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MAIDSTONE BOROUGH COUNCIL
RECORD OF DECISION OF THE Cobtree Manor Estate Charity Committee
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Decision Made: |
20 December 2010 |
Accounts 2009/10
Issue for Decision
To approve the audited Report and Financial Statements for the financial year 2009/10.
Decision Made
That the audited Report and Financial Statements for the financial year 2009/10, attached as Appendix A to the report of the Head of Finance and Customer Services, be approved.
Reasons for Decision
In July 2010 the Committee received the un-audited Report and Financial Statements for the financial year 2009/10.
The audited 2009/10 Report and Financial Statements from the external auditors are attached as Appendix A to the report of the Head of Finance and Customer Services together with the Matters Arising Letter and the Letter of Representation.
Following their examination of the Report and Financial Statements the external auditors recommended a small number of changes and these have now been incorporated into the audited version.
The majority of the changes were of a minor or technical nature and they have had an impact on the amount of the loan outstanding to the Council at 31 March 2010, which has now reduced from £25,446 in the draft accounts to £10,460.
The reduction in the loan balance was substantially down to two adjustments. Firstly additional investment income of £19,576 received from the Cobtree Charity Trust Ltd relating to 2008/09 had not been included in the draft accounts as it was not received until May 2010. Secondly, a bad debt provision of £3,653 has been made to reflect the settlement of the outstanding electricity invoice with Caterleisure Ltd.
The auditors also recommended that two additional notes be inserted to provide more detail for staff costs and pensions, and these are included as notes 5 and 6 to the accounts. Note 13 (Related Party Transactions) has also been expanded to more fully explain the relationship between the Trust and the Council.
During the discussion, reference was made to the cost of rectifying subsidence at Garden Cottage. The Committee indicated that it did not expect any additional costs to be incurred in respect of this work.
Alternatives Considered and Why Rejected
There are no alternative actions as it is a requirement that the accounts and the Letter of Representation be approved by the Council acting as Corporate Trustee of the Charity known as the Cobtree Manor Estate and signed by the Chairman prior to their submission to the Charity Commission.
Background Papers
None.
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Should you be concerned about this decision and wish to call it in, please submit a call in form signed by any two Non-Executive Members to the Head of Change and Scrutiny by: 31 December 2010. |