Agenda item

To review and approve the 2019/20 Final Statement of Accounts.

The Director of Resources and S151 Officer, introduced this item. He explained that the accounts presented to members were for 2019/20. He apologised for the lateness of the report and said that the Finance Team had been working hard with the Auditors to address the backlog and he was pleased to now present the Statement of Accounts for 2019/20 to the committee. He said that it included the External Auditor’s report for 2019/20 and the Letter of Representation. He added that an updated version of the Annual Governance Statement 2019/20. This had been slightly amended following discussion with the Auditors. He then said that there had been no unadjusted mis-statements, which was a positive outcome.

Before providing an overview of the Statement of Accounts for 2019/20, the Director for Resources updated members on the schedule for upcoming audits. He said that audit for 2020/2021 was scheduled for July 2022 and the audit for 2021/2022 was due for February 2023. At this point, the delays would have been addressed and the schedule would be back on track.

The Director for Resources then explained that the accounts were produced in line with the CIPFA LASAAC Code of Best Practice. He said that discussions continued as to how the Council could make the accounts more accessible and easier to understand for the public, as the document was lengthy and quite complex in parts. He added that it was a prescriptive format and the Council was limited as to how it could change the layout and presentation. There was a narrative report at the start of the document, which was prepared by the Director for Resources and which provided a commentary on the Council’s financial performance for the year. There was also a Statement of Responsibilities which was signed by himself and the Chairman of the Committee. He then outlined the key elements of the narrative statement and spoke about the core financial statements, briefly explaining each section.

The Chairman invited members to speak:

Cllr A Brown asked about gender pay balance and whether the Council was comfortable with the current position and if any contingency funds should be set aside. The Director for Resources replied that he was satisfied with the current situation. There was a robust job evaluation process in place which reviewed the equality of the job based on any requirements of the role rather than gender issues. He added that there was capacity within the general reserve to provide any funding if required but he did not anticipate this being needed.

Cllr S Penfold asked about pension funds. He asked about investments of the fund, particularly links to Russian state owned ventures. The Director for Resources confirmed that the pension fund was managed by Norfolk County Council and said that they were currently reviewing investments and any links to Russia. He said that he would share any updates on this with the Committee.

Cllr N Dixon asked about background. He said that in the past, the committee had undertaken training before considering the accounts and he queried whether this had taken place this time. The Director for Resources replied that it had taken place on this occasion due to a number of staff shortages within the Finance Team. He said that training could be provided ahead of the review of the next set of accounts in July 2022. The Chairman added that the committee was small and well established and he felt that they were well trained in such matters.

The Chairman advised members that the recommendations would be taken at the end of the meeting, once all of the relevant matters had been considered.