Issue - meetings

The Director of Finance, Resources and Business Improvement briefly introduced the item, stating that the Council’s 2021/22 accounts had now been audited by Grant Thornton. The relevant teams at Grant Thornton and the Council were thanked for their work in supporting the audit.

In response to questions, Ms Sophia Brown of Grant Thornton stated that:

·  The formal audit opinion would be issued later in the week once the remaining closing procedures were completed;

·  Since July 2023, the Property, Plant and Equipment (PPE) valuations for temporary housing accommodation had been uplifted by £4.9 million after the required information was provided in October 2023; the revised IAS 19 report showed an overall reduction in the Council’s net pension liability of just under £7.5 million, and the heritage asset valuation had been increased by £2.9 million; and

·  The adjustments made to the PPE, heritage assets and pension liability were balanced sheet related adjustments only.

The joint Value for Money report was still being produced for the 2021/22 and 2022/23 financial years. As Grant Thornton were focused on issuing the formal opinion on the statement of accounts for 2021/22, the report would not be available until the new year.

In response to the delay in receiving the statement of accounts for 2021/22, the Committee requested that Grant Thornton provide further information on how they intended to complete future audits, with a particular focus on valuations, by the end of the calendar year if possible. This could include the lessons learnt in providing assurance to the authority that finalised accounts would be provided by any deadline imposed by Central Government.

The Cabinet Member for Corporate Services was requested to highlight the context to finalising the Council’s accounts to the Full Council.

RESOLVED: That

1.  The audited Statement of Accounts for 2021/22 be approved;

2.  The following be noted:

a.  The external auditor’s Audit Findings Report; and

b.  The Letter of Representation.