Financial Regulation
FINANCIAL CONTROL
These Financial Regulations shall apply to all aspects of the Board
The Clerk shall be responsible for the keeping of all accounting and financial records of the Board, and for the production of such records to Members of the Board and the Board’s Auditors.
Subject to matters of policy being decided by the Board, the responsibility for regulating and controlling the finances of the Board lay with the Finance and General purposes Committee.
In carrying out his role, the Clerk shall occupy a pivotal position within the Board’s decision making process to enable him to satisfy the statutory and public stewardship responsibilities placed upon him by the Financial Provisions of The Land Drainage Act 1991, The Audit Regulations 2003 and any other subsequent amendments thereto.
ANNUAL ESTIMATES
The Clerk shall, each financial year, prepare estimates of income and expenditure for the ensuing financial year. Such estimates together with such summaries or reports as are necessary shall be submitted to the Board in order that the rates and special levies for the ensuing year may be determined.
The Clerk shall prepare a long term financial plan, a period of five years, to enable the Board to evaluate the financial position and make provision for a uniform rate to be levied.
The Chief Officers shall be authorised to incur expenditure included in the approved annual estimates without further reference to the Board.
Any head of expenditure, which exceeds the approved annual estimate, shall be required to be approved by the Board who may require a detailed statement in support of any additional expenditure. When it is desired to divert an estimate of expenditure to a purpose other than that for which it was approved the matter shall be considered and the consent of the Board obtained.
INCOME
The Clerk shall be responsible for the supervision and the making and maintaining of adequate arrangements for:
i) the collection, custody, control, disposal and prompt and proper accounting of all the income of the Board
ii) the financial organisation and accounting arrangements to ensure the proper recording of all sums due to the Board
All money received on behalf of the Board shall be deposited promptly with the Clerk
All official receipt forms, books, issue notes, order books and other documents representing money’s worth shall be ordered, controlled by the Clerk
Collectors shall maintain and promptly enter up in chronological order full and accurate details of the total money received each day into their charge on behalf of the Board, and details of the date and the extent to which the money collected and shall be banked not less than frequently than once a week. Bankings under £100 at the discretion of the Clerk.
ORDERING OF GOODS
All orders for goods or works shall be issued on the official order form, and details of the price and discount (if any) shall be inserted whenever known. Verbal orders shall also be accepted and shall be confirmed by a written note. The Clerk and District Officer shall be empowered to order goods or works up to a value of £500.
In excess of £500 confirmation of either the Chairman or Vice Chairman shall be sought.
PAYMENT OF ACCOUNTS
All invoices, claims and accounts shall be checked and code to expenditure headings, such check being indicated by the initials or signature of examining officer, and shall be certified by or under the authority of the Clerk.
Payments of all accounts shall be made by the Clerk and a schedule of the accounts paid shall be submitted to the Board.
The Clerk shall undertake an examination of all cheques cleared through the Board’s bankers and Direct Debits and Standing orders, and shall arrange for the reconciliation of cash and bank accounts on a regular basis.
BANK ACCOUNTS
a) All the Board’s bank accounts shall bear the name of the Board, and no new bank account shall be opened without the express approval of the board.
b) The Bank shall be requested to honour all cheques drawn on the Board’s Account signed by the Clerk and either the Chairman or Vice Chairman.
c) The Clerk shall be empowered to make arrangements for invoices to be paid by direct debit but shall inform the Board accordingly.
SALARY AND WAGES
a) The Clerk shall keep a register of all employees to show details of the appointment, grade and payments in respect of each employee employed by the Board.
b) The Clerk shall be responsible for the payment of all salaries and wages, compensation and other emoluments to all employees or former employees.
c) The Clerk shall be responsible for the keeping of appropriate records to the Inland Revenue, Cambs CC for Superannuation, etc.
CAPITAL EXPENDITURE
Where any capital expenditure is to be defrayed out of loan, the sanction for the loan shall be obtained before any expenditure id incurred, excepting certain items of preliminary expenses that may be incurred by way of advertisements, public enquiry expenses, consultants fees etc.
CONTRACTS
a) The Clerk shall keep details of contracts entered into by the Board and of payments made under such contracts.
b) On competition of a contract the Clerk shall examine the final account for arithmetical accuracy.
STORES
a) The district officer shall ensure the proper custody of stores required and shall see that stores received and issued are properly and promptly accounted for and recorded
b) The Clerk in conjunction with the District officer shall make such arrangements that may be deemed necessary but in any event an annual stock take should be undertaken every twelve months.
c) The Clerk shall prepare and keep up to date an inventory of office machinery, furniture, fittings and equipment belonging to the Board
d) The Clerk and DO shall prepare and keep up to date an inventory of all movable plant and machinery and transport belonging to the Board.
INSURANCE
The Clerk shall be responsible for the seeing that all insurable risks of the Board are adequately covered, for maintain the necessary records relating thereto and for making all claims on behalf of the Board. Officers of the Board shall immediately notify the Clerk of any loss, liability or damage covered by insurance.
DISPOSAL OF PROPERTY
Items surplus to requirement or obsolete property shall be brought to the attention of the Board for its approval for disposal.
