Issue - meetings

Mr Paul Holland, Senior Finance Manager (Client) presented his report which summarised the current financial position of the Estate as at 30 November 2018.

The Committee noted that there would be a surplus by the end of the financial year.

It was noted that:-

·  Planning Solutions had been invoiced for the first instalment of their 2018/19 fee.

·  Contractors were providing quotes for the beetle infestation in the Play Barn.

·  The Café Contractor, DAGT had paid their second quarter rental but discussions were still ongoing regarding the staff recharges during the transition period.  Officers were confident that this would be resolved by the end of the financial year. 

·  Following concerns raised by the Committee the Chairman was due to meet with the Council’s VAT Officer to gain clarity on what the Trust is eligible to pay VAT on.

In response to questions from Members, Mr Holland advised that:-

·  Capital costs of £11,750 in respect of work on the car park resurfacing would remain on the balance sheet as this related to land and would not depreciate.

·  Due to the recharges not being finalised, the figures shown in the report were for 17/18 but would be updated for the next meeting of the Committee.

·  The Sage accounting system was scheduled to be in use in time for 1^st April 2019.

·  The budget for the car parking income included the increase in the car park charges.

RESOLVED:  That

1.  The current financial position be noted.

2.  The draft budgets for 2019/20 be agreed and that a revised set to take into account the actual recharges would be produced for the March meeting.

3.  The progress to date with the separate financial management system be noted.

Voting:  Unanimous