The King George's Field Charity Board met on Wednesday, 6 November 2024, to review the audited accounts for the 2022/2023 financial year, discuss proposed investment programmes for sports facilities, and consider updates on existing leases. Key decisions included the approval of the audited accounts and annual report for submission to the Charity Commission, and the allocation of grant funding for sports facility improvements.

King George's Field Trust Audited Accounts and Annual Report 2022/2023

The Board approved the audited accounts and annual report for the King George's Field Trust for the year ending 31 March 2023. These documents are now to be submitted to the Charity Commission, fulfilling a legal requirement for organisations with a turnover exceeding £1 million. The audited accounts revealed a revenue deficit of £165,354 for the year, resulting in a cumulative unrestricted revenue deficit of £107,440. The Board noted that the Council has provided a letter of support, indicating a commitment to provide financial assistance to the King George's Field, Mile End charity if it faces financial difficulties.

The Board also noted the forecasted financial position for the 2024/2025 financial year, which anticipates a surplus of £12,250. An update on activities undertaken between April and September 2024 was also presented, highlighting that 11,376 participants engaged in free activities across 222 sessions. The Stepney Green astroturf facility saw 2,200 bookings with 48,000 participants during the same period. The Board granted permission for Arnold Hill & Co LLP to audit the accounts for 2023/2024.

King George's Field Trust Investment Programmes

The Board reviewed proposed investment programmes aimed at enhancing sports facilities at Mile End Park and Stepney Green Park. These proposals include the installation of cricket practice nets and a new five-a-side pitch at Stepney Green, as well as upgrades to the hard surface sports courts at Mile End Park. The Board was asked to decide on the allocation of grant funding from Fields in Trust, totalling approximately £265,000, to support these projects.

Key proposals for the allocation of Fields in Trust funding include:

• Practice cricket nets at a King George's Field Trust (KGFT) park/open space: An estimated cost of £55,000, including contingency and project management. This was approved in principle by the Board on 29 May 2024, but a revised amount needs Board approval. The English Cricket Board (ECB) has funded another project, meaning Fields in Trust funding would now be used for this initiative.
• Creation of a small refreshment kiosk: Estimated at £25,000, including contingency and project management. This would generate an estimated £10,000 per annum for the charity. This was also approved in principle on 29 May 2024 and requires Board approval.
• Stepney Green Outdoor Gym expansion: Costing £32,500, this would provide a wider range of exercise equipment for the well-used facility. This requires Board approval.
• Stepney Green five-a-side match funding: An estimated £70,000, this project aims to create a new five-a-side astroturf pitch. The Council is seeking investment from the Football Foundation, which could cover up to 75% of the costs. This requires Board approval and is subject to Playzone funding.
• Match funding towards redevelopment of hardcourts at Mile End Stadium: An estimated £82,500, this would upgrade existing courts. The Council will fund 75% of the works through Section 106/CIL, with 25% proposed from Fields in Trust. Board approval of this update is required.

King George's Field Trust Leases Update

The Board received an update on the lease arrangements for the King George's Field Trust (KGFT) retail and rental units. The income generated from these leases supports the Charity in maintaining park land and amenities. The Board was asked to consider ongoing discussions with Tenant A regarding outstanding arrears and a proposal to offset these arrears through a lease assignment. Additionally, the Board noted further information regarding Tenant B and considered a request from Tenant C to assign their lease. The Board also approved the marketing of an arch located in Mile End Park, with the outcome to be reported back at a future meeting.

The Board was informed that all tenants, except for Tenant A, are up to date with their rent and utility payments. Tenant A has proposed assigning their lease and using their rental deposit to offset part of their arrears, but all arrears would need to be cleared before any assignment could be completed. Tenant B remains the same company under the lease, with a change in company director and trading name. Tenant C has requested to assign their leases, which they have a right to do under the terms of their lease. The arch in Mile End Park presents an opportunity to generate income, and an external property agent will be appointed to market it.