Meeting documents

Pension Fund Committee
Friday, 26 November 2004

PF261104-22

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ITEM PF22

PENSION FUND COMMITTEE – 26 NOVEMBER 2004

PENSION FUND AUDIT AND FORMAL ADOPTION OF ANNUAL REPORT AND ACCOUNTS 2003/04

Report by the Head of Finance & Procurement

Background

  1. The draft Pension Fund Annual Report and Accounts for 2003/04 were formally received by the Committee at the August 2004 meeting.

  2. Since the August meeting, the Audit Commission’s certificate has been received and this has now been included in the final Pension Fund Annual Report and Accounts, which is attached to this report. A copy of the Pension Fund Annual Report and Accounts 2003/04 has been circulated separately to members of the Committee and is also available for public inspection.

    3. Pension Fund Opinion Audit 2003/04 – Statement of Auditing Standards (SAS). Reporting to those charged with governance.

  3. The annual audit report 2003/04 is attached as Annex 1 (download as .pdf file). The Commission has not identified any non-trifling errors (final paragraph on page 2) and the minor errors and omissions shown in Appendix 3 have been corrected.

  4. The Commission has identified two areas of weakness referred to on the top of page 3. The recommendations, on the custodian reconciliation tolerance level and the desirability for UBS to supply more data, have been accepted and are currently being followed up. Unfortunately the problem regarding inaccurate membership figures at 31 March 2004 is unavoidable.

  5. The Commission also requested additional disclosures to be made in the accounts as post balance sheet events. These are referred to on page 6. These have been accepted and the wording in the draft accounts adopted by the Committee on 27 August has been amended accordingly. There are no other matters to be drawn to the Committee’s attention.

    6. RECOMMENDATION

  6. The Committee is RECOMMENDED to:

          1. note the Audit Commission’s report;

          2. adopt formally the Pension Fund Annual Report and Accounts 2003/04.

 

SUE SCANE
Head of Finance & Procurement

Background Papers: Nil

Contact Officer: Tony Wheeler. Tel (01865) 815287

November 2004

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