New Anglia Audit and Risk Panel Minutes (Unconfirmed)

6^th September 2018

Present:

Andrew Proctor (AP)

Norfolk County Council

Nikos Savvas (NS)

West Suffolk College

Holly Field (HF)

Suffolk County Council (Deputising for Accountable Body

S151 Officer)

In Attendance:

Rosanne Wijnberg (RW)

New Anglia LEP

Keith Spanton (KS)

New Anglia LEP

Marie Finbow (MF)

New Anglia LEP

Actions from the Meeting

 Summary of the Panel discussion and recommendation on the appointment of auditors to be

circulated by email to Audit and Risk Committee members for agreement.

 RW to discuss recommendation on the appointment of auditors with Nick Banks, as chair of the

Committee.

 Recommendation to appoint auditors for the LEP to be discussed with the Chair of the LEP Board

prior to ratification at the September LEP Board meeting.

 RW to develop a Forward Plan for the Audit and Risk Committee.

 Helen Wilton to arrange venues for meetings.

Welcome and Introductions

In accordance with the agreed Terms of Reference, due to Nick Banks being unable to attend this

meeting is not quorate. In which case, it was agreed that this meeting will operate as a Panel from the

Audit and Risk Committee specifically to interview shortlisted candidates for the appointment as

auditor for the LEP. Recommendations from this meeting will need to be agreed between all members

of the Audit and Risk Committee and the agreed recommendations will be discussed with the Chair of

LEP Board before recommendations are taken to the LEP Board for approval.

Nikos Savvas was appointed as Independent Chair for this meeting.

Apologies

Nick Banks.

Declarations of Interest

Full declarations of interest can be found at 30TUhttp://www.newanglia.co.uk/about-us/the-board/U30T.

Andrew Proctor advised that Price Bailey sponsors Broadland DC Community at Heart awards.

Minutes from last meeting

The minutes were reviewed and agreed with the following amendment: Holly Field should be ‘Present’

not ‘In attendance’. With that amendment, the minutes were agreed as an accurate record of the

meeting and the Panel recommended approval to the Independent Chair.

All actions had been completed; notably:

 Since the last meeting New Anglia Capital has been independently audited (both for 2016/17

and 2017/18) and the audits were presented and approved by the New Anglia Capital Board on

4^th September 2018.

 New Anglia Capital Board have discussed how to deal with any surplus made from

investments. It was agreed that this is part of the Exit strategy for New Anglia Capital and at

present there is no mechanism for funding to be extracted from New Anglia Capital. This will be

picked up with the auditors.

 The Strategic Report was updated and is included in the accounts.

 The process for obtaining Cyber Essentials accreditation is underway following the

appointment of Breakwater.

Keith Spanton advised the Panel that during analysis of the LEP’s accounts for the AGM it was

discovered that a payment made to Ipswich Winerack had been posted incorrectly as a grant, not a

loan. This has now been rectified and the LEP’s reserves have increased as a result. The Panel were

advised that this error had been rectified and the accounts adjusted before submission to Companies

House.

Review of Auditors - Confidential

Agreed recommendation to be made via email which will be taken to the Chair of the LEP Board prior

to ratification at the September LEP Board meeting.

The LEP will reappoint auditors every year but best practice is to test the market every 3 - 5 years as

determined by the LEP Board.

Review of Corporate Risk Register

The Panel noted that no significant changes had been made to the Risk Register since the last

meeting.

AP referred to the risk of Growth Deal slippage and asked that this is brought to the attention of the

LEP Board. RW responded advising that this is highlighted in the Growth Deal performance report

which will be considered by the LEP Board this month.

Any Other Business

RW will arrange for a Forward Plan to be developed for the Audit and Risk Committee.

Date and Time of Next Meeting

Proposed 9.00 am on 13 Feb 2019 in Suffolk - venue to be confirmed. NS offered West Suffolk

College as a venue when meetings are in Suffolk. Helen to arrange.