Committee Members are summoned to attend the MEETING of the Finance & Governance Committee to be held on Thursday 13 October 2022 at 7.30pm in the Hurstpierpoint Village Centre Conference Room. Members of the public have a right to and are invited to attend the meeting.
Sarah Groom, Clerk to the Council & Responsible Finance Officer Friday 7 October 2022
Committee Membership: Cllr Duncan Ranger (Chair), Cllr Allan Brown, Cllr Rodney Jackson, Cllr Malcolm Llewellyn, Cllr John Lowman, Cllr Martin Machan, Cllr Claire Majsai (plus two vacancies).
- Apologies for absence: To receive and accept apologies for absence.
- Declarations of interest: To note any declarations of interest.
- Minutes of the previous meeting of the Finance & Governance Committee: To receive and adopt the minutes of the 18 August 2022 Finance & Governance Committee meeting. The meeting of 15 September 2022 was cancelled.
4. Adjournment for questions from the public: To consider adjourning the meeting in accordance with Standing Orders, to receive questions from members of the public.
5. Parish Council Financial Monitoring for Month 5 (August 2022): To note:
5.1 Payments of £26,722.49 (excl. VAT).
5.2 Receipts of £6,279.24 (VAT Not Applicable).
5.4 Balance Sheet.
5.5 Income and Expenditure.
5.6 The funds held in CCLA shares on 31 August June 2022 of £46,576.95.
6. Parish Council Financial Monitoring for Month 6 (September 2022): To note:
6.1 Payments of £47,774.25 (excl. VAT).
6.2 Receipts of £156,596.50 (VAT Not Applicable). Includes £140,804 Oct 22-Mar 23 Precept.
6.3 Bank Reconciliations.
6.4 Balance Sheet.
6.5 Income and Expenditure.
6.6 The funds held in CCLA shares on 30 September 2022 of £46,640.85.
6.7 Q2 VAT Return
6.8 Deposits and investments accounts held on 30 September 2022:
|Financial Institution||Account Type||Maturity Date|
|Unity Trust||Current Account||N/A|
|Nationwide||95 Day Savings Account||95 Days notice|
|Cambridge & Counties BS||1 Year Fixed Term Bond||22/06/2023|
|Cambridge & Counties BS||1 Year Fixed Term Bond||28/11/2022|
|United Trust Bank||1 Year Fixed Term||18/12/2022|
|Hodge Bank||1 Year Fixed Term||14/02/2023|
6.9 Unity Trust Bank: To consider opening an instant access Unity Trust Bank savings account to hold a portion of the current account balance, to make use of the higher interest rate. The current account offers no interest but their savings account now offers 0.65% interest. The Financial Services Compensation Scheme will still only protect £85,000 in one institution.
7. Village Centre Financial Monitoring for Month 5 (August 2022): To note:
7.1 Payments of £9,284.11 (VAT Not Applicable).
7.2 Receipts of £13,234.80 (VAT Not Applicable). Includes transfer from Shawbrook Bank.
7.3 Bank Reconciliations.
7.4 Balance Sheet.
7.5 Income and Expenditure.
8. Village Centre Financial Monitoring for Month 6 (September 2022): To note:
8.1 Payments of £15,287.14 (VAT Not Applicable). Includes transfer to Shawbrook Bank*
8.2 Receipts of £11,732.34 (VAT Not Applicable). Includes transfer from Shawbrook Bank*
8.3 Bank Reconciliations.
8.4 Balance Sheet.
8.5 Income and Expenditure.
8.6 Deposits and investments accounts held on 30 September 2022:
|Financial Institution||Account Type||Maturity Date|
|CAF Bank||CAF Cash Current Account||N/A|
|CAF Bank||CAF Gold Account||N/A|
|Shawbrook Bank||Fixed Term Deposit||TBC|
|Shawbrook Bank||60 Days Notice||60 Days Notice|
8.7 To note that the transfer agreed at the 18 August 2022 Committee meeting to move £10,000 from the Shawbrook Bank to the CAF Cash Account, was made on 28 August 2022 from the matured fixed term deposit account. *This was repeated in error on 16 September and corrected on 29 September 2022.
8.8 Shawbrook Bank has confirmed that the options for the matured funds account are as follows:
- Reinvest into a new 12 month Fixed Rate at 1.05%
- Transfer the funds to your existing 60 day notice account at 0.70%.
RECOMMENDATION: That the Shawbrook Bank matured fund balance of £50,000 is transferred to a twelve month fixed term deposit account with a rate of 1.05%.
9. Parish Action Plan: To review the items for the Committee on the Parish Action Plan.
10. Internal Controls: To review the findings from the September 2022 internal controls exercise.
11. Review of 2021/22 External Audit Report: To note the comments made on the External Auditor’s (Moore West Sussex) Certificate for the 31 March 2022 accounts and recommend it to Council for adoption.
12. Half Year Financial Analysis: To review and assess the Parish Council’s financial position at the half year stage and agree any actions or remedies required.
13. Budget and Precept Setting Timetable: To review the proposed timetable, principles and assumptions to commence the budget setting exercise for 1 April 2023 to 31 March 2024 and recommend it to Council for adoption.
14. Asset Register and Policy: To review the asset register and asset register policy and recommend it to Council for adoption.
15. Photocopier Contract: To consider a briefing note that sets out the options for the future photocopier/printing contract, due to expire in March 2023.
16. Virus Protection: To consider a briefing note setting out the options to enhance virus protection for councillor and employee IT systems.
17. To note any further information items, correspondence received or requests.
17.1 Internal Audit: To note the first internal audit of 2022/2023 takes place on 18 October 2022. The Mulberry & Co report will be presented to the 17 November 2022 Committee.
Protocol for filming and recording at public meetings: The Council has a protocol for public filming, recording and photography at its meetings, which is available on the Council’s website or on request at the Parish Office.