Purpose

To consider and approve the: Quarterly
accounts; and Performance reporting as against Business
Plan

Content

Decision:
(1)        
To receive the Management Accounts of Guildford
Sportsground Management Company Ltd (11914517) for the financial
year 2024-25.

(2)        
To agree the 3-year Business Plan of Guildford
Sportsground Management Company Ltd (11914517).
 

(3)        
To request further funding from Guildford Sports
Ground charitable trust of £114,279.41 to cover the actual
deficit for 2024-25 in accordance with the Management
Agreement.
 

(4)        
To request agreement and further funding from
Guildford Sports Ground charitable trust for estimated financial
deficit of £85,474 for 2025-26 in accordance with the
Management Agreement.
 

(5)        
To request agreement and further funding from
Guildford Sports Ground charitable trust for estimated financial
deficit of £20,572 for financial year 2026-27 and note that
further funding is not anticipated.
 
Reasons:

·     
In accordance with the Members Agreement, the
Management Company must present the Business and Strategic Plan to
the Council for agreement by the November prior to the beginning of
the next financial year.  This provides
the Council with the ability to comment on and review the plan and
helps to ensure good governance of its interest in the Management
Company. 

·     
The agreement of a 3-year business plan allows the
Council to have clarity of the future proposals for the Management
Company whilst considering and agreeing the plan for the current
financial year.  The approved business
plan is then used as a mechanism for requesting additional funding
from the Charity in accordance with the Management
Agreement. 

·     
The request for additional funding from the Charity
for 2024-25, 2025-26 and 2026-27, in accordance with the Management
Agreement, will ensure that the Management Company is able to
continue delivering its aims, supporting the Charity’s
objectives, and meeting its financial obligations.  A previous request for
funding in relation to 2024-25 was refused by the Charity until the
Business Plan had been provided to evidence that reasonable
endeavours were being made to reduce and/or limit the financial
deficits.  This report therefore seeks
support of the Business Plan so that this can be presented to the
Charity.
 
Other options considered and
rejected by the Committee:
Do nothing
 
Details of any conflict of
interest declared by the Leader or lead councillors and any
dispensation granted:
None.