Issue - meetings

This item presents the Joint Management Committee’s final accounts for the

financial year 2019/20

The Committee received a report setting out the Final Accounts for the municipal year 2019/2020.

The report highlighted that the last day of the financial year was 31 March 2020 and therefore saw no material impact of Covid-19 due to lock down beginning very late in the year on 23 March 2020.

It was noted that there was an overall deficit of £16,000, mainly due to one off variances. These included £11,000 for cleaning, as a result of competitive tendering process when taking on the new contract. The new contract also included additional toilet cleaning to ensure they are maintained to an acceptable standard.

A £9,000 overspend on electricity was noted. This was due to the bill being based on estimated readings taken in September, and as a result of Covid-19, updated readings have not been taken. When readings can be taken, it is expected for a reduction to be seen in the cost. Any overspend will then be refunded to the Nonsuch Park Joint Management Committee’s account.

It was noted that although the Committee’s reserves have decreased from £101,000 to £85,000, the variances have been addressed for the forthcoming years’ budget and are not expected to continue.

The recent Callover meeting of the Committee requested a review of the impact of Covid-19 in the current year. It was noted that the Committee receives £147,000 a year in rental income from its tenants of Bovingdons and Nursery Lodge. It has been agreed to allow tenants to defer a quarters rental payments until later in the year to help them with cash flow. There will only be a risk of impact should tenants find themselves unable to continue with their rent payments; however the Committee has reserves of £85,000 to mitigate impact should the need arise.

Following consideration:

It was recommended that the Joint Management Committee:-

(1)      Received the final accounts for 2019/20

Accordingly the Committee received the final accounts for 2019/2020.