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Bonkers Blog March 2011

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15 March (Part 4) - Thames Innovation Centre (TIC)

While perusing the TIC accounts I noticed several more familiar names. Councillor David Robert Hurt, ex-councillor Daniel Francis, councillor Margaret O’Neill, ex-leader Ian Sydney Clement, Bexley’s Director of Finance Michael George Ellsmore and councillor Gareth Andrew Bacon. None of those are currently directors of TIC. My accountant friend who has quickly scanned the accounts made the following comments…

Considering all they do is dole out grants and receive rental income the ratio of staff costs to turnover seems high.
AGM March 2009 noted the business plan was not seen as viable by the auditors and insolvency had loomed. Luckily Bexley council extended a new loan facility - I guess it really helps to have the councillors on the board.
A Chief Executive was got rid of in 08/09 - as per the AGM detail - she probably had a redundancy package to soften the blow.
No councillor as a director appears to have been paid. (Although, they may have received expenses.)

Another blog about the TIC.


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