Community Council Finances
Financial Year and Budget
Our Financial Year runs from April 1 to March 31. Details of for each financial year can be found on the pages linked to by the buttons below.
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Precept
The Community Council raises money by a precept (a mandatory demand) on the Vale of Glamorgan Council. The precept is billed by the Vale of Glamorgan Council to residents with their Council Tax and the Vale Council then makes payments to Community Councils, normally, in 3 equal instalments on the last working days of April, August and December.
Each January, the Community Council sets a budget (having first carried out a budgeting process), with the total amount of money needed to be raised to cover forecasted expenditure becoming the precept. This figure is then sent to the Vale of Glamorgan Council. The Vale of Glamorgan Council then calculate a levy on properties, based on ‘Band D’ of Council Tax.
Each January, the Community Council sets a budget (having first carried out a budgeting process), with the total amount of money needed to be raised to cover forecasted expenditure becoming the precept. This figure is then sent to the Vale of Glamorgan Council. The Vale of Glamorgan Council then calculate a levy on properties, based on ‘Band D’ of Council Tax.
Financial Regulations
Financial regulations are one of the council’s two governing policy documents providing procedural guidance for members and officers. Financial regulations must be observed in conjunction with the council’s Standing Orders.
Auditor General for Wales: Financial Management and Governance in Community Councils - 2017
St Nicholas with Bonvilston Community Council: Financial Regulations - adopted April 20, 2022
The Community Council must demonstrate that it has the Power to spend money for a particular purpose. These powers can be found in our document Council Powers, Duties & Statutory Provision on the Governance webpage.
Auditor General for Wales: Financial Management and Governance in Community Councils - 2017
St Nicholas with Bonvilston Community Council: Financial Regulations - adopted April 20, 2022
The Community Council must demonstrate that it has the Power to spend money for a particular purpose. These powers can be found in our document Council Powers, Duties & Statutory Provision on the Governance webpage.
Asset Register
The Community Council must maintain an asset register to ensure fixed assets are appropriately safeguarded. Once recorded on the asset register at acquisition cost, the value of assets must not change from year to year until disposal. Concepts of depreciation and impairment adjustments are not appropriate for local councils.
Council’s fixed asset register has four main purposes:
The asset register is updated by the Parish Council at the end of each financial year but is a working document it will be amended as necessary. The definition of fixed assets are property, plant and equipment with a useful life of more than one year used by the Council to deliver its services.
The following items are included in the St Nicholas with Bonvilston Community Council’s asset register, whether purchased, gifted or otherwise acquired, together with their holding location:
The following items fall outside the definition for inclusion and are therefore excluded from
the Council’s asset register land and buildings held on short term lease or rented
Assets must be valued by one of the following means based on available information:
The Asset register will be used to inform the insurers of Council assets. For the purposes of insurance, the value to be used is the replacement value of items and not the purchase price as per the asset register.
Council’s fixed asset register has four main purposes:
- It forms a basis for decisions on risk and insurance issues.
- It provides information on the age and potential lifespan of certain items.
- It provides assurance of the continued existence of Council’s property.
- It forms a basis for completion of box 9 in the ‘Annual Return.’
The asset register is updated by the Parish Council at the end of each financial year but is a working document it will be amended as necessary. The definition of fixed assets are property, plant and equipment with a useful life of more than one year used by the Council to deliver its services.
The following items are included in the St Nicholas with Bonvilston Community Council’s asset register, whether purchased, gifted or otherwise acquired, together with their holding location:
- land and buildings held freehold or on long term lease in the name of the Council
- community assets
- vehicles, plant and machinery
- assets considered to be portable, attractive or of community significance
- other assets estimated or known to have a minimum purchase or resale value of £250
The following items fall outside the definition for inclusion and are therefore excluded from
the Council’s asset register land and buildings held on short term lease or rented
- stock items intended for resale
- stationery and other consumable items
- plants and trees
- assets with a purchase or resale value of less than £100 (other than items listed as for inclusion in the asset register)
Assets must be valued by one of the following means based on available information:
- the purchase price OR
- the insurance valuation should be applied where it is not possible to trace the purchase price of the asset OR
- a nominal value of £1 may be applied as a last resort. This should also be used for assets gifted to the Council.
The Asset register will be used to inform the insurers of Council assets. For the purposes of insurance, the value to be used is the replacement value of items and not the purchase price as per the asset register.
Financial Assistance
The Council has a financial assistance scheme to support grass roots activities within our community.
Further information on these grants can be found on our Financial Assistance Page
Further information on these grants can be found on our Financial Assistance Page
Member Remuneration
Community and town councils must make available a payment to each of their members of £150 per year for costs incurred in respect of telephone usage, information technology, consumables etc.
Community and town councils can make an annual payment of up to £500 each to up to 5 members in recognition of specific responsibilities. This is in addition to the £150 payment for costs and expenses.
All community and town councils must provide for the reimbursement of necessary costs for the care of dependent children and adults (provided by informal or formal carers) and for personal assistance needs up to a maximum of £403 per month. Reimbursement must be for the additional costs incurred by members in order for them to carry out their approved duties.
Independent Remuneration Panel for Wales Annual Report February 2018
Community and town councils can make an annual payment of up to £500 each to up to 5 members in recognition of specific responsibilities. This is in addition to the £150 payment for costs and expenses.
All community and town councils must provide for the reimbursement of necessary costs for the care of dependent children and adults (provided by informal or formal carers) and for personal assistance needs up to a maximum of £403 per month. Reimbursement must be for the additional costs incurred by members in order for them to carry out their approved duties.
Independent Remuneration Panel for Wales Annual Report February 2018
Insurance
The Community Council has an insurance policy that covers Money, Public Liability, Hirers Liability, Employers Liability, Libel and Slander, Legal Expenses, & Impact Damage (street furniture).
Confirmation of insurance 2021-22
Policy Document
The previous policy until May 31, 2021: Public Liability Insurance,
Confirmation of insurance 2021-22
Policy Document
The previous policy until May 31, 2021: Public Liability Insurance,
The Good Councillor's Guide to Finance and Transparency
Risk Assessment and Management adopted 14.05.18
Risk Management 2018/19 adopted 14.05.18
Notice of Conclusion of Audit March 2016/17
Annual Return March 2016/17
Accounts 2016-17
Notice of Conclusion of Audit 2017/18
Annual Return 2017/18
Accounts 2017-18
Councillor Expenses 2017-18
Asset Register 2017-18
Notice of Conclusion of Audit 2018/19
Annual Return 2018/19
Councillor Expenses 2018-19
Asset Register 2018-19
Budget 2019/20
Risk Assessment and Management adopted 14.05.18
Risk Management 2018/19 adopted 14.05.18
Notice of Conclusion of Audit March 2016/17
Annual Return March 2016/17
Accounts 2016-17
Notice of Conclusion of Audit 2017/18
Annual Return 2017/18
Accounts 2017-18
Councillor Expenses 2017-18
Asset Register 2017-18
Notice of Conclusion of Audit 2018/19
Annual Return 2018/19
Councillor Expenses 2018-19
Asset Register 2018-19
Budget 2019/20
