Financial Standards/Regulations 2026
These Financial Standards establish the governance framework, accounting policies, procedures, and internal controls for financial management within the Pembrokeshire Coast National Park Authority, ensuring compliance with statutory requirements, Welsh Government guidance, and stewardship of public funds. They aim to ensure that Legal requirements are met, public money is safeguarded, the Authority’s assets are safeguarded, budgets and resources are used efficiently, income is maximised where appropriate and best value is achieved..
Contents
2. Legislative and Regulatory Framework (Wales)
4.2 Chief Executive and Senior Leadership (Directors)
4.3 Chief Finance Officer (Section 151 Officer)
4.4 Head of Finance & Fundraising
4.6 Budget Holders/Team leaders
6.1 Medium-Term Financial Plan (MTFP)
8. Internal Controls and Governance
8.4 Financial procedures & controls
9. Procurement and Contract Management
12. Gifts, loans and Sponsorship
14. Payroll Governance, Administration & control
17. Personal use of facilities
20. Suspension of Financial Standards
Appendices: Financial Regulations
Appendix A – Procurement methods per Contract Standing Orders
Appendix B – Scheme of delegation/a>
B2. Audit & Corporate Committee
B4. Directors / Heads of Service
B6. Delegated Financial Limits
Appendix D: Key References and Sources
1. Purpose
These Financial Standards establishes the governance framework, accounting policies, procedures, and internal controls for financial management within the Pembrokeshire Coast National Park Authority, ensuring compliance with statutory requirements, Welsh Government guidance, and stewardship of public funds. They aim to ensure that:
- Legal requirements are met.
- Public money is safeguarded.
- The Authority’s assets are safeguarded.
- Budgets and resources are used efficiently.
- Income is maximised where appropriate.
- Best value is achieved.
2. Legislative and Regulatory Framework (Wales)
The Authority operates in accordance with the following legislation and guidance:
- Environment Act 1995 (establishing National Park Authorities)
- Local Government Act 1972 – Local Government (Wales) Measure 2011
- Well-being of Future Generations (Wales) Act 2015
- Local Government and Elections (Wales) Act 2021
- CIPFA/LASAAC Code of Practice on Local Authority Accounting in the United Kingdom
- CIPFA Prudential Code for Capital Finance in Local Authorities (2021 edition)
- CIPFA Treasury Management in the Public Services: Code of Practice (2017 edition, updated guidance)
- Welsh Government: “Local Authority Accounting in Wales” (statutory guidance)
- Welsh Government: Revenue Support Grant (RSG) Settlement documentation (annual)
- Welsh Government: “Prudential Framework for Local Authority Capital Finance” guidance
- Audit Wales Code of Audit Practice (2021)
- UK GAAP is adapted for the public sector.
3. Scope
This manual applies to all Members, Committees, officers, departments, entities and groups acting on behalf of the National Park Authority involved in financial management, including budgeting, procurement, accounting, and reporting. Compliance with financial governance requirements is mandated under the Environment Act 1995, Local Government Act 1972, and Welsh Government financial regulations.
4. Roles and Responsibilities
4.1 Members (NPA)
Approves budgets, Annual Statement of Accounts, financial strategies & policies, including providing oversight via scrutiny functions (Local Government and Elections (Wales) Act 2021). The Audit & Corporate Services Review Committee monitors financial performance and reviews outcomes of internal and external audits.
4.2 Chief Executive and Senior Leadership (Directors)
Ensures effective financial management across Authority functions and alignment with Well-being of Future Generations (Wales) Act 2015 objectives.
- Ensures Authority decisions and policies are implemented.
- Responsible for the effective use of resources
- Ensuring spending aligns with statutory purposes.
- Preparation of the National Park’s Partnership Plan (Management plan)
- Responsible for the overall performance of their respective services, ensuring service compliance with these Financial Standards and providing assurance that internal controls are applied and effective.
4.3 Chief Finance Officer (Section 151 Officer)
Under the Local Government Act 1972 (Section 151), responsible for:
- Ensuring lawful and prudent financial management including compliance with Regulations and Codes of Practice
- Maintaining accounting records (CIPFA Code of Practice) including overseeing internal controls, accounting, and financial reporting including assessing the effectiveness of the system of internal control environment.
- Reviewing the Statement of Accounts (Audit Wales guidance) ensuring compliance with accepted accounting practices
4.4 Head of Finance & Fundraising
- Reports to Chief Executive
- Oversees day‑to‑day finance operations.
- Prepare annual accounts.
- Reports on budgetary performance including capital and revenue budgets
- Maintains financial systems, budgets, insurance, fraud policies and authorized signatory lists.
