Financial Regulations
The financial management of the Parish Council are governed by Financial Regulations (latest version adopted October 2024). Financial regulations must be observed in conjunction with the Council’s Standing Orders and any individual financial regulations relating to contracts.
Current Year Budget Reports
A budget report and list of expenditure are provided at every Parish Council meeting and appended to the minutes for that meeting. Link to Minutes page. The budget and precept for the current year (to 31 March 2025) is available here. It was approved at the meeting on 8 January 2024.
Annual Governance and Accountability Return – Financial year ending 2023/2024
- Notice of Conclusion of Audit
- Sections 1, 2 and 3 of the Annual Governance and Accountability Return (AGAR)
- Notice of public rights and audit
- Annual Accounts 2023/24
- Bank reconciliation to 31 March 2024 (summary)
- Variance Analysis 2023/24
- Local Authority Accounts: a Summary of your Rights
The Local Audit & Accountability Act 2014 and the Accounts & Audit Regulations 2015 set out the responsibilities of all local councils in respect of their accounting and auditing procedures.
Each year, the Council’s financial accounts and statements are examined by an independent ‘internal’ auditor appointed by the Council.
The Council is also required to complete an ‘Annual Return’ which includes the findings of the Internal Auditor, together with Governance Statements and Financial Statements. This Annual Return is then submitted to another independent ‘external’ auditor for examination.
As part of this process, the Council must publish the unaudited Annual Return and must make arrangements for a period in which interested persons can inspect the Council’s accounts and related documents (see links above). If you are a registered local government elector (i.e. you appear on the electoral register for the area covered by the Council) you can also ask questions about the accounts and object to them. The unaudited Annual Return is subsequently replaced by the final Audited version after the External Audit, usually in late September.
The Local Government Transparency Code (2015) applies to all local authorities, including parish councils, which have gross annual income or expenditure in excess of £200k. The Transparency Code for Smaller Authorities applies to all smaller authorities where the gross income or gross expenditure is £25,000 or less. Nether Stowey Parish Council’s annual turnover is is in the region of £70-75,000 so neither of these regulations apply.
There are currently no legal requirements explicitly for transparency on local councils with turnover between £25,000 and £200,000. However, guidelines in the Local Government Transparency in England Briefing Paper (2016) state – “Parish councils with a ‘turnover’ of between £25,000 and £200,000 will be expected to follow the Local Government Transparency Code 2015”. NSPC already publishes data in relation to both codes (where applicable) on this website. Please see below links to the required data.
Transparency code for smaller authorities – Information which should be published:
a) All items of expenditure above £100. This information is present within the finance section of approved minutes for each Council meeting. Minutes are here.
b) End of year accounts (including links to bank reconciliations and explanations of any significant variances compared to the previous year’s accounts), annual governance statements, Internal Audit reports – published above.
c) List of Councillors and their nominated responsibilities. Click here.
d) Details of public land and building assets: the Parish Council own the Clock Tower and Gaol at The Cross and the public toilets and car park in Castle Street. The Parish Council own no land.
e) Agendas and Minutes for Council meetings.
Annual Return and Accounts – Financial year ending 31 March 2023
- Notice of public rights and audit
Annual Governance and Accountability Return (final, audited)
Annual Accounts 2022/23
Variance Analysis 2022/23
Annual Return and Account – Financial year ending 31 March 2022
- Notice of public rights and audit
Annual Governance and Accountability Return (final, audited)
Annual Accounts 2021-22
Variance Analysis 2021/22
Annual Return and Accounts for the Year Ending 31 March 2021
- Annual Governance and Accountability Return (final, audited)
- Notice of Public Rights
Annual Returns for earlier years are available from the Parish Office on request.