Agenda for Trusts and Charities Committee on Friday, 28th November, 2014, 2.00 pm

Agenda and minutes

Venue: LB 31-32 - Loxley House, Station Street, Nottingham, NG2 3NG. View directions

Contact: Noel McMenamin  Governance Officer

Items
No. Item

24.

APOLOGIES FOR ABSENCE

Minutes:

Malcolm Townroe – Head of Legal Services

25.

DECLARATIONS OF INTERESTS

Minutes:

None.

26.

MINUTES pdf icon PDF 136 KB

Last meeting held on 17 September 2014

Minutes:

The minutes of the meeting held on 17 September 2014 were agreed as a true record and they were signed by the Chair.

27.

QUARTER 2 BUDGET MONITORING 2014-15: BRIDGE ESTATE, HARVEY HADDEN AND HIGHFIELDS TRUSTS pdf icon PDF 214 KB

Report of Acting Corporate Director of Resources

Minutes:

Barry Dryden, Senior Finance Manager, introduced the report of the Acting Corporate Director of Resources, providing  an update on the financial position of the Bridge Estate, Harvey Hadden and Highfields Trusts for Quarter 2 of 2014/15. He highlighted the following points:

 

(a)  Bridge Estate currently has a surplus of £608, which will go to the unearmarked reserve at the end of the financial year if unused;

 

(b)  the allocation to the repairs and maintenance reserve has been increased to £72,000 to build up reserves to address future need, especially the programme of repairs to Trent Bridge scheduled for 2017/18;

 

(c)  there is a potential shortfall of £1.2 million capital receipts, on the basis that further capital expenditure at Woolsthorpe Close is approved at a future meeting;

 

(d)  the shortfall reflects the capital receipts arising form residential property sales against the expected expenditure at Woolsthorpe Close. The investment at Woolsthorpe Close will give the Trust a more valuable, income-generating asset.

 

During discussion, the Committee made the following comments:

 

(e)  the Committee requested a comprehensive report at its next meeting on the management regime in place for Trent Bridge, and the expenditure required to carry out a range of improvements. Issues to cover in the report included the inspection regime, the 2017/18 painting contract, the lighting (including electrical supply to the ornamental lighting), the stonework and carvings, paving improvements and the street cleansing regime for the bridge;

 

(f)  While Highway design colleagues are expected to lead on the report, input from the Urban Design will also be required;

 

(g)  the different elements of improvement work to the bridge (painting, electrical supply, ornamental lights, paving) should be co-ordinated where possible under a composite contract. In view of the specialist nature of elements of the work, the Committee asked for confirmation on whether contracts will go through a normal competitive tendering process;

 

(h)  there was agreement that York Stone paving is the preferred material for the bridge footpath;

 

(i)  councillors also requested a range of options, with costings, to consider in respect of lighting, stonework, painting and footpath improvements to the bridge;

 

(j)  Richard Cox, Senior Estates Surveyor, confirmed that Property colleagues are active in identifying new, sound, growing, non-residential investment opportunities;

 

(k)  the Committee noted the updates for Harvey Hadden and Highfields Trusts without discussion.

 

RESOLVED to

 

(1)  note the forecast out-turns for the Bridge Estate, Harvey Hadden and Highfields trusts for 2014/15;

 

(2)  request that the Director of Planning and Transport co-ordinates and submits a report on Trent Bridge maintenance and improvement to the February 2015 meeting of the Committee, addressing the points at minute 27(e)-(i) above.

 

 

 

28.

HIGHFIELDS PARK LEISURE TRUST - RELEASE OF ADDITIONAL DOWRY FUNDS pdf icon PDF 154 KB

Report of Corporate Director of Communities

Minutes:

Eddie Curry, Head of Parks and Open Spaces, introduced a report of the Corporate Director of Communities, seeking authority and support to release £100,00 capital funding currently held within the Highfields Park Leisure Trust dowry to match a bid to the Heritage Lottery Fund to make improvements to the park. Mr Curry made the following points:

 

(a)  the Committee has previously approved the use of £400,000 of the Highfields Trust dowry to match and apply for Heritage Lottery Fund (HLF) support for improvements to the park – see minute 27(1) and (2) dated 24 February 2012;

