Decision details

Accounts of Lancashire County Developments Limited 2013/14

Decision Maker: Audit, Risk and Governance Committee

Decision status: Recommendations Approved

Is Key decision?: No

Decisions:

The Chair welcomed Beryl Rhodes, Head of Finance (Commercial and Central) to the meeting, who presented a report which set out the financial statements of Lancashire County Developments Limited (LCDL) for 2013 / 14. LCDL was legally required to have its financial records audited annually and the appointed auditors were Grant Thornton Chartered Accountants.

 

The Committee noted there was a drop in profit for at the end of the 2014 financial year compared to the last financial year. It was noted that this drop in profit included the residual impact of the fire at St. Mary's Catholic Technology College, Leyland.

 

It was noted that the public liability claim referred to in the financial statements, the Committee was informed that this had now been settled and the financial statements would be amended accordingly.

 

Key points in the financial statement for 2013/14 were:

 

1.  The LCDL Group pre-tax profit was £1,065,669 for the period.

 

2.  The major reasons for this profit were a £200k reduction in provisions for investments and a lower than anticipated expenditure on economic development projects. The reduction in investment provision resulted mainly from change in the profile of the investments being made.

 

3.  The company's property portfolio was revalued at 31st March and this gave rise to an increase in value from £25.9m to £31.4 million. This reflected the completion of the new building at Leyland following the fire and a small rise in existing buildings on all sites.

 

4.  The balance sheet net worth of the LCDL Group of companies totalled £39,629,889 as at 31st March 2014.

 

The Audit Findings Report stated:

 

1.  There were no material findings and no misstatements reported.

 

2.  The Auditors continued to require updates on the Contingent liability position with regard to Public Liability claims following the fire at Leyland.

 

 

Resolved: That the 2013/14 Statement of Accounts for Lancashire County Development Ltd, as now presented, be noted.

 

Date of decision: 26/01/2015

Decided at meeting: 26/01/2015 - Audit, Risk and Governance Committee

Accompanying Documents: