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EAST BERGHOLT PARISH COUNCIL FINANCIAL REGULATIONS
Contents
1. General ………………………………………………………………………………………………………………………… 2
2. Risk management and internal control …………………………………………………………………………. 3
3. Accounts and audit ………………………………………………………………………………………………………. 4
4. Budget and precept ……………………………………………………………………………………………………… 5
5. Procurement ………………………………………………………………………………………………………………… 6
6. Banking and payments ………………………………………………………………………………………………… 8
7. Electronic payments …………………………………………………………………………………………………….. 9
8. Cheque payments ……………………………………………………………………………………………………… 10
9. Payment cards …………………………………………………………………………………………………………… 10
10. Petty Cash …………………………………………………………………………………………………………………. 11
11. Payment of salaries and allowances ………………………………………………………………………….. 11
12. Loans and investments ………………………………………………………………………………………………. 11
13. Income ……………………………………………………………………………………………………………………….. 12
14. Payments under contracts for building or other construction works ……………………………. 13
15. Stores and equipment ………………………………………………………………………………………………… 13
16. Assets, properties and estates …………………………………………………………………………………… 13
17. Insurance …………………………………………………………………………………………………………………… 14
18. [Charities] …………………………………………………………………………………………………………………… 14
19. Suspension and revision of Financial Regulations ……………………………………………………… 14
Appendix 1 – Tender process …………………………………………………….. Error! Bookmark not defined.

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1. General
1.1. These Financial Regulations govern the financial management of the council and
may only be amended or varied by resolution of the council. They are one of the
council’s governing documents and shall be observed in conjunction with the
council’s Standing Orders.
1.2. Councillors are expected to follow these regulations and not to entice employees to
breach them. Failure to follow these regulations brings the office of councillor into
disrepute.
1.3. Wilful breach of these regulations by an employee may result in disciplinary
proceedings.
1.4. In these Financial Regulations:
• ‘Accounts and Audit Regulations’ means the regulations issued under Sections
32, 43(2) and 46 of the Local Audit and Accountability Act 2014, or any
superseding legislation, and then in force, unless otherwise specified.
• “Approve” refers to an online action, allowing an electronic transaction to take
place.
• “Authorise” refers to a decision by the council, or a committee or an officer, to
allow something to happen.
• ‘Proper practices’ means those set out in The Practitioners’ Guide
• Practitioners’ Guide refers to the guide issued by the Joint Panel on
Accountability and Governance (JPAG) and published by NALC in England or
Governance and Accountability for Local Councils in Wales – A Practitioners
Guide jointly published by One Voice Wales and the Society of Local Council
Clerks in Wales.
• ‘Must’ and bold text refer to a statutory obligation the council cannot change.
• ‘Shall’ refers to a non-statutory instruction by the council to its members and
staff.

1.5. The Responsible Financial Officer (RFO) holds a statutory office, appointed by the
council. The Clerk has been appointed as RFO and these regulations apply
accordingly. The RFO;
• acts under the policy direction of the council;
• administers the council’s financial affairs in accordance with all Acts,
Regulations and proper practices;
• determines on behalf of the council its accounting records and control systems;
• ensures the accounting control systems are observed;
• ensures the accounting records are kept up to date;
• seeks economy, efficiency and effectiveness in the use of council resources;
and
• produces financial management information as required by the council.
1.6. The council must not delegate any decision regarding:

