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Ring fencing items in accounts

 
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albion
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PostPosted: Wed Dec 14, 2011 5:59 pm    Post subject: Ring fencing items in accounts Reply with quote

Can a parish council ring fence the money it gets from letting an affordable house in a separate account so that it will not be counted as part of its income when a) working out its precept and b) being counted as part of its income when showing the accounts to the auditor.

Although I relise changes are coming next year inconnection with the audit of Parish Council accounts.
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Timbow
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PostPosted: Fri Jan 20, 2012 10:26 pm    Post subject: Reply with quote

If the council wants to keep some money separate then there is no reason why they shouldn't. We have income from the cemetary and we keep it separate for spending on maintenance in the cemetary.

The council can set the precept at whatever figure it wants, it doesn't need to 'work it out'. Don't really understand that.

The auditor needs to see all the Councils's financial transactions bar none. If the Council has an account it is concealing from its own auditor then that is a serious issue.

tim W
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