Agenda item
FINANCE AND ACTIVITY REPORT
- Meeting of King George's Field Charity Board, Wednesday, 26th October, 2022 7.00 p.m. (Item 3.2)
- View the background to item 3.2
Minutes:
A report was considered that provided an update on the audited accounts submission, the current financial position for King George’s Field Trust (KGFT) and an update on the charitable activities conducted to date this year. The report also provides an update on grant funding from Fields in Trust.
The Board:
v Noted that the King Georges Fields Charity Board (the Board) charity is registered with the Charity Commission as King Georges Field, Mile End Charity, registered number 1077859.
v Noted that (i) if the Board does not receive updates for consideration this would go against the expectations of the Charity Commission; and (ii) to not agree in principle to the grant from Fields in Trust it would remove an opportunity to improve to use the funds for the maintenance, equipping and improvement of, or the provision of facilities for, any playing field situated in the London Borough of Tower Hamlets and styled “King George’s Fields”. (iii) it was Noted by the Board that Fields in Trust funds will have restrictions as to how they can be spent. The funds are strictly limited for use on improvements on Mile End Park and Stepney Green Park. Any alternative scheme would need to be formally agreed with Field in Trust before the grant could be received.
v Noted The Council is the trustee of the Charity, and the Council is the freehold owner of the land which is subject to this report.
v Noted that the Board is established by the Council’s Constitution, which gives the Board the following functions to (i) administer the affairs of the King Georges Fields Charity and discharge all the duties of the Council as sole trustee of the Charity; and (ii) administer the affairs and discharge the duties of trustee of such other charities controlled by the Council as the Cabinet might authorise by resolution.
v Noted that any decision to accept the allocation of resources via a contribution from Fields in Trust is required from the Board.
v Noted that the major items of income and expenditure are (i) Income - the major income items are commercial rents generated from shop lettings at Mile End Park and the hire of the Arts and Ecology Pavilions. Additional income is generated through Stepney Green astroturf pitch bookings and a corporate volunteer programme; and (ii) Expenditure – the main expenditure items relate to: (a) Salaries – this covers the cost of the Parks Service staff who manage the facilities and provide activities, (b) Repairs and maintenance – including the cost of all repairs to buildings, trees and fences, and grounds maintenance costs.
The Chair of the Trust then Moved and it was:-
RESOLVED to
a) Note the submission of the audited accounts 2020/21 and annual report 2020/21 to the Charity Commission
b) Note the forecasted financial position of King George’s Fields Trust for 2022/23
c) Note the 2022 activity programme update.
d) Approve the transfer of funds from Fields in Trust (as a grant) to King George’s Fields Trust to support the maintenance, equipping and improvement of, or the provision of facilities in Stepney Green Park or Mile End Park. However, the Board agreed that the grant would not be used to fund additional five-a-side astroturf facilities at Stepney Green Park.
Supporting documents:
- King Georges Field Trust Finance and Activity Update 20222023_v2, item 3.2 PDF 176 KB
- Appendix. 1 for King Georges Field Trust Finance and Activity, item 3.2 PDF 95 KB
- Appendix. 2 for King Georges Field Trust Finance and Activity Update, item 3.2 PDF 206 KB