Issue - meetings

To receive and note the Pension Fund Statement of Accounts (subject to audit) for 2022/23

DECISION

To accept and note the Pension Fund's Statement of Accounts (subject to audit) for 2022/23.

Submitted, for information, the report of the Investment Manager to provide details of the financial activities of the Pension Fund during the year ending on 31 March 2023.  It was highlighted that the accounts (draft) were subject to audit and the audit would be undertaken by Audit Wales.

It was reported that the accounts followed the statutory CIPFA format, with the guidance interpreting what was presented in the accounts. 

It was expressed that the year had been very busy for the Fund with the implementation of the valuation, setting a new strategic assets allocation and WPP developments. Reference was made to a summary of the Fund account, drawing attention to variations as the contributions and benefits increased after employees received salary increases and as the pension increased with the CPI. It was reiterated that there had been a reduction in the management costs since the previous year, because 'Partners' fees could vary from one year to the next depending on performance.

It was highlighted that there was a £13.6 million reduction in the Fund's market value after a challenging year with the impact of the continuing war in Ukraine and high inflation. However, it appeared at the end of the financial year that the value of the Fund had started to rise.

Thanks were expressed for the report.

During the ensuing discussion, the following observations were made by members:

·         It was recognised that the year had been busy and challenging.

·         The information was clear and self-explanatory.

·         There was a need to accept that the value of the Fund would fall at times.

·         Staff were thanked for their work.

RESOLVED to accept and note the Pension Fund's Statement of Accounts (subject to audit) for 2022/23.