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Issue - meetings
Foreshore Trust Financial Report
Meeting: 11/12/2017 - Charity Committee (Item 17)
17 Foreshore Trust Financial Report PDF 107 KB
Additional documents:
- Appendix 1 - Financial Monitoring Report, item 17 PDF 10 KB
- Appendix 2 - Business Plan - Financial Summary, item 17 PDF 14 KB
- Appendix 3 - Indicative Forward Plan, item 17 PDF 9 KB
Minutes:
The Assistant Director, Financial Services and Revenues advised on the Foreshore Trust’s current year’s financial position. The report updated the committee on the current year’s financial position and provided an opportunity to review the Trust’s business plan; risk register and reserves policy.
The report stated that income was at £1,335.000, £50,000 over the original budget due to car parking revenue. Expenditure is at £978,000, £40,000 in excess of the original budget due to an increase in the cleaning contract costs. The small grants and events grants were increased by £10,000 each, to £60,000 and £30,000 per year. Members were advised that there was a small operating surplus of £7,000.
At the last Charity AGM meeting in September, members considered investment options and what was the trusts best recommended return. A review was undertaken with the Council’s Treasury advisors (Link Asset Services, previously Capita Asset Services).
The report proposed moving away from CCLA and investing resources for a longer period in a bank account eg Lloyds, where investments are less risky and the rates are better. The account will enable the trust to invest £1m for 364 days a year and achieve rates of 0.5% for 6 months. The rate of interest of the CCLA (Churches Charities and Local Authorities) account is at 0.19% in September 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 –
1. To agree the current financial position for 2017/18.
2. To agree that the Trust’s monies be invested more widely to achieve a better return (fully complying with the Council’s approved Investment Policy).
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 Accounting Codes of Practice and the high standards required for the accounting of Public money.
A surplus slightly above budget expectations is anticipated for 2017/18 in respect of ongoing operations.
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