Agenda and minutes

Members in any doubt about such declarations are advised to contact Legal or Democratic Services in advance of the meeting

There were no declarations of interest made in accordance with the Code of Conduct.

To confirm as a correct record the Minutes of the meeting of Audit Committee held on 26 July 2021

RESOLVED:  That the Minutes of the meeting of the Audit Committee held on 26 July 2021 be approved as a correct record and signed by the Chairman.

This report provides an update on treasury management activity undertaken during April to August of the current financial year.  A mid-year review of the Treasury Management and Annual Investment Strategy for 2021/22 is also included in the report.

The report of the Director of Finance and Transformation provided an update on treasury management activity undertaken during April to August of the current financial year.  A mid-term review of the Treasury Management and Annual Investment Strategy for 2021/22 was also presented.

The report provided a commentary on investments derived from cash flow surpluses, core cash balances and other long term cash balances.  A full list of investments held on 31 August 2021 was set out at Annex 1 to the report.

RECOMMENDED: That the following be recommended to the Council:

(1)        the action taken by officers in respect of treasury management activity for April to August 2021 be endorsed; and

(2)        the existing parameters intended to limit the Council’s exposure to investment risks be retained.

*Referred to Cabinet

This report provides an update on the risk management strategy and the Strategic Risk Register

The report of the Management Team provided an update on the risk management process and the Strategic Risk Register. Members were reminded that a number of risks on the Strategic Risk Register had been re-categorised as RED as a result of the Covid-19 pandemic.

RESOLVED: That the updates to the Strategic Risk Register be noted.

This report presents the current set of Accounts for 2020/21 in the format specified by the Code of Practice on Local Authority Accounting in the United Kingdom.  Members are invited to approve both the Statement of Accounts and the Audit Findings Report.  The external auditors report is to be approved prior to the Engagement Lead signing off the Accounts.  The Engagement Lead and/or their representative will be at the meeting to present the report and to answer questions.

Due to its size Annex 1 – The Statement of Accounts will be available as a supplement.

The report of the Director of Finance and Transformation presented an audited set of Accounts for 2020/21 in the formal specified by the Code of Practice on Local Authority Accounting in the United Kingdom. 

The Committee was reminded that responsibility for approval of the Statement of Accounts was delegated to the Audit Committee under the Council’s constitutional arrangements and advised that the Statement of Accounts had been circulated as a supplemental report.

RESOLVED: That

(1)        the audited set of Accounts for 2020/21, as set out in Annex 1, be received and the Chairman of the Audit Committee be authorised to sign the Accounts in the appropriate place;

(2)        the Audit Findings Report on the outcome of the audit of the Statement of the Accounts for 2020/21 be approved; and

(3)        the Chairman of the Audit Committee and the Director of Finance and Transformation be granted delegated authority to countersign the Letter of Representation when Grant Thorndon issue their opinion.

This report provides an update on the work of both the Internal Audit function and the Counter Fraud function for the period April to August 2021.

Members were provided with an update on the work of both the Internal Audit function and the Counter Fraud function for the period April 2021 to August 2021.

The shared service agreement between Tonbridge and Malling Borough Council and Kent County Council had been signed and would begin on the 1October 2021, following which Kent County Council would provide all Internal Audit and Counter Fraud services for the Borough Council, including the transfer of the Fraud Officer and Intelligence Officer to Kent County Council.  Progress made against the 2021/22 Plan was also reported and noted. 

Since publishing the report, a further draft audit report had been issued and a further audit was nearing completion.  There were another five audits currently being undertaken in fieldwork and two others currently being planned with the business. 

Member were also provided with an update on the work of the Counter Fraud function over the same period in preventing and detecting fraud, bribery and corruption.

RESOLVED: That the report be received and noted.

The Chairman to move that the press and public be excluded from the remainder of the meeting during consideration of any items the publication of which would disclose exempt information.

The Chairman moved, it was seconded and

RESOLVED:  That as public discussion would disclose exempt information, the following matters be considered in private.

The report provides information as to the nature and volume of liability and property damage insurance claims during the period April to August 2021.

(LGA 1972 Sch 12A Paragraph 3 – Financial or business affairs of any particular person)

The report of the Director of Finance and Transformation informed Members as to the nature and volume of liability and property damage insurance claims submitted during the period April 2021 to August 2021.

RESOLVED: That the report be received and noted.