Members Questions

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?

NLI Directors E20 Directors
2011-12

Christopher Pope

Councillor Lester Hudson

 

 

2012-2013

Christopher Pope

Councillor Lester Hudson

Kim Bromley-Derry

 

2013-2014

Councillor Lester Hudson

Kim Bromley-Derry

Zoe Power

 

2014-2015

Kim Bromley-Derry

Councillor Lester Hudson

Zoe Power

Katharine Deas

 

2015-2016

Councillor Lester Hudson

Zoe Power

Katharine Deas

Tony Clements

 

2016-2017

Councillor Lester Hudson

Zoe Power

Katharine Deas

2011-12

Sir Robin Wales

Councillor Lester Hudson

Kim Bromley-Derry (ex-officio)

 

2012-2013

Sir Robin Wales

Councillor Lester Hudson

Kim Bromley-Derry (ex-officio)

 

2013-2014

Sir Robin Wales

Councillor Lester Hudson

Kim Bromley-Derry (ex-officio)

 

2014-2015

Sir Robin Wales

Councillor Lester Hudson

Kim Bromley-Derry (ex-officio)

 

 

2015-2016

Councillor Lester Hudson

Katharine Deas

Kim Bromley-Derry (ex-officio)

 

 

2016-2017

Councillor Lester Hudson

Katharine Deas

Kim Bromley-Derry (ex-officio)

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. 

This entry was posted in Seyi, Uncategorized. Bookmark the permalink.

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