Issue - meetings

To receive and note –

·        Draft Statement of Accounts

DECISION

To accept and note the Pension Fund's Statement of Accounts (subject to audit) for 2024/25.

Submitted, for information, a report from the Investment Manager providing details of the financial activity of the Pension Fund during the year ending 31 March 2025. 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 CIPFA statutory format, with the guidance interpreting what was submitted in the accounts and there was no change in the guidance from the previous year.

It was expressed that it had been a busy year for the Fund and work continued with wider investment with the Wales Pension Partnership. Reference was made to a summary of the Fund account, drawing attention to a few variations as the contributions and benefits increased after employees received salary increases and as the pension increased with the CPI. It was reported that there had been an increase in the management costs as the value of assets increased and from introducing different types of investments into the portfolio, e.g. private credit. It was elaborated that there was an increase of approximately £160 million in the market value of the fund which was in accordance with the annual gradual increase.

It was explained that the fund's investment income had significantly increased and that equity investments had performed strongly, and as a result had generated a significant income. It was elaborated that as part of the strategic asset allocation, more had been invested into the infrastructure and fixed income funds.

Attention was drawn to the statutory notes which provided further details behind the figures, the activities of the Fund, and Wales Pension Partnership, as the Partnership was now a prominent part of the Fund's work.

The Head of Finance Department elaborated that, as the Section 151 Officer, he had signed the draft accounts, accepting that they were a correct and fair reflection of the situation.

The members thanked the officer for the report.

Observations arising from the ensuing discussion:

·        The report and the accounts were detailed and easy to understand

·        The format was good

·        The growth was encouraging

RESOLVED:

To accept and note the Gwynedd Pension Fund's Statement of Accounts (subject to audit) for 2024/25.