Agenda item

The Committee considered a report of the Corporate Director of Resources which presented the draft Statement of Accounts for the year ended 31 March 2023 (for copy see file of minutes).

The Chair congratulated the Finance Manager and her team on behalf of the Audit Committee for their hard work in preparing the accounts and meeting the statutory reporting deadlines. It was hoped that the external audit process would run as smooth for the accounts to be fully signed off by 30 September 2023 in line with previous years.

The Corporate Director of Resources added that the team had worked long hours and worked very hard to prepare the accounts within the statutory deadlines, which was an enormous achievement. He referred to a recent article in the press stating that last year only 30% of authorities in the Country had their accounts signed off by the deadline. Durham was one of those authorities. It was understood that only 25% of the authorities in the North East region had prepared and published their draft 2022/23 accounts by 31 May 2023.

Members commented that the narrative and glossary of terms used in the accounts were helpful and aided a better understanding.

Responding to a query regarding any liabilities in relation to contracts with a construction company currently in administration, the Corporate Director of Resources advised that a contingent liability was included in the statement of accounts, however it was not referenced in the narrative statement as it was not considered a material financial liability for the Council as this was largely a matter for the developer and the contractor. Fortunately, the building was largely completed at the time of the administration event, which had limited the issues.

Resolved:

That the Draft Statement of Accounts for the County Council for the financial year ended 31 March 2023 be noted.