P C Finance 2017-18
Regulations introduced in 2017/18 provide the option for smaller authorities with income and expenditure both less than £25,000 to consider if they meet the requirements to complete a Certificate of Exemption. This exempts such authorities from the Audit Review previously required and carried out by nationally appointed auditors and which was at no cost to very small authorities. The new regime requires such small authorities to either exempt themselves or bear the cost of an Audit Review.
You can see the Certificate of Exemption for Combroke P C here: Download
The Annual Internal Audit Report 2017-18 can be downloaded here: Download
The Governance Statement and the Accounting Statements for the Annual Governance Accountability Return 2017-18 can be downloaded here: Download
The above Accounting Statements include summary data from the Parish Council's Accounts and compares the figures for the year 2017-18 with the previous year 2016-17. Where the variance between the two figures for each year is greater than 15% then an explanation for the variance is required. Also a bank reconciliation is required to show the funds held by the Parish Council at 31 March 2018.:
This next section provides further information about the 2017-18 accounts
At the annual meeting on 15 May 2017 the Parish Council considered the Financial Regulations, these had been fully reviewed and revised in 2016 - see the Finance 2016-17 Page. It was agreed the regulations be approved for 2017-18.
At its meeting on 14 November 2017 The Parish Council received the Half Year Finance Report 2017/18. Cllr Tim Goodhead reported that he had scrutinised the half yearly accounts. There were no variances to report. Both the reconciliation and corresponding bank statements have been initialled / signed as evidence of verification.
The Clerk also presented a draft budget and suggested precept for 2018-19 for initial consideration by the Council. After discussion Members thought that a 4 % increase in the precept would be appropriate.
At the meeting on 16 January 2018 the budget and precept for 2018-19 were reviewed and approved
At the Annual Meeting of the Council on 8 May 2018 Members of the Council examined the Summary Accounts 2017-18 The Summary Accounts 2017-18 were approved. The Council considered the new audit arrangements for smaller Authorties, read and then approved that the Certificate of Exemption be signed and submitted to the appointed Auditor, PKF Littlejohn LLP.
Members examined the Annual Governance Statement and Accounting Statements. Council then agreed that the formal approval of the statements be deferred until after the Parish Council's Internal Auditor had completed the Annual Internal Audit Report for 2017-18.
At an extra meeting of the Parish Council on 7 June 2018, the Council received the Annual Internal Audit Report for 2017-18. There were no issues raised. The Council recorded its thanks to Felicity Bostock as the Council's Internal Auditor.
The Council went on to re-examine and then approve the Annual Governance and Accounting Statements for publication.
You can look at the Summary Accounts 2017-18 here: Download