 

(b)  the previous approval enabled the Parks Service to produce a business case and obtain Stage One lottery approval. A Stage Two bid was submitted in September 2014 and a final decision on the funding is expected in December 2014;

 

(c)  the release of a further £100,000 is requested to cover the match-funding of higher construction, materials and engineering costs arising since the original business case was prepared;

 

(d)  the release of dowry funds is the only funding stream available to cover the shortfall at the present time, and using the dowry in this way represents a high return on investment as it unlocks matching funding. The dowry attracts a very low interest return – the £100,000 attracts interest of just £500;

 

(e)  the Charity Commission has already indicated that it is willing to sign off the release.

 

A number of points were raised during discussion:

 

(f)  Mr Curry explained that the Charity Commission needs oversight of the release to make sure that it is being used for park improvements and not day-to-day operational costs;

 

(g)  He also explained that opportunities to invest the remaining dowry were limited to more secure investments, meaning lower income. The dowry could potentially be used for maintenance costs but would need a very rigorous business case. Mr Curry indicated that he would take proposals on alternative uses of the remaining dowry money to a future committee meeting;

 

(h)  using the dowry to secure HLF funding represented a strong return on investment and will in time create income generation opportunities for the park;

 

(i)  Mr Curry expressed his thanks to the Committee for their continued support for the HLF bid process.

 

RESOLVED to

 

(1)  approve the release of £100,000 from the Highfields Park Leisure Trust dowry to be used as match funding for a Heritage Lottery Fund bid for a programme of improvements to Highfields Park;

 

(2)  delegate authority to the Director of Sports, Culture and Parks to enter into discussion with the Charity Commission to formally approve the release and use of the Highfields Park Leisure Trust dowry fund;

 

(3)  request the Director of Sports, Culture and Parks to present alternative investment proposals for the remaining dowry funds to a future meeting of the Committee.

 

 

 

  

29.

BRIDGE ESTATE PROPERTY PORTFOLIO UPDATE pdf icon PDF 20 KB

Report of Director of Strategic Asset and Property Management

Minutes:

Richard Cox, Senior Estates Surveyor, introduced the report, providing an update on Bridge Estate property portfolio issues arising since the Committee’s September 2014 meeting. Mr Cox highlighted the following points:

 

(a)  Old Coach Road: tree works have been completed and residents had expressed their thanks. Mr Cox explained that the road formed part of a larger farm acquisition in the 1930s and the road was the main point of access. Over time, development permissions were granted but the Bridge Estate is still formally responsible as the road has never been formally adopted;

 

(b)  Painting of parapets, Trent Bridge: work on painting the pavement side of the parapets on Trent Bridge has commenced. Progress depends on weather conditions but a base coat is already in place, giving protection against winter conditions;

 

(c)  Cattle Market, off Meadow Lane: the rent review for the auction centre is going to independent arbitration and a decision is expected in early 2015. It is hoped that there will be an uplift in current rental levels;

 

(d)  Whitemoor Court: tender documentation for the reinstatement works at units 22, 23 and 24 Whitemoor Court is being prepared by Legal colleagues. Work on improving boundary fencing has been completed – this is funded from the Chamber Estate, which is responsible for the majority of the units on-site;

 

(e)  Century House: Robin Hood Energy is scheduled to occupy Floors 2 and 3 from January 2015, making the building fully occupied;

 

(f)  14 Gorsey Road: the property is to be auctioned on 4 December 2014.

 

During discussion, the following issues were raised and points made:

 

(g)  the roundels on Trent Bridge will be painted a single colour on this occasion, but will be restored to their original colours during the major improvement programme for Trent Bridge scheduled for 2017/18;

 

(h)  Mr Cox confirmed that reinstating the fire-damaged units at Whiteoor Court is expected to be complete by July 2015, and that the Museums Service has expressed an interest in 2 of the units;

 

(i)  14 Gorsey Road has a guide price of £150,000 and has been vacant for more than a year;

 

(j)  in response to a councillor’s question, Mr Cox indicated that he was not aware of a Bridge Estate property on Queen Street.

 

RESOLVED to note the update.