To receive an update on the 2020/21 Statement of Accounts.
Minutes:
The Committee received an update on the 2020/21 Statement of Accounts.
During the discussion of this item, the following points were made:
· Helen Thompson, EY, introduced Hannah Lill who would be primarily focusing on the 2021/22 and 2022/23 audits, but would also be assisting with the close out of 2020/21.
· It was hoped that the 2020/21 accounts would be closed out for the Committee’s March meeting.
· Members were advised that some progress had been made regarding the infrastructure issue. The statutory override had come into effect on 25 December 2022. Also, in December CIPFA had issued an update to their Code of Accounting Practice, and then a bulletin which provided guidance to Councils, the preparers of the accounts, and auditors. EY had been looking at what the required approach should be, and talking to Officers on how to progress. Revised disclosures would need to be included in the draft Financial Statements. The depreciation methodology would also need to be considered. Members were reminded that this was a temporary solution up to 31 March 2024. It was anticipated that CIPFA would made a decision on how to take the infrastructure assets matter forwards for 2024/25.
· With regards to the Pensions Fund, a letter of assurance had still not been provided by the auditor of the Pension Fund. A meeting was due to take place with Deloitte on 9 February. Work regarding any possible options and alternatives, was ongoing. However, those identified to date came with additional financial costs or time implications, and relied on the cooperation of other bodies.
· Outside of the infrastructure and pensions issues, time had been set aside with Officers to go through the updated Audit Results report. This would be presented at the Committee’s next meeting.
· The Assistant Director Finance commented that Officers were continuing to push for resolution of the pensions matter. He emphasised that closing with a qualification prior to the resolution of the pensions issue, was not a very viable option.
· Councillor Gee commented that she sat on the Advisory Panel to the Committee that looked at the Berkshire Pension Fund. It appeared that there was no problem with the Pension Fund accounts and that they were waiting for sign off from the administering authority, Royal Borough Windsor and Maidenhead Council. She questioned what would happen if this did not occur. Helen Thompson commented that the work had been completed but that the letter sent had included a caveat, and this had not yet been removed. Some other Committees had written to the Public Sector Audit Appointments, questioning the delay.
· Councillor Gee commented that the minutes of the last Berkshire Pension Fund committee meeting stated that ‘Deloitte are the Pension Fund and RBWM’s auditors, and have advised that there are no material changes required to the Pension Fund Annual Report for 2021/22.’ She agreed to send the link to the minutes to Helen Thompson.
RESOLVED: That the update on the 2020/21 Statement of Accounts be noted.