Agenda item

To receive the minutes of the meeting held on the 29^th July, 2020.

The minutes of the meeting held on the 29^th July, 2020 were taken as read and signed by the Chair as a correct record.

Arising out of these minutes, the following matters were highlighted:

(a)  Draft 2019/20 Statement of Accounts – Narrative Report

Further to minute 69(d), it was noted that certain items suggested for inclusion within the Narrative report to the Statement of Accounts were not included within the minutes, namely:

·         the Impact of Covid 19 on future financials

·         deliver or non-delivery of services in the future

·         new ways of working in the future for the council

·         an explanation of property valuations and disclosures of major changes

·         an explanation of the rationale for changes in pensions actuarial assumptions

·         how the Glassworks Project would or would not be impacted

Questions were also asked regarding the process to be followed between today and the date of the approval of the accounts.  It was also suggested by one Independent Member that he would be happy to look at any aspect of the annual report and accounts outside the meeting if this assisted with input into the final content.

Mr S Loach, Head of Finance, stated that the Service Director Finance (Section 151 Officer) had agreed to prepare an executive summary to the accounts which would address all the issues raised.  This would be circulated to all Audit Committee Members prior to the External Auditor reporting back on the accounts.  The decision as to whether or not this would be included within the Annual Report and Accounts had yet to be made.  No decision had been made as to when the meeting was to be held to approve the Annual Report and Accounts

A request was made for Members to be provided with information on the increase in values of land and buildings together with an explanation of material increases and decreases.  The Head of Finance stated that this information was available and was to be included within the Executive Summary to the Accounts but would also be provided separately in advance of that Summary report

(b)Material Uncertainty

Reference was made to the material uncertainty due to Covid 19 in relation to the valuations and to the fact that the Internal Valuer had flagged this in accordance with the Royal Institution of Chartered Surveyors (RICS) Red Book Guidance.  Whilst representatives of Grant Thornton were not yet within the meeting, they had indicated that they were anticipating that their opinion would draw attention to this point in common with other local authority opinions. (This was confirmed by the External Auditor Representatives once they were able to enter the meeting)