MANAGEMENT ACCOUNTS – FINANCIAL REPORT FOR YEAR ENDED 31 MARCH 2022
Contained within papers MPC(22)49.01(a-b), Councillors can see the following reports:
- Statutory Income and Expenditure Account, which shows total income and expenditure for the year ended 31 March 2022
- Statutory Balance Sheet to note and review
These financial reports give a clear picture of the final position at the end of the year 2021/22. All accruals and prepayments have been processed.
Total income received in 2021/22 is £235,677, which includes CIL receipts transferred to an ear marked reserve of £106,600. Without CIL overall income was £129,077. The budgeted expected income for this year was set at £117,581. The additional income is from a mix of grants, hire agreements and donations.
Overall expenditure in 2021/22 is £210,959. Of this sum, £92,165 has been paid out of CIL and grants. Otherwise, expenditure amounts to £118,794. Budgeted expenditure for the year was set at £125,789.
In terms of cash resources as at 31 March, cash in the Council’s bank accounts totalled £584,179 made up as follows:
- Barclays Bank Current Account £249,231
- Barclays Bank Deposit Account £209,358
- Ipswich Building Society Deposit Account £101,369
- Lloyds Bank Treasurer’s Account £ 19,094
- Ipswich Building Society Rent Deposit Account £ 5,127
These bank statements have already been approved and verified by the Chair of FERM at the April FERM meeting.
After adding as assets £5,697 (VAT due and prepayments) and deducting £9,947 (accruals, creditors and rent deposit) as liabilities the total liquid assets amounted to £579,930. Of that sum, £518,446 relates to the balance of CIL and grant monies held as a restricted reserve:
CIL reserves £126,914
EMR Melton Rd crossings project £35,755
EMR Landscaping & parking improvements £52,765
EMR Pavilion project £271,976
EMR Bins £2,000
EMR Divested land sinking fund £19,778
Hall Farm Road/SWT Events £3,633
Fete EMR £624 (transferred from General Reserve)
EMR Budget Risk £5,000 (agreed by FERM in April 2022)
Therefore, the General Reserve at 31 March 2022 is £61,484. This level is considered adequate by comparison with the Joint Panel on Accountability & Guidance (JPAG) guidance on reserves.
That members of Full Council NOTE AND COMMENT on this report
Clerk, Melton Parish Council