Agenda item

Bridge House Estates (BHE) - Revenue Budget 2021/22 and Medium-Term Financial Plan

Report of the Chamberlain.

Minutes:

The Committee considered a Report of the Chamberlain concerning the Bridge House Estates (BHE) Revenue Budget for 2021/22 and the Medium-Term Financial Plan.

 

RESOLVED – that the Committee:

 

1. Noted the latest revenue forecast for 2020/21 (paragraphs 6 to 7 in the Report).

 

2. Approved the 2021/22 revenue budget and Medium-Term Financial Plan for period 2022/23 2024/25 (paragraphs 8 to 10).

 

3. Approved that the additional allocation of income reserves available for charitable funding be held at £180m, a reduction of £20m from the sum allocated in March 2020, until a further forecast is presented for review (paragraph 12).

 

4. Approved that free reserves are maintained at between £33-55m over and above the agreed policy of £35m across the period of the Medium-Term Financial Plan as a mitigation against the uncertain period in which the charity is operating (paragraph 11).

 

5. Approved the 2021/22 capital and supplementary revenue project budgets (paragraph 16).

 

6. Noted that a revised Medium-Term Financial Plan for the charity will be presented for approval, should the power for total return accounting for endowed charities be granted by Supplemental Royal Charter currently under consideration by the Privy Council’s Office – timing to be confirmed (paragraph 15).

 

7. Endorsed this report for onward approval to the Court of Common Council.

Supporting documents: