The Trusts and Charities Committee of Nottingham City Council met to discuss the financial management and budget of the Bridge Estate Trust, including the forecasted outturn for 2023-24 and the budget for 2024-25. Key decisions included the approval of the budget allocations and the need for external independent advice to ensure the charity's objectives are met.

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

Thomas Straw, Senior Accountant for Capital Programmes, presented an update on the Bridge Estate Trust's forecasted outturn for 2023-24 and a balanced budget for 2024-25. The forecast for 2023-24 showed a slight reduction in the operating surplus due to a reduction in rental income. The budget for 2024-25 prudently assumed lease breakages and rental increases.

The Committee noted that the accounts for 2022-23 and the annual return were submitted late to the Charity Commission due to resource availability within the Council. The external audit identified a minor misstatement within debtors and the bad debt provision, which was not corrected as it was deemed immaterial. Concerns were raised about the financial management of the Bridge Estate funds, but members were assured that the accounts complied with relevant standards.

The Committee resolved to:

• Note the surplus forecast for 2023-24 is £0.678m, compared to the original approved budget surplus of £0.751m.
• Approve the allocation of the forecasted surplus, including contributions to the Bridge Repair Reserve and Property Repair Reserve, and a grant payable to the City Council.
• Approve the Bridge Estate budget for 2024-25, noting a forecast surplus of £0.400m.

The Committee also agreed to review the process of transferring residue income to the Council and to seek external independent advice to ensure the charity's objectives are met and value for money is achieved.

Bridge Estate Charity - Property Update Report

Bevis Mackie, Corporate Portfolio and Investment Manager, provided 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, in accordance with Section 100A(4) of the Local Government Act 1972, due to the sensitive nature of the information discussed.

Bridge Estate Charity - Property Update Report - Exempt Appendix

Bevis Mackie presented the exempt appendix to the report, providing further details on the Bridge Estate Portfolio. The Committee resolved to approve the recommendations set out in the exempt appendix.

For more details, you can refer to the Minutes of the meeting.