The Audit and Risk Management Panel of Greenwich Council was scheduled to discuss the external audit strategy for the upcoming financial year, review the draft statement of accounts for 2025/26, and consider reports on treasury management, capital outturn, and the council's strategic risk register. The panel was also set to review the draft Annual Governance Statement for 2025/26.

Audit Strategy Memorandum 2025/26

The panel was scheduled to note the external Audit Strategy Memorandum for the authority and the Pension Fund for the 2025/26 financial year. This memorandum, provided by the external auditors Forvis Mazars, details forecast fees, work undertaken so far, and proposals for ongoing and future audit work. The auditors are required to perform their audits in line with the Local Audit and Accountability Act 2014 and the Code of Practice issued by the National Audit Office (NAO). Their responsibilities include giving an opinion on the authority's financial statements and satisfying themselves that the authority has made proper arrangements for securing economy, efficiency, and effectiveness in its use of resources.

Draft Statement of Accounts 2025/26

The panel was asked to consider and comment upon the authority's draft Statement of Accounts for the year ended 31 March 2026, including the Pension Fund Accounts. These accounts have been submitted to Forvis Mazars for audit. The preparation of local authority accounts is a statutory requirement under section 3(3) of the Local Audit and Accountability Act 2014, with detailed format requirements set out in the Accounts and Audit Regulations 2015. The draft accounts are prepared in accordance with International Financial Reporting Standards (IFRS) and the Code of Practice on Local Authority Accounting in the UK. The inspection period for the draft accounts was scheduled from 6 July 2026 to 14 August 2026, allowing the public to exercise their rights.

Treasury Management and Capital Outturn 2025-26

This report was scheduled to cover two key areas: the Treasury Management Outturn and the Capital Outturn for the 2025/26 financial year. The Treasury Management Outturn section was intended to summarise the Council's treasury management activities, ensuring compliance with the Chartered Institute of Public Finance and Accountability's (CIPFA) Treasury Management code. This includes ensuring adequate liquidity for revenue and capital activities, security for investments, and managing risk. The Capital Outturn section was to set out the capital investment position for 2025/26, forming part of the Corporate Capital Strategy governance framework. The report detailed borrowing positions, borrowing strategies, debt rescheduling, investment rates, investment outturn, and compliance with treasury limits. It also outlined capital investments made during the year, with a significant portion allocated to housing-related schemes, including the delivery of new homes and investment in existing stock.

Annual Governance Statement 2025/26

The panel was scheduled to note and comment on the draft 2025/26 Annual Governance Statement (AGS). This statement is a crucial part of the Council's governance framework, providing an assessment of the effectiveness of its governance arrangements. It is prepared in line with the Accounts and Audit Regulations 2015 and is consistent with the principles of good governance set out in the CIPFA/SOLACE Delivering Good Governance in Local Government: Framework (2025). The AGS explains how the Council complied with its governance arrangements and includes findings from the annual review of the system of internal control. The panel was also to note that the draft AGS would be approved and published as part of the final 2025-26 Statement of Accounts process.

Royal Borough of Greenwich Strategic Risk Register

The panel was scheduled to note and comment on the Council's Strategic Risk Register. This register, owned by the Greenwich Management Team (GMT), identifies key risks that threaten the Council's plans and strategies. It outlines the controls and mitigating actions in place to manage these risks. The register is reviewed regularly by GMT to ensure it accurately reflects the key strategic risks facing the Council, with risks assigned to designated Directors for ownership. The report indicated that no new or escalated risks had been identified for inclusion in the Strategic Risk Register during the current review cycle. The register provides a snapshot of identified strategic risks and is part of a continuous process of risk management, review, and reporting.

The meeting also included standard agenda items such as apologies for absence, urgent business, declarations of interest, and the confirmation of minutes from the previous meeting, as well as reviewing the action log.