2024-01 Finance Reports and Budget Proposal

Payments to Approve

Jan 2024	Payments to approve
Inv Date	To	Details	Net	Vat	Gross
29/12/2024	Soltech IT	Webhosting Feb24-Feb25	32.81	6.56	39.37
17/01/2024	Staff	Salary and pension (combined total)	1761.55		1761.55

Signed by the Chairman of the meeting: _______________________

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Payments to Report

Dec 2023	Payments approved Chairman / Clerk
Inv Date	To	Details	Net	Vat	Gross
	Cameley PCC	Grant award	500.00		500.00
		SUBTOTAL				500.00
Dec 2023	Regular payments
Inv Date	To	Details	Net	Vat	Gross
06/12/2023	Staff	Staff salaries, expenses	1773.31		1773.31
01/12/2023	Curo	Garage Hire	51.63	10.33	61.96
01/12/2023	Water2Business	Utilities – Village Hall	20.50		20.50
01/12/2023	EDF Energy	Utilities – Village Hall	76.19	3.81	80.00
28/12/2023	EDF Energy	Utilities – Village Hall	-282.00	-14.10	-296.10
08/12/2023	Source Shaper Ltd t/a Shape Payroll	payroll services	5.00	1.00	6.00
31/12/2023	Unity Bank	Service charge	18.00		18.00
		SUBTOTAL				1663.67
Dec 2023	Credit card payments to note
Inv Date	To	Details	Net	Vat	Gross
01/12/2023	AMAZON.CO.UK HI2B787D4	SSD – faulty, returned for refund	-10.99		-10.99
05/12/2023	Lebara Mobile Limited	mobile phone	4.13	0.83	4.95
08/12/2023	AMAZON.CO.UK TS4Z94MX5	Document wallets	15.60	3.12	18.72
08/12/2023	AMZNMKTPLACE	Oil spill safety pack	11.62	2.33	13.95
13/12/2023	SAINSBURYS S/MKTS	Mulled wine mince pies	47.2		47.2
14/12/2023	FARMBOROUGH COMMUNITY	vegan alternative to mince pies	2.39		2.39
18/12/2023	TLC DIRECT.CO.UK	Tree lights	51.93	10.39	62.32
27/12/2023	Lloyds	Bank Fee	3.00		3.00
		SUBTOTAL				141.54

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Income to report

Receipts Dec 2023
Date		Ref	Description	Net		Gross	Sub ex dp	Subtotal
12/12/2023		TCVH-333	Village Deposit Refund	-175.00		-175.00
11/12/2023		TCVH-331	Village Hall Booking & Deposit	5		5
11/12/2023		TCVH-325	Village Hall Booking & Deposit	125		125
13/12/2023		TCVH-326	Village Hall Booking & Deposit	109		109
13/12/2023		TCVH-332	Village Hall Booking & Deposit	174		174
18/12/2023		TCVH-330	Village Hall Regular Hire	65.00		65.00
31/12/2023		Unity	Bank Interest	361.07		361.07
31/12/2023		Nationwide	Bank Interest	111.48		111.48
			SUBTOTAL EXCLUDING DEPOSITS				700.55
			SUBTOTAL					775.55

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Bank Reconciliation

Reconciliation of balances 31st Dec 2023
Balance per bank statements
Current Account Unity	4,407.44
Reserve Account Unity	52,452.52
Nationwide Savings Acc	35,000.00
SUBTOTAL bank statements		91,859.96
Less unpresented payments		0.00
Unbanked cash (Prepaid debit card)		0.00
Reconciling Items:
Uncleared bank transfer: automatic interest transfer from Nationwide to Unity Current a/c		111.48
NET BALANCES		91,971.44
The net balances reconcile to the Cash Book (receipts and payments account) as follows:
Opening Balance at 1 April 2023		131,113.10
Add: Receipts in the year		61161.51
Less: Payments in the year		-100303.17
CLOSING BALANCE per Cash Book		91,971.44

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Year to date spend vs Budget and Earmarked Reserves

Review of current year budget and spending

Likely significant variances:

Likely variances are shown in the report above. The columns ‘predicted outcome’ show the likely outcome expected at the year end with the likely variance.

The significant variances, likely at the year end, are noted as following:

• an additional £1600 of income from bank interest
• a reduction in village hall income of approximately £1400
• a reduction in spending insurance premium of £417
• a reduction in electricity bill spend of £685

Budget for 2024-25

The following report and recommendations to the full council by the finance working party are based on the calculations by the Responsible Financial Officer provided to the finance working party and reviewed and adjusted by the RFO based on the feedback and recommendations of the finance working party.

Form and detail of the budget:

The current year to date spend against budget report contains the budget categories used for quarterly reporting. It is recommended that these budget categories continue to be the basis of the detail of the budget as shown in proposed budget report.

Income

An assessment of predicted income levels for the future year hs been reviewed by the RFO and finance working party and are based on:

• current income received for the year against the budget
• expected remaining income for the year
• a consideration of expected reserves and bank interest rates for the future year
• a consideration of future activities and income sources
• any adjustments to expected future income

Determination of cost of spending plans

The following budget has been reviewed and proposed by the finance working party for recommendation to the full council.

