What is Year End for Parish Councils?
The year end provides a snapshot of the council's financial transactions, governance arrangements, and other key information. It helps to ensure that the council is operating in a responsible and efficient manner, and serves as a means of demonstrating accountability and transparency to the public.
The financial year for local councils is a 12 month period from 1st April to 31st March, and is used as the basis for preparing the Annual Governance and Accountability Return (AGAR) - a mandatory document that local councils are required to complete and submit to the relevant authorities.
Completing the AGAR is a legal requirement under the Local Audit and Accountability Act 2014, and failure to submit a completed AGAR can result in penalties and enforcement action by the relevant authorities.
Who uses the AGAR?
- Internal & external auditors - to assess the council's compliance with relevant regulations and laws, and ensure that public money is safeguarded and properly accounted for.
- Members of the council - to assess the council's financial health and make informed decisions, and ensure it is using resources effectively and in the interest of the public.
- Members of the public - to understand the council's activities and financial transactions.
Exercise of Public Rights
The exercise of public rights involves a 30 working-day period in which accounting records must be made available for inspection to any interested person, and the AGAR must be approved and published before this inspection period starts.
Within this period, electors can inspect and raise questions regarding the accounting records of the financial year in which the audit relates. They also have the right to request copies of accounting records during this period. Documents containing information that is personal or protected by commercial confidentially cannot be inspected.
AGAR Section 1 - Governance Statement FY2324
AGAR Section 2 - Accounting Statement FY2324
End of Year Bank Reconciliation FY2324
Explanation of Significant Variances FY2324
