Issue - meetings

This report presents the 2020-21 annual report and accounts for the Barham Park Trust, which there is a statutory requirement to produce for each financial year.

RESOLVED to:

(1)     Approve the annual report and the Barham Park Trust’s Accounts for 2020/21.

(2)     Note the Independent Examiner’s Review of the Barham Park Trust’s Accounts for 2020/21.

(3)     Authorise officers to update the Charity Commission with the Annual Report and the Accounts for 2020/21 of the Barham Park Trust.

(4)     Authorise officers to prepare a financial strategy in respect of the Barham Park Trust for consideration at a future meeting of the Trust Committee.

Olga Bennet (Head of Finance) introduced a report presenting the Annual Report and Accounts for the Barham Park Trust for 2020/21.  In considering the report Members noted:

·             The work undertaken on behalf of the Trust as detailed within the Annual Report, which had included repair and improvement works to the park and ongoing work to secure tenants for the various buildings on site;

·             The accounts had been subject to an independent examination by the Head of Audit & Investigations, with the outcome attached as Appendix C to the report on the agenda.  This had confirmed that there were no issues regarding the accounts that needed to be brought to the attention of the Trust Committee;

·             During 2020/21 the Trust had incurred expenditure of £96,283 on maintenance of the building complex and park, which had comprised £60,383 of unrestricted funds expenditure and £35,900 of restricted funds.  The Trust had generated £81,300 receipts from rental income and interest earned although members were advised this also included £76k of cumulative rental income due but not yet paid.  Given the potential impact this had on the Trust’s assets in terms of unrestricted cash funds, members were being asked to approve work being undertaken on development of a longer term financial strategy for the Trust to ensure it was able to continue operating on a viable and sustainable basis;

·             The current position in respect of the restricted funds balance as at 31 March 21 and progress of works for which funding had previously been allocated, as detailed within sections 3.12 – 3.14 of the report.

Having noted the update provided and support for the development of the longer term financial strategy in order to ensure the park and its facilities could be sustained over the long term as an important asset for the local community, the Trust Committee RESOLVED to:

(1)    Approve the annual report and the Barham Park Trust’s Accounts for 2020/21.

(2)    Note the Independent Examiner’s Review of the Barham Park Trust’s Accounts for 2020/21.

(3)    Authorise officers to update the Charity Commission with the Annual Report and the Accounts for 2020/21 of the Barham Park Trust.

(4)    Authorise officers to prepare a financial strategy in respect of the Barham Park Trust for consideration at a future meeting of the Trust Committee.