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• setting the final budget or the precept (council tax requirement);
• the outcome of a review of the effectiveness of its internal controls
• approving accounting statements;
• approving an annual governance statement;
• borrowing;
• declaring eligibility for the General Power of Competence; and
• addressing recommendations from the internal or external auditors
1.7. In addition, the council shall:
• determine and regularly review the bank mandate for all council bank accounts;
• authorise any grant or single commitment in excess of £5,000; and
2. Risk management and internal control
2.1. The council must ensure that it has a sound system of internal control, which
delivers effective financial, operational and risk management.
2.2. The Clerk [with the RFO] shall prepare, for approval by the council, a risk
management policy covering all activities of the council. This policy and
consequential risk management arrangements shall be reviewed by the council at
least annually.
2.3. When considering any new activity, the Clerk shall prepare a draft risk assessment
including risk management proposals for consideration by the council.
2.4. At least once a year, the council must review the effectiveness of its system
of internal control, before approving the Annual Governance Statement.
2.5. The accounting control systems determined by the RFO must include
measures to:
• ensure that risk is appropriately managed;
• ensure the prompt, accurate recording of financial transactions;
• prevent and detect inaccuracy or fraud; and
• allow the reconstitution of any lost records;
• identify the duties of officers dealing with transactions and
• ensure division of responsibilities.
2.6. At least once in each quarter, and at each financial year end, a member other than
the Chair {or a cheque signatory} shall be appointed to verify bank reconciliations
(for all accounts) produced by the RFO. The member shall sign and date the
reconciliations and the original bank statements (or similar document) as evidence
of this. This activity, including any exceptions, shall be reported to and noted by the
council.

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2.7. Regular back-up copies shall be made of the records on any council computer and
stored either online or in a separate location from the computer. The council shall
put measures in place to ensure that the ability to access any council computer is
not lost if an employee leaves or is incapacitated for any reason.
3. Accounts and audit
3.1. All accounting procedures and financial records of the council shall be determined
by the RFO in accordance with the Accounts and Audit Regulations.
3.2. The accounting records determined by the RFO must be sufficient to explain
the council’s transactions and to disclose its financial position with
reasonably accuracy at any time. In particular, they must contain:
• day-to-day entries of all sums of money received and expended by the
council and the matters to which they relate;
• a record of the assets and liabilities of the council;
3.3. The accounting records shall be designed to facilitate the efficient preparation of the
accounting statements in the Annual {Governance and Accountability} Return.
3.4. The RFO shall complete and certify the annual Accounting Statements of the
council contained in the Annual {Governance and Accountability} Return in
accordance with proper practices, as soon as practicable after the end of the
financial year. Having certified the Accounting Statements, the RFO shall submit
them (with any related documents) to the council, within the timescales required by
the Accounts and Audit Regulations.
3.5. The council must ensure that there is an adequate and effective system of
internal audit of its accounting records and internal control system in
accordance with proper practices.
3.6. Any officer or member of the council must make available such documents
and records as the internal or external auditor consider necessary for the
purpose of the audit and shall, as directed by the council, supply the RFO, internal
auditor, or external auditor with such information and explanation as the council
considers necessary.
3.7. The internal auditor shall be appointed by the council and shall carry out their work
to evaluate the effectiveness of the council’s risk management, control and
governance processes in accordance with proper practices specified in the
Practitioners’ Guide.
3.8. The council shall ensure that the internal auditor:
• is competent and independent of the financial operations of the council;
• reports to council in writing, or in person, on a regular basis with a minimum of
one written report during each financial year;
• can demonstrate competence, objectivity and independence, free from any
actual or perceived conflicts of interest, including those arising from family
relationships; and

