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It was MOVED, SECONDED and RESOLVED
 

(i)       To
agree the 2024 - 27 Business Plan for the Catford Regeneration
Partnership Limited (CRPL).
(ii)
     To note the proposed budget
to deliver the above business plan, and that an annual update will
be provided to Mayor and Cabinet in line with the Company’s
Articles of Association,
(iii)
     To note that the Council has
made a non-commercial loan to CRPL to enable the delivery of its
programme of work, and that the current value of the Catford
Regeneration Partnership Limited’s assets is expected to be
lower than the expected value of the loan with the Council at the
end of 2024/25 financial year.

 (iv)    To note that the
current loan agreement conditions on repayment are not being met,
and to agree to amend the loan agreement such that the Company can
re-pay the loan flexibly, including capitalising the interest
payment on to the loan in full for 5 years (circa £700k per
year).
(v)
     To note that as sole
shareholder, the Council will need to make an Expected Credit Loss
provision in its 2024/25 statement of accounts for a possible
default on the loan if the value of the loan exceeds the value of
assets held by the company at year end.