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Audit of accounts year ended 31 March 2019
The external audit of the draft statement of accounts for the year ended 31 March 2019 has not yet been completed by our external auditors, EY LLP. This situation is allowed for by Regulation 10, paragraph (2a) of the Accounts and Audit Regulations 2015.
We did not publish our pre-audited draft accounts by the 31 May 2019 (in accordance with Regulations 9 and 14 of the Accounts and Audit Regulations 2015). This was due to clarification issues of business relationships surrounding King’s Lynn Innovation Centre (KLIC) and other operational and resourcing matters. The pre-audited draft financial statements were subsequently published on 18 June 2019.
As a consequence of this delay and EY’s resourcing pressures, the external audit has been rescheduled. The external audit will need to consider the additional audit risks associated with the King’s Lynn Innovation Centre.
Therefore, this notification explains, as per paragraph (2a), that we are not yet able to publish our audited 2018/19 final statement of accounts in line with deadline of 31 July 2019, as per paragraph (1). The Audit Committee will consider the results of the 2018/19 audit at its meeting on 9 December 2019 once the audit is complete, after which we will publish the final audited accounts.