Agenda item

Report of the CGO

The Committee considered a report of the CGO presenting for approval the CBT high-level summary Business Plan and budget estimates for 2021/22. The CGO introduced the report, also drawing Members’ attention to the key points and a list of key areas of CBT’s activity set out in the report.

In response to a question from the Chair, the Chamberlain advised the Committee on the different treatment of income between the five-year funding allocation for the Bridging Divides Strategy, and the additional allocation of £200 million from Bridge House Estates agreed by the Court of Common Council during 2020, and the budgeting implications consequent to this. The Chamberlain added that this was a complex time and reiterated that decisions needed to be mindful of the environment in which they were made.

In response to a question from a Member, the CGO then gave Members clarification on the forecast outturn for 2020/21 and the financial planning undertaken during the current financial year, in light of the significant impact of the COVID-19 pandemic. The CGO advised that this would be presented for review at the next meeting of the Committee, but officers would keep Members updated as plans develop.

A Member recalled the Committee’s previous commitment to use existing Bridging Divides funding towards the COVID-19 response, rather than the additional £200 million allocation, and the CGO advised that planning had been done on this basis. However, this would require further discussion in January 2021. The intention remained that a significant proportion of the additional allocation would be allocated for proactive, strategic grant-making. The CGO then gave the Committee an update on CBT’s social investment work and advised that a strategy for taking this forward was still in development, with movement expected during 2021.

A Member commented that an overall view and broad outline plan should be developed in respect of the additional £200 million allocation before the funding was released, in order to retain strategic focus on its use. The CGO added that this was timely ahead of the January meeting, which would be an opportunity to present an overview of the situation as it had developed. The Chair added that it was helpful to hear Members’ views ahead of this. A Member added that this would be a big decision and an interesting dilemma to have significant funding to allocate. The Member added that the Social Investment Board had considered the possible outcomes of the Lisvane review and the relationship between grants and investing.

In response to a question from the Chair, the Comptroller and City Solicitor then advised the Committee on governance and how Bridge House Estates funding should be spent. The Comptroller and City Solicitor advised that Charity Commission guidance was that available funds should be spent on the charity’s objects, but could also be used for planning and evaluating ahead. The Chamberlain added that a free reserves level for BHE had been agreed, and amounts above that should be held in a considered manner, but not be held indefinitely. In response to a question from the Chair, the Comptroller and City Solicitor further advised the Committee on the existing governance arrangements and their effect on the possibility of investing.

RESOLVED – That the City Bridge Trust Committee:

i)              Approve the final high-level summary Business Plan for 2021/22 in respect of those areas within the CBT Committee terms of reference; and

ii)             Review and approve CBT’s proposed revenue budget for 2021/22 in respect of those areas within the CBT Committee terms of reference for submission to Finance Committee.