Extract – Pensions Committee 15 September, 2014

MERSEYSIDE PENSION FUND STATEMENT OF ACCOUNTS 2013/14

Members considered a report of the Director of Resources that presented Members with the audited statement of accounts of Merseyside Pension Fund for 2013/14 and responded to the Audit Findings Report from Grant Thornton.

The purpose of the Statement of Audited Accounts was to present the overall financial position of the Pension Fund as at 31 March 2014 in accordance with prescribed guidance. A presentation on the accounts had been made at a briefing session open to Council on 10 September 2014.

It was reported that Grant Thornton was close to completion of its audit of the accounts and the Audit Findings Report was on the agenda for this meeting. They may provide a verbal update at the meeting on the report and officers will respond if necessary.

All of the suggested disclosure adjustments to the accounts had been agreed by officers. A Letter of Representation on behalf of the Committee had been prepared which gave assurances to the Auditor on various aspects relating to the Pension Fund.

Members were informed that the Audit Opinion would be issued following final completion of the audit, consideration of the Audit Findings Report and approval of the amended Statement of Accounts at both the Pensions Committee and the Audit and Risk Management Committee. Once approved, Grant Thornton had indicated that they would again issue an unqualified opinion, and state that the accounts presented fairly the financial position of Merseyside Pension Fund as at 31 March 2014.  Subject to this, the accounts as now shown would form the basis of the Annual Report for the year ended 31 March 2014.

Resolved – That

1  having considered the amendments to the draft accounts, the draft Audit Findings Report and the Letter of Representation, the audited Statement  of Accounts for 2013/14 be approved.

2  the report be referred to the Audit and Risk Management Committee.