Issue - meetings

RESOLVED: The Shareholder Committee noted the progress and status update.

REASON FOR RECOMMENDATIONS: To confirm satisfactory winding-up of the Alive West Norfolk Company entity.

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The Assistant Director for Finance and Deputy Section 151 Officer explained that following the Council's decision to bring Alive West Norfolk services in-house from April 2025, the financial wind-up of the company commenced, including notifying customers and suppliers, closing bank accounts, and transferring balances to the Council's general ledger. The final steps involved confirming VAT deregistration with HMRC and striking off the company at Companies House, which may take up to eight weeks.

Councillor Morley raised concerns about ensuring that risks associated with the wind-up, such as unforeseen costs at year-end, are carried forward to the council's corporate risk register. The Committee discussed the need for ongoing risk monitoring, particularly regarding revenue items like utility costs and maintenance.

In response to a question from the Chair, Councillor Beales, the Strategic Finance Business Partner provided a brief explanation of accruals, clarifying that expenses incurred but not yet invoiced are accounted for in the relevant financial year, with adjustments made in the following year once invoices are received.

The committee agreed that, with the wind-up nearly complete and no material issues outstanding, a future update would be provided to the Committee once confirmed with HMRC.

RESOLVED: The Shareholder Committee noted the progress and status update.

REASON FOR RECOMMENDATIONS: To confirm satisfactory winding-up of the Alive West Norfolk Company entity.