Agenda item

The Committee considered the Pension Fund Annual Report and Accounts for the year ended 31 March 2024 (for copy see file of minutes).  The Finance Manager, DCC, Jo McMahon and Thomas Backhouse from Mazars provided an update on the report.

Councillor D Freeman entered the meeting at 10.14am

The Finance Manager noted that both the Durham County Council and Pension Fund Statement of Accounts were approved at the meeting of the Council’s Audit Committee on 29 November 2024, with the Chair of the Pension Fund Committee in attendance.  She explained the Team had worked hard on the Statement of Accounts and Annual Report with DCC Finance colleagues, Pension Team and External Audit in order to meet the required deadlines.

T Backhouse noted the work Mazars had carried out, noting the Audit Completion Report, from page 161 of the agenda pack.  He noted the ACR Follow Up Letter updated the outstanding matter following the meeting of the Audit Committee on 29 November 2024. 

He explained as regards differences in the reporting of holdings values by the fund manager, CBRE, and the Custodian, Northern Trust and the matter had been identified to be addressed.  He noted there were no major issues found with the Accounts.

Councillor J Atkinson asked if there were any costs associated with the differences referred to, and what the timescales were in addressing the issue.  The Head of Pensions (LGPS) noted no direct costs, with some time and effort required to work with CBRE to assure alignment between CBRE and Northern Trust.  Councillor M Porter asked if there had been anything further that could have done in identifying the issue.  The Head of Pensions (LGPS) noted there was progress in respect of the issue, with the Finance Manager working with BCPP.  Councillor M Porter thanked the Finance Manager and the Team for their work.

Resolved:

That the contents of the Pension Fund’s financial statements for the financial year ended 31 March 2024 be noted.