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Issue - meetings
Finance report
Meeting: 27/07/2015 - Charity Committee (Item 3)
Additional documents:
- Appendix 1 - Finance Report (20 07 15), item 3 PDF 10 KB
- Appendix 1A - Finance Report (20 07 15), item 3 PDF 12 KB
- Appendix 2 - Finance Report (20 07 15), item 3 PDF 13 KB
- Appendix 3-4-5 Finance Report (20 07 15), item 3 PDF 182 KB
Minutes:
The Assistant Director of Financial Services and Revenues presented the finance report to the committee. The report included the draft financial position of the Trust in 2014/15 as well as the current year’s financial position. The committee was also required to review the Trust’s business plan, risk register and reserves policy.
The committee was advised that the draft accounts for 2014/15 indicated that the Trust had exceeded its operating surplus by £25,000, the final accounts were due to be reported to Charity Committee at its September meeting. The Trust’s income and expenditure for 2015/16 remained in line with the budget projections, although it was necessary to update the business plan for 2015/16 to reflect the additional funding from the Trust to the White Rock area promenade improvements project.
Discussion took place regarding the risk register, which the Trust maintained to help inform its reserves policy. The committee agreed that the risk associated with item 10 on the register, loss of key staff, should be the same as the council’s corporate risk register. It was agreed to amend the impact of item 12 on the risk register, budget settings, from medium to high. The likelihood of item 16 on the risk register, White Rock Baths, was increased from medium to high, to reflect the complexity of the project. The report recommended continuing to maintain the level of reserves at £690,000.
Councillor Cartwright proposed approval of the recommendations to the report, seconded by Councillor Davies.
RESOLVED (unanimously) that:
1) The current financial position for 2015/16 be agreed;
2) The risk register be agreed (appendix 4 to the report)
3) The reserves policy be agreed (appendix 5 to the report)
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 reserves policy is reviewed on an annual basis and is undertaken against the uncertainties that are identified within the risk register and the general economic environment.
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