Issue - meetings

(a)       That Members consider the WAO Audit of Financial Statements Report and Management Letter.

(b)       That Members approve the final version of the Statement of Accounts for the 2017/18 financial year.

(c)        That Members approve the Letter of Representation to the Clwyd Pension Fund.

            Mr Ferguson introduced this item of the agenda and noted the actions for the Committee. The Fund accounts are now required to be reported separately from the County Council accounts. Approval is needed from the members of the Committee for the final Fund accounts.

The majority of the WAO Audit has been completed but Mr Ferguson noted that it still needs to be signed off. The formal audit opinion is included within the recommendations and key findings. Overall, the WAO Audit Report is very positive and all issues from last year have now been resolved.

The WAO confirmed that the Fund accounts present a true and fair view and thanked the pension fund team for all their assistance. They presented the report and noted the following key points:

·         The Fund accounts are now a standalone document and were completed two weeks earlier this year. This is a step towards the 31 May deadline that will apply from 2021.

·         Page 54 noted that an audit team member has relatives in the pension fund but that this risk has been mitigated.

·         Appendix 1 - the Letter of Representation is not seeking any additional representations from the Committee.

·         Appendix 2 is the proposed auditors report. The opinion will be issued following committee approval.

·         Appendix 3 shows the corrections made to the draft financial statements.

Cllr Llewelyn Jones wanted clarification about the agency services in note 21 on page 43.

Mrs Fielder confirmed they are Compensatory Added Years (CAY) which are recharged on a £ for £ basis to the employers.

The Committee agreed the recommendations and Mr Everett thanked all of the parties involved for their work in the closure of the accounts.

RESOLVED:

(a)       That Members consider the WAO Audit of Financial Statements Report and Management Letter.

(b)       That Members approve the final version of the Statement of Accounts for the 2017/18 financial year.

(c)        That Members approve the Letter of Representation to the Clwyd Pension Fund.