This meeting included discussions on a wide range of topics, but the most significant were the 2022/23 Statement of Accounts, the performance of the Homes for Lambeth (HfL) group, Internal Audit and Counter Fraud, and the council’s workforce and equalities report.

2022/23 Statement of Accounts

The Committee was scheduled to approve the final 2022/23 statement of accounts¹ for Lambeth Council which included changes to the accounting treatment for Homes for Lambeth, amendments in respect of the capitalisation of costs incurred as part of the Redress Scheme², and other minor technical adjustments in relation to pension disclosures.

The Committee was also scheduled to note the council’s plans for the publication of the 2023/24 accounts.

A covering letter from the council’s external auditors, Forvis Mazars, was also included in the report pack. The letter summarised the latest position on the audit and set out the reports that are yet to be issued regarding the audit conclusion and final audit opinion. These reports, which include the Council Audit Completion Report 2022/23, the Pension Fund Audit Completion Report 2022/23 and the Audit Annual Report 2022/23, were to be issued through late dispatch for Committee members to consider. Further verbal updates were to be presented by both officers and the auditors at the meeting.

Homes for Lambeth (HfL) Update

The Committee was scheduled to note a report on the accounting adjustments required to incorporate Homes for Lambeth’s (HfL) accounts into the accounts for Lambeth Council.

The report explained the background to the decision to close the HfL Group and the set up of the HfL Transition Board. The Transition Board was set up in December 2022 following the council’s decision to close the group and transfer its activities back into the control of the council. The Board is chaired by the previous Chief Executive of Lambeth Council.

The report also set out the principles for handling the financial transition of the HfL Group's activities into the council’s finances, including guidance on minimising the impact of the transition on the council's finances and protecting the Housing Revenue Account (HRA). The HRA is a ring-fenced account that contains all of the council’s income and expenditure related to the provision of council housing.

The report then explained the accounting adjustments that were required to the council’s 2022/23 accounts to meet the council’s external auditors’ requirements. These adjustments included a reversal of the council’s shareholding in HfL and an impairment of working capital loans totalling £22.7 million.

Internal Audit and Counter Fraud Progress

The Committee was scheduled to review and approve a revised version of the 2024/25 Internal Audit and Counter Fraud plan³ and to note progress made against the plan.

The report provided a summary of the audit opinions issued for the audits that had taken place, and listed the audits that were scheduled to take place in the next quarter.

The report also highlighted the council’s progress in implementing management actions that were agreed following the audits that had been completed.

The report also provided an update on the council’s counter fraud activity and highlighted that two cases relating to tenancy fraud were due to be heard in the courts in late 2024.

Annual Workforce and Equalities Report

This report provided workforce and equalities data for 2023/24, a diversity profile regarding protected characteristics including those related to directorate and grade, and an analysis of intersectionality. Intersectionality refers to the interconnected nature of social categorizations such as race, class, and gender as they apply to a given individual or group, regarded as creating overlapping and interdependent systems of discrimination or disadvantage.

The report also included the council's pay gap reporting for the snapshot date 31 March 2024. It described the actions Lambeth Council is taking to address issues raised by its pay gap data.

Work Programme and Action Log 2024-2025

The Committee was scheduled to note the work programme for 2024-25 and the progress made in implementing actions from previous meetings.

The report pack included the Corporate Committee’s Work Programme for 2024-25 which set out the meetings scheduled for 28 November 2024, 30 January 2025, 27 March 2025 and 29 May 2025. The report pack also included the Corporate Committee Action Monitoring Log 2024/25.

Empty Homes

The Committee was scheduled to receive updates on the following Empty Homes projects:

• Empty Homes Identification Protocol
• Empty Homes Action Plan - Update

Treasury Management Quarterly Performance Report

The Committee was scheduled to note the Treasury Management Performance Report for the half-year to 30 September 2024.

The report provided an update on treasury management performance against the council’s Treasury Management Strategy (TMS) for 2024/25 to 2026/27. The strategy had been set out in Appendix 9 to the Revenue and Capital Budget, which was presented to the full council on 28 February 2024.

The report included updates on:

• Borrowing activity, including a breakdown of long and short-term borrowing.
• Investment activity, including a breakdown of fixed term deposits and instant access accounts.
• The forecast interest payable and receivable for the year ending 31 March 2025.
• Non-treasury investments, including an update on the Real Lettings Property Fund and the forecast income from non-treasury investments.
• The council’s cash balance as at 30 September 2024.

Remuneration of Independent Member of Corporate Committee

The Committee was scheduled to consider a report regarding the remuneration of the Corporate Committee’s Independent Member.

The report provided the background to the decision to consider remunerating the Independent Member, and set out three possible options for the Committee:

1. Do not appoint another independent member.
2. Attempt a further recruitment without remuneration.
3. Decide to offer remuneration and start a new recruitment campaign.

The report explained why the CIPFA recommends that local authority audit committees include co-opted independent members, and that the Council could be criticised for not appointing an Independent Member.

The report included information about the remuneration packages offered to independent members in other London boroughs.

The report recommended that the Committee choose option C and instruct officers to begin a new recruitment campaign offering remuneration of between £2,500 and £3,000 per annum depending on the candidate’s knowledge, skills and experience.

Minutes of the previous meeting

The Committee was scheduled to approve the minutes of the previous meeting held on 26 September 2024.