The Committee received a report from the Chief Accountant on the audited accounts for Spelthorne Direct Services (SDS) Ltd for year end 31 March 2022.
The Committee queried the expected future turnover and whether there would be any governance changes. The Chief Accountant advised the turnover was expected to be above £1m in the next two to three years. In terms of governance, consideration could be given to including non-executives and the possibility for an independent Chief Executive. As SDS is part of a group set of companies, the Deputy Chief Executive and Section 151 Officer would need to retain control over the finances.
The Committee asked if there was any Corporation Tax to be paid and were advised that there should not be due to Enterprise Allowance and the purchase of vehicles.
The Committee were advised that consideration would be given to have a Member on the board of SDS.
The Committee resolved to note the report.