The King George's Field Charity Board met on Wednesday 06 November 2024 to approve the audited accounts and annual report for the 2022/23 financial year, and to consider proposed investment programmes for sports facilities. The Board also discussed updates on lease arrangements for the charity's retail and rental units.

King George's Field Trust Audited Accounts and Annual Report 2022/2023

The Board approved the audited accounts and annual report for the 2022/23 financial year for submission to the Charity Commission. This is a legal requirement for organisations with a turnover exceeding £1 million. The Board noted the current financial position for 2024/25, which forecasts a surplus, and reviewed an update on activities undertaken in 2024/25. A governance update in relation to the latest guidance from the Charity Commission was also noted. The Board granted permission for officers to appoint Arnold Hill & Co LLP to audit the accounts for 2023/24.

King George's Field Trust Investment Programmes

The Board noted the proposed investment programmes for Mile End Park and Stepney Green Park, which aim to improve sports facilities and benefit residents. These proposals include the installation of cricket practice nets and a new five-a-side pitch at Stepney Green, and upgrades to the hard surface sports courts at Mile End Park. The Board agreed to the allocation of grant funding from Fields in Trust, which will contribute to these programmes, with external funding also being sought.

King George's Field Trust Leases Update

The Board received an update on lease arrangements for the King George's Field Trust's retail and rental units. The Board noted ongoing discussions with Tenant A regarding outstanding arrears and their lease arrangements, ultimately rejecting the proposal to offset arrears through a lease assignment and requesting officers to investigate recovering the lease and remarketing it. The Board noted additional information provided regarding Tenant B and agreed to Tenant C 's request to assign their lease. The Board also approved the marketing of an arch located in Mile End Park, with the outcome to be reported back at a future meeting.