PSAA publishes an annual report of its activities, together with its audited accounts, after the end of each financial year. The annual report outlines PSAA’s main activities and performance during the previous financial year and sets out in summary form its forward plans. PSAA uses this report to inform the Secretary of State for Communities and Local Government of its activities in relation to the exercise of the statutory functions delegated to it.
2015/16 annual report and accounts
The 2015/16 annual report and accounts covers the first full year of operation for PSAA. The functions for which the company is responsible were delegated to it from 1 April 2015 by the Secretary of State for Communities and Local Government, following the closure of the Audit Commission on 31 March 2015.
The directors elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102).
The company’s auditor, UHY Hacker Young LLP, issued an unqualified opinion on 1st September 2016.
PSAA’s 2014/15 accounts cover the period from 14 August 2014 to 31 March 2015. During this time certain costs were incurred in setting up the company in advance of it taking on its statutory functions on 1 April 2015. The accounts were prepared in accordance with the special provisions in part 15 of the Companies Act 2006 relating to small companies and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015). For the year ending 31 March 2015 the company was entitled to exemption from audit, in accordance with sections 475 and 477 of the Companies Act 2006 relating to small companies.