South Tees Development Corporation

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STDC Statement on its Publication of Accounts for 2023/24

We acknowledge that South Tees Development Corporation did not meet its statutory backstop for publishing accounts for 2023/24.

The delay arose due to a failure to fully comply with the Local Audit and Accountability Act 2014, specifically in relation to the publication of the Annual Governance Statement and the corresponding commencement of the statutory public inspection period. In accordance with the Accounts and Audit Regulations 2015, unaudited accounts — including the Annual Governance Statement — must be published in time to facilitate the exercise of public rights, such as the inspection of accounts. Unfortunately, due to administrative error, the Annual Governance Statement was not published within the required timeframe, and as a result, the public inspection period was not compliant.

Our inspection notice was published on our website alongside the draft financial statements for 2023/24, with the public inspection period running from 1st October 2024 to 12th November 2024. During this period, one individual exercised their right to inspect the accounts. We recognise that, under the relevant regulations, simultaneous publication is necessary to achieve full compliance. We regret this oversight and are committed to ensuring that all elements are correctly published together in future years.

This administrative error meant that the conditions necessary to proceed with the audit and meet the 28 February 2025 backstop date were not fulfilled. South Tees Development Corporation fully recognises the importance of compliance with these statutory obligations and has taken steps to strengthen internal processes and governance controls to prevent recurrence.

Looking ahead to the 2024/25 financial year, South Tees Development Corporation has worked closely with our external auditors, EY, to establish a clear and achievable timetable for the preparation, review, and publication of both unaudited and audited accounts. This includes agreed milestones to ensure that the Annual Governance Statement is published in accordance with statutory requirements and that the public inspection period is properly facilitated. We are confident that the plan in place will enable us to meet all regulatory deadlines, including the statutory backstop of 27 February 2026.