Minutes of the Finance Committee meeting
        held on Monday 8 July 2002 in Milton Community Centre at 7.30pm

Present:   RT Summerfield (chair)   PK Oldham   TJ Siggs   HM Smith 
           The clerk 
       1   Apologies for absence    JE Coston   RLE Waters
320/02 2   Minutes of the meeting of 22 April 02 were confirmed and signed as
           a true record.

321/02 3   Matters arising 
(191/02)   VAT - Council would be able to reclaim VAT on the purchase of the
           minibus "provided the vehicle is paid for using Parish Council's
           funds and lottery funding to the Parish Council and the vehicle
           is given to Milton Community Centre for no charge." (Letter from
           Customs & Excise dated 28 June 02).

           Council might be able to reclaim VAT on the purchase of the skate
           park half pipe (approximate cost £10,000) if SCDC would make its
           grant to MPC. MPC would then be able to purchase the half pipe and
           then give it to MCC. 
           Action:  HMS to discuss with SCDC.

           Noted that grants of approximately £10,000 had already been pledged
           to MCC towards the skate park project. This money would be spent
           by MCC on the project and therefore VAT could not be reclaimed on
           those costs incurred.

322/02 4   Bank Reconciliation and Bank Statements
           The chairman would reconcile the bank statements as at 30/06/02
           (balance sheet not to hand). 
           Action: Chairman

323/02 5   Review of Debtors
           There was one debtor at 30/06/02 
           - Cemetery Fee - £15 (since received).

324/02 6   Review of Budget and Year to Date Actuals
           The budget figures and year to date actuals were reviewed. 
           Figures at variance:
           - Youth receipts - HMS had paid for stock which should have been
             replenished before 31 March 02.
           - Long term debts - £2971.08  interest was accrued at 31 March 02.
           - Office equipment - over budget - new computer. 

           Minute 38/02 was noted: "Council would be expected to pay
           approximately £1500 towards the skateboard ramp as part of the
           condition of a grant from Wren."   

           The Finance Committee had not included this in the budget. The
           expenditure agreed in minute 310/02 (1 July 02) would therefore
           come from contingency.

325/02 7   Final Accounts 2001/02
           The final accounts were presented. 

           AGREED to recommend that Council approve these accounts - subject to 
           corrections to debtors total in Supporting Statement and net assets 
           figure for 2001.  

326/02 8   Any Other Business
           The clerk would prepare a statement of accounts for the Village
           Fayre stall.
           Action:  Clerk

The meeting ended at 7.56pm