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Issue - meetings
Foreshore Trust Finance Report
Meeting: 18/10/2021 - Charity Committee (Item 103)
103 Foreshore Trust Finance Report PDF 168 KB
(Peter Grace, Assistant Director, Financial Services and Revenues)
Additional documents:
- 2020-21 FST Final Finance Report Appendix 1, item 103 PDF 16 KB
- Appendix 2, item 103 PDF 166 KB
- Appendix 3, item 103 PDF 19 KB
Minutes:
The Chief Accountant presented a report to advise the Charity Committee on the current year's financial position (2021/22).
The Chief Accountant noted that Covid-19 continues to have a significant impact. The current situation is that the Foreshore Trust has done well in terms of car parking income recovery, with a strong position in the summer. There is also some additional car parking income not included in the report which will affect the figures in a positive way. However, there are also some additional expenditure items, including maintenance, which need to be included.
There is anticipated to be a deficit at the of the current financial year, however there is potential for the position to improve through recovery of car parking revenue.
The government is operating a sales, fees and charges scheme to cover local authority losses. The Chief Finance Officer has asked the government to clarify if the Foreshore Trust can claim for loss of income via this scheme.
The Chief Accountant confirmed in answer to a question that some rental income had been deferred rather than written off.
Councillor Webb suggested that if it had not already taken place the council could lobby for the Foreshore Trust to be included in government income recovery schemes via the Local Government Association.
RESOLVED (unanimously):
1. To agree the current financial position for 2021/22.
2. To agree the closing financial position for 2020/21 (Appendix 2).
Reasons:
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 deficit is anticipated for 2021/22 in respect of operating income and expenses of £267,000. Once grant and project costs are taken into account a deficit of £289,000 is anticipated against the original 2021/22 budget deficit forecast of £110,000.
Appendix 2 is the un-audited closing financial position for 2020/21 and Appendix 3 is the supporting Financial Monitoring report to go along with that report for consideration and agreement.
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