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Description
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A
Thank
you.
Everybody
we're
back
on
camera.
We're
live
we're
back
in
the
room,
so
just
to
just
for
the
benefit
of
any
members
of
the
public
who
weren't
able
to
see
what
we
were
talking
about.
That
paper
from
Allen
close
was
noted
and
well.
It
was
noted
by
the
committee
I
think.
That's
what
I
need
to
say
moving
on
to
agenda
item
15.
A
A
We've
had
some
disagreement
about
how
we
handle
this
item.
I'll
be
honest
with
you,
I
I
believe
it's
a
vital
part
of
any
governance
framework
that
members
have
an
opportunity
to
ask
questions
of
the
Auditors
without
the
the
CFO
president.
Basically,
without
officers
present
I
have
been
informed
by
the
monitoring
officer
that
that
is
not
allowed.
A
A
Okay,
I'm,
obviously
not
as
familiar
with
Council
finances,
as
I
am
with
perhaps
third
sector
in
the
charity
or
in
the
commercial
World
I.
Consider
it
a
normal
part
of
good
governance
to
be
able
to
talk
to
the
Auditors
without
the
people
who
prepare
the
numbers
present
I'm
getting
at
least
one
Notch
from
around
the
room
where
we're
going
to
go
with
this
is
that
I'm
going
to
do
some
more
research,
I
will
probably
write
to
sit
for.
A
B
B
B
The
first
one
is
with
regards
to
our
conclusion
on
the
impact
of
the
triangle:
valuation
on
the
defined
pension
benefit
amount.
We
have
made
a
progress
on
this
item
and
it's
substantially
complete,
apart
from
the
partner's
final
review
and
sign
off,
just
to
give
your
background
on
the
nature
of
the
issue.
B
The
last
update
was
has
has
taken
place
as
at
March
2022,
but
with
the
report
issued
in
March
2023,
which
meant
that
we
had
to
consider
the
results
of
that
report
for
the
roll
forward
results
as
of
March
2022..
So
this
work
has
been
completed
in
the
last
couple
of
months.
The
is
19
results
were
updated
by
the
actuary,
which
resulted
in
a
decrease
in
pension
liability
by
7.2
million,
which
the
council
decided
to
correct
the
update
in
the
accounts,
and
we
have
reviewed
the
updated
accounts.
B
B
B
Moving
on
to
the
next
page
on
a
page
8,
you
see
the
key
findings
from
our
audit.
I
will
explain
the
audit
differences
at
those
corrected
and
uncorrected
the
first
one,
the
first
corrected
uncorrected
or
the
difference
released.
So
a
judgmental
difference
related
to
the
Goodwin
case.
It's
a
case
that
adds
to
the
uncertainty
of
the
measurement
of
the
pension
benefit
liability,
and
this
is
a
recurring
difference
that
we
report
every
year
until
the
case
is
closed
and
it
hasn't
been
closed.
B
Moving
on
to
then
corrected
or
the
difference
way.
Report
all
corrected
are
the
differences
above
1.4
million,
and
we
have
only
one
difference
to
report.
It's
similar
in
nature
to
the
option
upfront
payment
I
just
described,
except
that
this
difference
relates
to
a
building
that
was
received
from
the
tenant
of
the
business
park
site
3
for
at
least
restructuring.
B
B
B
Moving
on
to
other
reporting
issues,
we
in
this
report
we
arrived
that
we're
not
in
a
position
to
issue
the
completion
certificate,
which
confirms
that
we
completed
all
our
responsibilities
with
regards
to
2021
and
2022
audits.
As
of
last
week,
we're
able
to
issue
the
completion,
a
certificate
for
2021
only,
and
they
all
confirmed
that
they
completed
their
whole
of
government
accounts
process
as
of
last
week,
and
there
is
no
more
work
resulting
for
us
to
complete.
We
can
issue
the
certificate
as
as
soon
as
the
partner.
B
B
So,
on
page
31
of
our
report,
we
note
three
control
recommendations.
It
is
to
be
noted
that
the
audit
is
not
designed
to
identify
deficiencies,
internal
control,
but
if
this
comes
to
our
attention,
we're
required
to
report
them,
we
are
not.
We
have
not
identified
any
significant
deficiencies
in
design
or
operation
of
internal
controls.
