Issue - meetings

The Financial Services Manager presented the report on the Accounts Closedown 2023/24 which set out the accounting policy, actuary assumptions for the Pension Fund, materiality levels and any associated risks. The timetable to complete was similar to last year, and the draft accounts would be ready by 31 May 2024, and it was anticipated the accounts would be audited by 21 September 2024. The proposed dates had been agreed with the External Auditor. Guidance from CIPFA had been released and changes from 2022/23 were in the report and there were no major changes to note. The materiality levels had been supplied by External Auditors KPMG as discussed earlier in the meeting. The accounting policies had been reviewed and the risk assessment was at appendix 3 of the report.

Members asked if there were any foreseeable risks that could impact the deadline dates. The Financial Services Manager explained that resources and staffing could have a potential impact, but this had been mitigated by Officers being trained to cover the various areas so in this instance they could stand in and support. There were also geopolitical and other market factors that could impact the Pension Fund valuation.

The Chairman thanked the Section 151 Officer, Financial Services Manager and the finance team for their hard work.

RESOLVED That [KS1] 

a)    the proposed Accounting Policies (included at Appendix 1) be approved

b)    the pension assumptions (Appendix 2) had been considered and commented on;

c)     the risk assessment (Appendix 3) had been considered and commented on;

d)    the proposed materiality levels, as included in section 5 to the report, be approved;

e)    the key closedown dates at section 7 had been considered and commented on;

f)      the main accounting changes for 2023/24 and onwards as shown at section 2 be accepted