- Reviews and implements a system of internal financial controls and ensures compliance.
4.5 Monitoring Officer
- Ensures compliance with legal and governance requirements including advising members on whether decisions are within the law & codes of practice.
- Manages the Register of Interests and Codes of Conduct including Register of Gifts & Hospitality
4.6 Budget Holders/Team leaders
Manage expenditure within approved service budgets in their area of responsibility (Local Government (Wales) Measure 2011) and deliver value for money.
4.7 Other Key Roles
- Estates Officer: Manages property records, arranges valuations including advising on and implementing asset planning.
- Head of People: Manages employee relations, HR planning and staff well-being.
- Democratic Services Manager: Responsible for effective administration of Authority Governance.
5. Accounting Policies
5.1 Basis of Accounting
Accounts are prepared on an accruals basis as per the CIPFA Code of Practice on Local Authority Accounting. Detailed accounting policies relevant to the Authority are listed in the Statement of Annual Accounts. These are subject to change in accordance with accounting guidance.
Accounting procedures shall comply with relevant local authority accounting standards and regulations (CIPFA Code).
5.2 Revenue Recognition
Revenue includes National Park grant funding, income from services, and other grants, recognized when earned and measurable as per the CIPFA Accounting Code. The basis of measurement is defined in the accounting policies.
5.3 Expenditure Recognition
Expenditure recognized when goods/services are received and in accordance with the CIPFA Accounting Code. The basis of measurement is defined in the accounting policies.
5.4 Capital Expenditure
Capital expenditure follows the Prudential Code and Welsh Government guidance for capital assets and thresholds. The basis of measurement is defined in accordance with the CIPFA code and in the accounting policies. Financial Procedure 14 Fixed Assets sets out the arrangements for the identification, recognition, recording, control, depreciation, and disposal of fixed assets. It ensures that assets are managed effectively, safeguarded appropriately, and accounted for in accordance with the financial procedures, accounting policies and relevant accounting requirements.
5.5 Depreciation
Assets are depreciated using methods recommended by CIPFA guidelines and as defined in the accounting policies. Financial procedure 14 Fixed Assets sets out the procedure for the valuation and depreciation of assets including record requirements.
6. Budgeting Framework
6.1 Medium-Term Financial Plan (MTFP)
A MTFP is maintained over 3–5 years in line with Welsh Government funding guidance and presented with the annual budget.
6.2 Annual Budget Setting
An annual budget must be presented and approved by Members in line with the following annual timetable:
These dates are guidelines only and subject to change:
- October to November – Initial planning & preparation, Aligning the budget with strategic goals. Engaging stakeholders to gather input and identify needs. Reviewing past financial performance.
- November to December – Drafting the budget. Estimating revenues, identifying pressures and projecting expenses. Planning for contingencies.
- January – Consultation & revision
- February: Draft budget presented for formal approval by the Authority.
- 15th February: Levy letter issued to Pembrokeshire County Council
- April: Implementation and monitoring – Budgets issued to Budget Holders & Welsh Government returns submitted.
- 30 June: Draft accounts for the financial year submitted to Audit Wales (or appropriate notice published if this is not possible)
- 31 July: WG Revenue & capital Out-turn Report submitted.
- When audit completed: Audited accounts submitted to Welsh Government
6.3 Budget Monitoring
Monthly and quarterly reports are issued to Authority management and Members as follows:
1. Management
- Monthly budget reports are made available to Budget Holders and Directors tracking actual performance against the budget. These include variance analysis identifying differences between actual & budgeted figures. This enables investigation & understanding for the causes of variances.
- Corrective actions are undertaken by adjusting plans and reallocating resources as needed (authorized budget virements) and updating financial forecasts based on current trends.
- Any corrective actions such as proposals to increase expenditure during the year shall identify funding sources in terms of savings elsewhere, draw on any contingency balance or specific reserve, revenue financing of capital expenditure, capital receipts, locally generated income, service specific grants, or borrowing.
- Budget virements are subject to authorization limits in accordance with the scheme of delegation (appendix B)
- Budget Managers must advise if there is an issue which may have a significant impact on the Authority’s budget.
