AGAR: The Annual Governance And Accountability Return Made Easy
As a busy Council Clerk or Responsible Financial Officer (RFO), a smooth sailing Year End is likely at the top of your wish list. The period leading up to 31st March can be particularly daunting, especially if it’s your first time managing Year End processes. Ensuring that all your tasks are in order well before the deadline is crucial.
Hannah, a MAAT Qualified Accountant, and Jo, a CiLCA Clerk, have collaborated to create a helpful 5-part series designed to guide you through the Year End process with ease.
Preparing Your Accounts for Year End
Year-End preparation involves a significant amount of work and anticipation of extra hours. Many Councils make the mistake of procrastinating until the last minute, which only adds to the workload and stress during this busy time. Staying on top of your tasks can significantly reduce pressure and ensure your accounts are up to date.
For a detailed look at how to prepare your accounts effectively, watch the first part of our series: Watch.
The Internal Audit
Before submitting the AGAR, an annual review of the Council’s accounts and internal controls, known as the internal audit, is required. This stage can be intimidating since it involves scrutinising your work, but remember that your auditor is there to help you succeed.
Learn more about the internal audit, appointing an Internal Auditor, and the necessary requirements and timeframes in the second part of our series: Watch.
AGAR Section 2: The Accounting Statements
Completing the accounting statements, often referred to as the annual return, requires a clear understanding of your accounting approach and what each line should include. This is especially important if you are compiling these figures manually.
For an overview on completing the AGAR and key considerations, watch the third part of our series: Watch.
Signing and Publication of Documents
Once the AGAR is complete, a Council meeting must be held to approve and sign off the documents before submission to the External Auditor. Additionally, as a Council managing public money, you must hold a 30-day period for the Exercise of Public Rights and publish your accounting records online for public viewing.
For more information on the signing and publication of documents and the Exercise of Public Rights, watch the fourth part of our series: Watch.
The New Financial Year
While it’s easy to get bogged down with the current year’s AGAR workload, setting up your cashbook for the next financial year can save you time and hassle.
For tips on structuring your cashbook and what to consider, watch the fifth part of our series: Watch.
Hello to Spare Time
To save time and reduce stress, consider joining Scribe, our dedicated accounts software designed specifically for Parish and Town Councils. Scribe allows you to:
Produce your Annual Return
Claim VAT back or submit VAT returns
Reconcile and report on bank accounts
Manage and report on budgets
Generate numerous reports with just a click
Our team comprises qualified and part-qualified accountants, a CiLCA clerk, expert trainers, and problem solvers, ensuring that all queries are responded to promptly.