Agenda and minutes

Councillor Peach - personal

None.

Meeting held on 27 September 2021 (for confirmation)

The Committee agreed the minutes of the meeting held on 27 September 2021 as a correct record and they were signed by the Chair.

Report of Corporate Director for Finance and Resources

Thomas Straw, Senior Accountant (Capital Programmes), presented the report, which detailed the final financial outturn 2020/21 for the Harvey Hadden and Highfields Trusts, highlighting any variances from 2019/20.

Resolved to note the 2020/21 outturns and delegate authority to the Chair to sign the final accounts following completion of the Independent Examiners Report.

Report of Corporate Director for Finance and Resources

Thomas Straw, Senior Accountant (Capital Programmes), presented the report, which detailed the latest position in regards to the Bridge Estate budget, including the current reserve forecast.

In response to a question regarding paragraph 3.1 of the report, the Lister Gate properties’ debt position and a potential reduction in grant payment to the City Council, Mr Straw stated that the Bridge Estate has a number of properties in its portfolio and Lister Gate is the only property to have an element of debt associated with it.

It was confirmed that Bridge Estate continues to generate a significant annual surplus, but is currently forecasting a reduced grant payment to the Council, which enables the Trust to meet current charitable objectives and commitments, such as the annual repayment of Lister Gate debt.

Resolved to note the latest budget position and the potential reduction in the grant payable to Nottingham City Council.

Report of Director of Economic Development and Property

Bevis Mackie, Principal Surveyor, presented the report, which detailed the latest position in relation to Bridge Estate properties. A more detailed financial update was given during exempt item 7.

In particular, Nos 34, 36 & 38 Lister Gate were discussed, with attention drawn to the significance of this asset within the portfolio, with options to be considered in due course for potential development as part of a larger development scheme and its context within the wider Broadmarsh redevelopment project.

The Chair advised that the Committee should look to convene in the near future to specifically consider the vision of the Charity and how this may be delivered through its asset portfolio for the long-term.

Resolved to note the update.

To consider excluding the public from the meeting during consideration of the remaining item(s) in accordance with Section 100A(4) of the Local Government Act 1972 on the basis that, having regard to all the circumstances, the public interest in maintaining the exemption outweighs the public interest in disclosing the information

The Committee agreed to exclude the public from the meeting during consideration of the remaining items in accordance with Section 100A(4) of the Local Government Act 1972 on the basis that having regard to all the circumstances, the public interest in maintaining the exemption outweighed the public interest in disclosing the information, as defined in Paragraphs 3 and 5 of Part 1 of Schedule 12A to the Act.

Further to item 6, minute 25 above, Bevis Mackie, Principal Surveyor, gave a more detailed update in respect of the property portfolio, including the condition of the properties, potential new/re-geared leases, financial details and the latest rent arrears position.

Resolved to note the exempt update.

Meeting held on 27 September 2021 (for confirmation)

The Committee agreed the exempt minutes of the meeting held on 27 September 2021 as a correct record and they were signed by the Chair.