The report of the Director, WYPF, (Document “O”) reminds Members that in order to comply with statutory accounting requirements for Local Government and Local Government Pension Schemes West Yorkshire Pension Fund (WYPF) must prepare an annual audited Report and Accounts.

The Reports and Accounts provide a summary of WYPF’s financial position for the year ended 31 March 2019.  The audited accounts have been prepared in accordance with:-

·         CIPFA Code of Practice on Local Authority Accounting in the United Kingdom 2018/19.

·         CIPFA Guidance on Accounting for Local Government Pension Scheme Management Costs

·         Pensions Statement of Recommended Practice 2007

·         International Financial Reporting Standards (IFRS) as amended for the UK public sector.

Recommended –

That the audited report and accounts for 2018/19 be noted.

(Ola Ajala – 01274 434534)

Resolved –

That the audited report and accounts for 2018/19 be noted.

ACTION:       Director, West Yorkshire Pension Fund

The Director, WYPF,  presented Document “O”  which reported that, in order to comply with statutory accounting requirements for Local Government and Local Government Pension Schemes, West Yorkshire Pension Fund (WYPF) prepared an annual audited Report and Accounts.

The Reports and Accounts provided a summary of WYPF’s financial position for the year ended 31 March 2019.  The audited accounts had been prepared in accordance with:-

·         CIPFA Code of Practice on Local Authority Accounting in the United Kingdom 2018/19.

·         CIPFA Guidance on Accounting for Local Government Pension Scheme Management Costs

·         Pensions Statement of Recommended Practice 2007

·         International Financial Reporting Standards (IFRS) as amended for the UK public sector.

Members were reminded that the draft report and account was presented to the meeting held on 25 July 2019 shortly before the 2018/19 final audited report and account was approved by CBMDC’s Governance and Audit Committee.   It was reported that the final 2018/19 audited accounts and report were available on the West Yorkshire Pension Fund’s website.

The report revealed, amongst other things,  increases in the value of assets; favourable investment returns and low costs per member; administration; investment management and oversight and governance. 

Key performance indicators, for 2018/19 in 20 key work areas, reflected the commitment of officers and managers in delivering services to all clients. 

The fund continued to have a positive net cash flow and favourable investment returns which had exceeded benchmarks.

Resolved –

That the audited report and accounts for 2018/19 be noted.

ACTION:       Director, West Yorkshire Pension Fund