Agenda item

Colleen Warren, Financial Services Manager:

a.    presented the Statement of Accounts for the financial year ended 31 March 2020, together with a short summary of the key issues reflected in the statutory financial statements for scrutiny as detailed at Appendix A to her report

b.    reported that the Statement of Accounts for 2019/20 provided a comprehensive picture of the Council’s financial circumstances and were compiled to demonstrate probity and stewardship of public funds

c.    reported that the Council was normally statutorily required to publish its Statement of Accounts for 2019/20 with an audit opinion and certificate by no later than 31 July 2020, however, following the COVID-19 pandemic the statutory dates were relaxed with publication of the accounts required by 31 August and an audit opinion and certificate required by 30 November 2020

d.    highlighted the Statement of Accounts for 2019/20, at the time of writing this report were still subject to conclusion of the external audit by the Councils external auditors Mazars. and that  Mazars would attend the Committee to provide an update on audit progress

e.    reported that any further changes required to the Statement of Accounts, arising from the conclusion of the external audit would be agreed by the Council’s Chief Finance Officer and reported back to the Chair of Audit Committee, and would be included in the Statement of Accounts to be submitted to Executive and Council for final approval.

f.     reported that the Council must make the Statement of Accounts available for public inspection for 30 working days, following notification from the Council’s external auditors, this ran from 1 September 2020  until 15 September 2020 and during this period the external auditor would be available to answer questions

g.    reported that the Council was required to provide a documented annual review of the effectiveness of its governance arrangements which sat alongside the Statement of Accounts, known as the Annual Governance Statement, the overall level of assurance provided in 2019/20 was substantial and was in line with the Council’s Code of Corporate Governance

h.    noted, that in relation to IT Disaster Recovery there remained one action outstanding from 2018/19, and this would be regularly reported by management to Audit Committee.

i.      added that in respect of 2019/20 there were two additional significant issues identified, the Review of the Impact of Coronavirus on the Councils service delivery and embedding new ways of working and Vision 2025 that need to be re-profiled and communicated to a wider audience in the light of COVID-19, these also would be regularly reported by management to Audit Committee

(g)       presented the following aspects of the Statement of Accounts:

·         Comprehensive Income and Expenditure Statement;

·         Balance Sheet;

·         General Balances;

·         Earmarked Reserves;

·         Liquidity;

·         Debtors;

·         Creditors;

·         Non-Current Assets;

·         Pensions;

·         Officer Remuneration;

·         Borrowing;

·         Investments.

(h)       invited members’ questions and comments.

Members commented on paragraphs 2.5 and 7.1 of the report as well as the recommendation. This was agreed by officers to be amended accordingly.

RESOLVED that:

1.    The dates at paragraph 2.5 of the report be amended to reflect the consultation period

2.    The risk implications be amended by officers to reflect the effects of Covid-19/credit and market risk

3.    The recommendation be amended to “the Audit Committee are invited to scrutinise the statement of accounts”

4.    The report be brought back to Audit Committee in November

5.    The Statement of Accounts be recommended to Council for approval on a date to be confirmed, with any further changes to the Statement of Accounts arising from the conclusion of the external audit being delegated to the Chief Finance Officer who would report any such changes to the Chair of Audit Committee.