Issue - meetings

This item presents the annual report for the Barham Park Trust for 2023 - 24. There is a statutory requirement to produce an Annual Report, including the Accounts each financial year.

RESOLVED to:

(1)      Approve the Annual Report and Barham Park Trust’s Accounts for 2023-24, having noted the update on the professional advice sought following their withdrawal from the meeting held on 10 September 2024.

(2)      Note the Independent Examiner’s Review of Barham Park Trust’s Accounts for 2023-24.

(3)      Authorise officers to update the Charity Commission with the Annual Report and the Accounts for 2023-24 of Barham Park Trust.

Eligible for call-in: Yes

Deadline for submission of call-in: 6pm on Wednesday 11  December 2024

Ravinder Jassar (Deputy Director Finance) introduced the Trust Annual Report 2023-24, which included the Trust Account, for consideration and approval prior to submission to the Charity Commission.

In considering the report the Trust Committee noted the update provided following withdrawal of the Annual Accounts from the previous meeting held on 10 September 2024 to enable further professional advice to be sought from the Charity Commission on the way in which interest earned on Restricted Funds should be treated for accounting purposes.  Whilst not required to follow the Charities Statement of Recommended Practice (SORP) FRS 102 due to the size of the Trust, guidance contained with the SORP had, and it was confirmed would continue, to be applied (as recommended best practice) in relation to the Trust Accounts with advice also received from the Commission having confirmed that interest earned on restricted funds was allowable on expenditure in line with the terms of the Trust.  This meant no amendment had been required to the accounts originally submitted.

To enhance transparency, however, members were advised that the interest earned on restricted funds had been recorded under restricted funds.  A transfer had then been recorded in the accounts to move this to unrestricted funds to reflect its use on Maintenance and Wardens, in line with the terms of the Trust.

The Chair thanked Ravinder Jassar for the update provided and then invited comments in response to presentation of the 2023 – 24 Annual Report and Accounts, with the following issues raised:

·            In noting the reasons for the initial deferral, an assurance was sought that no inaccuracies had been identified within the Accounts.  In response, Ravinder Jassar confirmed that the clarification provided had not impacted on the cash funds recorded within each fund at the end of the financial year meaning a restatement of the accounts had not been required as the transfer between funds had been for presentational purposes only.  Members were advised that no other issues having been identified from an accounting perspective.

·            In regards to financial projections going forward, further details were sought on the robustness of the plans designed to manage and maintain the Barham Park building pending the longer term options being developed.  In response Tanveer Ghani (Director of Property & Assets) updated members on progress with the approach adopted at the previous meeting focussing on the following areas:

Ø   Management of rents and arrears – The Trust Committee was advised that as of 31 March 2024, £44,500 had been owed in rental income relating to rents for the period 1 April 2023 and 31 March 2024.  The Council provided a £44,500 cash advance for the Trust in order to aid the Trust’s cashflow position and avoid a potential detrimental impact of uncollected receipts on the Trust’s financial position. This had been recognised as debt on the Council’s side with debt recovery being actively pursued.  As of 31 October 2024, £23,585 (53%) of the £44,500 rental income due had been collected.

As of 31 March 2023, the rental income  ...  view the full minutes text for item 5

This item presents the annual report for the Barham Park Trust for 2023-24. There is a statutory requirement to produce an Annual Report, including the Accounts each financial year.

The Trust Committee were advised that consideration of the Trust Accounts and Annual Report 2023-24 had been withdrawn from the agenda and would be resubmitted for consideration at an additional meeting of the Trust to be arranged for that purpose.

Eligible for call-in: No

The Trust Committee were advised that consideration of the Trust Accounts and Annual Report 2023-24 had been withdrawn from the agenda and would be resubmitted for consideration at an additional meeting of the Trust to be arranged for that purpose.

This item presents the annual report for the Barham Park Trust for 2022/23. There is a statutory requirement to produce an Annual Report, including the Accounts each financial year.