2. Members
Budget performance reports are submitted to Audit & Corporate Services Review Committee quarterly:
- July meeting (12 months to 31st March budget report, draft annual statement of accounts)
- November meeting (6 months to 30th September budget report)
- February (9 months to 31st December budget report)
- May (forecast out turn to 31st March)
7. Treasury Management
7.1 Objectives
Liquidity, security, and yield management is defined as per the CIPFA Treasury Management Code (2017) and Welsh Government guidance. The Code sets out a framework of operating procedures for both Members and Officers to reduce treasury risk and improve understanding and accountability regarding the Treasury position of the Authority. To this end, the Authority will comply with CIPFA’s Code of Practice on Treasury Management
7.2 Governance
An Investment and Treasury Management Strategy is presented to members as part of the budget setting process and published with the annual budget paper. This is compliant with the Prudential Code.
7.3 Banking arrangements
- Bankers must be appointed with the approval of NPA or Audit & Corporate Services Committee.
- All arrangements concerning the operation of the Authority’s bank accounts shall be made upon direction of the Head of Finance & Fundraising or the Chief Executive. They are authorised to open such subsidiary bank accounts with the approved bankers as are necessary.
- The Members delegate authority to the Chief Executive and Head of Finance & Fundraising to process payment instructions of any kind within banking limits.
- An approved list of bank signatories will be maintained by the finance department.
- All staff shall immediately notify the Head of Finance & Fundraising of any irregularity affecting cash, (including suspicions of money laundering), inventory or other property of the Authority and if an irregularity is disclosed, the Head of Finance & Fundraising shall take such steps as he/she considers necessary after consultation with such Chief Executive as appropriate. The Head of Finance & Fundraising is the nominated officer to whom employees can notify ‘suspicious transactions’ which includes those with money laundering implications.
- The Head of Finance & Fundraising shall ensure that there are safe and efficient arrangements in place for the control of and access to blank cheques, and the preparation, signing and issue of cheques.
- The Head of Finance & Fundraising shall ensure appropriate records and accounts of all Treasury Management transactions are maintained.
- Acceptance of Credit / Debit Cards and their associated merchant accounts is subject to the approval of the Head of Finance & Fundraising.
8. Internal Controls and Governance
8.1 Governance Framework
The financial governance framework includes Financial Regulations, Contract Standing Orders, and Scheme of Delegation, compliant with CIPFA standards.
The Head of Finance & Fundraising ensures that a secure, efficient and reliable accounting system is in place to process accounts, payroll and any other associated transactions.
8.2 Segregation of Duties
Key duties are separated where possible to help mitigate fraud. In a small organization where this is not always feasible, this should be mitigated by management scrutiny and other checks.
8.3 Risk Management
Risk management is aligned with the corporate risk framework and Well-being of Future Generations (Wales) Act 2015 objectives.
8.4 Financial procedures & controls
All financial procedures and internal controls are documented in the following documents. These are integral to and support the delivery of the Financial Standards:
FP01 – Petty cash & floats procedure
FP02 – Purchase Order procedure
FP03 – Income collection & sales invoicing procedures
FP04 – Disposal of Surplus Assets
FP05 – Cash handling
FP06 – Payroll procedures
FP07 – Obsolete
FP08 – Quotations procedure – purchase of goods & services below £25,000 net vat
FP09 – Invoice payments & authorization procedures
FP10 – Staff Subsistence expenses
FP11 – Obsolete
FP12 – Grant applications & claims
FP13 – Inventory management
FP14 – Fixed assets
FP15 – Awarding Grants & Management Agreements
FP16 – Awards to Strategic partnerships
FP17 – Members Travel policy
FP18 – Travel policy & travelling claims procedures
Internal procedures:
IP1 – Processing Invoices for Payment
IP2 – Debtors/Creditors Accounts
IP3 – Cash flow management
IP4 – Purchase order processing
IP5 – Budgetary control
IP6 – Payroll over/under payments
IP7 – Cancellation/Amendments to debts
IP8 – Vat returns
IP10 – Castell Henllys Weekly Banking Operational procedure
IP11 – Carew weekly banking procedure
IP12 – OYP weekly banking procedure
8.5 Policies
The following policies and standards support the governance of financial procedures and standards in the Authority:
Contract Standing orders
Scheme of Delegation as per the Financial Standards (Appendix B)
Asset Management Policy & Strategy (deployment & management)
Socially Responsible and Sustainable Procurement Policy
Financial Reserves Policy
Investments Strategy and Treasury Management Policy
Record management & Retention Policy including Retention Schedule
Money laundering Policy
Antifraud & Bribery Policy
Members’ Code of Conduct
Code of Corporate Governance
Partnership Framework
Risk Management Strategy (Policy) and Guidance
Information and Data Security Policy
Data Protection Policy
HR related policies such as maternity pay, etc. which inform payroll processing.
9. Procurement and Contract Management
9.1 Principles
Procurement must be transparent, fair, demonstrate value for money, and comply with UK and Welsh procurement rules (Procurement Act 2023, Welsh Government Procurement Guidance).
