Issue - meetings

To advise the Board of the provisional financial results for the year ended 31^st March 2013.

Nigel Watts, Finance and Resources Director, Alexandra Palace, presented the report on the provisional financial results for the 12 months ended 31^st March 2013:

·        With regard to the delay in the start of the English Heritage funded Colonnade works, the underspend associated with which the Trust had requested to be carried forward, it was reported that work on site had commenced in February 2013. Had the work been commenced as scheduled in October 2012, it would have been significantly affected by the poor weather over the winter period.

·        The Board welcomed the more accessible format of the accounts, and the Finance and Resources Director advised that it was intended that the published accounts would be made clearer in respect of expenditure and activity, for further ease of understanding.

·        In response to a question from the Board regarding the Palace income variance set out in the first line of the management accounts appended to the report, it was reported that this was mainly as a result of leases being renegotiated, and the loss of some subletting income following the merger of two tenants. The Palace was seeking legal guidance regarding this issue.

·        In respect of the expenditure relating to the Learning Officer post, it was reported that this cost had so far been associated with the HLF bid.

·        Ice Rink income was presented in the Trading Company accounts, while the costs associated with the depreciation and interest relating to the prudential borrowing for the refurbishment of the ice rink were in the Trust accounts.

·        It was noted that the figures reported were positive, and that in light of the public amenity offered by the Palace, it should not be viewed as a ‘drain on resources’

·        It was agreed that the title of the park expenditure line could be amended to read Park and Road, in order to reflect that this included the costs associated with the road, for clarity.

·        The Finance and Resources Director advised that much of the work of APTL could be viewed as fulfilling the Trust’s charitable purpose, and reported that the Palace was working with its auditors to find ways of making this more explicit.

·        In response to a question from the Board, it was confirmed that re-classification of the funding received from the Council would have no impact of the Palace’s tax position. It was noted that the financial arrangements between the Palace and the Council had been extensively reviewed from a legal position, and care had to be taken that any changes in this treatment did not go beyond that which had already been established.

NOTED