Agenda and minutes

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Contact: Ben Dunleavy
tel. no.: 020 7332 1427  Email: ben.dunleavy@cityoflondon.gov.uk

Items
No. Item

1.

Apologies

Minutes:

Apologies for absence were received from Jeremy Mayhew and John Petrie.

 

Ruby Sayed and Dan Worsley observed the meeting virtually.

 

 ...  view the full minutes text for item 1.

2.

Members' Declarations under the Code of Conduct in respect of items on the Agenda

Minutes:

Christopher Boden made the following declaration, in respect of item 22 in the confidential agenda:

       Member of the Audit Registration Committee of the Institute of Chartered Accountants of England and Wales.

 

 ...  view the full minutes text for item 2.

3.

Minutes of the previous meeting pdf icon PDF 117 KB

To agree the public minutes and non-public summary of the previous meeting held on 5 October 2021.

 ...  view the full agenda text for item 3.

Minutes:

RESOLVED, that – the public minutes of the meeting held on 5 October 2021 be agreed as a correct record.

 

 ...  view the full minutes text for item 3.

4.

City Fund and Pension Fund Statement of Accounts 2020-2021 pdf icon PDF 149 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 4.

Additional documents:

Minutes:

Members received a report of the Chamberlain relative to the 2020-21 City Fund and Pension Fund Statement of Accounts.

 

RESOLVED, that - Members:

  1. Consider the contents of the Audit Management Report issued by BDO LLP;           
  2. approval of the 2020-21 City Fund and Pension Fund Statement of Account to the Finance Committee; and
  3. delegate authority to the Chamberlain, in consultation with the Chairman and Deputy Chairman of the Audit and Risk Management Committee, approval of any material change to the financial statement required before the signing of the audit opinion by BDO, which is expected by mid-December.

 

 ...  view the full minutes text for item 4.

5.

City's Cash Financial Statements 2020-21 pdf icon PDF 168 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 5.

Additional documents:

Minutes:

Members received a report of the Chamberlain relative to the Annual Report and Consolidated Financial Statements for City’s Cash for the year ended 31 March 2021.

 

RESOLVED, that – Members:

  1. Note that the external auditor BDO LLP intends to give an unqualified audit opinion for both City’s Cash and the 10 consolidated charities’ individual financial statements;
  2. Consider the contents of the Audit Management Report issued by BDO LLP; and
  3. Recommend approval of the 2020/21 City’s Cash Financial Statements, and the financial statements of each of the 10 consolidated charities, for the year ended 31 March 2021 to Finance Committee.

 

 ...  view the full minutes text for item 5.

6.

Bridge House Estates Annual Report and Financial Statements 2020/21 pdf icon PDF 108 KB

Joint report of the Managing Director of Bridge House Estates and the Chamberlain.

 ...  view the full agenda text for item 6.

Additional documents:

Minutes:

Members received a joint report of the Managing Director of Bridge House Estates and the Chamberlain relative to the draft Annual Report and Financial Statements for Bridge House Estates (BHE) for the year ended 31 March 2021.

 

RESOLVED, that – Members:

  1. Consider the contents of the audit management report issued by BDO;
  2. Recommend approval of the BHE Annual Report and Financial Statements for the year ended 31 March 2021 to the BHE Board; and
  3. Delegate authority to the Managing Director of BHE and the Chamberlain, in consultation with the Chair and Deputy Chair of the BHE Board, for approval of any material change to the financial statements required before the signing of the audit opinion by BDO.

 

 ...  view the full minutes text for item 6.

7.

Bridge House Estates Board Resolution pdf icon PDF 74 KB

Resolution of the Bridge House Estates Board.

 ...  view the full agenda text for item 7.

Minutes:

Members received a resolution of the Bridge House Estates Board that the Committee’s advice be sought by the Board as appropriate in relation to audit and risk matters.

 

The Deputy Chairman (External) commented that it would be good practice for the Bridge House Estates Board to review their governance.

 

RESOLVED, that – the resolution be noted.

 

 ...  view the full minutes text for item 7.

8.

Sundry Trusts Annual Report and Financial Statements 2020-21 pdf icon PDF 82 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 8.