9.2 Procurement & Tendering
All procurement must follow the Authority’s Sustainable Procurement Strategy and Contract Standing Orders. Officers shall also ensure that the selection and tendering process meets any conditions specified on grant-aided projects.
Consideration should be given at the appropriate procurement opportunity to the use of the Sell2Wales web site, Welsh Purchase Cards Scheme, Sell2Wales Frameworks, Wales Procurement Policy Statement and any other Welsh Government procurement initiatives.
The Authority is committed to ensuring that all contracts deliver wider economic, social, and environmental benefits in line with government policy objectives, including the transition to Net Zero.
9.3 Purchase orders
A Purchase Order (PO) must be completed for every contract or order for goods or services placed by officers of the Authority. Expenditure should follow the Purchase order procedures as per FP02.
9.4 Purchase cards
All staff using an authority purchase card do so subject to the conditions laid out in the Authority’s Purchasing Card User Guide.
Purchase cards should only be used for incidental expenditure and are subject to spending limits and authorization procedures. Purchase cards are issued to budget holders only or where a sound business case is made for a non-budget holder e.g., remote working.
Card holders are allocated a prescribed limit as set by the Head of Finance & Fundraising from time to time.
9.5 Recurring expenditure
POs do not have to be completed for the following items:
- Standard electricity/gas/water/telephone payments.
- Periodic payments such as rent and rates.
- Renewal of annual subscriptions for publications.
- Petty cash
- Purchase card transactions.
However, they should be subject to value for money reviews on an annual basis or when contracts are due for renewal as relevant.
9.6 Contract Management
Contracts must be actively monitored to ensure compliance with contractual obligations and financial regulations. All contractors must be adequately insured. A Contractor’s Insurance Questionnaire and a Risk Assessment should be completed where contracts exceed £30,000 including VAT.
The contract must be monitored by the budget holder.
9.7 Contracts register
All legally binding contracts of any size must be recorded in the internal contracts register detailing start date, end date, value, department & contact details. Contracts with a value of £30,000 or more (inclusive of VAT) must have contract details published on Sell2Wales in accordance with the transparency requirements of the Procurement Act 2023 and Welsh Procurement Policy Note 01/24.
9.8 Tender register
A tender register is maintained to record all tenders issued for goods & services of £30,000 (inclusive of vat) or more. This includes contract awards via frameworks. The register logs all tenders released together with outcomes.
9.9 Exceptions
The above requirements shall be suspended and overridden only in the following exceptional circumstances:
Emergency Works
Works required to address an immediate and high risk to public safety, loss of life, or significant risk to the Authority’s assets or income may be undertaken without delay and progressed in the most expedient manner possible. A written report detailing the circumstances and actions taken must be submitted to the Head of finance & Fundraising and the relevant Director by the next working day.
Time‑Limited Grant Funding
Where permitted by the terms of a grant, contracts reliant on time‑limited funding may be awarded to a contractor who has been appointed by the Authority within the preceding 12 months, using previously accepted tendered prices adjusted for relevant industry inflation. This exception may only be applied where adherence to the normal Standards would result in the loss of funding due to time constraints. Invocation of this provision requires the specific prior written approval of the Chief Executive, informed by a financial report setting out the implications of the decision.
10. Financial Reporting
10.1 Internal
Monthly and quarterly reports are issued to Authority management and Members as follows:
- Monthly budget reports made available to Budget Holders and Directors
- Quarterly budget performance reports submitted to Audit & Corporate Services Review Committee
10.2 External
The Authority’s financial year runs from 1st April to 31st March.
Annual Statement of Accounts are required to be prepared in accordance with the CIPFA Code and statutory deadlines.
11. Audit and Assurance
11.1 Internal Audit
Internal audit provides assurance on governance and controls. The Chief Executive Officer is responsible for ensuring an adequate and effective ongoing internal audit of the Authority’s financial affairs, including value for money reviews, and will ensure that an Audit Plan is available each financial year.
11.2 External Audit
The Authority is subject to external audit of its accounts, returns and performance plans, conducted by Audit Wales under Code of Audit Practice (2021). Audit staff have full access to Authority records.
The Authority may also be inspected by other external auditors and inspectors – for example, H.M.R.C etc. It is the responsibility of the relevant Director to ensure that all necessary assistance is provided to such auditors/inspectors.
A formal Audit Report is produced at the conclusion of each audit and, following agreement of actions, is presented to the National Park Authority or Audit & Corporate Services Review Committee for approval.
