Agenda item

Charter Trustees received a report of the Treasurer that provided information on the actual expenditure compared to the budget for the year ended 31 March 2024 (for copy of report, see file of minutes).

The actual net expenditure for 2023/24 was £70,412, an underspend of £5,546 against a budget of £75,958. The original budget agreed a contribution from reserves of £15,477. Based upon the final underspend there would be a transfer from reserves of £9,931. In 2024/25 there was a commitment to draw £19,085 from the reserve that would result in a reserve balance of £48,802 as at 31 March 2025.

The Treasurer indicated that the budgeted use of reserves was not an infinite budget solution, and they would need to consider how they reduce their reliance on reserves. Trustees were also asked to note that there would be a reduction in the Local Council Tax Reduction Scheme by 50% phased over the next three years. He stated that Trustees would need to consider in due course how they budgeted for the change in income source.

Resolved: That the outturn position for the year ended 31 March 2024 be noted.