Issue - meetings
Meeting: 19/07/2024 - North Wales Economic Ambition Board (Item 6)
6 NWEAB'S STATEMENT OF ACCOUNTS FOR 2023/24 
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Dewi A
Morgan (Statutory Finance Officer) and Sian Pugh (Host Authority Assistant Head
of Finance) to present the report.
Additional documents:
Decision:
To
accept and note the Ambition Board's Draft Statement of Accounts (subject to
audit) for 2023/24.
Minutes:
The report was presented by the Statutory Finance
Officer.
RESOLVED
To accept and note
the Ambition Board's Draft Statement of Accounts (subject to audit) for
2023/24.
REASONS FOR THE
DECISION
The Board is not statutorily required
to approve the draft version of the Joint-Committee's Statement of Accounts,
but we consider that presenting the draft statement for information to be good
practice to be followed.
The Board will need to
approve the final version following receipt of the Audit Wales report, and the
submission of the draft now was an opportunity for Board members to consider
the content and enquire the financial officers about the content. This was an
opportunity for Members to equip themselves with relevant information to
consider relevant risks, and other matters that would be subject to audit, in
their context.
Members were reminded that the information presented
in the report had already been shared in an alternative form at a board meeting
on 17 May this year when considering the Ambition Board's Revenue and Capital
Out-turn position for 2023/24, and Members were reminded of the decisions made.
It was stressed that the information presented in this Report was consistent
with that information.
It was explained that the Report presented technical
issues relating to accounting conventions. Reference was made to the various
sections of the Departments detailing on capital expenditure, fund balances and
total grants received up to 31 March 2024.
It was confirmed that the value of the pension assets
continued to exceed the value of the commitments. It was elaborated that there
was a net asset position of £404,000 at the end of the financial year. This was
recognised as a decrease from the previous year where the net asset position of
pensions assets was £572,000. It was explained that there was a reduction this
year as actuary prices used UK corporate bonds. It was noted that the yield of
the corporate bonds has been high as a result of high
interest and high inflation, resulting in higher accounting discount rates
which placed a significantly lower value on the asset as a result of high
interest and inflation of pension additions. The value of the asset on the
balance sheet was confirmed and shown as £0 as directed by the actuary.
It was reported that the Statutory Finance Officer
signed the Statement on 21 June 2024 and testified that he considered it had
been prepared in accordance with the code of practice laid down by the CIPFA
Code of Practice on Accounting for Local Authorities. It was believed that the
statement presented a true and fair picture of the financial position of the
Ambition Board as of 31 March 2024 as well as the income and expenditure of the
Joint-Committee for the year that ended on that date.
It was stressed that the Statement was currently being reviewed by Audit Wales and the Ambition Board's external auditors. It was elaborated that the final accounts as well as the auditors' report would be submitted to the ... view the full minutes text for item 6