Issue - meetings

RESOLVED:

that the annual accounts for 2013/14 be approved.

Mick Bowden (Operational Director, Finance) introduced the report to the committee presenting the annual accounts for the Trust for 2013/14. The accounts had been subject to independent  examination by the Head of Audit and Investigations and the independent examiner’s report was attached as Appendix 1 for the committee’s consideration. No issues had been raised by the independent examiner.  Mick Bowden advised that the Trust had incurred expenditure of £164,032 in 2013/14 on refurbishment of the building complex and the park. £10,926 interest had been earned, leaving a balance of £475,204. General expenditure on the running and maintenance of the park and buildings reduced by £15,091 from 2012/13 and income decreased by £13,564. As a consequence, the net contribution of Brent council had reduced by £1,527 to £51,188.

The committee questioned why the rental income from Virgin Media had reduced from £13,524 in 2012/13 to £6,500 in 2013/14. Further details were sought regarding the ad-hoc lettings. An explanation was requested for the significant increase in NNDR payment from 2012/13 to 2013/14.

Mick Bowden explained that there had been a review of charges to Virgin Media in 2012/13 which had resulted in additional income for that year; however, the standard charge going forward would be £6,500. The NNDR payment included a proportion of the payment for 2012/13 which had been made within the 2013/14 financial year, thereby reducing the 2012/13 figure to £9,990 and increasing the 2013/14 figure to £18,331. The actual yearly NNDR payment was approximately £14,000. The committee was informed that ad-hoc lettings included any one-off lettings made.

RESOLVED:

that the annual accounts for 2013/14 be approved.