Finance Courses | Lincolnshire ALC

Year-end & Audit - Income & Expense Accounts

For officers who want to understand how to prepare and publish their council’s Annual Governance & Accountability Return on a receipts and payments basis, complying with the Accounts & Audit Regulations and the Transparency Code for Smaller authorities.

This session introduces the Annual Return and the stages of the audit process, enabling you to complete all the relevant steps correctly. It includes additional information on exemption from audit and transparency, only applicable to councils with annual receipts and payments of less than £25,000.

There are similar, alternative sessions for:

Councils over £25,000 (no mention of audit & transparency)

Councils that need prepare Income and Expenditure accounts

You do not need to attend more than one of these, as the content is similar.

Topics include:

• Closing the accounts

• Exemption from external audit

• Internal audit

• Reviewing internal control

• The Annual Return

• Electors rights

• Transparency and publication requirements

By the end of this session you will:

• Be able to identify the steps needed as part of the year-end process

• Understand how to close the council’s accounts

• Understand how to complete the Annual Return

• Be able to correctly allow the exercise of electors’ rights

• Be able to identify the information a small council must publish

Session leader: Steve Parkinson, The Parkinson Partnership LLP

Steve is a former Town Clerk and an accountant with 30 years’ experience in public and voluntary sector finance. He now specialises in delivering training and advice on VAT and finance matters for the local council sector.

VAT for VAT registered councils

For clerks, finance staff and councillors from councils that are VAT registered, who wish to develop their knowledge (VAT registered councils have a 9-digit registration number, submit quarterly VAT returns online and charge VAT on taxable sales. If your council submits a VAT126 claim, it is not VAT registered).

This session explains when and how VAT registered local councils charge VAT, when they can reclaim it and when they can't. Essential for any council contemplating major building projects.

Topics include:

• how VAT law applies to local councils

• where to find the law and guidance

• business and non-business activities

• understanding whether sales are taxable or exempt from VAT

• when to charge VAT

• VAT rates

• when VAT can be reclaimed

• VAT returns

• Partial exemption

• Non-business activities

• Reclaiming VAT when using grants and donations

By the end of this session you will:

• Know where to find the relevant legislation and guidance

• Understand the key concepts of VAT

• Know when a council can or can’t reclaim VAT

• Recognise when a council must charge VAT

• Be aware of activities that require special attention

Session leader: Steve Parkinson, The Parkinson Partnership LLP

Steve is a former Town Clerk & an accountant with 30 years’ experience in public sector finance, who specialises in advice & training for the local council sector.

Finance for Councillors

This session is for councillors only and is designed to give them a greater understanding of their duties with regard to the council’s finances.

Topics include:

• Roles and responsibilities

• setting a budget and precept

• Financial control

• The Annual Governance & Accountability Return

• Internal and external audit

• How VAT applies to local councils

By the end of the session you will:

• Understand the council's duties regarding financial management

• Be aware of relevant legislation and sources of guidance

• Be aware of how the council's accounts are prepared and audited

• Recognise the importance of internal controls

• Understand how VAT law applies to your council

Session leader: Steve Parkinson, The Parkinson Partnership LLP

Steve is a former Town Clerk & an accountant with 30 years’ experience in public sector finance, who specialises in advice & training for the local council sector.

Internal Controls

This session give councillors and clerks an understanding of the need for internal controls and how they work, with practical examples and case studies.

Topics include:

• Roles and responsibilities

• Financial risks

• Purpose of internal controls

• Case studies

• Examples of controls

• Review of internal controls

By the end of Local Council Finance you will:

• Understand the council's and RFO's duties regarding internal control

• Be aware of the purpose of internal controls

• Be able to identify examples of internal controls

• Know when to review internal controls

The role of Internal Audit

This is NOT a training session for people who want to undertake internal audits.

For councillors and officers that want to understand the role of the internal auditor and how to appoint one. This session explains the role of the internal auditor in providing assurance to the council that it has sound financial controls.

Topics include:

• legislation and guidance

• Roles and responsibilities

• Risk management

• Internal controls

• how the council appoints an internal auditor

• Scope of internal audit

• Reviewing internal control

• Internal audit reports

Session benefits:

By the end of this session you will:

• Understand the purpose of internal audit

• Be aware of relevant legislation and sources of guidance

• Understand how a council should appoint an internal auditor

• Recognise the importance of internal controls

• Be aware of the need to review effectiveness

Year-end & Audit - Receipts & Payments accounts (over £25,000)

For officers who want to understand how to prepare their council’s Annual Governance & Accountability Return on a receipts and payments basis and comply with the requirements of the audit process.

There are alternative sessions for:

Councils under £25,000

Councils that prepare Income and Expenditure accounts

This session introduces the Annual Return and the stages of the audit process, enabling you to complete all the relevant steps correctly.

