To provide Members with an up to date summary of the Committee’s financial situation.

1.1 The report for the first 10 months of the current financial year is attached (see Annex A).

1.2 Members will note that Transport is continuing to run outside the budgeted predictions. As reported previously, the main reason for this is the cost of repairs to both of Aegis’s gear boxes and her raw water pumps.

1.3 The expenditure for Supplies/Services is running outside budgeted predictions due to a payment to CEFAS of £6,800 for the analysis of lobster V-notch data – unfortunately the writer omitted to make provision for this in the accounts for last year, when re-imbursement was received from the Countryside Council for Wales.

1.4 Officers are still liaising with Lancaster University and with Estate Agents to try to find alternative accommodation for the Lancaster office – as previously advised, we are unlikely to find anything within our present budget.

1.5 As Members will be aware, the Committee has approved major repairs to the electrical system and engines on FPV Aegis. The cost of these will not affect this year’s budget, as the work is to be funded from capital reserves – however, it is intended that this drawing from reserves will be restored in future years’ budgets.

1.6 The majority of the Committee’s funds continue to be invested with Lancashire County Council – although rates have been slipping a little over the past few weeks, the current rate of 5.43% per annum is very competitive compared with those offered by banks or other acceptable institutions.

2.1 The Audit Commission has now provided its certificate and opinion on the Annual Return.

2.2 No matters came to their attention which gave cause for concern that relevant legislation and regulatory requirements had not been met.

2.3 There were a couple of matters not affecting their opinion which they wished to draw to the Committee’s attention:

2.4 This now closes the file on last year’s accounts.