Agenda item

Report of the Chamberlain.

The Committee considered a Report of the Chamberlain concerning City’s Cash Financial Statements for FY 2018/19.

Officers reassured Members that, after a tax liability of £14.8m had been incorrectly omitted, the Barking Power Limited (BPL) accounts had been updated and submitted to Companies House.

Members asked that in future, as a way to mitigate potential errors, the draft accounts of directly owned subsidiaries, such as BPL, are submitted to Committees for oversight and approval.

A Member asked that in an effort to cut down on excessive printing in future, the BDO reports (included in today’s annexes) are either distributed only as soft pdf copies or limited to one printed copy per two Members.   

RESOLVED – that the Committee approved the following:

·         the contents of the revised Audit Management Report issued by BDO LLP (Annex 2);

·         approved the amended Annual Report and Financial Statements for City’s Cash for the year ended 31 March 2019 (Annex 1); and

·         agreed that the Financial Statements are signed by the Chairman and Deputy Chairman of the Finance Committee on behalf of the Court of Common Council.