Issue - meetings

Contingencies & Reserves Report

Meeting: 20/07/2017 - Cobtree Manor Estate Charity Committee (Item 16)

16 Report of the Director of Finance and Business Improvement - Contingencies & Reserves Report pdf icon PDF 51 KB

Additional documents:

Minutes:

The Senior Finance Manager (Client) presented a report on Contingencies and Reserves of the Trust.

 

The Committee noted that this was a follow up report from March 2017 which outlined the background to the current financial position and set out a future projection of resources that were likely to be available.

 

It was noted that the projection set aside £421,000 in the first five years to meet the costs of the proposed capital programme for the Café.

 

The Senior Finance Manager advised that in his opinion the current reserves of £150,000 were sufficient but the level would continue to be monitored.

 

The Committee were mindful that costs were continuing to rise and felt that they would prefer to see the contingency for unexpected events  topped up to ensure that sufficient funds were maintained.

 

RESOLVED:  That the allocation of future surpluses as outlined in Section 4 of the report of the Director of Finance and Business Improvement be approved.

 

Voting:  For:  unanimous