The Head of Finance & Fundraising is responsible for ensuring that audit action plans are implemented.
11.3 Internal Controls
The Authority shall maintain proper controls to ensure secure and reliable operation of systems and the prevention, detection, reporting and investigation of any error, irregularity or fraud. Internal controls are documented in the financial procedures’ documents.
Key polices in this respect are:
Whistle Blowing Policy
Money laundering policy
12. Gifts, loans and Sponsorship
12.1 Gifts of money, gifts in kind, loans of property or sponsorship may be accepted where they demonstrably support the Authority in enhancing or extending the services it would otherwise provide. Such offers may be accepted only from sources with legitimate, transparent and well‑intentioned reasons for supporting specific projects or activities.
12.2 The Authority shall not accept any gift, loan or sponsorship that could, or could be perceived to, compromise its independence, influence decision‑making, or affect the direction of a policy, contract or operational activity. Where acceptance is considered inappropriate, the offer shall be courteously declined and the Chief Executive notified in writing.
12.3 Any free gifts received in connection with orders placed by the Authority, or gifts from suppliers or contractors engaged by the Authority, which do not carry conditions or imply influence, shall be deemed the property of the Authority. Low‑value promotional items (for example diaries, pens or stationery) may be retained by the receiving officer with the approval of their Team Leader.
12.4 All gifts, loans and sponsorship received—other than the low‑value items referred to above—must be declared by the receiving officer and recorded in the Gifts and Hospitality Register held by the Chief Executive’s office.
12.5 Gifts provided by the Authority shall also be recorded in the Gifts and Hospitality Register, or in site‑based stock records where the items are issued from the Authority’s merchandise or promotional stock.
12.6 The Monitoring Officer shall maintain appropriate procedures for the declaration of interests in accordance with legislative and governance requirements. Any interests of Members or officers that relate to the work of the Authority, or that may influence decisions made by the Authority, must be declared and recorded in the relevant Register of Interests held by the Chief Executive’s office.
13. Insurance & security
13.1 Each Director is responsible for ensuring that adequate and effective arrangements are operated for the care and custody of all Authority assets and property within their control, and that their use is properly authorised and controlled. This should include adequate and effective security measures to prevent loss, and procedures to minimise damage and vulnerability of Authority assets.
13.2 The Llanion Park facilities manager ensure procedures for the secure opening of incoming mail and handling cash and private/confidential correspondence. Post shall be opened with at least two members of staff present and logged. Similarly, procedures shall be maintained for outgoing post – to be collected by the Post Office (franked) or taken to other mail organisations safely and securely.
13.3 Site Managers/Team Leaders shall be responsible for incoming/outgoing post arrangements at their respective sites.
13.4 The Head of Finance & Fundraising shall ensure that appropriate insurance policies are in place to cover the work of the Authority, although the Authority may determine to ‘self-insure’ for certain risks.
13.5 The Head of Finance & Fundraising shall maintain a record for all insurance arrangements and issues.
13.6 The relevant Director is required to provide a schedule of service specific risks. Risks should be re-evaluated at least annually or in line with any significant changes to the service or on-going projects.
13.7 Officers shall give prompt notification to the Head of Finance & Fundraising of any new risks, properties, equipment or other assets or liabilities for which insurance may be required, and of any changes affecting existing risks.
13.8 Officers shall notify the Head of Finance & Fundraising in writing of any loss, liability or damage or any event likely to lead to a claim and shall provide information and explanations required by the Head of Finance & Fundraising or the Authority’s insurers.
14. Payroll Governance, Administration & control
14.1 The Head of Finance & Fundraising is accountable for the integrity, security and effective operation of the payroll system and shall ensure that payroll processing arrangements are robust, controlled and subject to appropriate management oversight. All payroll payments must be accurate, duly authorised and made on approved pay dates.
14.2 The Head of Finance & Fundraising shall ensure that responsibilities for payroll authorisation, processing, reconciliation and system access are appropriately segregated where possible. The Payroll officer shall be responsible for day‑to‑day payroll processing and administration, including statutory and contractual deductions, strictly in accordance with formally authorised instructions. (FP06-Payroll procedures).
14.3 Payroll data shall only be processed based on written, authorised instructions supported by approved HR documentation or certified claims. Payroll administration shall include PAYE, National Insurance, pension contributions and all other statutory or contractual deductions and payments.
14.4 The Head of Finance & Fundraising shall authorise all amendments to payroll master records, including starters, leavers and changes to personal or payment details. All payroll inputs shall be reconciled to outputs prior to payment, and exceptions investigated and resolved promptly.
