The Parish Council has looked at the financial risks that it must deal with and resolved to adopt the following policy:-


  1. Handling Cash
    1. The Parish Council does not handle cash on a daily basis.  The only regular income is Precept, Burial Ground Fees and the Annual VAT Refund.  All these are paid directly into the Parish Council’s Treasurer’s Account with Lloyds TSB Bank.


  1. Employer’s Liability
    1. The Parish Council employs a Clerk/RFO.  Its Insurance Policy with R.S.A. provides employers liability cover up to £10 million.


  1. Public Liability
    1. The Parish Council has public liability cover to £10 million under its policy with R.S.A.


  1. Fidelity Guarantee (Employee dishonesty)
    1. The Parish Council has fidelity cover to £25,000.


  1. Banking Arrangements
    1. All Councillors are cheque signatories.  Two Parish Council signatories are required by the Bank and in Law.  Cheques are signed at Meetings of the Parish Council alongside of each specific invoice which is also initialled by the two signatories. All invoices are kept in a file and are also stored on the Parish Council’s computer document files. Internet banking is controlled by the Responsible Financial Officer who has access to the account via a chip and pin card with a reader which are kept in separate places. Annual financial standing orders are voted on each year and the RFO can pay invoicees via BACS and all invoices and bank statements are presented to the Council at each meeting for verification.


  1. Bank Reconciliation
    1. The Parish Council receives a monthly statement from Lloyds TSB showing payments, receipts and the balance. At each meeting these are presented for the Council to read.


  1. Account Records
    1. The Accounts are kept on a computer database and updated after every Meeting.


  1. Internal Audit
    1. The Parish Council has appointed an independent Internal Auditor.  An Audit is carried out annually.



  1. Internal Control
    1. The Parish Council has established a system of internal control and set criteria for the appointed councillors to work to.  A full copy of all bank transactions is presented at all meetings for Council to read through. The Council practices within the Transparency Code and all sets of Agendas, Minutes and bank transactions are uploaded onto the village website for everyone to read. These are also placed on the village notice board.


  1. Insurance for all Assets (as stated on the Assets Register)

All assets as stated on the Assets Register have been insured for a total of £8631.


August 2022

RFO Mrs F Betts

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