King George's Field Charity Board - Wednesday, 6th November, 2024 6.00 p.m.

November 6, 2024 View on council website Watch video of meeting
AI Generated

Summary

The Board approved the 2022/23 audited accounts of the King George’s Field Trust (KGFT)1 for submission to the Charity Commission. The Board also noted updates on the KGFT’s financial position and its activities for the first half of the 2024/25 financial year. The Board approved a proposal for “Tenant A” of the Green Bridge retail units to offset their arrears against a rental deposit as part of a lease assignment. The board also approved the marketing of Arch 415-416 in Mile End Park for lease, subject to Network Rail's approval, in order to generate income for the charity.

2022/23 Audited Accounts

The Board approved the 2022/23 audited accounts and annual report for submission to the Charity Commission, noting that the accounts were overdue.

The accounts showed a revenue deficit for the year of £165,354. The report noted that this would increase the Charity’s cumulative unrestricted revenue deficit to £107,440.

The primary sources of income for the charity are:

The main areas of expenditure are:

  • Salaries.
  • Repairs and maintenance.

The accounts for 2023/24 are not yet finalised. However, the Charity is forecasting a deficit of £28.8k at the end of 2023/24. The report noted that the carried forward deficit will be circa £136.2k.

The Charity is undertaking actions to mitigate against this deficit including:

  • More regular detailed reviews of spending and income in order to enable more resilient and robust forecasting.
  • Prioritising expenditure and reducing non-essential spending where possible.
  • Regular reviews of rental assets to enable robust financial planning for rent reviews etc.
  • A marketing plan to increase hires at the Arts and Ecology Pavilions.
  • Increasing the level of bookings at Stepney Green astroturf through diversifying the use of the facility including promoting the facility for tournaments.

Financial Forecast for 2024/25

Appendix 6 of the report provided an overview of the forecasted financial position for 2024/25. The report forecast a surplus of £12,250 for the year.

Activity Update for 2024/25

Appendix 7 provided an overview of activities between 01 April 2024 and 30 September 2024.

A total of 11,376 people participated in 222 sessions of free activities provided during the May half term and the summer school holidays.

The Stepney Green astro turf had 2,200 bookings with 48,000 people using the facility between 01 April 2024 and 30 September 2024.

Proposed Investment Programmes

The Board noted the contents of the “King Georges Field Trust Investment Programmes” report.

The report proposed that the charity make improvements to its sports facilities at both Mile End Park and Stepney Green Park in order to:

  • Meet increased demand for football and cricket.
  • Provide opportunities to participate in other key sports such as hockey and netball.

The new and improved facilities would be supported and activated by programmes of activities designed to target underrepresented groups like women and girls.

The report outlined plans to secure external funding to support the delivery of new and improved facilities.

The plans included seeking external funding from:

  • The Football Foundation’s Playzones programme.
  • Section 106 / CIL funding.

It was proposed that part of a £265,000 grant from Fields in Trust be used to match fund these investment programmes.

Fields in Trust Grant Funding

The Board considered Appendix 1 of the “King Georges Field Trust Investment Programmes” report.

The appendix listed the following options for allocating grant funding of approximately £265,000 from Fields in Trust:

  • Match funding practice cricket nets at a KGFT park / open space. This was approved by the Board on 29 May 2024, however since then, it has been identified that the English Cricket Board (ECB) are not able to provide match funding for this project so the full amount would need to come from the Fields in Trust grant. It was noted that Stepney Green Park had been identified as a suitable location.
  • Creation of a small refreshment kiosk at Stepney Green astroturf. This was approved by the Board on 29 May 2024, subject to planning and external funding.
  • Stepney Green Outdoor Gym expansion.
  • Stepney Green five a side match funding. This would be match funded against a Playzone grant.
  • Match funding towards redevelopment of the hardcourts at Mile End Stadium. The Board previously approved a proposal to upgrade the pitches at Mile End Park on 29 May 2024. It was noted that since then, it had been decided that the upgrades would be to the existing hardstanding courts at Mile End Park.

It was decided that the Board would discuss these proposals, and decide on an allocation of the grant, with the exclusion of the press and public.

Leases Update

The Board noted the “Leases Update, King George’s Field Trust (KGFT)” report.

The report provided an update on the lease arrangements for the KGFT’s retail and rental units. The report noted that income from these units supports the Charity to maintain park land and amenities.

“Tenant A”

The report noted that all tenants with the exception of “Tenant A” of the Green Bridge retail units were up to date with their rent and utility bills.

“Tenant A” had submitted a proposal to assign their lease and use the rental deposit to offset part of their arrears. The report noted that all arrears would need to be cleared before any assignment could be completed.

The Board decided to discuss this proposal, and decide whether to approve it, with the exclusion of the press and public.

“Tenant B”

The report provided additional information in respect of the lease arrangements relating to “Tenant B” of the Green Bridge retail units.

The information was provided in response to a request by the Board at its meeting on 29 May 2024.

“Tenant C”

The report noted that “Tenant C” of the Green Bridge retail units had submitted a request to assign their lease.

The Board decided to discuss this proposal, and decide whether to approve it, with the exclusion of the press and public.

Arch 415-416

The report noted that the Charity owns Arch 415-416, which is located near to the skate park at Mile End Park.

It was noted that the arch is currently being used for storage but it has the potential to be let to generate income for the charity.

The report proposed that the arch be marketed for lease by an external property agent, subject to Network Rail’s approval.

The Board approved the proposal. It was noted that the agent would evaluate proposals and make recommendations. The Board would then be provided with a report on the bids received at a future meeting.

Charity Commission Guidance

Appendix 8 of the report provided information relating to Charity Commission guidance for local authorities as trustees of charities.

The information included:

  • The Charity Commission’s updated guidance: “Local authorities (or councils) as trustees of charities”.
  • The shortened version for councillors published by the Charity Commission and the Local Government Association: “Local authorities (or councils) as trustees of charities – a guide for councillors”.

  1. The King George's Field Charity owns and manages Mile End Park, Stepney Green Park and some smaller green spaces, primarily in east London.  ↩

Attendees

Documents