Resources

PWLB Loan Reserve Report June 2022

PWLB Loan Reserve Report June 2022

Updated PWLB Loan Reserve report for Sandgate Parish Council to June 2022.

Loan Reserve Report

PWLB_tracker_2018_2022-x1-002

We have previously issued PWLB Reports quarterly alongside committee reports. We will aim to do so from now using this standalone format.

The PWLB loan reserve was formed following our receipt of a loan of £500,000 from the Public Works Loan Board in August 2018 for the purchase of land which then fell through. Despite lobbying Government, the PWLB (a branch of the Treasury) refused to cancel the loan and take the money back from us without requiring a six figure penalty fee. They did, however, confirm the money could be retained and invested by the Council.

The Council has committed that the costs of the loan will not fall on taxpayers through increased Council Tax without a consultation on doing so. We have held no such consultation to date.

As such, we placed the full loan amount in a defined PWLB Loan Reserve.

  • All payments for that loan (capital repayments, interest payments) come out of that reserve.
  • All income from that loan (currently interest payments on the loan amount) we put into that reserve. The value of the reserve is published regularly (quarterly).

At this time, while the costs of the loan exceed the income (due to historically low interest rates), the value of our PWLB Loan Reserve is dropping. Although we seek investments with the best return, we want security for the money (so it is all currently in accounts backed by guarantee up to £85,000 per account) and some investments are not open to local authorities, so there are limits on what we can do.

Financial Reporting

Previous Sandgate Parish Council Resources Committee Agendas, Minutes and Financial Reports.

Sandgate Parish Council uses (the excellent) Scribe Accounts to manage our Council accounts and generate reports.

Sandgate Parish Council’s finances are governed by our Financial Regulations and Standing Orders. Every Town and Parish Council has similar rules. Because those rules govern our financial management, we can only amend or vary them by a Council resolution.

Our Council’s Standing Orders require quarterly reporting of receipts, payments and balances. For instance, they say at 17.c:

The Responsible Financial Officer shall supply to each councillor as soon as practicable after 30 June, 30 September and 31 December in each year a statement to summarise:

i. the council’s receipts and payments for each quarter;

ii. the council’s aggregate receipts and payments for the year to date;

iii. the balances held at the end of the quarter being reported

and which includes a comparison with the budget for the financial year and highlights any actual or potential overspends.

Posted by Tim Prater in Agenda, Resources
Financial Reports June 2022

Financial Reports June 2022

Updated financial reports for Sandgate Parish Council for June 2022, and the financial year 2022-23 to date.

Payment and Receipts Summary

Summary-of-payments-and-receipts-June-22

Receipts in Month

Receipts-list-June-22

Payments in Month

payments-list-June-22

Reserve Balances

Reserves-June-22

VAT Summary

VATSummary-June-22

Bank Reconciliation

Reconciliation-June-22

Previous Sandgate Parish Council Resources Committee Agendas, Minutes and Financial Reports.

Sandgate Parish Council uses (the excellent) Scribe Accounts to manage our Council accounts and generate reports.

Sandgate Parish Council’s finances are governed by our Financial Regulations and Standing Orders. Every Town and Parish Council has similar rules. Those rules govern our financial management, and we can only amend or vary them by a Council resolution.

The Council’s Standing Orders require that we report quarterly on receipts, payments and balances. For instance, they say at 17.c:

The Responsible Financial Officer shall supply to each councillor as soon as practicable after 30 June, 30 September and 31 December in each year a statement to summarise:

i. the council’s receipts and payments for each quarter;

ii. the council’s aggregate receipts and payments for the year to date;

iii. the balances held at the end of the quarter being reported

and which includes a comparison with the budget for the financial year and highlights any actual or potential overspends.

We are now publishing our reports monthly to exceed that requirement. We then consider those reports at the next Parish Council Resources Committee meeting.

Posted by Tim Prater in Agenda, Resources
Sandgate Parish Council Full Annual Return 2021-2022

Sandgate Parish Council Full Annual Return 2021-2022

Sandgate Parish Council is defined as a “smaller authority” for the purposes of publication of its annual accounts and statements.

The Local Audit and Accountability Act 2014 and the Accounts and Audit Regulations 2015 require that:

1. The accounting records for the financial year to which the audit relates and all books, deeds, contracts, bills, vouchers, receipts and other documents relating to those records must be made available for inspection by any person interested, during a period of 30 working days set by the smaller authority and including the first 10 working days of July.

2. The period referred to in paragraph (1) starts with the day on which the period for the exercise of public rights is treated as having been commenced i.e. the day following the day on which all of the obligations in paragraph (3) below have been fulfilled.

