Issue - meetings

To note the audited financial statements for Spelthorne Direct Services Ltd (SDS) for the year end 31 March 2024.

Terry Collier, Deputy Chief Executive presented the audited financial statements for Spelthorne Direct Services Ltd (SDS) for the year ending March 31, 2024. The SDS Board had approved the accounts on August 16, 2024, following an unqualified audit report. The company made a profit of £46k, with turnover increasing to £580,265. The audit revealed no significant findings or internal control issues. The report emphasizes the importance of ongoing financial oversight and confirms that SDS is financially sound. The accounts had been filed with Companies House, and there was no Corporation Tax to pay.

The Committee extended their thanks to the SDS board members for their continued contributions to the company which provided important commercial waste services in the borough.

The Committee questioned the legality for two Council officers to be appointed to the SDS Board of Directors. This was in consideration of the recommendations received in the Interim Auditor’s Annual Report 23-24 on perceived conflicts of interest with a similar arrangement on a separate company board which was affiliated with the Council. The Interim Monitoring Officer explained that SDS was a smaller company and there was a smaller level of risk. It was also highlighted that both officers on the SDS Board did not come under a statutory officer position. Moreover, a Council document was also being prepared on managing conflicts of interest which was intended to address concerns going forward.

The Committee resolved to note the report, and particularly the unqualified audit report.

To note the audited financial statements for Spelthorne Direct Services Ltd for the year end 31 March 2024.

The Committee received the audited financial statements for Spelthorne Direct Services Ltd for the year end 31 March 2024.

A member of the Committee noted the report advised there was no corporation tax to pay but the balance sheet referenced paying tax. The Committee were advised that this would be investigated and an answer would be provided after the meeting.

The Committee resolved to note the report, and particularly the unqualified audit report.