Issue - meetings

To receive the report of the Director of Finance and Resources, Alexandra Palace, detailing:

·               Trust Management Accounts to December 2012

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

·        Next year’s financial reporting would give a more detailed breakdown of income and expenditure; the current report gave a breakdown into the main areas of activity.

·        It was noted that the £152k regeneration underspend was largely due to the nature of the work and the associated pattern of expenditure having changed, subsequent to the budget being set. It was hoped that this underspend could be carried over to the next financial year.

·        The overall forecast for the year was for a reduction in the net deficit; after Gift Aid, there was confidence that the performance would exceed the original budget.

The Board congratulated the Director of Finance and Resources and his team on the clarity of the report, and also on the work undertaken to implement the new financial system. The format of the report was agreed to represent a significant improvement.

NOTED