Decision Maker: Mayor and Cabinet

Outcome: Implemented

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: October 23, 2024

Purpose:

Content: 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.