(1st December 2009). - Trafford College
(1st December 2009). - Trafford College
(1st December 2009). - Trafford College
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Minute No.<br />
RES/48/<strong>2009</strong> Draft Report and Financial Statements 2008-<strong>2009</strong><br />
The Vice Principal Corporate Planning presented a report which included<br />
the Draft Report and Financial Statements for 2008/<strong>2009</strong>.<br />
The Committee noted that the external auditors had completed their testing<br />
of the Statements and that there were no outstanding issues to be resolved<br />
prior to the finalisation and signature of the accounts. The Committee also<br />
noted that the Report and Financial Statements would be considered by the<br />
Audit Committee prior to recommendation to the Board of the Corporation.<br />
The Committee considered the Draft Report and Financial Statements and in<br />
particular noted that:<br />
• the only change to the draft accounts submitted to the Committee at<br />
its last meeting was £ 21,000 of additional charges to the enhanced<br />
pension provision;<br />
• the final operating deficit for 2008-<strong>2009</strong> was £1,465,000;<br />
• the key points arising from the income, pay and non pay expenditure,<br />
balance sheet, liquidity and cash flow position and the key financial<br />
indicators at 2008-<strong>2009</strong>;<br />
• the identified principle risks and uncertainties;<br />
• the disclosure of information to auditors.<br />
In discussion the Vice Principal Corporate Planning commented that the<br />
Statements did not include any commentary with regard to the Financial<br />
Health of the <strong>College</strong> and drew the Committee’s attention to a letter that she<br />
had recently received from the LSC with regard to the matter.<br />
The Committee noted that the LSC had indicated in their letter that their<br />
assessment of the financial grading of the <strong>College</strong> for <strong>2009</strong>-2010 was<br />
satisfactory.<br />
The Vice Principal expressed to the Committee her confusion and extreme<br />
disappointment at this inappropriate assessment and outlined to the<br />
Committee why it was the <strong>College</strong> management’s view that the grading<br />
should be Outstanding.<br />
The Committee noted that officers from the LSC were meeting the officers of<br />
the <strong>College</strong> on 9 <strong>December</strong> <strong>2009</strong> in order to discuss the position.<br />
The Committee expressed the view that they wholeheartedly supported the<br />
Vice Principal both professionally and with regard to the <strong>College</strong>’s self<br />
assessment position and noted that the Vice Principal would provide a report<br />
on the up to date position at the Board of the Corporation meeting on 16<br />
<strong>December</strong> <strong>2009</strong>. The Committee wished the <strong>College</strong> officers well in their<br />
discussions with the LSC.<br />
Action: Vice Principal Corporate Planning<br />
After due consideration of the report and some proposals to minor wording<br />
changes to the statements the Committee resolved that it be noted.<br />
C2.15/JBW/ML/04.12.<strong>2009</strong> Version 2