The Hertsmere Shareholders and Investment Committee met on 3 September 2025. On the agenda was the confirmation of the minutes from the previous meeting, and updates on the performance of Hertsmere Developments Limited (HDL), Hertsmere Living Limited (HLL) and Elstree Film Studios Limited (EFS). The public were expected to be excluded from the meeting during the discussion of the updates from HDL, HLL and EFS.

Hertsmere Developments Limited, Hertsmere Living Limited and Elstree Film Studios Limited Updates

The committee was scheduled to receive updates on the performance of three companies: Hertsmere Developments Limited (HDL), Hertsmere Living Limited (HLL) and Elstree Film Studios Limited (EFS).

The report pack included the minutes from the previous meeting on 20 May 2025, which included updates on these three companies.

Hertsmere Developments Limited

At the May meeting, Councillor C Shenton, Vice-Chair of Hertsmere Development Limited (HDL) and the HDL Director of Operations and Development provided an update on the company. According to the minutes, the update covered:

• Ongoing work to provide properties to Hertsmere Living Limited to help house local people.
• A number of potential projects under consideration, with viability depending on interest rates and funding opportunities.
• HDL exploring external funding options including Homes England¹.
• The potential to access Community Infrastructure Living (CIL)² and Section 106 funding³.
• Active projects awaiting a full go ahead with planning applications and stakeholder engagement underway.
• HDL seeking a pipeline of sites with Hertsmere Borough Council with the aim of ensuring dividend and loan income to Hertsmere whilst supporting the need for affordable housing supply.
• The impact of Local Government Reorganisation⁴ and potential longer term impacts.
• Business risks and emerging issues, including Local Government Reorganisation and construction cost risks.
• The potential risk of historical contamination and unidentified service cables which could impact costs and timescales.

Hertsmere Living Limited

At the May meeting, the Head of Strategic Housing and Housing Services as a Director of Hertsmere Living Limited (HLL) updated the Committee on the projects designed to delivery accommodation for people in Hertsmere. According to the minutes, the update covered:

• The number of people supported continuing to increase.
• Progress made to ensure a robust pipeline of new properties was in place.
• Local Authority Housing Fund (LAHF)⁵ funding having been transferred to HLL to help secure a resettlement property.
• A new five year business plan having been agreed which covered both existing and future developments.
• Local Government Reorganisation uncertainty having an impact on their ability to look beyond a five year time frame.

Elstree Film Studios Limited

At the May meeting, the Deputy Chief Executive Service Delivery presented the report on Elstree Film Studios (EFS). According to the minutes, the update covered:

• Challenges around Asbestos and Reinforced autoclaved aerated concrete (RAAC) having been tackled.
• Attention having shifted to other works to both maintain and enhance the Elstree Film Studios.
• A joint project board with officer representations from both the Council and the studios with the contractor having been convened to ensure regular progress reports.
• The Studios continuing their work with the community to try and support people in to the industry to help address the skills shortages, including through training, work experience and community outreach as well as through inclusivity and diversity activities.
• Work also underway to celebrate the Centenary, a remarkable milestone celebrating 100 years of world-class film and television production plans.
• Significant changes to the rateable value of the UK studio spaces being a concern with a consortium working on this to lobby the government and to challenge valuations.

Minutes of the Previous Meeting

The minutes of the previous meeting held on 20 May 2025 were included in the report pack. Councillor Rebecca Challice was scheduled to confirm and sign the minutes as a correct record. According to the council's constitution, discussion of the minutes was limited to their accuracy.

Other Business

The agenda included items for:

• Membership updates
• Communications and apologies for absence
• Declarations of interest
• Any other urgent business
• Date of the next meeting