The Audit and Governance Committee of Buckinghamshire Council is scheduled to meet on Wednesday 12 November 2025, to discuss treasury management, company governance, contract procedure rules, and the implementation of the Procurement Act 2023¹. A key item for consideration is the council's statement of accounts for the financial year 2024/25, along with the external auditor's report. The committee will also review the annual report and financial statements for the Higginson Park Charity.

Buckinghamshire Council Statement of Accounts 2024/25

The committee will be asked to review the Buckinghamshire Council Statement of Accounts 2024/25, and consider key issues and recommendations from the council's external auditors, KPMG. The report pack includes the Statement of Accounts as Appendix 1, and ISA 260 reports² from KPMG for the council and the Buckinghamshire Pension Fund as Appendices 2 and 3 respectively. The committee will also be asked to approve letters of representation for both the council and its pension fund, found in Appendices 4 and 5. The report pack states that the S151 Officer*, who is currently David Skinner, is responsible for presenting the council's annual Statement of Accounts to the committee for formal approval. The statement of accounts includes:

• A narrative report, providing a guide to the most significant matters reported in the accounts and an overview of the council's financial performance for the year.
• An expenditure and funding analysis, showing how annual expenditure is used and funded from income, in comparison with the presentation of council income and expenditure in accordance with generally accepted accounting practices.
• The Comprehensive Income and Expenditure Statement (CIES), reflecting a net surplus of £165.9m for 2024/25.
• The balance sheet, showing the balances, reserves, long-term indebtedness, and the fixed and net current assets employed in its operations. The council's net worth was £2.301bn as at 31 March 2025.
• The Movement in Reserves statement, showing the movement in the year on the different reserves held by the council, analysed into 'useable reserves' and 'other reserves'.
• The Cash Flow Statement, showing the movement in cash and cash equivalents held by the council throughout the year.
• The Collection Fund account, reflecting transactions in relation to Non-Domestic Rates and Council Tax.
• The Pension Fund Accounts and Net Assets Statement, showing that the value of the Buckinghamshire Pension Fund increased by £150m to £4.311bn in the year to 31 March 2025.

The report pack notes that some adjustments have been agreed as part of the audit work, and that audit fieldwork is still ongoing in several areas.

External Auditor's Draft Annual Audit Report 2024/25

The committee will be asked to note the findings of the draft External Auditor's Annual Report 2024/25, which summarises the key issues arising from the auditor's 2024/25 audit of Buckinghamshire Council. The report includes the findings of the auditor's review of the council's value for money arrangements, regarding:

• Financial sustainability
• Governance
• Improving economy, efficiency and effectiveness

The report pack notes that recommendations arising from the external auditor's review and associated responses from management can be found in the draft 2024/25 audit findings (ISA260 ) report, which is Appendix 2 of the Buckinghamshire Council Statement of Accounts 2024/25.

The report pack states that the report is currently issued as draft pending completion of the external auditor's work, and that the council's external auditors will attend the Audit and Governance Committee to present their report.

The Higginson Park Charity Annual Report and Financial Statements 2024/25

The committee will be asked to consider the Higginson Park Charity Annual Report and Financial Statements 2024/25. The Higginson Park Charity provides a range of indoor and outdoor sports and recreation opportunities to the community with access for all. Buckinghamshire Council is the sole trustee to the Higginson Park Charity.

Contract Procedure Rules – Waivers & Breaches

The committee will be asked to consider a report on contract procedure rules, waivers, and breaches.

Implementation of Procurement Act 2023

The committee will be asked to consider a report on the implementation of the Procurement Act 2023.

Farnham Park Sports Field Charity update

The committee will receive a verbal update on the Farnham Park Sports Field Charity. The Farnham Park Sports Fields charity is governed by the Eton Rural District Council (ERDC) Act 1971.

Treasury Management Mid-Year update 2025/26

The committee will receive a treasury management mid-year update for 2025/26.

• The S151 Officer is the Chief Financial Officer, a statutory role in local authorities responsible for the proper administration of their financial affairs.