Agenda item

Report of the Managing Director of Bridge House Estates (BHE)

To be considered in conjunction with the non-public appendices at Item 15.

The Board considered a report of the Managing Director of BHE providing an update on key areas of activity across the whole charity since the Board last met in July 2022 and outlining upcoming activities for the Board to note. The Managing Director of BHE introduced the report and drew Members’ attention to the key points, also noting the forthcoming opportunities for Member engagement on the brand positioning project, learning visits to charities, and the Board’s scheduled strategic away half-day in October.

External Audit

The BHE & Charities Finance Director advised that there had been delays to the BHE audit arising from the need to undertake audit work on other areas of the City Corporation where commonalities existed and therefore efficiencies where available. A further issue had arisen due to the delays in the approval of the City Fund/Pension Scheme Annual Report for 2020/21. A resolution was expected soon to this latter point which would enable the new external auditors Crowe to progress their audit. The Board was asked to agree a reference to the Audit & Risk Management Committee for their review of the year’s Annual Report ahead of submission to the Board.

In response to a question from a Member, the Board was advised that this arrangement was not intended to be permanent, and that whilst the Board had previously agreed to retain BHE audit & risk functions at Board level, this could be reviewed going forward.

Wembley Stadium National Trust (WSNT)

In response to a question from a Member, the Managing Director of BHE outlined the intended arrangements in respect of WSNT and advised that further detail in respect of staffing could be provided in non-public session.

RESOLVED - That the BHE Board, in the discharge of functions for the City Corporation as Trustee of Bridge House Estates (charity no. 1035628) and solely in the charity’s best interests:

i)              Note the contents of the report, including the non-public appendices at Item 15; and,

ii)             Agree that the BHE Annual Report and Financial Statements 2021/22 be referred to the Audit & Risk Management Committee (ARM) for review and recommendation to the BHE Board for approval.