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Decision details
Foreshore Trust Financial Report
Decision Maker: Charity Committee
Decision status: Recommendations Approved (subject to call-in)
Is Key decision?: Yes
Is subject to call in?: No
Purpose:
To update Committee on the financial position of the Trust in 2013/14.
Decisions:
The Head of Finance presented a report to advise the committee on the current year’s financial position and to agree revisions to the Trust’s business plan and review the reserves policy.
The budget had been agreed in March 2014, and a surplus of £250,000 had been projected for 2014/15 financial year. The Head of Finance advised that income and expenditure projections were currently in line with the budget. The business plan had been revised to reflect that the Charity Committee had approved a scheme for the redevelopment of White Rock Baths as an indoor arena for BMX and skateboard competitions. It was likely that further revisions would be required to the business plan, depending on the extent of external funding for the scheme.
The Charity Committee was required to approve a reserves policy and risk register each year. Members noted that the reserves policy was based on guidance from the Charity Commission. The report stated that reserves of £1,067,000 would be retained as at 31 March 2015, which was above the suitable level identified in the reserves policy.
A copy of the risk register had been appended to the report. Discussion took place regarding the potential risks, and efforts to mitigate their impact on the Foreshore Trust. The White Rock Baths scheme would also be added to the risk register, once the external funding package had been confirmed.
Councillor Forward moved approval of the recommendations, as set out in the Head of Finance’s report, which was seconded by Councillor Cartwright.
RESOLVED (unanimously) that –
1) the current financial position for 2014/15 be agreed;
2) the business plan be revised to accommodate additional works and contributions being made in respect of the White Rock Baths (subject to external funding being confirmed);
3) the risk register be agreed, and;
4) the reserves policy be agreed
Reason for the decision: -
The Council has the responsibility for the proper management of the financial affairs of the Trust. In doing so it complies with Accounting Codes of Practice and the high standards required for the accounting of public money.
A surplus was generated in 2013/14 in line with expectations and a surplus in line with budget expectations is anticipated for 2014/15 in respect of ongoing operations.
The reserves policy is reviewed on an annual basis and is undertaken against the uncertainties that continue in the economy.Report author: Peter Grace
Publication date: 02/07/2014
Date of decision: 30/06/2014
Decided at meeting: 30/06/2014 - Charity Committee
Accompanying Documents:
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