The Senior Finance Manager, along with external auditors, introduced the report of the director of Resources which presented the final Accounts and the Audit Findings Reports of both Wirral Council and Merseyside Pension Fund. The Audit and Risk Management Committee had a statutory obligation to approve the accounts. The external auditors Grant Thornton UK LLP had substantially concluded on the Audit for 2020/21.

There was an amendment to the disclosures of current assets regarding an investment. Following further information being made available the investment had been held in bonds held at Fair Value and the Council had reclassified them from level 2 investments to level 1.  The investment had moved from current assets to long term investments.  This had not changed the financial position of the Council Accounts.

Members queried details of the accounts and noted that the finance team were introducing a new system which was intended to manage issues such as debtors, and that internal recharging was intended to be phased out.  Members expressed concern at the level of guarantees that the Council had taken on amidst the regeneration works, and the minimum revenue position which was below recommendations. It was noted that the Pension Fund included an unqualified opinion.

Councillor Stuart Kelly proposed an additional resolution 5. This was seconded by Councillor Simon Mountney.

Resolved: That

1. the changes to the draft Accounts, and the External Audit Findings Reports for Wirral Council and Merseyside Pension Fund be noted.

2. the final Accounts (Council and Merseyside Pension Fund) be approved as presenting a true and fair view of the Council’s and Merseyside Pension Fund’s income and expenditure for the year and its overall financial position.

3. the Annual Governance Statement 2020/21 be approved.

4. the Letter of Representation for Wirral Council be approved.

5. officers report back on areas of significant interest identified.