Lady Florence Trent Fund: Closure and use of income

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A decision made on 30 November 2015:

Decision Reference: MD-T-2015-0093
Decision Summary Title:	Closure of Lady Florence Trent Fund and use of income			Date of Decision Summary:	25 November 2015
Decision Summary Author:	Finance Manager			Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written			Person Giving Oral Report:	N/A
Written Report Title :	Closure of Lady Florence Trent Fund and use of income			Date of Written Report:	25 November 2015
Written Report Author:	Finance Manager			Written Report : Public or Exempt?	Public
Subject: Closure of the Lady Florence Trent Fund (the “Fund”) and receipt of income being £35,376.76 as at 31 August 2015, plus any additional interest thereon until the date of closure, to fund maintenance and upgrade works at Coronation Park, and associated budget transfers.
Decision(s): The Minister approved the proposed closure of the Fund, the use of income and the associated budget transfers.
Reason(s) for Decision: Article 17 (1) of the Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005 states that money forming part of trust assets shall be managed, handled and accounted for by the Treasurer. Article 5.12 of FD 3.6 allows that “…income of States funded bodies over and above the estimated income notified to the States in the Annual Business Plan may be used automatically for additional expenditure…where any such income and associated additional expenditure match in terms of purpose and/or amount…”. Article 5.1 of FD 3.6 requires that Departments wanting to transfer funds between heads of expenditure must obtain the approval of their minister or of their accounting officer where a scheme of delegation exists. The creation of an income budget and expenditure budget constitutes a transfer for the purposes of FD 3.6. This power has been delegated by the Minister under MD-T-2012-0006 up to the limit of £200,000. Article 5.2 of FD 3.6 states that the approval of non-contentious transfers between heads of expenditure up to £1,000,000 is delegated to the Treasurer of the States.
Resource Implications: As a result of the recommendations listed above, the Fund will decrease by £35,376.76 (plus any additional interest thereon), the TTS revenue head of expenditure will decrease by £35,376.76 (plus any additional interest thereon) and the TTS Replacement Assets (Q00MC10012) capital head of expenditure will increase by an equal amount.
Action required: The Treasurer is requested to take the necessary steps to effect the closure of the Fund and the associated transfer of funds to TTS. The Treasurer is also requested to approve the creation of income and expenditure budgets totalling £35,736.76 (plus any additional interest thereon) in the TTS revenue head of expenditure. The Treasurer is, lastly, requested to approve the transfer of £35,736.76 (plus any additional interest thereon) budget between the TTS revenue head of expenditure and the TTS Replacement Assets (Q00MC10012) capital head of expenditure.
Signature:			Position: Minister for Transport and Technical Services
Date Signed:		Date of Decision (if different from Date Signed):

Lady Florence Trent Fund: Closure and use of income

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TRANSPORT AND TECHNICAL SERVICES DEPARTMENT

Closure OF LADY FLORENCE TRENT FUND AND USE OF INCOME

Purpose of Report

To enable the Minister to close the Lady Florence Trent Fund (the “Fund”) and request the transfer of the total of all capital and revenue held within the Fund, being £35,376.76 as at 31 August 2015, plus any additional interest thereon until the date of closure, to cover the costs of the maintenance and upgrade of facilities within Coronation Park, along with the associated approvals required to effect this transfer.

Background

Lady Florence Trent nee Rowe was the wife of the late Right Honourable Baron Trent of Nottingham. In 1952 she bequeathed the sum of £7,500, details of the Will below.

“I GIVE AND BEQUEATH the following legacy free of all duties namely :-

To the public of the Island of Jersey the sum of seven thousand five hundred pounds sterling to be utilised according to the directions of the States of the said Island or any duly appointed Committee thereof toward the maintenance of the Park I have established at Millbrook aforesaid:

The legacy is administered by the Manager of Parks and Gardens, Transport and Technical Services Department. The legacy has been accumulating for a number of years to provide for future projects in the Park.

These monies will be used to fund the upgrade of facilities and the replacement of assets within the park, alongside existing Departmental allocated resources. In the current year, these projects include the provision of a new single, unisex toilet in the “Toddlers Playground”, the installation of water play features into the paddling pool, and associated electrical infrastructure works.

The current balances of these Funds as at 31 August 2015 was £35,376.76. This request covers any additional interest that may have accrued on this account up to the date of transfer, such that no balance will remain.

Recommendation

The Minister of Transport and Technical Services (TTS) is recommended to:

a) approve the closure of the Fund, requesting the Treasurer that all available monies be transferred to TTS to be utilised for the projects noted above at Coronation Park;

b) approve the use of the total income from the Fund (£35,376.76 plus any additional interest);

c) approve the creation of additional income and expenditure budgets within the TTS revenue head of expenditure; and

d) approve the transfer of revenue expenditure budgets totaling £35,376.76 (plus any additional interest thereon) from the TTS revenue head of expenditure to the TTS Replacement Assets (Q00MC10012) capital head of expenditure.

Reason for Decision

Article 17 (1) of the Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005 states that money forming part of trust assets shall be managed, handled and accounted for by the Treasurer.

Article 5.12 of FD 3.6 allows that “…income of States funded bodies over and above the estimated income notified to the States in the Annual Business Plan may be used automatically for additional expenditure…where any such income and associated additional expenditure match in terms of purpose and/or amount…”.

Article 5.1 of FD 3.6 requires that Departments wanting to transfer funds between heads of expenditure must obtain the approval of their minister or of their accounting officer where a scheme of delegation exists. The creation of an income budget and expenditure budget constitutes a transfer for the purposes of FD 3.6. This power has been delegated by the Minister under MD-T-2012-0006 up to the limit of £200,000.

Article 5.2 of FD 3.6 states that the approval of non-contentious transfers between heads of expenditure up to £1,000,000 is delegated to the Treasurer of the States.

Resource Implications

As a result of the recommendations listed above, the Fund will decrease by £35,376.76 (plus any additional interest thereon), the TTS revenue head of expenditure will decrease by £35,376.76 (plus any additional interest thereon) and the TTS Replacement Assets (Q00MC10012) capital head of expenditure will increase by an equal amount

Action Required

The Treasurer is requested to take the necessary steps to effect the closure of the Fund and the associated transfer of funds to TTS.

The Treasurer is also requested to approve the creation of income and expenditure budgets totalling £35,736.76 (plus any additional interest thereon) in the TTS revenue head of expenditure.

The Treasurer is, lastly, requested to approve the transfer of £35,736.76 (plus any additional interest thereon) budget between the TTS revenue head of expenditure and the TTS Replacement Assets (Q00MC10012) capital head of expenditure.

Written by:	Finance Manager
Approved by:	Director of Finance