Apologies for absence were received from Councillors Hill and Kennedy.

To confirm as a correct record the Minutes of the meeting of the Audit Committee held on 11 and 25 May 2022.

The Minutes of the meetings of the Audit Committee held on 11 and 25 May 2022 were confirmed as a correct record and signed by the Chairman.

To consider a report that sets out the draft Annual Governance Statement 2021-22.

Members considered the draft Annual Governance Statement for 2021-22.  The Head of Policy, Performance and Community Engagement informed Members that the preparation of the Annual Governance Statement provides the opportunity for the organisation to review its processes, controls and objectives and to provide assurance to Members, Senior Officers and stakeholders as to the reliability of its statement of accounts and the probity of its operations.

Members requested that the paragraph relating to wholly owned companies be amended to avoid giving the impression that there were only four wholly owned companies.

Resolved:

That subject to amending the paragraph relating to wholly owned companies within the following section ‘Partnership Working’, the draft Annual Governance Statement for 2021/2022 be agreed and forwarded to the External Auditors for comment.

To consider an update on the progress made on implementing the Local Government Association and Local Partnerships : Review of Wholly Owned Companies 2021 Action Plan.

Members considered and noted an update on the progress made on implementing the Local Government Association and Local Partnerships : Review of Wholly Owned Companies 2021 Action Plan, which was approved by Cabinet on 14 December 2021.

Members raised questions in relation to:

·         The advantages of having wholly owned companies;

·         The purpose of wholly owned companies;

·         Teckal compliance; and

·         Timescales for the implementation of the action plan.

(Note 1: During consideration of the item in Minute 9, the press and public were formally excluded from the meeting on the grounds that exempt information (as defined in paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972 (as amended)) was likely to be disclosed.)

Note 2: Councillor O’Dwyer declared a non-pecuniary interest as the Council’s appointed representative to Torbay Economic Development Company Ltd.)

To consider passing a resolution to exclude the press and public from the meeting prior to consideration of the following item on the agenda on the grounds that exempt information (as defined in Schedule 12A of the Local Government Act 1972 (as amended)) is likely to be disclosed.

Prior to consideration of the item in Minute 11 the press and public were formally excluded from the meeting on the grounds that the item involved the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972 (as amended).

At the meeting of the Audit Committee on 6 December 2021, it was resolved that the Audit Committee would receive copies of the Management Accounts for SWISCo twice a year.

(Note: The Management Accounts for SWISCo are exempt as the public statutory accounts will not be available until the Autumn.)

Members noted the exempt report that set out the management accounts for SWISCo and raised questions in relation to:

·         The Teckal compliance;

·         The purpose of the company;

·         Package recycling note income; and

·         Value for money.