Content

Decision:
That the Charity
resolves:
 

(1)        
To request further funding from the Trustee of
£114,279.41 to cover the actual deficit for 2024-25 in
accordance with the Management Agreement.
 

(2)        
To agree the estimated financial deficit of
£85,474 for 2025-26 in accordance with the Management
Agreement and request further funding from the Trustee to meet the
contractual obligation.
 

(3)        
To agree the estimated financial deficit of
£20,572 for the financial year 2026-27 and request further
funding from the Trustee to meet the contractual
obligation.
 

(4)        
In accordance with the
Management Agreement, to approve the business plan subject to
variations to the sub-lease being agreed.
 

(5)        
To note that further funding is not anticipated past
2026-27.

 
Reasons:
 

·     
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.  The Charity does not have sufficient funds to
cover the additional funding from its own resources and therefore
needs to seek funding from the Trustee to meet its contractual
obligation.

·     
The agreement of a 3-year business plan allows the
Charity to have clarity of the future proposals for the Management
Company whilst considering and agreeing the plan for the current
financial year. The business plan relies on some variations of the
sub-lease which need to be formalised. The approved business plan
is then used as a mechanism for requesting additional funding from
the Charity in accordance with the management
agreement. 
 
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.