Issue - meetings

To receive and consider the report of the Director of Finance.

Louise Mattinson, Director of Finance presented her report which presents the audited Statement of Accounts for 2020/21 for approval.

There have been a small number of material changes to the Statement of Accounts from the draft version published on 15 October 2021. These relate to asset classification and valuations and offsetting adjustments between Short Term Debtors and Creditors, so the underlying financial position of the Council, its financial performance for the year and levels of Usable Reserves, are unaffected. The material changes are:

·         Amounts totalling £1.695m have been reclassified within Note 20, from Prepayments to Trade Receivables.

·         A prepayment of deficit recovery costs of £883k to the Lancashire Pension Fund, which had been classed under Short Term Debtors has now been offset against the outstanding Pensions Liability.

Members were advised that the Appointed Auditor anticipates providing the Council with an unmodified audit report.

Resolved:

That the Committee approve the audited Statement of Accounts for 2020/21 (Appendix A), subject to any amendments which in the opinion of the Director of Finance (Section 151 Officer) are minor in nature, such minor amendments to be defined as non-material to the financial position of the authority. The Director of Finance will exercise this delegation in consultation with the Chair of Governance Committee. In the event that the Director of Finance is of the opinion the amendments are material to the financial position of the authority, Governance Committee will be reconvened to approve the new Statement of Accounts.