Decision

1. 1

The Committee considered a report of the Executive Director of Neighbourhood Services seeking a decision on whether the proposal to withdraw interest accrued on the Annie Frances Styring Fund to support improvements to the basketball court in Chelsea Park is in the best interest of the charity.

1. 2

RESOLVED UNANIMOUSLY: That the Charity Trustee Committee:-

(a)  Notes the contents of this report

(b)  Considered whether the proposed use of funds is in the best interests of the charity, taking into account the purpose of the Anne Frances Styring Memorial Fund and the benefits to Chelsea Park and its users.

(c)  Approves the release of accrued interest from the Anne Frances Styring Memorial Fund to fund improvement works to the basketball area at Chelsea Park, including cleaning, graffiti removal and repainting.

(d)  Notes that the expenditure constitutes a one-off capital improvement, consistent with the conditions of the fund that interest may be used for non recurring purposes.

(e)  Delegates authority to the Director Finance and Commercial Services and the General Counsel, to:

• Confirm the total interest available for drawdown

• Finalise the value to be released

• Ensure the appropriate financial mechanism is applied to draw funds from the balance sheet to revenue

1. 3

Reasons for Decision

1. 3.1

The proposed use of accrued interest from the Annie Frances Styring Memorial Fund contributes to the objects of the charity, which are for Chelsea Park to be used for the recreation of the public as public walks or pleasure grounds or as an open space.

1. 3.2

Releasing interest from the fund for a one-off improvement to the basketball area allows the Council, as sole trustee, to support the maintenance and improvement of recreational facilities within the park, while retaining the capital value of the endowment.

1. 3.3

The proposal is considered to be in the best interests of the charity because it will provide direct public benefit through improving the condition, appearance and usability of an open-access recreational facility within Chelsea Park.

1. 3.4

In addition:

• The works will help address deterioration in the basketball area and reduce the risk of the facility becoming less attractive or usable for park visitors.

• Improved recreational provision will support informal physical activity, community use and enjoyment of the park.

• The proposal makes appropriate use of available accrued interest for non-recurring expenditure, in line with the purpose of the fund.

• Supporting these works will complement external funding already secured by the Friends of Chelsea Park for nearby playground improvements, helping to deliver a more coherent improvement to this part of the park.

• Undertaking the works now will reduce the likelihood of further decline and support the long-term maintenance of the park environment.

1. 4

Alternatives Considered and Rejected

1. 4.1

Alternative Option 1 – Do nothing

Under this option, no funding would be released from the memorial fund.

Implications include:

• Continued deterioration of the basketball area

• Missed opportunity to utilise available interest for a one-off improvement

• Potential negative impact on community perception and park usage

This option would not align with the intention to use accrued interest for appropriate improvement projects within the park. This option has therefore been discounted.

1. 4.2

Alternative Option 2 – Wait until specific costs are available

Under this option, the decision to release the funded would be delayed until exact costs are known for the proposed works.

Implications include:

• Continued deterioration of the basketball area

• Potential missed opportunity to utilise available interest for a one-off improvement

• Delay to undertaking any works due to existing committee schedules

This option delays the decision until specifics are known however as an upper limit of interest is known, this is not considered necessary. This option has therefore been discounted.