Audited Annual Accounts for Year Ended 31 March 2024 - Trust Funds
Argyll and Bute Council · 24 September 2025
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ARGYLL AND BUTE COUNCIL COUNCIL FINANCIAL SERVICES 24 SEPTEMBER 2025 AUDITED ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 – TRUST FUNDS 1.0 EXECUTIVE SUMMARY 1.1 The purpose of this report is to update members on the external audit of the council’s Trust Funds Annual Accounts for the year ended 31 March 2024. 1.2 Council is requested to: • Note that an unqualified audit certificate has been issued for the council’s Trust Funds Annual Accounts for the year ended 31 March 2024; • Authorise for issue, the Trust Funds Audited Annual Accounts for the year ended 31 March 2024, given as Appendix 1; • Consider Forvis Mazar’s Annual Audit Report follow-up letter, given as Appendix 2; • Approve for signature, the ISA 580 Letter of Representation, given as Appendix 3; and • Note that a copy of the council’s Trust Funds Audited Annual Accounts for the year ended 31 March 2024 will be submitted to the Audit and Scrutiny Committee for information.
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ARGYLL AND BUTE COUNCIL COUNCIL FINANCIAL SERVICES 24 SEPTEMBER 2025 AUDITED ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 – TRUST FUNDS 2.0 INTRODUCTION 2.1 Forvis Mazars, the appointed external auditor has now completed the audit of the council’s Trust Funds Annual Accounts for the year ended 31 March 2024. The purpose of this report is to update members on conclusion of the audit and approve the accounts for issue. 3.0 RECOMMENDATIONS 3.1 Council is requested to: • Note that an unqualified audit certificate has been issued for the council’s Trust Funds Annual Accounts for the year ended 31 March 2024; • Authorise for issue, the Trust Funds Audited Annual Accounts for the year ended 31 March 2024, given as Appendix 1; • Consider Forvis Mazar’s Annual Audit Report follow-up letter, given as Appendix 2; • Approve for signature, the ISA 580 Letter of Representation, given as Appendix 3; and • Note that a copy of the council’s Trust Funds Audited Annual Accounts for the year ended 31 March 2024 will be submitted to the Audit and Scrutiny Committee for information.
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4.0 DETAIL 4.1 The council’s draft Trust Funds Annual Accounts for the year ended 31 March 2024 were completed and submitted for audit by 30 June 2024. Forvis Mazars, the appointed external auditor has now completed the audit and have issued an audit certificate containing no qualifications. The Audited Trust Funds Annual Accounts are attached as Appendix 1. 4.2 Forvis Mazars has issued their Annual Audit Report, incorporated within the Audited Annual Accounts and a follow-up letter, attached as Appendix 2. The outcome of the audit is generally positive and includes the following key messages: • The financial statements present a true and fair view of the financial position as at 31 March 2024 and have been prepared in accordance with proper accounting practice; • The Trustees' Annual Report is consistent with the financial statements and has been prepared in accordance with the Charities Statement of Recommended Practice (SORP) and applicable Financial Reporting Standard (FRS 102); • There were no misstatements identified during the audit above the trivial threshold (£490); and • There was one unadjusted disclosure requirement in relation to the Trustees’ Annual Report and one new recommendation in relation to internal control. 4.3 The following disclosure adjustments were made during the audit process: • An update to Audit Fees within the Statement of Financial Activities and Note 6; and • Several minor adjustments to the annual report and accounts. 4.4 The unadjusted disclosure noted by the auditors is in relation to the Trustees’ Annual Report not including a summary of the main achievements of the charity, which is a requirement, as per Audit Scotland Technical Guidance. 4.5 The new recommendation in respect of the internal control environment is to improve the audit trail for grant expenditure, in order that transactions can be explicitly linked to the relevant decision records. An improved referencing approach has now been developed for implementation by officers, which will resolve this matter. 4.6 A follow-up on the previous year’s internal control recommendation relating to the potential streamlining of Trust Funds, in order to relieve the administrative burden on the council, confirmed that potential opportunities in this respect would continue to be pursued.
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5.0 CONCLUSION 5.1 This report updates members on the conclusion of the audit of the council’s Trust Funds Annual Accounts for the year ending 31 March 2024. The external auditor’s opinion is unqualified, minimal adjustments were made to the draft accounts during the audit process and an opportunity to further strengthen the internal control environment has been taken in response to a new audit recommendation. 6.0 IMPLICATIONS 6.1 Policy None. 6.2 Financial None. 6.3 Legal Not expected to be any legal issues. 6.4 HR None. 6.5 Customer Service None. 6.6 Risk None known at this time. 6.7 Climate Change None. 6.8 Fairer Scotland Duty None. 6.9 Equalities - protected characteristics None. 6.10 Consumer Duty None. 6.11 Island Communities None. 6.12 Children’s Rights and Wellbeing None. Kirsty Flanagan Executive Director/Section 95 Officer Councillor Ross Moreland - Policy Lead for Finance and Commercial Services 01 September 2025 For further information contact: Carolyn Earl, Interim Head of Financial Services Carolyn.earl@argyll-bute.gov.uk
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APPENDICES Appendix 1 - Trust Funds Audited Annual Accounts for the year ended 31 March 2024 Appendix 2 - Forvis Mazars Annual Audit Report Follow-up Letter Appendix 3 - ISA 580 Letter of Representation