3. The responsible financial officer for a relevant authority must, on behalf of that authority, publish (which must include publication on the authority’s website):

(a) the Accounting Statements (i.e. Section 2 of the Annual Return), accompanied by:

(i) a declaration, signed by that officer to the effect that the status of the Accounting Statements are unaudited and that the Accounting Statements as published may be subject to change;

(ii) the Annual Governance Statement (i.e. Section 1 of the Annual Return); and

(b) a statement that sets out—

(i) the period for the exercise of public rights;

(ii) details of the manner in which notice should be given of an intention to inspect the accounting records and other documents;

(iii) the name and address of the local auditor;

(iv) the provisions contained in section 26 (inspection of documents etc.) and section 27 (right to make objections at audit) of the Act, as they have effect in relation to the authority in question.

All the required accounting statements, declarations, annual governance statement and additional statements are available in this Full Annual Return 2021-2022 of Sandgate Parish Council. The declared period for the exercise of Public Rights is 24 June – 11 August 2022, but in practice it was published on the Sandgate Parish Council website on 23 June 2022.

Notice-for-public-signed-2021-22

confirmation-of-period-exercise-rublic-rights-2021-22

Accounting-statement-Signed-2021-22

Annual-Governance-statement-signed-2021-22

internal-audit-report-2021-22

Internal-control-statement-2021-22-signed

Bank-reconsiliation-2021-22

Reserve-March-2022

Scanned pdf documents do not comply with the Accessibility Regulations but the above documents can be provided in an alternative format or on alternative media, on request.

There is a National Audit Office guide Local Authority Accounts: A guide to your rights.

The above is the Full Annual Return 2021-2022 of Sandgate Parish Council. Previous years Full Annual Returns from Sandgate Parish Council can be found here.

Posted by Tim Prater in Council, News, Resources
PWLB Loan Reserve Report May 2022

PWLB Loan Reserve Report May 2022

Updated PWLB Loan Reserve report for Sandgate Parish Council to May 2022.

Loan Reserve Report

PWLB_tracker_2018_2022-x1

We have previously issued PWLB Reports quarterly alongside committee reports. We will aim to do so from now using this standalone format.

The PWLB loan reserve was formed following our receipt of a loan of £500,000 from the Public Works Loan Board in August 2018 for the purchase of land which then fell through. Despite lobbying Government, the PWLB (a branch of the Treasury) refused to cancel the loan and take the money back from us without requiring a six figure penalty fee. They did, however, confirm the money could be retained and invested by the Council.

The Council has committed that the costs of the loan will not fall on taxpayers through increased Council Tax without a consultation on doing so. We have held no such consultation to date.

As such, we placed the full loan amount in a defined PWLB Loan Reserve.

  • All payments for that loan (capital repayments, interest payments) come out of that reserve.
  • All income from that loan (currently interest payments on the loan amount) we put into that reserve. The value of the reserve is published regularly (quarterly).

At this time, while the costs of the loan exceed the income (due to historically low interest rates), the value of our PWLB Loan Reserve is dropping. Although we seek investments with the best return, we want security for the money (so it is all currently in accounts backed by guarantee up to £85,000 per account) and some investments are not open to local authorities, so there are limits on what we can do.

Financial Reporting

Previous Sandgate Parish Council Resources Committee Agendas, Minutes and Financial Reports.

Sandgate Parish Council uses (the excellent) Scribe Accounts to manage our Council accounts and generate reports.

Sandgate Parish Council’s finances are governed by our Financial Regulations and Standing Orders. Every Town and Parish Council has similar rules. Because those rules govern our financial management, we can only amend or vary them by a Council resolution.

Our Council’s Standing Orders require quarterly reporting of receipts, payments and balances. For instance, they say at 17.c:

The Responsible Financial Officer shall supply to each councillor as soon as practicable after 30 June, 30 September and 31 December in each year a statement to summarise:

i. the council’s receipts and payments for each quarter;

ii. the council’s aggregate receipts and payments for the year to date;

iii. the balances held at the end of the quarter being reported

and which includes a comparison with the budget for the financial year and highlights any actual or potential overspends.

Posted by Tim Prater in Agenda, Resources
Financial Reports May 2022

Financial Reports May 2022

Updated financial reports for Sandgate Parish Council for May 2022, and the financial year 2022-23 to date.

Payment and Receipts Summary

summary-payments-Receipts-update-May-22

Receipts in Month

Receipts-May-22

Payments in Month

payments-list-update-May-22

Reserve Balances

Reserves-May-22

VAT Summary

VAT-Summary-May-22

Bank Reconciliation

Reconciliation-May-22

Previous Sandgate Parish Council Resources Committee Agendas, Minutes and Financial Reports.

