Meeting Agenda:

1 Apologies for Absence

2 Declarations of Interests, or Predeterminations

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.

3 To Confirm the Minutes of Finance Committee Held on 15 July, 055/01-05

4 Matters Arising from the Minutes for Report and Not Covered Elsewhere (for Information Only)

4.1 Business Stream dispute re billing for Blossoms Park toilets: to receive an update

Following previous updates on the lengthy and ongoing query with Business Stream over duplication of a waste-water bill at Blossoms Park we are still awaiting Business Stream to investigate and come back to us.

The RFO has spoken to SES in the last week and have confirmed that they will investigate the supply of Water which corresponds to the waste removal of water with Business Stream. 

5 To receive update The Annual Governance and Accountability Return (AGAR) for year-end 31 March 2024

5.1 To note: External Auditor report

The completed AGAR and supporting documents were been submitted to the external auditor (Mazars) who completed the audit and returned a 'clean audit'. The Notice of Audit Conclusion has been published on the website and noticeboard. This can viewed on the website, link below, with supporting documents.

Do Members have any further comments?

6 Financial Statement and Analysis of Receipts and Payments (financial Report Pack)

This is the second quarter of the financial year - 01 July - 30 September 2024.

6.1 To ratify the expenditure up to 30 September 2024

6.2 To approve the list of expenditure for payments

Payments have been made up to the end of September which are to ratify (item 6.1). Next payments due are end of October.

6.3 To review Expenditure over £500

Expenditure over £500 is published on the website under Finance & Transparency. Link below.

6.4 To receive the income report

6.5 To receive the Financial I&E Budget Comparisons report

6.6 To confirm the I&E Accounts summary

6.7 To receive and confirm the Consolidated Balance Sheet

6.8 To receive and confirm the Financial Summary Cashbook

6.9 To confirm the Bank Reconciliation statements and Procurement Card

Cllr Layland has checked the bank account and procurement card reconciliations for April, May, June. There were no issues. They are available for Members to view anytime.

6.10 To receive and confirm the transfers into, out of and between bank accounts

6.11 To note and advise on invoices outstanding over 3 months

There is one outstanding invoices:

S Smith & Son 24/04/2024 £76.52 an additional subscription to an existing memorial , this has now been paid on the 1st October 2024

7 Other Financial Business

7.1 Lloyds Bank: update on issues with closing and transferring the funds

The balance in Lloyds bank is £128,667.40. For three years we have been trying to close this account and transfer the funds. The RFO will pick up the negotiations with Lloyds Bank as to how we can resolve this matter and have the account closed,

7.2 To note: Internal Auditors six monthly visit

The internal auditor is expected late October (date to be confirmed). the finance training which had been schedule for October last year, will now be booked for next year, date to be advised.  

7.3 Budget 2025-26

The Town Clerk and the RFO will be preparing the draft budgets soon, which will be presented to the November Finance Committee.

Do Members have any comments or considerations re the new draft budget?

8 Governance

8.1 To receive the New Financial Regulations and consider recommendation to Council

The Town Clerk has gone through the new NALC model financial regulations, adapting where appropriate to included Town Council procedures. Page 2 has some information notes to assist with the regulations. These have been annotated to show where there may be differences to the current financial regulations (adopted 2018) or where she has made additions. There are is also a question re item 5.6 and 5.7; the proposal is to delete 5.6 but to add a sentence to 5.7.

Below is a link to the current financial regulations and also the The Public Contracts Regulations 2015, section 109  (2cii) which shows the procurement value change from £25k to £30k. The unedited version of the model financial regulations are available on the NALC website (will need councillor password) under publications/templates/model financial regulations or a copy can be provided at request from the council office.

Do Members have any comments? Do Members confirm to make recommendation to council to adopt the new Financial Regulations?

8.2 To Receive the updated Procurement reference to be addendum to the Financial Regulations

The Procurement summary has been updated to reflect the new financial regulations and will an appendix to the regulations.

Do Members confirm the updated procurement reference and recommend to form part of the Financial Regulations for Council to adopt?

8.3 To receive amended Standing Orders to reflect the new Financial Regulations

For Members to note and confirm the Standing Orders Procurement level increase from £25k to £30k to reflect The Public Contracts Regulations 2015 and new draft Financial Regulations?

Do Members confirm the amended procurement summary and to be an appendix to the new Financial Regulations?

9 Governance Risk Assessment Annual Review - to appoint to councillors to carry out

The annual governance risk assessment is due. To appoint two member to go through with the Town Clerk and RFO.

10 Date of next meeting - 18 November 2024

This will also include the draft budget.