Meeting Agenda:
Finance and Governance
| Meeting Date: | Monday 14 Jul 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, Bob Todd. |
| Committee: | Finance and Governance |
| Venue: | Rickards Hall. 72a High Street Edenbridge, TN8 5AR Kent |
| Notes: | |
| Summary: | Finance Committee - ¼ Year Review |
Agenda
Minutes
The disclosure must include the nature of the interest. If an interest becomes apparent to a member during the course of the meeting that has not been disclosed under this item, the member must immediately disclose it.
Members of the public, and members with prejudicial interests on items on the Agenda, may make representations, answer, ask questions and give evidence at this meeting in respect of items on the Agenda. (This is the only opportunity for members of the public to make a contribution during the meeting.)
Both public and members are limited to three minutes per person to speak and the total time designated for public questions shall not exceed fifteen minutes unless directed by the Chairman of the meeting.
The RFO has been informed by SES Water (Suttons and East Surrey) that the Water supply has now all been transferred over to Edenbridge Cricket Club and a refund is being processed for the Town Council. The RFO is still awaiting confirmation from Business Stream of the change over, with regards to the Waste Water.
The readings for the Solar Panels at the depot have been submitted and a payment for £2525.22 has been received. The RFO is in the process of registering the Pavilion with the Royal Mail postcodes, which will hopefully allow us to register and claim for the the Solar Panels there.
Council at its annual meeting 12 May received the reports for the end-of-year 31 March 2025. End of year figures can be seen on attached report (items 7.5 Budget Comparisons & Balance sheet).
The Budget Comparison report records all I&E paid and unpaid for the financial year. Without CIL I&E, the budgeted surplus was £81,318.00 of which £72,274 was moved to Earmarked Reserves (EMR) for projects not completed in 2024-25.This leaves £9,044 surplus to move to General Reserves (GR); budget had forecasted £23,149 movement to build-up and secure the GR position.
The Consolidated Balance report includes actual income and expenditure (I&E) including creditors and debtors. This confirmed the total net assets of £1,032,745.24. The breakdown for this:
|
General Reserves |
£329,101.93 |
|
Earmarked Reserves |
£420,868.56 |
|
CIL unallocated funds |
£12,3967.62 |
|
CIL Earmarked Reserves |
£158,807.12 |
Presented to Council's May meeting, Members received the Internal Auditor's report, and noted the the end-of-year review took place on 29 April. He had carried out an extensive review of the accounts up to 31 March 2025. There were no issues, and he was pleased with the reporting improvements including the earmarked reserves. Copy of the report is published on the website (Link below) and the attached AGAR audit page is completed and attached with the AGAR
Do Members have any further comments?
| End of Year March 2025 Internal Auditor Report |
Council confirmed the end of year accounts (as reported above) and the AGAR. The Consolidated balance sheets confirmed the total net assets (box 7 on AGAR): £1,032,845.24; Income & Expenditure (I&E) Account confirmed total actual Income £985,992.11 (boxes 2&3 on AGAR) and Expenditure £907,192.99.
AGAR – end of year return: The Notice of appointment of date for the exercise of public rights was published on 06 June/announcement date 6 June period commencing 9 June to 18 July (30 working days). This is on the website and in the main Council’s noticeboard with a copy of the AGAR. The completed AGAR and supporting documents have been submitted to the external auditor (Mazars). These can viewed on the website, link below.
Do Members have any further comments?
| AGAR 2024/25 Unaudited Return |
| Notice of period for excercise of public rights AGAR 31 March 2025 |
To approve the financial income and expenditure statements to date.
Do members ratify the expenditure report ?
| 6.1 a Accepted expenditure transactions 30 06 25.pdf |
Nothing to report.
Do members accept the expenditure over £500 report?
| 6.3 a Accepted expenditure transactions o500 30 06 25.pdf |
Do members accept the income report?
| 6.4 c Accepted income transactions 30 06 25.pdf |
Do members have any questions about the Budget Comparison report?
Do members receive the Budget Comparison report?
| 6.5 Financial Comparison 14 30 06 25.pdf |
Do members have any questions about the I&E accounts?
Do members confirm the I&E accounts?
| 6.6 i and e account period 30 06 25.pdf |
Do members have any questions about the Consolidated Balance Sheet?
Do members receive and confirm the Consolidated Balance Sheet?
| 6.7 Consolidated Balance Sheet Period 30 06 25.pdf |
Do members have any questions about the Financial Summary Cashbook?
Do members receive and confirm the Financial Summary Cashbook?
| 6.8 Bank Summary 30 06 25.pdf |
The bank statements and procurement cards have been checked by Cllr Compton and are available to view at anytime.
Do members have any questions about the bank reconciliations and procurement card reconciliations?
Do members confirm and accept the bank reconciliations and procurement card reconciliations?
| 6.10 Barclaycard 30 06 25.pdf |
| 6.9 Bank Reconciliation 30 06 25.pdf |
Do members approve and accept the transfers out of and between bank accounts?
| 6.10 Bank Transfers 30 06 25.pdf |
Nothing to report.
Councillors had questioned the council I&E and it was agreed that an opportunity for councillors to form a working group to attend and review the accounts, then present to committee there findings and recommendations before reviewing the draft budget.
To appoint members to the working group?
Do members recommend a date to review the Finances?
The Town Clerk and RFO attended a NALC (National Association of Local Councils) event where a banking group called Insignis had a stall and presented there investments strategy for Councils.
CCLA currently have an interest rate of 4.27% pa.
Insignis are offering a rate of 4.43% less 0.25% fees which equates to 4.18% pa.
Bear in mind interest goes up and down over the year.
More information is available if anyone would like to research.
Both the Town Clerk and RFO are satisfied Council maintains the best investment opportunities. The CCLA balance for Council reserves have already increased, along with the CIL CCLA investment and will look to further increase.