Meeting Minutes:

Apologies for absence were received, noted, and accepted from Cllrs Baker, Gemmell Smith and McGregor. Members noted that the meeting remained quorate in line with Standing Orders.

None.

Resolved: the minutes of the Finance Committee held on 15 July be signed by the Chairman as a true and accurate record of the meeting  (055/01-5).

Members noted the ongoing query with Business Stream regarding duplication of waste-water with the Town Council and the Cricket Club. Business Stream are now investigating this matter. In the meantime, the RFO had also spoken to South East and Southern Water (SES Water), they confirmed that they would investigate the waste water removal with Business Stream. 

It was noted that the completed AGAR and supporting documents had been submitted to the external auditor (Mazars) in June. They had returned a 'clean audit'. The Notice of Audit Conclusion had been published on the website and noticeboard, 28 August. These were published with supporting documents on the website.

Members wished to thank the Town Clerk and RFO for their work with year-end and achieving a clean audit. 

Members noted the financial reports for the second quarter of the financial year 01 July to 30 September 2024.

Ratified: the list of expenditure up to 30 September 2024.

Resolved: the list of budgeted payments.

Members noted expenditure items over £500 were published on the website under Finance and Transparency.

Members noted the received Income report up to 30 September 2024. There were no comments.

Received and noted.

Members confirmed the Income and Expenditure Accounts summary for the second quarter up to 30 September 2024.

Members received and confirmed the Consolidated Balance Sheet, noting it balanced together with the I&E Accounts.

Members received and confirmed the Financial Summary Cashbook.

Cllr Compton confirmed she had checked the bank accounts and procurement card reconciliations for July, August, September. There were no issues. They were available for Members to view any time.

Resolved: to confirm the Bank Reconciliation statements and Procurement Card for July, August, September.

Members received the report on bank account transfers, as reported with the meeting papers and

Resolved: to confirm the transfers into, out of, and between bank accounts.

Members noted there were no outstanding invoices.

The RFO summarised the history behind the Lloyds Bank account and that Lloyds made the process to close an account obstructive and difficult. The account balance was £128,667.40 with no interest being paid. Efforts would continue to arrange transfer of the fund in to the Barclays account and close the account. 

Members noted the internal auditor was due late October. 

Members had no comments or considerations for the new draft budget at this stage.

Members had reviewed the new draft Financial Regulations based on the new National Association of Local Councils (NALC) model financial regulations (April 2024) and the recommendations by the Town Clerk which reflected the Council's own financial procedures. Members were satisfied with the new draft regulations noting some new recommendations to improve on procedures. However, they raised questions with items 5.6 and 5.7 which had different procurement amounts of £30k and £60k; they were unclear with the recommendation to delete 5.6 'for contracts estimated to exceed £60,000 including VAT....' and have all contracts estimated to be over £30k covered by item 5.7, and asked for further information and clarity to be presented. 

Members received the updated procurement amounts against the current, and,

Resolved: to recommend to Council to adopt the updated procurement amounts/procedures inline with the new draft Financial Regulations.

Members,

Resolved: to recommend to Council to updated its Standing Orders, items 18 a(v) and c to reflect the change from £25k to £30k inline the new draft Financial Regulations, and Public Contracts Regulations.

Cllrs Sumner and Compton agreed to review the governance risk assessment with the Town Clerk and RFO; date to be confirmed. 

Members noted this meeting would be looking at the new draft budget 2025-26.