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 2021/22 for publication (report of the Deputy Chief Executive – Corporate Development (S151) enclosed).

Consideration was given to the report of the Deputy Chief Executive – Corporate Development (S151) which sought approval for the Annual Governance Statement for inclusion with the Council’s Financial Statements, and approval of the Audited Financial Statements 2021/22 for publication.

The Chief Finance Officer (PSPS) introduced the report and highlighted the following points:

• The production of the Audited Financial Statements 2021/2022 had been delayed due to the following:
  • Delays in the audit process;
  • Additional requirements resulting from the 2022 Lincolnshire Pension Fund Triennial Valuation;
  • A requirement to review the valuation assumptions used for Council Dwellings; and
  • The disclosure for the alternative representation of PSPS within the Council’s core statements;
• The Audited Financial Statements 2021/2022 had been presented to the Governance and Audit Committee in March 2023 with a recommendation that, subject to ‘no material changes’, delegated authority be granted to the Chairman of the Governance and Audit Committee and the Section 151 (S151) Officer to approve any amendments. The amendments in the report had been ‘material’ and therefore it was necessary that the statements came back to the Committee, alongside the 2021/2022 Audit Results Report (agenda item 6), for approval.
• Some minor grammatical changes had been made to the Letter of Representation at Appendix B and an amended version was circulated to members at the meeting.

Members considered the report and made the following comments:

• Members noted alterations and reallocation of monies which reflected the adjusted scope of Portfolio Holder responsibilities, and it was therefore prudent for the Committee to consider the overall position rather than individual lines;
• Members stated that the 11 September 2023 ‘Statement of Accounts’ overview session was very useful and assisted greatly with their understanding of the Audited Financial Statements 2021/2022;
• Members praised the Finance team for the production of the Financial Statements and acknowledged the extra complexities involved which had resulted from:
  • the separation from Breckland District Council;
  • the creation of the new partnership (S&ELCP); and
  • Covid monies.
• Members referred to page 3 of the report regarding the ‘self-service nature of financial/service management in all operations’ and stated that this highlighted the importance of scrutiny and accountability.
• Members noted that the report referred to South Holland District as a ‘high quality living area’ which was contradicted in the Risk Register and that some areas of the district experienced a high level of deprivation.

AGREED:

That the Governance and Audit Committee:

a)    Approved the Financial Statements 2021/22 (Appendix A);

b)    Authorised the S151 Officer, in consultation with the Chairman of the Committee, to approve any amendments if required, after the Committee date and prior to the official signing of the Accounts.

c)     Approved the Annual Governance Statement 2021/22; and

d)    Reviewed the letter of representation to EY (Appendix B), and if it agreed, approved the S151 Officer and the Chairman to sign on its behalf.