Financial Regulations
Adopted 6 June 2016
Reviewed 1 May 2024
Responsible Financial Officer:
The Clerk shall act as Responsible Financial Officer (RFO).
Accounts & Accounting Statements:
1. The RFO shall supply to each councillor as soon as practicable after 30th April and 31st October in each year a statement to summarise:
1.1. the council’s aggregate receipts and payments for the year to date,
1.2. the balances held at the end of the quarter being reported,
1.3. a bank reconciliation for the year to date.
2. As soon as possible after the financial year at 31st March, the RFO shall supply to each councillor:
2.1. a statement summarising the council’s receipts and payments for the year,
2.2. a bank reconciliation for year,
2.3. copies of the Cash Book and Ledgers for the year,
2.4. a copy of Section 1 of the annual return.
3. The year-end accounting statements for a year to 31st March shall be prepared in accordance with proper practices a using accruals accounting methods. A completed draft annual return shall be presented to each councillor before the end of the following month of May. The annual return of the council, which is subject to external audit, shall be presented to council for consideration and formal approval before 30th June.
4. An unaudited statement summarising the council’s receipts and payment for the year and a bank reconciliation will be available to local electors at the Annual Parish Meeting in April each year.
5. The audited accounts will be available for inspection by local electors on an appointment basis.
6. The council will publish a statement of accounts approved and signed by the RFO and the Chair together with a copy of the bank reconciliation for the relevant financial year; and explanation of any significant variances (more than 10-15%) and an explanation of any differences between ‘balances carried forward’ and ‘total cash and short term investments, if applicable.
7. The Council will publish an annual governance statement.
8. The Council will publish the annual report of the internal auditor.
9. Items published under section 6, 7 and 8 above will appear on the Parish Council notice board and the village website: Skillington Life.
Financial Controls & Procurement:
1. The financial regulations, drawn up by the RFO, shall be reviewed regularly and at least annually for fitness of purpose.
2. In addition to the annual external audit, the RFO will arrange for a quarterly independent internal audit to be carried out as soon as possible after 30th September and 31st March each year.
3. The council will appoint the independent internal auditor on an annual basis.
4. The internal auditor will supply reports to the Council.
5. In addition to the reporting system recorded above the accounting records will be open for inspection by councillors at any time.
6. The RFO will draw up an annual budget for approval by the council.
7. The RFO will monitor the cash flow on a monthly basis.
8. Bank balances at month end to be recorded in the Minutes.
9. All income to be recorded in the Minutes.
10. All expenditure, with the exception of the Clerk’s disbursements, must be approved by the council in advance and recorded in the Minutes.
11. All payments will be recorded in the Minutes to include, for all expenditure over £100: minute reference and date of approval of expenditure; purpose; amount; and non-recoverable VAT.
12. All cheques must be signed by two councillors, with the counterfoils and supporting invoice initialled. Record of signatories to be recorded in the Minutes.
13. The Parish Clerk, Mrs Pamela Harrison, is a signatory on the Virgin Money Bank Account for administrative purposes only and may not sign cheques.
14. Cheques will normally be signed at full meetings of the council except in August when there is no meeting. Should, in exceptional circumstances, a cheque require signature between meetings, two councillors’ signatures will be sought, to be reported at the next meeting of the council.
15. The RFO to make claims for repayment of VAT either annually or when the amount owed is in excess of £100 whichever is the sooner.
16. The Register of Fixed Assets shall be reviewed on an annual basis.
17. The insurance cover will be reviewed on an annual basis.
18. A Risk Assessment will be carried out on an annual basis.