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The Council has looked at the financial risks that it must deal with and resolved to adopt the following policy.
1. Handling Cash
The Town Council handles cash on a daily basis; this is kept at the Pavilion locked in a safe, which is in a locked cupboard, until banked.
Cheques and cash (from Pavilion hirers) are banked as frequently as possible but at least once monthly.
The Precept is paid half yearly directly into the Town Council's bank account.
Bank interest and VAT returns are paid directly into the Town Council's bank account, along with Direct Payments from some hirers.
The Council does not operate a petty cash system although there is a float of £5 (to allow staff to give change) which is kept in the Pavilion safe.
2. Employers liability
The Council employs a Clerk, a Pavilion Manager and 3 caretakers. Insurance is covered by Zurich Insurance and provides employers liability cover.
The Council has a volunteer litter picker who is also covered on the Insurance policy.
The Policy also covers groups of up to 20 members who are volunteers (Tickhill in Bloom)
3. Public liability
The Council has public liability cover to £10 million (1st April 2017) under its policy with Zurich Insurance.
4. Fidelity guarantee
The Council has fidelity guarantee cover to £100,000 from 1st April 2017.
5. Contracts and tendering
The Council has a standing order in place for contracts, which is mandatory.
(See Councils standing orders on business).
6. Banking arrangements
Three Councillors are cheque signatories. One signature is required by the bank. Cheques are only signed at meetings of the Council after corresponding invoices have been viewed and the cheque book stubs are initialled by cheque signatories.
The Clerk receives all bank statements.
All members of staff are paid monthly by Direct Transfer after agreement at the council meetings. Direct Transfers are paid only after the accounts have been approved by members of the council.
7. Budget information
Each Council member receives a monthly budget against spend statement.
8. Bank reconciliation
The Council receives a quarterly budget against spend statement which includes bank balances.
9. Monthly/Quarterly internal audit
The Council carries out a monthly internal audit at full Council meeting where bank statements for all accounts are available; cash book totals are compared to month end receipts & payments information. A review is made of cumulative quarter end receipts & payments figures to budget - with any anomalies investigated.
10. Cash book records
The cashbook will be kept on a manual basis and an excel computer spread sheet as a control.
11. Internal audit
At a meeting on 25th January 2011, the Council appointed Mr P Thomas to be its internal auditor until further notice. This is reviewed annually in March.
Financial Risk Assessment reviewed at a meeting of Tickhill Town Council held on 14th March 2017
Responsible Financial Officer ..
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TICKHILL TOWN COUNCIL
FINANCIAL RISK ASSESSMENT