To provide an update on progress made against the 2025/26 statutory accounts workplan and present the accounting policies and estimates which inform the financial statements.

The Head of Strategic Finance (HSF) introduced the report the purpose of which was to provide an update on progress made against the 2025/26 statutory accounts workplan and present the accounting policies and estimates which informed the financial statements. The following principal points were noted.

·       The council is on target to produce the draft statement of accounts by the 31 May 2026 and to be brought before the committee on 9 June 2026 for approval.

·       Attention was drawn to appendix 1, which set out the accounting policies used in the Statement of Accounts. One key policy had changed in relation to the revaluation of property, plant & equipment (PPE) which would now take place once every five years on a rolling basis with indexation being used in the intervening years.

·       Appendix 2 outlined the estimates and professional judgements applied in preparing the accounts, including those related to the PPE valuation changes. All estimates and judgements are subject to review by the council’s external auditors, Grant Thornton.

·       The statutory deadline to publish the unaudited accounts is 30 June 2026 and the deadline to publish the audited accounts is 31 January 2027. The team were on track, meeting all internal timelines and preparing well for audit.

·       The final audited accounts and the audit opinion are planned for the 29 September 2026 committee.

Resolved

That the committee deems the arrangements for the preparation of the 2025/26 statutory accounts as satisfactory; and approved the accounting policies.