Newbold Verdon Parish Council

Serving the people of Newbold Verdon

Clerk: Lyn Yavuz
Community Pavilion, Alan's
Way, Newbold Verdon, Leicester

Tel: 07483347773

Finance & Audit

On this page you will find information on the following categories:

  • Precept and Budget
  • Audits, Exercise of Public Rights
  • Financial Regulations & Risk Assessments
  • Grants & Donations
  • Assets
  • Insurance
  • Public Works Loan Board Loans
  • Contracts

Financial Regulations

  • Financial Regulations (PDF, 225 Kb)

    The Financial Regulations form part of the Council's constitution and govern how the Council utilise and manage and the annual precept and budget, as well as contracts and grants.

    These are the most up to date Financial Regulations having only been adopted in May 2020.


Pursuant to the Accounting and Audit Regulations 2015, the annual audit process is a formal external assessment of the Council's management of accounting and governance for each financial year, with the most recent being year ended 31st March 2021.

It is a two step process and commences at the end of a financial year with an internal audit, which is completed by an independent Internal Auditor between March and June.

The second and final step is via the External Audit, which is performed by PKF Littlejohn, which takes place annually between July and September.

This process has already taken place but as the Auditor ran out of time to complete the inspection, they have issued an Interim Report (Section 03 of the Annual Governance and Accountability Return), along with the Notice of the Right to Inspect the Annual Return, which are published below.

All documentation pertaining to the current and previous audit can be found below, for your review and download should you wish to.

Exercise of Public Rights

Pursuant to the Accounts and Audit Regulations 2014 and 2015, members of the public are able to request to review any documentation pertaining to the finances of the council and the audit process. The period for the Exercise of Public Rights for the year ended 31 March 2022, will be Monday 13th June to Friday 22nd July inclusive. During this period any member of the public can request to review the documents.

The official Notice of Public Rights is located below, with pages 2 and 3 outlining the audit process and the public's rights to view documentation at the appropriate time.

Annual Audit Documents

Please click on the below link to gain access for all audit documentation, including the most recent i.e year-ended 31st March 2022.

Internal Control

Council must hold a Statement of Internal Control which highlights the actions Council undertakes to ensure pyblic money is safeguarding and that Council is working within legislation and protocol. Please see the below attached Statement.

Annually, Council also nominates a Council Member to oversee the role of Internal Control.

The Responsible Financial Officer will complete monthly reconciliations against bank statements and will produce reports to this effect. Pursuant to Accounting and Auditing practices, on a quarterly basis, these accounts need to be reviewed by the Internal Control Council member and reported to Council at the next available council meeting.

Below are the quarterly reports confirming the Internal Controller's approval of each review for the current accounting year.


The Precept is the element of your Council Tax that is paid to Newbold Verdon Parish Council via Hinckley and Bosworth Borough Council.

Annually, the Parish Council draws up a budget and calculates how much money it requires to fulfil its servies and duties for the next financial year. From that budget, a precept is calculated. A request for the precept is submitted to Hinckley & Bosworth Borough Council in January each year and then paid to the Parish Council in half yearly payments throughout the financial year.

Hinckley and Bosworth Borough Council co-ordinates the demands from all the parish councils as well as the demands from Leicestershire County Council, the Police, the Fire Service and themselves, to compile the rate to be paid from 1st April that year.

The Precept for the 2022-23 year is, £84,876 which has resulted in zero increase on the previous year's precept of the same.

Budget & Reserves

The budget and precept for the 2022-23 year was set and approved at the full council meeting held on 13th December 2021.

Please see the below attached Budget Report for a full breakdown of how this was calculated including a copy of the budget itself.

The Responsible Financial Officer (Clerk) starts to collate and set the budget for the next financial year in September. This is then reviewed by full council and approved at either the December or following January meeting. The Budget determines what precept needs to be raised and approved for the next financial year.

  • Budget Report 2022-23 (PDF, 319 Kb)

  • Finance Report - Quarter 3 (PDF, 22 Kb)

  • Reserves Report - Quarter 3 (PDF, 157 Kb)

    Ear-marked reserves are those funds which are ring-fenced for specific projects. General reserves are the funds in which Council holds annually to ensure it has enough money to meet its services, in the unforeseen circumstance that the precept is not received or a financial crisis were to occur.

Risk Management


This is the Parish Council's most up to date and comprehensive list of all of its assets.

Local councils 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.

The Register is confirmed by the Council at the end of each financial year but is a working document over the following financial year, during which Council Officers will update and amend details as necessary.

The definition of fixed assets are property and equipment with a useful life of more than one year used by the Council to deliver its services.

A Fixed Asset Register has four main purposes:
A) It forms a basis for completion of box 9 in the 'Annual Return.'

B) It forms a basis for decisions on risk and insurance issues.

C) It provides information on the age and potential lifespan of certain items.

D) It provides assurance of the continued existence of Council's property.


Annually, the Parish Council insure all community assets, equipment and also ensure they have adequate public liability insurance.

Please click on the below for this year's insurance policy document.

Borrowing (PWLB)

The Public Works Loan Board (PWLB) is a statutory body operating within the United Kingdom Debt Management Office, an Executive Agency of HM Treasury.

PWLB's function is to lend money from the National Loans Fund to local authorities, and to collect the repayments.

Newbold Parish Council currently have a loan with the Public Works Loan Board, which enabled Council to purchase land and develop the sports field and pavilion. Please click on the below link to gain access to the most recent loan statements.


Newbold Verdon Parish Council hold the below contracts for the 2022-23 year:

  • Grass Cutting £17k
  • Autela Payroll Services £0.4k
  • Website and Email Accounts - £0.7k
  • Trade waste and litter - £3k

Grass Cutting & Maintenance Contract 2022

The contract for Grass Cutting and Maintenance is held with Burnt Oak Developments and will be reviewed again during the budget process in October of this year.

The Contract value is for £17k which consists of a cut bi-weekly during the grass cutting season of all open spaces within the Parish Council's remit, including all greens maintenance.

Payroll Contract

The Parish Council hold a rolling contract with Autela Payroll Servies at a value of £400 per annum. This contract includes management of payroll and pensions for all employees.

Website Contract

The Parish Council hold a contract with 2Commune Ltd who provide the Parish Council website, domain name and email accounts for the Clerk and all Council members. This is an annual contract which is renewed annually.

Trade Waste & Litter Contract

The Parish Council hold a contract with Hinckley and Bosworth Borough Council for the trade waste collections from the Sports Field/pavilion at Alans Way and also the cemetery at St James Church. This contract also includes the collection of waste from all litter and dog waste bins within the parish.

Grants & Donations

The Parish Council sometimes award grants to local community groups for community projects.

If a local group would like to apply, you will need to have your own bank account and the activities undertaken, must be to the benefit to the community. There is also further criteria which needs to be met, this can be found on the Grants webpage.

Below is a report of the Grants and Donations made or received by Council during the fiscal year.