This document has been formatted for easy accessibility as a web page. The original document can be inspected at the Lambourn Parish Council Offices by contacting the Clerk.


Investment Strategy

Introduction:

Lambourn Parish Council (LPC) is responsible for the investment, security and deployment of public funds. The strategy defines how the funds are invested and the security assured.

This strategy supports the LPC Financial Regulations.

LPC investment priorities are

  • the security of its reserves
  • the adequate liquidity of its investments
  • the return on investment

All investments over £1,500 should be with Banks or Building Societies covered by the FSCS.

Sources of income:

LPC receives funds from the following:

Parish Precept collected through West Berkshire Council

Volunary Racing contribution

Letting of the Memorial Hall

Letting of market stalls in the market place

Letting of open spaces

Burial and grave digging fees

Community Infrastructure Levy (CIL) monies paid on new developments

West Berkshire Council members bids (for specific parish projects)

Grants applications from various sources (for specific parish project)s

Interest received on investments

Letting of Hungerford Hill paddock (currently income paid to the Lambourn Allotment Society)

Government Grants for LNDP

Accounts and Funding levels:

Current Account Currently LPC use Barclays Bank.

A bank current account shall be used for the daily running of the finances of the council. The funding level of the account shall be maintained between 4 months and 6 month’s average spend.

Payments from this account are made through BACS.

LPC has a direct debit card linked to this account for incidental purchases to ensure best value for money. This Card usage is governed by the expenditure policy and limited to use by the Clerk with a maximum expenditure of £500.

Deposit Accounts Currently LPC use Newbury Building Society.

Deposit accounts shall be used to invest the LPC reserves. Immediate access to the funds is not generally required but access should not exceed 90 days.

The specific account type chosen should provide the best interest rate available based within the constraints of access time and amount available for deposit.

Accounts shall not be allowed to exceed £85k (FSCS limit) .

Withdrawals from this account take 90 days and must be paid into a separate account to be accessed. 2 signatories are required for withdrawals.

Santander Account: LNDP Account:
This account is for the LNDP Steering Committee to complete the Local Neighbourhood Development Plan. This account still uses cheques with 2 signatories

Signatories

Signatories to accounts are generally made up of councillors represented on the Finance Committee (Chairs of committees).

The Council should maintain a minimum of 3 signatories as per Financial Regulations.

Online payments are made via BAC’s with 2 Councillors authorising payment.

The Clerk to the Parish Council is also a signatory on the current accounts to enable access for management; generally, the Clerk does not sign cheques or authorise online payments.

Document Control
Document owner: Lambourn Parish Council
Version number: V1.0
Approval Date: 31 March 2023
Approved By: Full Council EGM
Review cycle: Annual
Date of next review: 2024

Skip to content