for Orkney Islands Council General Charitable Trust for the year ended 31 March 2020. It explains the Trust’s support for education, student bursaries, educational travel and St Magnus Cathedral. The Trust paid £22,741 in charitable grants, including £20,708 for cathedral access works, and held £52,225 at year end. The audit found the accounts gave a true and fair view and met the required accounting rules.

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This document contains the Orkney and Shetland Valuation Joint Board’s annual accounts for 2025/26, covering its work maintaining valuation and council tax lists and electoral registration services. It reports performance, risks, governance, senior staff pay and pension commitments, alongside the main financial statements and notes. The Board spent £1.12 million against a £1.14 million budget, had net liabilities of £174,738 at 31 March 2026 and expects a funding gap over the following three years.

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This document contains the audited annual accounts of the Orkney and Shetland Valuation Joint Board for 2024/25. It covers the Board’s valuation and electoral registration services, performance, governance arrangements, staff pay and pensions, and financial statements. The Board spent £973,446, underspending its budget by £39,054, while net liabilities fell to £162,491. The independent auditor found the accounts gave a true and fair view and met the required rules.

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This document contains the Orkney and Shetland Valuation Joint Board’s audited annual accounts for 2023/24, covering its work, performance, governance, staff pay and financial position. The Board spent £1.003 million against a budget of £1.032 million, while its reported pension liability rose to £310,000. The accounts explain the main risks and governance issues, including the vacant Depute Assessor post, and the independent auditor found the statements to be accurate and properly prepared.

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