Issue - meetings

This item presents the annual report for the Barham Park Trust for 2021/22.  There is a statutory requirement to produce an Annual Report, including the Accounts each financial year.

RESOLVED to:

(1)    Approve the annual report and the Barham Park Trust’s Accounts for 2021/22.

(2)    Note the Independent Examiner’s Review of the Barham Park Trust’s Accounts for 2021/22.

(3)    Authorise officers to update the Charity Commission with the Annual Report and the Accounts for 2021/22 of the Barham Park Trust.

Solomon Akuffo, Senior Finance Analyst, introduced the Annual Report and Accounts for the Barham Park Trust for 2021/22.  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 3 to the report on the agenda.  The audit had resulted in a minor adjustment to the Accounts in relation to property rental income, with it recommended that income related to the funfair held on the estate should be reported separately from all other property rental income.  There had been no other issues regarding the accounts needing to be brought to the attention of the Trust Committee.

·            The overall improvement in the Trust’s Accounts for 2021/22 when compared to the previous year in terms of expenditure and income.  During 2021/22 the Trust had incurred expenditure of £61,105 on maintenance of the building complex and park, which had all been comprised of unrestricted funds and was £35,178 less than the previous year.  The Trust had generated £123,599 receipts from rental income and interest earned (an improvement of £23,681 from the previous year) although members were advised this also included £55,967 of cumulative rental income due but not yet paid.  In terms of the Trust’s overall assets this had resulted in an unrestricted cash fund balance of £141k (not including the £56k rental income due but not yet received) and a restricted cash fund balance of £353k which again represented an improved position when compared to 2020/21.

·            The current position in respect of the restricted funds balance as at 31 March 22 and funding previously agreed, as detailed within sections 3.10 of the report.

The following comments and issues were highlighted by members in response to presentation of the 2021/22 Annual Report and Accounts:

·            Whilst recognising the improvement in the Trust’s financial position during 2021/22 details were sought on any potential risks identified in terms of the financial and operational viability and sustainability of the Trust.  In response officers advised that the main risk identified had involved the arrears in relation to rental income.  As mitigation, however, Members were advised of the arrangements established, following discussion with tenants, to improve collection and reduce the overall debt in an effort to clear the arrears incurred during the pandemic by March 2024.

Having noted the update provided and positive work being undertaken to manage the Trust’s financial position 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 2021/22.

(2)    Note the Independent Examiner’s Review of the Barham Park Trust’s Accounts for 2021/22.

(3)    Authorise officers to update the  ...  view the full minutes text for item 7