King George's Field Charity Board - Wednesday 4 March 2026, 4:00pm - Tower Hamlets Council webcasts

King George's Field Charity Board
Wednesday, 4th March 2026 at 4:00pm 

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Okay, good afternoon.
Good afternoon.
Let's start our King George Fields
charity board meeting.
Welcome to the meeting, John
and Sam and Raff.
Welcome.
Okay, good.
And the hundreds of public who are here,
members of the public who are here.
Any apologies?
We've got all the cabinet members here.
Fantastic, thank you.
Any declarations of interest?
You don't have a shop by the back route in the green bridge, anyone?
Yeah, you sure?
No one's got a shop there?
No, you haven't?
I'm so happy.
Okay, so, okay, any public benefit interest guidances there?
Minutes of the meeting on the 6th of November?
Yeah, yeah, you okay?
Can we agree those minutes?
Okay, okay, we've got the terms of reference, 4 .1.
They haven't changed.
They're the same terms of reference.
Yes, madam?
Yeah?
You haven't changed them, but no?
Okay.
We can agree those?
4 .2, King George's trust finance activity
and governance updates, pages 21 to 46.
Who's going to give us those?
It might be someone from the DMS meeting
who could be adjourned for a bit.
You must welcome, Asan.
You're the jack of all trade.
Jaur, Asan, you both can come and join us.
4 .2 year end accounts, finance, activity and governance.
Keep it nice and short please, yeah?
I've got another meeting to go to afterwards.
I've got to leave by five.
Okay, who wants to introduce it?
Okay, Jaur.
In regards to the account specifically to 2324, we did prepare a paper, I'm not too
sure if it's made it into the pack, but it was a supplementary paper on top of the year -end
update.
So effectively we've substantially completed the audit for 2324.
So we were asking, effectively, bringing that paper to ask for approval for the sign off of accounts,
subject to a final review from the partner.
So the latest position on the 23 -23 accounts for the King George's Trust is, post the audit,
the trust was in an improved position by the tune of 42 ,000.
So previously the deficit, cumulative deficit at year end was 96 ,000, so that got reduced to about 52 ,000.
But I'm not too sure if the papers made it into the PAC for the approval.
Is it in there?
So, Chair, as the Chair, we would want delegation when the partner has finally signed off the
account to come back to yourself as a Chair to get it signed.
But the draught account should be in the PAC.
But the delegation we're seeking is to get approval from the trustees that the final
sign off comes back from finance colleagues to you to do the final sign.
Yeah, okay.
It's for time, okay, expectancy.
Go on, Kobi.
Sorry, just a quick question.
I mean, how long has it been, I see we're in surplus now.
How long has it, no, not in surplus?
So…
25 shows.
Yeah, we're in surplus, 28 ,000, go on.
So, trustees, the year that we're reporting, we made a surplus for that year, but the year
before because of historic costs back to everybody.
So let me just finish my full question.
So so this year we're operating in surplus,
but there are previous years of deficit.
How long has it been since we've made the year of surplus now?
So is this the first year in how long that we've made the surplus?
So because we had the Covid period and so on, so forth.
So there's a lot of sort of annualised sums that we made deficits.
Historically, the Trustee has most of the time made surplus.
It was only in the previous accounting period that we made a deficit
and we had to use some of our reserves to offset that deficit.
I think, Councillor Kabir, particularly the point you mentioned post -COVID,
I think that's where we really saw the deficits.
And subsequent to that, the latest set of accounts that we're all taking,
23, 24, it's made a surplus in the year.
So obviously we are pushing forward to get the 24 -25 audit done as soon as possible.
But I would say post Covid years 2021 -22.
But in 23 -24 we saw a return surplus.
Okay, anyone else?
Okay, then can we note the recommendations are set out on page 19.
You are asking for, so it's noting the number 8 is update,
Number 9 is authorised.
You are asking for another delegation.
Delegation from the trustees to the chair to approve the accounts once the partner has
agreed those.
Yes, and then we can upload it on the Charities Commission after the chair has signed it.
Is that okay?
Okay, that's done.
Thank you.
