MPC(24)08.01 Finance Report

Agendas & PapersFull Council Uploaded on January 11, 2024

Management Accounts – Financial and Budget Report – 1st April to 31st December 2023

This report should be read in conjunction with the following reports

  1. Payment Transactions – 01/04/2023 to 31/12/2023
  2. Receipt Transactions – 01/04/2023 to 31/12/2023
  3. Bank Reconciliation Report
  4. EMR Summary Report
  5. Precept/General Reserve Summary Report
  6. Reserves Balance
  7. Balance Sheet


Income as at 31st December 2023 for this financial year totalled £167,353.95, which includes the full Precept (£117,261) and CIL receipts of £8,090.96. The remaining income is a mix of rent, grants and donations, fete income and Pavilion income (£7,713.89). Expenditure as at the 31st December 2023 totalled £144,067.06. Of this £33,760.06 has been paid out of Earmarked Reserves. 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 at 31st December 2023, cash in the Council’s bank accounts totalled £263,568.88 made up as follows:

  • Lloyds Instant Savings Account £ 148,714.61
  • Ipswich Building Society Deposit Account £ 104,836.13
  • Ipswich Building Society Rent Deposit Account £     5,271.32
  • Lloyds Bank Treasurer’s Account    £     4,746.82

After adding VAT owed to us of £1,112.73 the total liquid assets amounted to £264,681.61. Of that sum, £150,535.66 relates to the balance of deposits, CIL and grant monies held as Earmarked Reserves:

CIL reserves                                                                                                  £99,204.04

Melton Rd crossings project CIL EMR                                       £7,755*

Landscaping & parking improvements CIL EMR               £3,717.03

Pavilion project CIL EMR                                                                   £210.54

Bins CIL EMR                                                                                              £1,037.09

Divested land sinking fund CIL EMR                                          £13,800.17

Signage CIL EMR                                                                                     £1,130

Hall Farm Road/SWT Events EMR                                              £565 (grants received from Deben Community Partnership and Cllr Smith-Lyte)

Fete EMR                                                                                                       £950.03

Budget Risk EMR                                                                                     £10,000

Bequest EMR                                                                               £741.64

Pavilion Kit Out EMR                                                              £5.30

1st Floor Rent Deposit EMR                                   £5,271.32

20s Plenty EMR                                                       £20

Dock Lane Planter EMR                                         £29.85

Pump Track EMR                                                    £550

Yarmouth Road Signage                                        £548.65

Beresford Drive Play Area EMR                            £5,000

* This EMR technically has an additional £16k due to the year-end accrual made in 2022/23 for the Melton Road crossings. This adjustment will be reflected at year end 2023/24.

General Reserve

The adjusted General Reserve position (taking into account £17,140 of accruals) as at 31st December 2023 was £97,005.95, a reduction from £102,943.45, as at 30th November 2023.


The budget is currently on track and the pay awards are now confirmed and backdated pay awarded. If expenditure and income continue as budgeted, and the Pavilion income continues as is then the budget deficit will be reduced and the year-end position will be similar to the previous financial year of £57k, however this was after £5k was moved to the Budget Risk EMR. If income and expenditure are as budgeted with no changes the year end position will be around £50k. This will be monitored closely over the coming months and reported at each Full Council meeting.


  • That members NOTE AND COMMENT on this report.

Pip Alder

Clerk, Melton Parish Council

January 2024