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.