The Trusts and Charities Committee of Nottingham City Council discussed the financial management and budget forecasts for the Bridge Estate Trust, including the approval of the 2024-25 budget and a review of the financial accounts for 2022-23. The committee also considered the need for independent external advice to ensure the charity's objectives are met and value for money is achieved.

Bridge Estate Budget, Financial Accounts 2023/24 and Financial Management

Thomas Straw, Senior Accountant for Capital Programmes, presented an update on the forecasted outturn for 2023-24 and a balanced budget for 2024-25. The Bridge Estate Trust saw little movement between the original budget and the forecast outturn, with a slight reduction in the operating surplus. A reduction in rental income is forecast for the 2024-25 budget due to prudent assumptions regarding lease breakages and rental increases. The committee resolved to note the surplus forecast for 2023-24 at £0.678m, approve the allocation of the forecasted surplus, and approve the Bridge Estate budget for 2024-25, noting a forecast surplus of £0.400m.

The financial accounts for 2022-23 were discussed, highlighting a missed deadline for submission to the Charity Commission due to resource availability within the council. An external audit identified a net misstatement of £0.013m within debtors and the bad debt provision, deemed immaterial and not corrected. Concerns were raised about the financial management of Bridge Estate funds, but members were assured that the accounts complied with relevant standards. The committee resolved to confirm that the Bridge Estate funds were used in accordance with regulations and agreed to review the process of providing funds to Nottingham City Council.

Bridge Estate Charity - Property Update Report

Bevis Mackie, Corporate Portfolio and Investment Manager, presented an update on the position of the Bridge Estate Portfolio since the last meeting. The committee resolved to note the updates relating to individual Bridge Estate properties.

Exclusion of the Public

The committee agreed to exclude the public from the meeting during consideration of the remaining items, citing Section 100A(4) of the Local Government Act 1972. This decision was made on the basis that the public interest in maintaining the exemption outweighed the public interest in disclosing the information.

For more details, you can refer to the Minutes 25032024 Trusts and Charities Committee and the Bridge Estate covering report.