Agenda item

The Committee considered the Pension Fund Annual Report and Accounts for the year ended 31 March 2023 (for copy see file of minutes).  Thomas Backhouse from Mazars provided an update on the report.

T Backhouse reminded the Committee of the national picture with only 5 of 470 Local Government accounts having been completed within timescales and noted that Durham had now completed their accounts and Mazars had offered an unqualified opinion with some internal control recommendations.  The Finance Manager noted that a working group had been set up with other BCPP Pension Funds as regards the issues highlighted.

The Corporate Director of Resources, P Darby noted the accounts had been considered by the Council’s Audit Committee last week and were signed off.  He noted it had been disappointing they had not been signed off by the end of September, however, the issues had been outside of the Council’s control.  He added that completion by November had been a good achievement and thanked the Finance Manager and her Team for their hard work.

A Broadbent added his thanks to the Finance Manager and the Team.  He asked as regards assurance, materiality levels and internal control recommendations.  T Backhouse noted that it was felt the accounts represented a full and fair representation and actions were being taken by the Finance Manager in response to the internal control recommendations.

Councillor J Atkinson thanked the Finance Manager and the Team and asked as regards actions to be taken in response to the recommendations.  The Head of Pensions (LGPS) noted work that would be undertaken and reiterated a working group had been established, through BCPP.  The Corporate Director of Resources noted that it was a case of having consistent use of data to inform opinions, with work ongoing to address those issues.  The Chair asked if there was a national standard approach. 

The Corporate Director of Resources noted that there was, however, with two organisations offering their professional opinions there would always be some difference, with the ongoing work looking at better aligning those opinions.

Resolved:

That the contents of the Pension Fund’s financial statements for the financial

year ended 31 March 2023 be noted.