Agenda item

Report of the Chamberlain.

The Committee considered a report of the Chamberlain concerning the annual report and consolidated financial statements for City’s Estate, for the year ending 31 March 2024 and annual reports and financial statements of the open spaces and sundry trust charities which are consolidated within the City’s Estate accounts.

• Progress and Deadlines: Officers noted that significant progress had been made, with the aim to complete most of the accounts by the end of the month. The deadline for the charities' accounts is January 31st, but efforts were being made to finalise them earlier.
• Audit and Recommendations: The consolidation process was noted to have improved significantly compared to the previous year.
• Barking Power Limited: There was a discussion on the provisions related to Barking Power Limited, with ongoing work to finalise the figures.
• Management Accounts: A recommendation was made to restart the routine production of management accounts to enhance oversight and challenge.
• Next Steps: Both the audit team and the City's Estate team are focused on completing the outstanding items and finalising the accounts by the end of November.

RESOLVED – That Members, recommend approval of the 2023-24 City’s Estate Financial statements, and the financial statements of each of the 9 consolidated charities, for the year ending 31 March 2024 to Finance Committee.