Issue - meetings

To receive the report of the Finance and Resources Director detailing –

·        Latest Trust Management Accounts

·        Update from Finance and Resources Committee (19 October 2012)

 Nigel Watts – Director of Finance and Resources, Alexandra Palace – introduced the report as set out.

NOTED

·        The accounts to date showed an overspend of £25k – this was due to a ‘deep clean’ before Holland Heineken House and the cost of re-seeding the grass following the Red Bull event.  The cleaning cost would be recovered from the Trading Company by way of a Gift Aid repayment, and Red Bull had covered the cost of reinstatement.

·        Regeneration spend was £8k below budget, but this was due to timing as opposed to actual spends – it was not anticipated that there would be an underspend on the regeneration project.

·        Although there was an overspend on the security budget, the security contract was included as part of the larger contract with Europa.  Once each element of the contract was taken into account, it was likely that at year end the position would balance out.

The Chair MOVED and it was

RESOLVED

i)          That the financial results for the 5 months ended 31 August 2012 be noted; and

ii)         That the update from the APTL Finance Resources & Audit Committee be noted.