Issue - meetings

To consider the report of the Director of Finance and Resources, Alexandra Palace and Park. – Alexandra Palace seeking approval of the Trustees’ Report and Consolidated Financial Statements for the year ended 31st March 2012.

Nigel Watts - Director of Finance & Resources, Alexandra Palace & Park - introduced the report as set out.  He explained that the reports were not circulated with the original agenda packs as matters had not been finalised by the auditors following the Trading Company Board meeting on 13 July 2012.

The draft accounts were included at Appendix 1 of the report, and were subject to some technical adjustments.

Sue Barnett – Deloittes – added that there was nothing out of the ordinary to report with regards to the audit. 

The following responses were provided to questions from the Board:

·        The Gift Aid payment for 2010/11 was lower than 2011/12 because profits had been lower in that financial year.  This was in part due to the closure of the ice rink.

·        A rigorous process was in place to ensure that every trading event was profitable.

The Chair thanked Nigel Watts and Deloitte for attending.  He also thanked the team at the Palace.

RESOLVED, subject to technical adjustments,

i)          That the Chair be authorised to sign the letter of representations on behalf of the Charity;

ii)         That the consolidated accounts be prepared on a going concern basis;

iii)        That the Trustees Report and Consolidated Financial Statements for 2011/12 be approved and the Chair be authorised to sign them on behalf of the Board for submission to the Charities Commission;

iv)        That the contents of the report provided by Deloitte on the audit of the consolidated financial statements for the year ended 31 March 2012 be noted;

v)         That Deloitte be re-appointed as auditors to Alexandra Park and Palace Charitable Trust for the financial year 2012/13; and

vi)        That the results against budget for the two months ended 31 May 2012 be noted.