Agenda item

Report of the Chamberlain.

The Committee received a report of the Chamberlain in respect of Deloitte’s final reports on the Audits of the City Fund and City of London Pension Fund.  Members suggested that, as there were some changes to the City Fund Financial Statements between the July meeting of the Committee and the final sign off, it should go on record in these Minutes that Members of the Audit and Risk Management Committee and those attending the briefing sessions were comfortable with the final version.   (Further detail on these changes was outlined on the next report on this agenda – Decisions taken under Delegated Authority since the last Meeting of the Committee.

The Chairman suggested and Members agreed that, given the pension deficit was the subject of a discussion at the Court of Common Council, the Court should receive a further report explaining the position, subject to the agreement of the Chairmen of Policy and Resources and the Finance Committee. Amongst other things, the report would need to explain the difference between the accounting and actuarial deficits.  There was a further suggestion that the Court should receive a brief summary on the work of the Audit and Risk Management Committee more generally and its success in raising the profile of risk management across the City of London Corporation.

RESOLVED, that - Deloitte’s final audit reports on the City Fund and City of London Pension Scheme be noted.