Agenda and minutes

To receive any apologies for absence.

There were no apologies for absence.

To approve the minutes of the previous meeting as a correct record.

RESOLVED to approve the minutes of the previous meeting on 30 September 2021 as a correct record.

To receive any declarations of interest.

There were no declarations of interest.

To note the Autumn 2021 Companies Performance Update and the observations of the Overview & Scrutiny Committee discussed at the meeting on 21 October 2021.

The Commercial Ventures Executive Sub-Committee (CVESC) considered the performance of companies owned or part-owned by the Council set out in the Autumn 2021 Companies Performance Update report.

The operational companies currently consist of Greensand Holdings Limited, Horley Business Park Development LLP and Pathway for Care Limited.

Overview and Scrutiny Committee scrutinised this report at its meeting on 21 October 2021. CVESC Members were asked to consider observations from Overview and Scrutiny Committee that was included in the report.

Councillor Archer, Executive Member and Portfolio Holder for Commercial and Investments told the Sub-Committee that since Overview and Scrutiny Committee reviewed the report, the 2020 Accounts for Greensand Holdings Limited and Horley Business Park Development LLP had been fully approved and both set out in the report.

Greensand Holdings Limited which is a property investment and development company, was established to facilitate the Council’s property investment activities. Visiting Member, Councillor Blacker, asked a question on loan interest that had accrued as of 31 March 2021.

Portfolio Holder for Commercial and Investments, Councillor Archer, explained there were two loan funding streams in Greensands – one secured against an office building in Redhill – and the other secured against land owned by the company at Fishers Farm (part of the Horley Business Park development land). A loan to the company accrued loan interest of £1.152m as of 31 March 2021. The office building held by the company provided rental income sufficient for the company to pay interest on the loan to the Council.

RESOLVED that the Commercial Ventures Executive Sub-Committee

AGREED:

1.     To note the Companies Performance Update report (Autumn 2021), and the observations of the Overview and Scrutiny Committee to support the effective consideration of the performance of companies owned or part-owned by the Council.

To approve the accounts of Shareholder Actions for RBBC Housing – Independent Living for the period 1 April 2021 to its dissolution date, 30 September 2021.

The Commercial Ventures Executive Sub-Committee was asked, as shareholder representative for Reigate and Banstead Borough Council, for RBBC Housing – Independent Living (the Association) to receive and adopt the Association’s unaudited Financial Statements and Directors’ report for the period 1 April 2021 to 30 September 2021. This complies with the statutory requirements as set out in the Association’s Rules.

The Committee was also asked to ratify the receipt and adoption of these Accounts by the Executive Member and Portfolio Holder for Investment and Companies, Councillor Archer. This was actioned by the Portfolio Holder on 13 October 2021 following a request from the Financial Conduct Authority to enable the dissolution of the Association.

The Commercial Ventures Executive Sub-Committee considered a report which made two Recommendations which were AGREED by Members of the Executive Sub-Committee.

RESOLVED that the Commercial Ventures Executive Sub-Committee agreed to:

1. Receive and adopt RBBC Housing – Independent Living’s unaudited Financial Statements and Directors’ report for the period 1 April 2021 to 30 September 2021 (Annex D); and

2. Ratify the decision of the Portfolio Holder for Investment and Companies on 13 October 2021 to receive and adopt these Accounts.

RECOMMENDED that members of the Press and public be excluded from the meeting for the following item of business under Section 100A(4) of the Local Government Act 1972 on the grounds that:

i.       it involves the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Act; and

ii.      the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

RESOLVED that members of the Press and public be excluded from the meeting for the following items of business under Section 100A(4) of the Local Government Act 1972 on the grounds that:

i.      it involves the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Act; and

ii.     the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

The Sub-Committee noted the exempt information within the exempt reports and did not raise questions or concerns.

To consider any other urgent business.

There was no other business.