The Audit and Risk Management Committee was scheduled to meet to discuss the audit and risk management annual report, internal audit updates, statements of accounts, and anti-fraud and corruption strategies. They were also expected to discuss risk management updates and strategies.

Audit & Risk Management Annual Report

The committee was scheduled to consider the Audit & Risk Management Committee Annual Report 2024-25, which covers the period from 1 April 2024 to 31 March 2025. The report details the work of the committee in key areas:

• Annual Governance Framework
• Internal Audit
• Risk Management
• Counter-Fraud
• External Audit
• Financial Reporting

The report includes a summary of the Head of Audit & Risk Management's Annual Audit Opinion, which stated:

The internal control environment, governance arrangements, and risk management processes within the City of London Corporation are generally effective.

The report also notes that the committee has been monitoring the implementation of internal audit recommendations.

Internal Audit Update

The committee was scheduled to receive an update on the work of Internal Audit during April, May and June 2025. The update included the outcomes from completed internal audit reviews. According to the report, final audit reports had been issued in respect of nine audit reviews, resulting in three substantial, four moderate and two limited assurance opinions. The two reviews that resulted in 'limited' assurance were:

• City of London School – Tuition Income
• City Bridge Foundation - Tower Bridge Contract Management

The report notes that the income shortfall at the City of London School was caused by the incorrect use of a historic direct debit file. The audit of Tower Bridge contract management identified inaccuracies in the contracts register and a local lack of awareness of contractual requirements.

City Fund and Pension Fund Statement of Accounts Update

The committee was scheduled to receive an update on the publication and audit of the 2024/25 draft statement of accounts for the City Fund and Pension Fund. The draft accounts were published on the City of London Corporation's website on 30 June 2025, meeting the statutory requirements. Grant Thornton are undertaking the external audit of the accounts, with the audit work commencing on 16 June 2025 and scheduled to run through to September 2025.

The report notes that the provisional outturn position for the City Fund for 2024/25 is a surplus of £33.2m. As at 31 March 2025 there were unallocated revenue funds of £387.3m.

The report also includes a copy of the draft statement of accounts, which includes a preface that introduces the City of London Corporation, its corporate strategy, and its funding structure. The preface also includes a summary of the City Fund's performance and a financial outlook.

New & Revised Anti-Fraud & Corruption Strategy

The committee was scheduled to receive a report on the new and revised Anti-Fraud & Corruption Strategy. The new strategy is designed to better reflect the current fraud landscape and to provide the City with a strategic toolkit and direction to mitigate the risks of fraud. The strategy sets out four strategic pillars:

• Govern
• Acknowledge
• Prevent
• Respond

Risk Management Update

The committee was scheduled to receive a report providing an update on risk management within the City of London Corporation. The update includes the corporate and top red departmental risk registers.

The report notes that the number of corporate risks has remained at 14, with one score decreasing. The number of departmental red risks has decreased from 20 to 18, with one risk escalated, two risks de-escalated, and one risk deactivated.

The report also notes that work to implement the Risk Appetite Statement is underway.

Risk Management Strategy 2024-2029

The committee was scheduled to receive a report on the Risk Management Strategy 2024-2029. The strategy was adopted in May 2024 and is reviewed annually to ensure progress remains aligned with its objectives. The report notes that in its first year, the strategy laid the foundations for long-term change to strengthen the organisation's risk culture and maturity. The strategic objectives of the strategy are:

• An agile and effective risk management approach
• Enhanced risk culture
• Informed decision making
• An appetite for risk