| Precept |
The failure to set an adequate Precept could leave the Council unable to fulfil its statutory duties and/or fail to deliver services. |
Likelihood: LOW (1) |
Consequence: HIGH (3) |
Total: 4 |
| Mitigation / Control Measures: |
The Financial Regulations agreed by the Council (and reviewed yearly) detail when the Precept will be discussed and agreed to ensure it is submitted in time. The Responsible Financial Officer is responsible for providing detailed estimates of income/expenditure/receipts/payments for the following financial year. The Precept is set by Council following a review of this information and is based upon them. The Responsible Financial Officer will advise Council on the level of reserves that should be maintained to ensure Best Practice (compliance with “Governance and Accountability for Smaller Authorities in England”). The financial position of the Council (payments/receipts/spending against budgets/value of reserves) is presented at each monthly meeting to ensure effective monitoring and oversight. |
Actions: Review effectiveness of these measures |
By (Date): April 2027 |
| Payments |
The failure to maintain an effective payment system could leave the Council susceptible to financial loss and/or not making its obligated payments. |
Likelihood: LOW (1) |
Consequence: HIGH (3) |
Total: 4 |
| Mitigation / Control Measures: |
The Council has a nominated Responsible Financial Officer (RFO) who has responsibility for ensuring all financial transactions are done in compliance with the relevant legislations and Council policies. The RFO lists all payments to be made on the Council meeting agenda, allowing Councillors time to examine and question any transaction. Councillors then agree the paying of these, and this decision is recorded in the minutes. The RFO sets up the payment in the bank account and this payment is then checked by two Councillors and authorised. The Councillors checking and authorising the payments are rotated between the full signatory members. The Financial Regulations agreed by the Council (and reviewed yearly) detail these policies and procedures. There is a delegated power to the Clerk to ensure payments can be made in the event that a Council meeting is not held or is not quorate. |
Actions: Review effectiveness of these measures |
By (Date): April 2027 |
| Financial Records |
The failure to maintain proper financial records could result in the Council not complying with its legal duties, both in terms of financial management and transparency. It would also increase the risk of the Council suffering financial loss. |
Likelihood: LOW (1) |
Consequence: HIGH (3) |
Total: 4 |
| Mitigation / Control Measures: |
The Council has a nominated Responsible Financial Officer (RFO) who has responsibility for ensuring all financial transactions are done in compliance with the relevant legislations and Council policies. The Council has Standing Orders and Financial Regulations, which are both reviewed yearly, which detail the policies, procedures and practices which are to be in place. The accounts for each year are subjected to an audit (Internal Audit) by a suitably qualified independent person. The RFO distributes financial reports to Councillors prior to each Council meeting, allowing Councillors time to examine and question any transaction. Councillors then accept these reports at the meeting, and this decision is recorded in the minutes. The Council complies with the “Governance and Accountability for Smaller Authorities in England” guide to proper practices. |
Actions: Review effectiveness of these measures |
By (Date): April 2027 |
| Theft |
The failure to maintain strict financial controls could result in the Council suffering financial loss and being unable to fulfil its statutory duties and/or meet its obligations. |
Likelihood: LOW (1) |
Consequence: HIGH (3) |
Total: 4 |
| Mitigation and Control Measures: |
There is no Petty Cash. Payments from the Bank Account require three different people to set up and then authorise them. The Cash Book records all transactions on a daily basis, and this is regularly reconciled against the bank account. The RFO distributes financial reports to Councillors prior to each Council meeting, allowing Councillors time to examine and question any transaction. Councillors then accept these reports at the meeting, and this decision is recorded in the minutes. The Council has Employee Theft Insurance. |
Actions: Review effectiveness of these measures |
By (Date): April 2027 |
| Poor Financial Management |
The failure to maintain sound financial management could result in the Council being unable to fulfil its statutory duties, meet its obligations and increase the risk of suffering financial loss. |
Likelihood: LOW (1) |
Consequence: HIGH (3) |
Total: 4 |
| Mitigation / Control Measures: |
The Council has a nominated Responsible Financial Officer (RFO) who has responsibility for ensuring all financial transactions are done in compliance with the relevant legislations and Council policies. The Council has Standing Orders and Financial Regulations, which are both reviewed yearly, which detail the policies, procedures and practices which are to be in place. The Councils financial management is subject to an independent “Internal Audit” each year. Financial reports are created by the RFO and distributed to Councillors prior to each Council meeting, allowing Councillors time to examine and question any transaction. Councillors then accept these reports at the meeting, and this decision is recorded in the minutes. The Council complies with the “Governance and Accountability for Smaller Authorities in England” guide to proper practices. |
Actions: Review effectiveness of these measures |
By (Date): April 2027 |
| Purchases/Tenders |
The failure to ensure major purchases and tenders are subject to comparisons and reviews could result in the Council not achieving good value for money and increases the risk of suffering financial loss. |
Likelihood: LOW (1) |
Consequence: MEDIUM (2) |
Total: 3 |
| Mitigation / Control Measures: |
The Council has a nominated Responsible Financial Officer (RFO) who has responsibility for ensuring all financial transactions are done in compliance with the relevant legislations and Council policies. The Council has Standing Orders and Financial Regulations, which are both reviewed yearly, which detail the policies, procedures and practices which are to be in place. |
Actions: Review effectiveness of these measures |
By (Date): April 2027 |
| Income/Invoices |
The failure to effectively track and collect monies owed could result in the Council being unable to fulfil its statutory duties, meet its obligations and function effectively. |
