To approve the 2022/23 Statement of Accounts and associated letter of representation from Grant Thornton, the external auditors. 

Changes to the Statement of Accounts following the external audit are listed in the External Audit Findings Report. The Letter of Representation, attached at Appendix 2, confirms that the group and council financial statements are free of material misstatements, including omissions.

Further to the consideration of a draft at the 23 June 2023 meeting (minute 11 of 2022/23 refers), the committee received the updated 2022/23 Statement of Accounts.

The Head of Strategic Finance (HSF) introduced the report, it was noted that very few amendments had been found, all of which were minor. Attention was drawn to appendix D of the External Audit Findings Report (Page 51). The Director, Grant Thornton (DGT) had already highlighted the revaluation of Land and building assets.

In response to committee questions, it was noted:

1.     The Director of Finance and Assurance (DFA) explained that the Council does what it can to collect on debt by way of payment plans but where write off rules need to be applied, there is a formal process which is reported to this committee and cabinet.

2.     The DFA confirmed during the Covid pandemic, the Council made payments to suppliers as soon as an invoice was received as the impact on businesses’ cash flow was recognised, however this has now been reset to 30 day terms unless other terms have been agreed.

3.     The DFA verified the Council had 18M of reserves in government grants in advance most of which is held in cash so therefore he had no concerns with the Council’s cash flow.

The Chair expressed his congratulations to the DFA and HSF.

Resolved:

The 2022/23 Statement of Accounts (at Appendix 1) were approved; and the Letter of Representation (at Appendix 2) be signed by the Chief Finance Officer.