Publication of Final Statement of Accounts 2023-2024

Publication of Final Statement of Accounts 2023-2024

The Cambridgeshire & Peterborough Combined Authority has published its final Statement of Accounts for 2023-2024, following an external audit and approval by the Audit and Governance Committee on Friday, February 21.

Every year, the Combined Authority prepares an annual Statement of Accounts as required by the Accounts and Audit Regulations 2015, following proper accounting practices.

These practices are prescribed by the ‘Code of Practice on Local Authority Accounting in the United Kingdom’ and comply with International Financial Reporting Standards (IFRS).

The purpose of the accounts is to present a true and fair view of the financial results of the Authority’s activities for the year ended 31 March 2024, and to summarise the overall financial position of the Authority as at the 31 March 2024.

External auditors have issued a disclaimed opinion. This means that the auditor EY was unable to reach an opinion on the Authority’s accounts. The reason for this is not to do with any issues identified in the Authority’s accounts, or its commitment to the audit process, instead it primarily relates to a well-documented backlog of external audits across the sector in recent years and the knock-on impact of the disclaimed 2022-23 accounting period.

These delays prompted the Government to introduce new legislation setting strict ‘backstop’ deadlines for external audit completion, aiming to clear the national backlog and return to timely reporting in future years.  When publishing its decision, the Government specified that: “Local bodies should not be unfairly judged based on disclaimed or modified opinions, caused by the introduction of backstop dates that are largely beyond their control”.

In acknowledgement that this is a sector-wide issue affecting hundreds of Authorities across the Country, MHCLG issued a policy paper setting out further details on the 27^th November which can be found here and the Combined Authority will be working with our external auditors to expedite the rebuilding of assurance.

The Statement of Accounts is available for the general public to see at any time and can be viewed here: Final Statement of Accounts 2023-24 v1 complete

The notice of audit conclusion, and associated Audit Certificate, have not yet been issued as these rely on the Authority’s Whole of Government Accounts submission being audited. Because auditors have not been given the latest National Audit Office guidance and reporting requirements yet we must wait to be issued this.