Agenda, decisions and minutes

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Media

Items
No. Item

10.

Apologies for absence

To receive any apologies for absence.

Additional documents:

Minutes:

There were no apologies for absence.

11.

Minutes of the previous meeting

To approve the minutes of the previous meeting on 22 June 2023 as a correct record.

Supporting documents:

Minutes:

RESOLVED to approve the minutes of the previous meeting as a correct record.

12.

Declarations of interest

To receive any declarations of interest.

Additional documents:

Minutes:

There were no declarations of interest.

13.

Companies Performance Update - Summer 2023

To receive the Companies Performance Update – Summer 2023 report on the performance of Council-owned companies.

Supporting documents:

Minutes:

Councillor A. King, Executive Member for Commercial and Community Assets explained that this report was the Summer 2023 update on the performance of Council owned companies.

The report provided an overview of the performance of those companies currently owned, or part-owned, by the Council.

As set out in the report, the Council currently has ownership of Greensand Holdings Limited and part ownership of Horley Business Park Development LLP and Pathway for Care Limited.

Of these, Greensand Holdings Limited and Horley Business Park Development LLP were expected to be dissolved in the future, once current affairs were properly managed and the Settlement Agreement between members of the LLP had been completed.

Regarding Pathway for Care, the Council was continuing to seek critical business information from the company as a minority shareholder, including with regard to the redemption of the Council’s preference shares, which the company had not yet honoured.

Some information regarding companies was provided in a confidential annex to the report and related points were considered during the exempt part of the meeting.

The report was previously considered by the Overview and Scrutiny Committee on 6 July 2023. The Committee made a number of observations regarding the following points, which the Sub-Committee was asked to consider in reviewing this report:

·         Fully understanding and reporting on past actions and taking the opportunity to review and learn lessons from the past;

·         That members and officers were fully aware of the risks and costs to the public purse through making investments; and

·         To ensure that opportunities were well founded and supported by appropriate advice.

Having considered the report and the observations of the Overview and Scrutiny Committee it was RESOLVED – that the Partner, Shareholder and Trustee Executive Sub-Committee:

(i) notes the Companies Performance Update, as set out in the report, and to consider any observations from the Overview and Scrutiny Committee.

14.

Property Portfolio Performance Quarter 4 2022/23

To receive and consider the Property Portfolio Performance report Quarter 4 2022/23.

Supporting documents:

Minutes:

Councillor A King, Executive Member for Commercial and Community Assets explained that the Annex to the report in Part 2 of the agenda comprised a report on the performance of the Council’s commercial portfolio of retail office and industrial assets as at the end of the last financial year.

The report covered twelve assets in the Council’s commercial portfolio that each generated £50,000 or more in annual rental income.

Between them, these assets accounted for over 80% of the income generated by the Council’s entire portfolio of commercial and non-commercial property in the 2022/23 financial year.

Included in the report was data on income generated against budget during the financial year, broken down by sector, as well as projected income streams over the next five-years, and comparisons against comparable market sectors in terms of yields and void rates.

In addition, the report considered current and near-future portfolio-specific opportunities and threats, as well as wider market or legislative issues that had implications for the Council’s portfolio.  

The Partner, Shareholder and Trustee Executive Sub-Committee was recommended to accept the report.

RESOLVED – that the Partner, Shareholder and Trustee Executive Sub-Committee:

(i) Receive the Commercial Property Report as at 2022/23 Financial Year End.

15.

Exempt business

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 1A of the Act; and

(ii)             The public interest in maintaining the exemption outweighs the public interest in disclosing the information.

Additional documents:

Minutes:

RESOLVED that members of the press and public be excluded from the meeting for part of agenda items 4 (Companies Performance Update – Summer 2023) and 5 (Property Portfolio Performance Quarter 4 2022/23) under Section 100A(4) of the Local Government Act 1972 on the grounds that: It involves the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Act;

 

(i)            It involves the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 1A of the Act; and

(ii)                 The public interest in maintaining the exemption outweighs the public interest in disclosing the information.

16.

Any other business

To consider any other urgent business.

Additional documents:

Minutes:

There was none.