Agenda item

Report of the Chamberlain.

Members considered a report of the Chamberlain relative to the Bridge House Estates Annual Report and Financial Statements for 2019/20.

RESOLVED, that – Members:

1.    consider the contents of the audit management report issued by BDO;

2.    recommend approval of the BHE Annual Report and Financial Statements for the year ended 31 March 2020 to the Finance Committee, subject to the following issues raised:

a.    p. 46: amend wording to directly reference the ‘emphasis of matter’ within the auditors opinion as a result of the material valuation uncertainty on investment properties;

b.    p. 46: consider the disclosures relating to fund managers utilised;

c.     p. 47: amend wording to reflect that financial investments are not managed to a capital protection mandate;

d.    p. 80: consider the disclosures relating to the geographical spread of financial investments held;

e.    p. 80: consider disclosures relating to the nature of financial investments held;

f.      p. 82: consider table heading within Note 17: Market Risk; and,

3.    delegate authority to the Chamberlain, in consultation with the Chairman and Deputy Chairman of the Audit and Risk Management Committee, for approval of any material change to the financial statements required before the signing of the audit opinion by BDO.