Here's a summary of the planned discussions at the Hammersmith and Fulham Council Audit Committee meeting on 27 October 2025. The meeting covered a range of financial and risk management topics, including the approval of the council's statement of accounts, value for money assessments and updates on risk management and internal audit progress.

Statement of Accounts 2024/25

The committee was scheduled to review and approve the Statement of Accounts 2024-25, including the Pension Fund Accounts and Annual Governance Statement. Key aspects of the accounts that were scheduled for discussion included:

• An overview of the council's financial activity during 2024/25, as detailed in the Executive Director of Finance & Corporate Services' Narrative Report. This included discussion of the council's values, priorities, and performance, as well as an overview of the organisation and its external environment.
• The independent auditor's report, which was to follow the Audit Committee's approval of the final accounts.
• The Movement in Reserves Statement, Comprehensive Income and Expenditure Statement, Balance Sheet and Cash Flow Statement.
• Supplementary Financial Statements, including the Housing Revenue Account, Collection Fund Account and Pension Fund Accounts.
• The draft Annual Governance Statement 2024/25.
• A report to those charged with governance (ISA260) summarising the findings and recommendations associated with the audit of the Financial Statements.
• A request to consider and approve draft letters of representation from the external auditor.
• A request to approve the Pension Fund Annual Report 2024/25.

The report pack noted that the accounts remained 'unaudited' until final sign-off by the external auditor.

Annual Audit Report (Value for Money) 2024/25

The committee was scheduled to discuss the external auditor's Annual Audit Report concerning the council's arrangements for securing economy, efficiency and effectiveness in its use of resources. The report covered the financial year 2024/25 and summarised the auditor's assessment of the council's value for money arrangements in the areas of:

• Financial sustainability
• Governance
• Improving economy, efficiency and effectiveness

The report also summarised key findings, recommendations, and the council's response to those recommendations.

Treasury Management Outturn Report 2024/25

The committee was scheduled to review the Treasury Management Outturn Report 2024/25, which sets out the council's treasury management activities during the year. The report provided details of:

• The treasury position as at 31 March 2025
• The borrowing strategy for 2024/25
• Compliance with treasury limits and prudential indicators
• The investment strategy for 2024/25
• The investment outturn for 2024/25

The report stated that during 2024/25, the council operated within the treasury limits and prudential indicators set out in the Treasury Management Strategy Statement, and met all its prudential indicators.

Risk Management Update

The committee was scheduled to receive an update on risk management across the council. The report included:

• An overview of the council's risk management framework
• The corporate risk register, which sets out the most significant cross-cutting risks that could impact on the outcomes that are set out in the council's priorities
• A heat map summarising the corporate risk register as at Quarter 2 for 2025/26, with the Heat Map for Quarter 4 for 2024/25 provided for comparison

The report noted that SLT members and Risk Owners had reviewed the Corporate Risk Register and agreed a number of changes, including a review of risk descriptions, the introduction of a risk type, and improved narrative around risk mitigation and progress.

Internal Audit Progress Report (April to August 2025)

The committee was scheduled to receive a progress report summarising the work of Internal Audit included in the 2025/26 Internal Audit Plan up to the end of August 2025. The report provided details of:

• Audit outcomes (to 31 August 2025)
• Completed follow up reviews
• Audits in progress
• Audits scheduled to commence in Quarter 3
• Implementation of Recommendations 2025/26

The report noted that two audits had been finalised in the period, and both received positive assurance opinions. The completed audits were aligned to the council's values as follows:

• Compassionate & inclusive council (Registrar Service)
• Taking pride in H&F and Doing things with residents (Housing H&S Electrical)

The report also noted that four follow up reviews had been completed in the period, and that 18 (90%) of the recommendations made had been fully implemented, with 2 (10%) not fully implemented.