To update Members on the Committee’s financial situation.

1.1 The report for April to July 2009 is attached (see Annex A).

1.2 Overall financial position is well within budgeted figures. Income from sampling will be better than budget once all invoices for the quarter have been paid. The Committee has also benefited from grants from Conwy, Gwynedd and CCW for the Traeth Lafan Project Officer, and from CCW for the Marine Biodiversity Officer.

1.3 The Employees figure is over budget. Three more employees have joined the pension scheme (not included in original budget). Payment due from Welsh Assembly for secondment of Martyn Boyce will make up the deficit.

1.4 Most of the Committee’s funds continue to be invested with Lancashire County Council – however, the current rate of around 0.4% means that income from interest is very small, substantially below budgeted estimate.

1.5 A good internal audit report has been received from Moore and Smalley LLP, and is included as a Background Paper.

1.6 It is recommended that the minimum accounting value of Asset held by the Committee is raised to £10,000, in line with the practice of other Sea Fisheries Committees. The value has been £5,000 for some years, and it was suggested by the internal auditor that this could be increased.