COTGRAVE TOWN COUNCIL
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31ST MARCH, 2007
CONTENTS
PAGE
1. Council Information
2. Statement of Responsibilities
3. Notes to the accounts
7. Income and Expenditure Account
8. Balance Sheet
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Council Information
Chairman of Council
Councillor Andrew Wilkie
Vice Chairman of Council
Councillor Eric Woolsey
Other Councillors
Jennifer Armstrong
Clive Atkins
Richard Butler (N) (B)
Jacqueline Coaker
Maureen Hill
Christine Jeffreys (B)
Ron Murphy
John Pickering (from 9.3.05 – until 05.03.07)
Pat Schade (from 15.06.06)
Gail Scholes (from 05.07.06)
Paul Stephens
Bryan Tansley (B)
Pat Walsh
David White
(B) indicates a member of Rushcliffe Borough Council
(N) indicates a member of Nottinghamshire County Council
Town Clerk
Mrs Ann Ellis
Council Offices
Cotgrave Leisure & Enterprise Centre, Woodview, Cotgrave, Nottingham,NG12 3PJ
Telephone 0115 989 3876, Fax 0115 989 0439
www.cotgrave-tc.gov.uk
- E Mail clerk@cotgrave-tc.gov.uk
Auditors
Hacker Young, 22 The Ropewalk, Nottingham, NG1 5DT
Internal Auditor
Mrs K Knight
Bankers
Co-Operative Bank Plc, 4-5 Exchange Walk, Nottingham, NG1 2NX
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Statement of Responsibilities for the Statements of Accounts
31st March, 2007
The Council’s Responsibilities
The Council is required:
At this Council the Responsible Finance Officer is the Town Clerk.
The Finance Officer’s Responsibilities (RFO)
The RFO is responsible for the preparation of the Council’s statements of accounts in accordance with Section 151 of the Local Government Act 1972 to present fairly the financial position of the Council at 31st March, 2006 on an income and expenditure basis.
In preparing the statement of accounts, the RFO has:
The RFO has also:
Further information about the accounts is available from the Clerk, Council Offices, Cotgrave Leisure Centre and Enterprise Centre, Woodview, Cotgrave, Nottingham, NG12 3PJ, Tel: 0115 989 3876, E Mail: clerk@cotgrave-tc.gov.uk
or visit web site: www.cotgrave-tc.gov.ukThis is part of the Council’s policy of providing full information about its affairs. Interested members of the public have a statutory right to inspect the accounts before the audit is completed. The availability of the accounts for inspection is advertised on the local notice boards.
Signed.............................................................................(Responsible Finance Officer)
Date................................................................................
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Cotgrave Town Council
Notes to the Accounts
For the Year Ended 31st March, 2007
1. Assets
Assets listed are those of a value greater than £1,000 except those of a nominal value.
a) During the year no items of a value greater than £1,000 were purchased.
b) Community Assets
The assets listed under community assets are assets which have no determinable commercial value and therefore have been included at nil values in accordance with
CIPFA Accounting Guidance Section 4.9.4.
Grassmere Play Area
Broadmeer Play Area
Woodview Play Area
The Green Play Area
Ring Leas Play Area
Allotments at Burhill and land on north side from Burhill to the allotments
Allotments at Forest Close
Playing Fields (Maddison Park) around Leisure Centre Teen Shelters on the Green
Arthur Ridley Sportsground
CCTV Equipment
Street furniture
Play equipment at various locations
Cash Machine Housing at Shopping Centre (agreement between Cotgrave Town Council
and Lloyds/TSB).
c) Other Assets
The following assets reflect their insurance valuations:-
| Cotgrave Futures Community Building | 1,092,000 |
| Pavilion | 136,144 |
| Tractor | 5,000 |
| Office Contents | 20,000 |
| Civic Regalia | 1,500 |
| Garage Specified Items | 5,000 |
| Total | 1,259,644 |
A detailed inventory is available for inspection at Council`s offices.
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2. Borrowings
At the close of business on 31st March 2006, there were no loans outstanding.
3. Debts Outstanding
At the end of the year there were no debts outstanding.
| Earmarked Reserves | Balance at year end |
| Election Reserve | 5,331.00 |
| Community Reserves | 30,000.00 |
| Play Equipment Contingency | 5,000.00 |
| Play Equipment Replacement | 15,000.00 |
| Parish Paths | 643.79 |
| Youth Zone | 695.00 |
| Town Plan | 16,816.95 |
| Village Design Statement | 5,044.60 |
| Programmed Projects | 100,565.51 |
| Youth Council | 1,000.00 |
| Legal Costs | 500.00 |
4.1 The next election is due in 2011. The cost of the 2007 election will be reflected in the 2007-08 accounts.
4.2 At the Council Meeting held on 17th November 2004, Council resolved to restructure its reserves. This was done to ensure that council could withstand any unanticipated items of expenditure whilst maintaining a minimum level of reserves and to ensure that Council's play equipment continues to be maintained to the highest standard. Council's revised financial regulations require Community Reserves of £30,000.
4.3 Council required a play equipment contingency fund of £5,000.
4.4 £15,000 was set aside for play equipment replacement.
4.5 £643.79 represents the residual amount of a grant from Nottinghamshire County Council to undertake minor maintenance work on the local path network.
4.6 SRB granted £1,245 towards Cotgrave Future’s Youth Zone equipment, of which £695 remains.
4.7 Cotgrave Town Council successfully applied for grants towards the production of a Town Plan which aims to identify the community’s most pressing issues and propose solutions and the means of acquiring these solutions. The Countryside Agency awarded £3,500, Cotgrave Town Council contributed £1,068.77, Nottinghamshire Rural Development Fund awarded a grant of £977, the Coalfield Regeneration Trust awarded £62,180, of which £42,370 has been received to date. Cotgrave Town Council also budgets £3,900 per annum to it. At the end of the year £16,816.95 remains.
