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Issue - meetings
Foreshore Trust Financial Report
Meeting: 27/06/2016 - Charity Committee (Item 49)
Additional documents:
- Appendix 1, item 49 PDF 5 KB
- Appendix 1A, item 49 PDF 7 KB
- Appendix 2, item 49 PDF 7 KB
- Appendices 3, 4, 5, item 49 PDF 181 KB
Minutes:
The Assistant Director – Financial Services & Revenues presented a report to advise Members of the Committee on the draft financial position for 2015/16 and the current year’s financial position, agree revisions to the Trust’s business plan and review the Risk Register and Reserves Policy.
Financial Monitoring statements were appended to the report which provided detail of the costs being incurred on major projects within the business plan and income.
The operating surplus was £321,000, exceeding the £292,000 revised estimate.
Councillor Forward proposed approval of the recommendations, as set out in the resolution below, seconded by Councillor Cartwright.
RESOLVED (unanimously) that the Charity Committee:
1. Agree the current financial position for 2016/17
2. The Risk Register be agreed (Appendix 4)
3. The Reserves Policy be agreed (Appendix 5)
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 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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