Issue - meetings

Dewi A. Morgan, Head of Finance (CJC’s Statutory Finance Officer) and Sian Pugh, Assistant Head of Finance, to present report.

To accept and note NWEAB's draft Statement of Accounts (subject to audit) for 2024/25.

The report was presented by Dewi Aeron Morgan (CJC Statutory Finance Officer).

RESOLVED

To accept and note NWEAB's draft Statement of Accounts (subject to audit) for 2024/25.

DISCUSSION

The report was presented noting that the figures set out aligned with what had been reported in the revenue out-turn report, presented back in June. It was noted that the appendices highlighted the total grants received in advance with a balance of £41.58m on 31 March 2025.

It was explained that the value of the pensions assets was still higher than the value of the liabilities, and the net asset position was £1m on 31 March. It was explained that the reason for this was that the actuary's valuation used corporate bonds, and because these had yielded high, it had led to high accounting discount rates, which gave the pension liabilities a lower value. Therefore, in accordance with the direction from the actuary, there was a need once again to adjust the value of the asset and show as £0.

It was highlighted that the Statutory Finance Officer had signed the accounts certifying that he was of the opinion that the Statement of Accounts had been prepared in accordance with the appropriate practice as set out in the CIPFA/LASAAC Code of Practice on Local Authority Accounting. It was announced that the officer was of the opinion that it presented an accurate and fair picture of the financial position for the 2024-25 financial year.

It was noted that the Statement was currently being reviewed by Audit Wales and that the final accounts would be presented in the autumn.