Agenda item

Report of the Chamberlain

The Board received a report of the Chamberlain providing a financial update of BHE activities from the start of the current financial year to 30 September 2021, alongside the latest forecast for the year. The Chair introduced the item and drew Members’ attention to the Financial Dashboard appended to the report. In response to a question from a Member, the Chamberlain advised that targets in respect of the charity’s free reserves were for the charity to determine, with the minimum target currently set at £90 million due to current uncertainties as a result of the pandemic, as approved by Court in March 2021.

In response to a question from a Member regarding grants spending, the Managing Director of BHE advised that work was underway on reopening funding programmes and grants spending was gradually increasing. The Board was advised that CBT had discussed and were cognisant of the reputational risks of underspending, but had felt that increasing grants spending too quickly risked overdistributing funding or distributing without proper planning, which would also carry reputational risks, and therefore spreading the uplift over a longer period was the preferred approach.

Noting that bridge spending was also currently under budget, the Chamberlain advised that the methodology for budgeting in respect of the bridges required review, but was currently phased as an even spread across the year, rather than on the basis of projects being undertaken. The Chamberlain further advised that a significant project had been planned in the current year in respect of Millennium Bridge. The Executive Director of Environment advised that this project was no longer required at this point in time with the planned spend pushed back to a future year within the 50-year maintenance plan.

RESOLVED – That the report be noted.