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City of London Corporation

Answer

The Common Council of the City of London, in its capacity as a local authority, is required to adhere to the publication requirements of the Local Government Transparency Code 2015, along with all other local authorities as defined in paragraph 14 of the Transparency Code. The Transparency Code requires local authorities to publish details of financial transactions such as all spend over £500 and procurements over £5000, and assets held such as land and housing. It does not contain requirements relating to any specialist commercial activity conducted by the City of London Corporation. The government does not monitor compliance with the requirements of the Transparency Code, as the intention of the legislation is that local voters will hold local authorities to account for their performance.

The Common Council of the City of London is also required to produce an annual Statement of Accounts in accordance with proper practices as set out in statute and the Code of Practice on Local Authority Accounting in the United Kingdom, published by CIPFA. The Statement of Accounts must meet the requirements of reporting set out in the Local Audit and Accountability Act 2014. Authorities are responsible for ensuring that their financial reporting meets the required standards, however, Government expects authorities to demonstrate best practice in transparency.

Secondary information

Type

Written question

Reference

HL16320

Session

2024-26

Subjects

Company accounts City of London Corporation Finance Standards

Link

View this Written question on www.parliament.uk