Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: February 5, 2026

Purpose: To inform Members of the 2024/25 outturn and Q1 2025/26 financial position of the Council’s wholly owned trading companies set up to facilitate the Upperbanks development.

Content: The Cabinet considered a report of the Director of Corporate Services, which sought to provide an operational update and present the statutory accounts for 2024/25 for the Council’s wholly owned trading companies set up to facilitate the Upperbanks development, plus the forecast financial position as at Q2 2025/26. The report compared the financial position to the expectations set out in the business cases approved by Members on 30th June 2022, as part of a Cabinet report which approved the structure of the scheme.   The Head of Commercial Finance and the Property Growth Fund Manager were in attendance to present the information and to address the questions and comments of Cabinet Members and of the Leader of the Conservative Group.   Resolved that the information set out in section two of the report be noted.   Reason for decision: The Council was the ultimate parent undertaking and 100% shareholder of the Upperbanks trading companies and should be kept informed of the financial position of its subsidiary companies to enable informed decision-making.   Alternatives considered and rejected: The report is for information only and as such there were no alternatives to consider.