Sandgate Parish Council uses (the excellent) Scribe Accounts to manage our Council accounts and generate reports.

Sandgate Parish Council’s finances are governed by our Financial Regulations and Standing Orders. Every Town and Parish Council has similar rules. Those rules govern our financial management, and we can only amend or vary them by a Council resolution.

The Council’s Standing Orders require that we report quarterly on receipts, payments and balances. For instance, they say at 17.c:

The Responsible Financial Officer shall supply to each councillor as soon as practicable after 30 June, 30 September and 31 December in each year a statement to summarise:

i. the council’s receipts and payments for each quarter;

ii. the council’s aggregate receipts and payments for the year to date;

iii. the balances held at the end of the quarter being reported

and which includes a comparison with the budget for the financial year and highlights any actual or potential overspends.

We are now publishing our reports monthly to exceed that requirement. We then consider those reports at the next Parish Council Resources Committee meeting.

Posted by Tim Prater in Agenda, Resources
Resources Minutes 07-06-2022

Resources Minutes 07-06-2022

The minutes of Sandgate’s Parish Council Resources Committee meeting, held on 7th June 2022, in Sandgate Library.

Resources-Minutes-7th-June-2022

You can find previous Sandgate Parish Council Resources Committee Agendas, Minutes and Financial Reports on this website. We publish agendas a few days before a meeting. The Clerk then posts draft minutes in the week after a meeting.

We broadcast our meetings live on our Facebook page. Those meeting recordings are then left live for a few months after the meeting, giving you the chance to watch it back later!

The next suitable meeting will formally approve the draft minutes of this meeting. When approved, the Chairman of that meeting then signs them.

The signed minutes of the meeting serve as the legal record of what has taken place at the meeting. Before a meeting approves the draft minutes of a preceding meeting, the meeting may, by resolution, correct any inaccuracies in the draft minutes. The attendance (or otherwise) of the Chairman or those voting in favour to amend or approve of the minutes is irrelevant.

Only if meeting minutes are found to be inaccurate after they have been signed can they then be altered. Inaccuracies in signed minutes can only be amended by resolution at a subsequent meeting.

Posted by Tim Prater in Minutes, Resources
Resources Committee Agenda 07-06-2022

Resources Committee Agenda 07-06-2022

The agenda of Sandgate’s Parish Council Resources Committee meeting. We will hold the meeting on 7th June 2022 at 6:30pm. It will be held in Sandgate Library.

Resources Committee Agenda

Resources-Agenda-07.06.-2022-1

Our Resources Committee meeting is open to press and public. Please could any member of the public who wants to attend notify us via clerk@sandgatepc.org.uk in advance. This allows us to ensure we have sufficient seats and allow reasonable spacing.

We publish our financial reporting on the “in-running” budget monthly. So at this meeting we will consider the reports since the last meeting in April, therefore April 2022.

Previous Sandgate Parish Council Resources Committee Agendas, Minutes and Financial Reports.

We use (the excellent) Scribe Accounts to manage our Council accounts and generate reports.

Sandgate Parish Council’s finances are governed by our Financial Regulations and Standing Orders, and every Town and Parish Council has similar rules. Because those rules govern our financial management, we can only amend or vary them by a Council resolution.

The Council’s Standing Orders require quarterly reporting of receipts, payments and balances. For instance, they say at 17.c:

The Responsible Financial Officer shall supply to each councillor as soon as practicable after 30 June, 30 September and 31 December in each year a statement to summarise:

i. the council’s receipts and payments for each quarter;

ii. the council’s aggregate receipts and payments for the year to date;

iii. the balances held at the end of the quarter being reported

and which includes a comparison with the budget for the financial year and highlights any actual or potential overspends.

We’re now publishing our reports monthly, exceeding that requirement. Consequently we will consider the reports at the next Parish Council Resources Committee meeting.

Posted by Tim Prater in Agenda, Resources
PWLB Loan Reserve Report April 2022

PWLB Loan Reserve Report April 2022

Updated PWLB Loan Reserve report for Sandgate Parish Council to April 2022.

Loan Reserve Report

PWLB_tracker_2018_2022

We have previously issued PWLB Reports quarterly alongside committee reports. We will aim to do so from now using this standalone format.

The PWLB loan reserve was formed following our receipt of a loan of £500,000 from the Public Works Loan Board in August 2018 for the purchase of land which then fell through. Despite lobbying Government, the PWLB (a branch of the Treasury) refused to cancel the loan and take the money back from us without requiring a six figure penalty fee. They did, however, confirm the money could be retained and invested by the Council.

