The Audit & Governance Committee of Oxfordshire Council is scheduled to meet on 26 November 2025 to discuss a range of topics, including the council's statement of accounts, treasury management, and counter-fraud measures. The committee will also consider the Oxfordshire Fire and Rescue Service's statement of assurance and updates to the risk management policy. Additionally, the meeting will cover whistleblowing, the constitution member working group, and the role of member champions.

Statement of Accounts 2024/25

The committee will be asked to consider and approve the Statement of Accounts 2024/25, which has been prepared in accordance with the CIPFA ¹ code. The statement includes the Narrative Report, primary financial statements, and pension fund accounts. The report pack notes that IFRS 16 ² on Leases has been implemented for the first time. The Summary Accounts 2024/25, which provide an overview of the council's financial position, will also be noted.

The report pack states that auditors are expected to issue a disclaimed opinion, with a possibility of a qualified opinion, but that no material misstatements have been identified.

The committee will also be asked to agree that no changes are required to the Annual Governance Statement 2024/25, which was previously approved in June 2025, and to approve the Draft Letter of Representations 2024/25 for the Oxfordshire County Council accounts.

Finally, the committee will be asked to agree that the Executive Director of Resources and Section 151 Officer, in consultation with the Chair of the Committee (or Deputy Chair in their absence), can make any further changes to the Statement of Accounts 2024/25 and/or letters of representation that may arise during completion of the audit.

Treasury Management Mid-Term Review 2025/26

The committee will be presented with the Treasury Management Mid-Term Review 2025/26. Treasury management covers the management of the council's borrowing, investments and cash flows, including its banking, money market and capital market transactions, and the effective control of the risks associated with those activities.

The Chartered Institute of Public Finance and Accountancy's (CIPFA's) Code of Practice on Treasury Management 2021 requires the committee to receive regular monitoring reports on treasury management activities and risks. The report sets out the position as at 30 September 2025.

As of that date, the council's outstanding debt totalled £270m, and the average rate of interest paid on long-term debt during the six months prior was 4.41%. No new external borrowing was raised during the first half of the year, whilst £2m of maturing Public Works Loan Board (PWLB) debt was repaid.

During the six months to 30 September 2025, the council achieved an average in-house return of 4.60% on average cash balances of £447.966m, producing gross interest receivable of £9.896m. In relation to external funds, the return for the six months was £2.004m, bringing total investment income to £11.900m, which is £5.129m more than budgeted.

At 30 September 2025, the council's investment portfolio totalled £490.582m, comprising £356.500m of fixed term deposits, £32.972m at short term notice in money market funds and £101.110m in pooled funds with a variable net asset value.

The committee will be asked to note the council's treasury management activity for the first half of 2025/26 and recommend that the council also note it.

Anti-Fraud and Corruption Strategy

The committee will consider the revised Anti-Fraud and Corruption Strategy, which is subject to review every two years. The committee will be asked to approve the revised Anti-Fraud and Corruption Strategy Executive Summary.

Risk Management Update

The committee will be presented with updates to the risk and opportunities policy and an overview of the latest strategic risk register, which contains the council's most significant strategic risks. The strategic risk register is managed by the senior leadership team (SLT) and reported into the strategic leadership board (SLB) as part of the council's business management and monitoring reports (BMMR).

The committee will be asked to note the risk management update and approve the revised risk and opportunities policy 2025/26.

Oxfordshire Fire and Rescue Service Statement of Assurance 2024-25

The committee will consider and approve the Oxfordshire Fire and Rescue Service's Statement of Assurance 2024/25 for publication. The Fire and Rescue National Framework for England 2018 requires all fire and rescue authorities to provide annual assurance on financial, governance and operational matters through publishing an Annual Statement of Assurance.

Annual Report on Whistleblowing 2024/25

The committee will be presented with the Annual Report on Whistleblowing 2024/25. The council's Whistleblowing Policy provides clarity around the six categories set out in the Employment Rights Act 1996 that make a complaint a qualifying disclosure under the Public Interest Disclosure Act 1998.

The report pack notes that in 2024-25, members of the council's Strategic Leadership Team, along with colleagues from HR, Audit & Counter Fraud, Finance, and Law & Governance, completed The Chartered Institute of Public Finance and Accountancy's (CIPFA) Whistleblowing eLearning course.

The council's Governance Team has produced in-house Whistleblowing training, which was published on the Learning Zone in October 2025 and is accessible to all employees. Completion of this eLearning course is mandatory for managers, and new employees as part of the induction process, while all employees are encouraged to undertake the training annually.

The committee will be asked to note the number of incidents of Whistleblowing during the 2024-25 financial year and that training on Whistleblowing is currently being rolled out within the organisation.

Government Response to Strengthening the Standards and Conduct Framework for Local Authorities in England Consultation

The committee will note the government's response to the Strengthening the Standards and Conduct Framework for local authorities in England consultation. The consultation sought views on introducing a mandatory minimum code of conduct for local authorities in England, and measures to strengthen the standards and conduct regime in England. The report pack notes that legislation is intended to be brought through subject to parliamentary scheduling.

Constitution Member Working Group

The committee will consider a proposal to reconvene the Constitution Member Working Group, which serves as a forum for cross-party engagement on matters relating to the review and updating of the council's constitution. The committee will also be asked to agree on the draft terms of reference for the working group and to request the Director of Law & Governance and Monitoring Officer to seek nominations for representatives from each political group who will attend the working group meetings.

Member Champions

The committee will consider some changes to the role and function of Member Champions and clarify the appointment process for future Member Champions. Cabinet agreed to propose these changes to the Audit & Governance Committee at its meeting on 18 November 2025. The committee will be asked to recommend to Council to amend the Council's Constitution to replace part 8.5, Member Champion Role with the text in Appendix 2.

Other Matters

The agenda also includes the following items:

• Ernst and Young Draft Audit Results Report 2024/25: The committee will be asked to note Ernst and Young's Draft Audit Results Report for 2024/25.
• Ernst and Young Draft Auditor's Annual Report 2024/25: The committee will be asked to note Ernst and Young's Draft Auditor's Annual Report for 2024/25.
• Ernst and Young Draft Audit Results Report for the Pension Fund 2024/25: The committee will be asked to note Ernst and Young's Draft Audit Results Report for the Pension Fund for 2024/25.
• Counter-Fraud Update: The committee will be presented with a summary of activity against the Counter Fraud Plan for 2025/26 and will be asked to note it.
• Annual Governance Statement 2024-25 - Action Update: The committee will receive an update on the actions from the Annual Governance Statement 2024/25 and to make any comment upon them.
• Audit Working Group Update
• Audit and Governance Work Programme: The committee will be asked to note the Committee Work Programme to November 2026 and comment upon it.