The Swansea Bay City Region Joint Committee met on Wednesday, 20 November 2024, to approve its audited accounts for the 2023/24 financial year and a related letter of representation to Audit Wales. The committee also approved the minutes from its previous meeting.

Swansea Bay City Deal Audit of Accounts Report (ISA260) 2023/24

The committee received and approved the Audit Wales report on the Swansea Bay City Deal's Statement of Accounts for the 2023/24 financial year. The audit found that the financial statements provide a true and fair view of the Joint Committee's financial position and have been properly prepared in accordance with legislative requirements. Audit Wales proposed to issue an unqualified audit opinion, noting no misstatements or significant issues arising during the audit. The report highlighted that materiality was calculated at £427,353, with a reporting threshold of £21,368. Areas of specific interest, such as senior staff remuneration and related party disclosures, had lower materiality levels set at £1,000. The audit confirmed compliance with ethical standards and found no issues with the going concern basis of accounting.

Swansea Bay City Deal Statement of Accounts 2023/24

The Joint Committee approved the Swansea Bay City Deal Statement of Accounts for the 2023/24 financial year. The statement presented the full financial statements for the year ending 31 March 2024, showing total expenditure of £3,512.8k and income of £3,554.9k, resulting in a surplus of £42.1k. This surplus was transferred to the City Deal reserve, bringing the total reserve to £182.9k. The report detailed that the Joint Committee received £23.1m in City Deal Grant from the Welsh and UK Governments, along with a £19.3m front-loading contribution. A total of £39.2m was dispersed to projects during the year. The overall portfolio forecasted investment position as at 31 March 2024 showed an underinvestment of £4.9m against a total estimated investment of £1.278bn over the fifteen-year lifespan of the deal. The report noted that the portfolio is now in full delivery, with remaining business cases approved within the year.

Letter of Representation to Audit Wales

The committee acknowledged the Letter of Representation from the Swansea Bay City Deal Section 151 Officer and the Chair of the Joint Committee to Audit Wales. This letter is a requirement under current auditing standards and confirms the accuracy and completeness of information provided to Audit Wales during the audit of the 2023-24 financial statements. The letter confirms that management has fulfilled its responsibilities for the preparation of the financial statements and has provided full access to all relevant information. It also confirms that there are no uncorrected misstatements in the financial statements.

Minutes

The minutes of the previous Swansea Bay City Region Joint Committee meeting, held on 30 July 2024, were approved as a correct record.