A meeting of the Torridge District Council was scheduled to take place on 22 September 2025. According to the agenda, the councillors were expected to discuss treasury management, local government reorganisation, and updates on Community Regeneration Partnership projects. Part of the meeting was scheduled to be held in closed session.

Community Regeneration Partnership

Councillors were scheduled to receive updates on the Community Regeneration Partnership (CRP) regarding land development at Holsworthy Agri Business Park and Hatchmoor Industrial Estate in Torrington.

A report in the Public Reports Pack included a proposal to reallocate £2 million of funding from the Bideford Business Park Project to the Hatchmoor Industrial Estate Project. According to the report prepared by the Head of Communities and Place, the Bideford Business Park Project would not proceed because the landowners no longer wished to sell the land.

The Torridge Place Board considered that reallocating the funds to the Hatchmoor project would be most suitable, as it is the most similar project and is able to be scaled up and delivered within the CRP timeframe.

The Hatchmoor project has multiple phases. The initial Hatchmoor Project (£1.6 million) will deliver the essential services and infrastructure to the site. Phase 1 would deliver further infrastructure and the construction of 480m2 of commercial units, at a cost of £3.65 million. Phase 2 would deliver further site infrastructure and construction of 600m2 of commercial units, at a cost of £1.7 million. The total delivery cost of infrastructure work and phases 1 and 2 is estimated to be £6.95 million.

The report stated that the projects would be delivered on land belonging to Torridge District Council, and there is no intention or requirement to acquire additional land.

If the recommendations were approved, the total project cost of £6.95 million would be funded by £3.6 million from the Community Regeneration partnership and £3.35 from Torridge District Council. The £3.35 million from Torridge District Council would come from additional borrowing, supported by future rental income, future sales of units, reallocations within the CRP, and utilisation of some of the interest generated from the CRP grant already received.

The report recommended that councillors:

• Approve the reallocation of £2 million from the Bideford Business Park Project to the Hatchmoor Industrial Estate Project phase 1.
• Approve that the capital programme is revised to reflect the cost of delivery of £5.25 million including the use of an additional £1.65 million from Torridge District Council if members wish to only deliver phase one of the project.
• Approve that the capital programme is revised to reflect the total cost of delivery of the Hatchmoor project phases 1 and 2 is now £6.95 million including the use of an additional £3.35 million from Torridge District Council (funded through additional borrowing).
• Approve additional borrowing of £3.35 million (increasing the Authorised and Operating prudential limits by £3.35 million).
• Authorise officers to make the relevant planning applications associated with the delivery of the Hatchmoor project.

Annual Report on Treasury Management

Councillors were scheduled to receive the Annual Report on Treasury Management 2024-25 from the Finance Manager.

The report stated that the council operates its treasury management service in compliance with the CIPFA's Code of Practice in Treasury Management in the Public Sector, which requires that a report should be presented on Treasury Management activity for the previous financial year. This report also includes the actual Prudential Indicators for the year.

The report noted that the Bank of England cut the base rate to 0.1% in March 2020 in response to the Covid pandemic, but with inflationary pressures increasing, the Bank of England began increasing the base rate in December 2021.

The Bank of England Base rate:

• 23/24 started at 4.25% rising to 5.25% by August 2023, where it remained until the year end.
• During the year 2024/25 rates reduced by 0.75% to 4.5% by year end.

In 2023/24 £1,387K of total interest was earned, in 2024/25 the interest earned was £1,283k a reduction of £104k (7.5%)

Rates have since been cut twice in 2025/25 down to 4%. These cuts are expected to continue as the bank of England sets an inflation target of 2%.

The average rate of return achieved by the Council on its short-term investments was 5.35%, compared with 5.37% in 2023/24. The return from short term investments in 2024/25 was £838k, compared with a return of £1,009k in 2023/24. As at 31 March 2025, the Council had short term investments of £20 million lodged with financial institutions, the comparable figure for 31 March 2023 being £15 million.

During 2024/25, repayments of £153,000 were made on long term Public Loans Board debt, the balance outstanding at the close of 2024/25 was £191,000. In addition to the outstanding loans to PWLB, under the newly adopted accounting standard IFRS1¹, Torridge has recognised £512,000 relating to lease obligations for Right of Use Assets, significantly these are Private Sector Leases for properties to provide temporary accommodation and the Quay Car Park.

The report recommended that councillors note the Treasury Management Report for 2024/25 and the actual Prudential Indicators for 2024/25.

Other Business

The agenda included:

• Apologies for absence
• Confirmation of the minutes of the meetings held on 23 June, 14 July and 28 July
• Public contributions
• Declarations of interest
• Agreement of agenda items
• To consider correspondence or other business especially brought forward by the direction of the Chair
• Local Government Reorganisation Update
• To answer questions submitted under Procedural Rule A9
• Petitions
• Notices of Motion
• Exclusion of Public
• Part II (Closed Session)