Agenda item

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

The ISA 260 report by Audit Wales for the NWEAB was considered and approved. 

The NWEAB’s final Statement of Accounts for 2024/25 (post-audit) was considered and approved.

ThThe report was presented by Sian Pugh, Assistant Head of Finance.

RESOLVED:

To consider and approve the ISA 260 report by Audit Wales for the NWEAB. 

To consider and approve NWEAB's final Statement of Accounts (post-audit) for 2024/25.

DISCUSSION

The final accounts of the North Wales Economic Ambition Board for 2024/25 were submitted, together with the external auditor's report, namely the ISA260 report. It was explained that the functions of the Economic Ambition Board had transferred to the Corporate Joint Committee (CJC) since 1 April 2025, and this was the final statement of accounts, and would be included as part of the Corporate Joint Committee's Statement of Accounts from 2025/26 onwards. 

It was assured that the annual Statement of Accounts had been prepared in accordance with the Code of Practice on Local Authority Accounting. It was highlighted that the members had received the information twice already.

It was explained that statements had now been reviewed by Audit Wales, the external auditors. It was highlighted that the auditor intended to issue an unqualified audit opinion on this year's accounts once they had received a Letter of Representation based on what is set out in Appendix 4 of the auditors' report.

Attention was drawn to one error that had not been corrected because an invoice from one supplier could not be allocated to 2024/25 and 2025/26 expenditure, but it did not have a material impact on the accounts. It was explained that pages 86 and 87 showed a summary of the corrections made. It was elaborated that the first correction derived from a payment run made on 31 March; it had been shown as "creditors" and money in the bank as the money had not gone out of the account, but the auditors considered it should be included as "cash in transit" as there was no current commitment in respect of the debt at the end of 31 March. It was acknowledged that this was a technical issue and did not affect the opinion of the audit. The second reference related to the information in Note 24, and did not affect the figures in the accounts themselves.

It was noted that the plan for the year had been submitted to the Joint Committee back in September. The outcome of the audit was presented, and it was noted that it was positive and concluded the former North Wales Economic Ambition Board.

Reference was made to the independence risk of the Audit team due to the relationship of an Audit Manager with a member of the executive group. It was acknowledged that Audit Wales was satisfied with the arrangements to avoid risk.

The team at Audit Wales were thanked for their work on the audit and the team in Cyngor Gwynedd's Finance Department for their work in preparing the Statement of Accounts.

The Chair, together with Cyngor Gwynedd's Head of Finance (as the Statutory Finance Officer of the Corporate Joint Committee), were asked to electronically sign the Accounts and Letter of Representation (Appendix 4 of the report of the Auditor General for Wales) following consideration of the above by the Joint Committee before sending them to Audit Wales.