Accounts

The Department keeps the accounts of the Velocity Interoperability Network and publishes them. The accounts record every contribution assessed, every payment made from the common fund and the position of the Network at the close of each financial year. They are audited by the Audit Office of the Network, which is independent of the Department, and are published on this site within four months of the close of the year to which they relate.

The opening statement of financial position. On its first day the Department has published a statement of the position of the Network at establishment on 6 September 2026. It records the contributions received in advance by the founding members, the contributions still to be received, the assets transferred to the departments by member organisations, and the amounts owed for expenditure incurred during the transition period. The statement has been examined by the Audit Office under an interim engagement and will form the opening position of the first audited accounts.

10.30m

Credits held in the common fund at establishment

2.94m

Credits of contributions receivable, due on 30 September 2026

0.69m

Credits owed to suppliers or accrued for services received

13.67m

Credits of net assets at establishment

Cash in the common fund is the 11,550,000 credits received in advance from thirty-one members, less the 1,250,000 credits paid to suppliers during the transition period; its movements week by week are set out on that page. Contributions receivable are the transitional contributions of the eleven members that have not yet paid; all fall due on 30 September 2026 and none is in arrears. The equipment and fittings transferred in kind are chiefly the clinic equipment, laboratory fittings and office equipment that member organisations handed over to the departments on establishment.

The general fund is the difference between the 14,490,000 credits of contributions assessed for the transitional period and the 1,940,000 credits of expenditure recorded against them, as reported on the Spending page. The reserve fund stands at nil until the appropriation provided for in the transitional budget is made on 31 December 2026.

Accounting policies. The accounts are kept in accordance with the policies below, which the Department has adopted for the first financial period and will apply in every later year unless a change is notified to members with the draft budget.

Basis of accounting

The accounts are kept on the accruals basis. Expenditure is recorded when goods or services are received, not when they are paid for, and contributions are recorded when they are assessed, not when they are received.

Unit of account

The accounts are kept in credits. Where a payment is made in another unit, it is recorded at the rate applying on the day of payment and any difference is charged to the line on which the payment was made.

Contributions

A contribution is recognised in full when the assessment notice is issued. A contribution that remains unpaid ninety days after its due date is shown separately as an arrear until it is settled.

Assets transferred in kind

Equipment, fittings and records transferred to the departments by member organisations on establishment are recorded at the valuation agreed with the transferring member and shown as assets contributed in kind.

Reserve fund

Appropriations to the reserve fund are recorded on the last day of the financial year. The reserve fund is held separately from the general fund, and a drawing on it is recorded on the day it is made and reported to members within ten days.

Financial year

The accounts are closed on 31 December. The first accounts cover the period from 10 August 2026, the start of the transition, to 31 December 2026.

Closing and auditing the year. The steps below are followed at the end of every financial year. The dates are those that apply in an ordinary year; for the first period they are shown in the timeline that follows.

1. 1

   Step 1: The ledger is closed

   On 31 December the ledger is closed to new commitments. Invoices for goods and services received before that date continue to be recorded against the year to which they belong until 31 January.

2. 2

   Step 2: The common fund is reconciled

   By 15 January the Department reconciles the common fund and the reserve fund to the records of the institutions that hold them, and confirms every contribution received during the year against the assessment notices issued.

3. 3

   Step 3: Draft accounts are prepared

   By 28 February the Department prepares the draft accounts: a statement of financial position, a statement of contributions and expenditure by budget line, a statement of the reserve fund and the notes required by the accounting policies.

4. 4

   Step 4: The accounts are audited

   The draft accounts are passed to the Audit Office of the Network, which examines them during March and April and reports whether they give a true and fair account of the year and whether expenditure was incurred within the approved budget.

5. 5

   Step 5: The accounts are published

   The audited accounts and the report of the Audit Office are published on this site by 30 April and sent to every member organisation on the same day.

6. 6

   Step 6: Members question the accounts

   Any member may put questions on the accounts to the Department within thirty days of publication. The Department publishes its answers, and the accounts are then laid before the members for adoption.

The first accounts. The first accounts of the Network will cover the period from 10 August 2026, when the interim finance office opened the ledger, to 31 December 2026. The milestones of that first period are set out below.

1. 10 August 2026

   Transition period begins

   The interim finance office opens the ledger of the Network and the common fund receives its first advance contributions from 17 August.

2. 6 September 2026

   Opening statement of financial position

   The Department is established and publishes the position of the Network on its first day, as set out on this page.

3. 30 October 2026

   First quarterly statement

   The statement of expenditure for the quarter ending 30 September 2026, with the register of larger payments.

4. 31 December 2026

   Ledger closed

   The first financial period ends and the first appropriation of 1,310,000 credits is made to the reserve fund.

5. 28 February 2027

   Draft accounts prepared

   The draft accounts for the period from 10 August to 31 December 2026 are passed to the Audit Office.

6. 30 April 2027

   First audited accounts published

   The audited accounts and the report of the Audit Office are published on this site and sent to every member.

The dates on which statements and accounts are published in an ordinary year are set out on The Financial Year page. For the events that led to the establishment of the Department, see History. Questions about the accounts may be sent to contact@treasury.gov.vin.