Issue - meetings
Statement of Accounts 2012/13 - Audit Report and Approval
Meeting: 26/09/2013 - Audit Committee (Item 5)
5 Statement of Accounts 2012/13 - Audit Report and Approval PDF 91 KB
To approve the Statement of Accounts for the financial year ended 31st March 2013, having regard for the auditor’s Annual Governance Report.
Additional documents:
Minutes:
The Acting Corporate Director Resources and Chief Accountant, Resources presented the report which detailed the Authority’s accounts for the year ending 31 March 2013. The Corporate Director Resources thanked KPMG for their work on the statement of accounts and advised the Committee that information reported was in accordance with CIPFA guidance. He also noted that there had been no substantive changes to the draft accounts tabled at June Audit Committee.
In response to Member’s questions, the following matters were discussed:
Potential liability and potential consequences of risk relating to the transfer of tenanted and leasehold properties to other landlords:
- Members were advised potential liability could not be quantified presently; however the Director of D&R would provide a written response on the potential risks relating to transfer of this kind.
Fees paid to pension fund investment managers:
- Members were advised that:
o fees were paid to each of the managers engaged. Normally these were administered as a charge within the investment; however GMO applied its fees separately.
o managers’ fees were not generally published however the matter would be reviewed as part of the fund triennial evaluation.
Tax liable on investment Income derived from foreign tax investments:
· the Committee was advised that tax was a matter for Governments of countries where the investments were held; therefore no UK tax was liable on these funds.
Whether the value of the Henry Moore statue was incorporated into the sum of heritage assets held by the Council:
· the Committee was informed that the figure published was for total artworks held by the Council with a material value and based on book value. For accounting purposes, either this value or an insurance valuation could be applied. These assets had recently been valued by art experts as it was normal for such valuations to be periodically reviewed, however as there isn’t an active market for such specialist items, there could to be a difference between a potential sales value quoted by a specialist and a suitable book value for the accounts.it will be important that officers agree an appropriate valuation approach with auditors.
Actions by:
Kevin Miles, Chief Accountant – Resources
RESOLVED:
- That the Statement of Accounts for the financial year ended 31st March 2013 be approved having regard for the auditor’s Annual Governance Report.
- That the Chair of the Committee, if the auditor identifies any significant issues, be delegated authority to approve any subsequent amendments to the statement of accounts that may be necessary as a result of further audit work
- That the Chief Financial Officer will brief members of the committee, on any such amendments and if necessary prepare a formal report for presentation at the next meeting of the Committee