Meeting Agenda:
Finance and Governance
| Meeting Date: | Monday 23 May 2022 |
|---|---|
| Time: | 19:30 |
| Councillors | Jon Aldridge, Angela Baker, Sarah Compton, Alan Damodaran, Michael Gemmell Smith, Alan Layland, Nick Lloyd Chairman, Stuart McGregor, Stephen Sumner Vice-Chairman, Bob Todd. |
| Committee: | Finance and Governance |
| Venue: | Rickards Hall. 72a High Street Edenbridge, TN8 5AR Kent |
| Notes: | |
| Summary: |
Agenda
Minutes
The disclosure must include the nature of the interest. If an interest becomes apparent to a member during the course of a meeting that has not been disclosed under this item, the member must immediately disclose it.
Do Members confirm the end-of-year actuals?
The Balance sheet was reviewed by the Internal Auditor for submission for the AGAR (Annual Governance & Accountability Return). The carried forward net asset cash balances £1,041,590
The end-of-year actuals can be seen with the Financial Income and Expenditure budget comparisons report – please refer to Item 8.5 which shows the closing figures for 2021/22 Chairman’s report is attached.
To approve the Financial Income and Expenditure Statements as of the 30 April 2022
Do Members ratify the above report?
| 7.1 Paid Expenditure Transactions.pdf |
Do Members approve the above payment?
| 7.2 Expenditure Transactions List.pdf |
Do Members/ the Committee accept the above report?
| 7.3 Paid over 500.pdf |
Do Members receive the above report?
| 7.4 Received Income.pdf |
Do Members receive the above reports?
| Financial Budget Comparison.pdf |
| 7.5 Financial Budget Comparison.pdf |
Do Members receive the above Report
| 7.6 Income and expenditure acc.pdf |
Do Members confirm the above report?
| 7.7 Consolidated Balance sheet.pdf |
Do Members confirm the above report?
| 7.8 financial summary - cashbook.pdf |
Do Members confirm and accept the above reports?
| 7.9 Bank and Invesment Accounts.pdf |
Do Members approve and accept the attached report?
| 7.10 Bank Account Transfers.pdf |
Nothing to report.
The vehicles insurance is a saving of £500 on last year.
Do Members ratify the NFU Mutual renewal (as emailed 18 May confirming best value) and the expenditure of £1925.05
| 8.1 Vehicle Insurance Cover.pdf |
The renewal papers for the year beginning July 2022 for the buildings and other insurances is due for review in June, this is part of a 3-year agreement we have with WPS Hallam for a better deal over a 3-year period. This is the last year of the arrangement.
Full end of year finances, including the consolidated balance sheet, cash book, and budget comparisons for year end 31 March 2022 were presented to full Council meeting 9 May.
This will be published on 1 June on the website and noticeboards.
The Internal Auditor carried out a comprehensive review of the Council’s accounting records and end-of-year 31 March 2022. Overall, it was a good report which shows improved procedures and items highlighted at the October interim audit having been addressed.
However, it was noted that the Council does need to update its Financial and Governance Risk and review for financial controls. At the May meeting 2021 it had been resolved that Cllrs Lloyd and Sumner would work with the RFO and Town Clerk. However, due to other work commitments, new RFO and the RFO working on the financial software and anomalies, this remains outstanding. A date could be set over the early summer period. This is part of the Internal Audit Group remit.
As part of the risk controls, we were reminded that for good practice invoices and bank reconciliations should be checked by different Members and not the same three Members each month. Are any other Members available to check and initial monthly invoices?
Another item mentioned was that there is not an investment policy. An Earmarked/Capital and General Reserve Fund Policy was adopted in November 2021. This will be looked at and presented to Governance Committee in due course and following the interim review.
| internal-auditor-reports |
Following a review of the Council’s Financial and Governance Risk controls (date to be agreed with Cllrs Lloyd and Sumner), this should be presented to the IA Group. The IA Group should also consider any other matters it would like to look at/check.
Propose a date a date in August/September.
Terms of Reference / personnel committee states - Membership: The Committee shall consist of 7 Members appointed by the Finance and Governance (F&G) Committee, but not necessarily F&G Committee members (membership will be confirmed annually after the AMTC).
Current membership:
- Angela Baker
- Michael Gemmell Smith
- Alan Layland
- Nick Lloyd
- Margot McArthur (Committee Chair)
- Stuart McGregor
- Bob Todd (Position held by the Chairman of the Councillor)
Do Members confirm the same membership or are there any changes?
NALC has updated its Model Standing Order 18 (financial controls and procurement) to bring it into line with the procurement position post-Brexit and the recently reissued Legal Topic Note (LTN) 87, which contains the current procurement threshold figures. It has also simplified the model standing order and taken out references to the European Union. Attached is a copy of the LTN 87 for procurement.
The NALC model Standing Orders was updated April 2022; the Town Council had based its in 2020 update. Having checked there are no differences apart from Standing Order 18.
There are also some other minor recommendations:
5.1 Annual Meeting of the Town Council – some other good practice procedural housekeeping has been suggested (these were included on the agenda for the Council’s Annual meeting in May).
19 Handling staff matters – typo correction in item ‘e’
Do members agree to the amendments to the Standing Orders (items 5.1, 18 and 19) as shown in red, and make recommendation to full Council to adopt the amendments?
Please note that the date of this meeting has changed from 11 to 18 July; this meeting will be following Planning Committee, 8.00 pm. It will be a Finance Committee looking at 1/4ly review.