14.5 The Human Resources officer is responsible for issuing timely, accurate and authorised notifications to Payroll in respect of:
- Appointments and terms of employment.
- Pay grades, spinal column points and annual verification.
- Changes to contracts, conditions of service or working patterns.
- Leave entitlements including maternity, paternity and unpaid leave.
- Suspensions, secondments, transfers and all forms of termination, including retirement.
14.6 Recruitment and appointment shall only proceed where budget provision has been approved in advance and in compliance with the Authority’s employment policies.
14.7 Line Managers are accountable for ensuring staff work only the hours authorised and for maintaining accurate attendance and absence records. Variable hours and overtime claims must be supported by certified timesheets or overtime forms, approved in advance and within budgetary limits.
14.8 Travel, subsistence and other expense claims shall be processed only where properly authorised and in accordance with documented procedures. The Head of Finance & Fundraising may approve alternative payment routes where there are no tax or National Insurance implications, subject to defined value limits.
14.9 Directors, Human Resources, Line Managers and Payroll share responsibility for ensuring that payroll payments are made only to bona fide employees and solely where a valid, approved entitlement exists.
14.10 The Payroll officer shall perform a formal bi‑annual validation of payroll listings against authorised staffing records in conjunction with Line Managers, with discrepancies reported and resolved.
14.11 No employee or Member shall enter a contract for goods or services with the Authority without prior written approval from the relevant Director. All such interests shall be declared, recorded, reviewed annually and formally approved by the Chief Executive.
14.12 Salary payments shall normally be made by BACS to an employee’s nominated
bank account. Pay advances shall be permitted only in exceptional circumstances, subject to written authorisation by the Head of Finance & Fundraising and recovery through the next payroll run.
14.13 It is the responsibility of the Head of Finance & Fundraising to ensure that all P11D benefits are reported to the H.M.R.C by the statutory deadline.
15. Travelling & subsistence
15.1 All claims for payment of car allowances, subsistence allowances, travelling and incidental expenses shall be submitted, duly certified, in a form approved by the Head of Finance & Fundraising. Such claims shall be made in accordance with:
FP10 – Staff subsistence expenses
FP17 – Members Travel policy
FP18 – Travel policy & travelling claims procedures
15.2 The rates paid will not exceed the maximum rates adopted by the Authority as per the financial procedures.
15.3 The Authority will not meet or contribute to the costs of any fines or other expenses associated with speeding or any other illegal activity, linked to journeys undertaken on Authority business unless approved by the Chief Executive.
15.4 For approved travel outside of the UK, the Authority’s normal maximum subsistence allowances may be increased to reflect higher prices in some foreign cities at the discretion of the Chief Executive.
15.5 Use of Authority vehicles is subject to FP19 Travel policy.
16. Reserves and Balances
Section 25 of the Local Government Act 2003 requires local authorities to have regard to the level of reserves needed to meet estimated future expenditure when calculating its annual budget requirement. It is the responsibility of the S151 officer and Head of Finance and Fundraising to advise on the level of reserves, and to ensure that there are clear protocols for the establishment and use of any earmarked reserves.
The financial reserves policy is reviewed annually and presented to members for approval with the annual budget papers.
17. Personal use of facilities
Approved personal uses of the Authority’s assets are limited to:
- Printing and photocopying – subject to reimbursement at rates identified by the Head of Finance & Fundraising.
- ICT equipment – all staff can access ICT equipment for part of their working day, and a reasonable, limited amount of use is tolerated. The personal use should be in staff’s own time and at no cost to the Authority.
- Purposes identified in any procedure supporting these Financial Standards, subject to the approval of the Head of Finance & Fundraising.
The personal use of plant and equipment other than those identified above requires prior approval of the relevant Director.
18. Record Retention
The Authority maintains a retention policy which specifies the period for which documentation needs to be retained. This is documented in the Record management & Retention Policy including Retention Schedule
In addition, financial document retention must comply with statutory requirements (HMRC) and in accordance with the conditions of the respective Structural Fund or grant program under which the grant has been awarded. Any destruction of such documents will require the written approval of the Welsh European Funding Office and the authority’s Chief Executive Officer.
19. Code of Conduct
All employees are required to comply with the Authority’s Code of Conduct relating to employees. This includes the requirement to make declarations in respect of outside employment, employees’ personal interest and offers or receipt of gifts or hospitality. Details of procedures are included in the Employees’ Handbook and related Declaration forms.
20. Suspension of Financial Standards
Any recommendation or intended action for a specific purpose, by an officer or Member of the Authority, which would breach these Financial Standards, will require such fact to be specifically brought to the attention of the Chief Executive and Head of Finance & Fundraising for consideration for approval. Any such approval to suspend Financial Standards shall be recorded and shall be reported to the next meeting of the NPA for endorsement.
