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Issue - meetings
Foreshore Trust - Annual Report and Final Accounts 2016/17
Meeting: 25/09/2017 - Charity Committee (Item 6)
6 Foreshore Trust - Annual Report and Final Accounts 2016/17 PDF 101 KB
Additional documents:
Minutes:
The Assistant Director, Financial Services and Revenues, presented a report on the 2016/17 annual report and financial accounts.
The report detailed key activities undertaken by the Trust throughout the previous year. The Trust had also allocated significant funding to a range of local organisations in the charitable and voluntary sector through its small grants and events grants programmes.
A surplus (£393,000) was achieved. This was above budget expectation due to the disposal of land at West Marina. Net current assets (cash position) balance is £1,304,676 at March 2017, and total funds (which includes all assets) amount to £2,506,516.
The balance at the end of March 2017 takes into account the outstanding long term loan from Hastings Borough Council. The report also set out expenditure the Trust had committed to in its business plan and its approach to maintain prudent levels of reserves.
The Trust’s final accounts 2016/17 had been subject to an external audit, which found that they gave a true and fair view of the charity’s affairs as at 31 March 2017.
Councillor Poole proposed approval of the recommendations to the Assistant Director, Financial Services and Revenue’s report, which was seconded by Councillor Batsford.
RESOLVED(unanimously) that the annual report and financial accounts for 20167/17 are approved.
The reason for this decision was:
The council has the responsibility for the proper management of the financial affairs of the Trust. In doing so it complies with the Accounting Codes of Practice and the high standards required for the accounting of public money.
The Council as Trustee, through the Charity Committee is required to approve the annual report and accounts by the 30th September each year.
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