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• has no involvement in the management or control of the council
3.9. Internal or external auditors may not under any circumstances:
• perform any operational duties for the council;
• initiate or approve accounting transactions;
• provide financial, legal or other advice including in relation to any future
transactions; or
• direct the activities of any council employee, except to the extent that such
employees have been appropriately assigned to assist the internal auditor.
3.10. For the avoidance of doubt, in relation to internal audit the terms ‘independent’ and
‘independence’ shall have the same meaning as described in The Practitioners
Guide.
3.11. The RFO shall make arrangements for the exercise of electors’ rights in relation to
the accounts, including the opportunity to inspect the accounts, books, and
vouchers and display or publish any notices and documents required by the Local
Audit and Accountability Act 2014, or any superseding legislation, and the Accounts
and Audit Regulations.
3.12. The RFO shall, without undue delay, bring to the attention of all councillors any
correspondence or report from internal or external auditors.
4. Budget and precept
4.1. Before setting a precept, the council must calculate its council tax
requirement for each financial year by preparing and approving a budget, in
accordance with The Local Government Finance Act 1992 or succeeding
legislation.
4.2. Budgets for salaries and wages, including employer contributions shall be reviewed
by the council at least annually in January as part of the budget and precept
discussions for the following financial year and the final version shall be evidenced
by an approved minute signed by the Chair of the Council. The RFO will inform
committees of any salary implications before they consider their draft their budgets.
4.3. No later than November each year, the RFO shall prepare a draft budget with
detailed estimates of all [receipts and payments/income and expenditure] for the
following financial year taking account of the lifespan of assets and cost implications
of repair or replacement.
4.4. Unspent budgets for completed projects shall not be carried forward to a
subsequent year and shall fall into reserves. Unspent funds for partially completed
projects may only be carried forward by placing them in an earmarked reserve with
the formal approval of the full council.
4.5. Each committee shall review its draft budget and submit any proposed amendments
to the Strategy, Policy and Finance Committee not later than the end of November
each year, which shall make recommendations to the Council in January.

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4.6. The draft budget with any committee proposals, including any recommendations for
the use or accumulation of reserves, shall be considered by the Strategy, Policy
and Finance Committee and a recommendation made to the council.
4.7. Having considered the proposed budget, the council shall determine its council tax
requirement. The council shall set a precept no later than the end of January for the
ensuing financial year.
4.8. Any member with council tax unpaid for more than two months is prohibited
from voting on the budget or precept by Section 106 of the Local Government
Finance Act 1992 and must and must disclose at the start of the meeting that
Section 106 applies to them.
4.9. The RFO shall issue the precept to the billing authority no later than the end of
February and supply each member with a copy of the agreed annual budget.
4.10. The agreed budget provides a basis for monitoring progress during the year by
comparing actual spending and income against what was planned.
4.11. Any addition to, or withdrawal from, any earmarked reserve shall be agreed by the
council or relevant committee.
5. Procurement
5.1. Members and officers are responsible for obtaining value for money at all
times. Any officer procuring goods, services or works should ensure, as far as
practicable, that the best available terms are obtained, usually by obtaining prices
from several suppliers. All orders shall be processed by the Clerk. Subject to
Regulation 5.16, a member may not issue an official order or make any contract on
behalf of the council.
5.2. The RFO should verify the lawful nature of any proposed purchase before it is made
and in the case of new or infrequent purchases, should ensure that the legal power
being used is reported to the meeting at which the order is authorised and also
recorded in the minutes.
5.3. Every contract shall comply with these the council’s Standing Orders and these
Financial Regulations and no exceptions shall be made, except in an emergency.
5.4. For a contract for the supply of goods, services or works where the estimated
value will exceed the thresholds set by Parliament, the full requirements of
The Public Contracts Regulations 2015 or any superseding legislation (“the
Legislation”), must be followed in respect of the tendering, award and
notification of that contract.
5.5. Where the estimated value is below the Government threshold, the council shall
(with the exception of items listed in paragraph 6.12) obtain prices as follows:
5.6. For contracts estimated to exceed £30,000 including VAT, the Clerk shall {seek
formal tenders from at least [three] suppliers agreed by [the council]} OR {advertise
an open invitation for tenders in compliance with any relevant provisions of the
Legislation}. Tenders shall be invited in accordance with Appendix 1.

