Issue - meetings

(a)          The Committee approved the Fund’s Annual Report for 2021/22 including the Statement of Accounts.

(b)          The Committee considered the Audit of Accounts Report

(c)           The Committee approved the final Letter of Representation

            Mrs Fielder presented this item.  She confirmed that, since the draft accounts were considered at the last Committee meeting, there had only been two minor changes to the accounts. She confirmed the following key points:

-       Highlighted on paragraph 1.08 was a statement in the accounts that was corrected. This related to the private market valuations at December due to an uplift of c£1.3 million received as a result of the receipt of outstanding March valuations.

-       Given the market turmoil in September, a post balance sheet event note was added.

-       Page 199 included the letter of representation that confirmed all of the information disclosed was true and accurate. She recommended that the Committee approved this.

            Ms Wiliam as audit lead for Clwyd Pension Fund Audit noted the following key points:

-       International standards on auditing meant certain matters were required to be brought to the Committees attention before approving the accounts. Audit Wales could not give complete assurance that the accounts were correctly stated but worked to a level of materiality over which the accounts could be misleading. The amount of materiality this year was set to £24.917 million and a lower level of £1,000 was applied to related party disclosures in respect of key management personnel.

-       Audit Wales remained independent to the Fund during the audit and intended to issue an unqualified audit opinion once the signed letter of representation was received. The auditor would sign this on 28November 2022.

-       There were no uncorrected misstatements in the accounts, however, there were amendments which were detailed in Appendix 3. After the audit was complete, Audit Wales would meet with the finance team to discuss how the project went.

            Ms Wiliam thanked Mrs Fielder and the finance team for all of their help during the audit.

            Cllr Hughes asked whether there had been any interest regarding the vacant Fund accountant position. Mrs Fielder confirmed that this was currently with the Council’s Human Resources Department as they were evaluating the post before it could be advertised. This was also the situation with the vacant governance administration assistant position.

RESOLVED:

(a)          The Committee approved the Fund’s Annual Report for 2021/22 including the Statement of Accounts.

(b)          The Committee considered the Audit of Accounts Report

(c)           The Committee approved the final Letter of Representation