Torfaen County Borough Council

The Auditor General for Wales' opinion is that the financial statements give a true and fair view of the Council's finance

Highlights

We were unable to conduct our audit at Council premises due to the Covid-19 pandemic.  Early discussions with the team indicated that the audit could be conducted remotely via use of Microsoft TEAMs.  Using this platform, we have successfully been able to screenshare and observe team members running reports and sending these to us, just as we would observe this whilst sat next to the individual. 
Our audit report was unqualified. Due to the potential impact that Covid-19 has on the value of land and buildings, the Council's Valuer disclosed a material uncertainty within the 31 March 2020 valuation. This was reflected within Note 4 of the financial statements. We reflected this disclosure within an “emphasis of matter” paragraph in our opinion. This is not a modification or qualification of the opinion. The Greater Gwent Pension Fund, of which Torfaen County Borough Council is an admitted body, holds investments in Pooled Property Units.  As a result of Covid-19, valuations as at 31 March 2020 were not readily available due to the closure of the markets and therefore no trade price on which to base a valuation.  The Property valuers therefore included an estimation uncertainty clause into the reports. The LGPS property assets attributable to Torfaen County Borough Council account for £10.197m, 3% of total assets.  This was reflected within Note 4 of the financial statements. We reflected this disclosure within an “emphasis of matter” paragraph in our opinion. This is not a modification or qualification of the opinion

Funding and Spending

£-29.7 million surplus income
How is the Council funded?
£321.1 Million
Main groupings of income
Amount of income in particular area
How much has Torfaen County Borough Council spent?
£350.8 Million
Total: £350.8 Million
A breakdown of the Total Other column in the above chart:
Total Other £ Million
Education Services £104.2 Million
Social Care and Housing £75.2 Million
Neighbourhood Services £49.5 Million
Public Services Support Unit £1.9 Million
Information Technology £3.0 Million
Resources £39.1 Million
Chief Executives Services £7.2 Million
Council Tax Reduction Scheme £9.3 Million
Corporate Property Maintenance £0.9 Million
Early Prevention and Intervention £0.8 Million
Other Services £4.1 Million
Precepts - Community Councils £1.7 Million
Precept - Police and Crime Commissioner for Gwent £8.6 Million
Levy - South Wales Fire Authority £4.3 Million
Levy - Home Office - Coroners Courts £0.2 Million
Loss on Disposal of Non-current Assets £12.9 Million
Interest payable and similar charges £6.8 Million
Net interest on the net pension liability £19.6 Million
Changes in fair value of investment property £0.7 Million
Income Related to Investment Properties £0.7 Million
Loss on Trading Operations £0.1 Million
Total: £31.9 Million

Staff

Staff Costs £144.8 Million
Wage variances
Number of employees whose remuneration is over £60,000 per annum 58
Median remuneration £23
Highest paid Director £140
Ratio between the Council’s highest paid employee and the median position 4.67:1
Termination
Termination - number 63
Termination - value

What they own

£394.7 Million
Total Assets£394.7 Million
Property, Plant and Equipment£323.0 Million
Heritage Assets £1.4 Million
Investment Property£14.9 Million
Debtors £34.8 Million
Short Term Investments£8.0 Million
Cash and Cash Equivalents£10.4 Million
Assets Held for Sale£1.6 Million
Other Assets £0.6 Million
Property, Plant and Equipment Breakdown

What they owe

£485.1 Million

Borrowing - long term

£124.20 Million

Borrowing - short term

£25.50 Million