Agenda item

In accordance with the Accounts and Audit (Amendment) Regulations 2022 the council must consider and approve its 2021/22 Statement of Accounts no later than 30 November 2022. The audit of the 2021/22 Accounts has now been fully completed. The final audit findings in relation to the audit of the 2021/22 Statements of Account are set out in Grant Thornton’s Audit Findings report.

Appendix 2 to follow.

In accordance with the Accounts and Audit (Amendment) Regulations 2022 the the audit of the 2021/22 Accounts has now been fully completed. The final audit findings in relation to the audit of the 2021/22 Statements of Account are set out in Grant Thornton’s Audit Findings report.

The Interim Chief Financial Service Officer (CFSO) advised that committee that the 2021/22 accounts had been reported to the committee on 21 September 2022 and at that time, the accounts were still subject to audit and also delayed due to the national infrastructure issues, which has now been resolved. The final version of the draft 2021/22 accounts had been signed and published on 23 January 2023. The Interim CFSO advsed the committee that the Chairman and S151 Officer would be required to sign the Letter of Representation and other pages of the accounts at the conclusion of the meeting if the item was approved.

The audit of the 2021/22 was now complete and Grant Thornton were in a position to present their final audit report and opinion.

Grant Thornton advised that there had been some minor adjustments by Auditors but once signed off then they will end the audit of accounts for this year with an un-qualified (un-modified) opinion.

Grant Thornton explained that matters raised by local electors are still being considered but do not form an opinion of the accounts but any significant issues will be considered where appropriate.

The Interim CFSO advised the committee that there had been no adjustments required to the accounts that reduced the council’s useable reserves or balances. The majority of audit adjustments had been reclassifications with the main adjustment being an impairment for a loan to Otterpool Park LLP of £712k, but again this adjustment had not impacted upon useable reserves or balances.

Due to the size of the accounts item on the agenda, a 2 page Briefing Note had been provided to committee members to highlight any key items or changes to the accounts.

Grant Thornton informed that their anticipated audit report opinion will be unmodified.

They paid particular attention to the following:

Value for Money (VFM) arrangements where weaknesses were identified in respect of breach in council’s contract management and procurement arrangements and this will be revisited in Grant Thornton’s work for 2022-23.

It is also noted that the Council acted swiftly to address some of the issues raised and these can be found within the documents provided.

Appendix C Audit Adjustments no change other than to note VFM above.

A number of improvement recommendations were reported in respect of financial stability, governance and economy, efficiency and effectiveness these can be found within the documents provided.

Grant Thornton’s key recommendation asked that the Council fully action the recommendations set out by Internal Audit and although no definitive timeframe has been set to complete this work it must be noted that an action plan has already been produced by officers, with a number of actions already been completed.

A follow up report will be brought to the committee in due course.

The Chairman and S151 Officer will sign off the accounts once approved today.

Proposed by Councillor Patricia Rolfe

Seconded by Councillor Shoob and

Resolved:

1. To consider Grant Thornton’s final 2021/22 Audit Findings report (ISA 260) on the 2021/22 Statement of Accounts.

2. To consider Grant Thornton’s 2021/22 Annual Report on Value for Money.

3. To receive and approve the audited 2021/22 Statement of Accounts.

4. To note and approve the 2021/22 Letter of Representation.

(Voting: For 3; Against 0; Abstentions 2)