This meeting was scheduled to consider the external auditor's reports on the Council's and Pension Fund accounts for 2021-22 and 2022-23, and to note the external auditor's draft report on the 2023-24 accounts. Also for discussion was the Council's Treasury Management Strategy, Minimum Revenue Provision Policy Statement and Annual Investment Strategy for 2025-26, an update on the Corporate Anti-Fraud Team's work, an update on the delivery of the 2024-25 Internal Audit plan and a verbal update on The Regulation of Investigatory Powers Act 2000.

Because this summary is based only on the meeting agenda and the reports pack, and does not include a transcript of what was actually said at the meeting, it does not tell us anything about what was decided at the meeting, or how the topics included for discussion were received.

Audited Accounts

The Audited Accounts 21.22 22.23 and Delegated Authority for 23.24 report was prepared by Mohammed Ahmed, the Chief Accountant at Waltham Forest Council. The report included the Appendix 1 Final Audited Statement of Accounts 2021-22, Appendix 2 Final Audited Statement of Accounts 2022-23, Appendix 3 LBWF Completion report 2022 and 2023, Appendix 4 LBWF Audit opinion final 2021-22 and Appendix 5 LBWF Audit opinion final 2022-23. The report said the accounts for both 2021-22 and 2022-23 had received a Disclaimer of Opinion from the external auditor, Ernst & Young (EY), because the backstop date for open accounts was 13 December 2024 and insufficient audit resources were available to complete the work. It said the Pension Fund accounts for both years received an unqualified opinion, meaning EY was satisfied they gave a true and fair view. The report said the backstop date for the 2023-24 accounts was 28 February 2025 and the external auditor for that year, KPMG, had carried out Value for Money work. The report said KPMG would also issue a Disclaimer of Opinion because the disclaimed opinions issued by EY meant KPMG did not have enough time to gain sufficient assurance over the opening balances. The report requested that the committee delegate authority to approve and sign the 2023-24 accounts to the Strategic Director Resources and Chair of the Audit and Governance Committee on completion of the auditor's work.

Treasury Management

Debbie Drew, the Assistant Director of Pensions & Treasury at Waltham Forest Council, prepared a 2025-26 Treasury Management Strategy Report. The report requested that the committee recommend to full Council approval of the Treasury Management Strategy, Minimum Revenue Provision (MRP) Strategy and Annual Investment Strategy for 2025-26, and approve the Treasury Management Policy Statement and Clauses. The report provided an overview of the Council's existing borrowing and investment strategy and requested approval of a revised strategy for 2025-26 in line with changes in interest rate forecasts. The report requested that the committee note the Prudential Indicators for 2025-26 and said the Strategic Director of Resources would be responsible for monitoring them. The report said the Council was currently in an under-borrowed position, using cash from its reserves to fund capital expenditure. It said the Council's Treasury team was monitoring interest rates and would adopt a pragmatic approach to changing circumstances. It said the Treasury Team would be exploring alternative funding options to the Public Works Loan Board and that any opportunities would need to demonstrate value for money, particularly taking into account the higher administrative costs associated with alternative forms of borrowing. The report said the Government had extended the discounted Public Works Loan Board Housing Revenue Account lending rate until March 2026. The report said the Minimum Revenue Provision (MRP) consultation in England closed on 16 February 2024 and most of the changes to MRP would come into effect on 1 April 2025.

Corporate Anti-Fraud Team

The Corporate Anti-Fraud Team Progress Update 2024-25 report was presented by Gemma Young, the Corporate Director Internal Audit, Anti-Fraud, Revenue and Benefits at Waltham Forest Council. The report asked members of the committee to note the work conducted by the Corporate Anti-Fraud Team (CAFT) for the period 1 April 2024 to 31 December 2024. The report provided an overview of CAFT's three workstreams: Proactive, Reactive and Redress. It said CAFT had recovered 43 council properties, exceeding their target of 40, and presented a breakdown of their cashable, notional and new build value. The report said CAFT had prevented 4 Right To Buy applications with a total discount value of £545,600. It said CAFT had opened 422 new cases, closed 375 cases, were currently investigating 320 cases and detailed some of their successes and nominations for awards. It described data matching exercises undertaken to identify fraud and discussed collaborative working with other organisations, including joint investigations with the Department for Work and Pensions and data sharing with the National Fraud Initiative and London Fraud Hub. It also highlighted various fraud awareness activities undertaken, including a presentation delivered to the Department for Work and Pensions and the use of the Keesing identity document verification tool.

Internal Audit Progress

The Internal Audit Progress Update report was prepared by Gemma Young, Corporate Director of Internal Audit, Anti-Fraud, Revenues & Benefits at Waltham Forest Council. It said the purpose of the report was to update the committee on the work of the internal audit service from 1 April 2024 to 6 January 2025. It said internal audit work was delivered jointly by the council's in-house Internal Audit Team and the Cross Council Assurance Service framework, a joint venture between Barnet Council and PwC. The report included Appendix A - Status of Audit Activity on the 2024-25 Internal Audit Plan, Appendix B - Limited and No Assurance Opinion Reports and Appendix C Global Internal Audit Standards GIAS. The report said the Public Sector Internal Audit Standards required an internal audit service to produce a plan of work and outlined the factors that had been taken into consideration in compiling the Internal Audit Plan for 2024-25. It presented a table showing the outcome of final internal audit reports completed since 1 September 2024 and listed the draft reports that were still to be finalised. It provided a table summarising the number and status of outstanding high priority actions with agreed actions. It also included a briefing note on the new Global Internal Audit Standards (GIAS). The briefing said the GIAS would replace the Public Sector Internal Audit Standards (PSIAS) and would apply worldwide from January 2025. It included a summary of the GIAS requirements, the main changes affecting the committee and the main changes affecting the internal audit service.

RIPA

The 12. RIPA REPORT TO AG Jan25 report was delivered by Mark Hynes, the Director of Governance and Law at Waltham Forest Council. It stated that there had been no RIPA or non-RIPA authorisation applications submitted during 2024 and this was consistent with the previous year's position. The report said the current RIPA policy was considered fit for purpose and was last reviewed in February 2023. It said any changes to the policy were delegated to the Director of Governance and Law in consultation with the Chair. The report said the Regulation of Investigatory Powers Act 2000 (RIPA) regulates the circumstances in which public bodies can carry out covert surveillance. It said RIPA provides a safe harbour against legal challenges under the Human Rights Act 1998. The report summarised the circumstances under which the council may use investigatory powers and described the Codes of Practice associated with them. It said that directed surveillance had to be sanctioned by the Magistrates Court since the Protection of Freedoms Act 2012, and that a similar authorization process was required when surveillance was undertaken for purposes not covered by RIPA, but that could be deemed a proportionate and legitimate interference with Human Rights. The report said that training of new RIPA Gatekeepers and refresher training for existing Gatekeepers last took place in November 2021 and that further training would be arranged in the next few months.