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5.7. For contracts estimated to be over £30,000 including VAT, the council must
comply with any requirements of the Legislation
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regarding the advertising of
contract opportunities and the publication of notices about the award of
contracts.
5.8. For contracts greater than £5,000 excluding VAT the Clerk shall seek at least 3
fixed-price quotes;
5.9. where the value is between £1,000 and £5,000 excluding VAT, the Clerk shall try to
obtain 3 estimates {which might include evidence of online prices, or recent prices
from regular suppliers.
5.10. For smaller purchases, the clerk shall seek to achieve value for money.
5.11. Contracts must not be split into smaller lots to avoid compliance with these
rules.
5.12. The requirement to obtain competitive prices in these regulations need not apply to
contracts that relate to items (i) to (iv) below:
i. specialist services, such as legal professionals acting in disputes;
ii. repairs to, or parts for, existing machinery or equipment;
iii. works, goods or services that constitute an extension of an existing contract;
iv. goods or services that are only available from one supplier or are sold at a
fixed price.
5.13. When applications are made to waive this financial regulation to enable a price to
be negotiated without competition, the reason should be set out in a
recommendation to the council or relevant committee. Avoidance of competition is
not a valid reason.
5.14. The council shall not be obliged to accept the lowest or any tender, quote or
estimate.
5.15. Individual purchases within an agreed budget for that type of expenditure may be
authorised by:
• the Clerk, under delegated authority, for any items below £500 excluding VAT.
• the Clerk, after consultation with the Chair of the Council, for any items below
£2,000 excluding VAT.
• a duly delegated committee of the council or its Chairman for all items of
expenditure within their delegated budgets for items under £5,000 excluding
VAT.
• in respect of grants, a duly authorised committee within any limits set by council
and in accordance with any policy statement agreed by the council.}
• the council for all items over £5,000;

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The Regulations require councils to use the Contracts Finder website if they advertise contract opportunities and also to publicise the
award of contracts over £30,000 including VAT, regardless of whether they were advertised.

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Such authorisation must be supported by a minute (in the case of council or
committee decisions) or other auditable evidence trail.
5.16. No individual member, or informal group of members may issue an official order
unless instructed to do so in advance by a resolution of the council or make any
contract on behalf of the council.
5.17. No expenditure may be authorised that will exceed the budget for that type of
expenditure other than by resolution of the council or a duly delegated committee
acting within its Terms of Reference except in an emergency.
5.18. In cases of serious risk to the delivery of council services or to public safety on
council premises, the clerk may authorise expenditure of up to £2,000 excluding
VAT on repair, replacement or other work that in their judgement is necessary,
whether or not there is any budget for such expenditure. The Clerk shall report such
action to the Chair as soon as possible and to the council as soon as practicable
thereafter.
5.19. No expenditure shall be authorised, no contract entered into or tender accepted in
relation to any major project, unless the council is satisfied that the necessary funds
are available and that where a loan is required, Government borrowing approval
has been obtained first.
5.20. An official order or letter shall be issued for all work, goods and services above
£250 excluding VAT unless a formal contract is to be prepared or an official order
would be inappropriate. Copies of orders shall be retained, along with evidence of
receipt of goods.
5.21. The ordering practice can be misused and access to it shall be controlled by the
RFO.
6. Banking and payments
6.1. The council’s banking arrangements, including the bank mandate, shall be made by
the RFO and authorised by the council; banking arrangements shall not be
delegated to a committee. The arrangements shall be reviewed annually for security
and efficiency.
6.2. The council must have safe and efficient arrangements for making payments, to
safeguard against the possibility of fraud or error. All payments will be authorised
through the annual approval of committed expenditure or via the approval of the
appropriate budget holder. Where payment is made by cheque it shall be signed by
two accredited signatories. Electronic payments shall be made by the clerk.
6.3. All invoices for payment should be examined for arithmetical accuracy, analysed to
the appropriate expenditure heading and verified to confirm that the work, goods or
services were received, checked and represent expenditure previously authorised
by the council before being certified by the RFO.
6.4. Personal payments (including salaries, wages, expenses and any payment made in
relation to the termination of employment) may be summarised to avoid disclosing
any personal information.

