Issue - meetings

Draft Core Financial Statements 2021/22

Meeting: 03/08/2022 - Governance Committee (Item 18)

18 Draft Core Financial Statements 2021/22 pdf icon PDF 151 KB

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

Additional documents:


Tony Furber, Principal Financial Accountant presented the Draft Core Financial Statements 2021/22. The report highlighted the process for the approval of the statement of accounts. It was corrected that within report it stated that the audit would be completed by the end of September, instead of November.


The draft of accounts was in an advanced state and expected to be completed and delivered to the auditors within a matter of days.


The core statements and the supporting notes had been complied, within the supporting notes included the expenditure and funding analysis.


The provision of services was a surplus of over £3.5 million, however after revaluation of fixed assets and pensions, and all that was not counted against the bottom line and the council tax. The council had a an ‘income’ of £4.579 million but a deficit of £1.043 million, which resulted in the end of year general fund reserve figure of £15.945 million.


The business rates grant exceptional payment reserve was associated to Covid funding. The council received a decrease in business rates due to discounts provided, however, the council received an increase in Section 31 grants from central government. This caused a displacement between years, and the reserves were used to fill the deficit, and as expected, the reserve was down just over £1.4 million.


The pensions deficit decreased from £55.5 million to just under £44 million. This was due 14.5 million surplus from the remeasurement of the pension fund assets.


Resolved – That the report be noted