Topics include:

• Closing the accounts

• Assets and borrowing

• Internal audit

• Reviewing internal control

• The Annual Return

• Electors rights

• Publication requirements

By the end of this session you will:

• Be able to identify the steps needed as part of the audit process

• Understand how to close the council’s accounts

• Understand how to complete the Annual Return

• Be able to correctly allow the exercise of electors’ rights

• Recognise the need to review internal controls

VAT Partial Exemption

For clerks, finance staff and councillors of councils that lease or hire out land and buildings such as village halls, community centres, meeting rooms, sports facilities or markets, who need to understand when their council is at risk of not being able to reclaim VAT. Essential for any council contemplating major building projects, or incurring significant expenditure on running these facilities.

This session is for those who already understand the rules of VAT (possibly from one of our VAT sessions) and need to work out whether their council can reclaim VAT in relation to its use of land.

This session is unlikely to be of benefit for councils spending less than £50,000 a year, or for anyone that doesn't understand the difference between business and non-business activities or between taxable and exempt supplies.

This session explains when VAT cannot be reclaimed in relation to exempt activities and what options may be available.

Topics include:

• law and guidance

• non-business, taxable and exempt uses of land

• Apportionment of costs

• Partial exemption calculations

• Occasional breaches

• Option to tax

• Capital Goods Scheme adjustments

By the end of this session you will:

• Know where to find the relevant legislation and guidance

• Understand how to undertake a partial exemption calculation

• Recognise when a project is likely to lead to unrecoverable VAT

• Be aware of options to achieve VAT recovery

New Clerks Finance

This introductory session is for inexperienced clerks in their first few months and is designed to give them an overview of a council's year, along with a basic understanding of the RFO's role.

If you have 9 month's experience or more, this session is unlikely to cover anything you don't already know. Please leave this session for very new clerks and book yourself onto the more detailed sessions on budgeting, Internal Control, Year-end and VAT instead.

Topics include:

• Roles and responsibilities

• Setting a budget and precept

• Internal control

• The Annual Governance & Accountability Return

• Internal and external audit

By the end of the session you will:

• Be aware of relevant legislation and sources of guidance

• Be able to describe the key financial activities in a year

• Be aware of how the council's accounts must be prepared and audited

• Recognise the importance of internal controls

VAT for Unregistered councils (VAT126)

For clerks, finance staff and councillors from councils that are not VAT registered, but reclaim VAT on Form VAT126.

This session explains how VAT affects local councils. Essential for any council contemplating major building projects.

Topics include:

• how VAT law applies to local councils

• where to find the law and guidance

• business and non-business activities

• understanding whether sales are taxable or exempt from VAT

• when a council must register for VAT

• when VAT can be reclaimed

• Partial exemption

• Reclaiming VAT when using grants and donations

By the end of this session you will:

• Know where to find the relevant legislation and guidance

• Understand the key concepts of VAT

• Know when a council can or can’t reclaim VAT

• Recognise when a council must register for VAT

• Be aware of activities that require special attention

Procurement

For anyone involved in procuring goods and services, preparing tenders or entering into contracts on behalf of local councils.

This session is an introduction to the basics of procurement for local councils – inviting quotes, producing specifications and tender documentation, achieving competition and value for money, managing contracts.

Topics include:

• Procurement thresholds

• Basic terminology and steps involved in procurement

• Estimates, quotes and tenders

• Specifications

• Quality and value for money

• Advertising, including Contracts Finder

Session benefits:

By the end of Contracts and Procurement you will:

• Be aware of procurement thresholds

• Recognise when you must advertise on Contracts Finder

• Understand how to produce a specification for what you want

• Understand the basic terminology and steps involved in procurement

• Be able to ensure your procurement achieves value for money

Session leader: Steve Parkinson, The Parkinson Partnership LLP

Steve is a former Town Clerk and an accountant with over 30 years’ experience in public and voluntary sector finance. He now specialises in delivering training and advice on VAT and finance matters for the local council sector.

Year-End & Transparency (Councils under £25,000)

For officers who want to understand how to prepare and publish their council’s Annual Governance & Accountability Return on a receipts and payments basis, complying with the Accounts & Audit Regulations and the Transparency Code for Smaller authorities.

This session introduces the Annual Return and the stages of the audit process, enabling you to complete all the relevant steps correctly. It includes additional information on exemption from audit and transparency, only applicable to councils with annual receipts and payments of less than £25,000.

There are similar, alternative sessions for:

Councils over £25,000 (no mention of audit & transparency)

Councils that need prepare Income and Expenditure accounts

You do not need to attend more than one of these, as the content is similar.

Topics include:

• Closing the accounts

• Exemption from external audit

• Internal audit

• Reviewing internal control

• The Annual Return

• Electors rights

• Transparency and publication requirements

By the end of this session you will:

• Be able to identify the steps needed as part of the year-end process

• Understand how to close the council’s accounts

• Understand how to complete the Annual Return

• Be able to correctly allow the exercise of electors’ rights

• Be able to identify the information a small council must publish

Session leader: Steve Parkinson, The Parkinson Partnership LLP

Steve is a former Town Clerk and an accountant with 30 years’ experience in public and voluntary sector finance. He now specialises in delivering training and advice on VAT and finance matters for the local council sector.