Minutes of the Governance and Finance Committee 8th October 2024

10-08-24 G&F MINS

MINUTES OF THE LOUTH TOWN COUNCIL GOVERNANCE AND FINANCE COMMITTEE
HELD IN THE OLD COURT ROOM, THE SESSIONS HOUSE, LOUTH
ON TUESDAY 8^th OCTOBER 2024

Councillor Mrs. E. Ballard (Mrs. EB) (in the chair).

Present Councillors: J. Baskett (JB), L.M. Cooney (LMC), J. Drake (JD), H. Filer (HF), G.E. Horton (GEH), D. Hobson (DH), Mrs. J. Makinson-Sanders (Mrs JMS), D. Moore (DM), Mrs. K. Parsons (Mrs. KP), J. Simmons (JS), P. Starsmore (PS), Mrs. P.F. Watson (Mrs. PFW).

Councillors not present: M. Barnes (MB), D.E. Wing (DEW).

The Town Clerk, Mrs. L.M. Phillips and the Town Clerk’s Assistant, Miss S. Chitauro were also present.

Apologies for Absence
Apologies were received from Cllr. DEW.
Declarations of Interest / Dispensations
The following declarations of interests / dispensations were made:

GEH – Grant Application 4 as an acquaintance of the organisers.

Minutes
It was proposed, seconded and RESOLVED that the notes of the Governance and Finance Committee meeting held on 6^th August 2024 be approved as the minutes.
Finance
On a recommendation by FOG, it was proposed, seconded and RESOLVED to note/approve/authorise the following:
1. Month 3
  1. Cash Book 1 Receipts £1,592.94 Payments £23,833.00
2. Cash Book 2 Receipts £0.00 Payments £76.60
3. Month 4
  1. Cash Book 1 Receipts £4,383.36 Payments £26,468.42
4. Cash Book 2 Receipts £0.00 Payments £32.79

Month 5
1. Cash Book 1 Receipts £2,422.83 Payments £18,533.41

Cash Book 2 Receipts £250.00 Payments £102.90

Detailed Income and Expenditure Report (Budget Variance Report) as at Month 5 to 31^st August 2024.
Earmarked Reserves Report as at 31^st August 2024.
Balance Sheet and Cash Book 1 and 2 Bank Reconciliations as at 31^st August 2024 which reconcile to account statements showing balances as follows:
1. Lloyds Treasurers Account (balance at 31/05/24 on statement 2) – £314,521.72.
2. Petty Cash (balance as at 31/08/24 – £194.88.

Lloyds Deposit Account (balance on statement 5 printed 1^st October 2024) – £166,652.51.

National Savings and Investment Account (balance on last statement received (no. 12) as at 01/01/24) – £112,300.42.

Reserves Policy
The Committee received a draft Reserves Policy, detailing that the Council would not allow its general reserve to fall below the minimum requirement of 3 months running costs plus 10%, which would be calculated using the annual precept figure or the previous year’s net running costs (whichever was the highest), with checks regarding the figure to be undertaken by the Town Clerk. After receiving a recommendation from FOG, it was proposed, seconded and RESOLVED to adopt the policy.

Budget Setting
It was noted that ideas for inclusion in the budget for 2025/26 should be submitted to the Town Clerk by 31^st October 2024 along with costings.

Council Debit Card
The Committee received details regarding applying for a Council debit card and, following a recommendation from FOG, it was proposed, seconded and RESOLVED that the Council should obtain a debit card.

Annual Governance and Accountability Return (AGAR) 2023/24

The Committee noted that the Council’s External Auditor had completed its limited assurance review of Louth Town Council for the year ended 31^st March 2024.
The Committee received and noted the Notice of Conclusion of Audit.
The Committee received and noted Section 3 – External Auditor Report and Certificate 2023/24 and noted that the Council had received an unqualified audit, with the external auditor finding no issues on which to make comment.

Internal Audit 2024/25

It was proposed, seconded and RESOLVED to continue the current quadripartite internal audit arrangement.

Closed Session Item
It was proposed, seconded and RESOLVED to move into closed session in accordance with the Public Bodies (Admission to Meetings) Act 1960 in order to discuss confidential information from third parties in relation to Grants. After discussing each application, it was proposed, seconded and RESOLVED to award the following Grants:
1. Louth and District Help for Homeless – £0.00.
2. Louth and District Concert Society – £400.00.
3. Louth Male Voice Choir – £1,000.
4. Louth Community Pantomime Club – £0.00 (NB: GEH abstained from voting on this item).
5. Spout Yard Management Trust – £339.98.
6. Louth Run for Life – £500.
7. Louth Friendship Festival – £300.
8. Louth Navigation Trust – £480.
Next Meeting
It was noted that the date of the next scheduled Governance and Finance Committee meeting was 10^th December 2024.

The Meeting Closed at 9.40pm.

Signed_______________________ (Chairman) Dated_________________________