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Finance Minutes 6th May 2025

Finance Committee Meeting 6th May 2025 7.00 pm via Zoom

 

Present: Phil March, David Court, Gill Wilkinson

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Apologies: none

  1. Minutes of last meeting (1st April) - approved

  2. Action points from the last meeting.

Internal auditor report was presented to council on 29th April.

  1. April transactions and bank reconciliations

    1. Review items of expenditure

    2. Review forthcoming payments

    3. Bank reconciliations to be checked as correct at 13th May council meeting

 

  1. Review the 2024/25 accounts

    1. Review full year bank reconciliations - now audited

    2. Review progress against budget - note proposed changes to 2025/26 budget

Increase the level of reserves from £10,000 to £14,000 representing four months of average expenditure (internal audit recommendation)

Increase ‘Audit’ from £570 to £3590 (late receipt of invoices from Audit Wales; appointment of internal auditor)

Increase Website maintenance & development from £130 (Wix fee last year) to

£1430 (four months of payments to VereNorth plus increased Wix fee) Increase VAT reclaims by £200 to £1786 to include VereNorth payments Increase GCSA from £0 to £500 (GC Juniors grant)

Reduce One Voice Wales from £500 to £0 (paid last year) Reduce Ysgol grants from £2500 to £0 (no power to fund)

 

  1. Audit Wales timetable

    1. DC has compiled the information for the 2024/25 audit; final job is to draft the explanation for ‘NO” answers in the Governance section and circulate to council.

  2. Proposed change of Finance Committee Terms of Reference

    1. Agreed to recommend to change Para 8 from: 'Meetings will be held monthly in the week prior to full Council meetings' to 'Meetings will be held as necessary to perform the functions of the committee’.

Next meeting: Tuesday 3rd June to discuss the Audit Wales submission

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