B
However,
we
have
some
observations,
we'd
like
to
bring
to
it
to
your
attention.
The
first
one
is
with
regards
to
the
audit
process.
So
it's
a
point
that
could
increase
the
efficiency
of
the
audit
process
and
it
has
to
do
with
the
council's
process
of
compiling
listings
of
debtors
and
creditors
to
provide
for
the
audit
procedures
to
take
place.
We
have
made
recommendations
to
to
improve
the
the
level
of
detail
of
these
listings,
provided
at
the
start
of
the
audit,
so
that
we.
B
The
iterations
during
the
audit
process,
the
other
control
observation,
was
with
regards
to
the
disclosure
of
future
lease
payments.
It's
a
required
disclosure
under
the
zip
for
code,
we
identified
certain
statements
that
were
corrected
by
management
and,
in
light
of
those
adjustments,
management
identified
certain
certain
control
adjustments,
internal
control,
adjustments
that
they
confirmed
they
will
Implement
to
avoid
such
findings
in
the
future,
and
the
last
control
observation
is
with
regards
to
the
corrected
and
uncorrected
adjustments
that
I
I
described
above
in
relation
to
the
amortization
of
upfront
payments
on
list
restructurings.
A
D
D
I
come
on
to
the
fees
now,
obviously
we're
a
well-run
council.
Do
we
know
in
those
fees?
Do
we
get
discount
because
we're
well
run
as
a
country
or
I
mean
because,
quite
frankly,
some
some
cases
are
so
complex
with
what
they've
they've
done
in
all
of
their
their
audit
returns?
That
is
through
ought
to
to
go
through
it.
Do
we
get
discount
or
do
we
get?
Do
we
get
looked
after?
Because
you
know
you
do
a
fine
job
in
in.
A
B
E
Well,
no,
actually
I
wasn't
going
to
pick
that
point
out,
but
we
can
do
so.
The
majority
of
councils
in
the
country
actually
all
do
a
joint
procurement
through
the
psaa,
which
means
that
effectively
they
deal
with
the
Auditors
on
our
behalf
and
appoint
a
variety
of
different
firms
across
the
across
the
country
who
then
are
allocated
to
individual
councils.
D
A
D
F
Yes,
Chad
excuse
my
lack
of
knowledge
I'm.
Only
an
accountant
in
the
military
I'll
just
do
tin
cans
on
Wheels,
but
this
gain
on
disposal.
Investment
of
4.6
million
was
that
accounted
in
the
proper
and
loss
to
start
with,
or
was
that
just
a
balance
sheet
or
was
it
in
the
profit
and
lots
of
start
with.
B
E
So
I
think
the
income
still
has
to
be
recognized
initially
as
4.6
million.
It's
then
how
we
actually
show
it
on
our
balance
sheet,
so
we
would
have
shown
it
as
a
one-off
lump
sum
as
a
capital
receipt
and
what
they
want
us
to
do
was
to
amortize
it
over
the
life
of
the
actual
assets.
So
it
would
effectively
release.
A
There
are
two
recommendations
there
about
internal
controls
around
property.
That
officers
assure
me
would
be
reported
back
on
in
the
audit
report
next
year.
I've
asked
whether
either
internal
audit
or
or
or
section
151
officer
can
just
report
back
to
us
at
a
future
meeting
mid-year.
So
we
get
an
update
of
where
we
are
with
that,
because
I'd
hate
to
get
to
a
year
in
and
have
the
the
same
order
recommendations
on
the
report.
A
I
guess
that's
just
that's
a
bad
hangover
from
from
my
work
in
the
past
so
and
also
the
IFRS
16
preparations
that
the
audit
Auditors
report
highlights.
It
would
be
good
to
have
an
understanding.
I'm
guessing
from
Adam
Swain
might
be
the
right
person
for
that,
but
not
tonight
Adam,
but
another
time
an
update
on
where
we
are.
That
would
be
most
welcome,
so
I
believe.
A
A
So
we'll
move
on
to
item
16,
which
is
the
statement
of
accounts
for
the
year
to
31
March
22..
This
is
the
third
time
this
has
come
forward
to
the
committee,
and
some
of
some
of
the
delays
in
the
past
have
revolved
around
this
4.6
million
pound
capital
gain
or
or
deferred
income
issue.
With
regards
to
some
moduin
and
and
that
transaction.
