Committee publication · Correspondence · 2 September 2025
Letter from the Chief Operating Officer for the Department relating to the August update on the 2024-25 Annual Report and Accounts, 21 August 2025
Summary
The Department for Business and Trade's Chief Operating Officer updates the Business and Trade Committee on progress toward finalising the 2024-25 Annual Report and Accounts. The audit is on track for September publication. The department expects to remove qualifications relating to the Horizon Conviction Redress Scheme and confirms no breach of parliamentary spending limits, though significant underspends remain contrary to Parliament's expectations.
Key findings
- All versions of the 2024-25 ARA have been provided to the NAO on time; final version scheduled for NAO and ARAC sign-off on 28 August for 5 September approval meeting
- Post Office redress audit nearing completion with few remaining audit queries; Horizon Shortfall Scheme qualification expected to remain, but NAO may remove Horizon Conviction Redress Scheme qualification
- No parliamentary spending limit breaches across any budgeting currency (Resource DEL, Capital DEL, Resource AME, Capital AME); department holds significant underspends against authorised limits
- Department confident it has provided sufficient evidence to NAO for Horizon Conviction Redress Scheme provision value to be free from material misstatement
- ARA publication scheduled for 15 September 2025 following Comptroller & Auditor General certification on 10 September
Tone
ProceduralTopics
public-financeauditpost-office-horizongovernment-accounts
Key actors
Tara Smith, Liam Byrne, Department for Business and Trade, National Audit Office, Audit and Risk Assurance Committee, Comptroller & Auditor General
Notable line
“The Department is, however, confident it has provided the NAO appropriate detail to enable it to conclude that there is sufficient evidence for the provision value for Horizon Conviction Redress Scheme (HCRS) is free from material misstatement.”
Key Quotes
“The 2024-25 ARA production and its audit are progressing to conclusion in line with the agreed September timetable.”
“The Department has significant underspends against its au- thorised limits in each budgeting currency, which the Department recognises is con- trary to Parliament's expectations of a taut and realistic spending plans .”
“There remains work to do, however the 2024-25 ARA production is progressing to con- clusion in line with the agreed timetable.”
Source · parliament.uk record ↗