Issue - meetings

To receive and consider the report of the Director of Finance.

Louise Mattinson, Director of Finance presented the report which sets out the accounts for the year ended 31 March 2022 for charities and trusts, for which the Council is the sole trustee, for approval.

The Council’s Statement of Accounts 2021/22 does not include a disclosure on the Trust Funds held by the council. As an alternative, figures are presented in this report, which therefore provides an opportunity of providing more detail about each charity or trust.

Members noted that there are five charities or trust accounts, four of which have balances of less than or around £5000. No transactions have taken place on any of the accounts during the year. Three of the charities or trusts hold external investments. No sums have been disinvested and reinvested, but the market value of investments varies from year to year. Such changes in market value are reflected in the relevant accounts.

The committee queried the long-term plan for the money in the W B Park’s Charity and H T Parke’s Baths Fund to be brought into use and whether these funds could be used across the borough. Members were advised that the accounts could be dissolved as Charities and Trusts via application to the Charities Commission in order to apply the proceeds for the purposes intended, subject to any specificities. The money in the W B Park’s Charity and H T Parke’s Baths Fund accounts were set up for a specific purpose in the specific areas however the William Cocker fund for recreation grounds in Chorley appeared more flexible on where this money can be spent in Chorley. This would also be subject to approval from the Charities Commission and officers would seek advice from the Commission on this.

Resolved - That the accounts presented in Appendix A to E be approved.