A
So
I
just
wanted
to
flag
up
for
members
with
that.
It's
around
that
issue
that
I
wanted
to
ask
the
Auditors
some
private
questions
which
have
been
denied,
and
so
with
regards
to
this
statement
of
accounts.
I
will
not
be
moving
it
from
the
chair,
but
I
will
be
looking
for
another
member
to
move
it
and
for
another
member
to
Second.
It.
A
E
But
if
I
just
may
add
just
for
clarity
in
relation
to
the
questions
that
were
sought
to
be
asked
on
this
paper
of
you
is,
as
is
the
active
monitoring
officer
that
the
officer
should
be
present.
The
office
of
the
council
have
not
denied
the
committee
the
ability
to
be
able
to
speak
to
the
Auditors
outside
of
the
audit
meeting
for
any
general
queries
that
they
have
is.
It
is
appropriate,
in
our
opinion,
obviously
not
necessarily
the
chairs.
Their
offices
are
present
for
questions
on
papers
that
they
have
prepared.
E
So
I
just
wanted
to
clarify
that
point.
In
this
particular
scenario,
we
believe
the
officers
should
be
present,
but
there
will
be
a
meeting
arranged
attached
to
one
of
the
audit
meetings
throughout
the
year,
where
members
will
have
the
opportunity
to
speak
generally
to
external
orders
as
poker
practice.
A
Just
to
be
clear,
sorry
Council
of
asking,
if
I
may
and
then
I'll
come
to
you
just
to
be
clear.
There
is
nothing
wrong
with
these
set
of
accounts.
What
is
being
done
here
is
that
a
difference
of
accounting
treatment
is
being
applied
to
two
transactions.
One
of
them
is
building
materiality
threshold.
So
the
Auditors
have
said
that
that's
fine,
you
can
do
that.
You
can
treat
that
as
you
wish,
and
we
don't
need
to
qualify
the
accounts
on
that
basis.
So
there's
nothing
untoward
happening
here.
A
My
concern
revolves
around
the
fact
that
we
are
taking
an
accounting
stand
and
applying
it
differently
and
not
consistently,
and
obviously
the
materiality
consideration
overrides
that
and
means
that
what
we're
doing
is
perfectly
legal
and
above
board,
if
that's
the
right
phrase
and
still
means
that
we
have
a
true
and
fair
set
of
accounts.
Councilor
Vatican.
D
A
Of
course
that's
great,
thank
you.
So
it's
to
move
so
to
be
clear.
It's
to
move
that
Authority
is
delegated
to
the
to
me
as
the
chair
of
the
audience
accounts
Committee
in
consultation
with
two
section,
151
officer
of
corporate
services
and
assets
to
approve
the
statement.
Accounts
for
the
year
ended
31,
March
22
and
is
authorized
to
subsequently
sign
the
state
of
responsibilities.
To
that
effect.
On
behalf
of
the
committee,
is
the
committee
agreed.
A
H
I
A
E
So
normal
good
practice,
linked
to
ordinary
account
committee
is
that
members
have
the
opportunity
to
speak
to
external
audit
if
they
so
wish
in
normal
practice.
What
would
happen
is
an
issue
would
arise
so
there'd
be
something
within
the
council
that
the
members
feel
that
they,
actually
it's
not
not
to
do
an
officer
produce
paper.
There's
a
genuine
concern
that
you
wish
to
talk
to
the
audience
about.
We
would
arrange
that
meeting
for
you.
E
What
I've
been
asked
to
do
is
to
arrange
a
meeting
anyway
as
part
of
the
standard
and
your
work
program,
so
you
may
or
may
not
have
anything
you
wish
to
discuss
with
them
and
we
can
always
move
it
if
we
need
to,
but
actually
in
normal
circumstances
it
would
be
as
the
result
of
a
request
to
say.
We
wish
to
speak
to
the
Auditors
about
a
specific
issue,
but
not
necessarily
a
paper.
That's
been
generated
by
officers.
A
J
J
also
include
the
current
position,
with
outstanding
audit
recommendations
as
as
well
so.
The
table
in
paragraph
4.1
of
my
report
shows
the
11
audits
that
we
completed
in
that
in
that
period
and
with
the
relevant
levels
of
assurance,
and
they
are
summarized
in
appendices
two
through
to
12
on
my
report.
