Issue - meetings

Report of Assistant Director of Finance (Section 151 Officer)

Purpose of report

To ask the Committee to note the final 2022/23 Statement of Accounts and the changes that have been made since the draft version which was brought to the Committee at its March 2024 meeting.

Recommendations

The Accounts, Audit and Risk Committee resolves:

1.1     To note the final 2022/23 Statement of Accounts (Appendix 1) and the associated changes between draft and final version

Resolved

(1)            That the final 2022/23 Statement of Accounts and the associated changes between draft and final version be noted.

The Assistant Director of Finance submitted a report on the 2022/23 Final Statement of Accounts.

In introducing the report, the Head of Finance advised the Committee that this was the final version of the accounts and that some changes had been made to the draft set of accounts that were presented to the Committee its meeting on the 20 March 2024. The most significant change was the downward valuation of the Council’s property by £1.43M which had not been included in the draft accounts. The Committee was assured that procedures had been put in place to prevent this happening again. The Committee was advised that whilst the change led to amendments to the Statement of Accounts, it did not impact on the General Fund balance.

In response to questions from the Committee regarding the downward valuation of property, the Head of Finance confirmed that this was likely due to lower than anticipated rental yields being achieved from these assets.

In response to a question regarding the level of Audit fees being charged by EY, the Council’s External Auditor for the 2022/23 Statement of Accounts, the Assistant Director of Finance explained that the cost was subject to review by the Public Sector Audit Appointments (PSAA) and therefore that this may be reduced. The Committee was advised that any reduction in fees would be potentially offset by work required on the opening balances for the 2023/24 accounts alongside increased fees for the year.

Resolved

(1)            That the final 2022/23 Statement of Accounts and the associated changes between draft and final version be noted.