Issue details
STATEMENT OF ACCOUNTS 2019/20 – MERSEYSIDE PENSION FUND AND LETTER OF REPRESENTATION
The purpose of this report is to present
Members with the audited statement of accounts of Merseyside
Pension Fund for 2019/20 and to respond to the Audit Findings
Report from Grant Thornton.
Due to COVID-19, the Fund’s Statement of Accounts for 2019/20
include an additional level of uncertainty. The global pandemic has
impacted upon financial markets and there is a further risk of
uncertainty for the valuations of unquoted investments where there
is a degree of estimation involved in the valuations.
Subject to outstanding work, Grant Thornton has indicated there
will be an unqualified opinion, with the inclusion of an Emphasis
of Matter paragraph highlighting asset valuation material
uncertainties. This does not affect their opinion that the
statements present fairly the financial position of Merseyside
Pension Fund as at 31 March 2020 at £8.6bn. At the time of
writing this report, the Fund has agreed to all material
adjustments; a verbal update at the meeting will be provided.
The Audit Opinion will 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. Subject to this, the
accounts will form the basis of the Annual Report for the year
ended 31 March 2020.
A Letter of Representation on behalf of the Committee has been
prepared, which gives assurances to the Auditor on various aspects
relating to the Pension Fund.
Decision type: Key
Reason Key: Expenditure impact > £500,000;
Decision status: Recommendations Approved
Wards affected: (All Wards);
Decision due: 2 Nov 2020 by Pensions Committee
Lead member: Councillor Pat Cleary, Co-Leader of the Green Group patcleary@wirral.gov.uk
Lead director: Director of Merseyside Pension Fund
Department: Delivery
Contact: Emma Littler Email: emmalittler@wirral.gov.uk.
Agenda items
- 02/11/2020 - Pensions Committee STATEMENT OF ACCOUNTS 2019/20 – MERSEYSIDE PENSION FUND AND LETTER OF REPRESENTATION 02/11/2020
Documents
- STATEMENT OF ACCOUNTS 2019/20 – MERSEYSIDE PENSION FUND AND LETTER OF REPRESENTATION