RESOLVED having noted the receipt of written submissions from Francis Henry and Councillor Lorber in advance of the meeting relating to the presentation of the accounts:

(1)     To approve the Annual Report and Barham Park Trust Accounts for 2022-23.

(2)     To note the Independent Examiner’s review of the Barham Park Trust Accounts  for 2022 – 23.

(3)     To authorise officers to update the Charity Commission with the Barham Park Trust Annual Report and Accounts for 2022 – 23.

(4)     To confirm, in relation to the future examination of the Trust Annual Accounts, that the Trust had agreed to continue with the current arrangement for independent examination by the Council’s Head of Audit & Investigation (as detailed within Option 1 in section 3.5 of the report).

Eligible for call-in: Yes

Deadline for submission of call-in:

6pm on Tuesday 3 October 23

Jekaterina Popova, Head of Finance, introduced the Annual Report and Accounts for the Barham Park Trust for 2022 – 23.  In considering the report the Trust Committee noted:

·             The surplus achieved by the Trust of £25,021 (net of receipts and payments) and increase in total cash funds.  As of 31 March 23, the Trust had £220,000 in unrestricted funds and £353,000 in restricted funds.

·             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 and no recommendations or issues identified as needing to be brought to the attention of the Trust Committee.

·             The update provided (following the previous meeting on 5 September 23) in relation to use of the appropriate account template by the Trust, which it was confirmed had now been subject to further review.  This had included an assessment as to whether use of an accruals account template or receipts and payments template would be more appropriate for the Trust with the receipts and payments template identified as the preferred option due to its clearer and more concise format (in relation to the Trust activities and financial position) and overall size of the Trust.  Confirmation was provided that the 2022-23 Trust Accounts had therefore been prepared on a receipts and payments basis using the current template provided by the Charity Commission and with the Trust Committee assured that there had been no impact on the Trust’s financial position as a result.

·             In addition to the changes introduced for the 2022 – 23 process, further improvements had been planned in relation to the Trust’s accounting and financial reporting arrangements for 2023-24 onwards which had been designed to ensure they remained as efficient and transparent as possible, including the establishment of a new bank account for the Trust enabling funds to be held separately in an interest-bearing account.

The following comments and issues were highlighted in response to presentation of the 2022 – 23 Annual Report and Accounts:

·             Having noted receipt of the written submissions from Councillor Lorber and Francis Henry (as Chair of Friends of Barham Park) relating to presentation of the Trust Accounts, Ravinder Jassar (Deputy Director of Finance) advised that it was felt the various issues raised had either been addressed directly through the member enquiry process or within the report included on the Trust agenda.  On this basis, and with the Accounts having also been subject to independent examination, it was felt the Trust Committee would be able to proceed on the basis of the recommendations set out in the report.

·             Given the change in template introduced for preparation of the Trust Accounts further details were sought as to how the Charity Commission financial reporting requirements in relation to the Trust would continue to be monitored moving forward. In response, the Trust Committee were advised that whilst the Charity Commission did not routinely notify the Trust about changes in financial reporting templates, officers had made contact with them  ...  view the full minutes text for item 5

This item presents the annual report for the Barham Park Trust for 2022/23. There is a statutory requirement to produce an Annual Report, including the Accounts each financial year.

The Trust Committee were advised that consideration of the Trust Accounts and Annual Report 2022-23 had been withdrawn from the agenda and would be resubmitted for consideration at an additional meeting of the Trust to be arranged for that purpose.

Councillor Muhammed Butt (as Chair) advised the Trust Committee that due to an issue needing to be resolved in relation to the presentation of the Barham Park Trust Accounts this item had been withdrawn from the agenda.

In providing further details, Chris Whyte, Director of Environment & Leisure, advised that as a result of an issue identified with the version of the Charity Commission template which had been used to present the Trust Accounts the need had been identified for the accounts to be resubmitted on the basis of a revised and updated template.  In order to enable final consideration, it was therefore confirmed that the Trust Accounts for 2023-24 would be resubmitted to an additional meeting of the Trust Committee, which would be scheduled to take place prior to the end of September 2023.