67 Annual report

(1)

Within 3 months after the end of each financial year, the board of a council-controlled organisation must—

(a)

complete a report on the organisation’s operations during that year; and

(b)

deliver the report to its shareholders and, in the case of an organisation that is indirectly controlled by 1 or more local authorities (for example, a subsidiary of a holding company owned by a local authority), to each local authority that indirectly controls the organisation; and

(c)

make the report available to the public.

(2)

The report must include the information required to be included by—

(a)

sections 68 and 69; and

(b)

its statement of intent.

(3)

[Repealed]

(3)

If a council-controlled organisation has undertaken to obtain or has obtained compensation from its shareholders in respect of any activity, the undertaking or the amount of compensation obtained must be recorded in the annual report of the council-controlled organisation.

(4)

Each local authority that receives an annual report under this section must publish the annual report on an Internet site maintained by or on behalf of the local authority within 1 month of receiving it, and must maintain the report on that site for a period of no less than 7 years.

Extension of time limits for 2020/21 and 2021/22 reports

(5)

Despite the time limit in subsection (1),—

(a)

in relation to the financial year ending with 30 June 2021, the report referred to in that subsection must be delivered in accordance with subsection (1)(b), and made available in accordance with subsection (1)(c), no later than the close of 30 November 2021; and

(b)

in relation to the financial year ending with 30 June 2022, the report referred to in that subsection must be delivered in accordance with subsection (1)(b), and made available in accordance with subsection (1)(c), no later than the close of 30 November 2022.

(6)

Subsection (5), the heading above it, and this subsection are repealed at the close of 31 December 2022.

Section 67(1): replaced, on 22 October 2019, by section 25(1) of the Local Government Act 2002 Amendment Act 2019 (2019 No 54).

Section 67(3): repealed, on 7 July 2004, by section 6 of the Local Government Act 2002 Amendment Act 2004 (2004 No 63).

Section 67(3): inserted, on 22 October 2019, by section 25(2) of the Local Government Act 2002 Amendment Act 2019 (2019 No 54).

Section 67(4): inserted, on 22 October 2019, by section 25(2) of the Local Government Act 2002 Amendment Act 2019 (2019 No 54).

Section 67(5) heading: inserted, on 13 July 2021, by section 6 of the Annual Reporting and Audit Time Frames Extensions Legislation Act 2021 (2021 No 29).

Section 67(5): inserted, on 13 July 2021, by section 6 of the Annual Reporting and Audit Time Frames Extensions Legislation Act 2021 (2021 No 29).

Section 67(6): inserted, on 13 July 2021, by section 6 of the Annual Reporting and Audit Time Frames Extensions Legislation Act 2021 (2021 No 29).