Agenda item

This report presents the Council Accounts for 2010/11 and the Annual Governance Report of the external auditors, Grant Thornton, which reports on their annual audit of the Council’s accounts. Report to follow

The Committee were presented with the Council Accounts for 2010/11, and the external auditors, Grant Thornton’s, audit report on the accounts. Due to the nature of the audit and the need to resolve any outstanding issues before agreement by the Committee, there was a tabled paper for Members to consider which had some changes to account details. There was also an updated version of the Annual Governance Statement enclosed which included two updated paragraphs that the Head of Audit and Risk could provide advice upon if required.

The Committee were asked to note that adherence to the new International standards for accounts had increased the volume of accounts to be included in the statement and had also led to a change in presentation of the accounts. The Committee noted that the statement of accounts also included the Alexandra Park and Palace Board accounts as required by the IFRS.

The external auditors drew attention to the following :

• That in relation to testing on contracts, they had not had sight of the framework agreements that they were connected too. However, they had seen relevant documentation and emails to be satisfied that these were in place.

• Confirmed that the Council had completed group accounts and completed the representation letter in connection with the audit of their financial statements and provided an Annual Governance Statement before the 30^th September deadline as required.

• Audit adjustments as set out on page 166 of the report were agreed with by the auditors.

Following consideration of the report ,Members agreed that the following clarifications be provided by the Head of Finance - Accounting, Control & Income

• Page 96  - Planning gains  - New River Village N8 was listed as having £1m unspent  - This was likely to be subject of section 106 agreement and agreed that further information is provided to Cllr Whyte on why this is still unspent and what plans there are for utilising these monies.

• Page 54 - Agreed that Head of Finance - Budgets, Accounting & Systems, check what is listed as a community asset and provide information to Cllr Whyte.

• Page 113 contained information on the expenditure on publicity. There was £1, 121000 listed in the category of ‘other’ and it was agreed that the detail around this expenditure would be provided. Comment was made about the suitability of this term to this category when the figures attached were 75% of the total spend.

• In relation to the information on page 152 of the report - information was requested on what the impact of the Compete For portal had been on the local SME’s.

The Chair, on behalf of the Committee, thanked officers in the Finance service and Grant Thornton for their work on the Statement of Accounts.

RESOLVED

1. That the Committee note the contents of the report, take account of the adjustments set out in the tabled papers and the information provided by Grant Thornton representatives.

2. That the Statement of Accounts 2010/11 be approved subject to any final changes required by the conclusion of the audit. This be delegated to the Director of Corporate Resources in consultation with the Chair.

3. That the Committee notes the ISA260 report of the auditors, Grant Thornton, and approves the management responses in the Grant Thornton action plan contained within the ISA260 report.