Agenda and minutes

For the Committee to note any apologies for absence.

Apologies for absence were received from Alice Lester (Corporate Director Neighbourhoods & Regeneration).

Members are invited to declare at this stage of the meeting, the nature and existence of any relevant disclosable pecuniary or personal interests in the items on this agenda and to specify the item(s) to which they relate.

None declared.

The approve the minutes of the previous meeting held on Wednesday 4 December 2024 as a correct record.

RESOLVED that the minutes of the previous meeting held on Wednesday 4 December 2024 be agreed as a correct record.

To consider any matters arising from the minutes of the previous meeting.

None.

This report seeks approval secure approval and/or provide information in relation to modification of the restrictive covenants relating to the Barham Park Estate, the allocation of funding for repair works as well as updating on various operational and strategic property matters.

Denish Patel (Head of Property) introduced a report from the Director Property & Assets providing an update on various operational & strategic property matters relating to the Barham Park Estate as well as modification of the Restrictive Covenants on 776 and 778 Harrow Road.

In presenting the report the Trust Committee were advised:

·            Of the background to the proposed modification of the restrictive covenants on 776 and 778 Harrow Road, which it was noted had been subject to an independent valuation (as detailed within Appendix 1 (classified as exempt) of the report) in accordance with Charity Commission guidelines.  As a result of the proposed modification to the restrictive covenants a sum of £200,000 had been negotiated with the current owner of the site (Zenaster) to reflect the assessed market value of the modification, which the Committee were advised (subject to any required Charity Commission approval) would be allocated to the Trust’s restricted funds in line with Charity Commission guidance on disposals.  This was recognised as providing a significant one-off financial benefit for the Trust with the funds used to support the delivery of longer-term benefits and ongoing maintenance of the Barham Park Estate without impacting on the net use of the park space.

·            Other operational matters outlined included a proposed increase in the allocation of funding for Year 1 repair works to account for additional VAT costs as well as an update on progress regarding lease renewals and negotiations.  This included the proposed lease re-gear (mid lease amendment) to remove Unit 6 from ACAVA’s demise at it was surplus to their requirements enabling the Trust to market and re-let the unit on the best terms possible, aligning with its charitable objectives.

The Trust Committee was also advised of the progress with negotiations relating to Units 1 & 2 and Unit 7 as well as proposals being developed with the Council to enable the surrender of the lease on Unit 8 by the end of March 2025 allowing the Trust to re-market the unit.

·            In terms of the Trust’s financial position, members were advised that current cash reserves totalled £638,206, although it was noted the financial position remained challenging given the ongoing cost of maintenance work identified as required to the Estate.  Work therefore continued with occupying tenants to clear the outstanding rent arrears (totalling £34,000) with it anticipated that most would be cleared by the end of March 2025 and rent reviews also having been completed, resulting in an annual income uplift of £15,671.

·            In terms of Parks & Estate Management the Trust Committee noted the ongoing work being undertaken to address drainage issues in the events field as well as the outcome of a recent Barham Park Tree Survey, which had identified essential tree maintenance work as required in high traffic areas of the park.  Given the need to ensure timely completion of the required safety and maintenance works, members were advised of the use of unrestricted funds to cover the cost identified (£18,055) given current pressures on the restricted fund  ...  view the full minutes text for item 5.

The following items are not for publication as they relate to the category of exempt information set out below, as specified under Part 1, Schedule 12A of the Local Government Act 1972:

Agenda Item 5:       Operational Property Matters and 776 and 778 Harrow Road, Restrictive Covenant(s) Update- Appendix 1 (Designated Adviser Valuation Report) & Appendix 5 (Heads of Terms Restrictive Covenant).

These appendices has been classified as exempt under Paragraph 3 of Part 1 Schedule 12A of the Local Government Act 1972, namely: “Information relating to the financial or business affairs of any particular person (including the authority holding that information)"

There were no items that required the exclusion of the press or public.

Notice of items to be raised under this heading must be given in writing to the Deputy Director Democratic Services or their representative before the meeting in accordance with Standing Order 60.

There were no items of urgent business.

It was noted that should any further meetings of the Trust Committee be required during the year these would be arranged as needed.