Agenda item

Submitted:

· Statement of Accounts post-Audit;

· Audit Wales’ ‘ISA260’ report;

· Letter of Representation (Appendix 1).

To consider and approve the information before authorising the Chairman to certify the letter

·         To accept and approve the 'ISA260’ report by Audit Wales in respect of Gwynedd Council

·         To accept and approve the Statement of Accounts for 2020/21 (post-audit)

·         The Chair of the Committee and the Head of Finance Department to certify the Letter of Representation electronically

Submitted – the report of the Head of Finance Department, requesting that the Committee considered and approved the Statement of Accounts 2020/21 (post-audit), Audit Wales' 'ISA260' report and the Letter of Representation (Appendix 1 to the Audit Wales report), before authorising the Chair to certify the letter electronically.

It was reported that there were minor amendments to the version submitted to the Committee in June 2021 and the following were highlighted:

·         Note 15 - Property, Plant and Equipment - reduction of £2.9 million in the value of assets, following a correction to the valuer's original figures

·         adjustment between accounts mainly relating to the valuation of 35 schools as a result of issues in inputting technical categories that needed to be checked. The amendment had not affected the value of the assets, rather it had let to a reduction of £20.7 million in the re-valuation and impairments figures.

·         Added more details about the main capital commitments including Ysgol y Faenol, Cymerau, Glancegin and Hafod Mawddach Dementia Unit.

·         Note 19 - Cash and Cash equivalent - change to the handling of GwE Joint-committee finance, which was now shown in Gwynedd's accounts - this had led to reducing the bank overdraft of £5.96 million and increasing the short-term creditors in Note 21 by the same amount. Consequently, there were implications to the principal instruments, namely the Balance Sheet, Cash-flow Statement and movements in reserves and the Comprehensive Income and Expenditure Statement.

·         Added figures to the narrative in:

o   Note 28 - Agency Services - added details about two education grants (did not entail any adjustments to the figures in the accounts). £33.4 million from the Regional Consortia Schools Improvement Grant and £20 million from the Pupil Development Grant.

o   Note 39 - Contingent Liabilities - no impact on the statement figures only to increase the figure included in the sentence by £450k.

It was confirmed that the audit of Gwynedd Harbour accounts had been completed and there was no need to resubmit them to the Committee.

Derwyn Owen (Wales Audit) was invited to submit the 'ISA260' report. He noted that the auditors intended to issue an unqualified audit opinion on the accounts this year, once the Letter of Representation had been signed.  He provided details on: -

·         The effects of Covid-19 on this year's audit

·         Proposed Audit Opinion

·         Significant issues arising from the audit, including uncorrected misstatements and other significant matters

·         Recommendations

The Accountants were thanked for their cooperation and thorough work. The need to check valuers' work in future was accepted.

The Finance Department was congratulated on the work and for presenting the information in a coherent way.

RESOLVED

·         To accept and approve the 'ISA260’ report by Audit Wales in respect of Gwynedd Council

·         To accept and approve the Statement of Accounts for 2020/21 (post-audit)

·         The Chair of the Committee and the Head of Finance Department to certify the Letter of Representation electronically.