Meeting Minutes:
Finance and Governance
| Meeting Date: | Monday 24 Mar 2025 |
|---|---|
| Time: | 19:30 |
| Councillors | Angela Baker, Sarah Compton Vice-Chairwoman, Michael Gemmell Smith, Carey Jacques, Alan Layland, Stuart McGregor, Angela Read, Michael Stockdale, Stephen Sumner Chairman. |
| Committee: | Finance and Governance |
| Venue: | Rickards Hall. 72a High Street Edenbridge, TN8 5AR Kent |
| Notes: | |
| Summary: | Finance Committee (End of Year) |
Agenda
Minutes
Apologies received from Cllrs Gemmell Smith and McGregor.
No Members of public present.
Resolved: the minutes of the Finance and Governance Committee held on the 27 January to be signed by the Chairman as a true and accurate record of the meeting, 082/01-4
Members noted that the RFO had been in contact with the Cricket Club and SES Water (Sutton and East Surrey). Forms had been sent off and was awaiting a response.
Members noted that the Lloyds Bank account has now been closed, and the closing funds transferred to the Council's CCLA Account.
Members requested that a thank you be recorded to the RFO/Deputy Clerk for the perseverance and resilience this has taken to be able to close this account.
Members noted the financial reports up to the 28 February 2025.
Ratified: the list of expenditure up to the 28th February 2025.
Resolved: the list of budgeted payments of £13,274.95.
Members noted expenditure items over £500 were published on the website under Finance and Transparency pages.
Members noted the received Income report up to 28 February 2025. There were no comments.
Members had no questions with regards to the Financial I&E Budget Comparisons.
Received and noted.
Members confirmed the Income and Expenditure accounts summary up to 28 February 2025.
Members received and confirmed the Consolidated Balance Sheet; it was noted this was not a period end, so would not cross balance with the I&E accounts. There we no anomalies noted or questions.
Members received and confirmed the Financial Summary Cashbook.
Cllr Compton confirmed that the bank accounts and procurement card reconciliations for January and February have been confirmed. There were no issues. They were available for Members to view any time.
Resolved: to confirm the Bank Reconciliation statements and Procurement Card for January and February.
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 that there are no outstanding invoices.
The budget statement for 2025-26 was published in December, this included details on the current budget and unplanned expenditure: £25k for the new Kubota and £18k on Rickards Hall external repairs. It also reported on staff costs underspend, an additional grant form FA Kent and an insurance claim form 2023 for a damaged streetlight. Since then, we have received £15k from UK prosperity Fund for the new market archway and market improvements project, and £3,448 KCC members grant also towards the market improvements and for the new walks leaflets.
The forecasted budget comparison year end, has included all expected income and expenditure:
| All figs. Less CIL | Budget | Actual less CIL | Forecasted year end |
|---|---|---|---|
| Total Income | £858,575.00 | £890,205.88 | £892,256.94 |
| Total Expenditure | £853,575.00 | £803,199.34 | £833,216.56 |
| Balance | £5,000.00 | £87,006.54 | £59,040.38 |
| less EM reserves movement | £60,545.00 | ||
| Forecasted year end | -£1,504.62 | ||
| Reserves released back to General Reserves | £7,519.00 | ||
| £6,014.38 |
Despite unexpected expenditure, the above forecast indicates a year end of £59k, however, this is due to unfinished budgeted projects. With the proposed movements to earmarked reserves (EMR) to allow for these projects (item 7.2), the deficit on budget is expected to be £1.5k.
However, this does not account for reserves released from EMR during the year back into the General Reserves (GR), net total was £7,519. It is expected to release back to GR at least £6k. This is up on the 2024-25 budget which had allowed for £5k.
Members had no questions.
Members received a spreadsheet of projects either yet to be completed, grant funding towards projects, or planned movements to help build an EMR fund. Total movement expected was £60,545. This did not include anything were invoices may be delayed but have been included in the forecasted year end.
Members had no questions with regards to the Earmarked Reserves.
Resolved: to confirm the recommendation for movement of £60,545 to be moved into earmarked reserves and any additional movement as recommended by the RFO/Deputy Clerks and Town Clerk at end of year to ensure the projects budgets 2024-25 are completed.
Members had no questions with regards to the reserve movements and the year end position. The GR year end reserve was expected to increase from £320,058 to £326,072 and the EMR to £587,377.
Members noted that the internal auditor was booked for 18th April 2025 to carry out the year end audit.
NALC has recently updated its model Financial Regulations because of The Procurement Act 2023 and The Procurement Regulation 2024, which came into force In March 2025. The changes to Model Financial Regulations are reflected in the Council's Financial Regulations items 5.4; 5.6 and 5.11. Members, had no comments on the New Financial Regulations, and unanimously,
Resolved: to recommend to Council to adopt the amendments to section 5 - Procurement, of the new draft Financial Regulations.