Likelihood: LOW (1) |
Consequence: HIGH (3) |
Total: 4 |
| Mitigation / Control Measures: |
The Council has a nominated Responsible Financial Officer (RFO) who has responsibility for ensuring all financial transactions are done in compliance with the relevant legislations and Council policies. The Council has Standing Orders and Financial Regulations, which are both reviewed yearly, which detail the policies, procedures and practices which are to be in place. Financial reports are created by the RFO and distributed to Councillors prior to each Council meeting, allowing Councillors time to examine and question any transaction. Councillors then accept these reports at the meeting, and this decision is recorded in the minutes. Invoices are placed in the shared folder prior to each meeting to be examined by the councillors. |
Actions: Review effectiveness of these measures |
By (Date): April 2027 |
| VAT |
The failure to effectively track and reclaim VAT could result in the Council suffering financial loss. |
Likelihood: LOW (1) |
Consequence: MEDIUM (2) |
Total: 3 |
| Mitigation / Control Measures: |
The Council has a nominated Responsible Financial Officer (RFO) who has responsibility for ensuring all financial transactions are done in compliance with the relevant legislations and Council policies. The Council has Standing Orders and Financial Regulations, which are both reviewed yearly, which detail the policies, procedures and practices which are to be in place. Financial reports (including VAT information) are created by the RFO and distributed to Councillors prior to each Council meeting, allowing Councillors time to examine and question any transaction. Councillors then accept these reports at the meeting, and this decision is recorded in the minutes. The VAT return is circulated to the councillors after submission annually for their scrutiny. |
Actions: Review effectiveness of these measures |
By (Date): April 2027 |
| Ultra Vires Expenditure |
The failure to ensure all expenditure is within proper legal powers could leave the Council open to legal action and increase the risk of financial loss. |
Likelihood: LOW (1) |
Consequence: HIGH (3) |
Total: 4 |
| Mitigation / Control Measures: |
The Council has a nominated Responsible Financial Officer (RFO) who has responsibility for ensuring all financial transactions are done in compliance with the relevant legislations and Council policies. The RFO should be qualified as a Clerk or have received appropriate training to ensure they understand the restrictions a Council operates within. The Council has Standing Orders and Financial Regulations, which are both reviewed yearly, which detail the policies, procedures and practices which are to be in place. |
Actions: Review effectiveness of these measures |
By (Date): April 2027 |
| Section 137 |
The failure to ensure all S.137 expenditure is within proper legal limits could leave the Council open to legal action and increase the risk of financial loss. |
Likelihood: LOW (1) |
Consequence: HIGH (3) |
Total: 4 |
| Mitigation / Control Measures: |
The Council has a nominated Responsible Financial Officer (RFO) who has responsibility for ensuring all financial transactions are done in compliance with the relevant legislations and Council policies. The RFO should be qualified as a Clerk or have received appropriate training to ensure they understand the restrictions of Section 137 expenditure. The Council has a Grant Awarding Policy which is reviewed every 3 years. The Council has Standing Orders and Financial Regulations, which are both reviewed yearly, which detail the policies, procedures and practices which are to be in place. The s.137 limits and calculations are included in the annual accounts. |
Actions: Review effectiveness of these measures |
By (Date): April 2027 |
| All Assets |
The failure to maintain assets could result in financial loses to the Council and the condition of the asset could represent a hazard to members of the public |
Likelihood: LOW (1) |
Consequence: HIGH (3) |
Total: 4 |
| Mitigation / Control Measures: |
The Council maintains a list of all of its assets (Asset Register), and this is updated as required and reviewed annually. All assets are subject to a regular inspection (frequency depending on asset) by Councillors. The Asset Register includes photographs of each asset as a visual record of the condition. The condition is noted on the asset register. Where appropriate the Council engages certified specialists to provide safety and condition reports. The Playing Field equipment is inspected annually by ROSPA. All identified safety defects are rectified as soon as possible and the asset is taken out of use until the asset is made safe. The Council has property insurance and the value of this is adjusted as required. The Council has Public Liability Insurance. |
Actions: Review effectiveness of these measures |
By (Date): April 2027 |
| Staff – Loss of Key Personnel |
The loss of the RFO/Clerk could result in increased expenditure on locum clerks and advertising. Without a Clerk the Council may be unable to fulfil its statutory duties and/or fail to deliver services. |
Likelihood: LOW (1) |
Consequence: MEDIUM (2) |
Total: 3 |
| Mitigation / Control Measures: |
There is oversight of hours, health, stress and training by designated councillors. The Clerk receives an Annual Assessment to pick up any problems. There are written instructions for the required processes. A Locum Panel of experienced Parish and Town Clerks provided by the Society of Local Council Clerks would be able to assist in an emergency |
Actions: Review effectiveness of these measures |
By (Date): April 2027 |
| Staff – Bad Performance |
A poorly trained or badly performing clerk could result in legal action and/or loss of reputation. |
Likelihood: LOW (1) |
Consequence: MEDIUM (2) |
Total: 3 |
| Mitigation / Control Measures: |
The Clerk receives an Annual Assessment to pick up any problems. There are written instructions for the required processes. The Clerk receives required training. |
Actions: Review effectiveness of these measures |
By (Date): April 2027 |
| Meetings – Failure to achieve quorum |
Failure to achieve quorum at meetings would mean that business is not transacted; decisions not made. Statutory duties may not be fulfilled. |
Likelihood: LOW (1) |
Consequence: MEDIUM (2) |
Total: 3 |
| Mitigation / Control Measures: |
The annual meeting calendar is issued to all members. Agendas are published promptly. Attendance is recorded and members who fail to attend meetings are contacted. Actions are taken to fill casual vacancies as soon as possible. |
Actions: Review effectiveness of these measures |
(Date): April 2027 |
Parish Council