Agenda

Governance, Risk and Audit Committee - Thursday, 12th February, 2026 2.00 pm

Venue: Council Offices, Holt Road, Cromer, NR27 9EN

Contact: Democratic Services  Email: democraticservices@north-norfolk.gov.uk

Items
No. Item

1.

TO RECEIVE APOLOGIES FOR ABSENCE

2.

SUBSTITUTES

3.

PUBLIC QUESTIONS

To receive public questions, if any.

4.

ITEMS OF URGENT BUSINESS

To determine any items of business which the Chairman decides should be considered as a matter of urgency pursuant to section 100B(4)(b) of the Local Government Act 1972.

5.

DECLARATIONS OF INTEREST pdf icon PDF 721 KB

Members are asked at this stage to declare any interests that they may have in any of the following items on the agenda. The code of conduct for Members requires that declarations include the nature of the interest and whether it is a disclosable pecuniary interest.

6.

MINUTES pdf icon PDF 266 KB

To approve as a correct record, the minutes of the meeting of the Governance, Risk & Audit Committee held on the 10th of December 2025

7.

2024/25 EXTERNAL AUDIT OF THE FINANCIAL STATEMENTS pdf icon PDF 1 MB

To review the external audit of the financial statements for 2024/25.

8.

DRAFT STATEMENT OF ACCOUNTS 2024/2025 pdf icon PDF 221 KB

To review the Draft Statement of Accounts for 2024/2025 and for the Committee to delegate authority for the Chair to sign.

 

           

Updated Draft Financial Statements 2024/2025

Executive Summary

The draft Statement of Accounts 2024/25 was presented to the Committee on 9 September 2025. This report seeks approval of the audited Statement of Accounts, reflecting completion of the external audit.

Options considered

 

Option 1 – Approve the Statement of Accounts (recommended)

 

That delegated authority is given to the Chair of the Governance Risk and Audit Committee to approve the final audited Statement of Accounts for 2024/25, enabling statutory sign-off and publication.

 

Option 2 – Do not approve the Statement of Accounts

 

Would delay statutory approval and publication of the Statement of Accounts, and risk non compliance with the statutory backstop date for publication.

Consultation(s)

Section 151 Officer

Recommendations

 

Option 1 – Approve the Statement of Accounts

 

That delegated authority is given to the Chair of the Governance Risk and Audit Committee to approve the final audited Statement of Accounts for 2024/25, enabling statutory sign-off and publication.

.

Reasons for recommendations

 

Approval of the Statement of Accounts enables statutory sign-off and publication and confirms the Committee’s oversight of the audited financial statements for 2024/25.

 

Background papers

 

Draft Statement of Accounts 2024/25 presented to the Governance, Risk and Audit Committee on 9 September 2025.

 

Additional documents:

9.

ANNUAL GOVERNANCE STATEMENT pdf icon PDF 128 KB

To review and accept the Annual Governance Statement and the Committee to delegate authority for the Chair to sign.

 

           

Updated Annual Governance Statement 2024/2025

Executive Summary

The Annual Governance Statement was previously presented to the Committee in draft form on 9 September 2025. This report seeks approval of the updated Annual Governance Statement, reflecting the updated position.

 

Options considered

 

Option 1 – Approve the Annual Governance Statement

 

Approves the updated Annual Governance Statement for 2024/25, reflecting completion of the audit process and enabling statutory sign-off of the Statement of Accounts.

 

Option 2 – Do not approve the Annual Governance Statement

 

Would delay statutory approval and publication of the Annual Governance Statement and the Statement of Accounts.

Consultation(s)

Section 151 Officer

Monitoring Officer

Chief Executive

 

Recommendations

 

Option 1

 

That the Committee approves the Annual Governance Statement for the year ended 31 March 2025, to be signed by the Chief Executive, and leader of the Council.

Reasons for recommendations

 

Approval of the Annual Governance Statement enables statutory sign-off and publication and confirms the Committee’s oversight of the governance matters identified during the 2024/25 audit and the actions in place to address them.

Background papers

 

None

 

Additional documents:

10.

TREASURY MANAGEMENT STRATEGY pdf icon PDF 415 KB

To review the Annual TMS and recommend to Full Council for approval

 

           

Treasury Management Strategy Report 2026/27

Executive Summary

This report sets out the Council’s Treasury Management Strategy for the year 2026/27. It sets out details of the Council’s Treasury Management activities and presents a strategy for the prudent investment of the Council’s resources. It also sets out the Council’s approach to the deployment of capital resources in meeting the Council’s overall aims and objectives.  

 

Options considered

 

No other options considered. It is a requirement that the Treasury Management Strategy report must be approved by full Council each year in advance of the new financial year to ensure the Council is compliant with the CIPFA Treasury Management, CIPFA Prudential Codes and guidance issued by the Ministry of Housing, Communities & Local Government (MHCLG).

 

Consultation(s)

Portfolio Holder

Section 151 Officer

 

This report has been prepared with the assistance of Link Treasury Services, the Council’s Treasury Management advisors.

 

Recommendations

 

To recommend to Full Council that the Treasury Management Strategy 2026/27 is approved.

 

Reasons for recommendations

 

Approval by Full Council demonstrates compliance with the Prudential Codes to ensure.

 

·        A flexible investment strategy enabling the Council to respond to changing market conditions.

·        Ensure compliance with CIPFA and MHCLG guidance.

·        Confirming capital resources available for delivery of the Council’s capital programme.

 

It is a requirement that any proposed changes to the prudential indicators are approved by Full Council.

 

Background papers

 

The Council’s Treasury Management Strategy 2025/26.

 

CIPFA Prudential Code (Treasury Management in the Public Services: Code of Practice 2021 Edition).

 

CIPFA Prudential Code (Capital Finance in Local Authorities: Code of Practice 2021 Edition).

 

 

Additional documents:

11.

GOVERNANCE, RISK AND AUDIT COMMITTEE UPDATE AND ACTION LIST pdf icon PDF 206 KB

To monitor progress on items requiring action from the previous meeting, including progress on implementation of audit recommendations.

12.

GOVERNANCE, RISK AND AUDIT COMMITTEE WORK PROGRAMME pdf icon PDF 197 KB

To review the Governance, Risk & Audit Committee Work Programme.

13.

EXCLUSION OF THE PRESS AND PUBLIC

To pass the following resolution, if necessary:

 

“That under Section 100A(4) of the Local Government Act 1972 the press and public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as defined in paragraph _ of Part I of Schedule 12A (as amended) to the Act.”