31 Annual Report and Accounts 2015/16 (00:12:30) PDF 115 KB
To receive a report from the Head of Finance outlining the changes made to the accounts subsequent to the draft set presented to the Audit Committee at its meeting on 31 May 2016 and seeking formal approval of the finalised Accounts.
Additional documents:
Minutes:
The Committee had before it a report * from the Head of Finance outlining minor changes made to the accounts subsequent to the draft set being presented to the Audit Committee at its meeting on 31 May 2016. These were very few, not material in any way and generally related to changes in narrative and rounding’s. An additional paragraph had also been inserted as a result of Brexit and the effect that this may have on areas such as property holdings. A 10 page summary document would be produced which would be circulated to all Members and published on the website.
The Head of Finance wished to record his thanks to Grant Thornton, the external auditors, for their hard work in completing the audit to the desired timescales. This had put a strain on their resources and he wished to pass on his gratitude and thanks.
Discussion took place regarding:
· The fact that the interest referred to in section 3.5 had been achieved via a fixed interest rate.
· The detailed breakdown of Earmarked Reserves and an amount of the New Homes Bonus being retained for future programmes.
· The existence of performance data within the accounts. This had been a new requirement as well as needing to have a more detailed explanatory forward. However, for the purposes of the external auditors signing off the accounts it was requested that the performance data be removed from the final version of the accounts as that particular area had not been audited.
RESOLVED that the annual report and accounts be approved (subject to the recommendations made by the external auditor, Grant Thornton) and that the Committee formally approve and sign the letter of representation.
(Proposed by the Chairman)
Note: * Report previously circulated; copy attached to the signed Minutes.