Statement of Accounts

For the year ending

31st March 2015

David Collins

Clerk to the Council

Cwmbran Community Council,

The Council House

Ventnor Road

Cwmbran

NP44 3JY

Tel: 01633 624152

Fax 01633 624159


Contents Page

Income & Expenditure for the year ending 31 March 2015 / Page 2
General Fund / Page 3
Balance Sheet / Page 4
List of Elected Members / Page 5
Principal Accounting Policies / Page 6
Notes to the Accounts / Page 7


Income & Expenditure Account for the year ending

31 March 2015

Income

Code / Details / Notes / 2013/2014 / 2014/15
Precept / 525,975 / 561,375
Y / Interest / 9,881 / 8,037
A02 / Chairman’s Charity / 839 / 1,386
B / Members Expenses / 0 / 535
G / Premises / 20,799 / 19,252
H / General Admin / 595 / 675
I / Policy & Finance Committee / 0 / 90
K / Grants to Voluntary Organisations / 0 / 458
L / Events & Community Projects Committee / 12,542 / 11,846
M / Task Force / 4 / 1,511 / 1,129
N / Environment, Sustainability & Planning Committee / 500 / 500
P / Twinning / 0 / 0
VAT refunded / 0 / 4,294
Total / 572,642 / 609,577

Expenditure

Code / Details / Notes / 2013/2014 / 2014/15
A / Elections / 1,206 / 0
A02 / Chairman’s Charity / 770 / 889
B / Members Expenses / 4,855 / 5,256
C / Staff Salaries/Exp / 13 / 121,116 / 147,448
G / Premises / 64,613 / 39,286
H / General Admin / 15,120 / 2,002
I / Policy & Finance Committee / 61,511 / 29,148
K / Grants to Voluntary Organisations Committee / 4 / 8,796 / 10,671
L / Events & Community Projects Committee / 88,289 / 93,316
M / Task Force / 4 / 44,823 / 45,208
N / Environment, Sustainability & Planning Committee / 1,391 / 1,555
O / Cwmbran Centre for Young People / 40,000 / 50,000
P / Twinning / 2,645 / 599
Vat payments / 0 / 254
Total / 455,135 / 425,632

General Fund

2013/2014 / 2015/14
Balance at 1.4. / 312,068 / 429,575
Add Receipts / 572,642 / 609,577
Total / 884,710 / 1,039,152
Less Payments / 455,135 / 425,632
Total / 429,575 / 613,520
Transfer
To other reserves / 0 / 240,200
General Reserve Balance c/f / 429,575 / 373,320


Balance Sheet for the year ending 31 March 2015

Current Assets

Note / 2013/2014 / 2014/15
Debtors &
Prepayments / 5,281 / 8,461
Cash at Bank & Cash in Hand / 488,277 / 656,821

Total

/ 493,558 / 665,282

Current Liabilities

Note / 2013/2014 / 2014/15
Creditors & Accruals / 13,983 / 5,821
Assets less Liabilities / 479,575 / 659,461

Capital & Reserves

Note / 2013/2014 / 2014/15
Earmarked Reserves / 10 / 50,000 / 240,200
General
Reserve / 429,575 / 373,320

Total

/ 479,575 / 613,520

This statement fairly reflects the financial position of the Council at 31 March 2015 and reflects its income and expenditure during the year.

Approved by the Council on 24 June 2015

Signed by:

Councillor M Johnston

/ David Collins
Chairman / Clerk to the Council & Responsible Financial Officer

List of Elected Members 2014/15

Ward / Member
Coed Eva / David Standing
Fairwater / Natalie Salkeld
Greenmeadow / Lyndon Chaney
Jeff Williams
Llantarnam / Bill Walker
Paul Williams
Lowlands & Avondale / Margaret Howell
Jessica Powell
Mount Pleasant / Stuart Ashley
Northville / John Winter
Southville / Robert Jones
St Dials / Kebba Manneh
Thomas Matthews
Two Locks / Steve Brooks
Mike Johnston
Ty Canol / Michele Day
Jeff Rees
Upper Cwmbran East / Robert Kemp
David Daniels
Upper Cwmbran West / Julian Davenne
Steve Evans

Principal Accounting Policies

Accounting Convention

The accounts have been prepared in accordance with the Accounting Guidance Notes for Local Councils (The Guide) issued by the Chartered Institute of Public finance and Accountancy, as applicable to medium sized local councils.

