The Annual Meeting of the Council is when the Chair and Vice-Chair are elected, and committee members appointed as well as representatives to other bodies. This is a meeting of the Council.
The other, the Annual Parish Meeting, is not a council meeting. It is a meeting of the parish or town electors, which takes place between 1 March and 1 June.
The Chair of the Parish Council, if present, will chair the meeting. It is best practice to hold the Annual Meeting of the Council and the Annual Parish Meeting on different occasions to avoid confusion.