Present:
M. Curry (Acting Chair), T. Atkinson, D. Boyes, G. Field, F. Harrison and I. West
In Attendance:
S. Duncan, Principal
B. Fitzgerald, Vice-Principal Finance and Business Planning
C. Tomlinson, Vice-Principal Curriculum and Performance
G. Taylor, Director of Finance
S. Pritchard, (Clerk to the Corporation)
V. Charlton (Minutes)
P. Church RSM, Internal Audit
C Leece RSM, External Audit
Apologises for Absence:
Apologies were received from J Bromiley.
458 Private Session of Committee and Auditors
Staff withdrew from the meeting to allow auditors to raise any issues which they felt unable to discuss in their presence.
The auditors confirmed they had no concerns to raise with the committee.
The acting Chair queried if the Lennartz payment stated in the accounts could be higher than anticipated and whether there should be additional provision in the accounts. The auditors confirmed that this was a judgement call until confirmation was received from HMRC and that they did not consider it to represent a material misstatement.
In response to a question the Auditors confirmed that stock was written down each year.
RSM agreed to provide a standalone copy of their emerging issues for the sector to be circulated to the wider Board.
Staff were invited back to the meeting.
459 Conflicts of Interest
There were no conflicts of interest declared.
460 Minutes of Meeting on 27th June 2019
AGREED
That the minutes of the meeting held on 27 June 2019 be approved as a true record and signed by the acting Chair.
461 Matters Arising
There were no maters arising.
462 Internal Audit Report
The Internal Auditor presented the reports to the committee. The reports were confidential for reasons of commercial sensitivity.
462 (a) Apprenticeships
The Report was noted.
462 (b) Summary Report 2018/19
The Report was noted.
463 External Audit Report
The External Auditor presented the reports to the committee. The reports were confidential for reasons of commercial sensitivity.
463 (a) External Audit Report
The Report was noted.
463 (b) Finance Statements 2019
The Report was noted.
464 Annual report of the Audit Committee
The Vice Principal Finance and Business Planning presented the report. Minor amendments were requested and noted.
The Report was noted.
465 Risk Management Update
An update on risk management and updates to the Risk Register were presented to the Committee. The update and register was confidential for reasons of commercial sensitivity.
AGREED
The updated Risk Register was noted and recommended to the Board.
466 Sub-Contract Arrangements (including annual review of format of contract)
The Vice Principal Curriculum & Quality presented the report. The report was confidential for reasons of commercial sensitivity.
The Report and sub contract were accepted and recommended to the Board for approval.
467 Audit Tracker
The Director of Finance presented the report. The report was confidential for reasons of commercial sensitivity
The Report was noted.
468 Any Other Business
There were no other items of business to discuss.