Slinfold Parish Council
PO Box 315, Billingshurst, West Sussex RH14 9XX
Tel: 01403 785864 Email:
Minutes of the Finance Committee Meeting
Held on Tuesday 12th April 2011
at 7.30pm in Parish Room
054/11 Attendance and Apologies for Absence
Those present: Councillors D Thompson (Chairman), C Burke, M Dunkerton, R Hillyard and E Sorensen. Also present: Parish Clerk M Burroughs.
Apologies - None
054/11 Declarations of Interests and Change to Register of Members’ Interests
Cllr. Hillyard declared an interest in 056/11d (the Village Shop reserve) although the Parish Council had already approved this. There were no other declarations of interests or changes to Register of Members’ Interests notified.
055/11 Update and Matters Arising from the Finance Committee Meeting on 30th November 2010.
· 233/10 - Precept agreed by HDC;
· 234/10 - Reserves updated and reflected for year end (056/11d);
· 235/10 - The Scottish Widows account has been closed and a new Legal & General RBS account opened. The Santander Account has not been set up following concerns raised by the Clerk (see 056/11 a);
· 236/10 - Mark Mulberry has been appointed as internal auditor; the provisional audit date is 27th April 2011;
· 237/10 - The Clerks appraisal is in hand with Cllrs. Thompson and Hillyard;
· 238/10 - The Risk Assessment will be reviewed at this meeting (057/11d);
· 239/10 - Standing Orders - see 057/11a.
056/11 Year-End Accounts at 31 March 2011
Documents relating to year-end, having been circulated in advance were reviewed. The Finance Committee recommend that the Parish Council approve the following:
i. Bank Reconciliations – all accounts as detailed in Appendix A and that £50,000 is transferred to a Co-op Guaranteed Investment account for a period of 6 months;
ii. Income and Expenditure - annual return for the auditors, KGV accounts and Annual Governance Statement (Statement of Assurance). Detailed accounts are given in Appendix B;
iii. Actual to Budget – the final position for year end was reviewed; there are no matters to refer to the full Parish Council;
iv. Reserves – as detailed in Appendix C; the recommended adjustments are as follows:
a. Remove the Local Development Framework Reserve of £5,000 for legal costs;
b. Reduce the reserve for allotments to £10,000;
c. Hold a Youth Club reserve of £1,000;
d. Increase the IT reserve to £1,000;
e. Balance to General Fund.
The reserves/cash book balances for Six Acres and the Youth Club were reviewed and agreed, as earmarked reserves. Also as resolved at the Parish Council Meeting 31 March 2011, £18,000 to be held as an earmarked reserve/supplementary budget (S137) for the Village Shop.
057/11 Parish Council Documents
The following documents were reviewed and the recommendations for approval by the Parish Council are as follows:
i. Standing Orders – The Clerk advised that she had worked with BBH Parish Council on the model Standing Orders produced by NALC with a view to using the output as a basis upon which Slinfold Parish Council could make a comparison to the Standing Orders adopted by the Council in 2008. It was recommended that Cllrs. D Thompson and D White (details previously circulated) work together to prepare a model which the Parish Council could adopt at the Annual Council Meeting on Thursday 19th May 2011;
ii. Financial Regulations (Annual Review) – it is recommended to the Parish Council that no change is required to the regulations last updated in 2010;
iii. Assets and Liabilities and Insurance requirements
a. Fixed Assets – it is recommended that assets are increased on the annual return by £4,460 from £286,535 to £290,995. (Noticeboards increase by £1,493 to £2,243, IT equipment increase by £467 to £1,000 and add Play Surfaces £2,500);
b. Insurance – it is recommended that insurance requirements be reviewed when this year’s renewal is submitted for the period from 1 June 2011. There is an option to extend the period of insurance to 1 October 2011 (free of charge, subject to signing a 3 year LTA). To be reviewed by the Finance Committee when details become available.
iv. Risk Assessment – Having been updated by the Clerk and reviewed by the Finance Committee, it is recommended that the Parish Council approve this year’s assessment. It was also recommended that the repair works identified by the Clerk be authorised and that the Sports Association be advised of the matters identified by the Clerk during her inspection.
058/11 Staff Matters
The meeting was closed at this point to members of the public and press to discuss confidential staff matters, details of which have been provided to members for approval under separate cover.
