The Charter Trustees for Bournemouth of Fife Council met on Tuesday 25 June 2024 to discuss the budget outturn report for 2023-24 and the annual governance statement and statement of accounts for the same period. The meeting also included a discussion on the use of reserves and the potential for a grant-giving scheme.

Budget Outturn Report 2023-24

Matt Filmer, the responsible financial officer, presented the Budget Outturn Report 2023-24. The Charter Trustees underspent by just over £18,000, primarily in variable areas such as mayoral events and hospitality. This underspend has been added to the total reserves, which now stand at approximately £103,000. The report detailed that 70% of the budget is fixed, with the remaining 30% being variable. The underspend was largely due to lower-than-expected costs in these variable areas.

Councillors discussed the implications of the underspend and whether it would lead to another underspend in the next year. There was a suggestion to use the reserves to support the full council budget, but it was clarified that reserves could only be used for Charter Trustee purposes.

Use of Reserves and Grant-Giving Scheme

Councillor Trent raised the possibility of introducing a grant-giving scheme similar to the one used by Poole Charter Trustees. This scheme could help fund community events and activities that support the civic traditions of the town. The discussion highlighted the need to explore the scope of such a scheme and its alignment with the Charter Trustees' regulations.

The Trustees agreed to hold a workshop to consider wider options for the use of revenue and reserves in support of community events and facilities. This workshop will also explore the potential for collaboration with neighbouring Charter Trustees and parish or town councils.

Annual Governance Statement and Statement of Accounts 2023-24

The Annual Governance Statement and Statement of Accounts 2023-24 were presented by Matt Filmer. The statement summarises the financial activities and governance arrangements for the year. One notable figure was the valuation of the fixed assets, including the regalia, which stands at £646,000 based on the latest insurance valuation.

Councillors raised questions about specific budget items, such as the increased cost of printing and photocopying, which was attributed to the production of booklets for Remembrance Sunday. It was clarified that this cost should have been allocated to the Remembrance Sunday budget line.

The Trustees approved the annual governance statement and statement of accounts, which will be published on the Charter Trustees' website and made available for public inspection.

For more details, you can refer to the printed minutes of the meeting.