Issue - meetings

This report presents an unaudited set of Accounts for 2024/25 in the format specified by the Code of Practice on Local Authority Accounting in the United Kingdom.

The report of the Director of Finance and Transformation presented an unaudited set of Accounts for 2024/25 in the format specified by the Code of Practice on Local Authority Accounting in the United Kingdom.  Attention was drawn to the Statement of Accounts attached at Annex 1 to the report.

The final contribution to the General Revenue Reserve was in the region of £1.1m, which represented a positive variation of £43k.  This was predominantly due to the levels of investment income that were able to be achieved over the last year alongside higher levels of income from other Council sources. 

The Council’s net worth increased by £15.2m in 2024/25 due to a number of factors, significantly the £3.2m reduction in pension liability due to asset returns having been higher than expected and the increase of heritage asset values by £4m based on the Council’s insurance valuations for the year. 

Overall there had been an increase in the value of the Borough Council’s Assets, however, it was noted that the Council’s investment properties had decreased slightly since last year.

During discussion, it was noted that despite the wider backlogs in Local Authority Accounting and Audits, the Borough Council’s Accounts were finalised by 31 May 2025, allowing the Council to benefit from an earlier External Audit, which had already commenced and was making good progress, with an aim for the Accounts to be signed off by the External Audit ahead of the next meeting of the Audit Committee in September 2025.

It was proposed by Councillor Cannon (Chair), seconded by Councillor Hood and the Audit Committee

RESOLVED:  That

(1)          the enclosed unaudited set of Accounts for 2024/25 [Annex 1], be noted and endorsed; and

(2)          the Statement provided by the Director of Finance and Transformation [Annex 3] in support of assertions made in the Statement of Responsibilities for the Statement of Accounts, be noted.