059/11 Date of Next Meeting – Accounts and related returns to be approved at the next Parish Council on 28th April 2011. Next Finance meeting as scheduled
Meeting Closed – 9.45pm
Appendix A
SLINFOLD PARISH COUNCILBank Reconciliation as at 31 March 2011
Prepared by / Mary Burroughs (Clerk/RFO)
£ / £
Balance per Bank Statements at 31 March 2011
Current Account Nat West / £3,808.13
NW Bonus Saver / £23,013.90
SPC VH Current / £172.21
Nat West Fixed Rate Bond / £60,000.00
Co-op Community Directplus Account / £61,331.84
Guaranteed Investment Account / £0.00
RBS - Legal & General (Six Acres) / £66,525.51
Standard Life Bank (Six Acres) / £60,888.99 / £275,740.58
Less Unpresented cheques
Cheque Number
As per list on Current account / £5,085.81
Total Unpresented Cheques / -£5,085.81
Net balances at 31 March 2011 / £270,654.77
CASH BOOK
Opening Cash Book Balance @ 1 April 2010
Current Accounts (NW and Coop) / £6,258.79
Bonus Saver (Previously Capital Reserve) / £22,773.82
SPC VH Current / £1,124.38
Co-op Guaranteed Investment / £40,044.58
NW Fixed Rate Bond / £60,000.00
Standard Life / £60,000.00
Scottish Widows / £65,000.00 / £255,201.57
Receipts & Payments to date excluding transfers
Receipts
Slinfold Parish Council Current (Coop & NW) / £61,190.97
Scottish Widows (interest) / £1,645.51
Standard Life (Interest) / £888.99
Slinfold Parish Council Bonus Saver Interest / £240.08
Co-op Guaranteed Investment (Interest) / £188.58
RBS Legal & General (Interest) / £25.51
SVH Account / £299.60
Total Receipts / 64,479.24
Payments excluding transfers
Slinfold Parish Council Current (Coop) / £47,774.27
SVH Account / £1,251.77
Total Payments / -£49,026.04
Closing Cash Book Balance @ 31 March 2011
Current Accounts (NW and Coop) / £60,054.16
Bonus Saver (Previously Capital Reserve) / £23,013.90
SPC VH Current / £172.21
Co-op Guaranteed Investment / £0.00
NW Fixed Rate Bond / £60,000.00
Standard Life / £60,888.99
RBS Legal & General / £66,525.51
£270,654.77 / £270,654.77
Appendix B - Accounting statements (Receipts and Payments)
Annual Return / Opening Balances 1/4/2010 / NotesCoop Current Account (less uncashed cheques) / 5,999.17 / Bank balance £6,763.61 less uncashed cheques £764.44
Coop Guaranteed Investment / 40,044.58
Nat West Current / 259.62
NW Bonus Saver / 22,773.82
NW Fixed Rate Bond / 60,000.00
Scottish Widows / 65,000.00 / Six Acres opened 2009/10
Standard Life / 60,000.00 / Six Acres opened 2009/10
VH Current / 1,124.38 / Bank balance £2,497.95 less uncashed cheque £1,373.57
Adjustment last year for Debtors/Creditors / 447.19 / See last years return, not required this year
1 / Total / 255,648.76 / Agrees to Closing balance for last year
INCOME:
2 / Precept / 51,279.00 / 51,279.00 / Agreed Precept
Other:
Grass Contributions 2010/11 / 299.45 / Sports Association & Flint Group 2009/10
Insurance from Sports Association / 595.47 / From Tennis & Football Club
EC Grant 2010/11 / 1,042.97 / Recovered in the year SPC paid for 2010/11
EC Grant 2009/10 / 1,272.26 / Q4 2009/10 recovered after year end
Youth Club Grant and Petty Cash / 3,893.00 / WSCC £3,540 and Petty Cash £353
VAT Parish Council / 1,411.22 / £855.63 to recover to year end
VAT Village Hall / 299.60 / £91.41 to recover to year end
Interest on Co-op Current & GI & NW Bonus Saver (SPC) / 1,413.39 / Includes back claim
Interest on Scottish Widows/RBS (Six Acres) / 1,671.02 / Credit Six Acres Cash Book
Interest on Standard Life (Six Acres) / 888.99 / Credit Six Acres Cash Book
Contribution from WSCC / 250.00 / Post & Rail Fence
BBH share of Admin/Subs / 162.87 / Subs £100, PO Box £62.87
Debtor adjustment last year / 1,244.89 / See last years return, not required this year
3 / Total other receipts / 14,445.13
EXPENDITURE
4 / Staff Costs / 16,409.96 / 16,409.96 / Clerk, LW Tax, NI & Pension payments
5 / Loan / 3,973.96 / 3,973.96 / PWLB
Other:
Subscriptions / 795.16 / Various but mostly SALC
Hall Hire / 503.50 / Village Hall
Litter / 1,554.46 / Garage Rent & Bins
Grass Cutting / 740.25 / Cherry Tree and KGV
KGV / 684.58 / Inspections & Maintenance
S137 / 1,075.00 / £1000 PCC and £75 BL
Insurance / 2,371.83 / Annual Premium
Street Lighting / 1,477.28 / Electricity & Maintenance
