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Issue - meetings
Foreshore Trust - Annual Report and Final Accounts 2017-18
Meeting: 24/09/2018 - Charity Committee (Item 6)
6 Foreshore Trust - Annual Report and Final Accounts 2017-18 PDF 112 KB
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Minutes:
The Chief Accountant, presented a report for the committee to consider the 2017/18 Annual Report and Financial Accounts.
The report detailed key activities undertaken by the Trust throughout the previous year.
A surplus before grants and revenue funded projects of £253,000 for the year was achieved. The balance at the end of March 2018 was £1,445,112 (cash position), whilst total funds (which includes all assets) amount to £2,630,833. The budget for grants and events was raised from £70,000 in 2017/18 to £90,000 in 2018/19. The report also set out expenditure the Trust had committed to in its business plan and its approach to maintaining prudent levels of reserves.
The contingency reserve is set at £900,000, which is the minimum level the Trust should retain at present.
The Trust’s final accounts 2017/18 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 2018. The Chief Accountant thanked the Protector and Mannington Auditors for their work.
The Committee expressed their thanks to the officers for their report and for keeping such complex accounts in order.
Councillor Batsford proposed approval of the report, which was seconded by Councillor Rogers.
RESOLVED(unanimously) that the Charity Committee approve the Annual Report and Financial Accounts for 2017/18.
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.
The Council as Trustee, through the Charity Committee, is authorised to approve the annual report and accounts which must be done by the 30th September each year.
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