At the end of each financial year we publish a statement of accounts.
The accounts show:
- how we have spent money on services in Lincolnshire
- statements of movement in the general fund
- gains and losses
- a balance sheet with all our assets and liabilities at 31 March
Statutory information
By law, we must publish certain documents and information about the annual external audit of our accounts:
Delay in publishing audited statement of accounts: year ended 31 March 2023
Publication of Lincolnshire County Council and Lincolnshire Pension Fund’s statement of accounts and audit opinions
The external audit of the draft statement of accounts for the year ended 31 March 2023 has not yet been completed by our external auditors, Mazars LLP. This is due to a variety of complex factors from previous years causing a backlog of audit work which is impacting on the timely delivery of the 2022 to 2023 audit.
We currently envisage that the audit will be completed in December 2023, following which Mazars LLP will provide their audit opinions and issue their audit reports, in respect of the Lincolnshire County Council and the Lincolnshire Pension Fund Statements.
This situation is allowed for by Regulation 10, paragraph (2) of the Accounts and Audit Regulations 2015 (SI 2015-234), as amended by the Accounts and Audit (Amendment) Regulations 2022 (SI 2022/708).
This notification explains, as per Regulation 10 (2) (a), that we are not yet able to publish our audited 2022-23 statement of accounts in line with publication date of 30 September 2023, as per Regulation 10 (1).
We are continuing to work closely with the external auditor to ensure the required work is completed as soon as possible. In line with the accounts and Audit Regulations 2015, a draft statement of accounts was published subject to audit on 9 June 2023. The final audited statement of accounts for the year ended 31 March 2023 will be published as soon as the audit is concluded, and the independent auditor's report issued.
- audit letter delay in VFM reporting 2022 to 2023
- final statement of accounts 2020 to 2021 (audited)
- covering letter for 2020 to 2021 auditor's report
- notice of conclusion of audit 2020 to 2021
- completion report 2021 to 2022 - Lincolnshire Pension Fund
- completion report 2021 to 2022 - Lincolnshire County Council
- annual audit letter - Lincolnshire County Council 2021 to 2022
- annual audit letter - Lincolnshire Pension Fund 2021 to 2022
Date: 30 September 2021
Invoice payment performance
| Financial year | Undisputed invoices paid within 30 days | Value of liability of invoices paid after 30 days | Value of interest for late payment charges paid to suppliers |
|---|---|---|---|
| 2021-22 | 97.1% | £145,139.43 | £0 |
| 2020-21 | 97.3% | £197,463 | £368 |
| 2019-20 | 91.0% | £356,964 | £0 |
| 2018-19 | 89.0% | £272,026 | £0 |
| 2017-18 | 89.1% | £231,036 | £0 |
| 2016-17 | 86.7% | £277,190 | £0 |
| 2015-16 | 87.7% | £944,479 | £0 |
We are committed to paying all undisputed invoices within 30 days. Payment delays can happen if invoices are in dispute.
Payment delays to undisputed invoices can happen if credit balances are held on supplier accounts.
We calculate interest liability at 8% plus the Bank of England base rate on 31 March for each financial year.
A large majority of maintained schools use our financial system. At present, we are not able to separate their figures.
We plan to develop our finance system by April 2021. We aim to improve processes, extend staff training, and improve our payment performance.