21. Review and Updates
These Standards will be reviewed every 5 years by the Chief Finance Officer and Head of Finance & Fundraising in line with legislative changes and Welsh Government guidance.
However, from time to time it may be necessary to amend/update these Financial Standards and Financial Procedures before 5 years. Cosmetic amendments, and those that do not materially change the requirements of these Standards, may be made subject to the approval of the Chief Executive and Head of Finance & Fundraising. Any other amendments/updates would be subject to approval of the NPA.
22. Contacts
- Chief Executive – Tegryn Jones
- Monitoring Officer – Michael Kent
- Chief Financial Officer (S151 officer) – Richard Griffiths
- Head of Finance & Fundraising – Catrin Evans
Authority Address:
Pembrokeshire Coast National Park Authority,
Llanion Park,
Pembroke Dock,
SA72 6DY
Tel: 0845 345 7275 Fax: 01646 689076
Appendices: Financial Regulations
Appendix A – Procurement methods per Contract Standing Orders
| Estimated value (inc. vat) | Procurement Method | Details | Format |
| Up to £1,200 | No formal requirement | Link/attach any documentation if
available to the Order (achieve value for money) |
Order or Contract |
| £1,201 to
£12,000 |
Request for Quotation | At least one written Quotation must be obtained | Order or Contract |
| £12,001 to
£30,000
|
Request for Quotation | At least three written Quotations must be requested | Order or Contract |
| Above
£30,001 but below PA23 Thresholds |
Tender | At least three Tenders must be
Invited Above £30k – should be advertised on Sell2Wales |
Written Contract |
| Above PA23 Thresholds | PA23 compliant Tender | Must comply Procurement Act 2023 | Written Contract |
| Any | Existing Framework Agreement | Must ensure that the Framework is compliant with relevant regulations and the Authority’s procedures | Written Contract |
The Public Contracts Regulations – Summary of Thresholds from 1 January 2024
Supplies & Services (except subsidised services contracts)
- Central Government bodies £139,688
- Others £214,904
Subsidised services contracts
- All bodies £214,904
Works (including subsidised works contracts)
- All bodies £5,372,609
Light Touch Regime for Services
- All bodies £663,540
Small lots
- Supplies and services £70,778
- Works £884,720
Guidance: Thresholds (HTML) – GOV.UK
Appendix B – Scheme of delegation
B1. Full Authority
Approves budget, funding allocations, and capital programme.
B2. Audit & Corporate Committee
Oversees budget delivery and approves major expenditure within delegated limits.
B3. Chief Finance Officer
Authority over financial administration, including urgent financial decisions (Local Government Act 1972, Section 151).
B4. Directors / Heads of Service
Approve operational expenditure within service budgets.
B5. Budget Holders
Responsible for day-to-day financial management within approved budgets.
B6. Delegated Financial Limits
Rentals / operating leases / licences / grant and sponsorships/disposal of assets shall be subject to the following limits:
| Approval 1 | Approval 2 | |
| Rental Leases | ||
| Entering any new or renewal freehold or lease interest in land or property. | Estates Officer & Chief Executive | NPA
|
| Operating leases & finance agreements: | ||
| Entering into any new or renewal operating lease or finance agreement for plant & equipment – all values
|
Head of finance & fundraising | Chief Executive |
| Licences | Approval 1 | Approval 2 |
| Total value licence under any one agreement up to £10,000. | Estates Officer
|
Head of Service |
| Total value licence under any one agreement from £10,000 to £50,000 | Director | Chief Executive |
| Total value licence under any one agreement over £50,000. | Chief Executive | NPA |
| Disposal of assets | Approval 1 | Approval 2 |
| Assets with a net book value of under £25,000 excluding land & buildings | Budget Holder
|
Head of service/Director |
| Assets with a net book value of over £25,000 excluding land & buildings | Director | Chief Executive |
| Any land & buildings | Chief Executive | NPA |
| Total Value of Grant, Sponsorship, Strategic Partnership or Management Agreement (per agreement) * | Authorising Officer / Body Approval |
| Certain grants as defined by Terms of Reference – all values | Grants committee as defined in TOR |
|
Where no grant committee in existence: |
|
| Up to £10,000 | Budget Holder |
| Head of Service | |
| Between 10,001 up to £50,000 | Head Of Service |
| Director/Chief Executive | |
| Over £50,001 | Chief Executive |
| NPA / Committee |
Grants assessed as substantial risk or novel, must be referred for member approval.
