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Draft 2015/16 Non-Local Authority Financial Statements (City's Cash, Bridge House Estates, City's Cash Trust Funds and the Sundry Trusts) together with Moore Stephens Report thereon

Report of the Chamberlain.


Members are asked to note please that Moore Stephens ‘Report to those Charged with Governance’ appears at Annex 3 of the City’s Cash Report and Annex 5 of the Bridge House Estates Report.


The Committee considered a report of the Chamberlain and the External Auditors in respect of the Non-Local Authority Statements for 2015-16.


Members were reminded that 2 briefing sessions had been arranged for all Members of the Court and the notes from these sessions had been circulated to Members of the Audit and Risk Management Committee.    The Deputy Chamberlain highlighted the points raised before handing over to the External Auditor.


The External Auditor was pleased to advise that he would be providing an unqualified opinion on all 30 sets of the non-local authority accounts, with some minor recommendations for which an action plan had been produced.  


During the discussion and some further questions on the accounts, the following points were noted:


  • All organisations had found the new regulations in respect of the Charities SORP and FRS102 challenging, as there were no best practice comparators.  The Chamberlain’s officers and the External Auditors had worked collaboratively but this did not affect the independence and scrutiny required to comply with ethical guidance.


  • The Financial Investment Board considered the longer term (5 year) position on investments and over the past 18 months, 2 non-performing funds had been replaced.


  • It was suggested that, when the accounts were presented to the Finance Committee the underlying income expenditure position be highlighted.  The Deputy Chamberlain drew Members’ attention to the new line in the accounts in respect of Operating Surplus/Deficit before fair value. 


RESOLVED, that :


1.             The contents of Moore Stephens LLP’s Audit Management Report be noted.


2.             The Finance Committee be recommended to approve the City’s Cash Financial Statements for the year ended 31 March 2016.


3.             The Finance Committee be recommend to approve the Annual Reports and Financial Statements for Bridge House Estates, City’s Cash Trust Funds and the Sundry Trust Funds for the year ended 31 March 2016.


Supporting documents:


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