Then we go on to 4 .3, which is the King George Fields Trust update on fields in trust funding
approval to complete the agreement agreement with fields and trust regarding
associated grant funding please over to you Mr. Mayor effectively this national
fuels in trust holds some funding available that is allocated for our area
the amount that's currently been determined is two hundred thousand two
hundred and sixty five pounds if the board agrees to take that funding from
the national fields in trust, that the specific amount will be determined on the date of transfer.
The money that they have for us is linked to an investment with Schroder's, and so the
day if the board was to give approval today, we would give instruction to the national
fields in trust to say we agree to accept that grant, but the final amount will be determined
on the date of sales.
But at the moment, the indicative grant that they will give to us is 200 ,265 pounds.
Okay.
Thank you.
Any gone COVID?
Sorry, just for clarity, page 51 of the report, it says total funds in trust funding allocation,
265 ,000.
So, has there been a typo?
Or is that a separate amount we're talking about?
Thank you, trustee.
When we first wrote this report a while ago, it was 265, and then when it came to this,
when we were coming to this meeting, we asked Fields in Trust for an update,
and they gave us an updated position because of market conditions,
and by the time when it's signed, the date is executed, the markets would have moved again.
So we would get a grant amount, but the amount is varying because of the market conditions.
So could we have the correct amount written on the updated paper or how does that work?
Because you're quoting one set of amounts which sounds similar to £265 ,000.
It's £200 ,265 but on the paper it's showing £265 ,000.
So what will happen with the written amount?
So if the board was to approve, once the grant is executed we would report back to the next
for the exact amount of grant that they do.
Doing that way, yeah?
So hopefully whatever we should get in a substantial amount,
what the final amount is, will be a note in report at the next board meeting.
Okay, anyone else?
So can we agree with this?
Yeah, we want more money, that's fine. Agreed.
Okay, 4 .4 is the fees in charge review report. Okay.
I
Think this may our last discussion we were going to review this at the next board meeting. Yeah, okay
As it's here
Okay. Okay. Yeah, that's it. Okay. We're
Yeah, so we defer to the next board meeting please. Yeah, it's okay. Yeah. Sorry. It's okay. Yeah. Okay, that's fine
Okay, thank you.
Then there's 4 .5 leases update King George Field Trust.
So Mr Mayor, I think this is the exempt part of the meeting.
Yeah, exempt.
Yeah, okay.
So if I could ask, is that a last paper or is there anything else?
So why don't we take this 4 .5 as the last item?
So we can ask our friend up there not now when you leave you don't you leave now
We take the public items now take the exempt one afterwards so you can leave them. It's okay
Okay, that's the exempt type and let's move on to 7 .1
exempt
They're all all exempt
Okay, so we've got we've got an urgent item it's this one
8 .1 which is non -exempt.
Let's take this.
Okay.
2025 -24 year end accounts.
Thank you, may I say, I've kind of, that's been, as part of that finance update, we've
provided a supplementary paper.
That's got the draught accounts in there, or the audit accounts based on the latest position.
So the update that I provided earlier, this is the detail, in essence.
So it's basically a supplementary paper on top of the finance update that we discussed
earlier.
So this contains the latest set of accounts based on agreed changes with the auditors.
That's the reference I made to the position of the trust improving by 48 ,000 in year from
audit changes.
It's pending partner review, so we're hoping, anticipating that that will complete within
March and we'll be able to upload all that documentation as Johor referred to earlier
on the Charities Commission website.
So this is that paper we referred to earlier and it specifically discusses the delegated
authority for yourself, Mayor, as chair, to sign off once final reviews completely by
the partner.
Any comments, anyone?
No.
Can we agree this?
No.
Okay.
Thank you.
Now we move on to the exam papers.
Thank you very much.
Thank you.
So if we're going to move into a private session, as 4 .5 is in the public domain, the report,
We'd have to have someone move, sorry, item 5, which is exclusion of the present public,
and then we have to have someone second it, and then the board has to agree.
Okay, Saeed, can you move it please here?
Yes, can I propose that we go to the exclusions, item number 5.
Okay, okay, okay, Debutomir and Corby, second set.
Okay, that's done. Thank you.
Grateful to you. Okay.