Issue - meetings

1.20 p.m.

Report by Director of Finance.

As the body identified as 'Those Charged with Governance' within the Council, The Audit and Governance Committee is responsible for signing the Statement of Accounts at the meeting of the committee in July.

This report sets out the revised timetable for the publication of the 2019/20 Statement of Accounts following the publication of revised legislation and guidance in response to the COVID-19 pandemic. 

Members of the Committee are asked to ratify the Council's Significant Accounting Policies for 2019/20, as selected and approved by the Director of Finance.  The CIPFA/LASAAC Code of Practice on Local Authority Accounting in the United Kingdom defines Accounting Policies as ‘the specific principles, bases, conventions, rules and practices applied by an authority in preparing and presenting financial statements’.  The accounting policies describe how the Council has interpreted and applied the code and form the basis of the preparation of the accounts.

The report also sets out the approach to the Narrative Report for inclusion in the 2019/20 Statement of Accounts, including the content of the Narrative Report and the approval process before the draft Statement of Accounts is published for Public Inspection on 8 June 2020.

The Audit and Governance Committee is RECOMMENDED to:

a)            note the revised timetable for the publication of the 2019/20 Unaudited Statement of Accounts and period of public inspection

b)            ratify the accounting policies as approved by the Chief Finance Officer and included as an appendix to this report

c)            note the content and timetable for the 2019/20 narrative report

Recommendations agreed.

Lorna Baxter introduced the report to the Committee.  The Chairman asked if Oxfordshire County Council will be taking advantage of the extension given by the government to audit the final accounts?  Lorna Baxter responded that it is expected that the work will be completed within the original timeframes set.

Hannah Doney highlighted the three sections of the report, including the detailed extension of timeframes and the adjustments to the narrative statement to reflect COVID.

Hannah Doney responded to points raised by members of the Committee as follows:

• Signing off the audits could be carried out at the next A&G meeting if they are complete, dependent of whether we utilise the extended deadlines available.
• There are no exceptions to the professional standards stated, there are always areas of judgement, however this is an area for focus for the auditors.
• Valuations were completed on time and no issues have been anticipated for the following year as these are not dependent on site visits.
• The only PFI contract is held with JS Care Homes, and a service concession arrangement note is included in the accounts.
• Blank figures included on Page 25 of the report are balance sheet figures and not appropriate to the Committee at this stage.  These will be available when the accounts are finalised.
• Figures on the top of Page 24 relate to Oxlet spend and will be confirmed prior to publishing.

Lorna Baxter reminded the Committee that the document presented so far is the setting out of the schedule of work, more detailed information will be available when the accounts have been fully prepared.

RESOLVED: to

a)    note the revised timetable for the publication of the 2019/20 Unaudited Statement of Accounts and period of public inspection

b)   ratify the accounting policies as approved by the Chief Finance Officer and included as an appendix to this report

c)    note the content and timetable for the 2019/20 narrative report.