*The value limit applies to a single grant offer/agreement only, even if this covers multiple years.
Approval Limits for expenditure:
| 1st Approval | 2nd Approval | 3rd Approval | 4th Approval | |
| Purchase Orders: | ||||
| Up to £10,000 | Budget Holder/Dept manager | Employee line manager | n/a | n/a |
| Up to £25,000 | Budget Holder/Dept manager | Head of Service | n/a | n/a |
| Up to £50,000 | Budget Holder/Dept manager | Head of Service | Director | n/a |
| Over £50,001 | Budget Holder/Dept manager | Head of Service | Director | Chief Executive |
| 1st Approval | 2nd Approval | 3rd Approval | 4th Approval | |
| Purchase Invoices | ||||
| Up to £10,000 | Budget Holder/Dept manager | Employee line manager | n/a | |
| Up to £25,000 | Budget Holder/Dept manager | Head of Service | n/a | |
| Up to £50,000 | Budget Holder/Dept manager | Head of Service | Director | |
| Over £50,000 | Budget Holder/Dept manager | Head of Service | Director | Chief Executive |
| Major expenditure | £50,000 – £500,000 | Yes (Authority Management) |
| Strategic projects | Over £500,000 | Yes (Full Authority)
|
The Head of Finance & Fundraising holds over riding approval authority on the finance system in cases where:
- There is urgency of payment.
- Authorising officer has left employment.
- Authorising officer is on long term sick leave.
- Authorising officer on leave for over 7 days where no delegation has been set up and there is urgency of payment.
Evidence of purchase order approval or other authorization is required to support the approval and noted on the approval system.
Budget virements:
| Budget virements | Approval 1 | Approval 2 |
| Changes to budgets up to £5,000 | Budget Holder
|
Head of service & Head of Finance & Fundraising |
| Changes to budgets over £5,000 | Head of Service | Chief Executive |
Delegated Financial Limits – Grant Applications & Funding:
| Activity | Authorised Officer | Financial Limit | Conditions / Notes |
| Submission of grant applications | Head of Service | Up to £25,000 | Must be within approved budget and organisational objectives |
| Submission of grant applications | Director | Up to £50,000 | Must be within approved budget and organisational objectives |
| Submission of grant applications | Chief Executive Officer | Up to £250,000 | Finance consultation mandatory |
| Submission of grant applications | Chief Executive Officer | Over £250,000 | Material strategic or financial impact – Board notification required |
| Acceptance of grant funding | Head of Service | Up to £25,000 | Subject to review of terms and conditions |
| Acceptance of grant funding | Director | Up to £50,000 | Must not create unfunded commitments |
| Acceptance of grant funding | Chief Executive Officer | Up to £250,000 | Finance consultation mandatory |
| Acceptance of grant funding | Chief Executive Officer | Over £250,000 | Material strategic or financial impact – Board notification required |
| Authorisation of grant claims | Head of Service | Up to £25,000 | Evidence and reconciliation required |
| Authorisation of grant claims | Director | Up to £50,000 | Evidence and reconciliation required |
| Authorisation of grant claims | Chief Executive Officer | Up to and over £250,000 | Evidence and reconciliation required |
The Board or Audit Committee may review delegated limits periodically.
Appendix D: Key References and Sources
- Welsh Government (2023–2024), Local Government Finance Report (No. X)
- Welsh Government, Statutory Guidance on the Well-being of Future Generations (Wales) Act 2015
- Welsh Government, Capital Finance and Accounting Regulations for Local Authorities in Wales
- CIPFA (2021), The Prudential Code for Capital Finance in Local Authorities
- CIPFA (2017), Treasury Management in the Public Services: Code of Practice
- CIPFA/LASAAC (annual), Code of Practice on Local Authority Accounting in the United Kingdom
- Audit Wales (2021), Code of Audit Practice
- Public Contracts Regulations 2015
- Environment Act 1995 (Establishment of National Park Authorities in Wales)
Standards Control
Change Level: New Standards or under Scheme of Delegation change requires NPA approval
Consultation: Consultation has been carried out with Directors and Heads of Services as well as various budget holders and finance staff April/ May 2026
Assessments: N/A
Approval: National Park Authority 20/05/206
Version History: V8 – The Financial Standards have been refreshed to: Align with the Authority’s Financial Regulations and Scheme of Delegation. Reflect current operational practices and shared service arrangements (payroll).
Support compliance with CIPFA principles and relevant legislation. Provide clarity on roles, responsibilities, and control requirements.
Review: 5 year review cycle. FWP 2031/32