15 March (Part 4) - Thames Innovation Centre (TIC)
While perusing the TIC accounts I noticed several more familiar names. Councillor David Robert Hurt, former-councillor Daniel Francis, councillor Margaret O’Neill, ex-leaderIan 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.)