To ask the Audit and Governance Committee to note, and comment on as appropriate, the draft, unaudited, Statement of Accounts for 2021/22.

The Director of Resources and Assurance introduced the report, the key points included: the draft Statement of Accounts had been published on the council’s website; the statement and supporting information had been passed to Grant Thornton for auditing purposes; there would be a period for the exercise of public rights in relation to the inspection of, and asking questions about, the accounts; and the final accounts would be presented to the committee for approval in due course.  The Director added that: Councillor Nigel Shaw had indicated an intention to submit questions on the accounts; and the finance team had identified typographical errors which would be corrected.

The following points were made in response to questions from committee members:

i.             With attention drawn to the significant movement in unusable reserves (£177.6m at 31 March 2022, compared to £122.4m at 31 March 2021), the Director advised that the unusable reserves were linked to a range of funds, such as the pension reserve and revaluation reserve, and undertook to provide a paper for committee members.  In response to a further question, the Director outlined arrangements in relation to the Local Government Pension Scheme, including the position for interim employees, and agreed to provide further details in the paper.

ii.            The differences between useable and unusable reserves were explained.

iii.          It was noted that precepting authorities could borrow without providing an asset as security through the Public Works Loan Board lending facility.

iv.          Further details were provided about the arrangements for the public inspection of the accounts and the subsequent reporting to the committee by the external auditor on the position with any queries.

It was suggested that any questions to be submitted by Councillor Nigel Shaw and the responses of the Director of Resources and Assurance be attached as an appendix to the minutes.

RESOLVED:

That the draft, unaudited, Statement of Accounts for 2021/22 be noted.

Action(s):

Action 169:     That the Director of Resources and Assurance provide a paper on the increase in unusable reserves and on the Local Government Pension Scheme.

Action 170:     That the questions to be submitted by Councillor Nigel Shaw and the subsequent responses of the Director of Resources and Assurance be attached as an appendix to the minutes.