IRREGULARITIES
In any case where irregularity is suspected in connection with financial accounting transactions in any department, it shall be the duty of the Clerk to inform the Chairman of the Board and the Board’s Auditors without delay.
REVIEW OF FINANCIAL REGULATIONS
If at any time the Clerk considers that the financial regulations are inadequate, he shall submit a report on the matter to the Board.
WHITTLESEY INTERNAL DRAINAGE BOARD
ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2009
SUPPORTING NOTES
INTRODUCTION
The Board’s accounts for the financial year ending 31st March 2009 are set out on the attached pages. They consist of the statements explained below.
The accounts have been prepared in accordance with generally accepted accounting practice (UK GAAP)
• The Income and Expenditure Account
This statement shows the gross expenditure, income and net expenditure on the major functions and services for which the Board is responsible.
• The Balance Sheet
This is fundamental to the understanding of the Board’s financial position at the year end. It shows the balances and reserves of the Board and the fixed assets. Also included are the assets and liabilities of all activities of the Board.
• Statement of Annual governance
This statement is fundamental in understanding how the Board has sought to minimise the risk during the year and ensuring that there is a sound system of internal control, including the preparation of the statement of accounts.
1 ASSETS
a) The Board’s assets are stated at Insurance valuations. A review of insurance cover was undertaken during the year.
b) The main categories of fixed assets are:
Pumping Station buildings
Fixed plant and equipment
Light plant and equipment
c) Depreciation is charged on a straight line basis. Rates of depreciation are as follows: - Weedscreen Cleaners 20%
Light plant and equipment 10%
d) Pumping Station’s values were index linked to insurance cover. Pumping stations were increased by £20,116 to £399,654, contents by £94,163 to £1,291,688, stock by £369 to £5,554 and Weedscreen cleaners by £21,800 to £475,550.
The weedscreen cleaners were depreciated at 20%.
2 BORROWINGS
At the close of business on 31st March 2009 the Board had no outstanding
borrowings.
3 AGENCY CONTRIBUTION
During the year the Board received from the Environment Agency a Contribution of £2571.25 in respect of Highland Water under Section 57 (1) the Land Drainage Act 1991.
4 PRECEPT
During the year the Precept demanded from the Environment Agency was £20,246.00. This demand was made under the provisions of the Land Drainage Act 1976, Section 46 (8). Middle Level Commissioners have since made a demand in respect of 2006/2007 out-turn adjustment £4,943.00.
5 ADVERTISING AND PUBLICITY
During the year no money was spent on advertisements.
6 CREDITORS
Ratepayers Account £28.35
7 DEBTORS
At the year-end the Board was owed:
Value Added tax £108.80
Ratepayers account £113.06
Rechargeable works £290.00 £511.86
8 ACCRUALS
The payments recorded from the balance of £4,415.72 from £5015.72 a balance of £600 relating to provision of district plans was carried forward.
At the year- end accruals were: Audit Commission (2008/2009) £550.00
Internal audit fee (2008/2009) £175.00
Middle level Commissioners £8,043.74
e.on £2,553.71
Delph Service Garage £265.10
Vodafone £39.21
P Camplin £240.00
T J Smith £780.00
Total £12,678.60
Plus balance brought forward £600.00
9 PENSIONS
The Clerk and District Officer were members of the Cambridgeshire County Council Pension Scheme, in respect of which the Board made contributions of £2,748.90 and £3,968.14 in the year. The Clerk’s contribution rate as at 31st March 2009 was 6.8% and the District Officer 5.25%. The Board’s contribution rate was 17%
10 TENANCIES
During the year the Board was tenant to Abbots Ripton Farming Company Ltd:-
Land adjoining Plantation Pumping Station
OS 1868 part (approx 240 Sq Yd) £5.00
11 GENERAL FUND ACCOUNT
The balance as at 1st April 2008 was £230,559.73 A transfer of £93.00 from the Fuel Stock Account and £560 from the Development Account was made. Interest of £9016.06 was allocated.
The sum of £5,000 was transferred to the Insurance Contingency Fund Account and the balance at 31st March 2009 was £210,286.31.
12 DEVELOPMENT ACCOUNT
The Balance as at 1st April 2008 was £9.079.20 and income of £1,862.60 and interest of £318.20 was added. The sum of £560 was transferred to the General Fund Account and left a balance of £10,700.00.
13 INTEREST
Interest of £9,334.26 was received during the year and £9,016.16 was allocated to the General Fund Account and £318.20 to the Development Account.
14 RATEPAYERS ACCOUNT
During the year irrecoverables of £72.75 were approved. A rate refund of £61.75 was made, gross arrears were £113.06 less creditors £28.35 = £84.71.
15 FUEL STOCK
A deposit of £300.00 is held by Delph Service Garage and greases and oils amounted to £258.00. A transfer from stock of £93.00 was made to the General Fund Account.
16 INSURANCE
The insurance premium of £7,931.83 included cover for Feldale, Holmewood & District, and Woodwalton. The Boards paid £3,427.29 and the sum of £4,504.54 paid by the Whittlesey I D B. The sum of £5,000.00 was transferred from the General Fund Account to the Contingency Account.
Notes - movements 2008/2009.
Fix Assets – Review of insurance values with James Skelton NFU Mutual