J
K
Thank
you
for
the
report.
As
always,
I
think
this
question
does
keep
coming
up.
It's
around
the
target,
dates
and
things
and
the
revisions
and
some
of
those
have
have
moved
on,
and
obviously
some
of
these
risks
are
quite
significant
or
fundamental
and
I
just
want
to
know
I
mean,
for
example,
I'm
just
looking
here:
bank
reconciliation,
fundamental
risk,
original
Target
date,
31st
of
May,
you
know
there's
a
lot
of
these
are
outstanding
and
they
seem
to
come
up
time
and
time
again.
J
J
The
main
point
I
think
from
our
point
of
view,
the
fact
that
there
is
work
the
work
is
being
done
towards
it.
You
mentioned
about
the
the
bank
reconciliation,
so
there
that
is
a
general
issue
with
some
of
the
new
processes
around
the
new
Erp
system.
So
that
very
much
is
it
was
the
best
guess.
You
know
on
behalf
of
the
officers
which
we
we
agree
with
at
the
time
of
the
report.
The
the
only
ones
are
really
long
overdue.
J
I
suppose
are
the
very
the
very
first
ones
on
appendix
one
in
relation
to
business
continuity,
but
I
as
part
of
the
23
24
audit
I
have
actually
finished
the
business
continuity
audit
because
that's
now
moved
over
to
the
head
of
customer
services.
So
more
report
come
to
the
next
next
committee
on
that,
so
the
recommendations
are
still
there,
but
there
is
significant
progress
being
being
made
so
long.
J
Midway
of
answering
your
question
yeah,
but
you
know
we
monitor
on
a
on
a
regular
basis
and
also
points
a
note
as
well.
We
have
I
think
the
number
of
recommendations
on
reporting,
probably
the
lowest-
it's
been
since
I've
since
I've
been
doing
doing
this,
not
because
we
haven't
made
any
recommendations
but
because
we
have
you
know
we
have
cleared
quite
a
few.
We
have
I
feel
this.
J
The
last
12
months
we've
got
a
better
communication
with
with
other
services,
and
here
Property
Services
are
a
good
example
where,
as
the
committee
knows,
we've
had
a
long-standing
recommendations
in
the
past.
But
now
we
have
evidence
good
evidence
that
the
work
is
is
being
done
to
the
best
of
the
officer's
ability
and
with
the
resources
that
they
have
foreign.
D
Glaringly
an
appendix
the
contract
standing
orders,
that's
red.
There
was
a
terminal,
a
date
for
October
22.
It
got
revised
to
December
22.
we're
now
in
late
23
and
there's
a
problem
now
I
just
don't
understand
why
that
hasn't
hasn't
been
resolved,
because
these
are
these
are
large
amounts
of
money
with
these
contracts.
Why
hasn't
that
been
picked
up
as
a
priority?
D
E
J
J
Yes,
in
anticipation
of
that
question
for
the
update
with
regards
to
the
contract,
Still
Standing
orders-
yes,
I've
had
regular
updates,
probably
more
than
any
other
with
regards
to
to
this
particular
audit.
I
just
didn't
include
the
previous
updates
in
this
particular
spreadsheet.
I
I
I'm
happy
to
provide
those
those
updates
to
you.
That's
fine.
A
Thank
you,
Richard
very
comprehensive,
as
always
I
think
you'll
write,
the
direction
of
travel
is
positive.
The
list
seems
to
be
getting
slightly
shorter
and
slightly
less
orange
and
red
than
it
was
I.
Just
had
one
question
around
I
mean
I'm,
always
focused
on
property,
being
our
largest
asset
and
our
largest
source
of
income.
A
C
A
A
A
Moving
on
to
item
seven
more
internal
audit,
this
one
is
the
internal
audit
annual
report
2022-23
again
it's
a
paper
for
noting
I'll.
Let
the
officer
introduce
the
paper
and
then
we'll
take
questions.
What
I
would
add
again
is
the
direction
the
travel
is
positive.
I
also
think
substantial
Assurance
over
overall
is
very
is
a
very
good
result.
I
would
be
interested
in
the
officer's
view
on
whether
he
would
ever
be
able
to
give
full
Assurance
I
think
that
would
probably
be
a
quite
difficult
leap
to
take.