The Council has committed that the costs of the loan will not fall on taxpayers through increased Council Tax without a consultation on doing so. We have held no such consultation to date.

As such, we placed the full loan amount in a defined PWLB Loan Reserve.

  • All payments for that loan (capital repayments, interest payments) come out of that reserve.
  • All income from that loan (currently interest payments on the loan amount) we put into that reserve. The value of the reserve is published regularly (quarterly).

At this time, while the costs of the loan exceed the income (due to historically low interest rates), the value of our PWLB Loan Reserve is dropping. Although we seek investments with the best return, we want security for the money (so it is all currently in accounts backed by guarantee up to £85,000 per account) and some investments are not open to local authorities, so there are limits on what we can do.

Financial Reporting

Previous Sandgate Parish Council Resources Committee Agendas, Minutes and Financial Reports.

Sandgate Parish Council uses (the excellent) Scribe Accounts to manage our Council accounts and generate reports.

Sandgate Parish Council’s finances are governed by our Financial Regulations and Standing Orders. Every Town and Parish Council has similar rules. Because those rules govern our financial management, we can only amend or vary them by a Council resolution.

Our Council’s Standing Orders require quarterly reporting of receipts, payments and balances. For instance, they say at 17.c:

The Responsible Financial Officer shall supply to each councillor as soon as practicable after 30 June, 30 September and 31 December in each year a statement to summarise:

i. the council’s receipts and payments for each quarter;

ii. the council’s aggregate receipts and payments for the year to date;

iii. the balances held at the end of the quarter being reported

and which includes a comparison with the budget for the financial year and highlights any actual or potential overspends.

Posted by Tim Prater in Agenda, Resources
Financial Reports April 2022

Financial Reports April 2022

Updated financial reports for Sandgate Parish Council for April 2022, and the financial year 2022-23 to date.

Payment and Receipts Summary

payments-and-receipts-April-22

Receipts in Month

Receipts-April-22

Payments in Month

Payments-April-22

Reserve Balances

Reserves-April-22

VAT Summary

VAT-April-22

Bank Reconciliation

bank-rec-all-April-22

Bank-rec-April-22-Deposit

Bank-rec-April-22-current

Previous Sandgate Parish Council Resources Committee Agendas, Minutes and Financial Reports.

Sandgate Parish Council uses (the excellent) Scribe Accounts to manage our Council accounts and generate reports.

Sandgate Parish Council’s finances are governed by our Financial Regulations and Standing Orders. Every Town and Parish Council has similar rules. Those rules govern our financial management, and we can only amend or vary them by a Council resolution.

The Council’s Standing Orders require that we report quarterly on receipts, payments and balances. For instance, they say at 17.c:

The Responsible Financial Officer shall supply to each councillor as soon as practicable after 30 June, 30 September and 31 December in each year a statement to summarise:

i. the council’s receipts and payments for each quarter;

ii. the council’s aggregate receipts and payments for the year to date;

iii. the balances held at the end of the quarter being reported

and which includes a comparison with the budget for the financial year and highlights any actual or potential overspends.

We are now publishing our reports monthly to exceed that requirement. We then consider those reports at the next Parish Council Resources Committee meeting.

Posted by Tim Prater in Agenda, Resources
Resources Minutes 12-04-2022

Resources Minutes 12-04-2022

The minutes of Sandgate’s Parish Council Resources Committee meeting, held on 12th April 2022, in Sandgate Library.

Resources-Minutes-12th-April-2022

You can find previous Sandgate Parish Council Resources Committee Agendas, Minutes and Financial Reports on this website. We publish agendas a few days before a meeting. The Clerk then posts draft minutes in the week after a meeting.

We broadcast our meetings live on our Facebook page. Those meeting recordings are then left live for a few months after the meeting, giving you the chance to watch it back later!

The next suitable meeting will formally approve the draft minutes of this meeting. When approved, the Chairman of that meeting then signs them.

The signed minutes of the meeting serve as the legal record of what has taken place at the meeting. Before a meeting approves the draft minutes of a preceding meeting, the meeting may, by resolution, correct any inaccuracies in the draft minutes. The attendance (or otherwise) of the Chairman or those voting in favour to amend or approve of the minutes is irrelevant.

Only if meeting minutes are found to be inaccurate after they have been signed can they then be altered. Inaccuracies in signed minutes can only be amended by resolution at a subsequent meeting.

Posted by Dalton Avery in Minutes, Resources