Finance Minutes 2nd September 2024

Finance Committee Meeting 2nd September 2024

 

Whatsapp video call due to technical problems with Zoom.

 

 

Present: Phil (Ch), Chris, David, Jonathan, Gill

 

 

Minutes of last meeting (5th August) approved

 

Action points from the last meeting.

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

No progress re updating our bank mandate. David to contact Sylvia to arrange.

Annnual Council insurance policy renewal approved and completed.

Purchase of three sets of defib pads (two replacements, one spare) approved and completed. More expensive than agreed by Council (£120 vs £56) but have a 5 year life (vs 18 mths) and are technically superior (checked with Esther and Wendy). 36% cheaper if not used, more effective if used. Purchase approved by Chair due to need to replace expiring sets by 23rd August.

 

September transactions and bank reconciliations

 

Review of transactions. Second part of Precept arrived. Purchases of equipment for Youth Club.

Bank reconciliations checked as correct by CB.

 

Any other business

Circulated ‘Grants outstanding’ spreadsheet. The system of grantees ‘drawing down’ against an agreed sum requires more effort but is considered preferable to simply handing over a lump sum. The onus is then on the event/project organisers to budget more accurately. Balances not spent will be removed from ‘Grants outstanding’ in the appropriate monthly Financial Statement.

 

 

Next meeting: Tuesday 1st October

This will include the Q2 review and progress against budget.