C
Thank
you,
chair
I'll,
ask
that
one.
First,
there
is
a
possibility
of
a
full
Assurance
if
we
get
to
a
year
where
we
provide
a
full
Assurance
for
every
internal
or
not
every
majority
of
internal
audits.
We
carry
out
and
we're
not
in
a
dire
position
with
outstanding
recommendations,
so
there
is
a
possibility
of
that.
C
My
opinion's
based
on
the
work
that's
carried
out
by
internal
audit
and
appendix
one
which
is
on
page
87.
It's
a
simple
table
that
lists
the
audience
have
been
carried
out
with
the
Assurance
levels
for
each
and
the
year
that
the
summer
reports
were
presented
committee,
if
you
say
wish
to
go
back
to
any
of
those
that
all
leads
into
my
annual
opinion.
As
the
chairs
already
mentioned,
of
substantial
Assurance,
which
is
paragraph
4.4,.
C
D
C
And
so
my
audit
plan
is
approved
by
committee.
Every
year
we
complete
our
audit
plan
each
year
from
a
resource
capacity.
We
do
currently
have
an
advert
out
for
a
vacancy
which,
where
fingers
crossed
we're
hoping
to
filled,
and
that's
hopefully
beneficial
from
Pain
beneficial
review.
It's
been
carried
out
so
we're
hoping
that's
going
to
be
able
to
attract
somebody
for
us,
but
I'm
comfortable
that
we've
got
the
right
mechanism
of
process
in
place
to
fulfill
the
audit
plan.
H
Thank
you.
Thank
you
for
the
report.
Paul
you
you.
It
seems
that
you
are
assessing
all
the
risks
equally,
do
you
ever
look
at
them
and
say:
actually
there
are
some
risks
that
are
are
of
greater
risk
to
the
council
and
therefore
need
need
to
be
given
your
special
attention.
All
the
officers
in
that
team,
a
special
attention
yeah.
C
So
in
terms
of
I'm
sorry,
in
terms
of
creating
my
audit
plan,
it's
gone
on
a
risk
assessment
basis,
so
there
are
some
audits
that
we
do
every
year
based
on
my
risk
assessment.
Some
are
done
every
two
years
and
in
terms
of
how
do
I
ensure
my
audit
plan
is
up
to
date
and
efficient
and
sufficient
this
year,
we've
added
corporate
risk
register,
so
each
of
the
corporate
risks
will
receive
its
own
audit.
C
So
if
the
senior
management
team
telling
me
those
corporate
risks
are
what
we
believe
are
the
key
risks
to
the
authority,
they
will
be
understood
annually
and
again.
Those
those
reports
will
come
to
the
committee,
so
I'm
comfortable
with
my
process
of
creating
the
audit
plan
for
committee
to
approve.
A
A
A
F
C
C
A
It
is
eye-catching,
isn't
it
and
I
think
that
you
know
what
comes
through
from
these
numbers
is
that
we
have
a
a
low
number
of
quite
high
value
debts
that
then
prove
very
difficult
to
collect
where
some
of
these
people
go
into
Iva
or
really
struggling
financially.
So
you
know,
councilor
Vatican
I
believe
had
a
question.
C
That
was
very
difficult,
because
each
Authority
is
different.
So,
for
example,
there's
quite
a
lot
of
authorities
have
got
right
to
buy
and
we
don't
have
that
and
that's
a
very,
very
fruitful
from
the
fruit
side
of
things.
So
at
least
that's
something
we
don't
have
to
worry
about.
So
again,
it's
like
trying
to
compare
an
apple
and
a
pair.
I
A
A
K
I
just
had
a
comment,
actually
I
think
it
was
in
appendix
when
you
go
to
the
appendixes
and
you're
trying
to,
and
then
you
go
through.
The
grid
I
found
this
very
difficult
to
marry
up
to
make
sure
that
we
had
the
compliance
with
against
the
principles
and
I
won
just
for
a
future
reference,
whether
it
be
possible
to
make
sure
that
we
actually
make
the
table.
K
So
we
can
show
the
compiles,
because
when
I,
actually
I
did
the
exercise
of
going
through
it
and
I
think
there
were
no
identified
compliance
for
2E
or
F
on
principal
four
and
six
I
think
also
had
a
had
one
missing
as
well.
