Engine of the North Ltd
Date of Meeting: 14th June 2016
Briefing Paper of: Group Finance Business Partner
Subject/Title: “Unaudited” Draft Financial Statements & Accounts 2015/2016
Matters for Consideration
The accounts for the year 2015/2016 are now closed and the Draft Statutory Financial Statements have been prepared and are presented for information to the Board (please note that this first iteration is complete in terms of the financial information included within the Statement of Comprehensive Income, Statement of Equity, Statement of Financial Position and the Notes to the Accounts however the Strategic Report and Directors Report have yet to be finalised.
The following papers are attached for the Board’s review and comment:
The Draft Statutory Accounts for 2015/2016 – comprising: Draft Strategic Report, Draft Directors Report, Statement of Comprehensive Income, Statement of Equity, Statement of Financial Position and the Notes to the Accounts.
Subject to any review/amendments by the Board, the Statutory Accounts will then be available for Audit by Grant Thornton, the Company’s appointed auditors. The external audit is due to commence on Monday 18th July 2016 for a period of 2-3 weeks (third week likely to be during August).
As a wholly owned Company of Cheshire East Residents First Ltd (CERF Ltd) & Cheshire East Borough Council (CEBC), the draft Financial Statements are also included in the Group Accounts being prepared by CEBC. Summary Financial Statements (SOCI and SOFP) are therefore requested to be made available for public inspection with effect from 30th June 2016 (subject to respective Company Board approval dates) on the Company’s website (with a link to CEBC Accounts on their website).
Following the audit in July/August, the audited Financial Statements will be presented to the Board in September 2016 along with the External Audit report for Approval and Signing before filing at Companies House by the 31 Dec 2016 deadline.
Actions Required from Board:
The Board are requested to review/comment on the draft Statutory Accounts for 2015/2016 between now and 24th June 2016 and any changes reflected in the final draft accounts by 30th June 2016.
The Board are requested to confirm that the “unaudited” Summary Statements will be made available on the Company’s website from the 30th June 2016 (subject to relevant Company Board approval dates), to which a link to the Group Accounts on the CEBC website will be provided from the commencement of the public inspection of the CEBC Single Entity and Group Accounts.
Reputational Impact: None
Legal Implications: None
Shareholder Implications: As shareholders of the Company in 2015-16, the out-turn position impacts on CERF Ltd and Cheshire East Council in addition to the Company.
Shareholder Approval Required – No
Risk Implications: None
Cost Implications: The Out-turn report and the Financial Statements show the reported profit for the year at £46,710.