Social Value Ideas for Woking Borough Council
We have identified 50 evidence-based social value themes for Woking Borough Council in South East across 37 service areas. These insights are derived from the latest council meeting transcripts and can inform your social value strategy for bids and tenders.
Minimum Revenue Provision Underfunding
The council set aside insufficient monies to repay its large portfolio of debt (MRP - Minimum Revenue Provision). Outstanding MRP charges will approach £450 million by 31 March 2024, requiring materia…
“councillors also set aside insufficient monies to repay this very large portfolio of debt this is called the minimum revenue provision, this means tha…”
Severe Financial Deficit
Woking Borough Council faces a deficit of up to £1.2 billion in the current financial year (2023-24) against core funding of just £16 million from council tax, business rates and government grant. Thi…
“the council faces a deficit of up to 1.2 billion pounds in the current financial year and this against a core funding stream from council tax, busines…”
Future Year Budget Shortfalls
The council already faces a revenue budget shortfall of at least £10 million in 2024-25, which is forecast to rise to £150 million when new debt repayment charges and unbudgeted costs are included. Si…
“the Council already has a revenue budget shortfall of at least 10 million pounds in financial year 24 25, and the introduction of new charges for the …”
Weak Financial Controls and Governance Failures
The council has demonstrated multiple weaknesses in financial management including weak financial controls, inadequate record keeping, weak management review processes, lack of understanding of accoun…
“there is a long list of what needs attention. weak financial controls, weak record, keeping weak management, review processes, lack of understanding o…”
Asset Impairment and Loan Loss Provisions
Council assets funded through high borrowing have been revalued downwards (impaired). The £1.3 billion in loans to council companies are no longer secured on assets as intended, resulting in a project…
“these assets have been revalued downwards, the technical term is impaired, the council's loans to the companies, which total 1.3 billion are therefore…”
£1.2 Billion Deficit Crisis
Woking Borough Council faces a historic £1.2 billion general fund deficit, the largest in UK local government history. This unprecedented deficit resulted from years of unconstrained commercial invest…
“the 1.2 billion pound deficit which we can't easily find if ever. we still have a lot going for us in Woking a way to make sure that we keep Woking to…”
Section 114 Notice - Financial Crisis
Woking Council unable to set balanced budget for 2024-25 municipal year. Chief Finance Officer issued formal Section 114 notice on 7 June 2023. Council has borrowed £1.9 billion and projected borrowin…
“the Chief Finance Officer issued a section 1 1 4, notice, saying that the Council is now unable to set a balanced budget for the 24 25 year... Investm…”
Impaired Loan Values to Subsidiaries
Group accounts for 2023-24 show impaired loan values to subsidiaries totaling £766 million, comprising £735 million loan impairment and £31 million shareholding impairment. The council retains full de…
“We have impaired the values right down to the level that Interpath reported...we do still have to repay that full extent of that borrowing back to the…”
2025-26 accounts published on time
The council published its 2025-26 single entity accounts by the statutory deadline of 30 June and expects external audit completion in November, with the statutory backstop date being 31 January 2027.…
“This report presents the 2526 statement of accounts to the Audit Committee for noting the accounts have been published on the website and also include…”
Outstanding 2019-20 Audit - Group Financial Statements Evidence Gap
BDA external auditor reports no new evidence available for the 2019-20 audit due to lack of documentation from subsidiary companies' auditors. One auditor firm has effectively disappeared, preventing …
“in terms of the work that's been ongoing, it is really assessing what evidence we have around some of those areas such as M or P. group balances that …”
Council Debt Crisis and Financial Intervention
Woking Council described as 'outlier of the outliers' in terms of accumulated debt. Deficit of £12 million in business as usual services largely attributable to interest costs and underperformance of …
“Woking is to quote a phrase that has been used by the Department for levelling up communities and housing as the outlier of the outliers in terms of t…”
Section 114 Notice - Financial Emergency
Council issued Section 114 notice on 7 June 2023 following government review. Confirms three major financial problems: £11m General Fund budget gap, £1.9bn borrowing with £60m+ annual payments, and £1…
“Woking's financial woes were confirmed on the 7th of June when the council declared section 1 1 4. There are three major problems to tackle a gap of 1…”
Government Intervention & Commissioners Appointed
Department for Levelling Up Housing and Communities announced intervention on 25 May 2023. Commissioners appointed to oversee improvement programme. Recovery and improvement plan to be submitted to go…
“the Department for levelling up housing and communities announced an intervention into Woking council and appointed commissioners to oversee an improv…”
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