05 August 2025 – Minutes

THAME TOWN COUNCIL

Minutes of a Meeting of the Corporate Governance Committee held on 5 August 2025 at 6.30pm in the Upper Chamber, Thame Town Hall.

Present:

Cllrs P Cowell (Deputy Mayor), D Dawson (Deputy Mayor), A Dite, M Dyer (Chairman), S McGarry, H Richards and W Wilde

Officers

M Sturdy, Town Clerk
K Slater, Corporate Services Manager & Responsible Financial Officer (RFO)
L Fuller, Committee Services & Processes Officer

 

The Chairman welcomed Cllr Wilde to his first Corporate Governance committee meeting.

1) Apologies for Absence

Apologies for absence received from Cllrs Dodds (personal), Gilbert (personal), Swan (personal), Wainwright (personal).

Cllr Bretherton was absent without apology.

RESOLVED:

  1. To accept the apologies and reason given from Cllrs Dodds (personal), Gilbert (personal), Swan (personal), Wainwright (personal).

 

2) Declarations of Interest and Dispensations

There were no declarations of interest or dispensations.

 

3) Public Participation and Public Questions

There were no applications to address the Committee.
There were no questions put to the Committee.

 

4) Minutes

Cllr Dawson entered the meeting.

The Minutes of the Committee Meeting held on 25 March 2025 were received.

The Minutes of the Committee Meeting held on 13 May 2025 were received.

RESOLVED that:

  1. The minutes of the meeting held on 25 March 2025 are confirmed as a correct record, and signed by the Chairman.
  2. The minutes of the meeting held on 13 May 2025 are confirmed as a correct record, and signed by the Chairman.

 

5) Financial Update

  1. Budget Summary: The committee monitored actual income and expenditure against estimates up to 30 June 2025.
  2. Balance Sheet: The committee noted the balance sheet as at 30 June 2025.
  3. Earmarked Reserves: The committee received the latest EMRs.
  4. Bank Reconciliation: The committee received the latest 6-monthly bank reconciliation in line with Financial Regulation 2.6.
  5. Payments: The committee received the list of regular payments in line with Financial Regulation 6.8.

Nothing to report on the budget summary other than the Town Hall rent recharges being noted as an accounting process.

It was noted that as a minimum, 3 months funds in reserves are required.

The Corporate Services Manager & RFO clarified various matters relating to finance and bank accounts.

Suggestions were made to transfer funds into higher interest accounts; this was discussed further under Item 7.

 

6) Financial Overspends

The committee noted that there are no financial overspends against budget line items (greater than the agreed de minimis of £100 / 5%) recorded since April, but potential overspend up to £120k for depot roof replacement (tender to be agreed). Depending on whether the expenditure falls within the current or next financial year, there are funds available in the Town Council’s investments or capital rolling fund.

 

7) Banking Update

The committee received the comparison report detailing bank account interest rates.

Officers had compared the banking offering of the main high street banks, which revealed that overall Lloyds’ offering is the most competitive and suitable for the Town Council’s needs.

It was felt there was potential to move some money into accounts with longer notice periods which would offer higher interest rates. Whilst town council projects are budgeted for as part of financial planning, they are not assigned a timeline with regards to expected expenditure which makes it challenging to transfer funds to an account with a longer notice period, given funds may need to be withdrawn sooner.

 

8) Investment Update

The committee noted the summary of the investment performance. The portfolio reflects the globally volatile markets. A meeting of the investment working group will take place tomorrow.

Officers have reviewed the investment portfolio of another local town council who use the same investment company. Their investments produce up to double the return, resulting from a higher risk profile, investing in direct holdings, and prioritising income over capital growth.

There was a recognised need to review the level of risk in the town council’s investments, which would be discussed further at the working group meeting tomorrow.

 

9) Community Governance Review

The report was noted. At this stage the District Council are seeking the views of town and parish councils ahead of a Community Governance Review in Autumn 2025.

After some discussion it was agreed that the committee would not support changes to the town council ward boundary as proposed as part of the LGBCE 2024 review. The current town council warding arrangements as approved by the Community Governance Review in 2022 are balanced and suitable.

It was also agreed to maintain the request for the Thame parish boundary to be extended to include the site of the relocated Thame Cattle Market which currently would sit in the Great Haseley Parish.

 

10) Policies

The Financial Management Procedure and Fixed Asset Depreciation and Lone Working policies were presented and had been reviewed in line with updates to legislation and strategy work, as shown in red text.

A question was raised with regards to staff work mobiles provision and lone working. Work mobiles or walkie-talkies are provided for staff who undertake lone working.

Members questioned the depreciation policy’s purpose. The Town Council is required to have a policy, and the Town Clerk provided legal advice as such. The Town Hall’s rebuild valuation is calculated every 5 years as part of the insurance renewal.

RESOLVED:

  1. To approve the Financial Management Procedure.
  2. To approve the Fixed Asset Depreciation Policy.
  3. To approve the Lone Working Policy.

 

11) Community Infrastructure Levy (CIL)

The committee received a monitoring report of CIL income and expenditure. Some CIL had been received since the last report, however there was no known expenditure in that time. It was noted that approximately £200,000 is due in CIL from the Reserve Site C development. CIL is transferred into earmarked reserves upon receipt.

It was agreed that the Town Council would like South Oxfordshire District Council to continue to automatically transfer its CIL share for payments in 2025-26, rather than hold the monies on the Town Council’s behalf.

 

12) Utilities Report

The committee noted the utilities report. The lower gas and electricity costs reflect the newly negotiated contract. The increase in water costs is due to being incorrectly charged domestic rates, but this should level out now it is resolved.

The increase in water consumption may be due to the water fountain or increased use of the Town Hall toilets during hirings.

The committee noted it was helpful to now have data to better monitor usage and costs.

 

13) Risk Management

The committee noted the Fire Risk Assessments were completed in April 2025 and an update on remedial action taken to date was reported to the Environment & Assets Committee on 15 July 2025. 

The committee noted a H&S audit will take place in September, with a staff fire drill being planned for before then. A fire drill will need to take place during a council meeting; the date is to be confirmed.

Cllr McGarry offered to join officers on the upcoming health and safety audit as a councillor representative.

 

14) Grants

The committee noted the reports from organisations who have received a grant in 2024 -25.

 

15) Staff Work Phones

The committee noted officers have renegotiated a new contract with BT for staff work phones at the same contract price as previous but with 7 brand new phones included (phones valued at £6000). Upgraded phones have been secured at the same prices as the current contract.

 

The meeting concluded at 7:32pm

 

 

Signed ………………………………

Chairman, 4 November 2025