Seyi writes…

A couple months ago I made a commitment to ask more questions around the London Stadium and the £52.2million loan the Council has lost. I unfortunately couldn’t attend the Full Council meeting so submitted written questions instead. Please see the response I eventually received :

Question 1)

Can you clarify the names and the role of all Newham Council representatives, both members and officers, on the E20 Board and the Newham Legacy Investment Board during the following financial years 2011-12, 2012-2013, 2013-2014, 2014-2015, 2015-2016, 2016-2017?

Question 2)

From which section of the Newham Council budget will we have to repay the £52.2 million loan to the Stadium?

There is not a £52.2m loan to the stadium. There is a £40m loan to Newham Legacy Investments (NLI), which NLI invested as equity into E20 Stadium LLP. The remaining expenditure is working capital and capital grants to NLI. The £40m was included in Newham’s 2016/17 Account as a one off impairment of a long term asset which increased the council’s Capital Adjustment Account. This is a specific account used to reconcile the different rates at which assets are depreciated or impaired under proper accounting practice and are financed through the capital controls system. This expenditure has been charged to the capital accounts.

My final Full Council meeting is February 26th, if you have suggestions for questions I could ask please read this.