Agenda item

Jaclyn Gibson, Chief Finance Officer:

a)    presented the Statement of Accounts for the financial year ended 31 March 2024, following substantial completion of the audit opinion

b)    reported that the Statement of Accounts for 2023/24 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 statutorily required to publish its Statement of Accounts for 2023/24 by 31 May 2024 with an audit opinion and certificate by no later than 28 February 2025

d)    noted that the Statement of Accounts for 2023/24 were still subject to final verification by external audit. The audit of accounts was being finalised by KPMG, who had commenced the audit in July. The majority of the audit work had now been completed, however, should any changes be necessary as a result of this final external audit work, these would be reported to the Chair of Audit Committee, with any material changes notified to the Audit Committee

e)    reported that the Council must make the Statement of Accounts available for public inspection for 30 working days. Following notification from KPMG, this ran from 3 June 2024 until 12 July 2024 and the external auditor was available to answer questions during this period. It was reported that no questions had been asked

f)      advised that during the completion of the external audit there were four misstatements above the threshold level of £100k, of these two misstatements had been amended in the final version of the Statement of Accounts. The unadjusted misstatements related to a valuation of a Council property which was deemed “optimistic” and the treatment of an historic transaction agreed by the Councils previous auditors. If there were any further misstatements identified as part of the completion of the external audit work, they would be reported to Audit Committee

g)    advised that the Audit Completion Report also provided a number of recommendations around internal controls that management had made comment on

h)    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 2023/24 was substantial and was in line with the Council’s Code of Corporate Governance. There were no significant governance issues that were identified for inclusion in the 2023/24 AGS

i)      presented the following aspects of the Statement of Accounts:

·       The Comprehensive Income and Expenditure Statement

·       The Balance Sheet

·       General Balances

·       Earmarked Reserves

·       Liquidity

·       Debtors

·       Creditors

·       Non-Current Assets

·       Pensions

·       Officer Remuneration

·       Borrowing

·       Investments

j)      invited questions and comments from members of the Committee.

RESOLVED that:

1)    The final Statement of Accounts 2023/24 be noted, recognising that the external audit was substantially complete.

2)    The final Statement of Accounts 2023/24 be recommended to Executive and subsequent referral to Council for approval.

3)    Any further changes to the Statement of Accounts, arising from the conclusion of the external audit be delegated to the Chief Finance Officer who would report any changes to the Chair of Audit Committee.