The Audit and Risk Management Panel of Greenwich Council met on Tuesday 22 September 2026 to review the performance of the Internal Audit and Anti-Fraud services for the first quarter of the 2026/27 financial year. The panel was also scheduled to consider mid-year updates on the council's Treasury Management activities and its Capital Programme.

Internal Audit and Anti-Fraud Q1 26/27 Performance

The panel was scheduled to receive an update on the performance of the Internal Audit and Anti-Fraud services for the first quarter of the 2026/27 financial year. This included a review of planned activity against actual progress and updates on improvement initiatives. The report detailed the workload for the Internal Audit plan, noting that it was ambitious given the available resources. It also outlined the performance of the Anti-Fraud Service, highlighting the types of cases investigated and the proactive exercises undertaken. The report also covered the internal audit team's conformance with standards and legislation, including the Global Internal Audit Standards (GIAS) and the Economic Crime and Corporate Transparency Act 2023.

Treasury Management and Capital Mid-Year Update

The panel was scheduled to review the mid-year position for both Treasury Management and the Capital Programme for 2026/27.

The Treasury Management section of the report detailed the council's financial position as at 31 July 2026, including its debt and deposit balances. It noted that the council had repaid £51 million of Public Works Loans Board (PWLB) debt, increasing its under-borrowing position. The report also presented interest rate forecasts and outlined the borrowing undertaken and planned for the financial year. It highlighted that the council's external borrowing remained below both the Capital Financing Requirement (CFR) and the Liability Benchmark (LB), indicating an under-borrowing approach. The investment report confirmed that all investments made during the period complied with the council's treasury management policies and practices, with security and liquidity being the primary priorities.

The Capital Programme section of the report provided an update on movements within the approved programme against the baseline position set in February 2026. It detailed variances in various sub-programmes, including Priority Investment, Schools/Early Years, Property, and Housing Investment. The report noted that in-year variances were generally indicative of slippage or acceleration of capital expenditure between financial years, rather than changes to the overall programme. The capital financing section discussed the implications of programme slippage on the borrowing requirement and the potential impact of capital receipts and grants. The report also outlined the council's use of the Flexible Use of Capital Receipts Directive.

The panel was asked to note these reports and refer any comments to Full Council.