Financial Information

On this page you will find information on the following categories:

  • Precept and Budget
  • Audits, Exercise of Public Rights
  • Financial Regulations & Risk Assessments
  • Grants & Donations
  • Assets
  • Public Works Loan Board Loans
  • Contracts

Financial Regulations

  • Financial Regulations (PDF, 225 Kb)

    The Financial Regulations form part of the Council's constitution and govern how the Council utilise and manage and the annual precept and budget, as well as contracts and grants.

    These are the most up to date Financial Regulations having only been adopted in May 2020.

Audits

Pursuant to the Accounting and Audit Regulations 2015, the annual audit process is a formal external assessment of the Council's management of accounting and governance for each financial year, with the most recent being year ended 31st March 2020.

It is a two step process and commences at the end of a financial year with an internal audit, which is completed by an independent Internal Auditor between March and June.

The second and final step is via the External Audit, which is performed by PKF Littlejohn, which takes place annually between July and September.

This process has already taken place and the Conclusion of Audit has been published below, including a copy of the approved Section 03 of the Annual Governance and Accountability Return.

All documentation pertaining to the current audit can be found below, for your review and download should you wish to.

Exercise of Public Rights

Pursuant to the Accounts and Audit Regulations 2015, members of the public are able to request to review any documentation pertaining to the finances of the council and the audit process. The period for the Exercise of Public Rights for the year ended 31 March 2020, is Monday 15th to Friday 24th July inclusive. During this period any member of the public can request to review the documents.

The official Notice of Public Rights is located below, with pages 2 and 3 outlining the audit process and the public's rights to view documentation at the appropriate time.

Internal Control

Annually, Council nominate a Council Member to oversee the role of Internal Control.

The Responsible Financial Officer will complete monthly reconciliations against bank statements and will produce reports to this effect. Pursuant to Accounting and Auditing practices, on a quarterly basis, these accounts need to be reviewed by the Internal Control Council member and reported to Council at the next available council meeting.

Below are the quarterly reports confirming the Internal Controller's approval of each review for the current accounting year.

Precept

The Precept is the element of your Council Tax that is paid to Newbold Verdon Parish Council via Hinckley and Bosworth Borough Council.

Annually, the Parish Council draws up a budget and calculates how much money it requires to fulfil its servies and duties for the next financial year. From that budget, a precept is calculated. A request for the precept is submitted to Hinckley & Bosworth Borough Council in January each year and then paid to the Parish Council in two lump sum payments throughout the financial year.

Hinckley and Bosworth Borough Council co-ordinates the demands from all the parish councils as well as the demands from Leicestershire County Council, the Police, the Fire Service and themselves to compile the rate to be paid from 1st April that year.

The Precept for the 202021 year is, £80,000 which is a slight increase on last year's precept of £69,660.

Budget

The budget for the 2020-21 year was approved at the full council meeting held on 6th December 2019.

Please see the below attached document for a full breakdown of how this was calculated.

The Responsible Financial Officer (Clerk) starts to collate and set the budget for the next financial year in September. This is then reviewed by council and then approved at either the November or December meeting and helps determine what precept needs to be agreed and approved.

Financial Risk Assessment

Assets

This is the Parish Council's most up to date and comprehensive list of all of its assets.

Local councils must maintain an asset register to ensure fixed assets are appropriately safeguarded. Once recorded on the Asset Register at acquisition cost, the value of assets must not change from year to year until disposal. Concepts of depreciation and impairment adjustments are not appropriate for local councils.

The Register is confirmed by the Council at the end of each financial year but is a working document over the following financial year, during which Council Officers will update and amend details as necessary.

The definition of fixed assets are property and equipment with a useful life of more than one year used by the Council to deliver its services.

A Fixed Asset Register has four main purposes:
A) It forms a basis for completion of box 9 in the 'Annual Return.'

B) It forms a basis for decisions on risk and insurance issues.

C) It provides information on the age and potential lifespan of certain items.

D) It provides assurance of the continued existence of Council's property.

Borrowing (PWLB)

The Public Works Loan Board (PWLB) is a statutory body operating within the United Kingdom Debt Management Office, an Executive Agency of HM Treasury.

PWLB's function is to lend money from the National Loans Fund to local authorities, and to collect the repayments.

Newbold Parish Council currently have a number of loans with the Public Works Loan Board, which have enabled the council to land and deevelop the sports field and pavilion.

The details of all the loan is documented below.

Contracts

Newbold Verdon Parish Council hold the below contracts:

  • Grass Cutting £10k
  • TP Jones Accountants - Payroll Service £0.3k

Grass Cutting 2020

The contract for Grass Cutting is held with Burnt Oak Developments and will be reviewed again during the budget process in October of this year.

The Contract value is for £10k which consists of a cut bi-weekly during the grass cutting season of all open spaces within the Parish Council's remit.

Payroll Contract

The Parish Council hold a rolling contract with TP Jones Accountants at a value of £240 per annum.

They manage the payroll and pension process for all employees of Newbold Verdon Parish Council.

Grants & Donations

The Parish Council sometimes award grants to local community groups for community projects.

If a local group would like to apply, you will need to have your own bank account and the activities undertaken, must be to the benefit to the community. There is also further criteria which needs to be met.

The Parish Council are in the process of adopting new policy and procedure documents, as well as creating a new application form. So should you wish to apply, please contact the Clerk directly to discuss this.