So
it
might
be
just
there's
a
note
to
say
it's
done
through
process
or
something
it's
not
actually
within
a
policy.
But
I
think
it
would
just
be
nice
because
then
we
could
show
that
compliance
and
how
it's
met.
A
I
Thank
you
chair.
So,
since
the
report
was
written,
we've
heard
from
the
Ico
as
a
result
of
the
investigation
that
we
undertook
into
this
data
breach
so
basically
they're
happy
that
we've
done
everything
that
we
should
have
done.
They
don't
propose
to
take
any
further
action
against
us,
I've
set
out
in
the
update
paper.
The
reasons
that
they've
come
to
those
conclusions.
K
I
It's
on
the
specific
recommendations
from
the
Ico.
It's
kind
of
taken
that
the
officer
is
responsible
signed
that
they
agreed
to
undertake
the
recommendations.
And
then
we
monitor
it
in
the
information
governance
team
to
make
sure
that
they've
done
what
they've
said
so
that
we
can
see
Improvement
and
we
won't
get
a
similar
situation.
A
I
A
A
C
A
I
A
A
L
Thanks
Tara,
so
I
won't
go
through
in
great
details
before
taking
it
as
read,
but
just
to
note
some
key
points
and
the
net
income
for
the
prior
year
was
3.67
Million
against
budgeting
income
return
of
1.88
in
percentage
chance.
This
is
2.44
compared
to
1.61
budgeted
and
investment
balances
for
128.34
million
at
31st
of
March
2023,
which
is
breaking
down
on
page
217
in
appendix
one
sets
out
our
Holdings
table.
A
This
is
the
one
I
was
referring
to
earlier
in
closed
session
about
what
a
useful
I
can't
remember
the
name
of
this
sort
of
chart,
but
scatter.
Thank
you,
Council
testing,
it's
very
useful,
but
I
think
that
referring
back
to
councilor,
Isaac's
Point
earlier
about
how
these
returns
should
really
be
measured
over
three
or
five
years.
Ideally,
I
I
wonder
whether
we
would
be
able
to
generate
that
chart
over
five
years
for
Council
I'm
getting
nods,
so
I
think
that's
a
yes.
A
A
Thank
you
just
looking
back
to
chart
three
on
page
209,
we
have
there
our
valuation
gains
and
losses,
but
then
our
total
return
with
the
income
returning
it
and
obviously
our
income
return.
When
looked
at
on
its
own
is
outperforming,
which
is
obviously
good
news,
but
the
the
capital
piece
is
obviously
not
doing
so.
Well,
that's
what
the
the
advisors
were
referring
to
earlier.
A
When
you
look
at
that
chart,
it
looks
like
we've
made
six
and
a
half
percent
Total
return
over
I
worked
it
out
as
eight
years,
which
is
about
0.8
a
year,
so
I
think
earlier.
When
people
were
referring
to
some
of
the
wording,
news
was
disappointing
and
or
unspectacular,
etc,
etc.
We
obviously
have
to
be
careful,
because
our
mandate
here
is
that
we
we
want
to
take
as
little
risk
as
possible,
but
the
returns
are
I.
E
E
We
do,
as
we
noted
earlier,
that,
obviously
continue
to
monitor
Capital
value
and
because
we
look
at
most
external
funds
on
a
long-term
basis.
If
we
start
to
see,
as
we
are
now
sort
of
some
continuing
trends
that
may
suggest
that
we
we
need
to
review
our
our
investments.
That's
obviously
what
we
do
on
a
quarterly
basis
with
all
in
close
discuss
what
our
other
options
are
and
what
our
exit
strategies
might
be
so
happy
for
us
to
include
that's
part
of
the
monitoring
report
to
auditing
accounts
committee.
A
A
It's
I
think
it's
missing
a
summary
of
our
Capital
losses
and
I
know
that
we
put
them
into
the
accounts
and
then
statutes
as
we
take
them
back
out
again.
But
I
do
think
that
you
know
for
that,
for
Council
to
have
the
whole
picture.
I
do
think.
We
need
to
just
understand
that
we
are
currently
sitting
on
Capital
losses
on
those
bomb
portfolios.