As a consequence, the latest accounting policies, as set out in this Guide (and so far as they relate to Cwmbran Community Council), have been adopted for the Council’s Statement of Accounts.

Fixed Assets

All expenditure on the acquisition, creation or enhancement of fixed assets is reported in the notes to the accounts, provided that the assets yield benefit to the Council and the service it provides for a period of more than one year.

Fixed Assets are valued on the basis recommended by the CIPFA. The year- end values are stated on the following basis:

·  Land, operational properties and other operational assets are reported in the notes to the accounts at current insurance values as approximating the lower of nett current replacement cost and nett realisable value.

·  Certain community assets are the subject of restrictive covenants as to their use and/or future disposal. Such assets are considered to have no appreciable realisable value and are included in the Balance Sheet at a nominal value only.

Debtors and Creditors

The Council’s revenue accounts are maintained on an accruals basis in accordance with The Guide. That is, sums due to or from the Council during the year are included, whether or not the cash has actually been paid or received during the year. Exceptions to this are the payment of regular quarterly accounts (telephones, for example). This policy is applied consistently each year and will, therefore, have no material effect on the year’s accounts or the Council’s annual budget.

External Loan Repayments

The Council is not required by The Guide to incorporate external borrowings in its Balance Sheet. Details are shown in the Notes to the Accounts.

Leases

The Council is not required by The Guide to incorporate hire purchase and/or lease obligations in its Balance Sheet. Details are shown in the Notes to the Accounts.

Reserves

The Council maintains certain reserves to meet general and specific future expenditure. The purpose of the Council’s reserves is explained in the Notes to the Accounts.

Income from Interest

All interest receipts are credited initially to general funds.

Notes to the Accounts 2013/14

1.  Pensions
The pension costs that are charged to the Council’s accounts in respect of its employees are equal to the contributions paid to the funded pension scheme for those employees.

The contributions are determined by the fund’s actuary on a triennial basis and are set to meet 100% of the liabilities of the pensions fund, in accordance with relevant government regulations. The last actuarial valuation took place on 31 March 2010 and changes arising from that valuation took effect from 1 April 2011 and will apply for a period of 3 years. A new valuation took effect on 1 April 2014 for a three year period.

2.  Tenancies

Income from tenancies is included within the Council’s record of income (Code G- Premises)

3. Publicity

Section 5 of the Local Government Act 1986 requires the Council to disclose expenditure on publicity. Details are shown under the following broad categories:

Publicity Type

/ 2013/2014 / 2014/15
Advertising / 650
(Newsletter) / 38
(Newsletter)
Total / 650 / 38

4. Section 137 Expenditure

Section 137 of the Local Government Act 1972 (as amended) enables the Council to spend up to the product of £7.20 per head on the electoral roll in any one year for the benefit of the people in its area not specifically authorised by other powers.

Details of the Council’s Section 137 availability and expenditure is shown below, based on 27,041 electors as at March 2014 @ 7.20 per elector.

Details / 2013/2014 / 2014/15
Total available was / 189,395.32 / 194,695.20
Expenditure
Grants/Donations (net) / 8,796 / 10,212.50

Task Force

/ 44,823 / (now dealt with under Power of Wellbeing)
Task Force Income / (1,511) / (now dealt with under Power of Wellbeing)
Total / 52,108 / 10,212.50

It should be noted that grants to bodies such as Citizens Advice Bureaus are made under specific legal powers and so are not included in the above figures.

5. Fixed Assets

At 31st March 2015 the following assets were held, based on insurance valuations undertaken in 2014.

Freehold Land and Buildings

Details / 2013/2014 / 2014/15

The

Council House

/ 1,050,687 / 1,050,687
Cwmbran Centre for Young People* / 1,304,979 / 1,304,979
The Council House
Community Centre / 214,659 / 214,659
Total / 2,570,325 / 2,570,325

*Cwmbran Centre for Young People is included in this section since the land has been leased to Cwmbran Community Council for a period of 99 years from 1988, provided that the building continues to be used for youth-orientated activities.

