The Responsible Financial Officer is the Clerk, Dianne Crecraft

Annual audit return form and report by auditor is available as hard copy only

Budget for 2009/2010
Estimated Expenditure for 2009/10

Precept Village Hall                                                                    300
Internal Audit                                                                              25
External audit                                                                            141
Church Donation                                                                       300
Other donations (Friendly Club, Village Show)                          600
Insurance                                                                                  400
Rent for P O & meetings                                                            422
Playing field rent                                                                        100
Playground Inspection                                                                 58
OVW membership                                                                        56
Solicitors Costs Lease (New Car Park)                                       400
Travelling Expenses                                                                   150
Photocopying                                                                              36
Web site fees                                                                               36
Internet & Computer Expenses                                                 180
Donation Village Hall                                                                1000
Clerks Salary & Exp                                                                 2200
Rent for new car park                                                               100
Total                                                                                       6504

Precept
The precept for 2009/10 will be kept at the same level as that of 2008/09 - £6,000, this includes a precept made to the Memorial Hall for £300

Precept
The precept for 2010/11 will be kept at the same level as that of 2009/10 - £6,000, this includes a precept made to the Memorial Hall for £300

Financial Regulations

• The financial year of the Council shall be the year commencing on 1st April and ending on 31st March in the year immediately following. The Clerk shall prepare a statement of income and expenditure for the period of the financial year immediately preceding which shall be submitted to the Council in May at the AGM, duly audited.

• A copy of the audited accounts as approved by the Council shall be sent as soon as practicable thereafter to the External Auditors. Such submission of audited accounts shall be made not later than 30th September in the same year.

• Llanfechain Community Council shall not be required to make any payment of grant to an organisation, until a statement of income and expenditure has been submitted in accordance with the foregoing procedure.

• The Clerk shall keep complete records of the income and expenditure of the Council and shall report on a regular basis as to the income and expenditure to the Council.

• Copies of the accounts as approved by the Council and any report by the Auditor shall, by the end of July in the same year, be made available for inspection by the public and public notice shall be given of the availability of the accounts for inspection.

• The Council shall have power to raise money from the annual precept.

• The Clerk shall pay into a bank account in the name of the Council all monies received by him or her on behalf of the Council and shall pay out of that bank account all the expenses of the Council.

• All cheques drawn on the bank account shall be signed by the Clerk and countersigned by two other members.

• The Clerk shall submit to each meeting of the Community Council for approval a list of all accounts due and payable by the Council.

• The Clerk shall keep records of all assets acquired by the Council, by gift, purchase or otherwise.

• The Council shall have power to hold property acquired by lease in the name of the Chairperson and the Vice Chairperson and their successors in office as Trustees on behalf of the Council.

• The income and property of the Council shall be applied solely to the promotion of its purposes and no portion thereof shall be paid or transferred directly or indirectly by way of dividend, bonus or otherwise by way of profit to any member of the Council, provided that nothing herein shall prevent the payment of fees or expenses incurred on behalf of the Council and reasonable and proper remuneration to any Officer or employee of the Council.

Fidelity Guarantee Insurance
Fidelity Guarantee Insurance is an internal control, which covers a community council and the elector, if funds are misappropriated.
The guarantee insurance covers the maximum amount of cash held in the bank, plus investments, at any one time.
At the end of the financial year, this sum should also include the amount of the first instalment of the precept.
Llanfechain Community Council holds Fidelity Guarantee Insurance cover for £6,000 at present. The accounts have been checked by the Auditor and the cover is adequate.
The auditors request an annual financial risk assessment be made. All cheques have to be approved by a majority vote, have to be signed by the Clerk and 2 other nominated councillors, the Council do not handle any cash and all payments into the account are electronic.
Financial Risk Assessment
All payments to the Council are made electronically directly into our account; no-one handles any cash. Any payments made by the council have to be made by cheque, invoices are checked by councillors, and a vote is taken before payments are agreed, the cheque is then signed by the Clerk and 2 councillors who have been approved by a bank mandate.
An internal and external audit of accounts is taken annually; councillors check the income and expenditure accounts and the audit figures when they are presented after the end of the financial year.
Grants Received
The Community Council received a grant in 2007 for £1,038 for the Information Board that has been erected at the Motte.
Members Allowances & Expenses
See Meetings Policy in Our Policies and Procedures