Issue - meetings

To seek approval for the Annual Governance Statement for inclusion with the Council’s published Financial Statements, and approval of the Audited Financial Statements 2019/20 for publication (report of the Executive Director Commercialisation (S151) enclosed).

Consideration was given to the report of the Executive Director Commercialisation (S151 Officer) which sought approval for the Annual Governance Statement for inclusion with the Council’s published Financial Statements, and approval of the Audited Financial Statements 2019/20 for publication.

The draft 2019/20 Financial Statements were signed by the Section 151 Officer on 28 August 2020, and were considered by the Committee at a training session on 22 October 2020.

A small number of presentational adjustments were made to the draft Financial Statements to ensure compliance with the Code of Practice on Local Authority Accounting in the United Kingdom 2019/20.

The external audit of the Financial Statements for the year ended 31 March 2020 was now substantially complete, and the Statements were attached as Appendix A.  At the time of writing the report, there were some areas of outstanding work that the external auditors, EY LLP, were still completing, primarily due to delay relating to the availability of up to date pension fund asset values.  However, the Committee was advised that the Pension Fund Audit was now complete, a revised Pensions report had been requested for analysis to ascertain whether there had been any material changes from the version used in the accounts.  If there had been any material changes, the accounts would need to be adjusted accordingly.

Officers requested that, as the accounts were not yet complete, that recommendation 2 of the report be amended to read:

·         That the Section 151 Officer be delegated, in consultation with the Chairman of the Governance and Audit Committee, to authorise any amendments, if required, after the committee date and prior to the official signing of the Accounts.

Members requested that the recommendation be amended further to reflect the fact that the Financial Statements would not need to come back to the Committee, unless there was a material change.  Officers responded that the recommendation could be changed in this respect, and even if there were no material changes to make to the accounts, an update would still be provided to the meeting following the signing of the accounts, to provide the Committee with an update to any amendments, if any, had been made following this meeting. 

AGREED:

a)    That the Financial Statements 2019/20 (Appendix A) be approved;

b)    That the Section 151 Officer be delegated, in consultation with the Chairman of the Governance and Audit Committee, to authorise any material amendments, if required, after the committee date and prior to the official signing of the Accounts;

c)    That the Annual Governance Statement 2019/20 be approved; and

d)    That the Letter of Representation to EY (Appendix B) be signed by the Section 151 Officer and the Chairman of the Governance and Audit Committee, on the Committee’s behalf.