A report of the Deputy Chief Executive/Director of Finance presented the Cabinet with the audited Statement of Accounts of Merseyside Pension Fund 2010/2011 and responded to the Draft Annual Governance Report (AGR) from the Audit Commission.

The Committee was informed that, following changes to regulations for 2011; the un-audited Statement of Accounts had not been presented to this Committee or the Pensions Committee.  There had been a meeting of the Governance and Risk Working Party on 14 July 2011 where there had been a training session on how the accounts for the Merseyside Pension Fund were put together and an explanation had been given of the changes made as a result of the newly introduced International Financial Reporting Standards.  The draft accounts had also been made available to Members at this meeting.

The Committee was also informed that the Audit Commission was close to completing its audit of the draft accounts and the draft AGR was also to be considered by the Committee at this meeting.  The report responded to the draft AGR.

The Director of Finance/Deputy Chief Executive informed that he had prepared a Letter of Representation on behalf of the Committee which gave assurances to the District Auditor on various aspects relating to the Pension Fund.

The Audit Opinion would be issued following completion of the audit, consideration of the Annual Governance Report and approval of the amended Statement of Accounts at both the Pensions Committee and this Committee.  Once approved, the District Auditor had indicated that he would issue an unqualified opinion, and state that the accounts presented fairly the financial position of the Merseyside Pension Fund as at 31 March 2011.  Subject to this, the accounts, as they were now, would form the basis of the Annual Report for the year ended 31 March 2011.

The report provided Members with an overview of the Accounts, details of the amendments made to the Accounts and included the Audit Commission’s findings and an Action Plan. 

RESOLVED:

That the audited Statement of Accounts for 2010/11, the amendments to the draft Accounts and the draft Annual Governance Report and the Letter of Representation be agreed.