Additional documents:

Minutes:

Members received a report of the Chamberlain relative to the Annual Reports and Financial Statements for the Sundry Trust Funds for the year ended 31 March 2021.

 

The Committee agreed to send a formal note of thanks to the Audit Review Panel, as this was the final year it would be operating.

 

RESOLVED, that - Members:

  1. Note that the external auditor BDO LLP intends to give an unqualified audit opinion on each set of charity financial statements;
  2. Consider the contents of the audit management report issued by BDO LLP; and
  3. Recommend approval of the financial statements for the year ended 31 March 2021 to the Finance Committee for those charities where the Corporation is Trustee; to the Aldermen for the Emmanuel Hospital charity where the Corporation acting by the Court of Aldermen is the named corporate trustee; and to the trustees of the Sir William Coxen Trust Fund; the Samuel Wilson Loan Charity and the Vickers Dunfee Memorial Benevolent Fund (see appendix 1 for charity registration numbers).

 

Deputy Chairman Hilary Daniels (External) took the Chair from this item onwards.

 

 ...  view the full minutes text for item 8.

9.

Outstanding Actions of the Committee pdf icon PDF 100 KB

Member are asked to note the Committee’s Outstanding Actions List.

 ...  view the full agenda text for item 9.

Minutes:

RESOLVED, that - the list of outstanding actions of the Committee be received and its contents noted.

 

 ...  view the full minutes text for item 9.

10.

Committee Work Programme pdf icon PDF 117 KB

Member are asked to note the Committee’s Work Programme.

 ...  view the full agenda text for item 10.

Minutes:

RESOLVED, that – the Committee work programme be received and its contents noted.

 

 ...  view the full minutes text for item 10.

11.

Annual Governance Statement 2020/21 pdf icon PDF 126 KB

Joint Report of the Town Clerk and Chief Executive and the Chamberlain.

 ...  view the full agenda text for item 11.

Additional documents:

Minutes:

Members received a joint report of the Town Clerk and Chief Executive and the Chamberlain regarding the Annual Governance Statement (AGS) 2020/21.

 

A Member asked how the points for future years would be captured. The Head of Audit explained that responsibility for the AGS is soon to be transferred to the Corporate Strategy and Performance Team, who will be taking on the feedback from the Committee.

 

RESOLVED, that – the AGS be noted and approved for signing by the Chair of Policy and Resources and the Town Clerk, and that its publication alongside the 2020/21 City Fund and Pension Fund Statement of Accounts be noted.  

 

 ...  view the full minutes text for item 11.

12.

Anti-Fraud & Investigations - 2021/22 Mid-Year Update Report pdf icon PDF 224 KB

Report of the Head of Audit and Risk Management.

 ...  view the full agenda text for item 12.

Additional documents:

Minutes:

Members received a report of the Head of Audit and Risk Management

 

RESOLVED, that – the report be received and its contents noted.

 

 ...  view the full minutes text for item 12.

13.

Deep Dive Risk Reviews

Minutes:

13a

Deep Dive: CR02 Loss of Business Support pdf icon PDF 126 KB

Report of the Director of External Relations, Innovation and Growth.

 ...  view the full agenda text for item 13a

Minutes:

Members received a report of the Director of Innovation and Growth relative to a Deep Dive of CR02: Loss of Business Support.

 

A Member commented that it was not helpful to receive the paper without the risk metrics. The Town Clerk explained that this information had been missed from the agenda pack, and undertook to circulate it to Members after the meeting.

 

Members expressed their concern about businesses were leaving the City, and asked how Members could act as a liaison between IG and businesses in their Ward. The Director of IG replied that CR02 was focused on the loss of support from FPS (Financial and Professional Services), which was a UK-wide risk and part of the City Corporations UK-wide role. There needed to be a separate risk for the closure of small and medium-sized businesses in a range of sectors across the City. The City Corporation provides support for these SME through the Small Business Research and Enterprise Centre, and across other services. The Corporate Risk Manager said that the best approach would be for him to work with the Director of IG’s team on splitting out the risk. A Corporate Risk Register review was in progress, and there would be an opportunity at the Executive Leadership Board to put the case for a risk on SMEs to be elevated to the corporate level. The Chamberlain commented that the comments from Members was helpful in framing how the risks could be developed in the wider review timeframe. The next review of the Risk Register was due to the Committee’s meeting on 18 January, and this would include the flightpath on CR02. The Deputy Chairman (External) requested that further information on CR02 could be included in a future Committee report reviewing the Risk Register..

