Agenda item

To receive and note the Council’s Statement of Accounts (subject to audit) for 2024/25.

 

DECISION:

 

To accept and note the Council’s Statement of Accounts (subject to audit) for 2024/25.

 

Note:

Request more information about the FMG Morgan Trust Fund

 

 

The Assistant Head of Finance Department - Accountancy and Pensions  explained that the accounts had been completed and released for audit by Audit Wales, the Council's external auditors, since mid-June. It was noted that there was a further extension this year in the statutory timetable for the audit of the accounts, with a view to completing the audit and approving the accounts at the committee meeting held on 13 November 2025. 

  

The content of the report was reported upon explaining that six sets of accounts for 2023/24 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.     North Wales Corporate Joint Committee  

 

Members were reminded that the end of year financial position for 2024/25 had been submitted to the Committee on 21 May in the form of a simple outturn report, but that the Statement of Accounts, which was for external and governance purposes, had to be completed in the CIPFA standard format. It now appeared as a lengthy and technically complex document.

 

Reference was made to the Narrative Report that provided information about the Accounts and 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. Expenditure amounted to £85 million during the year compared to £57 million in the previous year. 

·       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 2025, namely the same level as March 2024 and March 2023.

·       Reserves highlighted an increase in the £102 million funds at the end of March 2024 to £111 million by the end of March 2024. 

·       School balances where there was a steady reduction in school balances which had fallen from £12 million at the end of March 2023, to £8.5 million by the end of March 2024 and £8 million by the end of 2025 which highlighted a picture that was nearer to pre-Covid balance levels. It was explained that this was the general picture in Wales as school balances had been high due to a number of grants provided in light of Covid. 

·       Earmarked Reserves including analysis of the £111 million reserves  - capital reserves, the Council Plan/Transformation reserve, supporting the financial strategy reserve and the Council's Tax Premium reserve.

·       Reference was made to Note 15 - Property, Plant and Equipment which presented an analysis per category: land and buildings, vehicles, plant and equipment etc. Capital Commitments which included the Abermaw Viaduct Gardens and capital works on Our Lady's School, Bangor and Ysgol Bontnewydd and Tywyn. Also, Development at Coed Mawr Bangor. 

·       Note 22 Provisions relating to Waste Sites and insurance claims and Note 32 details of Grant Income received (over £207 million in 2024/25 compared to £145 million in 2023/24). 

·        Note 36 - details of Exit Packages for the last two years.

·        Note 43 - details of Joint Operations and Joint Committees of which Gwynedd Council was a part

·        Appendix B - Tithe Fund and the FMG Morgan Trust Fund

Thanks were expressed for the report and the Department was commended for completing the accounts neatly and promptly.

 

During the discussion, the following matters were raised: 

 

In response to a question about the summary of capital expenditure and the fact that Corporate Services expenditure was £0 in 2023/24 but £87,000 in 2024/25, it was noted that this was capital expenditure and not revenue expenditure and that the nature of Corporate Services meant that some years passed without capital expenditure.

 

In response to an observation that exit packages had increased significantly, it was noted that the numbers were higher in 2024/25 due to reorganisation in some services.

 

In response to a question about trying to do more with the FMG Morgan Trust Fund, it was noted that the conditions of the fund were very limited – expenditure on a specific field in a particular area. It was agreed that it would be beneficial to share information about the fund by the next meeting.

 

In response to a question about the collection of taxes and that the impairment allowance for non-collection was £822,000, it was noted that further information would be presented in a report on 'Council Tax Collection Rates' to the Committee's meeting in November.

 

RESOLVED

To accept and note the Council’s Statement of Accounts (subject to audit) for 2024/25.

 

Note:

Request more information about the FMG Morgan Trust Fund