Appointment of an External Auditor

Concepts

• harwich
• finance and insurance
• auditor
• auditors
• auditor(s
• business services
• east suffolk council
• suffolk county council
• essex county council
• supervisory board

Location

Our Headquarters is at Harwich International Port, Parkeston Quay, Harwich, C012 4SR

Description

Freeport East Ltd is seeking an independent external auditor to examine the financial statements of the company and provide feedback. The responsibilities of external auditor(s) include planning effective auditing processes, performing audits, and reporting back on findings. To be successful as an external auditor, you should have excellent knowledge of auditing principles, be analytical, and have good communication skills. Ultimately, we are looking for an external auditor who can make informed and rational decisions, be objective, and is detail orientated. The company is looking to appoint an external auditor for a period of 12 months, with the opportunity to extend the contract for a further 24 months, based on acceptable performance in the first 12 months and upon approval by the Supervisory Board.

Total Quantity or Scope

We are looking for an external auditor to examine the financial statements of the company and provide feedback. The responsibilities of external auditors include planning effective auditing processes, performing audits, and reporting back on findings. Freeport East Ltd is a company limited by guarantee (without shares) and incorporated on 6 December 2022. Freeport East Ltd is a not-for-profit SME and currently employs 6 FTE with the potential to grow to up to 10 FTE over the next 12 months. East Suffolk Council acts as the company's accountable body and retains and administers all of the company's income on its behalf. The Company currently uses the accounting system for East Suffolk Council, including a separate bank account which has been set up by the Council on behalf of Freeport East Ltd. The Company is required to file its first set of audited Accounts (made up from 6 December 2022 to 31 March 2023; and April 2023 to 31 March 2024) with Companies House by 6 September 2024. Our first Annual General Meeting is due to be held on 26 September 2024, and we would like to present a full set of audited accounts and the Auditors Report to our members at this meeting. The audit process will be overseen by the company's Finance and Audit Committee, which is a sub-group of the Supervisory Board. The Finance and Audit Committee is led by the Accountable Body's Section 151 officer and whose membership includes the company's chair of the Board and another Board director. Meetings are held virtually every two months. The Supervisory Board sets the strategic direction of Freeport East and approves the company's strategic decisions, including annual budget, business plan and longer-term strategy. Our estimated funding is estimated to be just over £25 million over the next financial year. This includes seed capital funding and pooled future business rates (further detail below), which is held by the Accountable Body and is not funding that flows through the company. Freeport East' role is initiating the funding and its release. Funding received since incorporation includes £1 million in capacity funding and £12 million seed capital funding from the Department for Levelling Up, Housing and Communities (part of the £25m, with the remaining seed capital funding expected to be drawn down in the financial year 2024/25). In addition, our five local authorities have also pooled £800,000 from future retained business rates to enable the freeport to launch two grant schemes to support businesses in our region through our Clean Growth fund and our Innovation and Skills fund. In the meantime, we may also receive some further capacity funding from Government. Our operational costs are estimated at £1.25 million per annum. Our future source of income will be 100% retention of business rates generated across our five tax sites over the next 25 years. … External Auditor Responsibilities: • Evaluating financial statements and assessing accounts for accuracy and compliance. • Investigating internal systems and operations. • Assessing risk management approaches. • Reporting on errors and fraud. • Providing feedback reports on findings. External Auditor Requirements: • CCAB qualified accountant • Degree in accounting or finance. • Previous experience as an external auditor. • Experience in data analysis and reporting on finances. • Strong knowledge of accounting principles. • Proficiency in ERP software. • Good decision-making abilities. • Problem-solving skills. • Professional and trustworthy.

Renewal Options

The company is looking to appoint an external auditor for a period of 12 months, with the opportunity to extend the contract for a further 24 months, based on acceptable performance in the first 12 months and upon approval by the Supervisory Board.

CPV Codes

• 66000000 - Financial and insurance services
• 79000000 - Business services: law, marketing, consulting, recruitment, printing and security

Indicators

• Bids should cover the whole contract.
• Options are available.
• Renewals are not available.
• Financial restrictions apply.
• Professional qualifications are sought.
• Award on basis of price and quality.

Other Information

Background We are one of 12 freeports in the UK with an ambition to be a hub for global trade and national regeneration as well as creating a hotbed for innovation that will have impact across the UK. Freeport East covers a geographic area on the east coast of England including Harwich, Felixstowe, Colchester, Ipswich and Stowmarket and is a partnership between local stakeholders across the public and private sectors charged with delivering the Government's freeport policy. Our members and wider partners include Hutchison Ports, Gateway 14, Essex County Council, Suffolk County Council, East Suffolk Council, Tendring District Council, Babergh and Mid Suffolk Councils and the University of Essex. With our unique global links and existing innovative sectoral clusters, the aim of our freeport is to attract inward international investment and drive domestic growth, propelling the country's economy forward. Our freeport is anchored around three main development sites (and two smaller sites) that offer a suite of investment incentives. The main sites are located at the Port of Felixstowe, Harwich International Port and Gateway 14 near Stowmarket. As a freeport, we can offer tax site incentives and a bespoke customs operations model that can be applied to any site, anywhere across our geography, designed to support increased trade and investment. Through the UK Government, freeports have enhanced opportunities to access innovation and regulatory support, including financial resources. All 12 UK freeports work closely with the UK Government to deliver the support and investment our regions require. Freeports are a fundamental part of the UK Government's Levelling Up agenda and were established to increase opportunities across the country. They are crucial for the UK's recovery after Covid, aiding the levelling up process by boosting jobs, investment, and prosperity through focused support.