Transparency (in Finance)
A new Transparency Code has come into play, whilst not legally binding we follow the guidelines set out for smaller Parish Councils – under £25,000 total receipts or total expenditure.
This means we make available the following information on this website:
Bank reconciliation from the reporting year
A list of expenditure items for the current year with a value of over £100
Our land holdings (the Allotment site) – shown on the Fixed Assets Register
Audit
Internal – Once per year the books are audited by an outsider who matches up spending with decisions made in Council and generally assesses not only financial administration but also general effectiveness and involvement. This is done by randomly cross-checking invoices and cheques, seeing the Fixed Asset Register is up-to-date, risk is being assessed effectively, and that VAT and expenses are being awarded correctly (random checks).
External – Once per year the books are audited by an accredited outside national agency – currently PKF Littlejohn – where figures are scrutinised according to a prescribed format. They also check that the Internal Auditor has fulfilled his or her role through a tick-box form. This happens during the summer at the beginning of the financial year following the year just ended that is being audited.