 

RESOLVED, that – the report be

 ...  view the full minutes text for item 13a

13b

Deep Dive: CR29 Information Management pdf icon PDF 138 KB

Report of the Chief Operating Officer.

 ...  view the full agenda text for item 13b

Additional documents:

Minutes:

Members received a report of the Chief Operating Officer relative to a Deep Dive of CR29 Information Management.

 

Members commented greater controls needed to be implemented to try to reduce the likelihood of the target risk as well as the impact, and asked if the target risk in the register was the right one. The target should be for the risk to be in green, not amber.

 

A Member commented that the report often refers to the risks with staff, and whether the risk was also applicable to Members. The IT Director said that the risk should be applicable to all who work for the City Corporation and receive information from it, and that he would take the role of Members in the risk into consideration, including the possibility of training in information security for Members.

 

A Member asked if the risk had been benchmarked against similar risks experienced by other major institutions in the City of London. The IT Director replied that while there was no benchmarking, they do have a maturity model which is a comparison tool for best practice with other organisations and would be able to share the maturity model with the Committee.

 

RESOLVED, that – the report be received and its contents noted.

 

 ...  view the full minutes text for item 13b

14.

HMICFRS Report pdf icon PDF 185 KB

Report of the Commissioner of Police.

 ...  view the full agenda text for item 14.

Minutes:

Members received a report of the Commissioner of Police in regards to an overview of the Her Majesty’s Inspectorate of Constabulary, Fire and Rescue Services (HMICFRS) continuing programme of inspections and published reports.

 

RESOLVD, that – the report be received and its contents noted.

 

 ...  view the full minutes text for item 14.

15.

Questions on matters relating to the work of the Committee

Minutes:

There were no public questions.

 ...  view the full minutes text for item 15.

16.

Any other Business that the Chairman considers urgent

Minutes:

There was no urgent business.

 ...  view the full minutes text for item 16.

17.

Exclusion of the Public

MOTION, that – under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of the Schedule 12A of the Local Government Act.

 

Item

Paragraph

 

 

 

 

 

 

                                                           

 ...  view the full agenda text for item 17.

Minutes:

RESOLVED, that – under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of the Schedule 12A of the Local Government Act.

 

                                                           

 

 ...  view the full minutes text for item 17.

18.

Non-Public Minutes of the previous meeting

To agree the non-public minutes of the previous meeting held on 5 October 2021.

 ...  view the full agenda text for item 18.

Minutes:

RESOLVED, that – the non-public minutes of the meeting held on 5 October 2021 be agreed as a correct record.

 

 ...  view the full minutes text for item 18.

19.

Non-Public Outstanding Actions of the Committee

Members are asked to note the Committee’s Non-Public Outstanding Actions List.

 ...  view the full agenda text for item 19.

Minutes:

20.

Non-Public questions on matters relating to the work of the Committee

Minutes:

There was one non-public question.

 ...  view the full minutes text for item 20.

21.

Any Other Business that the Chairman considers urgent and which the Committee agree should be considered whilst the public are excluded

Minutes:

22.

Confidential minutes of the last meeting

To agree the confidential minutes of the previous meeting held on 5 October 2021.

 

 ...  view the full agenda text for item 22.

Minutes:

RESOLVED, that – the confidential minutes of the meeting held on 5 October 2021 be agreed as a correct record.

 ...  view the full minutes text for item 22.

23.

External Auditor appointment

Joint report of the Independent Auditor Appointment Panel and the Chamberlain.

 ...  view the full agenda text for item 23.

Minutes:

Members received a joint report of the Independent Auditor Appointment Panel and the Chamberlain relative to the appointment of external auditors.

 

RESOLVED, that:

  • EY be approved as the appointed auditor for City Fund and Pension Fund
  • Crowe be approved as the appointed auditor for City’s Cash and the Sundry Trusts
  • Finalisation of the contract for these services be delegated to the Chamberlain, in consultation with the Chairman and Deputy Chairman of the Audit and Risk Management Committee.

 

 ...  view the full minutes text for item 23.