Finance Committee – 17th June 2019

 

To:       All Members of Winsford Town Council (for attendance)

Local Press

 

 

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 17th June 2019 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:

  • Disclosable Pecuniary Interest
  • Outside Bodies Interest
  • Family, Friend or Close Associate Interest

 

  1. MINUTES – To sign as a correct record, the Minutes of the meeting of the Finance Committee held on 15th April 2019 (‘A’)

 

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

 

  1. ACCOUNTS FOR APPROVAL

Schedule ‘B’ lists payments made since the last meeting

Schedule ‘C’ lists accounts for approval at this meeting

Schedule ‘D’ lists supplementary accounts for approval

 

  1. BANK ACCOUNT MONTHLY RECONCILIATION STATEMENTS

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

 

  1. INTERNAL AUDIT REPORT

 The Town Council’s year-end accounts for 2018/19 were audited by the internal auditor – JDH Business Services Ltd – on 10th June 2019.

If available in time, the detailed Auditor’s report will be attached. (‘G’ – 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) (‘H’) 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 2018/19 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 2018/19 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 or before 1st July 2019.

 

  1. INSURANCE POLICY RENEWAL

The Town Council’s insurance policy is currently held with Zurich Insurance. The Council has received a quote for next year’s premium (2019/20). The cost of this quote is £7,461.55 (made up of £6,521.12 for the policy itself, £545.69 Insurance Premium Tax (at the prevailing rate, which is levied on insurance policies) and £394.74 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 2019/20 at a cost of £7,461.55.

 

  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 2018/19 financial year.

 

  1. BANK MANDATE 

(i). Co-Operative Bank – Current Account

That the following Members be confirmed as cheque signatories for the Town Council’s revenue Current Account (currently held with the Co-operative Bank):

  • Cllr Donald Beckett (Deputy Town Mayor 2019/20)
  • Cllr Michael Kennedy (Chair of Finance Committee 2019/20)
  • Cllr Alisa Louise Gaskill-Jones (Town Mayor 2019/20)

RECOMMENDATIONS:    

That, in addition to the above, Members nominate a further three Town Councillors as signatories for the Current Account (Revenue)

To resolve that the Co-operative Bank will continue as the Town Council’s bankers in accordance with the original application.

To authorise the Co-operative Bank to accept instructions from the Town Council in connection with the account(s) held and the service provided.

The Co-operative Bank to be authorised to honour all cheques and all other documents made or accepted on the Town Council’s behalf. 

(ii). NatWest Bank – Current Account (Capital)

That the current mandate will otherwise remain unchanged and will continue to include the following Members:

  • Cllr Donald Beckett
  • Cllr Thomas Blackmore

RECOMMENDATIONS:    

That, in addition to the above, Members nominate one Member as signatory to the Current Account (Capital)

To resolve that the NatWest will continue as the Town Council’s bankers in accordance with the original application.

To authorise the NatWest to accept instructions from the Town Council in connection with the account(s) held and the service provided.

The NatWest to be authorised to honour all cheques and all other documents made or accepted on the Town Council’s behalf.

 

  1. PAYMENTS FOR APPROVAL 

Members are asked to note the following orders which have been made since the last meeting: –

IT Equipment – Members

A number of items of IT equipment have been purchased for use by new Members of the Town Council. In addition, existing pieces of IT equipment have been used where available for use by new Members.

The items purchased are: –

  • iPad case; power supply; cable £40.89
  • iPad Air; printer and keyboard £661.50
  • iPad set-up £148.75

Total expenditure   £851.14

 

  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 matters in accordance with Section 1 (2) of the Public Bodies (Admission to Meetings) Act 1960. Reports relating to these items have been withheld from public circulation and deposit.

 

  1. INSURANCE CLAIMS

Members will receive a verbal update from the Town Clerk.

 

  1. CHRISTMAS LIGHTS

Members will receive a verbal update from the Town Clerk

 

Documents

Agenda Attachment ('A') - Minutes 15.4.19 Attachment ('B') - Payments since last meeting Attachment ('C') - Schedule of Payments Attachment ('E') - Bank Reconciliation 1 Attachment ('E') - Bank Reconciliation 2 Attachment ('E') - Bank Reconciliation 3 Attachment ('F') - Bank Reconciliation 1 Attachment ('F') - Bank Reconciliation 2 Attachment ('F') - Bank Reconciliation 3 Attachment ('F') - Bank Reconciliation 4 Attachment ('I') - Insurance 1 Attachment ('I') - Insurance 2 Attachment ('I') - Insurance 3 Attachment ('I') - Insurance 4 Attachment ('I') - Insurance 5 Attachment ('J') - Asset Register 2018-19 Attachment ('H') - Annual Governance and Accountability Return 2018-19 Attachment ('D') - Supplementary Schedule of Payments
Document Last Updated Download
Agenda Wed, 12th June 2019 5:00pm Download
Attachment ('A') - Minutes 15.4.19 Wed, 12th June 2019 5:01pm Download
Attachment ('B') - Payments since last meeting Wed, 12th June 2019 5:01pm Download
Attachment ('C') - Schedule of Payments Wed, 12th June 2019 5:02pm Download
Attachment ('E') - Bank Reconciliation 1 Wed, 12th June 2019 5:02pm Download
Attachment ('E') - Bank Reconciliation 2 Wed, 12th June 2019 5:03pm Download
Attachment ('E') - Bank Reconciliation 3 Wed, 12th June 2019 5:03pm Download
Attachment ('F') - Bank Reconciliation 1 Wed, 12th June 2019 5:04pm Download
Attachment ('F') - Bank Reconciliation 2 Wed, 12th June 2019 5:04pm Download
Attachment ('F') - Bank Reconciliation 3 Wed, 12th June 2019 5:05pm Download
Attachment ('F') - Bank Reconciliation 4 Wed, 12th June 2019 5:06pm Download
Attachment ('I') - Insurance 1 Wed, 12th June 2019 5:06pm Download
Attachment ('I') - Insurance 2 Wed, 12th June 2019 5:07pm Download
Attachment ('I') - Insurance 3 Wed, 12th June 2019 5:07pm Download
Attachment ('I') - Insurance 4 Wed, 12th June 2019 5:08pm Download
Attachment ('I') - Insurance 5 Wed, 12th June 2019 5:08pm Download
Attachment ('J') - Asset Register 2018-19 Wed, 12th June 2019 5:08pm Download
Attachment ('H') - Annual Governance and Accountability Return 2018-19 Fri, 14th June 2019 1:01pm Download
Attachment ('D') - Supplementary Schedule of Payments Mon, 17th June 2019 3:34pm Download

Details

Venue
Winsford Town Council Chamber
2nd Floor
Wyvern House
Winsford
Cheshire
CW7 1AH

Date/Time

17th June 2019

6:30pm