A
A
We
take
decisions
in
the
context
of
Our,
encloses
advice
and
and
phrases
like
this
I
I,
just
I
get
the
feeling
that
Arlene
close
will
advise
us
on
the
level
of
volatility
of
a
particular
fund,
and
that
is,
and
perhaps
the
credit
rating
of
of
some
of
the
funds
but
I,
don't
think
that
they
advise
us
and
correct
if
I'm
wrong,
please
but
I,
don't
think
they
advise
us
generally
on
the
level
of
risk
taken.
Is
that
a
distinction
or
is
that
correct,
I,
don't
know.
E
So
officers
meet
on
a
monthly
basis,
with
myself
to
look
at
the
current
portfolio
what
cash
funds
we
have
at
the
time
and
how
we
might
want
to
diversify
and
generate
as
much
income
as
we
can
from
those
activities
in
terms
of
the
long-term
external
funds
we
have
at
the
moment.
Unfortunately,
I
can't
comment
on
what
the
original
decision
was
around
those
because
they
were
obviously
that
was
done
as
a
bulk,
and
it
was
a
an
overall
decision
to
invest
in
a
number
of
different
activities.
E
So
one
of
the
bonds
or
one
of
the
activities
that's
actually
listed
in
the
appendix-
has
now
matured
so
we're
now
taking
advice
and
discussion
with
Arnie
close
as
to
what
we
might
do
with
that
funding
in
the
longer
term,
but
that
also
links
through
to
the
update
of
the
capital
program
when
we
actually
need
funding
to
be
available
Etc.
So,
whilst
we're
now
in
a
phase
where,
from
Capital
spend
purposes,
we
are
likely
to
want
to
utilize
a
you
know
a
significant
amount
of
this
funding,
we
wouldn't
look
to
put
it
into
long-term
funds.
E
E
So
obviously,
as
part
of
our
approved
strategy,
we
are
required
to
appoint
an
expert
to
advise
us
which,
obviously,
currently,
that
advice
is
provided
by
Arlene
close.
If,
as
a
council,
we
were
making
a
decision
to
do
something
completely
different
as
part
of
either
the
treasury
management
strategy
or
the
non-lit
treasury
investment
strategy.
If
it
was
appropriate,
we
would
be
absolutely
happy
to
take
further
advice
in
our
day-to-day
activity.
E
Obviously,
with
the
significant
amount
of
money
is
in
long-term
external
funds,
there's
not
an
awful
lot
of
volatility
in
terms
of
the
turnover
of
those
in
terms
of
the
short-term
Investments.
That's
obviously
led
by
Officer
decisions
based
on
what
the
markets
are
telling
us
on
a
day-to-day
basis,
so
if
it
was
appropriate
absolutely,
but
at
the
current
time,
the
way
our
strategy
works
and
how
and
the
funds
that
we
have
we've
not
felt
the
necessity
to
have
to
do
that.
L
I
was
going
to
just
say
that
it
seems
alluded
to
where
we're
making
active
investment
decisions.
We're
we're
looking
at
the
best
rates
at
the
moment
are
lost
to
those
actually
are
coming
from
central
government
or
the
bond
rates
which
are
at
or
or
above
the
current
bank
of
England
base
rates.
So
we
are,
we
are
generating
significant
return
and
that's
already
reflected
in
the
budget
that
we
that
was
set
in
in
February,
but
we're
on
track
for
that
at
the
moment.
Thank.
F
A
A
A
If
not,
then
Liz
can
introduce.
We
can
have
the
debate
and
then
and
then
close
the
item
and
or
if,
if
we
want
to
do
as
much
as
much
of
it
as
we
can
openly
and
then
perhaps
consider
anything
in
the
appendix
Afters
and
going
to
closed
session
just
so
that
members
of
the
public
benefit
from
as
much
open
discussion
as
possible
tuners.
Thank
you.
M
M
D
H
M
H
It's
a
there's,
a
role,
it's
a
peculiarity,
then
it's
a
value
valuation
that
is
is
of
the
replacement
value
of
the
asset
rather
than
what
it's
actually
worth
in
the
marketplace
and
that
that
presumes
is
also
is
true
of
the
aquadrome,
which
has
gone
up
significantly,
as
does
the
deadly
swimming
pool.
Yeah.
A
F
A
Oh
good
good,
let's
answer
your
question,
I
think
I
think
there's
there's
a
certainly
an
area
that
should
be
looked
at
with
regards
to
investment
returns.
