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  • Issue - meetings

    STATEMENT OF ACCOUNTS 2022/23 (Subject to Audit)

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    Meeting: 07/09/2023 - Governance and Audit Committee (Item 8)

    8 STATEMENT OF ACCOUNTS 2022/23 (Subject to Audit) pdf icon PDF 121 KB

    To receive and note the Council’s Statement of Accounts (subject to audit) for 2022/23.

    Additional documents:

    • Statement of Accounts 2022-23 (subject to audit), item 8 pdf icon PDF 2 MB

    Decision:

    DECISION:

     

    To accept the Council's Statement of Account (subject to audit) for 2022/23.

     

    Minutes:

    The Cabinet Member for Finance took the opportunity to thank all staff at the Finance Department for their commitment to ensure that the Council's (draft) Accounts Statement had been submitted to Audit Wales since the end of June, and this within a very short period. He gave members an update on their responsibilities and thanked them for the good collaboration.

     

    The Assistant Head of Finance Department - Accountancy and Pensions explained that the accounts would usually be submitted before the summer, but as there had been no Committee meeting in June, this was the first opportunity to submit them. It was added that there had been an extension again this year to the statutory timetable to audit accounts, with the intention of completing the audit and this Committee approving the accounts in December.

     

    Members were reminded that the end of year financial position for 2022/23 had been submitted to the Committee o 25 May in the form of a simple out-turn report, but the Statement of Accounts, for external and governance purposes, had to be completed in CIPFA standard form. It now appeared as a lengthy and technically complex document.

     

    The content of the report was reported upon explaining that six sets of accounts for 2022/23 were being completed:

    1.      Cyngor Gwynedd

    2.      Gwynedd Pension Fund

    3.      GwE (substantially-sized joint committee and therefore Full Statements had been prepared)

    4.      North Wales Ambition Board (substantially-sized joint committee and therefore Full Statements had been prepared)

    5.      Gwynedd Harbours and

    6.      Gwynedd and Anglesey Joint Planning Policy Committee (submitted to a meeting of the Governance and Audit Committee on 25 May 2023).

    Reference was made to the Narrative Report that provided information about the Accounts and on the vision and priorities of Gwynedd, the Financial Strategy and the financial performance measures. Members were guided through the report and details were provided on some elements:

    ·         Summary of capital expenditure. Capital expenditure amounted to £37 million during the year compared to £37 million in the previous year as well.

    ·         The main financial statements included Income and Expenditure Statement, Balance Sheet, Cash-flow etc.

    ·         Movement in Reserves Statement which was an important statement and summarised the Council's financial position. It was highlighted that the Council's general balances were £7.9 million at the end of March 2023, namely the same level as March 2022. That Reserves highlighted a reduction in the £106 million funds at the end of March 2022 compared to £104 million by the end of March 2023.

    ·         School balances where a reduction of £4.8m was seen in school balances - £17 million at the end of March 2022 compared to £12 million by the end of March 2023.

    ·         There had been a considerable shift in the balance sheet position by March 2023 compared to the previous year due to Pension Liability. It was explained that the matter was not unique to Gwynedd but rather a general picture due to market conditions. On 31 March 2023, the Council had  ...  view the full minutes text for item 8


     

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