Annual accounts 2025/26
The Parish Council holds 3 accounts:
- General Account – This is a Lloyds Community Account and was moved online in January 2021. In effect a current account, the clerk sets payments up and then they are authorised by one of the councillors with rights of signature. To avoid bank charges the Lustleigh Fund monies are held in the General Account but managed and reported on separately by spreadsheet.
- Lloyds Instant Access Savings Account – With interest rates having increased it was decided at the June 2023 meeting to move some funds to higher interest accounts. The sum of C£2,000 to be held in the General Account and the sum of £5,000 to be moved to a new Instant Access Savings Account.
- Lloyds Fixed Term Savings Account – The parish council’s reserve (rainy day money) is held in a Fixed Term Savings account. The fixed term being 3-months. At the 3-monthly maturity date a decision is made as to whether to transfer any money to the Instant Access account or to reinvest for a further 3 months.
MANAGEMENT OF THE ACCOUNTS
Day to day running of the accounts.
The accounting year runs from 1st April to 31st March.
It is the responsibility of the clerk to ensure that an accurate, up to date record of all transactions is kept and to have all expenditure agreed by the council. Where possible, quotations from more than one provider should be received in advance of expenditure being approved.
The clerk should provide an account summary at every monthly meeting, showing all transactions over the month and reconciling this with the bank statement.
All payments must be authorised by a councillor.
Precept
A draft budget is presented by the clerk to the parish council at the December meeting where it is discussed, amended where necessary, and agreed.
In January the precept amount is emailed to TDC using a template they provide.
The precept is received in 2 instalments, the first in late April (50%) and the second instalment in late September (remaining 50%).
Annual Accounts
These are prepared following the end of the financial year on 31st March and are passed to the internal auditor and the councillors. When the internal auditor is satisfied that the accounts are in order he/she completes and signs the Annual Internal Audit Report. The Annual Governance and Accountability Return (AGAR) is completed by the clerk, signed by the clerk and the chair and then sent to the external auditor, before the end of June deadline.
Notification of the accounts being finalised is placed on the parish council noticeboard and website. This allows parishioners the opportunity to exercise their right to examine the accounts. On the website the documents are held on the Documents tab.
TRANSPARENCY CODE
Under the Local Audit and Accountability Act smaller authorities (less than £25,000pa turnover) should publish details of all expenditure above £100.00. These details are held on the following link.