Spending Plan

The budget has been based on expected income and a future spending plans recommended by the finance working party. This review included an analysis of a draft plan provided by the responsible financial officer (RFO). The following was considered by the RFO and the finance working party in the proposal:

• a review of the current budget
• a review of proposed future activities and projects proposed by members of the council
• a review of year to date spend (see most recent quarterly year to date spend vs budget report)
• an estimated inflationary adjustment for each budget section
• actual figures based on quotations received for future services (eg subscriptions)

Staff Costs

Staff costs for the future year have been calculated by the RFO and reviewed by the finance working party for approval of the full council. These costs have been based on:

• contracts of employment
• salary scales
• pension contributions
• PAYE tax and NI rates
• an inflationary adjustment to cover a possible pay award (yet to be agreed and set by the NJC).

Recommended Spending Plan for approval of the council:

TCC PC Budget	Budget 2023-24		Working Party Recommendations	Spending plan – Budget 24/25		predicted Inflationary increase	increase
RECEIPTS	Budget 2023-24
Precept	39518
Parish Footpath Agency Scheme	887			887		3%	0
Bank interest	200		2000	2000			1800
Miscellaneous
Village Hall Income	2625			2236		5%	-389
Village Hall Income – Regular	3045			2258		5%	-787
Village Hall Income Extraordinary	0		1000	1000			1000
subtotal excl precept or vat		6,757	8381		8381
RECEIPTS TOTAL		46275			8381
PAYMENTS	Budget 2023-24
GENERAL ADMIN
Payroll	78			78		8%	0
office supplies / petty cash	403			450		0%	47
Legal & professional fees	54			58		8%	4
Mobile phone	84			91		8%	7
Training & Foundation Award	432			350		0%	-82
Insurance premium	2,592			2701		2%	-49
Mower Insurance	217			234		8%	17
Audit	756			816		8%	60
Subscriptions	665			595		0%	-70
IT purchase	302			303		0%	1
Website & email	72			78		8%	6
Health & Safety	63			68		8%	5
Bank Fees	165			178		8%	13
subtotal Admin		5,883	6000		6000
EXPENDITURE	Budget
STAFF COSTS
subtotal staff		28,404	31000		31000	0%
COMMUNITY
Parish Council Grants Awarded	2,101			2143		2%	42
Christmas tree, lights, events	173			187		8%	14
Defibrillator	254			270		8%	16
subtotal Community		2,528	2600		2600
PARKS AND OPEN SPACES
Upkeep open spaces tree surgery	810			875		8%	65
Playing Field running costs	1,690			1893		8%	203
Play Area Inspection	135			0		8%	-135
Workwear/PPE	230			248		8%	18
Village operative equipment	230			248		8%	18
Rent for garage & ass. costs	622			672		8%	50
Fuel & Petrol	340			340		8%	0
Mower repairs & petrol	769			831		8%	62
Subtotal Parks/Open Spcs		4,016	5250		5107
VILLAGE HALL
Cleaning	2,035			2035			0
Electricity	1,685			2005		0%	320
Water	292			315		8%	23
Servicing/Repairs	324			347		8%	23
Electrical testing/H&S works	512			540		8%	28
Hallmaster	230			248		8%	18
Sundries	287			310		8%	23
Marketing			500	500		0%	500
subtotal Village Hall		5,365	6300		6300
PAYMENTS TOTAL		47006	51150		51007

Contingencies and Earmarked Reserves

The current earmarked reserves, future commitments, contingencies and future projects have been reviewed against the budget and used as a basis for the recommendations of the finance working party.

The working party recommends the following contingencies are set aside as earmarked reserves:

EARMARKED RESERVES	Budget 2023-24			Recommendation 24-25
CIL – pumptrack	4,083.17			0
S106 Goldney House – pump track	7,628.74			0
Groundworks – tesco grant – pumptrack	1,000.00			0
Crowdfunding	2,561.87			0
Ward Councillor grant – pumptrack	550.40			0
V Hall & PF development – pumptrack	38,479.26			3077
PT 2.5% snagging fee June 2024	1,514.74			1515
subtotal pump track		55818			4592
V Hall & Playing Field development	6,000			6000
Memorial Garden	6,500			6500
Benches Grant	500			500
Small Business Grant V Hall recovery	2,000			2000
Temple Cloud with Cameley PC: Consider new roof maybe £40,000 maybe in 2040 Building Maintenance	23,367			24500
Building Improvements	6,500			0
Equipment renewal	4,400			5660
Village Hall Key Deposits	700			756
Election contingency	1,104			1104
Staff contingency	1,200			1200
EARMARKED RESERVES TOTALS		108089			51812

The predicted year end balance is based on a review of the current year to date spend and income along with the expected year end spend and income and has been calculated as: £78,433

Recommended Earmarked reserves: £51,812

Estimated general reserve at start of 24/25: £78,433 – 52,812 = £25621

This council considers 6 months expenditure as a reasonable general reserve given the size of the budget and the considered risks. On a planned expenditure of £51150, the expected general reserve of £25621 is the equivalent of 6 months of expenditure. This is considered an optimum level without any further amount to be added or deducted to the precept requirement to cover contingencies.

Precept Requirement

Expected spending is £51150

Expected amount to be added or deducted for contingencies £0

Expected income is £8381

Precept requirement is based on Expected Spending – Expected Income as follows:

£51150 – £8381 = £42769

The 24/25 precept would be an 8% increase on the previous year precept of £39518. The working party considers this a reasonable level in line with expected inflation.

Recommendation of Finance Working Party to Full Council for approval

Based on this report, the finance working party recommends a budget of £51150 with a precept of £42769