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6.5. Following authorisation, all payments shall be made by online banking/cheque, in
accordance with a resolution of the council or duly delegated committee or a
delegated decision by an officer, unless the council resolves to use a different
payment method.
6.6. For each financial year the RFO may draw up a schedule of regular payments due
in relation to a continuing contract or obligation (such as Salaries, PAYE, National
Insurance, pension contributions, rent, rates, regular maintenance contracts and
similar items), which the council may authorise in advance for the year.
6.7. A list of payments shall be reported to the next appropriate meeting of the council
for approval.
6.8. The Clerk shall have delegated authority to authorise payments in the following
circumstances:
i. any payments of up to £500 excluding VAT, within an agreed budget.
ii. payments of up to £2,000 excluding VAT in cases of serious risk to the
delivery of council services or to public safety on council premises.
iii. After consultation with the relevant budget holder, any payment necessary to
avoid a charge under the Late Payment of Commercial Debts (Interest) Act
1998 or to comply with contractual terms, where the due date for payment is
before the next scheduled meeting of the council, where the Clerk certifies
that there is no dispute or other reason to delay payment, provided that a list
of such payments shall be submitted to the next appropriate meeting of
council.
iv. Fund transfers within the councils banking arrangements up to the sum of
[£50,000], provided that a list of such transfers shall be submitted to the next
appropriate meeting of council.
6.9. The RFO shall present a schedule of payments requiring authorisation, forming part
of the agenda for the meeting, to the council. The council or committee shall review
the schedule for compliance and, having satisfied itself, shall authorise payment by
resolution. A detailed list of all payments shall be published within or as an
attachment to the agenda of that meeting and the authorisation recorded in the
minutes.
7. Electronic payments
7.1. Where internet banking arrangements are made with any bank, the RFO shall be
appointed as the Service Administrator.
7.2. All authorised signatories shall have access to view (read only) the council’s bank
accounts online.
7.3. No employee or councillor shall disclose any PIN or password, relevant to the
council or its banking, to anyone not authorised in writing by the council.
7.4. The Service Administrator shall set up all items due for payment online.

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7.5. In the prolonged absence of the Service Administrator an authorised signatory shall
set up any payments due before the return of the Service Administrator.
7.6. Two councillors who are authorised signatories shall check the payment details
against the invoices.
7.7. Evidence shall be retained showing which members approved the payment online
{and a printout of the transaction confirming that the payment has been made shall
be appended to the invoice for audit purposes}.
7.8. A full list of all payments made in a month shall be provided to the next council
meeting.
7.9. With the approval of the council in each case, regular payments (such as gas,
electricity, telephone, broadband, water, National Non-Domestic Rates, refuse
collection, pension contributions and HMRC payments) may be made by variable
direct debit. The approval of the use of each variable direct debit shall be reviewed
by the council at least every two years.
7.10. Payment may be made by BACS or CHAPS by resolution of the council provided
that evidence is retained and any payments are reported to the council at the next
meeting. The approval of the use of BACS or CHAPS shall be renewed by
resolution of the council at least every two years.
7.11. If thought appropriate by the council, regular payments of fixed sums may be made
by banker’s standing order, provided evidence of this is retained and any payments
are reported to council when made. The approval of the use of a banker’s standing
order shall be reviewed by the council at least every two years.
7.12. Account details for suppliers may only be changed upon written notification by the
supplier verified by the Clerk. This is a potential area for fraud and the individuals
involved should ensure that any change is genuine.
7.13. Members and officers shall ensure that any computer used for the council’s
financial business has adequate security, with anti-virus, anti-spyware and firewall
software installed and regularly updated.
8. Cheque payments
8.1. Cheques or orders for payment in accordance in accordance with a resolution or
delegated decision shall be signed by two members who are authorised signatories.
8.2. A signatory having a family or business relationship with the beneficiary of a
payment shall not, under normal circumstances, be a signatory to that payment.
8.3. To indicate agreement of the details on the cheque with the counterfoil and the
invoice or similar documentation, the signatories shall also initial the cheque
counterfoil and invoice.
9. Payment cards
9.1. Any Debit Card issued for use will be specifically restricted to the Clerk and with the
authority of the Clerk, the Assistant Clerk, will also be restricted to a single

