Date:
Woking Borough Council’s draft statement of accounts for the financial years 2019/20, 2020/21 and 2021/22 have been prepared and were presented to councillors at a specially convened meeting of the Audit and Governance Committee (Monday 29 July 2024).
The purpose of the statement of accounts is to give electors, local taxpayers, members of the council and other interested parties information about the council’s finances.
They explain what money has been received and what has been spent, as well as providing a snapshot of the council’s position at the end of each financial year.
Further work is being undertaken to prepare the consolidated accounts that include the council’s commercial ventures. These accounts for the council's wider commercial activities provide a comprehensive picture of the council’s wider financial affairs once complete.
The prepared accounts do not reflect more recent events which will be dealt within the 2022/23 and 2023/24 accounts. However, they are an important milestone in the council getting back on track with its financial management.
The delay in preparing the draft statement of accounts has been due to a combination of factors including the complexity of the council’s financial position and assessment of council investments.
Cllr Dale Roberts, Woking Borough Council’s Portfolio Holder for Finance, said: “Preparation of these annual statement of accounts is a significant step towards rebuilding our financial accountability. We continue to challenge and address the decisions of the past to get our house in order.
“There is however still much to do. Work continues on the council’s outstanding accounts and consolidating those of its wholly owned subsidiaries.
“Preparation of these draft accounts places the council in a stronger position to complete the remaining annual accounts and are an important milestone in our move to more robust financial reporting.”
During the meeting Committee members noted the accounts and referred them to the next meeting of Council for consideration.