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Statement of Accounts 2018-19

Minutes:

The Interim Group Manager Chief Accountant submitted a report which presented the final Statement of Accounts for 2018-19, which is now due to be certified by the Council’s external auditors, Wales Audit Office (WAO) and the associated Letter of Representation of the Council.  He informed the Committee that the WAO will update the Committee on their main findings from the audit, summarise the audit work carried out for the 2018-19 financial year and present their Audit of Financial Statements Report, which requires the appointed auditor to report those key findings to those charged with governance. 

 

The Interim Group Manager Chief Accountant reported on a number of amendments required to the accounts, including pensions amendments as a result of a recent Supreme Court pensions case ruling; reclassification amendments and a number of exit package amendments.  The Interim Group Manager also noted a number of asset valuation amendments which were identified during the interim audit but which had already been amended in the pre-audit Statement of Accounts presented to Committee in June.    He also noted that a number of notes to the accounts were amended that did not affect the core financial statements or the financial position of the Council.  Details of the amendments were contained within the Auditor’s Report.

 

The Financial Audit Manager, Wales Audit Office informed the Committee that the Wales Audit Office is to issue an unqualified and clean audit certificate, the accounts will be certified on 13 August 2019.  He also informed the Committee that the quality of the accounts are good and there has been a good level of engagement with officers.  Since the signing of the unaudited Statement of Accounts by the Responsible Financial Officer and their presentation to the previous meeting of the Audit Committee, the external audit has taken place, resulting in a number of amendments being made to the financial statements.  He highlighted recommendations arising from the 2018-19 financial audit work.  He stated that the McCloud Judgement in relation to public sector pension reforms which amounted to direct age discrimination being unlawful, had resulted in a revised pensions actuary report being sought, requiring amendments to the cost of services within the Comprehensive Income and Expenditure Statement of £8.24M along with an associated increase in the Pensions Liability and Pensions Reserve in the Balance Sheet.  This has been reflected through the Movement in Reserves, cash flow statement and associated notes to the accounts.  He stated that the UK Government is looking at introducing changes to public sector pensions.    

 

The Financial Audit Manager also informed of the early closure project, which, from 2021 requires the accounts be approved by Committee and the Auditor by 31 July.  He requested that consideration be given to holding an Audit Committee on 30 July 2020.

 

The Committee requested that reference to Wales being described as a Principality be removed from the narrative of Bridgend as a Place.  

 

The Chairperson on behalf of the Committee thanked officers in the Finance Department for meeting the stringent timescales in producing the Statement of Accounts.

 

The Financial Audit Manager informed the Committee of the Porthcawl Harbour Annual Return for the year ended 31 March 2019, it was the intention of the Wales Audit Office to issue an unqualified certificate for the accounts and there no matters in respect of the opinion to be drawn to the attention of the Committee.

 

RESOLVED:           That the Committee:

 

(1)  Approved the audited Statement of Accounts 2018-19 and amendments therein;

(2)  Noted the appointed auditor’s Audit of Financial Statements Report;

(3)  Noted and agreed the Final Letter of Representation to the Wales Audit Office. 

Supporting documents:

 

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