Issue - meetings

To note the audited financial statements for Knowle Green Estates (KGE) for the year end 31 March 2024.

Paul Taylor, Chief Accountant presented the audited financial statements for Knowle Green Estates (KGE) for the year ending March 31, 2024. The KGE Board had approved the accounts on October 8, 2024, following an unqualified audit report. The financial statements showed a loss of £661,583, mainly due to a £499k depreciation charge, but total comprehensive income was £1,237,375, and total equity increased to £5,649,214. Overall, the audit revealed no significant findings or internal control issues.

The Committee extended their thanks to the KGE Board for their continued contributions to the company which provided key housing support to residents in the borough.

The Committee noted the substantial increase in repairs and maintenance costs and queried whether this was a one off or permanent increase in costs. Terry Collier, Deputy Chief Executive explained that this was linked to planned maintenance works required for Local Authority Housing Fund properties which had been transferred to KGE. A further round of funding was expected in due course to cover additional expenses. A more detailed response on this point would be issued to Committee members in writing.

Councill Nichols abstained from the vote on the recommendation for this report due to his conflict of interest as a Director of KGE.

The Committee resolved to note the report and in particular the unqualified audit report.

The Committee is asked to note the audited financial statements for Knowle Green Estates (KGE) for the year end 31 March 2024.

The Committee resolved to note the contents of the report and in particular the unqualified audit report.

The Committee considered the audited financial statement for Knowle Green Estates for the year end 31 March 2024.

The Committee resolved to note the contents of the report and in particular the unqualified audit report.