The Audit and Governance Committee of Buckinghamshire Council met on Wednesday 28 January 2026 to discuss the council's financial strategies, governance, and audit plans. Key topics included the approach to the Annual Governance Statement, an update on dormant trust funds, and the 2025/26 Business Assurance Strategy, which encompasses the internal audit plan.

Annual Governance Statement 2025/26 - Approach

The committee was scheduled to consider the proposed approach for preparing the Annual Governance Statement (AGS) for 2025/26. The AGS is a statutory requirement that comments on the effectiveness of a council's governance arrangements for the year. Guidance from the Chartered Institute of Public Finance and Accountancy (CIPFA) suggests the AGS should be high-level, strategic, meaningful, and brief, written in an open and readable style. A draft AGS is expected to be available in March 2026, with the final version to be published alongside the Statement of Accounts by 30 June 2026. The preparation process involves consultation with committee members, engagement with various council departments and officers, and a structured review of the Council's Guide to Governance and relevant annual reports.

Dormant Trust Funds Update

An update was scheduled regarding the council's role as trustee for a number of charities and historical trust funds inherited from legacy councils. Significant work has been undertaken to review these funds, many of which have been dormant for years. The review aims to establish governance arrangements, identify funds held, ensure all expenditure and income are captured, and update details with the Charity Commission. Decisions regarding charities, such as winding them up, are taken by the Cabinet in accordance with the council's constitution.

2025/26 Business Assurance Strategy Update (including Internal Audit Plan)

This agenda item was set to outline the work being undertaken by the Business Assurance Team, covering Internal Audit, Risk Management, and Counter Fraud activities against approved plans. The council is working towards a combined assurance model, with Internal Audit acting as the third line of assurance. The 2025/26 work plans were developed with reference to strategic and directorate risk registers and informed by discussions with Senior Leadership Teams. The report was expected to detail progress against these plans, including the Internal Audit Plan, which is designed to be flexible and responsive to the council's evolving risk landscape.

Treasury Management Strategy 2026-27 to 2028-29

The committee was scheduled to review the Treasury Management Strategy Statement (TMSS), Borrowing Strategy, Prudential Indicators, and the Annual Investment Strategy (AIS) for the period 2026-27 to 2028-29. This strategy outlines how the council manages its cash flow, borrowing, and investments to ensure sufficient funds are available and that borrowing and investment activities are conducted safely and prudently. The strategy must have regard to guidance issued by the Ministry of Housing, Communities and Local Government (MHCLG) and be agreed by Full Council. The report detailed capital spending plans, the Capital Financing Requirement (CFR), affordability assessments, and borrowing limits, alongside forecasts for investment returns and economic conditions. A key recommendation was to remove additional approval requirements for trading with other local authorities, given their low counterparty risk and favourable returns.

Risk Management Group Terms of Reference

This item was listed as To Follow, indicating that the terms of reference for the Risk Management Group were to be provided at a later stage.

Action Log

The committee was scheduled to review the latest action log, which tracks outstanding actions from previous meetings. This would include noting which actions could be closed.

Work Programme

The committee's work programme for the upcoming period was to be discussed and noted.

Date of the Next Meeting

The date for the next Audit and Governance Committee meeting was confirmed as Thursday, 26 March 2026, at 10 a.m.

Confidential Items

Several agenda items were marked as confidential, including confidential minutes, a report on finalised audits and the status of audit actions, and a confidential action log. These items would be discussed with the exclusion of the press and public due to the likely disclosure of exempt information.

Purchasing Card (P-Card) Governance

This item was scheduled to address the governance surrounding the use of purchasing cards.

Farnham Park Sports Field Charity Update

A confidential update on the operating arrangements for the Farnham Park Sports Field Charity was to be provided.

Implementation of Procurement Act 2023

A confidential report was to be presented on the progress made in implementing the requirements of the Procurement Act 2023, including the strengthening of the council's commissioning and procurement arrangements.