Management Accounts – Financial and Budget Report – 1st April to 30th Sept 2024
This report should be read in conjunction with the following papers:
- Payment Transactions – 01/04/2024 to 31/09/2024
- Receipt Transactions – 01/04/2024 to 31/09/2024
- Bank Reconciliation Report
- Summary Report
- Precept/General Reserve Summary Report
- Reserves Balance
- Balance Sheet
Overview
Income as at the 30th September 2024 was £185,788.98, which includes the whole Precept of £123,687.00, Neighbourhood Plan Grant of £9,900.00, a VAT refund of £15,002.23 and a CIL receipt of £1,703.98. The remaining income was a mix of Bank Interest, Rent, Fete donations and takings and Pavilion income.
Expenditure as at the 30th September 2024 was £204,579.50 and of this £108,072.52 has been paid out of Earmarked Reserves – £79,500 of that was for the Beresford Drive play park and £16,211.90 for the Wilford Bridge Speed reduction. The two summary reports (d and e) give a detailed breakdown of the receipts and payments against the agreed budget.
In terms of cash resources as of 30th September 2024, cash in the Council’s bank accounts totalled £236,159.66 made up as follows:
| Lloyds Instant Savings Account | £ 80,380.09 |
| Suffolk Building Society Deposit Account | £ 79728.68 |
| Suffolk Building Society Rent Deposit Account | £ 5,271.32 |
| Lloyds Bank Treasurer’s Account | £ 3,672.15 |
| CCLA | £ 67,107.45 |
A transfer of £30,000 was made to CCLA on 26th September 2024, to ensure there was under £85,000 held with Lloyds at any one time.
After adding VAT owed to us (£3,493.98) the total liquid assets amounted to £239,653.64. Of that sum, £108,497.38 relates to the balance of deposits, CIL and grant monies held as Earmarked Reserves:
| Reserve | Amount |
| CIL reserves | £27,270.40 |
| Fete EMR | £959.71 |
| Melton Road Crossings Project CIL EMR | £24032.73 |
| Bins CIL EMR | £1,037.09 |
| Divested Land Sinking Fund CIL EMR | £11,000.17 |
| Hall Farm Road/SWT Events EMR | £303.00 |
| Budget Risk EMR | £15,000.00 |
| Signage CIL EMR | £1,130.00 |
| Bequest EMR | £517.04 |
| 1st Floor Rent Deposit | £5,271.32 |
| Yarmouth Road Signage EMR | £226.57 |
| Councillor Grants | £144.05 |
| Beresford Drive Play Area EMR | £1,000.00 |
| Tree Safety Works | £9,000.00 |
| Play Park EMR | £2,055.30 |
| Neighbourhood Plan EMR | £9,550.00 |
| Total | £108,497.38 |
General Reserve
After accounting for year-end adjustments (-£1,320.74) the General Reserve position as of 30th September 2024 was £129,835.52 this is an increase from £81,020.64 as of 31st August 2024.
The budgets look to be largely on track for this point, at halfway through the year. However, I would like to bring the following to your attention:
- 75% of the Legal and Professional Costs budget has been spent, mainly on Savills fees. This may go over budget by the end of the year
- Rent from the 1st Floor Office is currently healthy against the budget, yet the tenancy remains uncertain.
- Office Utility costs are higher than anticipated and will be over budget by the end of the year.
- Pavilion income is down on predicted, by approximately £1,000. We lost a regular user last month and two other users have reduced their hours due to lower attendance at their classes
- At the current rate, the hire of the Tennis Courts will bring in more income than anticipated.
Recommendations
Councillors are asked to:
- NOTE AND COMMENT on this report.
Judi Hallett
Clerk, Melton Parish Council
10th October 2024