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transaction maximum value of £500 unless authorised by council or finance
committee in writing before any order is placed.
9.2. Any corporate credit card or trade card account opened by the council will be
specifically restricted to use by the Clerk and any balance shall be paid in full each
month.
9.3. Personal credit or debit cards of members or staff shall not be used except for
expenses of up to £250 including VAT, incurred in accordance with council policy.
10. Petty Cash
10.1. The RFO may maintain a petty cash float/imprest account of £250 and may provide
petty cash to officers for the purpose of defraying operational and other expenses.
a) Vouchers for payments made from petty cash shall be kept, along with receipts to
substantiate every payment.
b) Cash income received must not be paid into the petty cash float but must be
separately banked, as provided elsewhere in these regulations.
c) Payments to maintain the petty cash float shall be shown separately on any
schedule of payments presented for approval.
11. Payment of salaries and allowances
11.1. As an employer, the council must make arrangements to comply with the
statutory requirements of PAYE legislation.
11.2. Councillors allowances (where paid) are also liable to deduction of tax under
PAYE rules and must be taxed correctly before payment.
11.3. Salary rates shall be agreed by the council. No changes shall be made to any
employee’s gross pay, emoluments, or terms and conditions of employment without
the prior consent of the council.
11.4. Payment of salaries shall be made, after deduction of tax, national insurance,
pension contributions and any similar statutory or discretionary deductions, on the
dates stipulated in employment contracts.
11.5. Deductions from salary shall be paid to the relevant bodies within the required
timescales, provided that each payment is reported, as set out in these regulations
above.
11.6. Each payment to employees of net salary and to the appropriate creditor of the
statutory and discretionary deductions shall be recorded in a payroll control account
or other separate confidential record, with the total of such payments each calendar
month reported in the cashbook.
11.7. Any termination payments shall be supported by a report to the council, setting out
a clear business case. Termination payments shall only be authorised by the full
council.
11.8. Before employing interim staff, the council must consider a full business case.
12. Loans and investments
12.1. Any application for Government approval to borrow money and subsequent
arrangements for a loan must be authorised by the full council and recorded in the

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minutes. All borrowing shall be in the name of the council, after obtaining any
necessary approval.
12.2. Any financial arrangement which does not require formal borrowing approval from
the Secretary of State (such as Hire Purchase, Leasing of tangible assets or loans
to be repaid within the financial year) must be authorised by the full council,
following a written report on the value for money of the proposed transaction.
12.3. The council shall consider the requirement for an Investment Strategy and Policy in
accordance with Statutory Guidance on Local Government Investments, which must
written be in accordance with relevant regulations, proper practices and guidance.
Any Strategy and Policy shall be reviewed by the council at least annually.
12.4. All investment of money under the control of the council shall be in the name of the
council.
12.5. All investment certificates and other documents relating thereto shall be retained in
the custody of the RFO.
12.6. Payments in respect of short term or long-term investments, including transfers
between bank accounts held in the same bank, shall be made in accordance with
these regulations.
13. Income
13.1. The collection of all sums due to the council shall be the responsibility of and under
the supervision of the RFO.
13.2. The council will review all fees and charges for work done, services provided, or
goods sold at least annually as part of the budget-setting process, following a report
of the Clerk. The RFO shall be responsible for the collection of all amounts due to
the council.
13.3. Any sums found to be irrecoverable and any bad debts shall be reported to the
council by the RFO and shall be written off in the year. The council’s approval shall
be shown in the accounting records.
13.4. All sums received on behalf of the council shall be deposited intact with the
council’s bankers, with such frequency as the RFO considers necessary. The origin
of each receipt shall clearly be recorded on the paying-in slip or other record.
13.5. Personal cheques shall not be cashed out of money held on behalf of the council.
13.6. The RFO shall ensure that VAT is correctly recorded in the council’s accounting
software and that any VAT Return required is submitted by the due date. Any
repayment claim under section 33 of the VAT Act 1994 shall be made at least
annually at the end of the financial year.
13.7. Where significant sums of cash are regularly received by the council, the RFO shall
ensure that more than one person is present when the cash is counted in the first
instance, that there is a reconciliation to some form of control record such as ticket
issues, and that appropriate care is taken for the security and safety of individuals
banking such cash.

