The Audit and Standards Committee of Stroud Council met on Tuesday 19 November 2024 to review the council's financial performance, internal audit activity, and governance arrangements. Key discussions were scheduled to include the half-year treasury management report, progress on internal audit plans, and updates on the annual governance statement action plan.

Half-Year Treasury Management Report 2024/25

The committee was scheduled to receive an update on the council's treasury management activities as of 30 September 2024. This report, available as the Half Year Treasury Management Report 2024/25, would detail investment performance, borrowing positions, and compliance with treasury and prudential limits. The report also included appendices covering Prudential Indicators, an economic update, and information on the Lothbury Property Fund. The report indicated that the council's investment priorities are security, liquidity, yield, and Environmental, Social, and Governance (ESG) factors. It noted that the Lothbury Property Fund had terminated, with proceeds being distributed to unitholders, and the Hermes Property Fund was likely to be terminated following an upcoming extraordinary general meeting.

Internal Audit Activity Progress Report 2024-25

A progress report on internal audit activities for 2024-25 was scheduled for discussion. This report, detailed in the Internal Audit Activity Progress Report 2024-25, aimed to inform members of the progress made in relation to the approved Internal Audit Plan. It also included an update on open recommendations from previous years, as detailed in Appendix B - Recommendation Monitoring - Open Recommendations. The report highlighted audits completed on Community Hubs and the Contain Outbreak Management Fund, noting areas of good practice and key findings for improvement.

Update on Annual Governance Statement Action Plan

The committee was set to receive an update on the actions being taken to address areas of focus identified in the Annual Governance Statement 2023/2024. This update, detailed in the Update on Annual Governance Statement Action Plan, included information on the progress of developing a project management toolkit, the transition of leisure services, and ensuring compliance with the new Regulator of Social Housing requirements.

Annual Code of Conduct Report

A summary of Code of Conduct complaints considered by the Monitoring Officer between 1 November 2023 and 31 October 2024 was scheduled for review. The Annual Code of Conduct Report outlined eight complaints received, detailing their subject, council involved, and the outcome, which included decisions of No Further Action and requirements for mediation.

Annual Audit Letter

The committee was to be informed of the progress of external audit activities. The SDC Annual audit report - VFM Final provided commentary on the council's arrangements for securing economy, efficiency, and effectiveness in the use of resources, covering financial sustainability, governance, and improving economy, efficiency, and effectiveness. The auditors concluded that there were no significant weaknesses identified in the council's Value for Money arrangements over the period.

Other Scheduled Discussions

Additional items on the agenda included an update on the Corporate Risk Register, as detailed in the Agenda Item 12a Risk Register Update - AS November 24, and an update on the Corporate Contract Management Framework, presented as an information sheet. The committee was also scheduled to consider its Work Programme for the upcoming year.