Local democracy

Issue - meetings

WEST YORKSHIRE PENSION FUND (WYPF) UNAUDITED REPORT AND ACCOUNTS FOR 31 MARCH 2020.

Meeting: 15/12/2020 - West Yorkshire Pension Fund Pension Board (Item 16)

16 WEST YORKSHIRE PENSION FUND (WYPF) UNAUDITED REPORT AND ACCOUNTS FOR 31 MARCH 2020. pdf icon PDF 155 KB

The report of the Director, West Yorkshire Pension Fund (Document “H”) presents the unaudited report on West Yorkshire Pension Fund financial activities and financial performance for the year 2019/20 (attached as Appendix 1).

 

Due to Covid-19 the Secretary of State for Housing, Communities and Local Government (MHCLG) has extended the publication of final accounts for local authorities from 31 July 2020 to 30 November 2020. Work on the account this year has been impacted by Covid-19 and as such the final account audit is still on-going. The Director is confident that the final audited accounts will be delivered by the extended deadline of 30 November 2020

 

 

Recommended –

 

That the unaudited report and accounts for 2019/20 be considered and noted.

 

(Ola Ajala – 01274 434534

Additional documents:

Decision:

Resolved –

 

That the unaudited report and accounts for 2019/20 be noted.

 

ACTION: Director, West Yorkshire Pension Fund

 

 

Minutes:

The report of the Director, West Yorkshire Pension Fund (Document “H”) presented the unaudited report on West Yorkshire Pension Fund financial activities and financial performance for the year 2019/20.

 

Members were advised that since the publication of the original agenda for the meeting the audit had been completed.  Key points to note were that the value of assets had fallen at the end of March 2020, however, since that time the market had rallied and that loss had been eradicated.  The Fund still maintained a significant cash flow and it was predicted that there would be a positive cash flow for the next ten years.  The Fund remained a low cost and high quality organisation with many employers approaching it to provide services for their organisations.

 

It was explained that due to Covid-19 the Secretary of State for Housing, Communities and Local Government (MHCLG) had extended the publication of final accounts for local authorities from 31 July 2020 to 30 November 2020. Work on the preparation of the account had been impacted by Covid-19 but it was confirmed that the audit had been completed and signed off recently. 

 

In response to questions about climate change it was clarified the report and accounts being considered did not present the Investment Strategy.  The Investment Advisory Panel considered that strategy and how the fund addressed Climate Change.  It was clarified that the fund was fully committed to managing assets in a way that addressed those issues.  

 

A Member referred to problems with their own organisations ability to sign off accounts/pension liabilities due to uncertainty about the value of certain asset classes. With regard to the accounts which the Fund presented in September it was questioned what conclusions the Fund had drawn from discussions, presuming conversations had taken place, about the certainty of the valuation of certain asset classes.

 

In response it was confirmed that there had been a lot of discussions regarding the level of certainty which surrounded unquoted assets and the value of property. 

 

Members were reminded that there had been a significant shift in the value of commercial assets especially retail property, transportation and hotels.

Auditors had considered if the valuations of those assets at the end of March were robust and could be relied upon for auditors and users of financial statements. Because of the changing circumstances in March, April May and June no one could do that.  That situation had now changed and valuations were issued with certainty although that did not remove the uncertainties of assets valued in March. 

 

It was reported that a statement had been included in the accounts to say that there was a certain level of uncertainty attached to those valuations.  It was felt that with the level of testing and additional work conducted it was known that the statement provides a true and clear view.  Asset managers had been contacted; their cash flow; audited accounts and results at December 2019 and also the activities between January and March had been considered.  ...  view the full minutes text for item 16


Meeting: 22/09/2020 - West Yorkshire Pension Fund Pension Board (Item 17.)

17. WEST YORKSHIRE PENSION FUND (WYPF) UNAUDITED REPORT AND ACCOUNTS FOR 31 MARCH 2020. pdf icon PDF 155 KB

The report of the Director, West Yorkshire Pension Fund (Document “H”) presents the unaudited report on West Yorkshire Pension Fund financial activities and financial performance for the year 2019/20 (attached as Appendix 1).

 

Due to Covid-19 the Secretary of State for Housing, Communities and Local Government (MHCLG) has extended the publication of final accounts for local authorities from 31 July 2020 to 30 November 2020. Work on the account this year has been impacted by Covid-19 and as such the final account audit is still on-going. The Director is confident that the final audited accounts will be delivered by the extended deadline of 30 November 2020

 

 

Recommended –

 

That the unaudited report and accounts for 2019/20 be considered and noted.

 

(Ola Ajala – 01274 434534

Additional documents: