Transcript

All right. Good morning, everyone. I'd like to welcome officers and members of the public in attendance to the Strategic Investment Board. I'd also like to give a warm welcome to Gemma Morris, who's joining us, I think, for the next three days from Surrey Police, doing some work experience. So, welcome, Gemma. No fire drills expected. So, in the event of a fire alarm sounding, everyone present is asked to leave by the nearest exit and assemble in the upper car park, reporting to a member of the building management team. In line with guidance on the use of social media, anyone attending today's meeting is able to use social media, provided it doesn't disturb the business of the meeting. I remind everyone that the meeting is being webcast live, open to the public, and we've got, I have, as chair, the right to suspend filming if the need arises. And, as always, ask members and anyone presenting to speak clearly directly into their microphones. Mobile phones should be switched off and turned or turned to silent. So, item one, apologies for absence. I don't think we have any apologies. No? Minutes of the previous meeting. Boards asked to approve the minutes of the meeting that was held on the 17th of February. Is everyone happy with those? Are they agreed? Agreed? Thank you. Item three, declaration of interest. Is there any member wishing to declare an interest? No? No, no interest. Good. There have been no questions or petitions received. So, we can go straight to item five. So, the agenda today is really approving the annual reports for the year 23-24. And the first report which is within this part of the meeting is the report which is the investments overview for the financial year 23-24, which is being asked to approve. We have discussed this at ICAB. So, it's been through ICAB and it's been through SHIP and other parts of the governance process. So, I think it's been fairly well reviewed. But, Neil, are you going to just say a few comments or Andy on the report? Well, yeah, no, I mean, I'll bring you in, Neil. But, I mean, it's just to re-emphasize that one of the things, because obviously this is 23-24, but it's just to re-establish the governance controls around our companies coming forward. So, you've got the 23-24 annual report, and we'll go into part two as well in terms of the confidential aspects, the process and the governance through to SIB. Because there's going to be a lot more coming forward on the forward plan in terms of decisions that will be required going forward. So, I think hopefully today is fairly plain sailing, but in terms of this re-establishing the process with SHIP. Thank you. Is there anything in particular in the report that you want to highlight or bring to the board's attention? Nothing in particular that's not stated within the cover reports. Perhaps just to highlight for people what the benefits are that come into Surrey. The bulk of the income that's coming through is obviously through Surrey Property Group, where we have £14.3 million in loan interest. That, on its own, I think there's some figures that are quoted in the part two report, but that, on its own, provides a reasonable return back into Surrey, if you have further conversations to be had around the strategy for that company. Okay. Thank you, Neil. Tim, you've signed off on the report. Is there anything you want to add? No, nothing to add to that. I mean, I think, as you say, they're acted by local government reorganisations. As we said, this is all quite historic, isn't it, because it's relating to 2324, so it's a year, we're running a year sort of behind, as it were. Any other comments from, or any other points, anyone would like to raise? Denise? Just to show the positions of these, and the performance of these. The intention would be, at the moment, or historically what we've always done, is had an overview of all the companies as a part one report. And then, I think, any other? Simon? Natalie? Andy? Rachel? Tim, anything else? No. Okay. Good. Thank you. So, the recommendation before us is that it's recommended that the Strategic Investment Board approve Strategic Investment Board Annual Report for 2324. Is that agreed? Good. Thank you. Thank you. So, that finishes the first section of the meeting, and takes us to Item 6, under Section 100A of the Local Government Act 1972. The public could be excluded from the meeting during consideration of the following... ... ... ... ... ... ... ... ...