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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?: No
Is subject to call in?: No
Purpose:
To update the Committee on the financial position of the Trust
Decisions:
The Head of Finance presented a report to advise Members of the financial position of the Trust for current financial year.
In March 2014, the Trust had agreed its budget for 2014/15, with an estimated surplus of £250,000. Due to an increased rental income, the surplus was now projected to be £258,000.
The report also gave an overview of changes to the Foreshore Trust’s business plan. The Charity Committee had recently approved a scheme for the redevelopment of White Rock Baths, and the business plan had been amended to reflect this decision. Further revisions may be necessary in the future, depending on the final external funding package for the project.
Although the programmed spend would continue to reduce the cash balances held by the Trusts, reserves would continue to be maintained above the minimum level identified in the reserves policy.
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 the current financial position for 2014/15 be agreed.
The reasons 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 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.
Report author: Peter Grace
Publication date: 01/10/2014
Date of decision: 29/09/2014
Decided at meeting: 29/09/2014 - Charity Committee
Accompanying Documents:
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