Agenda and minutes

The minutes of the meeting held on 30 October 2024 were taken as read, confirmed and signed.

The Chairman invited members who wished to do so to declare any interest in respect of items on the agenda for the meeting.

No declarations were made.

There were no urgent items for consideration.

The Subcommittee considered a report of the director and Consortium Treasurer concerning the External Audit of the 2023/24 Financial Statements. A copy of the report, marked ‘Agenda Item 4’, is filed with these minutes.

The Chairman welcomed Emma Jones from TC Group Limited to the meeting.

Members were informed that the audit was complete, and an unmodified opinion had been given. A Letter of Representation would be sent for signature with the accounts. The concerns identified within the audit were explained and Members were assured that these had now been resolved.

Arising from discussion, the following points were raised:

1. The £74,000 identified as late adjustments for vehicle cameras was an accurate value.
2. Multiple stock takes were undertaken throughout the year by dedicated staff. Key stocktakes were undertaken during the school holiday period, when business was quieter. The extrapolation error identified was not related to missing stock, but to stock located elsewhere as ESPO had previously had a number of stock storage locations. It was expected that the new warehouse extension would remove the risk of this issue reoccurring.

RESOLVED:

That the external audit of the financial statements 2023/24 be approved.

The Subcommittee considered a report of the Director and Consortium Treasurer concerning the 2023/24 Financial Statements and Annual Governance Statement. A copy of the report, marked ‘Agenda Item 5’, is filed with these minutes.

RESOLVED:

That the Management Committee be recommended to approve the 2023/24 financial statements, the Annual Governance Statement 2023/24 and the proposed dividend pool of £6.1m to be paid in December 2024.

The next meeting of the Subcommittee is scheduled to take place on Wednesday 12 February 2025 at 10.30am.

RESOLVED:

It was noted that the next meeting of the Committee would be held on Wednesday 12 February 2025 at 10.30am.

The public are likely to be excluded during consideration of the remaining items in accordance with Section 100(A)(4) of the Local Government Act 1972 (Exempt Information).

RESOLVED:

That under Section 100 (A) (iv) of the Local Government Act 1972 the public be excluded from the meeting for the remaining items of business on the grounds that it would involve the disclosure of exempt information as defined in the Act and that in all circumstances the public interest in maintaining the exception outweighs the public interest in disclosing the information.

The Subcommittee considered a report of the Director and Consortium Treasurer which provided an update on the financial performance in 2024/25, covering the five months to the end of August 2024.  A copy of the report, marked ‘Agenda Item 9’, is filed with these minutes.

The exempt report was not for publication as it contained information relating to the financial or business affairs of a particular person (including the authority holding that information).

RESOLVED:

That the update provided on the financial performance of ESPO in 2024/25, covering the five months to the end of August 2024, be noted.

The Subcommittee considered a report of the Director and Consortium Treasurer which provided an overview of ESPO’s risk landscape. A copy of the report, marked ‘Agenda Item 10’, is filed with these minutes.

The exempt report was not for publication as it contained information relating to the financial or business affairs of a particular person (including the authority holding that information).

In presenting the report, the Director explained that no significant changes had occurred to the top five risks detailed in the Appendix since the last report to the Subcommittee.

RESOLVED:

That the overview of ESPO’s risk landscape be noted.