Committee Members are summoned to attend the MEETING of the Finance & Governance Committee to be held on Thursday 21 January 2021 at 7.30pm via Microsoft Teams Video Conferencing.
Members of the public have a right to and are invited to attend the virtual meeting using Microsoft Teams. If you wish to attend, please email the firstname.lastname@example.org before 4pm on Thursday 21 January 2021 to be sent an email or telephone invitation.
Sarah Groom, Clerk to the Council & Responsible Finance Officer Friday 15 January 2021
Committee Membership: Cllr Malcolm Llewellyn (Chair), Cllr Julia Shorrocks (Vice-Chair), Cllr Allan Brown, Cllr Stephen Hand, Cllr Rodney Jackson, Cllr Seth Jee, Cllr John Lowman, Cllr Duncan Ranger.
Apologies for absence: To receive and accept apologies for absence.
Declarations of interest: To note any declarations of interest.
3. Minutes of the previous meeting of Finance & Governance Committee: To receive and adopt the minutes of the 12 December 2020 Finance & Governance Committee meeting and to note the following correction:
The CCLA deposit figure in the Finance & Governance Committee minutes of 19 November 2020 is incorrect. The 31 October figure should have read £46,379.18 (not 46,397.18). The 30 November 2020 figure is therefore correct at £46,382.57.
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. Payments and receipts: The committee is asked to:
5.1 Note payments of £102,113.75 (excl. VAT) for month 9 (December 2020). This larger than normal sum includes a transfer of £85,000 to the new fixed term deposit account with the United Trust Bank.
5.2 Note receipts of £3,118.28 (no VAT) for month 9 (December 2020).
6. Financial monitoring: To note the account records for month 9 (December 2020) in accordance with the Financial Regulations of the Parish Council, as follows:
Bank Reconciliations. The bank statement is included for Cashbook 1 which is the Unity Trust current account, as this is the only account that has had any activity in the past month.
Detailed Income and Expenditure by Budget Heading. Please note a more detailed report is included under agenda item 9.
Summary Income and Expenditure by Budget Heading.
VAT Return Analysis for end of Quarter 3 – month 9 (December 2020).
7. Deposits and investment: As of 31 December 2020, the Parish Council held the following balances. A further £46,384.89 is held with the CCLA in shares.
|Financial Institution||Account Type||Maturity Date||Amount|
|Unity Trust||Current account||n/a||£283,298.00|
|Nationwide||95 Day Savings Account||95 days’ notice||£54,107.44|
|Nationwide||2 Year Fixed Term Bond||11/02/2021||£33,614.78|
|Cambridge & Counties BS||3 Year Fixed Term Bond||10/05/2021||£51,716.82|
|Cambridge & Counties BS||3 Year Fixed Term Bond||14/11/2021||£35,770.00|
|United Trust Bank||1 Year Fixed Term||17/12/2021||£85,000.00|
|Hodge Bank||1 Year Fixed Term||13/01/2022||£85,000.00|
8. Nationwide 2 Year Fixed Term Bond Account: To consider a briefing note with recommendations on the current terms of the account holding £33,614.78 which matures on 11 February 2021, and agree a way forward.
9. End of Quarter 3 Financial Analysis: To consider a briefing note with recommendations, on the Council’s financial position from 1 April 2020 to 31 December 2020.
10. Action Plan: To review the Action Plan Version 12, as agreed at Council on 26 November 2020.
11. Internal Audit Interim Report: To review the interim report from the internal Auditor Mulberry & Co for the period 1 April 2020 to December 2020 and consider the recommendations.
12. ICT Audit & Support Package: To consider a briefing note recommending the appointment of a company to provide an information and communication technology audit to the Parish Council to ensure security of data and advice on new technology requirements in 2021.
13. Office Furniture Project: To consider a briefing note on the office furniture project and agree the costs for decorating, new lighting and new carpet tiles.
14. WSCC Pension Investment Strategy Statement: To review the Investment Strategy Statement and feedback any comments. Local Government Pension Scheme (LGPS) regulations require administering authorities to prepare and maintain an Investment Strategy Statement (ISS). The West Sussex Pension Fund (the Fund) has prepared a draft ISS and, in line with best practice, are inviting comments from stakeholders. The draft ISS has been prepared by the Fund in accordance with regulation 7 of the LGPS (Management and Investment of Funds) Regulations 2016 and associated guidance. The ISS is supported by the Funding Strategy Statement (FSS) and the Fund’s employer covenant monitoring framework. Together these ensure an integrated approach to funding and investment strategy and risk management supporting the Fund in meeting the regulatory funding requirements. The deadline for feedback is 22 January 2021 at 6pm. The document can be found here:
15. To note any further information items, correspondence received or requests.
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.