Agenda item

The following papers are to be read in conjunction with the minutes of the Strategy and Finance Working Group held on April 10th 2021 and are for formal approval by the Council prior for submission to the External Auditor. 

i)            To receive a report on the 202/21 OutturnAppendix D                                                                                

ii)          To receive the Summary 2020/21 Income and Expenditure OutturnAppendix Ei, Eii

iii)         To receive and agree the draft Report and Financial Statements for 2020/21 and earmarked reserves at 31^st March 2020Appendix F

iv)         To consider the final Internal Auditor’s Report for the Year Ended 31March 2021

and agree the Council’s response to any issues raised                                                                                        Appendix G

v)           To approve the Annual Governance Statement (Section 1 of Annual Governance and Accountability Return)                                                                                      Appendix H

vi)          To approve the variances list between the 2019/20 and 2020/21 Annual Returns as required.                                                                                      Appendix I

vii)         To approve the Annual Governance and Accountability Return for the Year Ended

31^st March 2021 for signature and submission for External Audit     Appendix J      

The Leader introduced the report on the 2020/21 Outturn at Appendix D.

The Town Clerk confirmed the year end accounts were considered in detail at the Strategy & Finance Working Group held on 20^th April.

Council noted it had been a difficult year, but the Council had ended the year in a positive position, largely because the Town Council does not rely on income that some other authorities do. The Council had offset the cost of lost income from events and sponsorship with a reduction in expenditure and increased grant income.  The reported proposed allocating into earmarked reserves commitments made through the year that had not yet been implemented and had contributed to the surplus, including investment in programmes such as the toilet refurbishment.  

The Town Clerk referred the finance reports considered at Strategy & Finance. The draft Report and Financial Statements for 2020/21 at Appendix F contained a list of the earmarked reserves and general reserves. The Council’s current policy had been to keep up to six months’ worth of operating expenditure as a general reserve. Strategy & Finance had agreed to review the level during the year but considered the current level appropriate under the current period of uncertainty. This was agreed by Council.

The Town Clerk introduced the Internal Auditor’s Report at Appendix G. The Internal Auditor had confirmed the sign-off of the paperwork required by the External Auditor but had identified a 7p difference. This had been a transcribing error that had been corrected. 

The Town Clerk introduced the Annual Governance and Accountability Return.

Section 1 asked Council to confirm the accounts had been prepared in accordance with the law and proper practices and that Council had fulfilled its duties in respect of the South Street Trust. All boxes had been confirmed with yes, and Council confirmed its agreement.

Cllr Edmonds understood there would be a ‘transparent statement’ in the Financial Statements about the risk to the Council’s money on deposit in that it was not covered by the Financial Services Compensation Scheme. The Town Clerk confirmed this had been added to the report.

Councillors thanked the Town Clerk, Sarah Cross and Claire Connell for their hard work and preparation of the year-end accounts.

It was RESOLVED nem con that the:

1)    2020/21 Outturn at the end of a difficult year be welcomed;

2)    Annual Governance Statement (Section 1 of the Annual Governance and Accountability Return) be approved;

3)    Internal Auditor’s report and officers’ comments be agreed;

4)    Updated Asset Register be approved;

5)    Report and Financial Statements for 2020/21 be adopted for signature;

6)    Variances list for the Annual Return be agreed;

7)    Annual Governance and Accountability Return and associated papers be approved for signature and submission to the External Auditor.

8)    General and earmarked reserves be reviewed in the autumn.

The notes were received and accepted from Strategy & Finance.

Cllr Ward left the meeting.