Agenda item

Joint report of the City Bridge Foundation Finance Director (representing The Chamberlain) and the Managing Director, City Bridge Foundation.

The Committee considered a report of The City Bridge Foundation Finance Director (representing The Chamberlain) and the Managing Director, City Bridge Foundation concerning the draft Annual Report and Financial Statements for City Bridge Foundation (CBF) for the year ended 31 March 2024.

Officers noted the City Bridge Foundation board has a reference in place with audit and risk, asking for review and feedback on the audit findings report produced by Crowe. Members were informed that the CBF board had already met and discussed the audit findings report with their audit manager.

Key outstanding items included:

-         the review of the file

-         ISA 240 responses

-         related party declarations

-         payroll and recharges

-         pension scheme review

-         investment property valuations

-         remaining investment and bank confirmations.

The audit manager confirmed that there were no significant issues with the valuation of investment properties and that the review process was ongoing for other outstanding items.

It was mentioned that there were still 15 declarations of interest which were outstanding. Although it was accepted that this was better than prior years, this was a continued problem and represented around 10% of members. Members agreed that this issue should be escalated to the Chief Commoner due to its recurrence.

RESOLVED – That Members, recommend approval of the CBF Annual Report and Financial Statements for the year ended 31 March 2024 to the CBF Board.