Agenda item

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

To approve the budget for 2021/22.

Minutes:

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

The Court considered a report of the Finance Committee presenting the overall financial position of Bridge House Estates.

 

Resolved – That, Members of the Court of Common Council, acting for the City Corporation as the charity trustee of Bridge House Estates and solely in the charity’s best interests:

  1. Note the latest revenue forecast for 2020/21 (paragraphs 6 to 7 of the report).
  2. Approve the 2021/22 revenue budget and Medium-Term Financial Plan for period 2022/23 – 2024/25 (paragraphs 8 to 10).
  3. Approve 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. Approve 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. Approve the 2021/22 capital and supplementary revenue project budgets (paragraph 16).
  6. Note 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).

 

Further resolved - That the thanks of the Court be given to the Chairman of the Finance Committee for his introduction to the budget reports before the Court this day and that a copy be circulated to every Member in the usual way.

Supporting documents: