Decision Maker: Sutton Shareholdings Board
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Mid-year summary of the company's finances and
performance against the business plan
Joanna Cassey, Interim Managing Director of Cognus Ltd, introduced the report.
The Chair invited Ian Comfort, Chair of the board of Cognus, and Alex Ffrench of William Giles, the external auditor, to comment on the report.
The board noted that, following unanimous agreement of the B shareholders, the council would become the sole shareholder of the company, and that work was underway to deliver this transfer of shares. The board noted that increased expenditures related to COVID-19 and historic inadequate financial reporting had led to revisions to the financial forecast for the year. However, it was noted that significant action was underway to improve the reporting through closer working with the council and auditors.
1. To note progress made by Cognus against its 2020/21 business plan.
2. To note Cognus’s financial position and the action being taken to reinforce its financial reporting.
Report author: Joanna Cassey
Publication date: 30/11/2020
Date of decision: 20/10/2020
Decided at meeting: 20/10/2020 - Sutton Shareholdings Board