The King George's Field Charity Board met on Wednesday, 29 May 2024, to discuss financial updates, review fees and charges, and consider lease arrangements. Key decisions included approving increased hire charges for the Art and Ecology Pavilions and the Stepney Green astroturf facility, and noting updates on various commercial leases.

King George's Field Trust Update on Audit Accounts, Financial Position, Governance, and Grant Funding

The Board received an update on the King George's Field Trust's financial and operational activities. The 2021-22 audit accounts have been submitted to the Charity Commission, and the 2022-23 accounts are nearing completion. A deficit was recorded for the 2023-24 financial year, attributed to backdated rent payments and increased repairs and maintenance costs. A plan is being developed to reduce this deficit, with strategies including increasing fees and charges and enhancing income generation. The impact of COVID-19 on income generation was estimated at approximately £150,000. Discussions also covered the installation of CCTV at Wellington Green as part of a wider park review, with a commitment to provide further data on incidents in the area. The Board also heard about processes for gathering client feedback, including resident surveys and the Milan Collaborative, and how this feedback informs service improvements.

Review of Fees and Charges

The Board reviewed and approved proposed increases to hire charges for the Art and Ecology Pavilions and the Stepney Green astroturf facility, effective from June 2024. These increases are intended to address rising maintenance and operational costs, aligning with inflation. For the Art and Ecology Pavilions, a 11.4% increase was recommended, with new corporate rates introduced for Tower Hamlets-based charities and not-for-profit organisations during non-peak periods. Benchmarking indicated that even with the proposed increases, the venues remain competitive.

For the Stepney Green astroturf, hire charges were set to increase by between 11.6% and 15%. The report highlighted that these rates have remained unchanged since April 2023 and that the proposed increases aim to ensure the facility remains affordable for borough residents while supporting the Charity's objective of promoting active lifestyles. The Board also discussed the potential for introducing an online booking and payment system to streamline processes.

Update on Leases for Commercial and Retail Assets

The Board received an update on the lease arrangements for the King George's Field Trust's retail and rental units, which generate income to support park maintenance. All tenants, with the exception of Tenant A, are up to date with their payments. Discussions are ongoing with Tenant A regarding outstanding arrears and a proposal to offset these arrears through the assignment of their lease. Updates were also provided on rent reviews and lease renewals for Tenant B, Tenant C, Tenant D, and Tenant E. The Board noted that the finalisation of lease renewals with Tenant D has resulted in an increase in income for the trust.

Terms of Reference of the King George's Field Charity Board

The Board noted its terms of reference, membership, and quorum for the 2024-2025 municipal year. The Board is responsible for administering the affairs of the King George's Field, Mile End charity, and the King George's Field – Stepney (Tredegar Square, Bow) charity. The membership comprises all Members of the Cabinet, with a quorum of three. The scheduled meeting dates for the remainder of the year were also confirmed.