Issue - meetings

The forecast for the 2024/25 financial year is that the Charter Trustees of Bournemouth will underspend against the budget set. This is due to spend to date and planned activity for the rest of the year being lower than originally envisaged. The forecast underspend for the year is £6,464.

The Responsible Financial Officer presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'C' to these Minutes in the Minute Book.

Trustees were advised that the forecast for the 2024/25 financial year was that the Charter Trustees of Bournemouth would underspend against the budget set. This was due to a lower that forecast spend to date on hospitality and events (such as Remembrance) and planned activity for the rest of the year being lower than originally envisaged. The forecast underspend for the year was £6,464.

Regarding the legal advice procured from King’s Counsel (KC) it was confirmed that this was approximately £25k, to be shared evenly between the Charter Trustees of Bournemouth and Poole.

Reserves of just over £17k were being used to support the 2024/25 budget, with reserves forecast to decrease to a closing position of c. £86k.

Trustees were advised that a workshop on the budget for 2025/26 had been held in the previous week which had reviewed charges, the implications of the legal advice on the future budget, precept and Council Tax ahead of the budget setting meeting in early 2025.

The external audit for 2023/24 accounts had been completed with no issues. This was available to view on the Trustee website.

Trustees queried whether the KC legal costs were to be recharged from BCP Council and whether there was a charge for the initial incorrect advice received. In response, it was confirmed that the advice had been procured and paid for by BCP Council, with the costs to then be invoiced to the CT. There was no information available regarding whether the Council had been charged for incorrect advice.

Trustees queried the purpose of the £4.5k on civic regalia. This was confirmed to be for the procurement and upkeep of regalia. It was confirmed that officers were required to obtain 3 separate quotes for any spend over. £500.

RESOLVED that:

The Charter Trustees note the in-year budget position for 2024/25 and other finance updates set out in the report.

Voting: Nem. Con.