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Finance Committee – Monday 18th June 2018

 

 

 

 

MEMBERS OF THE PUBLIC ARE WELCOME TO ATTEND THIS MEETING

 

Dear Councillor

 

You are summoned to attend a meeting of the Finance Committee to be held in the Winsford Town Council Council Chamber, Second Floor, Wyvern House, The Drumber CW7 1AH on Monday 18th June 2018 at 6.30pm.

  

Yours sincerely

 

Mark Bailey

Town Clerk/Finance Officer

 

 

AGENDA

 

  1. APOLOGIES FOR ABSENCE

 Members must provide apologies to the Town Clerk before 5.00pm on the day of the meeting, together with reasons for their absence.

 

  1. DECLARATIONS OF INTEREST

 Members to declare any interest under the following categories:

 

  1. MINUTES – To sign as a correct record, the Minutes of the meeting of the Finance Committee held on 16th April 2018. (‘A’)

 

  1. ARISING – any points of clarification from the above minutes.

 

  1. ACCOUNTS FOR APPROVAL

Schedule ‘B’ lists payments made since the last meeting (no list)

Schedule ‘C’ lists accounts for approval at this meeting

Schedule ‘D’ lists supplementary accounts for approval (to follow)

 

  1. BANK ACCOUNT MONTHLY RECONCILIATION STATEMENTS

Financial probity recommends monthly reconciliation of the Town Council’s accounts.  (‘E’)

 

  1. INTERNAL AUDIT REPORT

 The Town Council’s year end accounts for 2017/18 were audited by the Internal Auditors – JDH Business Services Limited – on 8th June 2018.

If available in time, the detailed Auditor’s report will be attached. (‘F’ – to follow)

 RECOMMENDED:             

Members are asked to note the report

 

  1. EXTERNAL AUDIT OF ACCOUNTS

Subject to approval from Members of the Internal Audit report referred to above, the Town Council is asked to approve the attached Annual Governance and Accountability Return (AGAR) (‘G’) including supporting documents (bank reconciliation pro-forma; explanation of variances; reconciliation between boxes 7 and 8 on the Accounting Statements; contact details; and dates of the Period for the Exercise of Public Rights).

Members will note that the internal auditor has completed and signed off the Annual Internal Audit Report on page 3 of the AGAR.

Members will be asked to complete the Annual Governance Statement 2017/18 found on page 4 of the AGAR. This has deliberately not been completed prior to the meeting as the meeting itself must answer all the questions listed.

Members will note that the Accounting Statements for 2017/18 found on page 5 of the AGAR have been completed and Members are therefore asked to approve this document.

RECOMMENDED:             

That the Chair of the Finance Committee, on behalf of the Town Council, in conjunction with the Clerk, signs all parts of the AGAR following approval by Members and prior to submission to the External Auditors on 25th June 2018.

 

  1. GRANTS SUB-COMMITTEE

To approve or otherwise the minutes of a meeting of the Grants Sub Committee held on 3rd May 2018. (‘H’)

 

  1. INSURANCE POLICY RENEWAL

 The Council’s insurance policy is currently held with Zurich Insurance. The Council has received a quote for next year’s premium (2018/19). The cost of this quote is £7,312.70 (made up of £6,392.85 for the policy, £538.10 Insurance Premium Tax (at the prevailing rate, which is levied on insurance policies) and £381.75 VAT). The Public Liability and Officials Liability Indemnity remains at a limit of £10m. (‘I’)

RECOMMENDED:

That the Town Council renew its insurance policy for 2018/19 at a cost of £7,312.70.

 

  1. REVIEW OF THE COUNCIL’S FIXED ASSETS REGISTER

Local councils must maintain an asset register to ensure fixed assets are appropriately safeguarded.

Winsford Town Council’s Fixed Asset Register records all assets the Council owns (whether purchased, gifted or otherwise acquired) and, in most cases, the value of each asset; the date the asset was acquired; and the location of each asset.

The values indicated in the asset register will inform the ‘total fixed assets’ section of the Annual Return with the exception of assets held on trust.

It is important that the Council regularly reviews its Fixed Asset Register in order to be aware of any issues and/or to identify any missing/lost items.

Once recorded on the asset register, the value of assets must not change from year to year until disposal. Concepts of depreciation and impairment adjustments are not appropriate for local councils (Governance and Accountability for Local Councils: A Practitioner’s Guide (England) 2014, para. 3.69).

Assets must be valued by one of the following means based on available information – ideally, apply the purchase price (including VAT as appropriate).

Where it is not possible to trace the purchase price of the asset the insurance valuation should be applied. As a last resort, a nominal value of £1 may be applied. This should also be used for assets gifted to the Council.

The start point is the asset register that has been agreed for the end of the previous financial year. The financial ledger should be reviewed for all purchases made during the year. A discussion should be held with all Council officers to identify any assets that have been gifted to the Council. Any new assets should be added to the asset register, with their values recorded at the purchase price (net of VAT if VAT is being reclaimed) or at £1 if gifted to the Council.

The financial ledger should also be reviewed for all asset sales made during the year. A discussion should be held with all Council officers to identify any assets that have been lost, disposed of or gifted by the Council. Any such assets should be removed from the asset register and recorded in the schedule of disposals.

An annual inspection of asset register items should occur to ensure that all asset register items can be physically verified. Any assets which cannot be located should be removed from the asset register and recorded in the schedule of disposals.

The asset register and schedule of disposals should be reviewed annually by the Finance Committee and then approved by the Council at the same time as the approval of the Annual Return.

Finally, the Asset register will be used to inform the insurers of Council assets. For the purposes of insurance the value to be used is the replacement value of items and not the purchase price as per the asset register. The Council should ensure land and building are valued accurately for insurance purposes. Buildings should therefore be valued every five years to ensure the appropriate insurance is held.

The latest version of the Asset Register, complete with a list of new acquisitions, is presented at (‘J’).

RECOMMENDED:             

Members are asked to review the latest version of the Asset Register and, if satisfied that it is accurate and complete, approve the document for the 2017/18 financial year.

 

  1. EXCLUSION OF PRESS AND PUBLIC

Due to their confidential nature, Members may decide to exclude the press and public from the meeting during consideration of the following matter in accordance with section 1 (2) of the Public Bodies (Admission to Meetings) Act 1960.

The reports relating to this item has been withheld from public circulation and deposit.

 

  1. PROVISION OF HUMAN RESOURCES/HEALTH AND SAFETY SUPPORT TO THE TOWN COUNCIL

Report to be distributed by Town Clerk (‘K’)

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