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13.8. Any income that is the property of a charitable trust shall be paid into a charitable
bank account. Instructions for the payment of funds due from the charitable trust to
the council will be given by the Managing Trustees of the charity meeting separately
from any council meeting.
14. Payments under contracts for building or other construction works
14.1. Where contracts provide for payment by instalments the RFO shall maintain a
record of all such payments, which shall be made within the time specified in the
contract based on signed certificates from the architect or other consultant engaged
to supervise the works.
14.2. Any variation of, addition to or omission from a contract must be authorised by the
Clerk to the contractor in writing, with the council being informed where the final
cost is likely to exceed the contract sum by 5% or more, or likely to exceed the
budget available.
15. Stores and equipment
15.1. The Clerk shall be responsible for the care and custody of stores and equipment.
15.2. Delivery notes shall be obtained in respect of all goods received into store or
otherwise delivered and goods must be checked as to order and quality at the time
delivery is made.
15.3. Stocks shall be kept at the minimum levels consistent with operational
requirements.
15.4. The RFO shall be responsible for periodic checks of stocks and stores, at least
annually.
16. Assets, properties and estates
16.1. The Clerk shall make arrangements for the safe custody of all title deeds and Land
Registry Certificates of properties held by the council.
16.2. The RFO shall ensure that an appropriate and accurate Register of Assets and
Investments is kept up to date, with a record of all properties held by the council,
their location, extent, plan, reference, purchase details, nature of the interest,
tenancies granted, rents payable and purpose for which held, in accordance with
Accounts and Audit Regulations.
16.3. The continued existence of tangible assets shown in the Register shall be verified at
least annually, possibly in conjunction with a health and safety inspection of assets.
16.4. No interest in land shall be purchased or otherwise acquired, sold, leased or
otherwise disposed of without the authority of the council, together with any other
consents required by law. In each case a written report shall be provided to council
in respect of valuation and surveyed condition of the property (including matters
such as planning permissions and covenants) together with a proper business case
(including an adequate level of consultation with the electorate where required by
law).

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No tangible moveable property shall be purchased or otherwise acquired, sold,
leased or otherwise disposed of, without the authority of the council, together with
any other consents required by law, except where the estimated value of any one
item does not exceed £500. In each case a written report shall be provided to
council with a full business case.
17. Insurance
17.1. The RFO shall keep a record of all insurances effected by the council and the
property and risks covered, reviewing these annually before the renewal date in
conjunction with the council’s review of risk management.
17.2. The Clerk shall give prompt notification to the council of all new risks, properties or
vehicles which require to be insured and of any alterations affecting existing
insurances.
17.3. The RFO shall be notified of any loss, liability, damage or event likely to lead to a
claim, and shall report these to the council at the next available meeting. The RFO
shall negotiate all claims on the council’s insurers.
17.4. All appropriate members and employees of the council shall be included in a
suitable form of security or fidelity guarantee insurance which shall cover the
maximum risk exposure as determined annually by the council, or duly delegated
committee.
18. Charities
18.1. Where the council is sole managing trustee of a charitable body the Clerk and RFO
shall ensure that separate accounts are kept of the funds held on charitable trusts
and separate financial reports made in such form as shall be appropriate, in
accordance with Charity Law and legislation, or as determined by the Charity
Commission. The Clerk shall arrange for any audit or independent examination as
may be required by Charity Law or any Governing Document.
19. Suspension and revision of Financial Regulations
19.1. The council shall review these Financial Regulations annually and following any
change of clerk/RFO.
19.2. The council may, by resolution duly notified prior to the relevant meeting of council,
suspend any part of these Financial Regulations, provided that reasons for the
suspension are recorded and that an assessment of the risks arising has been
presented to all members. Suspension does not disapply any legislation or permit
the council to act unlawfully.

19.3. The council may temporarily amend these Financial Regulations by a duly notified
resolution, to cope with periods of absence, local government reorganisation,
national restrictions or other exceptional circumstances.