Agenda item
King George's Fields Charitable Trust Annual Accounts, 2010/2011(KGFCB 003/1112)
To approve the annual accounts of the King George’s Field Mile End and King George’s Field Tredegar Square charities for the 2010/2011 financial year prior to submission to the Charity Commissioners.
Minutes:
The item was considered as the second business item. Stephen Adams, Finance and Resources Manager presented the report circulated at agenda item 4.1 which set out the annual financial accounts for the King George's Fields Charities of Mile End and Tredegar Square. Appendix 1 set out how monies had been spent, governance arrangements, and objectives.
In response to questions from the Board of the following information was provided:
- Councillor Abdul Asad made the following enquires:
o Regarding what monies were presently available, Councillor Asad was informed that the books were balanced. All income generated was spent on the Charity’s parks.
o Concerning expenditure for salaries, the Finance and Resources Manager Resources confirmed that no single employee had earned more than £60,000 in the financial year. The sum indicated in the reconciliation was a total figure.
o Concerning why the boundaries of the charity had been extended from the original area in Stepney Green to Mile End Park. He was informed that part of the understanding when the park had been built was that money generated would be used for the park.
o Concerning why income generated at Mile End was not used for the Stepney Green Tredegar Square, he was informed that both were administered as separate charities. The charity for Tredegar Square did not generate its own income. The Council provided one quarter of the funds to maintain Mile End site and all of the monies for the maintenance of Tredegar Square (Stepney Green).
Councillor Asad noted that there was greater need of monies at the Tredegar Square site and suggested a review of funding be undertaken. He also proposed that the charities be combined and was advised that this would require an application to the Charity Commissioners. There would also be legal fees that need to be paid by the Trust. The Board was advised that monies that monies spent for Trust purposes would need to be taken from the Trust’s funds. Councillor Asad asked Legal Services to research theproposal to combine the Mile End and Tredegar Square charities and report back.
Action Jill Bell, Head of Legal Services – Environment
- Councillor Ohid Ahmed made the following enquires:
o The Chair requested details of sums in the ‘other incomes and other services categories’ and of the ‘£365,000 public realm’ contribution. He was advised that shop closures because of the recession had impacted negatively on the budget; these had now been mostly completed and it was expected that there would be more settled leases (going forward). In turn, this would mean that less support was necessary from the Council. Additionally, as the new rentals tended to be corporate chains the shop units were expected to generate a more steady income.
o The Chair requested a discussion paper be brought to the next meeting around a proposal to merge the Mile End and Tredegar Square charities.
Action Jill Bell, Head of Legal Services – Environment
- Councillor Shahed Ali made the following enquires:
o Concerning details of monies spent in the categories: "other rentals” valued at £297,000, Councillor Shahed Ali was informed that the rentals were achieved from community leisure facilities.
o The board asked for more detailed breakdown of the categories of "other rentals”, “other lettings", “categories for incoming resources”, details of “repairs and maintenance" and “resources expended”. It was proposed that the accounts be deferred until this information was provided.
Action Stephen Adams, Finance and Resources Manager
The Board proposed that approval of the annual reports and accounts be deferred pending further information and requested that an extra Board meeting be scheduled on a Wednesday once the information was available.
Action Democratic services
RESOLVED
1. That the annual reports and accounts for the Mile End charity and Tredegar Square charity be deferred pending further information
2. An extraordinary meeting be scheduled once the requested information was available.
Supporting documents:
- 1. KGF Covering Report Final 9 11 11, item 4.1 PDF 92 KB
- 1a. Appx 1 King George Field Mile End report 2010_2011 V2, item 4.1 PDF 82 KB
- 1b. Appx 1 Mile End Park KGF Short Version Trust 2010_11, item 4.1 HTM 1 MB
- 1c. Appx 1 Notes to the financial statements Mile End 2010_11, item 4.1 PDF 71 KB
- 1d. Appx 2 King George Field Tredegar Square report 2010_11 V2, item 4.1 PDF 76 KB
- 1e. Appx 2 Tredegar Square Bow 2010_11 fin report, item 4.1 HTM 1 MB
- 1f. Appx 2 Notes to the financial statements Tred Square 2010_11, item 4.1 PDF 72 KB