Furniture, Fixtures, Equipment & Vehicle(s)

(a)  2013/14

Details / 2013/2014
Task Force
Equipment / 4,755
Council House Furniture/Fixtures / 17,527
Council House Equipment / 33,291
Civic Regalia / 2,678
Community Centre Furniture/Fixtures / 3,951
Community Centre Equipment / 638

Total

/ 62,840

The basis of valuation of the above assets is at historic costs, replacement values or at a nominal value of £1 where the asset is classified as a community asset.

(b)  2014/15

Following an audit of the previous year’s accounts, an improved approach was taken to recording the value of the Council’s Furniture, Fixtures, Equipment & Vehicle(s) for 2014/15. This includes recording the value of disposals and additions in-year and more accurate itemising of all items. The total of items disposed in year was £6,016. Total acquisitions was £13,943.18 to give a new overall total of £70,767.18 as described below

Total F&F / Total Equipment
1 Main Kitchen / £1,055.00 / £1,796.00
2 Lobby / £0.00 / £0.00
3 Council Chamber / £11,186.00 / £1,555.00
4 Civic Regalia / £2,678.00 / £0.00
5 General Office / £2,506.00 / £4,834.46
6 Clerks Office / £1,606.00 / £906.86
7 Admin Officer's Office / £1,731.00 / £2,735.86
8 Photocopier Room / £1,196.00 / £5,366.00
9 Small Kitchen / £20.00 / £500.00
10 Members' Room / £450.00 / £515.00
11 Reception area and understairs / £9,972.00 / £1,046.00
12 Caretaker's Room / £0.00 / £504.00
13 Toilets / £375.00 / £0.00
14 Community Centre (“Annex”) / £3,951.00 / £2,678.00
15 Task Force / £140.00 / £6,110.00
16 Playscheme Equipment / £68.00 / £3,000.00
17 Miscellaneous Items / £1,928.00 / £358.00
Total Assets / £38,862.00 / £31,905.18 / £70,767.18

The total of the Council’s Assets is thus £2,641,092.18 being the sum of the value of its Freehold Land & Buildings and the value of its Fixtures, Fittings and Equipment

6.  Trade Debtors, Prepayments & Accruals

At the end of the financial year the following trade debtors were noted:

Details / 2013/2014 / 2014/15
Trade Debtors / £1,110 / £906
VAT
Recoverable / £926 / £1,728
Prepayments &
Accrued Income / £3,245 / £5,827

Total

/ £5,281 / £8,461

7.  Debtors’ Analysis

The age of Trade Debtors shown in 6, above is summarised below:

Age / 2014
(Number) / 2014
(Value) / 2015
(Number) / 2015
(Value)
Less than
3 months / 15 / £898 / 11 / £834.25
Between
3 and 6
Months / 2 / £55 / 1 / £31.25
Between
6 and 12 months / 5 / £157 / 0 / 0
Over
12
Months / 0 / 0 / 1 / £40
Total / 22 / £1,110 / 13 / £906

8.  Creditors/Accruals

At the end of the year the following was noted:

Details / 2013/2014 / 2014/15

Trade Creditors

/ £238 / 0

Audit Fees

/ £3,745 / £3,745

Computer Support

/ £10,000 / 0

Staff

/ 0 / £1,746

Staff (admin costs)

/ 0 / £330

Total

/ £13,983 / £5821

9. Loans

A loan to the Council from Torfaen County Borough Council was fully repaid during the previous year. The balance at the start of the year was £0.00

10. Earmarked Reserves

Details / Balance at
31 March 2014 / Contribution
From Reserve / Contribution
To Reserve / Balance at
31 March 2015
Building Maintenance / £25,000 / 0 / 0 / £25,000
Asset
Replacement / £25,000 / £150,000 / £175,000
Regeneration Projects / 0 / 0 / £35,000 / £35,000
CCYP: Unclaimed Funds for Maintenance / 0 / 0 / £5,200 / £5,200
Total / £50,000 / £190,200 / £240,200

Approved by Council 21 November 2012 and 18 February 2015

11. Capital Commitments

The Council had no capital commitments at 31st March 2015 not otherwise provided for in these accounts.

12. Contingent Liabilities

The Council is not aware of any contingent liabilities at the date of these accounts.

13. Salaries and Wages

During the year payments were made on account by way of monthly standing order to Torfaen County Borough Council (the Council’s payroll administrator) based on the average monthly pay and employer’s contributions.

4

Thursday, 25 June 2015