Agenda, decisions and minutes

For the Committee to note any apologies for absence.

Apologies for absence were received from Councillor Krupa Sheth, with Councillor Grahl attending as a substitute.

Apologies for absence were received from Councillor Krupa Sheth, with Councillor Grahl attending as a substitute.

Members are invited to declare at this stage of the meeting, the nature and existence of any relevant disclosable pecuniary or personal interests in the items on this agenda and to specify the item(s) to which they relate.

None declared.

No interests were declared at the meeting.

The approve the minutes of the previous meeting held on Tuesday 10 September 2024 as a correct record.

RESOLVED that the minutes of the previous meeting held on Tuesday 10 September 2024 be agreed as a correct record.

To consider any matters arising from the minutes of the previous meeting.

None.

None.

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.

No items have been identified in advance of the meeting that will require the exclusion of the press and public.

There were no items that required the exclusion of the press or public.

There were no items that required the exclusion of the press or public.

Notice of items to be raised under this heading must be given in writing to the Deputy Director Democratic Services or their representative before the meeting in accordance with Standing Order 60.

There were no items of urgent business.

It was noted that should any further meetings of the Trust Committee be required during the year these would be arranged as needed.

No items of urgent business were raised at the meeting, with members noting that further meetings of the Trust Committee would be arranged as required moving forward during the year.