Agenda item

Approval of Statement of Accounts 2021/22 and 2022/23

Minutes:

Carolyn Haynes (Acting Head of Finance) introduced the report and highlighted the following points:

 

a)    The changes to the accounts reflected changes which had been put through in relation to previous audit findings for 2019/20 and 2021 accounts;

b)    Changes had also been made to reflect the change in accounting treatment of the pension transaction in 2019/20, to move it from being a Capital Transaction to a Revenue Transaction;

c)    There was a negative working fund balance, however this would be resolved when the Capitalisation Directive was received;

d)    Associated Minimum Revenue Provision and Associate Reserve Movements had been removed in relation to the pension transaction;

e)    Changes had been made for the accounting treatment of the interest rate swap which was previously treated as a hedge transaction;

f)     Amendments had been made to the notes on Heritage Assets to include items below £100,000 and the special books collections;

g)    Corrections had been made to Property Plant and Equipment, arising from making annual depreciations charges on material assets values as at the 31 March.

 

The Chair reiterated:

 

h)     The Committee’s frustration at the lateness of the reports;

i)     That Committee members had not had appropriate time to consider the reports;

j)     He was putting the recommendations forward with reservations, but was reassured by officers.

The Committee agreed:

1.    To approve the Statement of Accounts for 2021/22 attached as Appendix A and the Statement of Accounts for 2022/23 attached as Appendix B. This was a Statutory Requirement, the Account and Audit Regulation 2015 required the accounts to be:


i) Considered by Committee;

ii) Approved by Committee resolution;

iii) Signed and dated by the person presiding at the Committee;

2.    To delegate authority to the Section 151 Officer in consultation with the Chair of Audit and Governance Committee to sign the letters of representation to Grant Thornton LLP for the Council and to sign the accounts;

3.    To note the amendments to the 2021/22 and 2022/23 accounts and that they would not be subject to an external audit but would instead be subject to the provision of the backstop legislation and were anticipated to be finalised before 13 December 2024;

4.    To consider the contents of the Audit Opinions for the Council (Appendices C and D); and

5.    The Letters of Representation attached as Appendix E & F were authorised and submitted to the Auditor.

 

Supporting documents: