This week in Boston:

Council Examines Audit Findings and Financial Health

The Audit & Governance Committee met on November 17th to review the council's financial statements, risk management, and governance arrangements. The meeting, which had no publicly available video, covered a range of critical reports and updates. Link to meeting.

External Audit Completion Report

The committee was scheduled to discuss the External Audit Completion Report 2024/2025 from KPMG, which was expected to issue an unmodified opinion¹ on the council's financial statements. The report pack noted that KPMG had refined its significant risk assessment over valuation of land and buildings after receiving the valuation report.

Financial Statements 2024/25

The committee was scheduled to consider the Financial Statements 2024/25, seeking approval for publication. The report pack stated that the external audit of the Financial Statements for the year ended 31 March 2025 was now substantially complete. There were two audit differences that had been adjusted:

• A correction to the inflationary increase applied to one asset valuation, resulting in a £1.249m reduction to Property, Plant and Equipment on the Balance Sheet.
• A correction to the land value per acre of a second asset valuation, resulting in a further £1.485m reduction to Property, Plant and Equipment on the Balance Sheet.

Risk Management and Treasury Performance

The committee was scheduled to receive updates on risk management and treasury performance. The Quarter 2 25/26 Risk Report provided an update on risk as at the end of September 2025. The 2025/26 Mid-Term Treasury Report provided an update on Treasury Management performance and activity. The report pack stated that in July the Council repaid its £1m State Street loan at a premium £469,215.75 and replaced it with a £1m Public Works Loan Board (PWLB) loan at 4.81%. The overall saving to the Council over the remaining life of the loan will be approximately £662k.

Policy Updates: Fraud, Contracts, and Information Governance

The Audit & Governance Committee was scheduled to review and potentially approve several key policy updates.

Counter Fraud, Bribery and Corruption Policy

The committee was scheduled to consider the Counter Fraud Bribery and Corruption Policy, with the intention being to align this for the Councils within the South & East Lincolnshire Councils Partnership (S&ELCP).

Contract Procedure Rules

The committee was scheduled to consider Proposed Amendments to the Councils Contract Procedure Rules. The report pack stated that the Council's current Contract Procedure Rules were approved by Council in January 2023, and public procurement legislation has changed since then (with the implementation of the Procurement Act 2023 in February 2025).

Information Governance

The committee was scheduled to receive an Information Governance Annual Update 2024/25, providing an update on the Council's activities and compliance in respect of the Data Protection Act 2018, Environmental Information Regulation and Freedom of Information requirements during the period 1st April 2024 to 31st March 2025.

Upcoming Meetings

• Unknown committee on Wednesday 26 November 2025. Link to meeting.
• The Boston Town Area Committee (BTAC) is scheduled to meet on 27 November 2025, to discuss the council's financial position, the BTAC Small Grant Scheme, and to receive an update from Lincolnshire Housing Partnership. Link to meeting.

This week in Boston:

£20 Million Regeneration Plan Approved for Boston

The Boston Borough Council Cabinet has approved a ten-year regeneration plan and a four-year investment profile for Boston under the UK Government's Pride in Place Programme, potentially securing up to £20 million in funding for the town. The decision, made at a meeting on November 13th, aims to address community needs and build social trust. Link to meeting.

Key Priorities

The plan identifies nine key priorities based on community consultation:

1. Enhancing safety and security
2. Revitalising the town centre
3. Celebrating heritage, arts, and culture
4. Improving education and skills
5. Supporting enterprise and business growth
6. Supporting health and wellbeing
7. Enhancing green spaces and connectivity
8. Addressing housing affordability
9. Building community capacity and empowerment

Focus on Deprived Neighbourhoods

The first four years of the program will focus on delivering tangible outcomes in the seven most deprived neighbourhoods, aligning with existing investments like the Towns Fund and Levelling Up Fund.

Risks and Accountability

The council will be accountable for overall delivery, ensuring funds are distributed fairly and effectively, and managed in line with the Nolan Principles. Key risks include capacity to prepare the plan, inclusive community engagement, partnership relationships, deliverability, and accountability.

Council to Review Licensing Policy, Including Waterproof Labelling for Alcohol

Boston Borough Council is set to review its Statement of Licensing Policy, as required by the Licensing Act 2003. The discussion was scheduled to take place at a meeting on November 10th. Link to meeting.

Key Considerations

The proposed Statement of Licensing Policy includes several points for consideration:

• Crime and Disorder: Applicants will be expected to demonstrate knowledge of the area, including information relating to the Public Space Protection Order (PSPO).
• Pool of Conditions: Developing and publishing a pool of conditions for applicants to access.
• Window Obstruction: Ensuring that windows are 75% free from obstruction.
• Age Verification: Incorporating all forms of government-issued digital ID documents into the list of acceptable documents.
• Criminal Activity: Reviewing licences where there is evidence of criminal activity which falls outside of the direct remit of the Licensing Act 2003.
• Waterproof Labelling: Recommending that premises within the Public Space Protection Order provide waterproof labelling detailing the premises name and address on cans and bottles of alcohol sold for consumption off the premises.

HR Policy Review Includes Pension Discretion

The council was also scheduled to review and potentially approve the revised HR policy on Pensions & Pensions Discretions at the same meeting. The Local Government Pension Scheme (LGPS) requires employers to have a written policy statement on how they will exercise certain discretionary powers.

Other Matters

• The council was scheduled to review committee, panel and working group seat allocation and make appointments to outside bodies.
• Councillors were scheduled to consider a motion to change the membership of the community governance review working group.
• The council was scheduled to receive the draft minutes from the Audit & Governance Committee meeting held on 13th October 2025.
• The Licensing Sub-Committee met on November 13th to address licensing matters, including the election of a chairman and a review of a premises licence transfer application for the Arbor Club. Link to meeting.

Upcoming Meetings

• The Audit & Governance Committee of Boston Borough Council is scheduled to meet on 17 November 2025 to review a number of reports, including the external audit completion, the council's risk management, and treasury management. Link to meeting.
• Unknown committee on Wednesday 26 November 2025. Link to meeting.
• Unknown committee on Thursday 27 November 2025. Link to meeting.

This week in Boston:

Community Lottery Scheme Raises £91,485 for Local Causes

The Overview & Scrutiny Committee was scheduled to review the Annual Monitoring Report for the South and East Lincolnshire Community Lottery Scheme at a meeting on November 6th. The lottery, launched in November 2022, supports local good causes and community groups by raising funds through ticket sales. Link to meeting.

How it Works

For every £1 ticket purchased:

• 60p goes to local good causes.
• 20p is allocated for prize money.
• 20p covers running costs, including insurance and VAT.

Distribution of Funds

The 60p designated for local good causes is distributed in two ways:

• If a player nominates a specific cause, 50p goes to that cause, and 10p goes to a central good causes fund.
• If the player doesn't nominate a cause, the entire 60p goes to the central fund, to be allocated to local community groups, clubs, or community events.

Supporting Local Groups

The scheme has raised £91,485 and is currently supporting 98 local community groups across the sub-region. The Community Leadership Team continues to promote the lottery and support good causes in selling tickets.

Quarter 1 Performance Report Reviewed

The Overview & Scrutiny Committee was also scheduled to review the Quarter 1 2025/26 Performance Report at the November 6th meeting. Link to meeting.

Key Performance Indicators

The report included performance data for Boston Borough Council against 98 Key Performance Indicators (KPIs), aligned with the strategic priorities of the South & East Lincolnshire Councils Partnership and the individual councils.

• 28 targeted indicators: Performance is within the direct control of the council.
• 72 trend indicators: Show context for policy decisions and resource allocation.

Changes to Performance Indicators

Performance indicators relating to PSPS Revenue and Benefits call volumes, answer rate, and call time have been removed from the SLA for 2025/26, but customer contact-related calls and answer rate PIs remain.

Other Matters

• The Overview & Scrutiny Committee was scheduled to discuss its current Work Programme and the Council's Forward Plan.
• The Overview & Scrutiny Committee was scheduled to receive a presentation regarding the SELCP Sub-regional Leisure Operating Agent Procurement, which was scheduled to be discussed in private session.

Upcoming Meetings

• The Boston Borough Council Licensing Sub-Committee is scheduled to meet on 13 November 2025 to discuss an application for the transfer of a premises licence for the Arbor Club, and to consider excluding the public and press from the meeting during the discussion of certain items. Link to meeting.
• The Audit & Governance Committee of Boston Borough Council is scheduled to meet on 17 November 2025 to review a number of reports, including the external audit completion, the council's risk management, and treasury management. Link to meeting.
• Unknown committee on Monday 10 November 2025. Link to meeting.
• Unknown committee on Thursday 13 November 2025. Link to meeting.
• Boston Borough Council's cabinet is scheduled to meet on Thursday, 13 November 2025, to discuss the Pride in Place Programme for Boston. Link to meeting.

This week in Boston:

State Street Loan Finally Repaid, Saving Council £660,000

After years of attempts, the council has finally repaid the State Street loan, a long-standing financial burden. The Audit and Governance Committee received an update on the repayment at a meeting on October 13th. Link to meeting.

A Costly Legacy

Councillor Stephen Woodliffe highlighted the history of the loan, noting previous unsuccessful attempts to eliminate it.

there was attempts in 2012-13 to get rid of this loan, but we didn't make any progress. So the question is, you know, what happened then for them to suddenly throw in the towel and give us what we wanted.

How it Happened

Sean Howsam, Treasury Manager from PSPSL, explained that the loan had been sold to the Rolls Royce pension fund, who were keen to exit the loan to reduce their governance requirements. They offered the council a one-off opportunity to repay the £1,000,000 loan with a premium of £470,000, which was considerably lower than previous quotes.

The Savings

The council has now replaced the State Street loan with a £1,000,000 Public Works Loan Board (PWLB) loan at a rate of 4.1% for five years. Mr Howsam calculated that this would save the council around £660,000 over the life of the loan.

Call for Accountability

Councillor Anne Dorrian requested that the final note on the State Street Loan include:

• the year it was taken out
• that the methodology of taking out such a loan could rely simply on one single officer making that decision on their own without bringing that decision through political leadership or indeed field council
• the total amount that it's cost this council in the lifetime of the loan.

Property Fund Investments Under Scrutiny Amid Market Volatility

The Audit and Governance Committee reviewed the Q1 Treasury Report 2025-26, which included an update on the council's property fund investments. Link to meeting.

Fund Liquidation and Suspended Trading

Mr Howsam noted that the M&G UK property fund is liquidating its assets and the council has received distributions of just over £200,000 to date, leaving an amount of just under £200,000 outstanding of its original investment. He also noted that the AEW fund has received redemption requests of 90% of the fund and has suspended the trading of its shares to avoid fire sales of assets.

Strategy Change?

Councillor Richard Austin asked if the council should be considering a change of strategy going forward on the property funds. Mr Howsam responded that the council is regularly in discussions with the Section 151 Officer and senior leadership team in relation to the property funds, but that they need to consider the market circumstances, the likely duration of getting out of those funds, and the forecast for property funds going forward. He added that if the council exits the property funds at a loss, they would have to finance that loss from their reserves in the year that the loss crystallises.

Preparing for Economic Uncertainty

Councillor Anton Dani asked if the council had any strategies in place to prepare for the economic situation, including inflation and the upcoming budget. Mr Howsam responded that the council keeps the interest rate forecast under regular review and tries to maximise investment returns. He added that the council takes into account the forecasts for inflation when setting the budget for future years.

Health and Safety Risks in Schools Increase

The Audit and Governance Committee received the BBC Q1 Risk Report, which highlighted an increase in health and safety risks in schools due to a number of overdue outstanding audit actions. Link to meeting.

Addressing the Risks

Suzanne Rolfe, Group Manager of Insights and Transformation, reported that the overdue audit actions are being addressed by the director of the health and safety clinics.

Other Matters

• The Audit and Governance Committee approved the Internal Audit Charter, which sets out the conditions and requirements for delivering internal audit across the council.
• The Audit and Governance Committee discussed the external audit progress, the internal audit progress, the risk report, and the treasury report.
• The Audit and Governance Committee discussed adding a self-assessment of the committee's effectiveness to the work programme, but this was not agreed.

There are no upcoming meetings scheduled in the next 7 days.