The Audit and Governance Committee of Buckinghamshire Council was scheduled to discuss the terms of reference for a new Risk Management Group and review the council's approach to its Annual Governance Statement for 2025/26. The committee was also set to consider updates on dormant trust funds and the 2025/26 Business Assurance Strategy, which includes the Internal Audit Plan.

Risk Management Group Terms of Reference

The committee was scheduled to consider the proposed Terms of Reference for the Risk Management Group. This group has been established to support the Audit and Governance Committee in its responsibility for providing independent assurance on the council's governance, risk management framework, and associated control environment. The report indicated that the Risk Management Group would have the same membership as the Audit and Governance Committee, including its Chair, and would meet privately approximately four times per year to oversee the risk management framework. The recommendation was to approve these Terms of Reference.

Annual Governance Statement 2025/26 - Approach

The committee was to be presented with the proposed approach for developing the Annual Governance Statement (AGS) for 2025/26. The AGS is a statutory document that comments on the effectiveness of a council's governance arrangements for the year. Guidance from the Chartered Institute of Public Finance and Accountancy (CIPFA) suggests the AGS should be high-level, strategic, meaningful, and brief. The approach outlined involved consultation with committee members, engagement with senior management and statutory officers, a review of the council's Guide to Governance, and consideration of relevant annual reports and national best practice. A draft AGS was scheduled for consideration by the committee on 26 March 2026, with finalisation by 30 June 2026.

Dormant Trust Funds Update

An update was scheduled regarding the council's role as trustee for a number of charities and historical trust funds inherited from legacy councils. Significant work had been undertaken to review these funds, many of which have been dormant. The review aimed to establish governance arrangements, identify funds, ensure expenditure and income were captured, and update details with the Charity Commission. Decisions regarding charities, such as winding them up, are made by the Cabinet.

2025/26 Business Assurance Strategy Update (including Internal Audit Plan)

The committee was to receive an update on the Internal Audit, Risk Management, and Counter Fraud work being undertaken by the Business Assurance Team. The council is working towards a combined assurance model, with Internal Audit acting as the third line of assurance. The 2025/26 work plans were developed with reference to strategic and directorate risk registers and informed by discussions with Senior Leadership Teams. The report detailed progress against the approved Business Assurance Strategy and outlined the Internal Audit Planning Methodology, which uses a risk-based approach to prioritise audit engagements. The update also included progress on the Counter Fraud Plan, highlighting fraud categories, investigation outcomes, and proactive measures such as fraud awareness training.

Risk Management Group Terms of Reference

This item was listed as To Follow on the agenda, indicating that the report or discussion document was not yet available at the time of publication.

Action Log

The committee was scheduled to consider the latest action log, which tracks the progress of actions arising from previous meetings.

Work Programme

The committee was to review its work programme for the remainder of the year.

Treasury Management Strategy 2026-27 to 2028-29

A significant portion of the meeting was dedicated to the Treasury Management Strategy Statement (TMSS) for 2026-27 to 2028-29. This strategy outlines how the council manages its borrowing, investments, and cash flows to ensure funds are available when needed and that borrowing and investment activities are conducted safely and prudently. The report detailed the council's capital spending plans, capital financing requirements, affordability assessments, and borrowing strategies, including sources of borrowing and limits on borrowing activity. It also covered the management of cash balances, investment returns, and the balancing of short and long-term investments. The strategy included Prudential Indicators, which are set to ensure capital investment plans are affordable, prudent, and sustainable. The report also contained an economic update from the council's treasury advisor, MUFG Corporate Markets, providing an outlook on interest rates, GDP, inflation, and the jobs market.

The committee was asked to recommend the approval of the TMSS, Borrowing Strategy, Prudential Indicators, the Annual Investment Strategy, and the Minimum Revenue Provision Policy to Full Council.

Date of the next meeting

The date of the next meeting was scheduled for Thursday, 26th March 2026, at 10 a.m.

Exclusion of the public

A resolution was proposed to exclude the press and public from the meeting for certain agenda items on the grounds that they involved the likely disclosure of exempt information.

Confidential Minutes

The committee was scheduled to approve the confidential minutes of the meeting held on 12th November 2025.

Confidential - Report on Finalised Audits and Status of Audit Actions

This item was listed as confidential, indicating it would be discussed in private.

Purchasing Card (P-Card) Governance

The committee was scheduled to discuss the governance of purchasing cards.

Confidential Action Log

A confidential action log was also scheduled for review.