Issue - meetings
King George’s Field Trust Update & Approvals
Meeting: 23/03/2022 - King George's Field Charity Board (Item 3)
3 King George’s Field Trust Update & Approvals PDF 237 KB
Additional documents:
- Appendix. 1 for King George’s Field Trust Update & Approvals, item 3 PDF 281 KB
- Appendix. 2 for King George’s Field Trust Update & Approvals, item 3 PDF 252 KB
- Appendix. 3 for King George’s Field Trust Update & Approvals, item 3 PDF 497 KB
- Webcast for King George’s Field Trust Update & Approvals
Decision:
The Board considered a report that included (i) an update on the submission of the financial and annual reports to the Charity Commission (ii) an update on the preparation of the 2020/21 audited accounts: (iii) the draft annual report and financial overview for 2021/22. The report also provided an overview of recommendations from the auditors regarding financial and accounting systems and processes for the board’s consideration.
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The Board:
1. Noted the update on the submission of the 2018/19 and 2019/20 annual audited accounts and reports to the Charity Commission. 2. Noted the recommendations made by the auditors and give permission to the Corporate Director for Children and Culture and Corporate Director for Resources to implement these recommendations as per the Management Response provided [attached to the report as Appendix 1]. 3. Noted the update on the preparation of the 2020/21 audited accounts and report to the Charity Commission.. 4. Approved the appointment of Arnold Hill & Co LLP to audit the accounts for 2021/22. 5. Noted the update on the current financial position and activity update for 2021/22. [attached to the report as Appendices 2 and 3]. |
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Minutes:
The Board considered a report that included (i) an update on the submission of the financial and annual reports to the Charity Commission (ii) an update on the preparation of the 2020/21 audited accounts: (iii) the draft annual report and financial overview for 2021/22. The report also provided an overview of recommendations from the auditors regarding financial and accounting systems and processes for the board’s consideration. The mains points arising from the questioning arising from on the report maybe summarised as follows:
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The Board:
v Received an update on the submission of the annual accounts and reports to the Charity Commission and noted that the annual reports and accounts had been submitted to the Charity Commission on 8th March 2022. v Was advised that as the King George’s Field Trust is a registered charity it is bound by the legislation for charities and is therefore required to prepare and submit audited accounts to the Charity Commission. v Noted that (i) as part of the 2018/19 and 2019/20 audit several financial/accounting recommendations have been made by the external auditors (Arnold Hill & Co LPP); and (ii) approval is now required from the Board for the Council to implement the recommendations as outlined in Appendix 1. v Understood that if it did not consider the aforementioned recommendations from Arnold Hill & Co it would put the King George’s Field Trust and the Council as trustee at risk of being in breach of the Charity Commission’s Statement of Recommended Practice (SORP) requirements. v Noted that with regard to the preparation of the 2020/21 audited accounts and reports to the Charity Commission (i) work has now commenced on the audit of the King George’s Field Trust accounts for the year ending 2021; and (ii) the audit will be undertaken by Arnold Hill & Co who had undertaken the audit of the 2018/19 and 2019/20 accounts. v Noted that (i) the annual reports are being produced in keeping with the requirements of the Charity Commission for those organisations with a turnover of over £1million; (ii) an update on the submission of the audited accounts and annual reports for year end 2020/21 will be provided to the Charity Commission. v Noted that the 2021/22 audited accounts will be prepared for submission in line with the Council’s own year-end, close down processes. The statutory deadline for the audited accounts and annual report for 2021/22 will then be uploaded to the Charity Commission website by the 31st January 2023. v Noted the (i) update on the current financial position; and (ii) forecast for the current financial year (2021-22) together with an activity report.
As a result of a full and wide-ranging discussion on the report the Board RESOLVED to:
1. Note the update on the submission of the 2018/19 and 2019/20 annual audited accounts and reports to the Charity Commission. 2. Note the recommendations made by the auditors and give permission to the Corporate Director for Children and Culture and Corporate Director for Resources to implement these recommendations ... view the full minutes text for item 3 |