Agenda and minutes

Councillor Rosemary Healy

Councillor Anne Peach

Councillor Audra Wynter – on other Council Business

Councillor Andrew Rule – personal

Councillor Sajid Mohammed

Malcolm Townroe

Councillor Sam Gardiner for leaving the meeting early due to personal reasons.

None.

Of the last meeting held on 19 December 2022, for confirmation.

The minutes of the meeting held on 19 December 2022 were confirmed as a true record and signed by the Chair.

Report of Director of Economic Development and Property

Bevis Mackie, Corporate Portfolio and Investment Manager, presented the report which informs the Committee of the position of the Bridge Estate Portfolio since the last meeting.

It is noted that as the recommendations within the report relate to an exempt appendix, the resolution is set out within the exempt section of the minutes, along with a more detailed but commercially sensitive update.

Report of the Corporate Director of Finance and Resources

Thomas Straw, Senior Accountant (Capital Programmes), presented the report which provides an update on the current position for the 2022/23 budget, reiterates the charity’s objectives, and seeks approval for the budget forecast for 2023/24, whilst noting the indicative 2024/25 budget prospects.

The following points were highlighted and members’ questions responded to:

a)  Whilst initially a budget surplus of £1m had been predicted, this is now revised to £0.75m due to the financial impact of Dragon Court on the maintenance reserve, along with additional property costs and energy prices remaining high;

b)  It is proposed to establish a Reserves Policy, in line with the best practice accepted by the Charity Commission. The policy will be reviewed and annual basis with an initial proposal to set aside an additional £100k in next year’s budget;

c)  The reserve figure of £100k had been identified having considered spend during the last 4 years, although ideally it could be set against a condition survey of properties. Trustees will be asked to consider the mechanisms for a more strategic approach at a future meeting.

Members of the Committee welcomed the introduction of a reserves policy and requested that formula options for the allocating of reserves (such a percentage of the asset value or turnover) which could then be applied to the medium and longer term financial scheduling, are presented to a future meeting.

Resolved:

1)  regarding the Forecast 2022/23 Outturn, to:

a)  note the surplus forecast for 2022/23 as £0.750m, compared to the original approved budget surplus of £1.015m (approved at Trust and Charity committee 28th March 2022);

b)  note the contribution to the Bridge Repair Reserve is £0.082m per original budget;

c)  approve a £0.265m reduction in grant payable to the Council;

d)  approve contribution to the property repair reserve of £0.100m, to cover works carried out at Dragon Court and inflationary increases within the current programme;

2)  regarding Bridge Estate Reserve Policy 2023/24, to:

a)  approve and formally adopt the Reserve Policy for 2023/24, as set out in the report;

b)  note that the Reserve Policy will be monitored throughout 2023/24, and we be subject to an annual review in March 2024;

c)  approve the recommended contributions during 2023/24 as follows:

i.  £0.100m contribution to the Bridge Repair Reserve (an annual increase of £0.018m);

ii.  £0.100m contribution to the Property Repair Reserve;

3)  regarding Bridge Estate Budget 2023/24 and forecast 2024/25, to:

a)  approve the Bridge Estate budget for 2023/24, noting the forecast surplus (of £0.551m) for allocation to achieve its charitable objectives;

b)  note the indicative budget proposals for 2024/25;

c)  approve the use of forecasted capital receipts in March 2023 to make an overpayment on the Lister Gate debt, generating an annual saving of £0.180m plus interest (2023/24 £0.046m).

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 Paragraph 3 of Part 1 of Schedule 12A to the Act.

Of the meeting held on 19 December 2022, for confirmation.

The exempt minutes of the meeting held on 19 December 2022 were confirmed as a true record and signed by the Chair.

Bevis Mackie, Corporate Portfolio and Investment Manager, presented the report which informs the Committee of the current position of the Bridge Estate Portfolio since the last meeting.

Resolved to:

1)  note the updates in the report and Appendix 1a relating to the individual Bridge Estate properties;

2)  approve the recommended actions as set out in the Exempt Appendix 1b to the report and amended at the meeting.