Issue - meetings

To consider the draft Financial Statements 2024-25.

The committee considered the report which provided an overview of the Council’s Wholly Owned Companies (WOCs) pre-audited Financial Statements for 2024-25 and a summary of the outturn position for the companies for the financial year 2024-25. It was noted that this report had recently been presented to the Council’s Audit and Governance Committee in July 2025. The final audited Financial Statements would be presented to the Audit and Governance Committee in December 2025.

The committee noted that the WOCs reserves had decreased during 2024-25 leaving retained reserves at £0.848m. The WOC net core contract spending during 2024-25 was £43.611m which was slightly lower than in previous years, this reflected Orbitas services moving back in-house in February 2025. 

It was clarified that once WOC services had been returned in-house, the reserves of that company would also be returned to the Council through a dividend payment which had already been taken into account within the Medium-Term Financial Strategy.

RESOLVED:

That the Finance Sub Committee

1. Note the summarised position of the WOC Financial Statements for year ended 31 March 2025 based on the information provided at this meeting and included in this report at Appendix 1.

2. Note the dates in relation to the approval process for the Financial Statements.

3. Note the overall financial performance of the WOC’s in the 2024/25 financial year, as contained within the Appendix 1, as follows:

a.    ASDV Reserves increased by £0.334m, retained reserves are £0.848m.

b.    b. Wholly Owned Companies Net Core Contract Spending was £43.611m.