Apologies for absence were received from Councillor Steph Bristow.

It was noted that, in accordance with Regulation 13 of the Local Government (Committees and Political Groups) Regulations 1990, notice had been given that Councillor Ruchira Yarsley had been appointed to the Committee in place of Councillor Edward Mossop for this Meeting only.

At this point in the meeting, Members were invited to declare any relevant interests.  None were disclosed.

To receive the Financial Statements 2022/23.

The Deputy Chief Finance Officer (Corporate), PSPS Limited presented Members with the Financial Statements 2022/23 which were required to be approved by the Committee.

Members were referred to the Financial Statements 2022/23 for the year ended 31 March 2023 that were attached at Appendix A, pages 67 to 180 of the Agenda from the Meeting held on 27th November 2024 refer.

The Deputy Chief Finance Officer, PSPS Limited advised Members that the Financial Statements 2022/23 were published on the Council’s website on 31st October 2024 and that the 30-day public inspection period commenced on 1st November 2024, concluding on 12th December 2024 at 4pm.

Members were further advised that an administrative correction was made on one of the notes to the Accounts and that information relating to the General Fund outturn was being presented to the Executive Board on 16th December 2024.

Members were reminded that the Annual Governance Statement was included in the Financial Statements 2022/23 and was approved by the Audit and Governance Committee at its Meeting on 27th November 2024, Minute No. 58 refers.  Members were further advised that due to the Council being unable to undertake an audit, the External Auditors would issue a disclaimed opinion following the approval of the Financial Statements 2022/23.

Members were invited to put their comments and questions forward.

·       In reference to Invest East Lindsey and the outstanding balance of £250,000 due to the Council as at 31 March 2023 for management, support fees and other expenses, a Member requested clarification on the increase in the outstanding balance to £0.858m in the 2023/24 Financial Statements, pages 160 and 288 of the Agenda from the Meeting held on 27th November 2024 refer.  In response, the Section 151 Officer advised Members that a number of transactions were included in the outstanding balance and that a breakdown of the figures would be obtained and brought back to the Committee.

N.B Councillor Will Grover joined the Meeting at 1.06pm.

·       A Member sought clarification whether it was appropriate for the Committee to approve the Financial Statements 2022/23 with unresolved queries.  In response, the Section 151 Officer assured Members that she was satisfied with the accounts.

There were no further questions or comments.

Following which it was,

RESOLVED

·       That the Financial Statements 2022/23 and the Letter of Representation be approved;

·       That it be approved for the Letter of Representation to be signed by the Deputy Chief Executive (Corporate Development) and Section 151 Officer and be presented to Mazars LLP, External Auditors.