Administration / 1,915.08 / General but includes Website & Annual Report
Chairmans Allowance / 47.65 / R Hillyard
Audit / 561.40 / External and Internal
Youth Club / 2,115.42 / Youth Leader, Hall Hire etc
Six Acres / 1,518.20 / Grounds Maintenance & Additional Audit Costs for 2009/10
Bus Shelter / 65.00 / Minor repairs
Community Grant / 2,091.80 / Church Gates and Cricket Club
Training & Promoting the PC / 194.94 / Training & Conferences
Street Scene / 4,704.08 / Fencing, School Car Park & Noticeboards
VH Grant / 505.00 / Computer
IT Equipment / 487.50 / Share of Printer
Church Clock / 2,000.00 / Grant awarded
Village Hall / 1,251.77 / Computer & Gate
VAT on payments / 1,982.22 / VAT on payments for year
Creditor adjustment last year / 1,692.08 / See last years return, not required this year
6 / TOTAL OTHER / 30,334.20
7 / (1+2+3) - (4+5+6) / 270,654.77
8 / Total Cash and short term investments / 270,654.77
Appendix C – Reserves
Assets & Liabilities to 31 March 2011ASSETS / £ / Sub Total £ / Total £ / Comment
Current Accounts / £60,226.37 / This represents the bank balance less unpresented cheques.
NW Bonus Saver / £23,013.90 / With Co-op renewed every 3 to 6 months
Fixed Rate Accounts / £187,414.50 / RBS, Standard Life and NW Fixed Rate Bond
Total balances at bank / £270,654.77
Total Assets / £270,654.77
LIABILITIES/RESERVES
Long Term
PWLB / £9,999.92 / The Public Works Loan Board (PWLB) loan of £50,000 was taken out on 10 November 1998 to fund modernisation works to the Village Hall. The loan runs for 15 years at an interest rate of 5.125%. The Principal Amount due at 31 March 2011 is £9999.92
Contingency Operating Reserve / £25,639.50 / £35,639.42 / For Emergencies only (includes former Burial & Election funds). (Min. recommended contingency: is equivalent to 6 month 2011/12 budget of £51,279
Earmarked Reserves for a specific purpose
Estimated running costs for the remainder of the six months / £0.00 / Applies at quarter 1 and 3
KGV Project / £5,000.00 / CARES project (agreed contribution upon completion of Phase II)
Litter Warden (New Uniform) / £300.00 / Ring-fenced - EC grant for new uniform for LW
Environmental Cleansing Reserve / £1,000.00 / EC Grant from 2003/4 for litter bins reassigned to use for EC purposes
VH Funds / £172.21 / VH funds as per accounts
Six Acres Toddler Play Area & Six Acres Adoption monies / £142,175.61 / The Balance of the Six Acre Toddler Play Area Cash Book at 31 March 2011. The Six Acres Transfers from Taylor Wimpey to be used for future expenditure in this area. See also Play Areas
Village Hall Grant awarded March 2011 / £2,136.50 / For Dishwasher & Hot Water Dispenser. There is a further £2,500 in precept for next year
Noticeboard / £730.00 / Cost of one for Lyons Road £630 plus fitting £100
Bus Shelter Maintenance / £2,000.00 / Added Oct 09, circa £300 collected annually from Precept, transferred to reserve. Was £1,000 added 2010-11 a further £1,000. There is another £3,000 for 2011-12
Community Grant fund including the Village Hall / £771.70 / Balance at 31 March 2011 is £2,908.20 (less Village Hall Grant £2136.50)
Youth Club / £1,786.98 / The Balance of the Youth Club Cash book at 31 March 2011 (£1886.98) less £100 float with Youth Leader to be used for future expenditure in this area. £1,500 in budget for 2011-12
Training Reserve for Councillors and Promoting the Parish Council within the Community / £3,972.97 / Members Allowance transferred to a Training Reserve for training/seminars etc. Balance from previous years. It was recommended that this reserve be used to develop awareness of the Parish Council within the community. Balance at 31/03/2011
Village Shop (Loan & Legal Costs) / £18,000.00 / Loan to be repaid is £16k plus a maximum of £2k costs. Supplementary budget agreed from S137 if necessary from 1/4/2010 to 31/3/2012
Staff Recruitment/Training / £1,000.00 / To provide for future expenses for new staff training and recruitment
LDF Legal Fees / £0.00 / Retain for a further year pending developments at BBH. Recommended Oct 09 that this be increased to £5k in light of possible issues re BBH developments. Was £5,000 removed at 31 March 2011