Issue - meetings

Members are requested to note the attached report.

Barbara Nicholls

The Board received the local authority’s Local Account of its adult social care activity.  The document explained what services the local authority support and spend money on; what the local authority had achieved; the changes and challenges the local authority faces and its ambitions and plans for further improvement.

RESOLVED:

That the Board noted the Local Account 2016/17 prior to publication. 

Report attached.

Tim Aldridge

14:50

The High Needs Strategy set out Havering’s vision for improving the provision for children and young people with high needs and their families. The strategy had been developed following the review of high needs provision which involved consultation with a wide range of stakeholders.

The main findings identified from the consultation were:

·                A need to use resources wisely to ensure needs could be met across the spectrum with appropriate levels of support.

·                A need to support providers, working with all ages of children, to develop the most inclusive services possible.

·                That work should be with providers, schools and colleges to improve attainment amongst children with Special Educational Needs and Disabilities (SEND) whether they have an Education, Health and Care Plan (EHCP) or not.

·                A need to improve information for children, young people and parents so options, services and pathways are clearer.

·                A need to develop more provision for children and young people with Autistic Spectrum Disorder (ASD) and Social, Emotional and Mental Health Needs (SEMH); from early years, through school and into adulthood.

·                A need to improve data gathering (including how schools record data) so that needs could be met appropriately as they develop and changed.

Members discussed parent/carer communication and noted that some parents continued to want their child’s needs to be met out of borough rather than met by local provision.  This increased the likelihood of transitional difficulties and had a financial impact on the borough.  The strategy promoted work with local providers to increase capacity.  An application had been made for a special school in the borough for 3-16 years olds, to focus on more complex needs; and a recommendation had been made to change the funding regime for individual schools with children with educational health care plans to allow them to receive increased funding. It was noted that the borough had received positive initial feedback from its recent Special Educational Needs inspection.

RESOLVED:

That the Board approved the High Needs Strategy so that the actions detailed in the action plan (Appendix 1) could be taken forward.

The Committee received an overview of the performance of the Havering Pension Fund investments for the quarter to 31 December 2017. 

The net return on the Fund’s investments for the quarter to 31 December 2017 was 3.2% (or £22m to £715m).  This represented an outperformance of 0.9% against the combined tactical benchmark and under performance of 0.7% against the strategic benchmark. 

Based on information supplied by the council’s performance measures, the total combined fund value at the close of business on 31 December 2017 was £714.81m. 

Simon Jones, Senior Investment Consultant, presented the quarterly monitoring report on behalf of Hymans Robertson LLP. 

Richard Nelson, Senior Credit Fund Manager, and Rob Nicholson, Client Relationship Director, Royal London, presented an overview of London Borough of Havering’s Pension Fund asset allocation.

The Committee thanked the representatives of Hymans Robertson LLP and Royal London, for their presentations.

Resolved: That

i)          The summary of the performance of the Pension Fund within the report, be noted.

ii)         The Committee considered Hymans performance monitoring report and presentation (Appendix A – Exempt).

iii)       A presentation from the Fund’s Bonds Manager (Royal London), be received (Appendix B – Exempt).

iv)       The Committee considered the latest quarterly update from the Chair of the Investment Advisory Committee, LCIV (Appendix C – Exempt).

v)        The Committee considered the quarterly reports provided by each investment manager.

vi)       The analysis of the cash balances, be noted.

The Committee received a report which sought to set out the work of the Committee during 2017/18 and the plan of work for the forthcoming three years and of which would form the basis of the Pension Fund Business Plan. 

It was explained that CIPFA guidance suggested that the Business Plan be submitted to the committee for consideration and proposed the contents of the document, as outlined in the report under paragraph 1.6.

Members attention was brought to Appendix A which detailed the Training Strategy for the London Borough of Havering Pension Fund.  It was explained that if there were a change in Committee membership following the local elections in May 2018, the training plan would be resubmitted once the new committee had been established. 

Maintaining expertise, experience and knowledge was a key focus for the committee in order to meet the qualitative test under Markets in Financial Instrument Director (MiFID 11) and firms would undertake an assessment of the expertise, experience and knowledge of the local authority and its pension fund committee in order to be reasonably assured that they were capable of making their own investment decisions and have an understanding of the risks involved before a firm would permit election to professional status.  It was noted that all requests for election had been granted for existing investment service providers. 

RESOLVED:

The Committee noted the report, which was agreed by the Chair of the Committee in advance of the meeting and which would be referred to the Full Council meeting for consideration.

The Committee received an Audit Plan as issued by Ernst and Young LLP for the work they planned to undertake for provision of an audit opinion on the pension fund accounts for the year ending 31 March 2018.

The Audit Plan for the Pensions Fund would be presented to the Audit Committee on the 14 March 2018. 

The Account and Audit Regulations 2015 introduced a change in the statutory deadlines from the 2017/18 financial year.  The timetable for the preparation and approval of account would be brought forward with draft accounts needing to be prepared by the 31^st May 2018 and audit completion and publication by the 31^st July 2018.  Officers were confident that the deadline would be met, due to trial completions having been carried out for the past two years.

RESOLVED:

That the Committee noted the report.

To approve as a correct record the minutes of the Committee held on 20 July 2016 (attached) and to authorise the Chairman to sign them. To also conider any matters arising not on the action log or agenda.

Councillor Brice-Thompson

Start time: 13:05

The minutes of the meeting held on 20 July 2016 were agreed as a correct record and signed by the Chairman. There were no matters arising not covered elsewhere on the agenda.