Procedures in place to minimise risk are as follows:
- Cash or cheques to be paid into the bank within one week of receipt.
- All transactions to be recorded in the Receipts and Payments Book
- All payments to be approved by the full parish council and recorded in the minute book.
- All cheques to be signed by two out of three signatories
- Cheques must remain in the cheque book until signed
- Only completed cheques to be signed
- Signatories to check and countersign the counterfoil of each cheque
- Signatories to check and countersign the invoice
- The minute number referring to each transaction to be recorded in the Receipts and Payments Book
- Bank statements to be checked against transactions monthly
- Balance to be kept up to date in cheque book
Recovery of VAT
- VAT to be recorded in the Receipts and Payments Book
- VAT to be reclaimed annually, in April, following the end of the financial year
- Insurance policy to include adequate fidelity guarantee
- An internal independent auditor to be appointed to examine the financial records on a regular basis.