Agenda item

To consider the urgent report of the Director of Finance (copy enclosed).

The Committee considered the urgent report of the Director of Finance presenting the detailed outcomes of the audit of the 2024 / 25 accounts ahead of the backstop date of 27 February 2026.

The Director of Finance introduced the report, referring to the requested delegated powers, which he advised was not expected and assured Members that should anything significant be identified this would be referred back to the Committee, as appropriate. He advised that Maldon District Council was ahead of other Councils in Essex in terms of the progress made on the 2024 / 25 accounts and hoped over the next 12 months that the Council would reach the best possible outcome for the audit of 2025 / 26.

Ms Larcombe, from KPMG (External Audit) presented the draft Audit Findings Report (AFR) attached at Appendix 1 to the report, detailing the auditors’ conclusions regarding the Council's accounts and the arrangements in place to secure Value for Money. She advised Members that in respect of the Audit fee there were some additional fees which they were in the progress of agreeing with the Director of Finance. Ms Larcombe commended the Council’s finance team on its work to get to current position.

A table within the report summarised the two areas of review and highlighted any issues raised. It was noted that clear progress was shown and evidenced the high standard to which the accounts had been prepared to.

It was noted that reference within Appendix 1 to Burnham Gold Club should be Burnham Golf Club.

Ms Larcombe advised that she was expecting all build back assurance work to be concluded next year and that the Council’s management team was looking into valuation of the Council’s property portfolio as this was a key aspect. The Director of Finance confirmed that the Council was working with the Valuation Office in respect of this and carrying out a valuation on all Council assets for 2025 / 26.

In response to a comment regarding retention of knowledge, the Director highlighted changes to the finance team and the work being undertaken to ensure that knowledge was retained.

During the debate and in response to a query regarding the short-term investment mentioned in Appendix 2 it was explained that this related to a misclassification that had been pick up and corrected, there were no changes in terms of the accounts. Members were reminded that the Council agreed its Treasury Management Practices each year and advice in respect of them was taken from Link (external advisors).

Ms Larcombe explained that the letter attached as Appendix 2 to the report was a requirement on every single audit to confirm that management had provided the auditor with all information requested. It was brought to this Committee as it approved the annual Statement of Accounts.

The Committee offered their congratulations to the Director of Finance and his team for their work on the accounts.

The Chairperson moved the recommendations detailed in the report. This was duly seconded and agreed by assent.

RESOLVED

(i)             That the Committee reviewed the draft Audit Findings Report (AFR) from (i)KPMG (Appendix 1 to the report) and the details of their audit findings for the financial statements of accounts for 2024/25;

(ii)            that the Committee considered the draft letter of representation (Appendix 2 to the report);

(iii)           That the Director of Finance (S151 Officer) is granted delegated powers to approve any remaining changes to the 2024/25 accounts recommended by the auditor in consultation with the Chairperson of this Committee, in order for the accounts to be signed off by the backstop date of 27 February 2026;

(iv)           That the Committee receives the final signed version of the accounts for 2024/25 at its meeting on 12 March 2026.