4.8 The Village Design Statement focuses on the built-up environment. It records what local people value and propose guidelines for development. The Steering Group aims to produce and publish a Village Design Statement within a glossy brochure.
4.9 Council has adopted a ‘wish list’ of those projects which will form the basis for Cotgrave’s future planning. The level of funding allocated to it (currently £100,565.51) is the amount remaining in reserves after setting a general reserve of £65,000.
4.10 The Town Council is working in partnership with local youth organisations with a view to eventually establishing a Youth Town Council.
4.11 The legal costs fund reflects two ongoing projects – both with Nottinghamshire County Council to sub lease the former tennis courts to Candleby Lane School and the sub lease for the Children's Centre at Cotgrave Futures.
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5. Movements in reserves.
| Reserve | Opening Balance 01.04.06 | Used to Fund Exp. | Added in Year | Closing Balance 31.03.07 |
| Election Reserve | 5,370.00 | 39.00 | 0.00 | 5,331.00 |
| Community Reserve | 30,000.00 | 0.00 | 30,000.00 | |
| Parish Paths | 1,098.33 | 545.54 | 91.00 | 643.79 |
| Youth Zone | 695.00 | 0.00 | 0.00 | 695.00 |
| Town Plan | 11,679.95 | 28,753.00 | 350.00 | 11,679.95 |
| 14,820.00 | ||||
| 14,820.00 | ||||
| 3,900 | 16,816.95 | |||
| Village Design Statement | 5,044.60 | 0.00 | 0.00 | 5,044.60 |
| Play Equip Contingency | 5,000.00 | 0.00 | 0.00 | 5,000.00 |
| Play Equipment Replacement | 15,000.00 | 0.00 | 0.00 | 15,000.00 |
| War Memorial | 700.00 | 700.00 | 0.00 | 0.00 |
| Legal Costs | 500.00 | 500.00 | ||
| Youth Council | 1,000.00 | 1,000.00 | ||
| Programmed Projects | 70,054.00 | 30,511.51 | 100,565.51 | |
| Totals | 144,641.88 | 30,037.54 | 65,992.51 | 180,596.85 |
6. Tenancies
A. Council as Landlord
| Tenant | Property | Rent pa | Repairing |
| Cotgrave Futures Trustees | Cotgrave Futures | Peppercorn |
B. Council as tenant
| Property | Rent pa | Term | |
| Coal Industry Social Welfare Organisation (CISWO) | Arthur Ridley Sportsground | 665.18 | 125 years Rent to be reviewed in March 2012 (25.3.97-24.3.2122) |
| Coal Industry Social Welfare Organisation (CISWO) |
Cotgrave Futures Building and multi play area | 26.00 | 50 Years (25.11.92-10.12.2051) |
| Rushcliffe Borough Council | Grassmere Play Area | 275.00 | 25 Years (25.11.92-11 2017) |
| Rushcliffe Borough Council | Ring Leas Play Area | 265.00 | 25 Years (25.11.92-11 2017) |
| Rushcliffe Borough Council | The Green | 275.00 | 25 Years (25.11.92-11 2017) |
| Rushcliffe Borough Council | Broadmeer Play Area | 40.00 | 25 Years 21.12.98-31.10.2023) |
| Rushcliffe Borough Council | Forest Close Land for Allotments | 35.00 | 25 years (14.12.2000-31.12. 2026) |
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7. Section 137 payments
Section 137 of the Local Government Act 1972 enables the Council to spend up to the product of £5.44 per head on the electoral roll as at 1st April, for the benefit of the people in the area on activities or projects not specifically authorised by other powers.
The total amount available for this purpose in 2006/2007 was £29,354. Two grants of £100 were paid to Cotgrave Manvers School towards the cost of their year book and to Highfield School for a school photograph.
8. Agency Work
In 1996 Cotgrave Town Council made an agreement with Nottinghamshire County Council, in the Parish Paths Partnership Scheme whereby Nottinghamshire County Council, as Highways Authority, has granted financial assistance to this Council to undertake minor maintenance work on the local path network. This agreement was renewed in March 2004.
The aim of this agreement is to establish a partnership between Nottinghamshire County Council and the Town Council to harness and co-ordinate local resources and skills with the assistance of grant aid from Nottinghamshire County Council with the intention of opening up, repairing and maintaining public rights of way in the area of Cotgrave.
Currently £643.79 is held in reserve.
The Town Council also carries out grass cutting on behalf of the Highways authority.
In 2006-07 £798.25 was received from Nottinghamshire County Council.
9. Advertising and Publicity
The following payments were made.
Council produced and delivered four newsletters during the year at a cost of £2,852.75..
10. Contingent liabilities
At the end of the year there were no grounds for allowing for such contingencies.
11. Pensions
During 2006/07 the Council paid an employer’s contribution of £11,662.75 representing 15.2% of the employees` pensionable pay into Nottinghamshire County Council’s pension fund.
The contribution rate is determined by the fund`s actuary which is Mercer Human Resources Consulting Ltd, Mercury Court, Tithebarn Street, Liverpool, L2 2QH based on triennial actuarial valuations. The last review was carried out on 31st March, 2004. The actuary has indicated that the employer’s contribution rate will rise to 18.6% in five equal steps. The contribution rate for 2006-07 and beyond will be as follows:
2006/07 15.2
2007/08 16.3
2008/09 17.4
2009/10 18.6
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