Decision details

The report before Members provided an extract of the Council’s Statement of Accounts for the year to 31st March 2017, showing the unaudited accounts of the Havering Pension Fund as at that date.

Key movements as noted in the report from the 2016/17 accounts were:

•           The Net Assets of the Fund have increased to £671m for 2016/17 from £573m in 2015/16, a net increase of £98m.

•           The net increase of £98m is compiled of a change in the market value of assets of £95m, investment income of £6m and net additions of cash of £1m and offset by management expenses of (£4m).

•           Mandates held with Baillie Gifford (Global Alpha Fund) and Ruffer (Absolute Return Fund) were both transferred into the London CIV, increasing the assets classified in the accounts under Pooled Investments and decreasing the assets directly classified under Bonds.

The Committee noted the Havering Pension Fund unaudited Accounts as at 31st March 2017 and considered that there were no issues that needed to brought to the attention of the Audit Committee.