Finance Minutes 1st October 2024

Finance Committee Meeting 1st October 2024 via Zoom

 

 

Present: Phil, Jonathan, Gill, David

Apologies: Chris

 

 

Minutes of last meeting (2nd September) - approved

 

Action points from the last meeting.

• Review of alternative bank accounts/interest rates still in progress.

• No progress re updating our bank mandate.

• Grants outstanding spreadsheet; unspent balances removed in the September Financial Statement.

 

September and Q2 transactions and bank reconciliations

 

Review of September transactions.

Bank reconciliations checked as correct by JH Statutory Q2 bank reconciliation:

 

Year to date progress against budget

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Spend is significantly behind budget due to:

Capital spend on Hwb largely financed by third-party grants rather than council; No Clerk in place;

Nothing invoiced from Audit Wales; Almost all OVW training has been free.

2025/26 budget cycle begins with asking for input at next council meeting, firming up ideas in November, presenting draft budget in December, approving final budget and precept in January.

 

Any other business

Submitted VAT reclaim for first half year £437 Submittted Memorial Hall charity 2024 Annual Report

 

Next meeting: Monday 4th November