We
are,
we
have
a
very
Bond
Century
portfolio,
but
overall
our
asset
base
is
it's
obviously
very,
very
heavily
property
and
any
opportunity
to
diversify
within
that
I
think
we
should
take
seriously.
A
A
A
A
So
the
difference
is
rental
income
yeah,
okay,
great
thank
you
and
I.
Just
wanted
to
check
stroke
highlight
at
the
bottom
of
page
400.
We
have
property
investment
strategy,
editions,
9.3
million
during
2022-23,
and
a
revaluation
change.
A
downward
valuation
of
1.5
million
to
7.8
million
is
that
the
holiday
in
which
Council
Raskin
was
supporting
Council
Rising
on
earlier.
It's.
A
G
B
A
A
A
I
also
had
a
question
about
resourcing
on
page
405.11.1
I'm
delighted
to
see
the
Professional
Services
contract
for
annual
asset
evaluations
has
been
awarded
following
a
comprehensive
tender
exercise
and
that
the
contract
was
awarded
to
Montague
Evans.
Did
you
used
to
work
for
Montague
Evans
Council?
Has
it.
H
A
Just
checked
I
just
wanted
to
check.
There
was
no
conflict
to
disclose
there
and
I
I.
Guess
I.
Do
that
in
the
context
of
the
the
internal
audit
report
earlier,
which
was
flagging
up
that
where
we
spend
75
000
pounds
or
more
on
on
sort
of
piecemeal
Professional
Services,
whether
or
not
you
know
Montague
Evans
was
part
of
that
picture
or
there's.
Sometimes
it's
just
useful
to
look
at
the
threads
going
through
some
of
these
papers,
and
that
was
one
that
I
was
just
I.
Just
had
a
question
about
really.
F
A
Thank
you
officers
for
the
paper.
It's
very
comprehensive,
very
useful.
Given
are
there
any?
Does
anyone
have
any
questions
on
the
appendix?
Do
we
want
to
go
into
closed
session,
or
do
we
not
feel
need
to
getting
head
shakes,
so
we
won't
go
into
closed
session.
We
won't
discuss
the
appendix.
Although
the
detail
is
noted.
Thank
you.
A
A
K
K
K
And
also
something
else,
actually
that
I
felt-
and
this
is
something
I
felt
when
we
had
the
council
plan-
come
out
where
we,
we
do
obviously
have
performance
measures
and
we
have
those
performance
measures
that
are
done
through
headers
service
and
things.
But
the
council
plan
from
my
recollection
doesn't
have
a
very
strong
measurable
outcomes,
which
I
think
would
be
nice
to
see
so
I
think.
That's
obviously
a
point
to
note.
I
think
I
have
spoken
to
the
council
leader
about
that
as
well.
A
K
E
A
H
A
There's
one
other
thing
that
we
had
agreed
to
look
into,
which
was
carrying
out
a
review
of
the
effectiveness
of
this
committee
and
again
I
think
there
was,
in
the
minutes
last
time
a
suggestion
that
that
would
come
forward
at
this
meeting
or
a
future
meeting.
Obviously
the
list
of
papers
is
very
long,
so
I
suspect
that's
been
deferred.
A
F
A
I
completely
agree
with
accounts
for
them
off
and
I
was
assured
that
this
is
a
fairly
exceptional
meeting.
That's
been
driven
by
it
being
later
in
the
year
than
it
normally
have
been.
I
believe
it
would
normally
have
been
in
June,
which
means
a
couple
of
extra
papers.
Crept
in
we've
had
the
2021-22
accounts,
which
would
have
been
approved
in
December
and
or
March,
which
has
come
in
and
added
to
the
pack.
I
am
assured.
This
is
fairly
exceptional.
I
will
work
with
officers
to
make
sure
that
we
get
a
sensible.
A
E
A
Okay,
but
thank
you
for
the
compliments
on
getting
through
the
business
I'd
like
to
extend
thanks
to
members
for
their
input.
Tonight,
it's
been
valuable,
I
think
there's
been
sensible
comment
and
questions
that
align
with
the
the
pro
the
work
program
essentially
and
where
we
want
to
take
this
committee,
I'm
always
Keen,
to
encourage
more
debate,
in
particular
around
internal
audit,
because
I
think
that's
a
real
key
function
that
this
this
committee
can
oversee.